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

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

Coupon

	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
0%	0	1.871	0	1.457	0	0	0.200	0.920	0	0.100	0.650	0.505	0.768
0.01%-0.99%	0	1.330	0.524	1.662	0	3.542	0	0.361	0	0	0	0.579	0.339
1%-1.99%	0	0.585	0	1.338	0.427	0.390	0	1.606	0	0.582	0	1.411	0.339
2%-2.99%	0	0.234	0	0	0.079	1.007	0	0.462	0.357	0	0	0.200	1.494
3%-3.99%	0.040	0.450	0	0.229	0	0.066	0	0.452	0	0.175	0	0.724	0
4%-4.99%	0.152	0	0	0.174	0.116	0.643	0.045	0	0.948	0	0	0.160	0.577
5%-5.99%	0.708	3.358	0	0.167	0.303	0	0.603	0	1.719	0.073	0.034	0	0.049
6%-6.99%	0.275	0.029	0	0.542	0.184	0.063	0.100	0.419	0	0.300	0.110	0.161	0.181
7%-7.99%	0.117	0.136	0	0.168	0	0.200	0.030	0.535	0	0	0.017	0	0
8% and higher	0.129	0	0	1.346	0.060	0.034	1.500	0.003	0.055	0.089	0	0	0
Floater	0	0.140	0.500	0	1.366	0	0	0	0	0.030	0	0	0
NA	0	0	0	0	0	0.040	0	0	0	0	0.107	0	0.482
Total	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.229
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	1.871	1	1.457	4	1.120	3	1.255	4	0.768	3	4.600	14	6.471	15	6.471	15	12.72%
0.01%-0.99%	1.854	2	5.204	3	0.361	2	0.579	1	0.339	1	6.483	7	8.337	9	8.337	9	17.93%
1%-1.99%	0.585	2	2.155	4	1.606	4	1.993	7	0.339	1	6.093	16	6.677	18	6.677	18	16.85%
2%-2.99%	0.234	1	1.085	3	0.819	3	0.200	1	1.494	3	3.599	10	3.833	11	3.833	11	9.95%
3%-3.99%	0.490	2	0.295	2	0.452	1	0.899	4	0	0	1.646	7	2.136	9	2.096	8	4.55%
4%-4.99%	0.152	1	0.933	5	0.994	3	0.160	1	0.577	3	2.663	12	2.815	13	2.663	12	7.37%
5%-5.99%	4.066	7	0.470	3	2.322	5	0.107	2	0.049	1	2.947	11	7.013	18	6.305	15	8.15%
6%-6.99%	0.304	2	0.789	5	0.519	4	0.571	6	0.181	3	2.060	18	2.364	20	2.089	19	5.70%
7%-7.99%	0.253	6	0.368	3	0.565	2	0.017	1	0	0	0.950	6	1.204	12	1.087	8	2.63%
8% and higher	0.129	1	1.439	5	1.558	3	0.089	2	0	0	3.086	10	3.215	11	3.086	10	8.54%
Floater	0.640	2	1.366	1	0	0	0.030	1	0	0	1.396	2	2.036	4	2.036	4	3.86%
NA	0	0	0.040	1	0	0	0.107	1	0.482	1	0.629	3	0.629	3	0.629	3	1.74%
Total	10.578	27	15.601	39	10.316	30	6.008	31	4.229	16	36.154	116	46.732	143	45.310	132	100.00%
Premium
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
19.99% and lower	0	2.491	0	0	0	0.324	0	0	0.105	0.200	0	0.030	0.482
20%-29.99%	0.853	3.592	0	3.861	0.272	0.586	0	0.354	0.414	0.643	0.110	0	0
30-39.99%	0.338	1.593	0.524	1.633	0.611	1.417	0.346	3.403	0.818	0.465	0.051	3.205	2.552
40% and higher	0.022	0.457	0	0	0.058	0	0.248	0.865	0.055	0.011	0	0	0.643
NA	0.209	0	0.500	1.588	1.593	3.658	1.885	0.135	1.688	0.030	0.757	0.505	0.551
Total	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.229
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	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	0.482	1	1.141	6	3.632	10	3.632	10	3.16%
20%-29.99%	4.445	6	4.720	10	0.768	5	0.753	5	0	0	6.240	20	10.685	26	9.832	24	17.26%
30-39.99%	2.454	9	3.661	17	4.567	12	3.721	17	2.552	9	14.502	55	16.956	64	16.619	61	40.11%
40% and higher	0.479	2	0.058	1	1.168	4	0.011	1	0.643	2	1.881	8	2.360	10	2.338	9	5.20%
NA	0.709	6	6.839	10	3.708	8	1.292	5	0.551	4	12.390	27	13.099	33	12.890	28	34.27%
Total	10.578	27	15.601	39	10.316	30	6.008	31	4.229	16	36.154	116	46.732	143	45.310	132	100.00%
Upsized?
