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

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

Coupon

	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
0%	0.215	0.313	0	0.628	0	2.975	0.480	0	0.737	0.169	0	0.220	0
0.01%-0.99%	0.356	0	0	0	0	0.667	0	0	1.756	0	0	0	0
1%-1.99%	0	0	0	0	0	0	0	0.250	0.201	0	0	0	0
2%-2.99%	0	0	0	0	0	0	0	0.364	0.284	0.315	0	0	0
3%-3.99%	0	0	0	0	0	0	0	0.250	0.322	0	0.056	0.194	0
4%-4.99%	0.150	0	0	0	0.074	0	0	0.070	0.148	0	0.415	0	3.885
5%-5.99%	0.363	0.212	0	0	0.180	0.054	0	0.135	0.425	0.168	0	0.165	0
6%-6.99%	0.036	0.235	0.145	0	0	0.035	0	0.151	0.271	0.324	0.065	0	0.120
7%-7.99%	0	0	0.076	0	0.170	0	0.040	0.075	0.023	0	0.023	0.187	0.039
8% and higher	0.020	0.012	0	0.023	0	0	0.350	0.212	0.090	0	0.090	0.195	0
Floater	0	1.253	0	0	0	0	0	0	0	0	0	0	0
NA	0	0	0	0.015	0	0	0	0.280	0	0	0	0	0
Total	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.650	0.961	4.045
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0.528	3	3.603	5	1.217	7	0.389	3	0	0	1.606	10	5.737	18	5.522	16	11.86%
0.01%-0.99%	0.356	1	0.667	1	1.756	3	0	0	0	0	1.756	3	2.779	5	2.423	4	12.96%
1%-1.99%	0	0	0	0	0.451	2	0	0	0	0	0.451	2	0.451	2	0.451	2	3.33%
2%-2.99%	0	0	0	0	0.647	2	0.315	1	0	0	0.962	3	0.962	3	0.962	3	7.10%
3%-3.99%	0	0	0	0	0.572	3	0.251	2	0	0	0.823	5	0.823	5	0.823	5	6.08%
4%-4.99%	0.150	1	0.074	1	0.219	3	0.415	2	3.885	2	4.519	7	4.743	9	4.593	8	33.36%
5%-5.99%	0.575	7	0.233	5	0.560	5	0.333	4	0	0	0.894	9	1.703	21	1.340	17	6.60%
6%-6.99%	0.416	4	0.035	1	0.422	5	0.389	3	0.120	3	0.931	11	1.381	16	1.345	15	6.87%
7%-7.99%	0.076	1	0.170	2	0.138	4	0.210	3	0.039	1	0.388	8	0.634	11	0.634	11	2.86%
8% and higher	0.033	2	0.023	1	0.652	3	0.285	5	0	0	0.937	8	0.992	11	0.972	10	6.92%
Floater	1.253	1	0	0	0	0	0	0	0	0	0	0	1.253	1	1.253	1	0.00%
NA	0	0	0.015	1	0.280	1	0	0	0	0	0.280	1	0.295	2	0.295	2	2.07%
Total	3.387	20	4.821	17	6.914	38	2.587	23	4.045	6	13.546	67	21.753	104	20.612	94	100.00%
Premium
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
19.99% and lower	0	0.023	0	0	0.074	0	0.300	0	0.716	0.169	0.056	0.195	0
20%-29.99%	0.621	0.012	0.076	0.620	0.124	0	0	0.782	1.330	0.274	0	0.107	0
30-39.99%	0.100	0.547	0.059	0.023	0	0.717	0.350	0.574	0.600	0.315	0.070	0	0.084
40% and higher	0.229	0.189	0.086	0	0.136	0.424	0.040	0.151	0.919	0.118	0.060	0.126	0.034
NA	0.191	1.253	0	0.023	0.090	2.589	0.180	0.280	0.691	0.100	0.464	0.533	3.928
Total	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.650	0.961	4.045
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	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	0	0	1.436	9	1.534	11	1.534	11	10.60%
20%-29.99%	0.710	5	0.744	2	2.112	9	0.381	2	0	0	2.493	11	3.947	18	3.325	15	18.40%
30-39.99%	0.706	4	0.740	3	1.524	10	0.385	3	0.084	2	1.993	15	3.439	22	3.339	21	14.71%
40% and higher	0.504	7	0.560	4	1.110	6	0.304	6	0.034	1	1.448	13	2.512	24	2.283	20	10.69%
NA	1.444	3	2.702	7	1.151	7	1.097	9	3.928	3	6.176	19	10.322	29	10.131	27	45.59%
Total	3.387	20	4.821	17	6.914	38	2.587	23	4.045	6	13.546	67	21.753	104	20.612	94	100.00%
Upsized?
