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

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

Coupon

	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
0%	0.480	0	0.737	0.169	0	0.220	0	0.254	0.230	0	1.871	0	0.957
0.01%-0.99%	0	0	1.756	0	0	0	0	0	1.977	0	1.330	0.524	1.662
1%-1.99%	0	0.250	0.201	0	0	0	0	0	1.984	0	0.585	0	1.338
2%-2.99%	0	0.364	0.284	0.315	0	0	0	0.319	0.956	0	0.234	0	0
3%-3.99%	0	0.250	0.322	0	0.056	0.194	0	0	0.281	0.040	0.450	0	0.229
4%-4.99%	0	0.070	0.148	0	0.415	0	3.885	0.100	0.064	0.152	0	0	0.174
5%-5.99%	0	0.135	0.425	0.168	0	0.165	0	0.201	0	0.708	3.358	0	0.167
6%-6.99%	0	0.151	0.271	0.324	0.065	0	0.123	0.174	0.711	0.275	0.029	0	0.542
7%-7.99%	0.040	0.075	0.023	0	0.023	0.187	0.045	0	0.100	0.117	0.136	0	0.036
8% and higher	0.350	0.212	0.090	0	0.097	0.195	0	0	0	0.129	0	0	1.346
Floater	0	0	0	0	0	0	0	0	0	0	0.140	0.500	0
NA	0	0.280	0	0	0	0	0	0	0	0	0	0	0
Total	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	6.450
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	1.217	7	0.389	3	0.484	2	1.871	1	0.957	3	0.957	3	4.918	16	4.438	14	14.84%
0.01%-0.99%	1.756	3	0	0	1.977	3	1.854	2	1.662	1	1.662	1	7.249	9	7.249	9	25.77%
1%-1.99%	0.451	2	0	0	1.984	5	0.585	2	1.338	1	1.338	1	4.357	10	4.357	10	20.74%
2%-2.99%	0.647	2	0.315	1	1.276	5	0.234	1	0	0	0	0	2.472	9	2.472	9	0.00%
3%-3.99%	0.572	3	0.251	2	0.281	1	0.490	2	0.229	1	0.229	1	1.822	9	1.822	9	3.55%
4%-4.99%	0.219	3	0.415	2	4.050	4	0.152	1	0.174	1	0.174	1	5.009	11	5.009	11	2.70%
5%-5.99%	0.560	5	0.333	4	0.201	2	4.066	7	0.167	1	0.167	1	5.328	19	5.328	19	2.59%
6%-6.99%	0.422	5	0.389	3	1.008	10	0.304	2	0.542	2	0.542	2	2.665	22	2.665	22	8.40%
7%-7.99%	0.138	4	0.210	3	0.146	2	0.253	6	0.036	1	0.036	1	0.783	16	0.743	15	0.56%
8% and higher	0.652	3	0.292	5	0	0	0.129	1	1.346	2	1.346	2	2.418	11	2.068	10	20.87%
Floater	0	0	0	0	0	0	0.640	2	0	0	0	0	0.640	2	0.640	2	0.00%
NA	0.280	1	0	0	0	0	0	0	0	0	0	0	0.280	1	0.280	1	0.00%
Total	6.914	38	2.594	23	11.405	34	10.578	27	6.450	13	6.450	13	37.941	135	37.072	131	100.00%
Premium
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
19.99% and lower	0.300	0	0.716	0.169	0.056	0.195	0	0.329	0.269	0	2.491	0	0
20%-29.99%	0	0.782	1.330	0.274	0	0.107	0	0.359	1.137	0.853	3.592	0	2.199
30-39.99%	0.350	0.574	0.600	0.315	0.070	0	0.090	0.135	3.596	0.338	1.593	0.524	1.133
40% and higher	0.040	0.151	0.919	0.118	0.067	0.126	0.036	0.051	0.501	0.022	0.457	0	0
NA	0.180	0.280	0.691	0.100	0.464	0.533	3.928	0.175	0.800	0.209	0	0.500	3.118
Total	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	6.450
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	1.016	6	0.420	3	0.598	5	2.491	4	0	0	0	0	4.525	18	4.225	17	0.00%
20%-29.99%	2.112	9	0.381	2	1.496	6	4.445	6	2.199	4	2.199	4	10.633	27	10.633	27	34.09%
30-39.99%	1.524	10	0.385	3	3.820	11	2.454	9	1.133	6	1.133	6	9.317	39	8.967	38	17.57%
40% and higher	1.110	6	0.311	6	0.587	4	0.479	2	0	0	0	0	2.488	18	2.448	17	0.00%
NA	1.151	7	1.097	9	4.903	8	0.709	6	3.118	3	3.118	3	10.978	33	10.798	32	0.00%
Total	6.914	38	2.594	23	11.405	34	10.578	27	6.450	13	6.450	13	37.941	135	37.072	131	0.00%
Upsized?
