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

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

Coupon

	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
0%	0.878	0.215	0.313	0	0.628	0	2.975	0.480	0	0.737	0.169	0	0.220
0.01%-0.99%	0	0.356	0	0	0	0	0.667	0	0	1.756	0	0	0
1%-1.99%	0.159	0	0	0	0	0	0	0	0.250	0.201	0	0	0
2%-2.99%	0.098	0	0	0	0	0	0	0	0.364	0.284	0.315	0	0
3%-3.99%	0.346	0	0	0	0	0	0	0	0.250	0.322	0	0.056	0.194
4%-4.99%	0.132	0.150	0	0	0	0.074	0	0	0.070	0.148	0	0.415	0
5%-5.99%	0.441	0.363	0.212	0	0	0.180	0.054	0	0.135	0.425	0.168	0	0.058
6%-6.99%	0	0.036	0.235	0.145	0	0	0.035	0	0.151	0.271	0.324	0.065	0
7%-7.99%	0.023	0	0	0.076	0	0.170	0	0.040	0.075	0.023	0	0.023	0.178
8% and higher	0.009	0.020	0.012	0	0.023	0	0	0.350	0.212	0.090	0	0.090	0.195
Floater	0.050	0	1.253	0	0	0	0	0	0	0	0	0	0
NA	0	0	0	0	0.015	0	0	0	0.280	0	0	0	0
Total	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.650	0.845
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0.528	3	3.603	5	1.217	7	0.389	3	1.606	10	6.615	21	5.737	18	17.11%
0.01%-0.99%	0.356	1	0.667	1	1.756	3	0	0	1.756	3	2.779	5	2.779	5	18.71%
1%-1.99%	0	0	0	0	0.451	2	0	0	0.451	2	0.610	3	0.451	2	4.81%
2%-2.99%	0	0	0	0	0.647	2	0.315	1	0.962	3	1.060	4	0.962	3	10.25%
3%-3.99%	0	0	0	0	0.572	3	0.251	2	0.823	5	1.168	7	0.823	5	8.77%
4%-4.99%	0.150	1	0.074	1	0.219	3	0.415	2	0.634	5	0.990	8	0.858	7	6.76%
5%-5.99%	0.575	7	0.233	5	0.560	5	0.227	3	0.787	8	2.037	24	1.596	20	8.39%
6%-6.99%	0.416	4	0.035	1	0.422	5	0.389	3	0.810	8	1.261	13	1.261	13	8.63%
7%-7.99%	0.076	1	0.170	2	0.138	4	0.202	3	0.339	7	0.609	11	0.585	10	3.61%
8% and higher	0.033	2	0.023	1	0.652	3	0.285	5	0.937	8	1.001	12	0.992	11	9.98%
Floater	1.253	1	0	0	0	0	0	0	0	0	1.303	2	1.253	1	0.00%
NA	0	0	0.015	1	0.280	1	0	0	0.280	1	0.295	2	0.295	2	2.98%
Total	3.387	20	4.821	17	6.914	38	2.471	22	9.385	60	19.728	112	17.592	97	100.00%
Premium
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
19.99% and lower	0.477	0	0.023	0	0	0.074	0	0.300	0	0.716	0.169	0.056	0.195
20%-29.99%	0.593	0.621	0.012	0.076	0.620	0.124	0	0	0.782	1.330	0.274	0	0
30-39.99%	0.927	0.100	0.547	0.059	0.023	0	0.717	0.350	0.574	0.600	0.315	0.070	0
40% and higher	0	0.229	0.189	0.086	0	0.136	0.424	0.040	0.151	0.919	0.118	0.060	0.117
NA	0.138	0.191	1.253	0	0.023	0.090	2.589	0.180	0.280	0.691	0.100	0.464	0.533
Total	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.650	0.845
	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	0.023	1	0.074	1	1.016	6	0.420	3	1.436	9	2.012	15	1.534	11	15.30%
20%-29.99%	0.710	5	0.744	2	2.112	9	0.274	1	2.386	10	4.433	21	3.840	17	25.42%
30-39.99%	0.706	4	0.740	3	1.524	10	0.385	3	1.909	13	4.282	23	3.355	20	20.34%
40% and higher	0.504	7	0.560	4	1.110	6	0.295	6	1.405	12	2.469	23	2.469	23	14.97%
NA	1.444	3	2.702	7	1.151	7	1.097	9	2.248	16	6.533	30	6.395	26	23.95%
Total	3.387	20	4.821	17	6.914	38	2.471	22	9.385	60	19.728	112	17.592	97	100.00%
Upsized?
