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

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

Coupon

	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
0%	0.900	0.500	0.878	0.215	0.313	0	0.628	0	2.975	0.480	0	0.737	0.169
0.01%-0.99%	0	0	0	0.356	0	0	0	0	0.667	0	0	1.756	0
1%-1.99%	0	0	0.159	0	0	0	0	0	0	0	0.250	0.201	0
2%-2.99%	0.875	1.084	0.098	0	0	0	0	0	0	0	0.364	0.284	0.315
3%-3.99%	0.250	0.787	0.346	0	0	0	0	0	0	0	0.250	0.322	0
4%-4.99%	0.650	0	0.132	0.150	0	0	0	0.074	0	0	0.070	0.148	0
5%-5.99%	0.876	0.406	0.441	0.363	0.212	0	0	0.180	0.054	0	0.135	0.425	0.168
6%-6.99%	0	0.060	0	0.036	0.235	0.145	0	0	0.035	0	0.151	0.271	0.324
7%-7.99%	0	0.048	0.023	0	0	0.076	0	0.170	0	0.040	0.075	0.023	0
8% and higher	0.130	0.116	0.009	0.020	0.012	0	0.023	0	0	0.350	0.212	0.090	0
Floater	0	0	0.050	0	1.253	0	0	0	0	0	0	0	0
NA	0	0	0	0	0	0	0.015	0	0	0	0.280	0	0
Total	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	2.278	6	0.528	3	3.603	5	1.217	7	0.169	1	1.386	8	7.795	22	6.895	20	17.57%
0.01%-0.99%	0	0	0.356	1	0.667	1	1.756	3	0	0	1.756	3	2.779	5	2.779	5	22.26%
1%-1.99%	0.159	1	0	0	0	0	0.451	2	0	0	0.451	2	0.610	3	0.610	3	5.72%
2%-2.99%	2.057	6	0	0	0	0	0.647	2	0.315	1	0.962	3	3.020	9	2.144	6	12.19%
3%-3.99%	1.383	4	0	0	0	0	0.572	3	0	0	0.572	3	1.955	7	1.705	6	7.25%
4%-4.99%	0.782	3	0.150	1	0.074	1	0.219	3	0	0	0.219	3	1.225	8	0.575	6	2.78%
5%-5.99%	1.723	14	0.575	7	0.233	5	0.560	5	0.168	2	0.729	7	3.261	33	2.385	27	9.24%
6%-6.99%	0.060	1	0.416	4	0.035	1	0.422	5	0.324	2	0.745	7	1.256	13	1.256	13	9.44%
7%-7.99%	0.071	2	0.076	1	0.170	2	0.138	4	0	0	0.138	4	0.455	9	0.455	9	1.75%
8% and higher	0.254	8	0.033	2	0.023	1	0.652	3	0	0	0.652	3	0.961	14	0.832	11	8.26%
Floater	0.050	1	1.253	1	0	0	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	0	0.280	1	0.295	2	0.295	2	3.55%
Total	8.817	46	3.387	20	4.821	17	6.914	38	0.976	6	7.890	44	24.914	127	21.233	110	100.00%
Premium
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
19.99% and lower	0.250	0.006	0.477	0	0.023	0	0	0.074	0	0.300	0	0.716	0.169
20%-29.99%	0.951	0.887	0.593	0.621	0.012	0.076	0.620	0.124	0	0	0.782	1.330	0.274
30-39.99%	1.754	0.614	0.927	0.100	0.547	0.059	0.023	0	0.717	0.350	0.574	0.600	0.315
40% and higher	0.536	0.877	0	0.229	0.189	0.086	0	0.136	0.424	0.040	0.151	0.919	0.118
NA	0.190	0.617	0.138	0.191	1.253	0	0.023	0.090	2.589	0.180	0.280	0.691	0.100
Total	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	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	0.169	1	1.186	7	2.016	15	1.766	14	15.03%
20%-29.99%	2.431	10	0.710	5	0.744	2	2.112	9	0.274	1	2.386	10	6.271	27	5.321	24	30.24%
30-39.99%	3.295	16	0.706	4	0.740	3	1.524	10	0.315	1	1.839	11	6.580	34	4.826	25	23.31%
40% and higher	1.413	4	0.504	7	0.560	4	1.110	6	0.118	2	1.228	8	3.705	23	3.168	21	15.56%
NA	0.945	10	1.444	3	2.702	7	1.151	7	0.100	1	1.251	8	6.343	28	6.153	26	15.86%
Total	8.817	46	3.387	20	4.821	17	6.914	38	0.976	6	7.890	44	24.914	127	21.233	110	100.00%
Upsized?