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Yes	0.040	0.603	0.499	0.274	0.037	0.068	0.045	0.105	1.705	0.297	0	0	0.522
No	0.830	1.184	3.758	0.702	0.620	0.893	4.008	0.944	4.598	1.124	8.133	1.024	5.928
Total	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	6.450
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.141	10	0.379	4	1.856	6	0.297	2	0.522	1	0.522	1	4.195	23	4.156	22	8.09%
No	5.772	28	2.215	19	9.550	28	10.281	25	5.928	12	5.928	12	33.746	112	32.916	109	91.91%
Total	6.914	38	2.594	23	11.405	34	10.578	27	6.450	13	6.450	13	37.941	135	37.072	131	100.00%
Seniority
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
senior secured	0	0	0	0	0	0	0	0.051	0	0	0	0	0
secured	0	0	0.050	0	0	0.239	0	0	0	0	0	0	0
senior	0.830	1.541	4.041	0.908	0.177	0.663	3.967	0.963	6.191	1.421	4.847	1.024	6.395
subordinated	0.040	0.246	0.165	0.068	0.115	0.058	0.086	0.035	0.112	0	3.285	0	0.055
preference	0	0	0	0	0.365	0	0	0	0	0	0	0	0
Total	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	6.450
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0	0	0	0	0.051	1	0	0	0	0	0	0	0.051	1	0.051	1	0.00%
secured	0.050	2	0.239	2	0	0	0	0	0	0	0	0	0.290	4	0.290	4	0.00%
senior	6.413	30	1.748	16	11.122	29	7.293	25	6.395	11	6.395	11	32.970	111	32.140	108	99.15%
subordinated	0.450	6	0.241	4	0.233	4	3.285	2	0.055	2	0.055	2	4.265	18	4.226	17	0.85%
preference	0	0	0.365	1	0	0	0	0	0	0	0	0	0.365	1	0.365	1	0.00%
Total	6.914	38	2.594	23	11.405	34	10.578	27	6.450	13	6.450	13	37.941	135	37.072	131	100.00%
Mandatory
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Yes	0	0	0	0	0	0.194	3.885	0	0	0	3.210	0	0
No	0.870	1.787	4.257	0.976	0.657	0.767	0.168	1.049	6.303	1.421	4.923	1.024	6.450
Total	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	6.450
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	0.194	1	3.885	2	3.210	1	0	0	0	0	7.289	4	7.289	4	0.00%
No	6.914	38	2.400	22	7.520	32	7.368	26	6.450	13	6.450	13	30.652	131	29.782	127	100.00%
Total	6.914	38	2.594	23	11.405	34	10.578	27	6.450	13	6.450	13	37.941	135	37.072	131	100.00%
Greenshoe Exercised?
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Yes	0.040	0.685	0.953	0	0	0.068	0.082	0.174	0.055	0.070	0.636	0	0.403
No	0.830	1.103	3.304	0.976	0.657	0.893	3.972	0.874	6.248	1.352	7.497	1.024	6.048
Total	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	6.450
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.677	12	0.068	1	0.311	6	0.705	5	0.403	2	0.403	2	3.165	26	3.125	25	6.25%
No	5.236	26	2.526	22	11.094	28	9.872	22	6.048	11	6.048	11	34.776	109	33.946	106	93.77%
Total	6.914	38	2.594	23	11.405	34	10.578	27	6.450	13	6.450	13	37.941	135	37.072	131	100.00%
Versus Talk
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Richer	0	0	0.201	0	0	0	0	0	0	0	0	0	0
Rich end	0	0.364	0.793	0	0	0	0	0	1.391	0	0.457	0	0.751
Within	0	0	0.652	0	0	0	0	0	0	0.391	0	0.524	0.341
Cheap end	0	0.712	0.166	0.315	0	0.107	0	0.250	2.083	0.578	3.787	0	1.662
Cheaper	0	0	0	0	0.020	0	0	0	0.486	0	0	0	1.338
NA	0.870	0.711	2.445	0.661	0.637	0.854	4.053	0.799	2.343	0.453	3.888	0.500	2.358
