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

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

Coupon

	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
0%	0.169	0	0.220	0	0.254	0.230	0	1.871	0	1.457	0	0	0.200
0.01%-0.99%	0	0	0	0	0	1.977	0	1.330	0.524	1.662	0	3.542	0
1%-1.99%	0	0	0	0	0	1.984	0	0.585	0	1.338	0.427	0.390	0
2%-2.99%	0.315	0	0	0	0.319	0.956	0	0.234	0	0	0.079	1.007	0
3%-3.99%	0	0.056	0.194	0	0	0.281	0.040	0.450	0	0.229	0	0.066	0
4%-4.99%	0	0.415	0	3.885	0.100	0.064	0.152	0	0	0.174	0.116	0.643	0.045
5%-5.99%	0.168	0	0.165	0	0.201	0	0.708	3.358	0	0.167	0.303	0	0.603
6%-6.99%	0.324	0.065	0	0.123	0.174	0.711	0.275	0.029	0	0.542	0.184	0.063	0.100
7%-7.99%	0	0.023	0.187	0.045	0	0.100	0.117	0.136	0	0.168	0	0.200	0.030
8% and higher	0	0.097	0.195	0	0	0	0.129	0	0	1.346	0.060	0.034	1.500
Floater	0	0	0	0	0	0	0	0.140	0.500	0	1.366	0	0
NA	0	0	0	0	0	0	0	0	0	0	0	0.040	0
Total	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0.389	3	0.484	2	1.871	1	1.457	4	0.200	1	1.657	5	4.401	11	4.232	10	9.16%
0.01%-0.99%	0	0	1.977	3	1.854	2	5.204	3	0	0	5.204	3	9.035	8	9.035	8	28.78%
1%-1.99%	0	0	1.984	5	0.585	2	2.155	4	0	0	2.155	4	4.723	11	4.723	11	11.92%
2%-2.99%	0.315	1	1.276	5	0.234	1	1.085	3	0	0	1.085	3	2.910	10	2.595	9	6.00%
3%-3.99%	0.251	2	0.281	1	0.490	2	0.295	2	0	0	0.295	2	1.316	7	1.316	7	1.63%
4%-4.99%	0.415	2	4.050	4	0.152	1	0.933	5	0.045	1	0.978	6	5.595	13	5.595	13	5.41%
5%-5.99%	0.333	4	0.201	2	4.066	7	0.470	3	0.603	3	1.073	6	5.673	19	5.505	17	5.93%
6%-6.99%	0.389	3	1.008	10	0.304	2	0.789	5	0.100	1	0.889	6	2.591	21	2.267	19	4.92%
7%-7.99%	0.210	3	0.146	2	0.253	6	0.368	3	0.030	1	0.398	4	1.007	15	1.007	15	2.20%
8% and higher	0.292	5	0	0	0.129	1	1.439	5	1.500	1	2.939	6	3.360	12	3.360	12	16.25%
Floater	0	0	0	0	0.640	2	1.366	1	0	0	1.366	1	2.006	3	2.006	3	7.55%
NA	0	0	0	0	0	0	0.040	1	0	0	0.040	1	0.040	1	0.040	1	0.22%
Total	2.594	23	11.405	34	10.578	27	15.601	39	2.479	8	18.081	47	42.658	131	41.682	125	100.00%
Premium
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
19.99% and lower	0.169	0.056	0.195	0	0.329	0.269	0	2.491	0	0	0	0.324	0
20%-29.99%	0.274	0	0.107	0	0.359	1.137	0.853	3.592	0	3.861	0.272	0.586	0
30-39.99%	0.315	0.070	0	0.090	0.135	3.596	0.338	1.593	0.524	1.633	0.611	1.417	0.346
40% and higher	0.118	0.067	0.126	0.036	0.051	0.501	0.022	0.457	0	0	0.058	0	0.248
NA	0.100	0.464	0.533	3.928	0.175	0.800	0.209	0	0.500	1.588	1.593	3.658	1.885
Total	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	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	0	0.324	1	3.833	13	3.664	12	1.79%
20%-29.99%	0.381	2	1.496	6	4.445	6	4.720	10	0	0	4.720	10	11.041	24	10.767	23	26.10%
30-39.99%	0.385	3	3.820	11	2.454	9	3.661	17	0.346	3	4.007	20	10.667	43	10.352	42	22.16%
40% and higher	0.311	6	0.587	4	0.479	2	0.058	1	0.248	1	0.306	2	1.684	14	1.566	12	1.69%
NA	1.097	9	4.903	8	0.709	6	6.839	10	1.885	4	8.724	14	15.433	37	15.333	36	48.25%
Total	2.594	23	11.405	34	10.578	27	15.601	39	2.479	8	18.081	47	42.658	131	41.682	125	100.00%
Upsized?
