Analysis of non-U.S. market convertibles issuance for 13 months through March 2012

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Coupon

	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
0%	0.432	0.900	0.500	0.878	0.215	0.313	0	0.628	0	2.975	0.480	0	0.737
0.01%-0.99%	0	0	0	0	0.356	0	0	0	0	0.667	0	0	1.756
1%-1.99%	0.250	0	0	0.159	0	0	0	0	0	0	0	0.250	0.201
2%-2.99%	1.554	0.875	1.084	0.098	0	0	0	0	0	0	0	0.364	0.284
3%-3.99%	0	0.250	0.787	0.346	0	0	0	0	0	0	0	0.250	0.322
4%-4.99%	0.621	0.650	0	0.132	0.150	0	0	0	0.074	0	0	0.070	0.148
5%-5.99%	0	0.876	0.406	0.441	0.363	0.212	0	0	0.180	0.054	0	0.135	0.425
6%-6.99%	0.394	0	0.060	0	0.036	0.235	0.145	0	0	0.035	0	0.151	0.268
7%-7.99%	0.009	0	0.048	0.023	0	0	0.076	0	0.170	0	0.040	0.075	0.020
8% and higher	0	0.130	0.116	0.009	0.020	0.012	0	0.023	0	0	0.350	0.212	0.080
Floater	0	0	0	0.050	0	1.253	0	0	0	0	0	0	0
NA	0	0	0	0	0	0	0	0.015	0	0	0	0.280	0
Total	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.241
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	2.278	6	0.528	3	3.603	5	1.217	7	1.217	7	8.058	23	7.626	21	17.64%
0.01%-0.99%	0	0	0.356	1	0.667	1	1.756	3	1.756	3	2.779	5	2.779	5	25.46%
1%-1.99%	0.159	1	0	0	0	0	0.451	2	0.451	2	0.860	4	0.610	3	6.54%
2%-2.99%	2.057	6	0	0	0	0	0.647	2	0.647	2	4.259	12	2.705	8	9.38%
3%-3.99%	1.383	4	0	0	0	0	0.572	3	0.572	3	1.955	7	1.955	7	8.29%
4%-4.99%	0.782	3	0.150	1	0.074	1	0.219	3	0.219	3	1.846	9	1.225	8	3.17%
5%-5.99%	1.723	14	0.575	7	0.233	5	0.560	5	0.560	5	3.093	31	3.093	31	8.12%
6%-6.99%	0.060	1	0.416	4	0.035	1	0.419	5	0.419	5	1.323	14	0.929	11	6.07%
7%-7.99%	0.071	2	0.076	1	0.170	2	0.135	4	0.135	4	0.461	10	0.452	9	1.96%
8% and higher	0.254	8	0.033	2	0.023	1	0.642	3	0.642	3	0.951	14	0.951	14	9.31%
Floater	0.050	1	1.253	1	0	0	0	0	0	0	1.303	2	1.303	2	0.00%
NA	0	0	0	0	0.015	1	0.280	1	0.280	1	0.295	2	0.295	2	4.06%
Total	8.817	46	3.387	20	4.821	17	6.898	38	6.898	38	27.182	133	23.922	121	100.00%
Premium
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
19.99% and lower	0	0.250	0.006	0.477	0	0.023	0	0	0.074	0	0.300	0	0.716
20%-29.99%	0.558	0.951	0.887	0.593	0.621	0.012	0.076	0.620	0.124	0	0	0.782	1.320
30-39.99%	1.851	1.754	0.614	0.927	0.100	0.547	0.059	0.023	0	0.717	0.350	0.574	0.594
40% and higher	0.419	0.536	0.877	0	0.229	0.189	0.086	0	0.136	0.424	0.040	0.151	0.919
NA	0.432	0.190	0.617	0.138	0.191	1.253	0	0.023	0.090	2.589	0.180	0.280	0.691
Total	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.241
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0.733	6	0.023	1	0.074	1	1.016	6	1.016	6	1.847	14	1.847	14	14.73%
20%-29.99%	2.431	10	0.710	5	0.744	2	2.102	9	2.102	9	6.546	28	5.987	26	30.47%
30-39.99%	3.295	16	0.706	4	0.740	3	1.518	10	1.518	10	8.110	38	6.259	33	22.01%
40% and higher	1.413	4	0.504	7	0.560	4	1.110	6	1.110	6	4.006	24	3.587	21	16.09%
NA	0.945	10	1.444	3	2.702	7	1.151	7	1.151	7	6.675	29	6.243	27	16.69%
Total	8.817	46	3.387	20	4.821	17	6.898	38	6.898	38	27.182	133	23.922	121	100.00%
Upsized?
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Yes	0.336	0.345	0.236	0	0	1.253	0	0	0	0.035	0.040	0.603	0.496
No	2.453	3.336	2.765	2.135	1.141	0.459	0.221	0.666	0.424	3.696	0.830	1.184	3.745