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Yes	0	1.253	0	0	0	0.035	0.040	0.603	0.499	0.274	0.020	0.068	0.039
No	1.141	0.459	0.221	0.666	0.424	3.696	0.830	1.184	3.758	0.702	0.630	0.893	4.006
Downsized	0	0.313	0	0	0	0	0	0	0	0	0	0	0
Total	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.650	0.961	4.045
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.253	1	0.035	1	1.141	10	0.362	3	0.039	1	1.543	14	2.831	16	2.831	16	11.39%
No	1.821	18	4.786	16	5.772	28	2.225	20	4.006	5	12.003	53	18.610	87	17.469	77	88.61%
Downsized	0.313	1	0	0	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	2.587	23	4.045	6	13.546	67	21.753	104	20.612	94	100.00%
Seniority
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
secured	0	0	0	0	0	0	0	0	0.050	0	0	0.239	0
senior	1.042	0.438	0.059	0.666	0.170	3.681	0.830	1.541	4.041	0.908	0.170	0.663	3.959
subordinated	0.099	0.334	0.162	0	0.254	0.050	0.040	0.246	0.165	0.068	0.115	0.058	0.086
preference	0	1.253	0	0	0	0	0	0	0	0	0.365	0	0
Total	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.650	0.961	4.045
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
secured	0	0	0	0	0.050	2	0.239	2	0	0	0.290	4	0.290	4	0.290	4	2.14%
senior	1.539	12	4.517	12	6.413	30	1.741	16	3.959	4	12.113	50	18.169	74	17.127	66	89.42%
subordinated	0.595	7	0.304	5	0.450	6	0.241	4	0.086	2	0.778	12	1.676	24	1.577	22	5.74%
preference	1.253	1	0	0	0	0	0.365	1	0	0	0.365	1	1.619	2	1.619	2	2.69%
Total	3.387	20	4.821	17	6.914	38	2.587	23	4.045	6	13.546	67	21.753	104	20.612	94	100.00%
Mandatory
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Yes	0	1.253	0	0	0	0	0	0	0	0	0	0.194	3.885
No	1.141	0.772	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.650	0.767	0.160
Total	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.650	0.961	4.045
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.253	1	0	0	0	0	0.194	1	3.885	2	4.080	3	5.333	4	5.333	4	30.12%
No	2.134	19	4.821	17	6.914	38	2.393	22	0.160	4	9.466	64	16.420	100	15.279	90	69.88%
Total	3.387	20	4.821	17	6.914	38	2.587	23	4.045	6	13.546	67	21.753	104	20.612	94	100.00%
Greenshoe Exercised?
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Yes	0.346	0.235	0.059	0.643	0.046	0.667	0.040	0.685	0.953	0	0	0.068	0.034
No	0.795	1.790	0.162	0.023	0.378	3.063	0.830	1.103	3.304	0.976	0.650	0.893	4.011
Total	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.650	0.961	4.045
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.640	5	1.356	4	1.677	12	0.068	1	0.034	1	1.779	14	3.775	23	3.429	20	13.13%
No	2.747	15	3.465	13	5.236	26	2.519	22	4.011	5	11.767	53	17.979	81	17.184	74	86.87%
Total	3.387	20	4.821	17	6.914	38	2.587	23	4.045	6	13.546	67	21.753	104	20.612	94	100.00%
Versus Talk
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Richer	0	0	0	0	0	0	0	0	0.201	0	0	0	0
Rich end	0	1.253	0	0	0	0.667	0	0.364	0.793	0	0	0	0
Within	0.356	0	0	0	0	0	0	0	0.652	0	0	0	0
Cheap end	0.265	0.313	0	0	0	0	0	0.712	0.166	0.315	0	0.107	0