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Yes	0.274	0.037	0.068	0.045	0.105	1.705	0.297	0	0	0.522	1.550	0.463	0
No	0.702	0.620	0.893	4.008	0.944	4.598	1.124	8.133	1.024	6.561	0.984	5.481	2.479
Downsized	0	0	0	0	0	0	0	0	0	0	0	0.040	0
Total	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.379	4	1.856	6	0.297	2	2.535	6	0	0	2.535	6	5.067	18	4.793	17	14.02%
No	2.215	19	9.550	28	10.281	25	13.026	32	2.479	8	15.505	40	37.551	112	36.848	107	85.75%
Downsized	0	0	0	0	0	0	0.040	1	0	0	0.040	1	0.040	1	0.040	1	0.22%
Total	2.594	23	11.405	34	10.578	27	15.601	39	2.479	8	18.081	47	42.658	131	41.682	125	100.00%
Seniority
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
senior secured	0	0	0	0	0.051	0	0	0	0	0	0	0	0
secured	0	0	0.239	0	0	0	0	0	0	0	0	0	0
senior	0.908	0.177	0.663	3.967	0.963	6.191	1.421	4.847	1.024	7.028	1.057	5.965	2.434
subordinated	0.068	0.115	0.058	0.086	0.035	0.112	0	3.285	0	0.055	0.110	0.019	0.045
preferred	0	0	0	0	0	0	0	0	0	0	1.366	0	0
preference	0	0.365	0	0	0	0	0	0	0	0	0	0	0
Total	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	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	0	0.051	1	0.051	1	0.00%
secured	0.239	2	0	0	0	0	0	0	0	0	0	0	0.239	2	0.239	2	0.00%
senior	1.748	16	11.122	29	7.293	25	14.050	33	2.434	7	16.484	40	36.646	110	35.738	105	91.17%
subordinated	0.241	4	0.233	4	3.285	2	0.185	5	0.045	1	0.231	6	3.990	16	3.922	15	1.28%
preferred	0	0	0	0	0	0	1.366	1	0	0	1.366	1	1.366	1	1.366	1	7.55%
preference	0.365	1	0	0	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	15.601	39	2.479	8	18.081	47	42.658	131	41.682	125	100.00%
Mandatory
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Yes	0	0	0.194	3.885	0	0	0	3.210	0	0	0	0	0
No	0.976	0.657	0.767	0.168	1.049	6.303	1.421	4.923	1.024	7.083	2.534	5.985	2.479
Total	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	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	0	0	7.289	4	7.289	4	0.00%
No	2.400	22	7.520	32	7.368	26	15.601	39	2.479	8	18.081	47	35.368	127	34.392	121	100.00%
Total	2.594	23	11.405	34	10.578	27	15.601	39	2.479	8	18.081	47	42.658	131	41.682	125	100.00%
Greenshoe Exercised?
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Yes	0	0	0.068	0.082	0.174	0.055	0.070	0.636	0	0.438	0.587	0.419	0.045
No	0.976	0.657	0.893	3.972	0.874	6.248	1.352	7.497	1.024	6.645	1.947	5.565	2.434
Total	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.068	1	0.311	6	0.705	5	1.445	9	0.045	1	1.490	10	2.575	22	2.575	22	8.24%
No	2.526	22	11.094	28	9.872	22	14.157	30	2.434	7	16.590	37	40.083	109	39.107	103	91.75%
Total	2.594	23	11.405	34	10.578	27	15.601	39	2.479	8	18.081	47	42.658	131	41.682	125	100.00%
Versus Talk
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Richer	0	0	0	0	0	0	0	0	0	0	0	0	1.500
Rich end	0	0	0	0	0	1.391	0	0.457	0	0.751	0.402	0	0
Within	0	0	0	0	0	0	0.391	0	0.524	0.341	0	0.581	0
Cheap end	0.315	0	0.107	0	0.250	2.083	0.578	3.787	0	1.662	1.445	0.386	0.100
Cheaper	0	0.020	0	0	0	0.486	0	0	0	1.338	0	0.707	0
