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

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

Coupon

	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
0%	1.871	0	1.457	0	0	0.200	0.920	0	0.100	0.650	0.505	0.768	1.139
0.01%-0.99%	1.330	0.524	1.662	0	3.542	0	0.361	0	0	0	0.579	0.339	5.070
1%-1.99%	0.585	0	1.338	0.427	0.390	0	1.606	0	0.582	0	1.411	0.339	0.902
2%-2.99%	0.234	0	0	0.079	1.007	0	0.462	0.357	0	0	0.200	1.494	0.335
3%-3.99%	0.450	0	0.229	0	0.066	0	0.452	0	0.175	0	0.724	0	1.668
4%-4.99%	0	0	0.174	0.116	0.643	0.045	0	0.948	0	0	0.160	0.584	0.983
5%-5.99%	3.358	0	0.167	0.303	0	0.603	0	1.719	0.073	0.034	0	0.082	0.265
6%-6.99%	0.029	0	0.542	0.184	0.063	0.100	0.419	0	0.300	0.110	0.161	0.191	1.738
7%-7.99%	0.136	0	0.168	0	0.200	0.030	0.535	0	0	0.017	0	0	0.005
8% and higher	0	0	1.346	0.060	0.034	1.500	0.003	0.055	0.089	0	0	0	0
Floater	0.140	0.500	0	1.366	0	0	0	0	0.030	0	0	0	0
NA	0	0	0	0	0.040	0	0	0	0	0.107	0	0.482	0
Total	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	12.105
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	1.457	4	1.120	3	1.255	4	1.907	8	5.739	19	7.610	19	5.739	19	11.88%
0.01%-0.99%	5.204	3	0.361	2	0.579	1	5.409	3	11.553	9	13.407	12	12.077	10	23.91%
1%-1.99%	2.155	4	1.606	4	1.993	7	1.241	3	6.994	18	7.579	20	6.994	18	14.48%
2%-2.99%	1.085	3	0.819	3	0.200	1	1.829	4	3.934	11	4.168	12	3.934	11	8.14%
3%-3.99%	0.295	2	0.452	1	0.899	4	1.668	4	3.314	11	3.764	12	3.314	11	6.86%
4%-4.99%	0.933	5	0.994	3	0.160	1	1.567	6	3.654	15	3.654	15	3.654	15	7.56%
5%-5.99%	0.470	3	2.322	5	0.107	2	0.346	5	3.245	15	6.603	19	3.245	15	6.72%
6%-6.99%	0.789	5	0.519	4	0.571	6	1.929	5	3.808	20	3.837	21	3.808	20	7.88%
7%-7.99%	0.368	3	0.565	2	0.017	1	0.005	1	0.955	7	1.091	9	0.955	7	1.98%
8% and higher	1.439	5	1.558	3	0.089	2	0	0	3.086	10	3.086	10	3.086	10	6.39%
Floater	1.366	1	0	0	0.030	1	0	0	1.396	2	2.036	4	1.896	3	2.89%
NA	0.040	1	0	0	0.107	1	0.482	1	0.629	3	0.629	3	0.629	3	1.30%
Total	15.601	39	10.316	30	6.008	31	16.385	40	48.310	140	57.466	156	49.333	142	100.00%
Premium
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
19.99% and lower	2.491	0	0	0	0.324	0	0	0.105	0.200	0	0.030	0.482	0.017
20%-29.99%	3.592	0	3.861	0.272	0.586	0	0.354	0.414	0.643	0.110	0	0	2.345
30-39.99%	1.593	0.524	1.633	0.611	1.417	0.346	3.403	0.818	0.465	0.051	3.205	2.585	4.478
40% and higher	0.457	0	0	0.058	0	0.248	0.865	0.055	0.011	0	0	0.650	0.029
NA	0	0.500	1.588	1.593	3.658	1.885	0.135	1.688	0.030	0.757	0.505	0.561	5.236
Total	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	12.105
	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	0.324	1	0.105	1	0.230	3	0.499	2	1.158	7	3.649	11	1.158	7	2.40%
20%-29.99%	4.720	10	0.768	5	0.753	5	2.345	3	8.586	23	12.178	27	8.586	23	17.77%
30-39.99%	3.661	17	4.567	12	3.721	17	7.064	22	19.014	68	21.130	74	19.537	69	39.36%
40% and higher	0.058	1	1.168	4	0.011	1	0.679	3	1.917	9	2.374	10	1.917	9	3.96%
NA	6.839	10	3.708	8	1.292	5	5.798	10	17.636	33	18.136	34	18.136	34	36.51%
Total	15.601	39	10.316	30	6.008	31	16.385	40	48.310	140	57.466	156	49.333	142	100.00%
Upsized?
