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

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

Coupon

	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
0%	0.313	0	0.628	0	2.975	0.480	0	0.737	0.169	0	0.220	0	0.254
0.01%-0.99%	0	0	0	0	0.667	0	0	1.756	0	0	0	0	0
1%-1.99%	0	0	0	0	0	0	0.250	0.201	0	0	0	0	0
2%-2.99%	0	0	0	0	0	0	0.364	0.284	0.315	0	0	0	0.319
3%-3.99%	0	0	0	0	0	0	0.250	0.322	0	0.056	0.194	0	0
4%-4.99%	0	0	0	0.074	0	0	0.070	0.148	0	0.415	0	3.885	0.100
5%-5.99%	0.212	0	0	0.180	0.054	0	0.135	0.425	0.168	0	0.165	0	0.201
6%-6.99%	0.235	0.145	0	0	0.035	0	0.151	0.271	0.324	0.065	0	0.123	0.161
7%-7.99%	0	0.076	0	0.170	0	0.040	0.075	0.023	0	0.023	0.187	0.045	0
8% and higher	0.012	0	0.023	0	0	0.350	0.212	0.090	0	0.097	0.195	0	0
Floater	1.253	0	0	0	0	0	0	0	0	0	0	0	0
NA	0	0	0.015	0	0	0	0.280	0	0	0	0	0	0
Total	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.035
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	3.603	5	1.217	7	0.389	3	0.254	1	1.860	11	5.776	17	5.463	16	12.74%
0.01%-0.99%	0.667	1	1.756	3	0	0	0	0	1.756	23	2.423	4	2.423	4	12.03%
1%-1.99%	0	0	0.451	2	0	0	0	0	0.451	2	0.451	2	0.451	2	3.09%
2%-2.99%	0	0	0.647	2	0.315	1	0.319	2	1.282	5	1.282	5	1.282	5	8.78%
3%-3.99%	0	0	0.572	3	0.251	2	0	0	0.823	5	0.823	5	0.823	5	5.64%
4%-4.99%	0.074	1	0.219	3	0.415	2	3.986	3	4.619	8	4.693	9	4.693	9	31.65%
5%-5.99%	0.233	5	0.560	5	0.333	4	0.201	2	1.094	11	1.540	19	1.328	16	7.50%
6%-6.99%	0.035	1	0.422	5	0.389	3	0.283	6	1.094	14	1.508	18	1.273	17	7.50%
7%-7.99%	0.170	2	0.138	4	0.210	3	0.045	1	0.394	8	0.640	11	0.640	11	2.70%
8% and higher	0.023	1	0.652	3	0.292	5	0	0	0.944	8	0.979	10	0.967	9	6.47%
Floater	0	0	0	0	0	0	0	0	0	0	1.253	1	0	0	0.00%
NA	0.015	1	0.280	1	0	0	0	0	0.280	1	0.295	2	0.295	2	1.92%
Total	4.821	17	6.914	38	2.594	23	5.089	15	14.596	76	21.663	103	19.637	96	100.00%
Premium
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
19.99% and lower	0.023	0	0	0.074	0	0.300	0	0.716	0.169	0.056	0.195	0	0.329
20%-29.99%	0.012	0.076	0.620	0.124	0	0	0.782	1.330	0.274	0	0.107	0	0.346
30-39.99%	0.547	0.059	0.023	0	0.717	0.350	0.574	0.600	0.315	0.070	0	0.090	0.135
40% and higher	0.189	0.086	0	0.136	0.424	0.040	0.151	0.919	0.118	0.067	0.126	0.036	0.051
NA	1.253	0	0.023	0.090	2.589	0.180	0.280	0.691	0.100	0.464	0.533	3.928	0.175
Total	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.035
	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	0.074	1	1.016	6	0.420	3	0.329	2	1.765	11	1.863	13	1.840	12	12.09%
20%-29.99%	0.744	2	2.112	9	0.381	2	0.346	2	2.838	13	3.671	17	3.659	16	19.44%
30-39.99%	0.740	3	1.524	10	0.385	3	0.224	4	2.133	17	3.479	23	2.932	21	14.61%
40% and higher	0.560	4	1.110	6	0.311	6	0.087	2	1.508	14	2.343	21	2.153	19	10.34%
NA	2.702	7	1.151	7	1.097	9	4.103	5	6.351	21	10.307	29	9.053	28	43.51%
Total	4.821	17	6.914	38	2.594	23	5.089	15	14.596	76	21.663	103	19.637	96	100.00%
Upsized?