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Yes	0.345	0.236	0	0	1.253	0	0	0	0.035	0.040	0.603	0.499	0.274
No	3.336	2.765	2.135	1.141	0.459	0.221	0.666	0.424	3.696	0.830	1.184	3.758	0.702
Downsized	0	0	0	0	0.313	0	0	0	0	0	0	0	0
Total	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.580	5	1.253	1	0.035	1	1.141	10	0.274	1	1.415	11	3.284	18	2.939	15	17.93%
No	8.237	41	1.821	18	4.786	16	5.772	28	0.702	5	6.474	33	21.318	108	17.982	94	82.05%
Downsized	0	0	0.313	1	0	0	0	0	0	0	0	0	0.313	1	0.313	1	0.00%
Total	8.817	46	3.387	20	4.821	17	6.914	38	0.976	6	7.890	44	24.914	127	21.233	110	100.00%
Seniority
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
senior secured	0.125	0	0	0	0	0	0	0	0	0	0	0	0
secured	0	0	0	0	0	0	0	0	0	0	0	0.050	0
senior	3.431	2.801	2.112	1.042	0.438	0.059	0.666	0.170	3.681	0.830	1.541	4.041	0.908
subordinated	0.125	0.200	0.023	0.099	0.334	0.162	0	0.254	0.050	0.040	0.246	0.165	0.068
preference	0	0	0	0	1.253	0	0	0	0	0	0	0	0
Total	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	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	0	0.125	1	0	0	0.00%
secured	0	0	0	0	0	0	0.050	2	0	0	0.050	2	0.050	2	0.050	2	0.63%
senior	8.343	39	1.539	12	4.517	12	6.413	30	0.908	5	7.321	35	21.720	98	18.289	84	92.79%
subordinated	0.349	6	0.595	7	0.304	5	0.450	6	0.068	1	0.518	7	1.765	25	1.640	23	6.57%
preference	0	0	1.253	1	0	0	0	0	0	0	0	0	1.253	1	1.253	1	0.00%
Total	8.817	46	3.387	20	4.821	17	6.914	38	0.976	6	7.890	44	24.914	127	21.233	110	100.00%
Mandatory
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Yes	0	0	0	0	1.253	0	0	0	0	0	0	0	0
No	3.681	3.001	2.135	1.141	0.772	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976
Total	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	1.253	1	0	0	0	0	0	0	0	0	1.253	1	1.253	1	0.00%
No	8.817	46	2.134	19	4.821	17	6.914	38	0.976	6	7.890	44	23.661	126	19.980	109	100.00%
Total	8.817	46	3.387	20	4.821	17	6.914	38	0.976	6	7.890	44	24.914	127	21.233	110	100.00%
Greenshoe Exercised?
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Yes	0.187	1.218	0.182	0.346	0.235	0.059	0.643	0.046	0.667	0.040	0.685	0.953	0
No	3.494	1.783	1.953	0.795	1.790	0.162	0.023	0.378	3.063	0.830	1.103	3.304	0.976
Total	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.588	12	0.640	5	1.356	4	1.677	12	0	0	1.677	12	5.261	33	5.073	30	21.25%
No	7.229	34	2.747	15	3.465	13	5.236	26	0.976	6	6.212	32	19.654	94	16.160	80	78.73%
Total	8.817	46	3.387	20	4.821	17	6.914	38	0.976	6	7.890	44	24.914	127	21.233	110	100.00%
Versus Talk
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Richer	0	0	0	0	0	0	0	0	0	0	0	0.201	0
Rich end	0.600	0	0	0	1.253	0	0	0	0.667	0	0.364	0.793	0
Within	0.125	0.284	0.291	0.356	0	0	0	0	0	0	0	0.652	0
Cheap end	0	0.787	0	0.265	0.313	0	0	0	0	0	0.712	0.166	0.315
NA	2.956	1.929	1.844	0.520	0.459	0.221	0.666	0.424	3.063	0.870	0.711	2.445	0.661