Total	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	6.450
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.201	1	0	0	0	0	0	0	0	0	0	0	0.201	1	0.201	1	0.00%
Rich end	1.157	2	0	0	1.391	3	0.457	1	0.751	2	0.751	2	3.756	8	3.756	8	11.64%
Within	0.652	1	0	0	0	0	0.915	3	0.341	2	0.341	2	1.907	6	1.907	6	5.29%
Cheap end	0.878	4	0.421	2	2.333	5	4.365	4	1.662	1	1.662	1	9.659	16	9.659	16	25.77%
Cheaper	0	0	0.020	1	0.486	1	0	0	1.338	1	1.338	1	1.844	3	1.844	3	20.74%
NA	4.026	30	2.152	20	7.196	25	4.841	19	2.358	7	2.358	7	20.573	101	19.704	97	36.56%
Total	6.914	38	2.594	23	11.405	34	10.578	27	6.450	13	6.450	13	37.941	135	37.072	131	100.00%
Use of Proceeds
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Acquisition	0	0	0.064	0	0	0	0	0	0.650	0	0.615	0	0
Capex	0.390	0	0.454	0	0.070	0.195	0	0	0.124	0.275	0	0	0.543
GCP	0.300	0	1.478	0	0.010	0.426	0.086	0.395	2.555	0.129	3.894	0.500	2.101
Redeem convertibles	0	0.364	0.029	0.342	0	0	0	0.100	0.630	0	0.161	0	0.020
Refinance	0	0.401	0.303	0.050	0.447	0.058	0	0.305	0.961	0.116	2.028	0	0.522
Multiple/Other/NA	0.180	1.022	1.930	0.584	0.130	0.282	3.967	0.249	1.382	0.902	1.435	0.524	3.264
Total	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	6.450
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.064	1	0	0	0.650	2	0.615	3	0	0	0	0	1.328	6	1.328	6	0.00%
Capex	0.843	6	0.265	3	0.124	1	0.275	1	0.543	2	0.543	2	2.050	13	1.660	11	8.42%
GCP	1.778	6	0.436	5	3.036	11	4.522	5	2.101	4	2.101	4	11.873	31	11.573	30	32.57%
Redeem convertibles	0.393	2	0.342	2	0.730	3	0.161	2	0.020	1	0.020	1	1.647	10	1.647	10	0.31%
Refinance	0.704	7	0.556	5	1.267	5	2.144	4	0.522	1	0.522	1	5.193	22	5.193	22	8.09%
Multiple/Other/NA	3.132	16	0.995	8	5.598	12	2.861	12	3.264	5	3.264	5	15.850	53	15.670	52	50.60%
Total	6.914	38	2.594	23	11.405	34	10.578	27	6.450	13	6.450	13	37.941	135	37.072	131	100.00%
Industry Sector (by SIC code)
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Agriculture (0xxx)	0	0.212	0	0	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0.350	0	0.090	0.274	0.050	0.195	0.042	0.105	0	0.085	0	0	0
Oil and gas (13xx)	0.040	0.191	0.387	0.050	0.047	0	0	0	1.000	0.297	1.902	0	1.702
Construction (15xx)	0	0	0	0	0	0	0	0	0	0	0	0	0.696
Manufacturing (2xxx, 3xxx)	0.480	0.644	1.006	0.415	0	0.243	0	0.150	1.388	0.758	5.221	0	0
Transportation (4xxx)	0	0.250	0.271	0	0.065	0.239	0	0	0.274	0	0	0.524	0
Communications (48xx)	0	0	0.166	0	0	0	0	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0.214	0	0	0	0	0
Wholesale (5xxx)	0	0	0.125	0.068	0	0	0.036	0	0.519	0	0.030	0	0.303
Finance, insurance, real estate (6xxx)	0	0.490	2.211	0.169	0.471	0.284	3.975	0.580	2.650	0.281	0.937	0.500	3.748
Services (7xxx)	0	0	0	0	0.023	0	0	0	0.336	0	0	0	0
Health services (8xxx)	0	0	0	0	0	0	0	0	0.137	0	0.042	0	0
Total	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	6.450
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.212	1	0	0	0	0	0	0	0	0	0	0	0.212	1	0.212	1	0.00%
Mining (1xxx)	0.440	2	0.519	3	0.147	2	0.085	2	0	0	0	0	1.191	9	0.841	8	0.00%
