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

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

Coupon

	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
0%	0.737	0.169	0	0.220	0	0.254	0.230	0	1.871	0	1.457	0	0
0.01%-0.99%	1.756	0	0	0	0	0	1.977	0	1.330	0.524	1.662	0	3.542
1%-1.99%	0.201	0	0	0	0	0	1.984	0	0.585	0	1.338	0.427	0.390
2%-2.99%	0.284	0.315	0	0	0	0.319	0.956	0	0.234	0	0	0.079	1.007
3%-3.99%	0.322	0	0.056	0.194	0	0	0.281	0.040	0.450	0	0.229	0	0.066
4%-4.99%	0.148	0	0.415	0	3.885	0.100	0.064	0.152	0	0	0.174	0.116	0.611
5%-5.99%	0.425	0.168	0	0.165	0	0.201	0	0.708	3.358	0	0.167	0.303	0
6%-6.99%	0.271	0.324	0.065	0	0.123	0.174	0.711	0.275	0.029	0	0.542	0.184	0.063
7%-7.99%	0.023	0	0.023	0.187	0.045	0	0.100	0.117	0.136	0	0.168	0	0.200
8% and higher	0.090	0	0.097	0.195	0	0	0	0.129	0	0	1.346	0.060	0.029
Floater	0	0	0	0	0	0	0	0	0.140	0.500	0	1.366	0
NA	0	0	0	0	0	0	0	0	0	0	0	0	0.040
Total	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.948
	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	17	4.201	9	9.36%
0.01%-0.99%	0	0	1.977	3	1.854	2	5.204	3	5.204	3	10.791	9	10.791	9	33.43%
1%-1.99%	0	0	1.984	5	0.585	2	2.155	4	2.155	4	4.924	12	4.723	11	13.85%
2%-2.99%	0.315	1	1.276	5	0.234	1	1.085	3	1.085	3	3.193	11	2.910	10	6.97%
3%-3.99%	0.251	2	0.281	1	0.490	2	0.295	2	0.295	2	1.638	9	1.316	7	1.90%
4%-4.99%	0.415	2	4.050	4	0.152	1	0.901	5	0.901	5	5.666	14	5.518	12	5.79%
5%-5.99%	0.333	4	0.201	2	4.066	7	0.470	3	0.470	3	5.495	20	5.070	16	3.02%
6%-6.99%	0.389	3	1.008	10	0.304	2	0.789	5	0.789	5	2.762	24	2.491	20	5.07%
7%-7.99%	0.210	3	0.146	2	0.253	6	0.368	3	0.368	3	1.001	15	0.977	14	2.36%
8% and higher	0.292	5	0	0	0.129	1	1.435	5	1.435	5	1.946	12	1.856	11	9.22%
Floater	0	0	0	0	0.640	2	1.366	1	1.366	1	2.006	3	2.006	3	8.78%
NA	0	0	0	0	0	0	0.040	1	0.040	1	0.040	1	0.040	1	0.26%
Total	2.594	23	11.405	34	10.578	27	15.565	39	15.565	39	44.399	147	40.142	123	100.00%
Premium
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
19.99% and lower	0.716	0.169	0.056	0.195	0	0.329	0.269	0	2.491	0	0	0	0.324
20%-29.99%	1.330	0.274	0	0.107	0	0.359	1.137	0.853	3.592	0	3.861	0.272	0.554
30-39.99%	0.600	0.315	0.070	0	0.090	0.135	3.596	0.338	1.593	0.524	1.633	0.611	1.417
40% and higher	0.919	0.118	0.067	0.126	0.036	0.051	0.501	0.022	0.457	0	0	0.058	0
NA	0.691	0.100	0.464	0.533	3.928	0.175	0.800	0.209	0	0.500	1.588	1.593	3.653
Total	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.948
	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	0.324	1	0.324	1	4.549	18	3.833	13	2.08%
20%-29.99%	0.381	2	1.496	6	4.445	6	4.687	10	4.687	10	12.339	29	11.009	24	30.11%
30-39.99%	0.385	3	3.820	11	2.454	9	3.661	17	3.661	17	10.921	45	10.321	40	23.52%
40% and higher	0.311	6	0.587	4	0.479	2	0.058	1	0.058	1	2.355	17	1.435	13	0.37%
NA	1.097	9	4.903	8	0.709	6	6.835	10	6.835	10	14.234	38	13.543	33	43.91%
Total	2.594	23	11.405	34	10.578	27	15.565	39	15.565	39	44.399	147	40.142	123	100.00%
Upsized?