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Yes	1.253	0	0	0	0.035	0.040	0.603	0.499	0.274	0.037	0.068	0.045	0.091
No	0.459	0.221	0.666	0.424	3.696	0.830	1.184	3.758	0.702	0.620	0.893	4.008	0.944
Downsized	0.313	0	0	0	0	0	0	0	0	0	0	0	0
Total	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.035
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.035	1	1.141	10	0.379	4	0.137	2	1.657	16	2.945	18	1.691	17	11.35%
No	4.786	16	5.772	28	2.215	19	4.952	13	12.939	60	18.405	84	17.946	79	88.65%
Downsized	0	0	0	0	0	0	0	0	0	0	0.313	1	0	0	0.00%
Total	4.821	17	6.914	38	2.594	23	5.089	15	14.596	76	21.663	103	19.637	96	100.00%
Seniority
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
senior secured	0	0	0	0	0	0	0	0	0	0	0	0	0.051
secured	0	0	0	0	0	0	0	0.050	0	0	0.239	0	0
senior	0.438	0.059	0.666	0.170	3.681	0.830	1.541	4.041	0.908	0.177	0.663	3.967	0.950
subordinated	0.334	0.162	0	0.254	0.050	0.040	0.246	0.165	0.068	0.115	0.058	0.086	0.035
preference	1.253	0	0	0	0	0	0	0	0	0.365	0	0	0
Total	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.035
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0	0	0	0	0	0	0.051	1	0.051	1	0.051	1	0.051	1	0.35%
secured	0	0	0.050	2	0.239	2	0	0	0.290	4	0.290	4	0.290	4	1.99%
senior	4.517	12	6.413	30	1.748	16	4.917	11	13.078	57	18.092	73	17.654	70	89.60%
subordinated	0.304	5	0.450	6	0.241	4	0.121	3	0.813	13	1.612	23	1.278	20	5.57%
preference	0	0	0	0	0.365	1	0	0	0.365	1	1.619	2	0.365	1	2.50%
Total	4.821	17	6.914	38	2.594	23	5.089	15	14.596	76	21.663	103	19.637	96	100.00%
Mandatory
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Yes	1.253	0	0	0	0	0	0	0	0	0	0.194	3.885	0
No	0.772	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.767	0.168	1.035
Total	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.035
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	0	0	0.194	1	3.885	2	4.080	3	5.333	4	4.080	3	27.95%
No	4.821	17	6.914	38	2.400	22	1.203	13	10.516	73	16.329	99	15.558	93	72.05%
Total	4.821	17	6.914	38	2.594	23	5.089	15	14.596	76	21.663	103	19.637	96	100.00%
Greenshoe Exercised?
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Yes	0.235	0.059	0.643	0.046	0.667	0.040	0.685	0.953	0	0	0.068	0.082	0.070
No	1.790	0.162	0.023	0.378	3.063	0.830	1.103	3.304	0.976	0.657	0.893	3.972	0.966
Total	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.035
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.356	4	1.677	12	0.068	1	0.151	4	1.896	17	3.546	23	3.311	22	12.99%
No	3.465	13	5.236	26	2.526	22	4.937	11	12.700	59	18.117	80	16.326	74	87.01%
Total	4.821	17	6.914	38	2.594	23	5.089	15	14.596	76	21.663	103	19.637	96	100.00%
Versus Talk
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Richer	0	0	0	0	0	0	0	0.201	0	0	0	0	0
Rich end	1.253	0	0	0	0.667	0	0.364	0.793	0	0	0	0	0
Within	0	0	0	0	0	0	0	0.652	0	0	0	0	0
Cheap end	0.313	0	0	0	0	0	0.712	0.166	0.315	0	0.107	0	0.250
