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

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

Coupon

	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
0%	0	0.737	0.169	0	0.220	0	0.254	0.230	0	1.871	0	1.457	0
0.01%-0.99%	0	1.756	0	0	0	0	0	1.977	0	1.330	0.524	1.662	0
1%-1.99%	0.250	0.201	0	0	0	0	0	1.984	0	0.585	0	1.338	0.427
2%-2.99%	0.364	0.284	0.315	0	0	0	0.319	0.956	0	0.234	0	0	0.079
3%-3.99%	0.250	0.322	0	0.056	0.194	0	0	0.281	0.040	0.450	0	0.229	0
4%-4.99%	0.070	0.148	0	0.415	0	3.885	0.100	0.064	0.152	0	0	0.174	0.116
5%-5.99%	0.135	0.425	0.168	0	0.165	0	0.201	0	0.708	3.358	0	0.167	0.303
6%-6.99%	0.151	0.271	0.324	0.065	0	0.123	0.174	0.711	0.275	0.029	0	0.542	0.184
7%-7.99%	0.075	0.023	0	0.023	0.187	0.045	0	0.100	0.117	0.136	0	0.168	0
8% and higher	0.212	0.090	0	0.097	0.195	0	0	0	0.129	0	0	1.346	0.060
Floater	0	0	0	0	0	0	0	0	0	0.140	0.500	0	1.366
NA	0.280	0	0	0	0	0	0	0	0	0	0	0	0
Total	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0.389	3	0.484	2	1.871	1	1.457	4	1.457	4	4.938	18	4.938	18	15.15%
0.01%-0.99%	0	0	1.977	3	1.854	2	1.662	1	1.662	1	7.249	6	7.249	6	17.28%
1%-1.99%	0	0	1.984	5	0.585	2	1.764	3	1.764	3	4.784	12	4.534	11	18.34%
2%-2.99%	0.315	1	1.276	5	0.234	1	0.079	1	0.079	1	2.551	10	2.187	9	0.82%
3%-3.99%	0.251	2	0.281	1	0.490	2	0.229	1	0.229	1	1.822	9	1.572	8	2.38%
4%-4.99%	0.415	2	4.050	4	0.152	1	0.290	3	0.290	3	5.125	13	5.055	12	3.02%
5%-5.99%	0.333	4	0.201	2	4.066	7	0.470	3	0.470	3	5.630	21	5.495	20	4.89%
6%-6.99%	0.389	3	1.008	10	0.304	2	0.726	3	0.726	3	2.849	23	2.698	22	7.55%
7%-7.99%	0.210	3	0.146	2	0.253	6	0.168	2	0.168	2	0.876	16	0.801	14	1.75%
8% and higher	0.292	5	0	0	0.129	1	1.406	4	1.406	4	2.128	12	1.916	11	14.62%
Floater	0	0	0	0	0.640	2	1.366	1	1.366	1	2.006	3	2.006	3	14.20%
NA	0	0	0	0	0	0	0	0	0	0	0.280	1	0	0	0.00%
Total	2.594	23	11.405	34	10.578	27	9.617	26	9.617	26	40.238	144	38.451	134	100.00%
Premium
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
19.99% and lower	0	0.716	0.169	0.056	0.195	0	0.329	0.269	0	2.491	0	0	0
20%-29.99%	0.782	1.330	0.274	0	0.107	0	0.359	1.137	0.853	3.592	0	3.861	0.272
30-39.99%	0.574	0.600	0.315	0.070	0	0.090	0.135	3.596	0.338	1.593	0.524	1.633	0.611
40% and higher	0.151	0.919	0.118	0.067	0.126	0.036	0.051	0.501	0.022	0.457	0	0	0.058
NA	0.280	0.691	0.100	0.464	0.533	3.928	0.175	0.800	0.209	0	0.500	1.588	1.593
Total	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534
	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	0.420	3	0.598	5	2.491	4	0	0	0	0	4.225	17	4.225	17	0.00%
20%-29.99%	0.381	2	1.496	6	4.445	6	4.134	8	4.134	8	12.567	31	11.785	27	42.99%
30-39.99%	0.385	3	3.820	11	2.454	9	2.244	12	2.244	12	10.078	44	9.504	40	23.33%
40% and higher	0.311	6	0.587	4	0.479	2	0.058	1	0.058	1	2.506	18	2.355	17	0.60%
NA	1.097	9	4.903	8	0.709	6	3.181	5	3.181	5	10.861	34	10.581	33	33.08%
Total	2.594	23	11.405	34	10.578	27	9.617	26	9.617	26	40.238	144	38.451	134	100.00%
Upsized?