Oil and gas (13xx)	0.617	7	0.097	4	1.000	2	2.200	5	1.702	2	1.702	2	5.616	20	5.577	19	26.39%
Construction (15xx)	0	0	0	0	0	0	0	0	0.696	2	0.696	2	0.696	2	0.696	2	10.79%
Manufacturing (2xxx, 3xxx)	2.130	8	0.658	4	1.538	6	5.979	8	0	0	0	0	10.305	26	9.825	24	0.00%
Transportation (4xxx)	0.521	3	0.304	3	0.274	2	0.524	1	0	0	0	0	1.623	9	1.623	9	0.00%
Communications (48xx)	0.166	1	0	0	0	0	0	0	0	0	0	0	0.166	1	0.166	1	0.00%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.214	2	0	0	0	0	0	0	0.214	2	0.214	2	0.00%
Wholesale (5xxx)	0.125	1	0.068	1	0.555	2	0.030	1	0.303	1	0.303	1	1.082	6	1.082	6	4.70%
Finance, insurance, real estate (6xxx)	2.702	15	0.925	7	7.205	14	1.718	9	3.748	8	3.748	8	16.298	53	16.298	53	58.11%
Services (7xxx)	0	0	0.023	1	0.336	2	0	0	0	0	0	0	0.359	3	0.359	3	0.00%
Health services (8xxx)	0	0	0	0	0.137	2	0.042	1	0	0	0	0	0.179	3	0.179	3	0.00%
Total	6.914	38	2.594	23	11.405	34	10.578	27	6.450	13	6.450	13	37.941	135	37.072	131	100.00%
Currency
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
$	0.830	0.780	1.089	0.374	0.115	0.220	0	0.404	2.399	0.330	0.590	0.500	0.190
A$	0	0	0.156	0	0.365	0	0	0	0	0	0	0	0
C$	0.040	0.431	0.404	0.118	0.087	0.321	0.168	0.225	0.137	0.244	0.284	0	0.055
CHF	0	0	0	0	0	0	3.885	0	0	0	0	0	0
HK$	0	0	0.284	0	0	0	0	0	0.205	0	0	0	0.503
KRW	0	0	0	0	0	0	0	0	0	0	0	0	0.303
NIS	0	0	0	0	0	0	0	0	0	0.025	0	0	0
NOK	0	0	0	0	0.010	0	0	0	0	0	0	0	0
NT$	0	0	0.068	0.169	0	0.194	0	0	0	0	0	0	0
RM	0	0	0.023	0	0	0	0	0	0	0	0	0	0
RMB	0	0	0	0	0	0	0	0.179	0.100	0	0	0	0
S$	0	0	0	0	0	0	0	0.140	0.064	0	0	0	0
Y	0	0	0.623	0	0	0	0	0	0	0	1.871	0	0
ZAR	0	0	0	0	0	0.119	0	0	0	0	0	0	0
€	0	0.576	1.611	0.315	0	0.107	0	0.100	2.276	0.822	5.387	0.524	5.399
£	0	0	0	0	0.080	0	0	0	1.121	0	0	0	0
Total	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	6.450
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	2.699	12	0.709	6	2.803	9	1.420	6	0.190	2	0.190	2	7.821	35	6.991	32	2.95%
A$	0.156	1	0.365	1	0	0	0	0	0	0	0	0	0.521	2	0.521	2	0.00%
C$	0.875	13	0.526	8	0.530	10	0.528	8	0.055	2	0.055	2	2.515	41	2.475	40	0.85%
CHF	0	0	0	0	3.885	2	0	0	0	0	0	0	3.885	2	3.885	2	0.00%
HK$	0.284	1	0	0	0.205	2	0	0	0.503	1	0.503	1	0.992	4	0.992	4	7.80%
KRW	0	0	0	0	0	0	0	0	0.303	1	0.303	1	0.303	1	0.303	1	4.70%
NIS	0	0	0	0	0	0	0.025	2	0	0	0	0	0.025	2	0.025	2	0.00%
NOK	0	0	0.010	1	0	0	0	0	0	0	0	0	0.010	1	0.010	1	0.00%
NT$	0.068	2	0.364	2	0	0	0	0	0	0	0	0	0.432	4	0.432	4	0.00%
RM	0.023	1	0	0	0	0	0	0	0	0	0	0	0.023	1	0.023	1	0.00%
RMB	0	0	0	0	0.279	2	0	0	0	0	0	0	0.279	2	0.279	2	0.00%
S$	0	0	0	0	0.205	2	0	0	0	0	0	0	0.205	2	0.205	2	0.00%
Y	0.623	3	0	0	0	0	1.871	1	0	0	0	0	2.494	4	2.494	4	0.00%
ZAR	0	0	0.119	1	0	0	0	0	0	0	0	0	0.119	1	0.119	1	0.00%
€	2.187	5	0.421	2	2.376	5	6.733	10	5.399	7	5.399	7	17.116	29	17.116	29	83.71%
£	0	0	0.080	2	1.121	2	0	0	0	0	0	0	1.201	4	1.201	4	0.00%
Total	6.914	38	2.594	23	11.405	34	10.578	27	6.450	13	6.450	13	37.941	135	37.072	131	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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