Cheaper	0	0	0	0	0	0	0	0	0	0.020	0	0	0
NA	0.459	0.221	0.666	0.424	3.063	0.870	0.711	2.445	0.661	0.637	0.854	4.053	0.785
Total	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.035
	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	0.201	1	0	0	0	0	0.201	1	0.201	1	0.201	1	1.38%
Rich end	0.667	1	1.157	2	0	0	0	0	1.157	2	3.078	4	1.824	3	7.93%
Within	0	0	0.652	1	0	0	0	0	0.652	1	0.652	1	0.652	1	4.47%
Cheap end	0	0	0.878	4	0.421	2	0.250	2	1.550	8	1.862	9	1.550	8	10.62%
Cheaper	0	0	0	0	0.020	1	0	0	0.020	1	0.020	1	0.020	1	0.14%
NA	4.153	16	4.026	30	2.152	20	4.839	13	11.017	63	15.850	87	15.391	82	75.48%
Total	4.821	17	6.914	38	2.594	23	5.089	15	14.596	76	21.663	103	19.637	96	100.00%
Use of Proceeds
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Acquisition	0.337	0	0.023	0	0	0	0	0.064	0	0	0	0	0
Capex	0	0	0	0	0	0.390	0	0.454	0	0.070	0.195	0	0
GCP	1.289	0.059	0.628	0	1.057	0.300	0	1.478	0	0.010	0.426	0.086	0.395
Redeem convertibles	0.313	0	0	0.104	0.022	0	0.364	0.029	0.342	0	0	0	0.100
Refinance	0	0.076	0	0.077	0	0	0.401	0.303	0.050	0.447	0.058	0	0.292
Multiple/Other/NA	0.087	0.086	0.015	0.243	2.651	0.180	1.022	1.930	0.584	0.130	0.282	3.967	0.249
Total	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.035
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.023	1	0.064	1	0	0	0	0	0.064	1	0.423	4	0.086	2	0.44%
Capex	0	0	0.843	6	0.265	3	0	0	1.108	9	1.108	9	1.108	9	7.59%
GCP	1.685	4	1.778	6	0.436	5	0.481	4	2.695	15	5.727	23	4.438	20	18.46%
Redeem convertibles	0.126	3	0.393	2	0.342	2	0.100	1	0.835	5	1.274	9	0.962	8	5.72%
Refinance	0.077	1	0.704	7	0.556	5	0.292	3	1.551	15	1.704	17	1.704	17	10.63%
Multiple/Other/NA	2.910	8	3.132	16	0.995	8	4.216	7	8.343	31	11.425	41	11.339	40	57.16%
Total	4.821	17	6.914	38	2.594	23	5.089	15	14.596	76	21.663	103	19.637	96	100.00%
Industry Sector (by SIC code)
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Agriculture (0xxx)	0	0	0	0	0	0	0.212	0	0	0	0	0	0
Mining (1xxx)	0	0	0	0	0	0.350	0	0.090	0.274	0.050	0.195	0.042	0.091
Oil and gas (13xx)	0.102	0.086	0	0	0	0.040	0.191	0.387	0.050	0.047	0	0	0
Construction (15xx)	0	0	0	0	0.667	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.547	0	0	0.136	0.035	0.480	0.644	1.006	0.415	0	0.243	0	0.150
Pharmaceuticals (2834-6)	0	0	0	0.124	0.004	0	0	0	0	0	0	0	0
Transportation (4xxx)	0.087	0	0.008	0	0	0	0.250	0.271	0	0.065	0.239	0	0
Communications (48xx)	0	0	0	0	2.585	0	0	0.166	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0.076	0	0	0	0	0	0	0	0	0	0	0.214
Wholesale (5xxx)	0	0	0	0	0	0	0	0.125	0.068	0	0	0.036	0
Finance, insurance, real estate (6xxx)	1.289	0	0.658	0.164	0.439	0	0.490	2.211	0.169	0.471	0.284	3.975	0.580
Services (7xxx)	0	0.059	0	0	0	0	0	0	0	0.023	0	0	0
Total	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.035
	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	0.212	1	0	0	0	0	0.212	1	0.212	1	0.212	1	1.45%
