Analysis of non-U.S. market convertibles issuance for 13 months through September 2013

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

Coupon

	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
0%	0.230	0	1.871	0	1.457	0	0	0.200	0.920	0	0.100	0.650	0.505
0.01%-0.99%	1.977	0	1.330	0.524	1.662	0	3.542	0	0.361	0	0	0	0.579
1%-1.99%	1.984	0	0.585	0	1.338	0.427	0.390	0	1.606	0	0.582	0	1.370
2%-2.99%	0.956	0	0.234	0	0	0.079	1.007	0	0.462	0.357	0	0	0.200
3%-3.99%	0.281	0.040	0.450	0	0.229	0	0.066	0	0.452	0	0.175	0	0.724
4%-4.99%	0.064	0.152	0	0	0.174	0.116	0.643	0.045	0	0.948	0	0	0.160
5%-5.99%	0	0.708	3.358	0	0.167	0.303	0	0.603	0	1.719	0.073	0.034	0
6%-6.99%	0.711	0.275	0.029	0	0.542	0.184	0.063	0.100	0.419	0	0.300	0.110	0.137
7%-7.99%	0.100	0.117	0.136	0	0.168	0	0.200	0.030	0.535	0	0	0.017	0
8% and higher	0	0.129	0	0	1.346	0.060	0.034	1.500	0.003	0.055	0.089	0	0
Floater	0	0	0.140	0.500	0	1.366	0	0	0	0	0.030	0	0
NA	0	0	0	0	0	0	0.040	0	0	0	0	0.107	0
Total	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.676
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	1.871	1	1.457	4	1.120	3	1.255	4	3.832	11	5.933	13	5.703	12	12.03%
0.01%-0.99%	1.854	2	5.204	3	0.361	2	0.579	1	6.144	6	9.975	11	7.998	8	19.28%
1%-1.99%	0.585	2	2.155	4	1.606	4	1.953	7	5.713	15	8.282	22	6.298	17	17.93%
2%-2.99%	0.234	1	1.085	3	0.819	3	0.200	1	2.105	7	3.295	11	2.338	8	6.61%
3%-3.99%	0.490	2	0.295	2	0.452	1	0.899	4	1.646	7	2.417	10	2.136	9	5.17%
4%-4.99%	0.152	1	0.933	5	0.994	3	0.160	1	2.087	9	2.303	11	2.239	10	6.55%
5%-5.99%	4.066	7	0.470	3	2.322	5	0.107	2	2.899	10	6.965	17	6.965	17	9.10%
6%-6.99%	0.304	2	0.789	5	0.519	4	0.547	5	1.855	14	2.870	20	2.159	16	5.82%
7%-7.99%	0.253	6	0.368	3	0.565	2	0.017	1	0.950	6	1.304	13	1.204	12	2.98%
8% and higher	0.129	1	1.439	5	1.558	3	0.089	2	3.086	10	3.215	11	3.215	11	9.69%
Floater	0.640	2	1.366	1	0	0	0.030	1	1.396	2	2.036	4	2.036	4	4.38%
NA	0	0	0.040	1	0	0	0.107	1	0.147	2	0.147	2	0.147	2	0.46%
Total	10.578	27	15.601	39	10.316	30	5.943	30	31.861	99	48.742	145	42.439	126	100.00%
Premium
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
19.99% and lower	0.269	0	2.491	0	0	0	0.324	0	0	0.105	0.200	0	0.030
20%-29.99%	1.137	0.853	3.592	0	3.861	0.272	0.586	0	0.354	0.414	0.643	0.110	0
30-39.99%	3.596	0.338	1.593	0.524	1.633	0.611	1.417	0.346	3.403	0.818	0.465	0.051	3.141
40% and higher	0.501	0.022	0.457	0	0	0.058	0	0.248	0.865	0.055	0.011	0	0
NA	0.800	0.209	0	0.500	1.588	1.593	3.658	1.885	0.135	1.688	0.030	0.757	0.505
Total	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.676
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	2.491	4	0.324	1	0.105	1	0.230	3	0.659	5	3.419	12	3.150	9	2.07%
20%-29.99%	4.445	6	4.720	10	0.768	5	0.753	5	6.240	20	11.822	30	10.685	26	19.59%
30-39.99%	2.454	9	3.661	17	4.567	12	3.657	16	11.886	45	17.936	61	14.340	54	37.31%
40% and higher	0.479	2	0.058	1	1.168	4	0.011	1	1.238	6	2.218	10	1.717	8	3.89%
NA	0.709	6	6.839	10	3.708	8	1.292	5	11.839	23	13.347	32	12.547	29	37.16%
Total	10.578	27	15.601	39	10.316	30	5.943	30	31.861	99	48.742	145	42.439	126	100.00%
Upsized?