Downsized	0.471	0	0	0	0	0.313	0	0	0	0	0	0	0
Total	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.241
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.580	5	1.253	1	0.035	1	1.138	10	1.138	10	3.342	19	3.007	17	16.50%
No	8.237	41	1.821	18	4.786	16	5.759	28	5.759	28	23.056	112	20.603	103	83.49%
Downsized	0	0	0.313	1	0	0	0	0	0	0	0.784	2	0.313	1	0.00%
Total	8.817	46	3.387	20	4.821	17	6.898	38	6.898	38	27.182	133	23.922	121	100.00%
Seniority
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
senior secured	0	0.125	0	0	0	0	0	0	0	0	0	0	0
secured	0	0	0	0	0	0	0	0	0	0	0	0	0.050
senior	3.190	3.431	2.801	2.112	1.042	0.438	0.059	0.666	0.170	3.681	0.830	1.541	4.025
subordinated	0.070	0.125	0.200	0.023	0.099	0.334	0.162	0	0.254	0.050	0.040	0.246	0.165
preference	0	0	0	0	0	1.253	0	0	0	0	0	0	0
Total	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.241
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0.125	1	0	0	0	0	0	0	0	0	0.125	1	0.125	1	0.00%
secured	0	0	0	0	0	0	0.050	2	0.050	2	0.050	2	0.050	2	0.72%
senior	8.343	39	1.539	12	4.517	12	6.397	30	6.397	30	23.986	103	20.796	93	92.74%
subordinated	0.349	6	0.595	7	0.304	5	0.450	6	0.450	6	1.768	26	1.697	24	6.52%
preference	0	0	1.253	1	0	0	0	0	0	0	1.253	1	1.253	1	0.00%
Total	8.817	46	3.387	20	4.821	17	6.898	38	6.898	38	27.182	133	23.922	121	100.00%
Mandatory
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Yes	0	0	0	0	0	1.253	0	0	0	0	0	0	0
No	3.260	3.681	3.001	2.135	1.141	0.772	0.221	0.666	0.424	3.731	0.870	1.787	4.241
Total	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.241
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	1.253	1	0	0	0	0	0	0	1.253	1	1.253	1	0.00%
No	8.817	46	2.134	19	4.821	17	6.898	38	6.898	38	25.929	132	22.669	120	100.00%
Total	8.817	46	3.387	20	4.821	17	6.898	38	6.898	38	27.182	133	23.922	121	100.00%
Greenshoe Exercised?
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Yes	0.884	0.187	1.218	0.182	0.346	0.235	0.059	0.643	0.046	0.667	0.040	0.685	0.777
No	2.377	3.494	1.783	1.953	0.795	1.790	0.162	0.023	0.378	3.063	0.830	1.103	3.464
Total	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.241
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.588	12	0.640	5	1.356	4	1.501	9	1.501	9	5.967	34	5.084	30	21.76%
No	7.229	34	2.747	15	3.465	13	5.397	29	5.397	29	21.215	99	18.838	91	78.24%
Total	8.817	46	3.387	20	4.821	17	6.898	38	6.898	38	27.182	133	23.922	121	100.00%
Versus Talk
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Richer	0	0	0	0	0	0	0	0	0	0	0	0	0.201
Rich end	0.808	0.600	0	0	0	1.253	0	0	0	0.667	0	0.364	0.793
Within	1.092	0.125	0.284	0.291	0.356	0	0	0	0	0	0	0	0.652
Cheap end	0.283	0	0.787	0	0.265	0.313	0	0	0	0	0	0.712	0.166
NA	1.077	2.956	1.929	1.844	0.520	0.459	0.221	0.666	0.424	3.063	0.870	0.711	2.429
Total	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.241
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	0	0	0	0	0.201	1	0.201	1	0.201	1	0.201	1	2.91%
Rich end	0.600	1	1.253	1	0.667	1	1.157	2	1.157	2	4.485	7	3.678	5	16.77%
Within	0.701	4	0.356	1	0	0	0.652	1	0.652	1	2.801	8	1.708	6	9.45%