NA	0.661	0.637	0.854	4.053	0.799	2.343	0.453	3.888	0.500	2.990	0.687	4.311	0.879
Total	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	0	0	0	0	0	0	1.500	1	1.500	1	1.500	1	1.500	1	8.30%
Rich end	0	0	1.391	3	0.457	1	1.154	4	0	0	1.154	4	3.002	8	3.002	8	6.38%
Within	0	0	0	0	0.915	3	0.922	4	0	0	0.922	4	1.837	7	1.837	7	5.10%
Cheap end	0.421	2	2.333	5	4.365	4	3.493	4	0.100	1	3.593	5	10.711	16	10.397	15	19.87%
Cheaper	0.020	1	0.486	1	0	0	2.045	2	0	0	2.045	2	2.551	4	2.551	4	11.31%
NA	2.152	20	7.196	25	4.841	19	7.988	25	0.879	6	8.868	31	23.057	95	22.396	90	49.05%
Total	2.594	23	11.405	34	10.578	27	15.601	39	2.479	8	18.081	47	42.658	131	41.682	125	100.00%
Use of Proceeds
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Acquisition	0	0	0	0	0	0.650	0	0.615	0	0	0.058	0.019	0.294
Capex	0	0.070	0.195	0	0	0.124	0.275	0	0	0.543	0.050	0	0.200
GCP	0	0.010	0.426	0.086	0.395	2.555	0.129	3.894	0.500	2.101	2.031	1.454	1.500
No proceeds	0	0	0	0	0	0	0	0	0	0	0	0	0.290
Redeem convertibles	0.342	0	0	0	0.100	0.630	0	0.161	0	0.020	0	0	0
Refinance	0.050	0.447	0.058	0	0.305	0.961	0.116	2.028	0	0.522	0	0.687	0.100
Multiple/Other/NA	0.584	0.130	0.282	3.967	0.249	1.382	0.902	1.435	0.524	3.897	0.395	3.824	0.095
Total	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0.650	2	0.615	3	0.078	2	0.294	2	0.372	4	1.636	9	1.636	9	2.06%
Capex	0.265	3	0.124	1	0.275	1	0.593	3	0.200	1	0.793	4	1.457	9	1.457	9	4.39%
GCP	0.436	5	3.036	11	4.522	5	5.586	13	1.500	1	7.086	14	15.081	35	15.081	35	39.19%
No proceeds	0	0	0	0	0	0	0	0	0.290	1	0.290	1	0.290	1	0.290	1	1.60%
Redeem convertibles	0.342	2	0.730	3	0.161	2	0.020	1	0	0	0.020	1	1.254	8	0.912	6	0.11%
Refinance	0.556	5	1.267	5	2.144	4	1.209	4	0.100	1	1.309	5	5.275	19	5.225	18	7.24%
Multiple/Other/NA	0.995	8	5.598	12	2.861	12	8.116	16	0.095	2	8.210	18	17.664	50	17.080	47	45.41%
Total	2.594	23	11.405	34	10.578	27	15.601	39	2.479	8	18.081	47	42.658	131	41.682	125	100.00%
Industry Sector (by SIC code)
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Mining (1xxx)	0.274	0.050	0.195	0.042	0.105	0	0.085	0	0	0.133	0.462	0.034	0.290
Oil and gas (13xx)	0.050	0.047	0	0	0	1.000	0.297	1.902	0	1.702	0	0.200	0.100
Construction (15xx)	0	0	0	0	0	0	0	0	0	0.696	0	0.386	0
Manufacturing (2xxx, 3xxx)	0.415	0	0.243	0	0.150	1.388	0.758	5.221	0	0	0.079	0	0
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0	0	0	0	0	0.340	0
Transportation (4xxx)	0	0.065	0.239	0	0	0.274	0	0	0.524	0	0.184	0.707	0
Communications (48xx)	0	0	0	0	0	0	0	0	0	0	0	0.390	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0.214	0	0	0	0	0	0	0	0
Wholesale (5xxx)	0.068	0	0	0.036	0	0.519	0	0.030	0	0.303	0	0	0
Finance, insurance, real estate (6xxx)	0.169	0.471	0.284	3.975	0.580	2.650	0.281	0.937	0.500	4.248	1.809	3.928	1.843
Services (7xxx)	0	0.023	0	0	0	0.336	0	0	0	0	0	0	0.200
Health services (8xxx)	0	0	0	0	0	0.137	0	0.042	0	0	0	0	0.045
Total	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.519	3	0.147	2	0.085	2	0.628	6	0.290	1	0.919	7	1.669	14	1.395	13	5.08%