Total	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	0	0	0	0	0.201	1	0	0	0.201	1	0.201	1	0.201	1	2.55%
Rich end	0.600	1	1.253	1	0.667	1	1.157	2	0	0	1.157	2	3.678	5	3.078	4	14.66%
Within	0.701	4	0.356	1	0	0	0.652	1	0	0	0.652	1	1.708	6	1.583	5	8.26%
Cheap end	0.787	1	0.578	3	0	0	0.878	4	0.315	1	1.193	5	2.558	9	2.558	9	15.12%
NA	6.729	40	1.200	15	4.153	16	4.026	30	0.661	5	4.687	35	16.769	106	13.813	91	59.40%
Total	8.817	46	3.387	20	4.821	17	6.914	38	0.976	6	7.890	44	24.914	127	21.233	110	100.00%
Use of Proceeds
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Acquisition	0.589	0.165	0.080	0.110	0.337	0	0.023	0	0	0	0	0.064	0
Capex	0.125	0.500	0	0.356	0	0	0	0	0	0.390	0	0.454	0
GCP	0.839	1.935	0.416	0.321	1.289	0.059	0.628	0	1.057	0.300	0	1.478	0
Redeem convertibles	0	0	0.283	0	0.313	0	0	0.104	0.022	0	0.364	0.029	0.342
Refinance	0.186	0.099	0.228	0.079	0	0.076	0	0.077	0	0	0.401	0.303	0.050
Multiple/Other/NA	1.942	0.302	1.128	0.276	0.087	0.086	0.015	0.243	2.651	0.180	1.022	1.930	0.584
Total	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.834	5	0.446	5	0.023	1	0.064	1	0	0	0.064	1	1.367	12	0.778	10	0.81%
Capex	0.625	2	0.356	1	0	0	0.843	6	0	0	0.843	6	1.825	9	1.700	8	10.68%
GCP	3.190	13	1.669	6	1.685	4	1.778	6	0	0	1.778	6	8.321	29	7.482	26	22.53%
Redeem convertibles	0.283	1	0.313	1	0.126	3	0.393	2	0.342	2	0.735	4	1.457	9	1.457	9	9.32%
Refinance	0.514	6	0.155	2	0.077	1	0.704	7	0.050	1	0.754	8	1.499	17	1.313	15	9.56%
Multiple/Other/NA	3.371	19	0.448	5	2.910	8	3.132	16	0.584	3	3.716	19	10.445	51	8.503	42	47.10%
Total	8.817	46	3.387	20	4.821	17	6.914	38	0.976	6	7.890	44	24.914	127	21.233	110	100.00%
Industry Sector (by SIC code)
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Agriculture (0xxx)	0.261	0	0.050	0	0	0	0	0	0	0	0.212	0	0
Mining (1xxx)	0	0	0	0	0	0	0	0	0	0.350	0	0.090	0.274
Oil and gas (13xx)	0.214	0.099	0.080	0	0.102	0.086	0	0	0	0.040	0.191	0.387	0.050
Construction (15xx)	0	0	0.636	0	0	0	0	0	0.667	0	0	0	0
Manufacturing (2xxx, 3xxx)	1.325	0.736	0.270	0.571	0.547	0	0	0.136	0.035	0.480	0.644	1.006	0.415
Pharmaceuticals (2834-6)	0	0.010	0.037	0	0	0	0	0.124	0.004	0	0	0	0
Transportation (4xxx)	0.036	0.060	0	0.150	0.087	0	0.008	0	0	0	0.250	0.271	0
Communications (48xx)	0	0	0.069	0	0	0	0	0	2.585	0	0	0.166	0
Electric, gas, sanitary services (49xx)	0.150	0	0	0	0	0.076	0	0	0	0	0	0	0
Wholesale (5xxx)	0	0	0	0	0	0	0	0	0	0	0	0.125	0.068
Finance, insurance, real estate (6xxx)	1.195	2.096	0.861	0.420	1.289	0	0.658	0.164	0.439	0	0.490	2.211	0.169
Services (7xxx)	0.500	0	0	0	0	0.059	0	0	0	0	0	0	0
Health services (8xxx)	0	0	0.132	0	0	0	0	0	0	0	0	0	0
Total	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.311	2	0	0	0	0	0.212	1	0	0	0.212	1	0.523	3	0.262	2	2.69%
Mining (1xxx)	0	0	0	0	0	0	0.440	2	0.274	1	0.714	3	0.714	3	0.714	3	9.05%
Oil and gas (13xx)	0.393	5	0.188	2	0	0	0.617	7	0.050	1	0.667	8	1.248	15	1.034	13	8.45%