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Yes	0	0	1.253	0	0	0	0.035	0.040	0.603	0.499	0.274	0.020	0.059
No	2.135	1.141	0.459	0.221	0.666	0.424	3.696	0.830	1.184	3.758	0.702	0.630	0.786
Downsized	0	0	0.313	0	0	0	0	0	0	0	0	0	0
Total	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.650	0.845
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.253	1	0.035	1	1.141	10	0.353	3	1.494	13	2.782	15	2.782	15	15.92%
No	1.821	18	4.786	16	5.772	28	2.118	19	7.891	47	16.633	96	14.498	81	84.08%
Downsized	0.313	1	0	0	0	0	0	0	0	0	0.313	1	0.313	1	0.00%
Total	3.387	20	4.821	17	6.914	38	2.471	22	9.385	60	19.728	112	17.592	97	100.00%
Seniority
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
secured	0	0	0	0	0	0	0	0	0	0.050	0	0	0.239
senior	2.112	1.042	0.438	0.059	0.666	0.170	3.681	0.830	1.541	4.041	0.908	0.170	0.548
subordinated	0.023	0.099	0.334	0.162	0	0.254	0.050	0.040	0.246	0.165	0.068	0.115	0.058
preference	0	0	1.253	0	0	0	0	0	0	0	0	0.365	0
Total	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.650	0.845
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
secured	0	0	0	0	0.050	2	0.239	2	0.290	4	0.290	4	0.290	4	3.09%
senior	1.539	12	4.517	12	6.413	30	1.626	15	8.038	45	16.206	83	14.094	69	85.65%
subordinated	0.595	7	0.304	5	0.450	6	0.241	4	0.691	10	1.613	23	1.589	22	7.36%
preference	1.253	1	0	0	0	0	0.365	1	0.365	1	1.619	2	1.619	2	3.89%
Total	3.387	20	4.821	17	6.914	38	2.471	22	9.385	60	19.728	112	17.592	97	100.00%
Mandatory
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Yes	0	0	1.253	0	0	0	0	0	0	0	0	0	0.194
No	2.135	1.141	0.772	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.650	0.651
Total	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.650	0.845
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.253	1	0	0	0	0	0.194	1	0.194	1	1.448	2	1.448	2	2.07%
No	2.134	19	4.821	17	6.914	38	2.277	21	9.191	59	18.280	110	16.145	95	97.93%
Total	3.387	20	4.821	17	6.914	38	2.471	22	9.385	60	19.728	112	17.592	97	100.00%
Greenshoe Exercised?
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Yes	0.182	0.346	0.235	0.059	0.643	0.046	0.667	0.040	0.685	0.953	0	0	0
No	1.953	0.795	1.790	0.162	0.023	0.378	3.063	0.830	1.103	3.304	0.976	0.650	0.845
Total	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.650	0.845
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.640	5	1.356	4	1.677	12	0	0	1.677	12	3.855	23	3.673	21	17.87%
No	2.747	15	3.465	13	5.236	26	2.471	22	7.708	48	15.872	89	13.920	76	82.13%
Total	3.387	20	4.821	17	6.914	38	2.471	22	9.385	60	19.728	112	17.592	97	100.00%
Versus Talk
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Richer	0	0	0	0	0	0	0	0	0	0.201	0	0	0
Rich end	0	0	1.253	0	0	0	0.667	0	0.364	0.793	0	0	0
Within	0.291	0.356	0	0	0	0	0	0	0	0.652	0	0	0
Cheap end	0	0.265	0.313	0	0	0	0	0	0.712	0.166	0.315	0	0
Cheaper	0	0	0	0	0	0	0	0	0	0	0	0.020	0
NA	1.844	0.520	0.459	0.221	0.666	0.424	3.063	0.870	0.711	2.445	0.661	0.630	0.845