Oil and gas (13xx)	0.097	4	1.000	2	2.200	5	1.902	3	0.100	1	2.002	4	5.299	15	5.249	14	11.07%
Construction (15xx)	0	0	0	0	0	0	1.082	3	0	0	1.082	3	1.082	3	1.082	3	5.98%
Manufacturing (2xxx, 3xxx)	0.658	4	1.538	6	5.979	8	0.079	1	0	0	0.079	1	8.253	19	7.839	17	0.44%
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0.340	2	0	0	0.340	2	0.340	2	0.340	2	1.88%
Transportation (4xxx)	0.304	3	0.274	2	0.524	1	0.891	2	0	0	0.891	2	1.993	8	1.993	8	4.93%
Communications (48xx)	0	0	0	0	0	0	0.390	1	0	0	0.390	1	0.390	1	0.390	1	2.16%
Electric, gas, sanitary services (49xx)	0	0	0.214	2	0	0	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	0	0.303	1	0.957	5	0.889	4	1.68%
Finance, insurance, real estate (6xxx)	0.925	7	7.205	14	1.718	9	9.986	20	1.843	4	11.829	24	21.677	54	21.508	53	65.42%
Services (7xxx)	0.023	1	0.336	2	0	0	0	0	0.200	1	0.200	1	0.560	4	0.560	4	1.11%
Health services (8xxx)	0	0	0.137	2	0.042	1	0	0	0.045	1	0.045	1	0.225	4	0.225	4	0.25%
Total	2.594	23	11.405	34	10.578	27	15.601	39	2.479	8	18.081	47	42.658	131	41.682	125	100.00%
Currency
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
$	0.374	0.115	0.220	0	0.404	2.399	0.330	0.590	0.500	0.690	0.200	0.540	1.920
A$	0	0.365	0	0	0	0	0	0	0	0	1.366	0	0
C$	0.118	0.087	0.321	0.168	0.225	0.137	0.244	0.284	0	0.055	0.276	0.097	0.294
CHF	0	0	0	3.885	0	0	0	0	0	0	0	0	0
HK$	0	0	0	0	0	0.205	0	0	0	0.636	0	0	0
KRW	0	0	0	0	0	0	0	0	0	0.303	0	0	0
NIS	0	0	0	0	0	0	0.025	0	0	0	0	0	0
NOK	0	0.010	0	0	0	0	0	0	0	0	0	0	0
NT$	0.169	0	0.194	0	0	0	0	0	0	0	0	0	0
RMB	0	0	0	0	0.179	0.100	0	0	0	0	0	0	0
RMB	0	0	0	0	0	0	0	0	0	0	0	3.219	0
S$	0	0	0	0	0.140	0.064	0	0	0	0	0.227	0	0
Y	0	0	0	0	0	0	0	1.871	0	0	0	0	0.200
ZAR	0	0	0.119	0	0	0	0	0	0	0	0.202	0	0
€	0.315	0	0.107	0	0.100	2.276	0.822	5.387	0.524	5.399	0.262	2.129	0.065
£	0	0.080	0	0	0	1.121	0	0	0	0	0	0	0
Total	0.976	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	0.709	6	2.803	9	1.420	6	1.430	7	1.920	4	3.350	11	8.283	32	7.909	30	18.53%
A$	0.365	1	0	0	0	0	1.366	1	0	0	1.366	1	1.731	2	1.731	2	7.55%
C$	0.526	8	0.530	10	0.528	8	0.429	10	0.294	2	0.722	12	2.307	38	2.189	36	3.99%
CHF	0	0	3.885	2	0	0	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	0	0.636	2	0.841	4	0.841	4	3.52%
KRW	0	0	0	0	0	0	0.303	1	0	0	0.303	1	0.303	1	0.303	1	1.68%
NIS	0	0	0	0	0.025	2	0	0	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	0	0.010	1	0.010	1	0.00%
NT$	0.364	2	0	0	0	0	0	0	0	0	0	0	0.364	2	0.194	1	0.00%
RMB	0	0	0.279	2	0	0	0	0	0	0	0	0	0.279	2	0.279	2	0.00%
RMB	0	0	0	0	0	0	3.219	1	0	0	3.219	1	3.219	1	3.219	1	17.80%
S$	0	0	0.205	2	0	0	0.227	1	0	0	0.227	1	0.431	3	0.431	3	1.26%
Y	0	0	0	0	1.871	1	0	0	0.200	1	0.200	1	2.072	2	2.072	2	1.11%
ZAR	0.119	1	0	0	0	0	0.202	1	0	0	0.202	1	0.321	2	0.321	2	1.12%
€	0.421	2	2.376	5	6.733	10	7.790	15	0.065	1	7.855	16	17.386	33	17.071	32	43.44%
£	0.080	2	1.121	2	0	0	0	0	0	0	0	0	1.201	4	1.201	4	0.00%
Total	2.594	23	11.405	34	10.578	27	15.601	39	2.479	8	18.081	47	42.658	131	41.682	125	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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