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Yes	1.705	0.297	0	0	0.522	1.550	0.463	0	0.465	0	0	0	1.107
No	4.598	1.124	8.133	1.024	6.561	0.984	5.481	2.479	4.292	3.080	1.338	0.918	2.568
Downsized	0	0	0	0	0	0	0.040	0	0	0	0.011	0	0
Total	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.676
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.297	2	2.535	6	0.465	1	1.107	2	4.108	9	6.111	15	4.405	11	12.89%
No	10.281	25	13.026	32	9.851	29	4.825	27	27.701	88	42.580	128	37.982	113	86.94%
Downsized	0	0	0.040	1	0	0	0.011	1	0.051	2	0.051	2	0.051	2	0.16%
Total	10.578	27	15.601	39	10.316	30	5.943	30	31.861	99	48.742	145	42.439	126	100.00%
Seniority
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
senior	6.191	1.421	4.847	1.024	7.028	1.057	5.965	2.434	4.668	1.392	1.243	0.918	3.676
subordinated	0.112	0	3.285	0	0.055	0.110	0.019	0.045	0.089	1.688	0.107	0	0
preferred	0	0	0	0	0	1.366	0	0	0	0	0	0	0
Total	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.676
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior	7.293	25.000	14.050	33.000	8.494	26.000	5.837	28.000	28.381	87.000	41.865	130.000	35.673	112.000	89.08%
subordinated	3.285	2	0.185	5	1.822	4	0.107	2	2.114	11	5.511	14	5.399	13	6.64%
preferred	0	0	1.366	1	0	0	0	0	1.366	1	1.366	1	1.366	1	4.29%
Total	10.578	27	15.601	39	10.316	30	5.943	30	31.861	99	48.742	145	42.439	126	100.00%
Mandatory
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Yes	0	0	3.210	0	0	0	0	0	0	1.688	0	0	0
No	6.303	1.421	4.923	1.024	7.083	2.534	5.985	2.479	4.757	1.392	1.350	0.918	3.676
Total	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.676
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.210	1	0	0	1.688	1	0	0	1.688	1	4.897	2	4.897	2	5.30%
No	7.368	26	15.601	39	8.628	29	5.943	30	30.173	98	43.844	143	37.541	124	94.70%
Total	10.578	27	15.601	39	10.316	30	5.943	30	31.861	99	48.742	145	42.439	126	100.00%
Greenshoe Exercised?
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Yes	0.055	0.070	0.636	0	0.438	0.587	0.419	0.045	0	0.904	0.518	0	0.590
No	6.248	1.352	7.497	1.024	6.645	1.947	5.565	2.434	4.757	2.175	0.832	0.918	3.086
Total	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.676
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.705	5	1.445	9	0.950	4	1.107	5	3.502	18	4.262	24	4.207	23	10.99%
No	9.872	22	14.157	30	9.366	26	4.836	25	28.359	81	44.479	121	38.231	103	89.01%
Total	10.578	27	15.601	39	10.316	30	5.943	30	31.861	99	48.742	145	42.439	126	100.00%
Versus Talk
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Richer	0	0	0	0	0	0	0	1.500	0	0	0.227	0	0
Rich end	1.391	0	0.457	0	0.751	0.402	0	0	1.198	0.818	0	0	1.209
Within	0	0.391	0	0.524	0.341	0	0.581	0	0	0.357	0	0	0.297
Cheap end	2.083	0.578	3.787	0	1.662	1.445	0.386	0.100	0	0.130	0.078	0	0.453
Cheaper	0.486	0	0	0	1.338	0	0.707	0	0	0	0	0	0
NA	2.343	0.453	3.888	0.500	2.990	0.687	4.311	0.879	3.559	1.774	1.044	0.918	1.716
Total	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.676