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Yes	0	0	0.522	1.550	0.463	0	0.465	0	0	0	1.148	1.972	0
No	8.133	1.024	6.561	0.984	5.481	2.479	4.292	3.080	1.338	0.918	2.593	2.308	12.105
Downsized	0	0	0	0	0.040	0	0	0	0.011	0	0	0	0
Total	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	12.105
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.535	6	0.465	1	1.148	2	1.972	4	6.120	13	6.120	13	6.120	13	12.67%
No	13.026	32	9.851	29	4.849	28	14.413	36	42.139	125	51.295	141	43.162	127	87.23%
Downsized	0.040	1	0	0	0.011	1	0	0	0.051	2	0.051	2	0.051	2	0.11%
Total	15.601	39	10.316	30	6.008	31	16.385	40	48.310	140	57.466	156	49.333	142	100.00%
Seniority
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
secured	0	0	0	0	0	0	0	0	0	0	0	0	0.005
senior	4.847	1.024	7.028	1.057	5.965	2.434	4.668	1.392	1.243	0.918	3.740	4.067	12.001
subordinated	3.285	0	0.055	0.110	0.019	0.045	0.089	1.688	0.107	0	0	0.212	0.100
preferred	0	0	0	1.366	0	0	0	0	0	0	0	0	0
Total	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	12.105
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
secured	0	0	0	0	0	0	0.005	1.000	0.005	1.000	0.005	1.000	0.005	1.000	0.01%
senior	14.050	33	8.494	26	5.901	29	16.068	33	44.513	121	50.384	135	45.537	123	92.14%
subordinated	0.185	5	1.822	4	0.107	2	0.312	6	2.426	17	5.711	19	2.426	17	5.02%
preferred	1.366	1	0	0	0	0	0	0	1.366	1	1.366	1	1.366	1	2.83%
Total	15.601	39	10.316	30	6.008	31	16.385	40	48.310	140	57.466	156	49.333	142	100.00%
Mandatory
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Yes	3.210	0	0	0	0	0	0	1.688	0	0	0	0	2.537
No	4.923	1.024	7.083	2.534	5.985	2.479	4.757	1.392	1.350	0.918	3.740	4.279	9.569
Total	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	12.105
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	1.688	1	0	0	2.537	2	4.224	3	7.434	4	4.224	3	8.74%
No	15.601	39	8.628	29	6.008	31	13.848	38	44.085	137	50.032	152	45.109	139	91.25%
Total	15.601	39	10.316	30	6.008	31	16.385	40	48.310	140	57.466	156	49.333	142	100.00%
Greenshoe Exercised?
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Yes	0.636	0	0.438	0.587	0.419	0.045	0	0.904	0.518	0	1.232	0.503	0.622
No	7.497	1.024	6.645	1.947	5.565	2.434	4.757	2.175	0.832	0.918	2.508	3.776	11.483
Total	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	12.105
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.445	9	0.950	4	1.750	6	1.125	5	5.270	24	5.905	28	5.270	24	10.91%
No	14.157	30	9.366	26	4.258	25	15.259	35	43.040	116	51.561	128	44.064	118	89.09%
Total	15.601	39	10.316	30	6.008	31	16.385	40	48.310	140	57.466	156	49.333	142	100.00%
Versus Talk
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Richer	0	0	0	0	0	1.500	0	0	0.227	0	0	0	0
Rich end	0.457	0	0.751	0.402	0	0	1.198	0.818	0	0	1.209	2.521	3.036
Within	0	0.524	0.341	0	0.581	0	0	0.357	0	0	0.297	0.339	2.894
Cheap end	3.787	0	1.662	1.445	0.386	0.100	0	0.130	0.078	0	0.453	0	0.792
Cheaper	0	0	1.338	0	0.707	0	0	0	0	0	0	0	0
NA	3.888	0.500	2.990	0.687	4.311	0.879	3.559	1.774	1.044	0.918	1.781	1.419	5.384
Total	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	12.105