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Yes	0.603	0.499	0.274	0.037	0.068	0.045	0.105	1.705	0.297	0	0	0.522	1.550
No	1.184	3.758	0.702	0.620	0.893	4.008	0.944	4.598	1.124	8.133	1.024	6.561	0.984
Total	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.379	4	1.856	6	0.297	2	2.072	3	2.072	3	5.706	24	5.103	19	21.55%
No	2.215	19	9.550	28	10.281	25	7.545	23	7.545	23	34.532	120	33.348	115	78.45%
Total	2.594	23	11.405	34	10.578	27	9.617	26	9.617	26	40.238	144	38.451	134	100.00%
Seniority
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
senior secured	0	0	0	0	0	0	0.051	0	0	0	0	0	0
secured	0	0.050	0	0	0.239	0	0	0	0	0	0	0	0
senior	1.541	4.041	0.908	0.177	0.663	3.967	0.963	6.191	1.421	4.847	1.024	7.028	1.057
subordinated	0.246	0.165	0.068	0.115	0.058	0.086	0.035	0.112	0	3.285	0	0.055	0.110
preferred	0	0	0	0	0	0	0	0	0	0	0	0	1.366
preference	0	0	0	0.365	0	0	0	0	0	0	0	0	0
Total	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534
	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	0.051	1	0	0	0	0	0	0	0.051	1	0.051	1	0.00%
secured	0.239	2	0	0	0	0	0	0	0	0	0.290	4	0.290	4	0.00%
senior	1.748	16	11.122	29	7.293	25	8.085	21	8.085	21	33.830	118	32.289	111	84.07%
subordinated	0.241	4	0.233	4	3.285	2	0.165	4	0.165	4	4.336	19	4.090	16	1.72%
preferred	0	0	0	0	0	0	1.366	1	1.366	1	1.366	1	1.366	1	14.20%
preference	0.365	1	0	0	0	0	0	0	0	0	0.365	1	0.365	1	0.00%
Total	2.594	23	11.405	34	10.578	27	9.617	26	9.617	26	40.238	144	38.451	134	100.00%
Mandatory
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Yes	0	0	0	0	0.194	3.885	0	0	0	3.210	0	0	0
No	1.787	4.257	0.976	0.657	0.767	0.168	1.049	6.303	1.421	4.923	1.024	7.083	2.534
Total	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.194	1	3.885	2	3.210	1	0	0	0	0	7.289	4	7.289	4	0.00%
No	2.400	22	7.520	32	7.368	26	9.617	26	9.617	26	32.949	140	31.162	130	100.00%
Total	2.594	23	11.405	34	10.578	27	9.617	26	9.617	26	40.238	144	38.451	134	100.00%
Greenshoe Exercised?
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Yes	0.685	0.953	0	0	0.068	0.082	0.174	0.055	0.070	0.636	0	0.403	0.487
No	1.103	3.304	0.976	0.657	0.893	3.972	0.874	6.248	1.352	7.497	1.024	6.680	2.047
Total	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.068	1	0.311	6	0.705	5	0.889	5	0.889	5	3.612	28	2.927	24	9.24%
No	2.526	22	11.094	28	9.872	22	8.727	21	8.727	21	36.626	116	35.524	110	90.75%
Total	2.594	23	11.405	34	10.578	27	9.617	26	9.617	26	40.238	144	38.451	134	100.00%
Versus Talk
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Richer	0	0.201	0	0	0	0	0	0	0	0	0	0	0
Rich end	0.364	0.793	0	0	0	0	0	1.391	0	0.457	0	0.751	0.402
Within	0	0.652	0	0	0	0	0	0	0.391	0	0.524	0.341	0
Cheap end	0.712	0.166	0.315	0	0.107	0	0.250	2.083	0.578	3.787	0	1.662	1.445
Cheaper	0	0	0	0.020	0	0	0	0.486	0	0	0	1.338	0