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	0	0	1.500	1	0.227	1	1.727	2	1.727	2	1.727	2	5.42%
Rich end	0.457	1	1.154	4	2.016	4	1.209	5	4.379	13	6.227	17	4.836	14	13.74%
Within	0.915	3	0.922	4	0.357	2	0.297	2	1.577	8	2.491	11	2.491	11	4.95%
Cheap end	4.365	4	3.493	4	0.230	2	0.531	2	4.254	8	10.701	15	8.619	12	13.35%
Cheaper	0	0	2.045	2	0	0	0	0	2.045	2	2.531	3	2.045	2	6.42%
NA	4.841	19	7.988	25	6.212	21	3.679	20	17.880	66	25.064	97	22.721	85	56.12%
Total	10.578	27	15.601	39	10.316	30	5.943	30	31.861	99	48.742	145	42.439	126	100.00%
Use of Proceeds
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Acquisition	0.650	0	0.615	0	0	0.058	0.019	0.294	0.506	0	0.092	0	0
Capex	0.124	0.275	0	0	0.543	0.050	0	0.200	0.074	0	0	0	0
GCP	2.555	0.129	3.894	0.500	2.101	2.031	1.454	1.500	0.610	1.719	0.278	0	1.887
No proceeds	0	0	0	0	0	0	0	0.290	0	0	0	0	0
Redeem convertibles	0.630	0	0.161	0	0.020	0	0	0	0	0.818	0.087	0.360	0.602
Refinance	0.961	0.116	2.028	0	0.522	0	0.687	0.100	0.970	0.235	0.267	0.034	0.530
Multiple/Other/NA	1.382	0.902	1.435	0.524	3.897	0.395	3.824	0.095	2.597	0.307	0.625	0.524	0.656
Total	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.676
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.615	3	0.078	2	0.800	3	0.092	2	0.970	7	2.234	12	1.584	10	3.04%
Capex	0.275	1	0.593	3	0.275	2	0	0	0.868	5	1.266	7	1.143	6	2.72%
GCP	4.522	5	5.586	13	3.829	6	2.165	9	11.581	28	18.658	40	16.103	33	36.35%
No proceeds	0	0	0	0	0.290	1	0	0	0.290	1	0.290	1	0.290	1	0.91%
Redeem convertibles	0.161	2	0.020	1	0.818	1	1.050	4	1.888	6	2.679	10	2.049	8	5.93%
Refinance	2.144	4	1.209	4	1.305	5	0.831	6	3.344	15	6.450	21	5.488	19	10.50%
Multiple/Other/NA	2.861	12	8.116	16	2.999	12	1.806	9	12.920	37	17.163	54	15.781	49	40.55%
Total	10.578	27	15.601	39	10.316	30	5.943	30	31.861	99	48.742	145	42.439	126	100.00%
Industry Sector (by SIC code)
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0.462	0	0	0	0
Mining (1xxx)	0	0.085	0	0	0.133	0.462	0.034	0.290	0.134	0	0	0	0.160
Oil and gas (13xx)	1.000	0.297	1.902	0	1.702	0	0.200	0.100	0.541	0	0	0	0
Construction (15xx)	0	0	0	0	0.696	0	0.386	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	1.388	0.758	5.221	0	0	0.079	0	0	1.149	2.506	0.189	0.650	0.790
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0.340	0	0	0	0	0	0.120
Transportation (4xxx)	0.274	0	0	0.524	0	0.184	0.707	0	0.624	0	0	0	0.505
Communications (48xx)	0	0	0	0	0	0	0.390	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0	0	0	0.110	0
Wholesale (5xxx)	0.519	0	0.030	0	0.303	0	0	0	0	0	0.087	0	0.656
Finance, insurance, real estate (6xxx)	2.650	0.281	0.937	0.500	4.248	1.809	3.928	1.843	1.847	0.574	0.419	0.051	1.445
Services (7xxx)	0.336	0	0	0	0	0	0	0.200	0	0	0.368	0.107	0
Health services (8xxx)	0.137	0	0.042	0	0	0	0	0.045	0	0	0.285	0	0
Total	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.676
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.462	1	0	0	0.462	1	0.462	1	0.462	1	1.45%