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Yes	0.297	0	0	0.522	1.550	0.463	0	0.465	0	0	0	1.148	1.972
No	1.124	8.133	1.024	6.561	0.984	5.481	2.479	4.292	3.080	1.338	0.918	2.593	2.257
Downsized	0	0	0	0	0	0.040	0	0	0	0.011	0	0	0
Total	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.229
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.297	2	2.535	6	0.465	1	1.148	2	1.972	4	6.120	13	6.417	15	6.120	13	16.93%
No	10.281	25	13.026	32	9.851	29	4.849	28	2.257	12	29.983	101	40.263	126	39.139	117	82.93%
Downsized	0	0	0.040	1	0	0	0.011	1	0	0	0.051	2	0.051	2	0.051	2	0.14%
Total	10.578	27	15.601	39	10.316	30	6.008	31	4.229	16	36.154	116	46.732	143	45.310	132	100.00%
Seniority
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
senior	1.421	4.847	1.024	7.028	1.057	5.965	2.434	4.668	1.392	1.243	0.918	3.740	4.050
subordinated	0	3.285	0	0.055	0.110	0.019	0.045	0.089	1.688	0.107	0	0	0.179
preferred	0	0	0	0	1.366	0	0	0	0	0	0	0	0
Total	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.229
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior	7.293	25.000	14.050	33.000	8.494	26.000	5.901	29.000	4.050	13.000	32.495	101.000	39.787	126.000	38.366	115.000	89.88%
subordinated	3.285	2	0.185	5	1.822	4	0.107	2	0.179	3	2.293	14	5.578	16	5.578	16	6.34%
preferred	0	0	1.366	1	0	0	0	0	0	0	1.366	1	1.366	1	1.366	1	3.78%
Total	10.578	27	15.601	39	10.316	30	6.008	31	4.229	16	36.154	116	46.732	143	45.310	132	100.00%
Mandatory
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Yes	0	3.210	0	0	0	0	0	0	1.688	0	0	0	0
No	1.421	4.923	1.024	7.083	2.534	5.985	2.479	4.757	1.392	1.350	0.918	3.740	4.229
Total	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.229
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.210	1	0	0	1.688	1	0	0	0	0	1.688	1	4.897	2	4.897	2	4.67%
No	7.368	26	15.601	39	8.628	29	6.008	31	4.229	16	34.466	115	41.834	141	40.413	130	95.33%
Total	10.578	27	15.601	39	10.316	30	6.008	31	4.229	16	36.154	116	46.732	143	45.310	132	100.00%
Greenshoe Exercised?
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Yes	0.070	0.636	0	0.438	0.587	0.419	0.045	0	0.904	0.518	0	1.232	0.366
No	1.352	7.497	1.024	6.645	1.947	5.565	2.434	4.757	2.175	0.832	0.918	2.508	3.862
Total	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.229
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.705	5	1.445	9	0.950	4	1.750	6	0.366	1	4.511	20	5.216	25	5.146	24	12.48%
No	9.872	22	14.157	30	9.366	26	4.258	25	3.862	15	31.643	96	41.516	118	40.164	108	87.52%
Total	10.578	27	15.601	39	10.316	30	6.008	31	4.229	16	36.154	116	46.732	143	45.310	132	100.00%
Versus Talk
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Richer	0	0	0	0	0	0	1.500	0	0	0.227	0	0	0
Rich end	0	0.457	0	0.751	0.402	0	0	1.198	0.818	0	0	1.209	2.521
Within	0.391	0	0.524	0.341	0	0.581	0	0	0.357	0	0	0.297	0.339
Cheap end	0.578	3.787	0	1.662	1.445	0.386	0.100	0	0.130	0.078	0	0.453	0
Cheaper	0	0	0	1.338	0	0.707	0	0	0	0	0	0	0
NA	0.453	3.888	0.500	2.990	0.687	4.311	0.879	3.559	1.774	1.044	0.918	1.781	1.369
Total	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.229