	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	1.500	1	0.227	1	0	0	1.727	2	1.727	2	1.727	2	3.57%
Rich end	1.154	4	2.016	4	1.209	5	5.557	11	9.936	24	10.393	25	9.936	24	20.57%
Within	0.922	4	0.357	2	0.297	2	3.233	5	4.810	13	5.333	14	5.333	14	9.96%
Cheap end	3.493	4	0.230	2	0.531	2	0.792	2	5.046	10	8.833	13	5.046	10	10.45%
Cheaper	2.045	2	0	0	0	0	0	0	2.045	2	2.045	2	2.045	2	4.23%
NA	7.988	25	6.212	21	3.743	21	6.803	22	24.747	89	29.135	100	25.247	90	51.23%
Total	15.601	39	10.316	30	6.008	31	16.385	40	48.310	140	57.466	156	49.333	142	100.00%
Use of Proceeds
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Acquisition	0.615	0	0	0.058	0.019	0.294	0.506	0	0.092	0	0.024	0.104	0
Capex	0	0	0.543	0.050	0	0.200	0.074	0	0	0	0	0.250	0.060
GCP	3.894	0.500	2.101	2.031	1.454	1.500	0.610	1.719	0.278	0	1.887	0.010	3.634
No proceeds	0	0	0	0	0	0.290	0	0	0	0	0	0	0
Redeem convertibles	0.161	0	0.020	0	0	0	0	0.818	0.087	0.360	0.642	0.547	1.796
Refinance	2.028	0	0.522	0	0.687	0.100	0.970	0.235	0.267	0.034	0.530	0.552	0.822
Multiple/Other/NA	1.435	0.524	3.897	0.395	3.824	0.095	2.597	0.307	0.625	0.524	0.656	2.817	5.794
Total	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	12.105
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.078	2	0.800	3	0.116	3	0.104	1	1.097	9	1.712	12	1.097	9	2.27%
Capex	0.593	3	0.275	2	0	0	0.310	3	1.178	8	1.178	8	1.178	8	2.44%
GCP	5.586	13	3.829	6	2.165	9	3.644	9	15.224	37	19.618	41	15.724	38	31.51%
No proceeds	0	0	0.290	1	0	0	0	0	0.290	1	0.290	1	0.290	1	0.60%
Redeem convertibles	0.020	1	0.818	1	1.090	4	2.343	5	4.271	11	4.432	13	4.271	11	8.84%
Refinance	1.209	4	1.305	5	0.831	6	1.374	8	4.718	23	6.746	26	4.718	23	9.76%
Multiple/Other/NA	8.116	16	2.999	12	1.806	9	8.611	14	21.531	51	23.490	55	22.055	52	44.57%
Total	15.601	39	10.316	30	6.008	31	16.385	40	48.310	140	57.466	156	49.333	142	100.00%
Industry Sector (by SIC code)
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Agriculture (0xxx)	0	0	0	0	0	0	0.462	0	0	0	0	0	0
Mining (1xxx)	0	0	0.133	0.462	0.034	0.290	0.134	0	0	0	0.160	0	0
Oil and gas (13xx)	1.902	0	1.702	0	0.200	0.100	0.541	0	0	0	0	0.108	0.150
Construction (15xx)	0	0	0.696	0	0.386	0	0	0	0	0	0	0.141	0.905
Manufacturing (2xxx, 3xxx)	5.221	0	0	0.079	0	0	1.149	2.506	0.189	0.650	0.790	0.305	0.260
Pharmaceuticals (2834-6)	0	0	0	0	0.340	0	0	0	0	0	0.120	0	0
Transportation (4xxx)	0	0.524	0	0.184	0.707	0	0.624	0	0	0	0.505	0.329	0.135
Communications (48xx)	0	0	0	0	0.390	0	0	0	0	0	0	0	1.738
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0	0.110	0	0.982	0
Wholesale (5xxx)	0.030	0	0.303	0	0	0	0	0	0.087	0	0.656	0	0
Finance, insurance, real estate (6xxx)	0.937	0.500	4.248	1.809	3.928	1.843	1.847	0.574	0.419	0.051	1.485	1.086	7.691
Services (7xxx)	0	0	0	0	0	0.200	0	0	0.368	0.107	0	0.783	0
Health services (8xxx)	0.042	0	0	0	0	0.045	0	0	0.285	0	0.024	0.547	0.005
Sovereign (8888)	0	0	0	0	0	0	0	0	0	0	0	0	1.222
Total	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	12.105
	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	0.462	1	0	0	0	0	0.462	1	0.462	1	0.462	1	0.96%
Mining (1xxx)	0.628	6	0.424	2	0.160	1	0	0	1.213	9	1.213	9	1.213	9	2.51%