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Yes	0.499	0.274	0.037	0.068	0.045	0.105	1.705	0.297	0	0	0.522	1.550	0.427
No	3.758	0.702	0.620	0.893	4.008	0.944	4.598	1.124	8.133	1.024	6.561	0.984	5.481
Downsized	0	0	0	0	0	0	0	0	0	0	0	0	0.040
Total	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.948
	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	2.499	6	2.499	6	5.529	22	5.031	18	16.06%
No	2.215	19	9.550	28	10.281	25	13.026	32	13.026	32	38.830	124	35.071	104	83.69%
Downsized	0	0	0	0	0	0	0.040	1	0.040	1	0.040	1	0.040	1	0.26%
Total	2.594	23	11.405	34	10.578	27	15.565	39	15.565	39	44.399	147	40.142	123	100.00%
Seniority
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
senior secured	0	0	0	0	0	0.051	0	0	0	0	0	0	0
secured	0.050	0	0	0.239	0	0	0	0	0	0	0	0	0
senior	4.041	0.908	0.177	0.663	3.967	0.963	6.191	1.421	4.847	1.024	7.028	1.057	5.929
subordinated	0.165	0.068	0.115	0.058	0.086	0.035	0.112	0	3.285	0	0.055	0.110	0.019
preferred	0	0	0	0	0	0	0	0	0	0	0	1.366	0
preference	0	0	0.365	0	0	0	0	0	0	0	0	0	0
Total	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.948
	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	0.239	2	0.00%
senior	1.748	16	11.122	29	7.293	25	14.013	33	14.013	33	38.217	123	34.176	103	90.03%
subordinated	0.241	4	0.233	4	3.285	2	0.185	5	0.185	5	4.110	17	3.945	15	1.19%
preferred	0	0	0	0	0	0	1.366	1	1.366	1	1.366	1	1.366	1	8.78%
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	15.565	39	15.565	39	44.399	147	40.142	123	100.00%
Mandatory
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Yes	0	0	0	0.194	3.885	0	0	0	3.210	0	0	0	0
No	4.257	0.976	0.657	0.767	0.168	1.049	6.303	1.421	4.923	1.024	7.083	2.534	5.948
Total	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.948
	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	15.565	39	15.565	39	37.110	143	32.853	119	100.00%
Total	2.594	23	11.405	34	10.578	27	15.565	39	15.565	39	44.399	147	40.142	123	100.00%
Greenshoe Exercised?