NA	0.711	2.445	0.661	0.637	0.854	4.053	0.799	2.343	0.453	3.888	0.500	2.990	0.687
Total	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	0	0	0	0	0	0	0	0	0.201	1	0.201	1	0.00%
Rich end	0	0	1.391	3	0.457	1	1.154	4	1.154	4	4.158	10	3.794	9	12.00%
Within	0	0	0	0	0.915	3	0.341	2	0.341	2	1.907	6	1.907	6	3.55%
Cheap end	0.421	2	2.333	5	4.365	4	3.107	3	3.107	3	11.104	18	10.392	15	32.31%
Cheaper	0.020	1	0.486	1	0	0	1.338	1	1.338	1	1.844	3	1.844	3	13.91%
NA	2.152	20	7.196	25	4.841	19	3.677	16	3.677	16	21.023	106	20.312	100	38.23%
Total	2.594	23	11.405	34	10.578	27	9.617	26	9.617	26	40.238	144	38.451	134	100.00%
Use of Proceeds
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Acquisition	0	0.064	0	0	0	0	0	0.650	0	0.615	0	0	0.058
Capex	0	0.454	0	0.070	0.195	0	0	0.124	0.275	0	0	0.543	0.050
GCP	0	1.478	0	0.010	0.426	0.086	0.395	2.555	0.129	3.894	0.500	2.101	2.031
Redeem convertibles	0.364	0.029	0.342	0	0	0	0.100	0.630	0	0.161	0	0.020	0
Refinance	0.401	0.303	0.050	0.447	0.058	0	0.305	0.961	0.116	2.028	0	0.522	0
Multiple/Other/NA	1.022	1.930	0.584	0.130	0.282	3.967	0.249	1.382	0.902	1.435	0.524	3.897	0.395
Total	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0.650	2	0.615	3	0.058	1	0.058	1	1.387	7	1.387	7	0.60%
Capex	0.265	3	0.124	1	0.275	1	0.593	3	0.593	3	1.710	12	1.710	12	6.17%
GCP	0.436	5	3.036	11	4.522	5	4.132	9	4.132	9	13.604	35	13.604	35	42.97%
Redeem convertibles	0.342	2	0.730	3	0.161	2	0.020	1	0.020	1	1.647	10	1.283	9	0.21%
Refinance	0.556	5	1.267	5	2.144	4	0.522	1	0.522	1	5.193	22	4.792	20	5.43%
Multiple/Other/NA	0.995	8	5.598	12	2.861	12	4.292	11	4.292	11	16.698	58	15.675	51	44.63%
Total	2.594	23	11.405	34	10.578	27	9.617	26	9.617	26	40.238	144	38.451	134	100.00%
Industry Sector (by SIC code)
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Agriculture (0xxx)	0.212	0	0	0	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0	0.090	0.274	0.050	0.195	0.042	0.105	0	0.085	0	0	0.133	0.462
Oil and gas (13xx)	0.191	0.387	0.050	0.047	0	0	0	1.000	0.297	1.902	0	1.702	0
Construction (15xx)	0	0	0	0	0	0	0	0	0	0	0	0.696	0
Manufacturing (2xxx, 3xxx)	0.644	1.006	0.415	0	0.243	0	0.150	1.388	0.758	5.221	0	0	0.079
Transportation (4xxx)	0.250	0.271	0	0.065	0.239	0	0	0.274	0	0	0.524	0	0.184
Communications (48xx)	0	0.166	0	0	0	0	0	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.214	0	0	0	0	0	0
Wholesale (5xxx)	0	0.125	0.068	0	0	0.036	0	0.519	0	0.030	0	0.303	0
Finance, insurance, real estate (6xxx)	0.490	2.211	0.169	0.471	0.284	3.975	0.580	2.650	0.281	0.937	0.500	4.248	1.809
Services (7xxx)	0	0	0	0.023	0	0	0	0.336	0	0	0	0	0
Health services (8xxx)	0	0	0	0	0	0	0	0.137	0	0.042	0	0	0
Total	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534
	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	0	0	0	0	0	0	0	0	0	0.212	1	0	0	0.00%
Mining (1xxx)	0.519	3	0.147	2	0.085	2	0.595	5	0.595	5	1.435	13	1.435	13	6.19%