Mining (1xxx)	0.085	2	0.628	6	0.424	2	0.160	1	1.213	9	1.298	11	1.298	11	3.81%
Oil and gas (13xx)	2.200	5	1.902	3	0.641	4	0	0	2.544	7	5.743	14	4.743	12	7.98%
Construction (15xx)	0	0	1.082	3	0	0	0	0	1.082	3	1.082	3	1.082	3	3.40%
Manufacturing (2xxx, 3xxx)	5.979	8	0.079	1	3.655	6	1.629	8	5.363	15	12.730	28	11.342	23	16.83%
Pharmaceuticals (2834-6)	0	0	0.340	2	0	0	0.120	1	0.460	3	0.460	3	0.460	3	1.44%
Transportation (4xxx)	0.524	1	0.891	2	0.624	2	0.505	1	2.019	5	2.817	8	2.543	6	6.34%
Communications (48xx)	0	0	0.390	1	0	0	0	0	0.390	1	0.390	1	0.390	1	1.22%
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.110	1	0.110	1	0.110	1	0.110	1	0.35%
Wholesale (5xxx)	0.030	1	0.303	1	0	0	0.744	3	1.047	4	1.596	6	1.077	5	3.29%
Finance, insurance, real estate (6xxx)	1.718	9	9.986	20	4.264	13	1.914	10	16.165	43	20.532	57	17.883	52	50.74%
Services (7xxx)	0	0	0	0	0.200	1	0.476	3	0.676	4	1.012	6	0.676	4	2.12%
Health services (8xxx)	0.042	1	0	0	0.045	1	0.285	2	0.331	3	0.510	6	0.373	4	1.04%
Total	10.578	27	15.601	39	10.316	30	5.943	30	31.861	99	48.742	145	42.439	126	100.00%
Currency
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
$	2.399	0.330	0.590	0.500	0.690	0.200	0.540	1.920	0.803	0	0.130	0.760	0.320
A$	0	0	0	0	0	1.366	0	0	0	0	0	0	0
C$	0.137	0.244	0.284	0	0.055	0.276	0.097	0.294	0.089	0.086	0.373	0.051	0
CHF	0	0	0	0	0	0	0	0	0.227	0	0	0	0
HK$	0.205	0	0	0	0.636	0	0	0	0.700	0	0.275	0	0.030
KRW	0	0	0	0	0.303	0	0	0	0	0	0	0	0
NIS	0	0.025	0	0	0	0	0	0	0	0	0	0	0
RMB	0.100	0	0	0	0	0	3.219	0	0.134	0	0	0	0
S$	0.064	0	0	0	0	0.227	0	0	0.517	0	0	0	0.602
SEK	0	0	0	0	0	0	0	0	0	0	0.011	0	0
Y	0	0	1.871	0	0	0	0	0.200	0	0	0	0	0.505
ZAR	0	0	0	0	0	0.202	0	0	0	0	0	0	0
€	2.276	0.822	5.387	0.524	5.399	0.262	2.129	0.065	2.288	2.993	0.333	0.107	1.834
£	1.121	0	0	0	0	0	0	0	0	0	0.227	0	0.384
Total	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.676
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	1.420	6	1.430	7	2.723	7	1.210	7	5.363	21	9.182	34	6.783	27	16.83%
A$	0	0	1.366	1	0	0	0	0	1.366	1	1.366	1	1.366	1	4.29%
C$	0.528	8	0.429	10	0.469	6	0.424	6	1.321	22	1.987	32	1.850	30	4.15%
CHF	0	0	0	0	0.227	1	0	0	0.227	1	0.227	1	0.227	1	0.71%
HK$	0	0	0.636	2	0.700	1	0.305	3	1.640	6	1.846	8	1.640	6	5.15%
KRW	0	0	0.303	1	0	0	0	0	0.303	1	0.303	1	0.303	1	0.95%
NIS	0.025	2	0	0	0	0	0	0	0	0	0.025	2	0.025	2	0.00%
RMB	0	0	3.219	1	0.134	1	0	0	3.352	2	3.453	3	3.352	2	10.52%
S$	0	0	0.227	1	0.517	1	0.602	1	1.346	3	1.410	4	1.346	3	4.22%
SEK	0	0	0	0	0	0	0.011	1	0.011	1	0.011	1	0.011	1	0.03%
Y	1.871	1	0	0	0.200	1	0.505	1	0.705	2	2.577	3	2.577	3	2.21%
ZAR	0	0	0.202	1	0	0	0	0	0.202	1	0.202	1	0.202	1	0.63%
€	6.733	10	7.790	15	5.346	12	2.275	8	15.411	35	24.420	49	22.144	45	48.37%
£	0	0	0	0	0	0	0.611	3	0.611	3	1.733	5	0.611	3	1.92%
Total	10.578	27	15.601	39	10.316	30	5.943	30	31.861	99	48.742	145	42.439	126	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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