Cheap end	0.787	1	0.578	3	0	0	0.878	4	0.878	4	2.526	9	2.243	8	12.73%
NA	6.729	40	1.200	15	4.153	16	4.010	30	4.010	30	17.169	108	16.092	101	58.13%
Total	8.817	46	3.387	20	4.821	17	6.898	38	6.898	38	27.182	133	23.922	121	100.00%
Use of Proceeds
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Acquisition	0	0.589	0.165	0.080	0.110	0.337	0	0.023	0	0	0	0	0.060
Capex	0.050	0.125	0.500	0	0.356	0	0	0	0	0	0.390	0	0.441
GCP	1.489	0.839	1.935	0.416	0.321	1.289	0.059	0.628	0	1.057	0.300	0	1.478
Redeem convertibles	0.471	0	0	0.283	0	0.313	0	0	0.104	0.022	0	0.364	0.029
Refinance	0	0.186	0.099	0.228	0.079	0	0.076	0	0.077	0	0	0.401	0.303
Multiple/Other/NA	1.250	1.942	0.302	1.128	0.276	0.087	0.086	0.015	0.243	2.651	0.180	1.022	1.930
Total	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.241
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.834	5	0.446	5	0.023	1	0.060	1	0.060	1	1.364	12	1.364	12	0.87%
Capex	0.625	2	0.356	1	0	0	0.830	6	0.830	6	1.862	10	1.812	9	12.03%
GCP	3.190	13	1.669	6	1.685	4	1.778	6	1.778	6	9.810	33	8.321	29	25.78%
Redeem convertibles	0.283	1	0.313	1	0.126	3	0.393	2	0.393	2	1.587	8	1.115	7	5.70%
Refinance	0.514	6	0.155	2	0.077	1	0.704	7	0.704	7	1.450	16	1.450	16	10.20%
Multiple/Other/NA	3.371	19	0.448	5	2.910	8	3.132	16	3.132	16	11.110	54	9.861	48	45.40%
Total	8.817	46	3.387	20	4.821	17	6.898	38	6.898	38	27.182	133	23.922	121	100.00%
Industry Sector (by SIC code)
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Agriculture (0xxx)	0	0.261	0	0.050	0	0	0	0	0	0	0	0.212	0
Mining (1xxx)	0.050	0	0	0	0	0	0	0	0	0	0.350	0	0.080
Oil and gas (13xx)	0	0.214	0.099	0.080	0	0.102	0.086	0	0	0	0.040	0.191	0.381
Construction (15xx)	0.283	0	0	0.636	0	0	0	0	0	0.667	0	0	0
Manufacturing (2xxx, 3xxx)	1.402	1.325	0.736	0.270	0.571	0.547	0	0	0.136	0.035	0.480	0.644	1.006
Pharmaceuticals (2834-6)	0	0	0.010	0.037	0	0	0	0	0.124	0.004	0	0	0
Transportation (4xxx)	0.532	0.036	0.060	0	0.150	0.087	0	0.008	0	0	0	0.250	0.271
Communications (48xx)	0	0	0	0.069	0	0	0	0	0	2.585	0	0	0.166
Electric, gas, sanitary services (49xx)	0	0.150	0	0	0	0	0.076	0	0	0	0	0	0
Wholesale (5xxx)	0.468	0	0	0	0	0	0	0	0	0	0	0	0.125
Finance, insurance, real estate (6xxx)	0.525	1.195	2.096	0.861	0.420	1.289	0	0.658	0.164	0.439	0	0.490	2.211
Services (7xxx)	0	0.500	0	0	0	0	0.059	0	0	0	0	0	0
Health services (8xxx)	0	0	0	0.132	0	0	0	0	0	0	0	0	0
Total	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.241
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.311	2	0	0	0	0	0.212	1	0.212	1	0.523	3	0.523	3	3.07%
Mining (1xxx)	0	0	0	0	0	0	0.430	2	0.430	2	0.480	3	0.430	2	6.23%
Oil and gas (13xx)	0.393	5	0.188	2	0	0	0.611	7	0.611	7	1.193	14	1.193	14	8.86%
Construction (15xx)	0.636	1	0	0	0.667	1	0	0	0	0	1.587	3	1.303	2	0.00%
Manufacturing (2xxx, 3xxx)	2.331	9	1.118	5	0.170	3	2.130	8	2.130	8	7.151	29	5.749	25	30.88%
Pharmaceuticals (2834-6)	0.047	2	0	0	0.129	2	0	0	0	0	0.175	4	0.175	4	0.00%
Transportation (4xxx)	0.096	2	0.237	2	0.008	1	0.521	3	0.521	3	1.394	10	0.862	8	7.55%
Communications (48xx)	0.069	1	0	0	2.585	2	0.166	1	0.166	1	2.821	4	2.821	4	2.41%
Electric, gas, sanitary services (49xx)	0.150	1	0.076	1	0	0	0	0	0	0	0.226	2	0.226	2	0.00%