Cheaper	0	0	0	0	0	0	0	0	0	0	0.020	0	0
NA	0.520	0.459	0.221	0.666	0.424	3.063	0.870	0.711	2.445	0.661	0.630	0.854	4.045
Total	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.650	0.961	4.045
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	0	0	0.201	1	0	0	0	0	0.201	1	0.201	1	0.201	1	1.48%
Rich end	1.253	1	0.667	1	1.157	2	0	0	0	0	1.157	2	3.078	4	3.078	4	8.54%
Within	0.356	1	0	0	0.652	1	0	0	0	0	0.652	1	1.008	2	0.652	1	4.81%
Cheap end	0.578	3	0	0	0.878	4	0.421	2	0	0	1.300	6	1.877	9	1.612	7	9.60%
Cheaper	0	0	0	0	0	0	0.020	1	0	0	0.020	1	0.020	1	0.020	1	0.15%
NA	1.200	15	4.153	16	4.026	30	2.145	20	4.045	6	10.217	56	15.569	87	15.050	80	75.42%
Total	3.387	20	4.821	17	6.914	38	2.587	23	4.045	6	13.546	67	21.753	104	20.612	94	100.00%
Use of Proceeds
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Acquisition	0.110	0.337	0	0.023	0	0	0	0	0.064	0	0	0	0
Capex	0.356	0	0	0	0	0	0.390	0	0.454	0	0.070	0.195	0
GCP	0.321	1.289	0.059	0.628	0	1.057	0.300	0	1.478	0	0.010	0.232	0.086
Redeem convertibles	0	0.313	0	0	0.104	0.022	0	0.364	0.029	0.342	0	0	0
Refinance	0.079	0	0.076	0	0.077	0	0	0.401	0.303	0.050	0.440	0.058	0
Multiple/Other/NA	0.276	0.087	0.086	0.015	0.243	2.651	0.180	1.022	1.930	0.584	0.130	0.476	3.959
Total	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.650	0.961	4.045
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.446	5	0.023	1	0.064	1	0	0	0	0	0.064	1	0.533	7	0.423	4	0.47%
Capex	0.356	1	0	0	0.843	6	0.265	3	0	0	1.108	9	1.464	10	1.108	9	8.18%
GCP	1.669	6	1.685	4	1.778	6	0.242	4	0.086	2	2.106	12	5.459	22	5.138	20	15.55%
Redeem convertibles	0.313	1	0.126	3	0.393	2	0.342	2	0	0	0.735	4	1.174	8	1.174	8	5.43%
Refinance	0.155	2	0.077	1	0.704	7	0.549	5	0	0	1.252	12	1.484	15	1.405	14	9.24%
Multiple/Other/NA	0.448	5	2.910	8	3.132	16	1.190	9	3.959	4	8.281	29	11.638	42	11.363	39	61.13%
Total	3.387	20	4.821	17	6.914	38	2.587	23	4.045	6	13.546	67	21.753	104	20.612	94	100.00%
Industry Sector (by SIC code)
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Agriculture (0xxx)	0	0	0	0	0	0	0	0.212	0	0	0	0	0
Mining (1xxx)	0	0	0	0	0	0	0.350	0	0.090	0.274	0.050	0.195	0.042
Oil and gas (13xx)	0	0.102	0.086	0	0	0	0.040	0.191	0.387	0.050	0.040	0	0
Construction (15xx)	0	0	0	0	0	0.667	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.571	0.547	0	0	0.136	0.035	0.480	0.644	1.006	0.415	0	0.243	0
Pharmaceuticals (2834-6)	0	0	0	0	0.124	0.004	0	0	0	0	0	0	0
Transportation (4xxx)	0.150	0.087	0	0.008	0	0	0	0.250	0.271	0	0.065	0.239	0
Communications (48xx)	0	0	0	0	0	2.585	0	0	0.166	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0.076	0	0	0	0	0	0	0	0	0	0
Wholesale (5xxx)	0	0	0	0	0	0	0	0	0.125	0.068	0	0	0.034
Finance, insurance, real estate (6xxx)	0.420	1.289	0	0.658	0.164	0.439	0	0.490	2.211	0.169	0.471	0.284	3.969
Services (7xxx)	0	0	0.059	0	0	0	0	0	0	0	0.023	0	0
Total	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.650	0.961	4.045
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.212	1	0	0	0	0	0.212	1	0.212	1	0.212	1	1.57%