Mining (1xxx)	0	0	0.440	2	0.519	3	0.133	2	1.092	7	1.092	7	1.092	7	7.48%
Oil and gas (13xx)	0	0	0.617	7	0.097	4	0	0	0.714	11	0.902	13	0.800	12	4.89%
Construction (15xx)	0.667	1	0	0	0	0	0	0	0	0	0.667	1	0.667	1	0.00%
Manufacturing (2xxx, 3xxx)	0.170	3	2.130	8	0.658	4	0.150	1	2.937	13	3.655	18	3.108	16	20.12%
Pharmaceuticals (2834-6)	0.129	2	0	0	0	0	0	0	0	0	0.129	2	0.129	2	0.00%
Transportation (4xxx)	0.008	1	0.521	3	0.304	3	0	0	0.826	6	0.920	8	0.833	7	5.66%
Communications (48xx)	2.585	2	0.166	1	0	0	0	0	0.166	1	2.751	3	2.751	3	1.14%
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.214	2	0.214	2	0.290	3	0.290	3	1.47%
Wholesale (5xxx)	0	0	0.125	1	0.068	1	0.036	1	0.229	3	0.229	3	0.229	3	1.57%
Finance, insurance, real estate (6xxx)	1.261	8	2.702	15	0.925	7	4.555	9	8.182	31	10.732	42	9.443	39	56.06%
Services (7xxx)	0	0	0	0	0.023	1	0	0	0.023	1	0.082	2	0.082	2	0.16%
Total	4.821	17	6.914	38	2.594	23	5.089	15	14.596	76	21.663	103	19.637	96	100.00%
Currency
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
$	0	0	0.008	0	0.022	0.830	0.780	1.089	0.374	0.115	0.220	0	0.404
A$	1.253	0	0	0	0	0	0	0.156	0	0.365	0	0	0
C$	0.459	0.162	0.023	0.300	0.084	0.040	0.431	0.404	0.118	0.087	0.321	0.168	0.211
CHF	0	0	0	0	0	0	0	0	0	0	0	3.885	0
HK$	0	0.059	0	0	0	0	0	0.284	0	0	0	0	0
NOK	0	0	0	0	0	0	0	0	0	0.010	0	0	0
NT$	0	0	0	0	0	0	0	0.068	0.169	0	0.194	0	0
RM	0	0	0	0	0	0	0	0.023	0	0	0	0	0
RMB	0	0	0	0.124	0	0	0	0	0	0	0	0	0
RMB	0	0	0	0	0	0	0	0	0	0	0	0	0.179
S$	0	0	0.620	0	0.390	0	0	0	0	0	0	0	0.140
Y	0.313	0	0	0	2.563	0	0	0.623	0	0	0	0	0
ZAR	0	0	0	0	0	0	0	0	0	0	0.119	0	0
leva	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	0.100
£	0	0	0	0	0	0	0	0	0	0.080	0	0	0
Total	2.025	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.035
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	0.030	2	2.699	12	0.709	6	0.404	2	3.812	20	3.842	22	3.842	22	26.12%
A$	0	0	0.156	1	0.365	1	0	0	0.521	2	1.774	3	0.521	2	3.57%
C$	0.407	8	0.875	13	0.526	8	0.379	8	1.780	29	2.808	44	2.349	39	12.20%
CHF	0	0	0	0	0	0	3.885	2	3.885	2	3.885	2	3.885	2	26.62%
HK$	0	0	0.284	1	0	0	0	0	0.284	1	0.342	2	0.342	2	1.95%
NOK	0	0	0	0	0.010	1	0	0	0.010	1	0.010	1	0.010	1	0.07%
NT$	0	0	0.068	2	0.364	2	0	0	0.432	4	0.432	4	0.432	4	2.96%
RM	0	0	0.023	1	0	0	0	0	0.023	1	0.023	1	0.023	1	0.16%
RMB	0.124	1	0	0	0	0	0	0	0	0	0.124	1	0.124	1	0.00%
RMB	0	0	0	0	0	0	0.179	1	0.179	1	0.179	1	0.179	1	1.23%
S$	1.010	2	0	0	0	0	0.140	1	0.140	1	1.150	3	1.150	3	0.96%
Y	2.563	1	0.623	3	0	0	0	0	0.623	3	3.498	5	3.186	4	4.27%
ZAR	0	0	0	0	0.119	1	0	0	0.119	1	0.119	1	0.119	1	0.82%
leva	0.015	1	0	0	0	0	0	0	0	0	0.015	1	0.015	1	0.00%
€	0.672	2	2.187	5	0.421	2	0.100	1	2.708	8	3.380	10	3.380	10	18.55%
£	0	0	0	0	0.080	2	0	0	0.080	2	0.080	2	0.080	2	0.55%
Total	4.821	17	6.914	38	2.594	23	5.089	15	14.596	76	21.663	103	19.637	96	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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