Wholesale (5xxx)	0	0	0	0	0	0	0.125	1	0.125	1	0.593	3	0.125	1	1.81%
Finance, insurance, real estate (6xxx)	4.152	21	1.709	9	1.261	8	2.702	15	2.702	15	10.349	55	9.824	53	39.17%
Services (7xxx)	0.500	1	0.059	1	0	0	0	0	0	0	0.559	2	0.559	2	0.00%
Health services (8xxx)	0.132	1	0	0	0	0	0	0	0	0	0.132	1	0.132	1	0.00%
Total	8.817	46	3.387	20	4.821	17	6.898	38	6.898	38	27.182	133	23.922	121	100.00%
Currency
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
$	0.200	2.450	0.790	0.552	0.365	0	0	0.008	0	0.022	0.830	0.780	1.079
A$	0	0	0	0.283	0	1.253	0	0	0	0	0	0	0.156
C$	0.070	0.355	0.329	0.064	0.420	0.459	0.162	0.023	0.300	0.084	0.040	0.431	0.398
CHF	0	0	0	0.159	0	0	0	0	0	0	0	0	0
HK$	0	0.201	0.800	0	0	0	0.059	0	0	0	0	0	0.284
NIS	0	0	0	0.009	0	0	0	0	0	0	0	0	0
NT$	0	0	0	0.069	0	0	0	0	0	0	0	0	0.068
PLN	0	0.015	0	0	0	0	0	0	0	0	0	0	0
RM	0	0	0	0.096	0	0	0	0	0	0	0	0	0.023
RMB	0.250	0.150	0	0	0	0	0	0	0.124	0	0	0	0
S$	0.275	0	0	0.098	0	0	0	0.620	0	0.390	0	0	0
SEK	0	0	0.010	0	0	0	0	0	0	0	0	0	0
Y	0.282	0	0	0.636	0.356	0.313	0	0	0	2.563	0	0	0.623
leva	0	0	0	0	0	0	0	0.015	0	0	0	0	0
€	2.183	0.511	0.787	0.169	0	0	0	0	0	0.672	0	0.576	1.611
£	0	0	0.284	0	0	0	0	0	0	0	0	0	0
Total	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.241
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	3.792	14	0.365	3	0.030	2	2.689	12	2.689	12	7.076	33	6.876	31	38.98%
A$	0.283	1	1.253	1	0	0	0.156	1	0.156	1	1.692	3	1.692	3	2.26%
C$	0.748	14	1.041	13	0.407	8	0.869	13	0.869	13	3.135	50	3.065	48	12.60%
CHF	0.159	1	0	0	0	0	0	0	0	0	0.159	1	0.159	1	0.00%
HK$	1.001	2	0.059	1	0	0	0.284	1	0.284	1	1.343	4	1.343	4	4.12%
NIS	0.009	1	0	0	0	0	0	0	0	0	0.009	1	0.009	1	0.00%
NT$	0.069	1	0	0	0	0	0.068	2	0.068	2	0.137	3	0.137	3	0.99%
PLN	0.015	1	0	0	0	0	0	0	0	0	0.015	1	0.015	1	0.00%
RM	0.096	1	0	0	0	0	0.023	1	0.023	1	0.119	2	0.119	2	0.33%
RMB	0.150	1	0	0	0.124	1	0	0	0	0	0.525	3	0.275	2	0.00%
S$	0.098	1	0	0	1.010	2	0	0	0	0	1.382	4	1.107	3	0.00%
SEK	0.010	1	0	0	0	0	0	0	0	0	0.010	1	0.010	1	0.00%
Y	0.636	1	0.669	2	2.563	1	0.623	3	0.623	3	4.772	8	4.490	7	9.03%
leva	0	0	0	0	0.015	1	0	0	0	0	0.015	1	0.015	1	0.00%
€	1.467	5	0	0	0.672	2	2.187	5	2.187	5	6.509	17	4.325	12	31.70%
£	0.284	1	0	0	0	0	0	0	0	0	0.284	1	0.284	1	0.00%
Total	8.817	46	3.387	20	4.821	17	6.898	38	6.898	38	27.182	133	23.922	121	100.00%

Criteria

• The tables include all underwritten offerings reported to Prospect News that are either dollar-denominated and sold under Regulation S or denominated in currencies other than dollars.

• Offerings are included in the time period in which they price.

• Amounts are based on the total sales price (face amount multiplied by the offering price.

• Each tranche is counted as a separate deal.

• Bonds are included that convert into the issuer's or another company's stock or the cash equivalent; bonds that convert into other bonds are excluded. Structured products are excluded.

• Units made up of a bond and stock are included; units made up of a bond and warrants are excluded.

• Preferred issues are included using the same criteria as for bonds.

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