Total	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.650	0.845
	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	0.201	1	0	0	0.201	1	0.201	1	0.201	1	2.14%
Rich end	1.253	1	0.667	1	1.157	2	0	0	1.157	2	3.078	4	3.078	4	12.33%
Within	0.356	1	0	0	0.652	1	0	0	0.652	1	1.299	4	1.008	2	6.95%
Cheap end	0.578	3	0	0	0.878	4	0.315	1	1.193	5	1.771	8	1.771	8	12.71%
Cheaper	0	0	0	0	0	0	0.020	1	0.020	1	0.020	1	0.020	1	0.21%
NA	1.200	15	4.153	16	4.026	30	2.137	20	6.162	50	13.359	94	11.515	81	65.66%
Total	3.387	20	4.821	17	6.914	38	2.471	22	9.385	60	19.728	112	17.592	97	100.00%
Use of Proceeds
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Acquisition	0.080	0.110	0.337	0	0.023	0	0	0	0	0.064	0	0	0
Capex	0	0.356	0	0	0	0	0	0.390	0	0.454	0	0.070	0.195
GCP	0.416	0.321	1.289	0.059	0.628	0	1.057	0.300	0	1.478	0	0.010	0.223
Redeem convertibles	0.283	0	0.313	0	0	0.104	0.022	0	0.364	0.029	0.342	0	0
Refinance	0.228	0.079	0	0.076	0	0.077	0	0	0.401	0.303	0.050	0.440	0.058
Multiple/Other/NA	1.128	0.276	0.087	0.086	0.015	0.243	2.651	0.180	1.022	1.930	0.584	0.130	0.369
Total	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.650	0.845
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.446	5	0.023	1	0.064	1	0	0	0.064	1	0.613	8	0.533	7	0.68%
Capex	0.356	1	0	0	0.843	6	0.265	3	1.108	9	1.464	10	1.464	10	11.81%
GCP	1.669	6	1.685	4	1.778	6	0.233	4	2.011	10	5.780	24	5.364	20	21.43%
Redeem convertibles	0.313	1	0.126	3	0.393	2	0.342	2	0.735	4	1.457	9	1.174	8	7.83%
Refinance	0.155	2	0.077	1	0.704	7	0.548	5	1.252	12	1.712	17	1.484	15	13.34%
Multiple/Other/NA	0.448	5	2.910	8	3.132	16	1.083	8	4.215	24	8.700	44	7.573	37	44.91%
Total	3.387	20	4.821	17	6.914	38	2.471	22	9.385	60	19.728	112	17.592	97	100.00%
Industry Sector (by SIC code)
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Agriculture (0xxx)	0.050	0	0	0	0	0	0	0	0.212	0	0	0	0
Mining (1xxx)	0	0	0	0	0	0	0	0.350	0	0.090	0.274	0.050	0.195
Oil and gas (13xx)	0.080	0	0.102	0.086	0	0	0	0.040	0.191	0.387	0.050	0.040	0
Construction (15xx)	0.636	0	0	0	0	0	0.667	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.270	0.571	0.547	0	0	0.136	0.035	0.480	0.644	1.006	0.415	0	0.234
Pharmaceuticals (2834-6)	0.037	0	0	0	0	0.124	0.004	0	0	0	0	0	0
Transportation (4xxx)	0	0.150	0.087	0	0.008	0	0	0	0.250	0.271	0	0.065	0.239
Communications (48xx)	0.069	0	0	0	0	0	2.585	0	0	0.166	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0.076	0	0	0	0	0	0	0	0	0
Wholesale (5xxx)	0	0	0	0	0	0	0	0	0	0.125	0.068	0	0
Finance, insurance, real estate (6xxx)	0.861	0.420	1.289	0	0.658	0.164	0.439	0	0.490	2.211	0.169	0.471	0.178
Services (7xxx)	0	0	0	0.059	0	0	0	0	0	0	0	0.023	0
Health services (8xxx)	0.132	0	0	0	0	0	0	0	0	0	0	0	0
Total	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.650	0.845
	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	0	0	0	0.212	1	0	0	0.212	1	0.262	2	0.212	1	2.26%
Mining (1xxx)	0	0	0	0	0.440	2	0.519	3	0.959	5	0.959	5	0.959	5	10.22%