Mining (1xxx)	0	0	0	0	0.440	2	0.519	3	0.042	1	1.001	6	1.001	6	1.001	6	7.39%
Oil and gas (13xx)	0.188	2	0	0	0.617	7	0.090	4	0	0	0.707	11	0.895	13	0.895	13	5.22%
Construction (15xx)	0	0	0.667	1	0	0	0	0	0	0	0	0	0.667	1	0.667	1	0.00%
Manufacturing (2xxx, 3xxx)	1.118	5	0.170	3	2.130	8	0.658	4	0	0	2.787	12	4.076	20	3.505	17	20.57%
Pharmaceuticals (2834-6)	0	0	0.129	2	0	0	0	0	0	0	0	0	0.129	2	0.129	2	0.00%
Transportation (4xxx)	0.237	2	0.008	1	0.521	3	0.304	3	0	0	0.826	6	1.070	9	0.920	8	6.10%
Communications (48xx)	0	0	2.585	2	0.166	1	0	0	0	0	0.166	1	2.751	3	2.751	3	1.23%
Electric, gas, sanitary services (49xx)	0.076	1	0	0	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	0.034	1	0.227	3	0.227	3	0.227	3	1.68%
Finance, insurance, real estate (6xxx)	1.709	9	1.261	8	2.702	15	0.925	7	3.969	4	7.596	26	10.566	43	10.146	37	56.08%
Services (7xxx)	0.059	1	0	0	0	0	0.023	1	0	0	0.023	1	0.082	2	0.082	2	0.17%
Total	3.387	20	4.821	17	6.914	38	2.587	23	4.045	6	13.546	67	21.753	104	20.612	94	100.00%
Currency
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
$	0.365	0	0	0.008	0	0.022	0.830	0.780	1.089	0.374	0.115	0.220	0
A$	0	1.253	0	0	0	0	0	0	0.156	0	0.365	0	0
C$	0.420	0.459	0.162	0.023	0.300	0.084	0.040	0.431	0.404	0.118	0.080	0.321	0.160
CHF	0	0	0	0	0	0	0	0	0	0	0	0	3.885
HK$	0	0	0.059	0	0	0	0	0	0.284	0	0	0	0
NOK	0	0	0	0	0	0	0	0	0	0	0.010	0	0
NT$	0	0	0	0	0	0	0	0	0.068	0.169	0	0.194	0
RM	0	0	0	0	0	0	0	0	0.023	0	0	0	0
RMB	0	0	0	0	0.124	0	0	0	0	0	0	0	0
S$	0	0	0	0.620	0	0.390	0	0	0	0	0	0	0
Y	0.356	0.313	0	0	0	2.563	0	0	0.623	0	0	0	0
ZAR	0	0	0	0	0	0	0	0	0	0	0	0.119	0
leva	0	0	0	0.015	0	0	0	0	0	0	0	0	0
€	0	0	0	0	0	0.672	0	0.576	1.611	0.315	0	0.107	0
£	0	0	0	0	0	0	0	0	0	0	0.080	0	0
Total	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.650	0.961	4.045
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	0.365	3	0.030	2	2.699	12	0.709	6	0	0	3.408	18	3.803	23	3.438	20	25.16%
A$	1.253	1	0	0	0.156	1	0.365	1	0	0	0.521	2	1.774	3	1.774	3	3.85%
C$	1.041	13	0.407	8	0.875	13	0.519	8	0.160	4	1.554	25	3.001	46	2.581	40	11.47%
CHF	0	0	0	0	0	0	0	0	3.885	2	3.885	2	3.885	2	3.885	2	28.68%
HK$	0.059	1	0	0	0.284	1	0	0	0	0	0.284	1	0.342	2	0.342	2	2.10%
NOK	0	0	0	0	0	0	0.010	1	0	0	0.010	1	0.010	1	0.010	1	0.07%
NT$	0	0	0	0	0.068	2	0.364	2	0	0	0.432	4	0.432	4	0.432	4	3.19%
RM	0	0	0	0	0.023	1	0	0	0	0	0.023	1	0.023	1	0.023	1	0.17%
RMB	0	0	0.124	1	0	0	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	0	0	1.010	2	1.010	2	0.00%
Y	0.669	2	2.563	1	0.623	3	0	0	0	0	0.623	3	3.854	6	3.498	5	4.60%
ZAR	0	0	0	0	0	0	0.119	1	0	0	0.119	1	0.119	1	0.119	1	0.88%
leva	0	0	0.015	1	0	0	0	0	0	0	0	0	0.015	1	0.015	1	0.00%
€	0	0	0.672	2	2.187	5	0.421	2	0	0	2.608	7	3.280	9	3.280	9	19.25%
£	0	0	0	0	0	0	0.080	2	0	0	0.080	2	0.080	2	0.080	2	0.59%
Total	3.387	20	4.821	17	6.914	38	2.587	23	4.045	6	13.546	67	21.753	104	20.612	94	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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