Oil and gas (13xx)	1.902	3	0.641	4	0	0	0.258	3	2.801	10	4.704	13	2.801	10	5.80%
Construction (15xx)	1.082	3	0	0	0	0	1.046	4	2.128	7	2.128	7	2.128	7	4.40%
Manufacturing (2xxx, 3xxx)	0.079	1	3.655	6	1.629	8	0.565	5	5.927	20	11.148	23	5.927	20	12.27%
Pharmaceuticals (2834-6)	0.340	2	0	0	0.120	1	0	0	0.460	3	0.460	3	0.460	3	0.95%
Transportation (4xxx)	0.891	2	0.624	2	0.505	1	0.464	4	2.483	9	3.007	10	3.007	10	5.14%
Communications (48xx)	0.390	1	0	0	0	0	1.738	1	2.128	2	2.128	2	2.128	2	4.40%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.110	1	0.982	1	1.092	2	1.092	2	1.092	2	2.26%
Wholesale (5xxx)	0.303	1	0	0	0.744	3	0	0	1.047	4	1.077	5	1.047	4	2.17%
Finance, insurance, real estate (6xxx)	9.986	20	4.264	13	1.955	10	8.776	16	24.981	59	26.418	66	25.481	60	51.71%
Services (7xxx)	0	0	0.200	1	0.476	3	0.783	3	1.459	7	1.459	7	1.459	7	3.02%
Health services (8xxx)	0	0	0.045	1	0.310	3	0.551	2	0.906	6	0.948	7	0.906	6	1.88%
Sovereign (8888)	0	0	0	0	0	0	1.222	1	1.222	1	1.222	1	1.222	1	2.53%
Total	15.601	39	10.316	30	6.008	31	16.385	40	48.310	140	57.466	156	49.333	142	100.00%
Currency
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
$	0.590	0.500	0.690	0.200	0.540	1.920	0.803	0	0.130	0.760	0.320	0.250	0.285
A$	0	0	0	1.366	0	0	0	0	0	0	0	0	0
C$	0.284	0	0.055	0.276	0.097	0.294	0.089	0.086	0.373	0.051	0.024	0.316	0.270
CHF	0	0	0	0	0	0	0.227	0	0	0	0	0	0
CHF	0	0	0	0	0	0	0	0	0	0	0	0	0.547
DKK	0	0	0	0	0	0	0	0	0	0	0	0.010	0
HK$	0	0	0.636	0	0	0	0.700	0	0.275	0	0.030	0	0.500
KRW	0	0	0.303	0	0	0	0	0	0	0	0	0	0
NT$	0	0	0	0	0	0	0	0	0	0	0	0.105	0
RMB	0	0	0	0	3.219	0	0.134	0	0	0	0	0	4.428
S$	0	0	0	0.227	0	0	0.517	0	0	0	0.642	0.482	0
SEK	0	0	0	0	0	0	0	0	0.011	0	0	0	0
Y	1.871	0	0	0	0	0.200	0	0	0	0	0.505	0.256	0
ZAR	0	0	0	0.202	0	0	0	0	0	0	0	0	0
€	5.387	0.524	5.399	0.262	2.129	0.065	2.288	2.993	0.333	0.107	1.834	2.715	5.674
£	0	0	0	0	0	0	0	0	0.227	0	0.384	0.145	0.402
Total	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	12.105
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	1.430	7	2.723	7	1.210	7	0.535	5	5.898	26	6.988	29	6.398	27	12.21%
A$	1.366	1	0	0	0	0	0	0	1.366	1	1.366	1	1.366	1	2.83%
C$	0.429	10	0.469	6	0.448	7	0.585	9	1.931	32	2.215	37	1.931	32	4.00%
CHF	0	0	0.227	1	0	0	0	0	0.227	1	0.227	1	0.227	1	0.47%
CHF	0	0	0	0	0	0	0.547	1	0.547	1	0.547	1	0.547	1	1.13%
DKK	0	0	0	0	0	0	0.010	1	0.010	1	0.010	1	0.010	1	0.02%
HK$	0.636	2	0.700	1	0.305	3	0.500	1	2.140	7	2.140	7	2.140	7	4.43%
KRW	0.303	1	0	0	0	0	0	0	0.303	1	0.303	1	0.303	1	0.63%
NT$	0	0	0	0	0	0	0.105	1	0.105	1	0.105	1	0.105	1	0.22%
RMB	3.219	1	0.134	1	0	0	4.428	2	7.780	4	7.780	4	7.780	4	16.11%
S$	0.227	1	0.517	1	0.642	1	0.482	1	1.868	4	1.868	4	1.868	4	3.87%
SEK	0	0	0	0	0.011	1	0	0	0.011	1	0.011	1	0.011	1	0.02%
Y	0	0	0.200	1	0.505	1	0.256	1	0.961	3	2.833	4	0.961	3	1.99%
ZAR	0.202	1	0	0	0	0	0	0	0.202	1	0.202	1	0.202	1	0.42%
€	7.790	15	5.346	12	2.275	8	8.389	16	23.800	51	29.711	58	24.324	52	49.27%
£	0	0	0	0	0.611	3	0.547	2	1.158	5	1.158	5	1.158	5	2.40%
Total	15.601	39	10.316	30	6.008	31	16.385	40	48.310	140	57.466	156	49.333	142	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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