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	0	0	1.500	1	0.227	1	0	0	1.727	2	1.727	2	1.727	2	4.78%
Rich end	0.457	1	1.154	4	2.016	4	1.209	5	2.521	6	6.900	19	7.357	20	7.357	20	19.09%
Within	0.915	3	0.922	4	0.357	2	0.297	2	0.339	1	1.916	9	2.831	12	2.440	10	5.30%
Cheap end	4.365	4	3.493	4	0.230	2	0.531	2	0	0	4.254	8	8.619	12	8.041	11	11.77%
Cheaper	0	0	2.045	2	0	0	0	0	0	0	2.045	2	2.045	2	2.045	2	5.66%
NA	4.841	19	7.988	25	6.212	21	3.743	21	1.369	9	19.312	76	24.154	95	23.701	87	53.42%
Total	10.578	27	15.601	39	10.316	30	6.008	31	4.229	16	36.154	116	46.732	143	45.310	132	100.00%
Use of Proceeds
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Acquisition	0	0.615	0	0	0.058	0.019	0.294	0.506	0	0.092	0	0.024	0.096
Capex	0.275	0	0	0.543	0.050	0	0.200	0.074	0	0	0	0	0.250
GCP	0.129	3.894	0.500	2.101	2.031	1.454	1.500	0.610	1.719	0.278	0	1.887	0
No proceeds	0	0	0	0	0	0	0.290	0	0	0	0	0	0
Redeem convertibles	0	0.161	0	0.020	0	0	0	0	0.818	0.087	0.360	0.642	0.547
Refinance	0.116	2.028	0	0.522	0	0.687	0.100	0.970	0.235	0.267	0.034	0.530	0.519
Multiple/Other/NA	0.902	1.435	0.524	3.897	0.395	3.824	0.095	2.597	0.307	0.625	0.524	0.656	2.817
Total	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.229
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.615	3	0.078	2	0.800	3	0.116	3	0.096	1	1.090	9	1.705	12	1.705	12	3.01%
Capex	0.275	1	0.593	3	0.275	2	0	0	0.250	2	1.118	7	1.393	8	1.118	7	3.09%
GCP	4.522	5	5.586	13	3.829	6	2.165	9	0	0	11.581	28	16.103	33	15.974	32	32.03%
No proceeds	0	0	0	0	0.290	1	0	0	0	0	0.290	1	0.290	1	0.290	1	0.80%
Redeem convertibles	0.161	2	0.020	1	0.818	1	1.090	4	0.547	1	2.474	7	2.636	9	2.636	9	6.84%
Refinance	2.144	4	1.209	4	1.305	5	0.831	6	0.519	4	3.863	19	6.007	23	5.891	22	10.68%
Multiple/Other/NA	2.861	12	8.116	16	2.999	12	1.806	9	2.817	8	15.737	45	18.598	57	17.696	49	43.53%
Total	10.578	27	15.601	39	10.316	30	6.008	31	4.229	16	36.154	116	46.732	143	45.310	132	100.00%
Industry Sector (by SIC code)
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Agriculture (0xxx)	0	0	0	0	0	0	0	0.462	0	0	0	0	0
Mining (1xxx)	0.085	0	0	0.133	0.462	0.034	0.290	0.134	0	0	0	0.160	0
Oil and gas (13xx)	0.297	1.902	0	1.702	0	0.200	0.100	0.541	0	0	0	0	0.108
Construction (15xx)	0	0	0	0.696	0	0.386	0	0	0	0	0	0	0.141
Manufacturing (2xxx, 3xxx)	0.758	5.221	0	0	0.079	0	0	1.149	2.506	0.189	0.650	0.790	0.305
Pharmaceuticals (2834-6)	0	0	0	0	0	0.340	0	0	0	0	0	0.120	0
Transportation (4xxx)	0	0	0.524	0	0.184	0.707	0	0.624	0	0	0	0.505	0.329
Communications (48xx)	0	0	0	0	0	0.390	0	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0	0	0.110	0	0.982
Wholesale (5xxx)	0	0.030	0	0.303	0	0	0	0	0	0.087	0	0.656	0
Finance, insurance, real estate (6xxx)	0.281	0.937	0.500	4.248	1.809	3.928	1.843	1.847	0.574	0.419	0.051	1.485	1.042
Services (7xxx)	0	0	0	0	0	0	0.200	0	0	0.368	0.107	0	0.775
Health services (8xxx)	0	0.042	0	0	0	0	0.045	0	0	0.285	0	0.024	0.547
Total	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.229
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.462	1	0	0	0	0	0.462	1	0.462	1	0.462	1	1.28%
Mining (1xxx)	0.085	2	0.628	6	0.424	2	0.160	1	0	0	1.213	9	1.298	11	1.213	9	3.36%