Oil and gas (13xx)	0.188	2	0	0	0.617	7	0.090	4	0.707	11	0.975	14	0.895	13	7.53%
Construction (15xx)	0	0	0.667	1	0	0	0	0	0	0	1.303	2	0.667	1	0.00%
Manufacturing (2xxx, 3xxx)	1.118	5	0.170	3	2.130	8	0.649	4	2.779	12	4.337	22	4.067	20	29.61%
Pharmaceuticals (2834-6)	0	0	0.129	2	0	0	0	0	0	0	0.165	3	0.129	2	0.00%
Transportation (4xxx)	0.237	2	0.008	1	0.521	3	0.304	3	0.826	6	1.070	9	1.070	9	8.80%
Communications (48xx)	0	0	2.585	2	0.166	1	0	0	0.166	1	2.821	4	2.751	3	1.77%
Electric, gas, sanitary services (49xx)	0.076	1	0	0	0	0	0	0	0	0	0.076	1	0.076	1	0.00%
Wholesale (5xxx)	0	0	0	0	0.125	1	0.068	1	0.193	2	0.193	2	0.193	2	2.06%
Finance, insurance, real estate (6xxx)	1.709	9	1.261	8	2.702	15	0.818	6	3.520	21	7.351	45	6.490	38	37.51%
Services (7xxx)	0.059	1	0	0	0	0	0.023	1	0.023	1	0.082	2	0.082	2	0.25%
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0	0.132	1	0	0	0.00%
Total	3.387	20	4.821	17	6.914	38	2.471	22	9.385	60	19.728	112	17.592	97	100.00%
Currency
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
$	0.552	0.365	0	0	0.008	0	0.022	0.830	0.780	1.089	0.374	0.115	0.220
A$	0.283	0	1.253	0	0	0	0	0	0	0.156	0	0.365	0
C$	0.064	0.420	0.459	0.162	0.023	0.300	0.084	0.040	0.431	0.404	0.118	0.080	0.312
CHF	0.159	0	0	0	0	0	0	0	0	0	0	0	0
HK$	0	0	0	0.059	0	0	0	0	0	0.284	0	0	0
NIS	0.009	0	0	0	0	0	0	0	0	0	0	0	0
NOK	0	0	0	0	0	0	0	0	0	0	0	0.010	0
NT$	0.069	0	0	0	0	0	0	0	0	0.068	0.169	0	0.194
RM	0.096	0	0	0	0	0	0	0	0	0.023	0	0	0
RMB	0	0	0	0	0	0.124	0	0	0	0	0	0	0
S$	0.098	0	0	0	0.620	0	0.390	0	0	0	0	0	0
Y	0.636	0.356	0.313	0	0	0	2.563	0	0	0.623	0	0	0
ZAR	0	0	0	0	0	0	0	0	0	0	0	0	0.119
leva	0	0	0	0	0.015	0	0	0	0	0	0	0	0
€	0.169	0	0	0	0	0	0.672	0	0.576	1.611	0.315	0	0
£	0	0	0	0	0	0	0	0	0	0	0	0.080	0
Total	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.650	0.845
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	0.365	3	0.030	2	2.699	12	0.709	6	3.408	18	4.355	27	3.803	23	36.31%
A$	1.253	1	0	0	0.156	1	0.365	1	0.521	2	2.057	4	1.774	3	5.55%
C$	1.041	13	0.407	8	0.875	13	0.510	8	1.385	21	2.897	44	2.832	42	14.76%
CHF	0	0	0	0	0	0	0	0	0	0	0.159	1	0	0	0.00%
HK$	0.059	1	0	0	0.284	1	0	0	0.284	1	0.342	2	0.342	2	3.03%
NIS	0	0	0	0	0	0	0	0	0	0	0.009	1	0	0	0.00%
NOK	0	0	0	0	0	0	0.010	1	0.010	1	0.010	1	0.010	1	0.11%
NT$	0	0	0	0	0.068	2	0.364	2	0.432	4	0.501	5	0.432	4	4.60%
RM	0	0	0	0	0.023	1	0	0	0.023	1	0.119	2	0.023	1	0.25%
RMB	0	0	0.124	1	0	0	0	0	0	0	0.124	1	0.124	1	0.00%
S$	0	0	1.010	2	0	0	0	0	0	0	1.107	3	1.010	2	0.00%
Y	0.669	2	2.563	1	0.623	3	0	0	0.623	3	4.490	7	3.854	6	6.64%
ZAR	0	0	0	0	0	0	0.119	1	0.119	1	0.119	1	0.119	1	1.27%
leva	0	0	0.015	1	0	0	0	0	0	0	0.015	1	0.015	1	0.00%
€	0	0	0.672	2	2.187	5	0.315	1	2.502	6	3.342	10	3.173	8	26.66%
£	0	0	0	0	0	0	0.080	2	0.080	2	0.080	2	0.080	2	0.85%
Total	3.387	20	4.821	17	6.914	38	2.471	22	9.385	60	19.728	112	17.592	97	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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