Construction (15xx)	0.636	1	0	0	0.667	1	0	0	0	0	0	0	1.303	2	1.303	2	0.00%
Manufacturing (2xxx, 3xxx)	2.331	9	1.118	5	0.170	3	2.130	8	0.415	2	2.545	10	6.164	27	4.839	23	32.26%
Pharmaceuticals (2834-6)	0.047	2	0	0	0.129	2	0	0	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	0	0.521	3	0.862	8	0.826	7	6.60%
Communications (48xx)	0.069	1	0	0	2.585	2	0.166	1	0	0	0.166	1	2.821	4	2.821	4	2.10%
Electric, gas, sanitary services (49xx)	0.150	1	0.076	1	0	0	0	0	0	0	0	0	0.226	2	0.076	1	0.00%
Wholesale (5xxx)	0	0	0	0	0	0	0.125	1	0.068	1	0.193	2	0.193	2	0.193	2	2.45%
Finance, insurance, real estate (6xxx)	4.152	21	1.709	9	1.261	8	2.702	15	0.169	1	2.871	16	9.993	54	8.798	47	36.39%
Services (7xxx)	0.500	1	0.059	1	0	0	0	0	0	0	0	0	0.559	2	0.059	1	0.00%
Health services (8xxx)	0.132	1	0	0	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	6.914	38	0.976	6	7.890	44	24.914	127	21.233	110	100.00%
Currency
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
$	2.450	0.790	0.552	0.365	0	0	0.008	0	0.022	0.830	0.780	1.089	0.374
A$	0	0	0.283	0	1.253	0	0	0	0	0	0	0.156	0
C$	0.355	0.329	0.064	0.420	0.459	0.162	0.023	0.300	0.084	0.040	0.431	0.404	0.118
CHF	0	0	0.159	0	0	0	0	0	0	0	0	0	0
HK$	0.201	0.800	0	0	0	0.059	0	0	0	0	0	0.284	0
NIS	0	0	0.009	0	0	0	0	0	0	0	0	0	0
NT$	0	0	0.069	0	0	0	0	0	0	0	0	0.068	0.169
PLN	0.015	0	0	0	0	0	0	0	0	0	0	0	0
RM	0	0	0.096	0	0	0	0	0	0	0	0	0.023	0
RMB	0.150	0	0	0	0	0	0	0.124	0	0	0	0	0
S$	0	0	0.098	0	0	0	0.620	0	0.390	0	0	0	0
SEK	0	0.010	0	0	0	0	0	0	0	0	0	0	0
Y	0	0	0.636	0.356	0.313	0	0	0	2.563	0	0	0.623	0
leva	0	0	0	0	0	0	0.015	0	0	0	0	0	0
€	0.511	0.787	0.169	0	0	0	0	0	0.672	0	0.576	1.611	0.315
£	0	0.284	0	0	0	0	0	0	0	0	0	0	0
Total	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	3.792	14	0.365	3	0.030	2	2.699	12	0.374	2	3.073	14	7.260	33	4.810	26	38.95%
A$	0.283	1	1.253	1	0	0	0.156	1	0	0	0.156	1	1.692	3	1.692	3	1.98%
C$	0.748	14	1.041	13	0.407	8	0.875	13	0.118	2	0.993	15	3.189	50	2.834	45	12.59%
CHF	0.159	1	0	0	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	0	0.284	1	1.343	4	1.142	3	3.60%
NIS	0.009	1	0	0	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	0.169	1	0.237	3	0.306	4	0.306	4	3.00%
PLN	0.015	1	0	0	0	0	0	0	0	0	0	0	0.015	1	0	0	0.00%
RM	0.096	1	0	0	0	0	0.023	1	0	0	0.023	1	0.119	2	0.119	2	0.29%
RMB	0.150	1	0	0	0.124	1	0	0	0	0	0	0	0.275	2	0.124	1	0.00%
S$	0.098	1	0	0	1.010	2	0	0	0	0	0	0	1.107	3	1.107	3	0.00%
SEK	0.010	1	0	0	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	0	0.623	3	4.490	7	4.490	7	7.90%
leva	0	0	0	0	0.015	1	0	0	0	0	0	0	0.015	1	0.015	1	0.00%
€	1.467	5	0	0	0.672	2	2.187	5	0.315	1	2.502	6	4.640	13	4.129	11	31.71%
£	0.284	1	0	0	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	6.914	38	0.976	6	7.890	44	24.914	127	21.233	110	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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