Oil and gas (13xx)	2.200	5	1.902	3	0.641	4	0	0	0.108	2	2.651	9	4.851	14	4.554	12	7.33%
Construction (15xx)	0	0	1.082	3	0	0	0	0	0.141	1	1.223	4	1.223	4	1.223	4	3.38%
Manufacturing (2xxx, 3xxx)	5.979	8	0.079	1	3.655	6	1.629	8	0.305	2	5.667	17	11.647	25	10.888	20	15.67%
Pharmaceuticals (2834-6)	0	0	0.340	2	0	0	0.120	1	0	0	0.460	3	0.460	3	0.460	3	1.27%
Transportation (4xxx)	0.524	1	0.891	2	0.624	2	0.505	1	0.329	2	2.348	7	2.872	8	2.872	8	6.49%
Communications (48xx)	0	0	0.390	1	0	0	0	0	0	0	0.390	1	0.390	1	0.390	1	1.08%
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.110	1	0.982	1	1.092	2	1.092	2	1.092	2	3.02%
Wholesale (5xxx)	0.030	1	0.303	1	0	0	0.744	3	0	0	1.047	4	1.077	5	1.077	5	2.90%
Finance, insurance, real estate (6xxx)	1.718	9	9.986	20	4.264	13	1.955	10	1.042	4	17.247	47	18.965	56	18.685	54	47.70%
Services (7xxx)	0	0	0	0	0.200	1	0.476	3	0.775	3	1.451	7	1.451	7	1.451	7	4.01%
Health services (8xxx)	0.042	1	0	0	0.045	1	0.310	3	0.547	1	0.902	5	0.944	6	0.944	6	2.49%
Total	10.578	27	15.601	39	10.316	30	6.008	31	4.229	16	36.154	116	46.732	143	45.310	132	100.00%
Currency
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
$	0.330	0.590	0.500	0.690	0.200	0.540	1.920	0.803	0	0.130	0.760	0.320	0.250
A$	0	0	0	0	1.366	0	0	0	0	0	0	0	0
C$	0.244	0.284	0	0.055	0.276	0.097	0.294	0.089	0.086	0.373	0.051	0.024	0.275
CHF	0	0	0	0	0	0	0	0.227	0	0	0	0	0
HK$	0	0	0	0.636	0	0	0	0.700	0	0.275	0	0.030	0
KRW	0	0	0	0.303	0	0	0	0	0	0	0	0	0
NIS	0.025	0	0	0	0	0	0	0	0	0	0	0	0
NT$	0	0	0	0	0	0	0	0	0	0	0	0	0.105
RMB	0	0	0	0	0	3.219	0	0.134	0	0	0	0	0
S$	0	0	0	0	0.227	0	0	0.517	0	0	0	0.642	0.482
SEK	0	0	0	0	0	0	0	0	0	0.011	0	0	0
Y	0	1.871	0	0	0	0	0.200	0	0	0	0	0.505	0.256
ZAR	0	0	0	0	0.202	0	0	0	0	0	0	0	0
€	0.822	5.387	0.524	5.399	0.262	2.129	0.065	2.288	2.993	0.333	0.107	1.834	2.715
£	0	0	0	0	0	0	0	0	0	0.227	0	0.384	0.145
Total	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.229
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	1.420	6	1.430	7	2.723	7	1.210	7	0.250	2	5.613	23	7.033	29	6.703	26	15.53%
A$	0	0	1.366	1	0	0	0	0	0	0	1.366	1	1.366	1	1.366	1	3.78%
C$	0.528	8	0.429	10	0.469	6	0.448	7	0.275	4	1.621	27	2.149	35	1.905	32	4.48%
CHF	0	0	0	0	0.227	1	0	0	0	0	0.227	1	0.227	1	0.227	1	0.63%
HK$	0	0	0.636	2	0.700	1	0.305	3	0	0	1.640	6	1.640	6	1.640	6	4.54%
KRW	0	0	0.303	1	0	0	0	0	0	0	0.303	1	0.303	1	0.303	1	0.84%
NIS	0.025	2	0	0	0	0	0	0	0	0	0	0	0.025	2	0	0	0.00%
NT$	0	0	0	0	0	0	0	0	0.105	1	0.105	1	0.105	1	0.105	1	0.29%
RMB	0	0	3.219	1	0.134	1	0	0	0	0	3.352	2	3.352	2	3.352	2	9.27%
S$	0	0	0.227	1	0.517	1	0.642	1	0.482	1	1.868	4	1.868	4	1.868	4	5.17%
SEK	0	0	0	0	0	0	0.011	1	0	0	0.011	1	0.011	1	0.011	1	0.03%
Y	1.871	1	0	0	0.200	1	0.505	1	0.256	1	0.961	3	2.833	4	2.833	4	2.66%
ZAR	0	0	0.202	1	0	0	0	0	0	0	0.202	1	0.202	1	0.202	1	0.56%
€	6.733	10	7.790	15	5.346	12	2.275	8	2.715	6	18.126	41	24.859	51	24.037	48	50.14%
£	0	0	0	0	0	0	0.611	3	0.145	1	0.757	4	0.757	4	0.757	4	2.09%
Total	10.578	27	15.601	39	10.316	30	6.008	31	4.229	16	36.154	116	46.732	143	45.310	132	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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