Oil and gas (13xx)	0.097	4	1.000	2	2.200	5	1.702	2	1.702	2	5.577	19	5.386	17	17.70%
Construction (15xx)	0	0	0	0	0	0	0.696	2	0.696	2	0.696	2	0.696	2	7.24%
Manufacturing (2xxx, 3xxx)	0.658	4	1.538	6	5.979	8	0.079	1	0.079	1	9.903	25	9.259	23	0.82%
Transportation (4xxx)	0.304	3	0.274	2	0.524	1	0.184	1	0.184	1	1.807	10	1.557	9	1.91%
Communications (48xx)	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	0.214	2	0	0	0	0	0	0	0.214	2	0.214	2	0.00%
Wholesale (5xxx)	0.068	1	0.555	2	0.030	1	0.303	1	0.303	1	1.082	6	1.082	6	3.15%
Finance, insurance, real estate (6xxx)	0.925	7	7.205	14	1.718	9	6.058	14	6.058	14	18.607	59	18.117	55	62.99%
Services (7xxx)	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	0.137	2	0.042	1	0	0	0	0	0.179	3	0.179	3	0.00%
Total	2.594	23	11.405	34	10.578	27	9.617	26	9.617	26	40.238	144	38.451	134	100.00%
Currency
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
$	0.780	1.089	0.374	0.115	0.220	0	0.404	2.399	0.330	0.590	0.500	0.690	0.200
A$	0	0.156	0	0.365	0	0	0	0	0	0	0	0	1.366
C$	0.431	0.404	0.118	0.087	0.321	0.168	0.225	0.137	0.244	0.284	0	0.055	0.276
CHF	0	0	0	0	0	3.885	0	0	0	0	0	0	0
HK$	0	0.284	0	0	0	0	0	0.205	0	0	0	0.636	0
KRW	0	0	0	0	0	0	0	0	0	0	0	0.303	0
NIS	0	0	0	0	0	0	0	0	0.025	0	0	0	0
NOK	0	0	0	0.010	0	0	0	0	0	0	0	0	0
NT$	0	0.068	0.169	0	0.194	0	0	0	0	0	0	0	0
RM	0	0.023	0	0	0	0	0	0	0	0	0	0	0
RMB	0	0	0	0	0	0	0.179	0.100	0	0	0	0	0
S$	0	0	0	0	0	0	0.140	0.064	0	0	0	0	0.227
Y	0	0.623	0	0	0	0	0	0	0	1.871	0	0	0
ZAR	0	0	0	0	0.119	0	0	0	0	0	0	0	0.202
€	0.576	1.611	0.315	0	0.107	0	0.100	2.276	0.822	5.387	0.524	5.399	0.262
£	0	0	0	0.080	0	0	0	1.121	0	0	0	0	0
Total	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	0.709	6	2.803	9	1.420	6	0.890	4	0.890	4	7.691	34	6.911	31	9.25%
A$	0.365	1	0	0	0	0	1.366	1	1.366	1	1.887	3	1.887	3	14.20%
C$	0.526	8	0.530	10	0.528	8	0.332	7	0.332	7	2.752	45	2.321	40	3.45%
CHF	0	0	3.885	2	0	0	0	0	0	0	3.885	2	3.885	2	0.00%
HK$	0	0	0.205	2	0	0	0.636	2	0.636	2	1.124	5	1.124	5	6.61%
KRW	0	0	0	0	0	0	0.303	1	0.303	1	0.303	1	0.303	1	3.15%
NIS	0	0	0	0	0.025	2	0	0	0	0	0.025	2	0.025	2	0.00%
NOK	0.010	1	0	0	0	0	0	0	0	0	0.010	1	0.010	1	0.00%
NT$	0.364	2	0	0	0	0	0	0	0	0	0.432	4	0.432	4	0.00%
RM	0	0	0	0	0	0	0	0	0	0	0.023	1	0.023	1	0.00%
RMB	0	0	0.279	2	0	0	0	0	0	0	0.279	2	0.279	2	0.00%
S$	0	0	0.205	2	0	0	0.227	1	0.227	1	0.431	3	0.431	3	2.36%
Y	0	0	0	0	1.871	1	0	0	0	0	2.494	4	2.494	4	0.00%
ZAR	0.119	1	0	0	0	0	0.202	1	0.202	1	0.321	2	0.321	2	2.10%
€	0.421	2	2.376	5	6.733	10	5.661	9	5.661	9	17.379	31	16.803	29	58.86%
£	0.080	2	1.121	2	0	0	0	0	0	0	1.201	4	1.201	4	0.00%
Total	2.594	23	11.405	34	10.578	27	9.617	26	9.617	26	40.238	144	38.451	134	100.00%
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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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