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Yes	0.953	0	0	0.068	0.082	0.174	0.055	0.070	0.636	0	0.438	0.587	0
No	3.304	0.976	0.657	0.893	3.972	0.874	6.248	1.352	7.497	1.024	6.645	1.947	5.948
Total	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.948
	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	1.025	7	1.025	7	3.063	26	2.110	19	6.59%
No	2.526	22	11.094	28	9.872	22	14.540	32	14.540	32	41.336	121	38.032	104	93.41%
Total	2.594	23	11.405	34	10.578	27	15.565	39	15.565	39	44.399	147	40.142	123	100.00%
Versus Talk
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Richer	0.201	0	0	0	0	0	0	0	0	0	0	0	0
Rich end	0.793	0	0	0	0	0	1.391	0	0.457	0	0.751	0.402	0
Within	0.652	0	0	0	0	0	0	0.391	0	0.524	0.341	0	0.581
Cheap end	0.166	0.315	0	0.107	0	0.250	2.083	0.578	3.787	0	1.662	1.445	0.354
Cheaper	0	0	0.020	0	0	0	0.486	0	0	0	1.338	0	0.707
NA	2.445	0.661	0.637	0.854	4.053	0.799	2.343	0.453	3.888	0.500	2.990	0.687	4.307
Total	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.948
	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	0	0.00%
Rich end	0	0	1.391	3	0.457	1	1.154	4	1.154	4	3.794	9	3.002	8	7.41%
Within	0	0	0	0	0.915	3	0.922	4	0.922	4	2.488	8	1.837	7	5.92%
Cheap end	0.421	2	2.333	5	4.365	4	3.461	4	3.461	4	10.746	16	10.579	15	22.24%
Cheaper	0.020	1	0.486	1	0	0	2.045	2	2.045	2	2.551	4	2.551	4	13.14%
NA	2.152	20	7.196	25	4.841	19	7.984	25	7.984	25	24.619	109	22.173	89	51.29%
Total	2.594	23	11.405	34	10.578	27	15.565	39	15.565	39	44.399	147	40.142	123	100.00%
Use of Proceeds
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Acquisition	0.064	0	0	0	0	0	0.650	0	0.615	0	0	0.058	0.019
Capex	0.454	0	0.070	0.195	0	0	0.124	0.275	0	0	0.543	0.050	0
GCP	1.478	0	0.010	0.426	0.086	0.395	2.555	0.129	3.894	0.500	2.101	2.031	1.450
Redeem convertibles	0.029	0.342	0	0	0	0.100	0.630	0	0.161	0	0.020	0	0
Refinance	0.303	0.050	0.447	0.058	0	0.305	0.961	0.116	2.028	0	0.522	0	0.654
Multiple/Other/NA	1.930	0.584	0.130	0.282	3.967	0.249	1.382	0.902	1.435	0.524	3.897	0.395	3.824
Total	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.948
	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	0.078	2	0.078	2	1.406	8	1.343	7	0.50%
Capex	0.265	3	0.124	1	0.275	1	0.593	3	0.593	3	1.710	12	1.256	8	3.81%
GCP	0.436	5	3.036	11	4.522	5	5.582	13	5.582	13	15.054	39	13.576	34	35.86%
Redeem convertibles	0.342	2	0.730	3	0.161	2	0.020	1	0.020	1	1.283	9	1.254	8	0.13%
Refinance	0.556	5	1.267	5	2.144	4	1.177	4	1.177	4	5.446	23	5.143	18	7.56%
Multiple/Other/NA	0.995	8	5.598	12	2.861	12	8.116	16	8.116	16	19.499	56	17.570	48	52.14%
Total	2.594	23	11.405	34	10.578	27	15.565	39	15.565	39	44.399	147	40.142	123	100.00%
Industry Sector (by SIC code)
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Mining (1xxx)	0.090	0.274	0.050	0.195	0.042	0.105	0	0.085	0	0	0.133	0.462	0.029
Oil and gas (13xx)	0.387	0.050	0.047	0	0	0	1.000	0.297	1.902	0	1.702	0	0.200
Construction (15xx)	0	0	0	0	0	0	0	0	0	0	0.696	0	0.354
Manufacturing (2xxx, 3xxx)	1.006	0.415	0	0.243	0	0.150	1.388	0.758	5.221	0	0	0.079	0
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0	0	0	0	0	0	0.340
Transportation (4xxx)	0.271	0	0.065	0.239	0	0	0.274	0	0	0.524	0	0.184	0.707
Communications (48xx)	0.166	0	0	0	0	0	0	0	0	0	0	0	0.390
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0.214	0	0	0	0	0	0	0
Wholesale (5xxx)	0.125	0.068	0	0	0.036	0	0.519	0	0.030	0	0.303	0	0
Finance, insurance, real estate (6xxx)	2.211	0.169	0.471	0.284	3.975	0.580	2.650	0.281	0.937	0.500	4.248	1.809	3.928
Services (7xxx)	0	0	0.023	0	0	0	0.336	0	0	0	0	0	0
Health services (8xxx)	0	0	0	0	0	0	0.137	0	0.042	0	0	0	0
Total	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.948
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.519	3	0.147	2	0.085	2	0.624	6	0.624	6	1.464	14	1.374	13	4.01%
Oil and gas (13xx)	0.097	4	1.000	2	2.200	5	1.902	3	1.902	3	5.586	18	5.199	14	12.22%
Construction (15xx)	0	0	0	0	0	0	1.050	3	1.050	3	1.050	3	1.050	3	6.75%
Manufacturing (2xxx, 3xxx)	0.658	4	1.538	6	5.979	8	0.079	1	0.079	1	9.259	23	8.253	19	0.51%
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0.340	2	0.340	2	0.340	2	0.340	2	2.18%
Transportation (4xxx)	0.304	3	0.274	2	0.524	1	0.891	2	0.891	2	2.264	10	1.993	8	5.72%
Communications (48xx)	0	0	0	0	0	0	0.390	1	0.390	1	0.556	2	0.390	1	2.51%
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	0.957	5	1.95%
Finance, insurance, real estate (6xxx)	0.925	7	7.205	14	1.718	9	9.986	20	9.986	20	22.046	61	19.834	50	64.16%
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	15.565	39	15.565	39	44.399	147	40.142	123	100.00%
Currency
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
$	1.089	0.374	0.115	0.220	0	0.404	2.399	0.330	0.590	0.500	0.690	0.200	0.540
A$	0.156	0	0.365	0	0	0	0	0	0	0	0	1.366	0
C$	0.404	0.118	0.087	0.321	0.168	0.225	0.137	0.244	0.284	0	0.055	0.276	0.092
CHF	0	0	0	0	3.885	0	0	0	0	0	0	0	0
HK$	0.284	0	0	0	0	0	0.205	0	0	0	0.636	0	0
KRW	0	0	0	0	0	0	0	0	0	0	0.303	0	0
NIS	0	0	0	0	0	0	0	0.025	0	0	0	0	0
NOK	0	0	0.010	0	0	0	0	0	0	0	0	0	0
NT$	0.068	0.169	0	0.194	0	0	0	0	0	0	0	0	0
RM	0.023	0	0	0	0	0	0	0	0	0	0	0	0
RMB	0	0	0	0	0	0.179	0.100	0	0	0	0	0	0
RMB	0	0	0	0	0	0	0	0	0	0	0	0	3.219
S$	0	0	0	0	0	0.140	0.064	0	0	0	0	0.227	0
Y	0.623	0	0	0	0	0	0	0	1.871	0	0	0	0
ZAR	0	0	0	0.119	0	0	0	0	0	0	0	0.202	0
€	1.611	0.315	0	0.107	0	0.100	2.276	0.822	5.387	0.524	5.399	0.262	2.097
£	0	0	0.080	0	0	0	1.121	0	0	0	0	0	0
Total	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.948
	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	1.430	7	1.430	7	7.451	34	6.362	28	9.19%
A$	0.365	1	0	0	0	0	1.366	1	1.366	1	1.887	3	1.731	2	8.78%
C$	0.526	8	0.530	10	0.528	8	0.424	10	0.424	10	2.413	43	2.009	36	2.72%
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	0.841	4	4.09%
KRW	0	0	0	0	0	0	0.303	1	0.303	1	0.303	1	0.303	1	1.95%
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	0.364	2	0.00%
RM	0	0	0	0	0	0	0	0	0	0	0.023	1	0	0	0.00%
RMB	0	0	0.279	2	0	0	0	0	0	0	0.279	2	0.279	2	0.00%
RMB	0	0	0	0	0	0	3.219	1	3.219	1	3.219	1	3.219	1	20.68%
S$	0	0	0.205	2	0	0	0.227	1	0.227	1	0.431	3	0.431	3	1.46%
Y	0	0	0	0	1.871	1	0	0	0	0	2.494	4	1.871	1	0.00%
ZAR	0.119	1	0	0	0	0	0.202	1	0.202	1	0.321	2	0.321	2	1.30%
€	0.421	2	2.376	5	6.733	10	7.758	15	7.758	15	18.900	35	17.289	32	49.84%
£	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	15.565	39	15.565	39	44.399	147	40.142	123	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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