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

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

Coupon

	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
0%	0	0.220	0	0.254	0.230	0	1.871	0	1.457	0	0	0.200	0.920
0.01%-0.99%	0	0	0	0	1.977	0	1.330	0.524	1.662	0	3.542	0	0.361
1%-1.99%	0	0	0	0	1.984	0	0.585	0	1.338	0.427	0.390	0	1.606
2%-2.99%	0	0	0	0.319	0.956	0	0.234	0	0	0.079	1.007	0	0.462
3%-3.99%	0.056	0.194	0	0	0.281	0.040	0.450	0	0.229	0	0.066	0	0.452
4%-4.99%	0.415	0	3.885	0.100	0.064	0.152	0	0	0.174	0.116	0.643	0.045	0
5%-5.99%	0	0.165	0	0.201	0	0.708	3.358	0	0.167	0.303	0	0.603	0
6%-6.99%	0.065	0	0.123	0.174	0.711	0.275	0.029	0	0.542	0.184	0.063	0.100	0.404
7%-7.99%	0.023	0.187	0.045	0	0.100	0.117	0.136	0	0.168	0	0.200	0.030	0.535
8% and higher	0.097	0.195	0	0	0	0.129	0	0	1.346	0.060	0.034	1.500	0.003
Floater	0	0	0	0	0	0	0.140	0.500	0	1.366	0	0	0
NA	0	0	0	0	0	0	0	0	0	0	0.040	0	0
Total	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.742
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0.484	2	1.871	1	1.457	4	1.120	3	2.577	7	5.152	12	5.152	12	11.10%
0.01%-0.99%	1.977	3	1.854	2	5.204	3	0.361	2	5.565	5	9.396	10	9.396	10	24.38%
1%-1.99%	1.984	5	0.585	2	2.155	4	1.606	4	3.760	8	6.329	15	6.329	15	16.47%
2%-2.99%	1.276	5	0.234	1	1.085	3	0.462	1	1.547	4	3.057	10	3.057	10	6.78%
3%-3.99%	0.281	1	0.490	2	0.295	2	0.452	1	0.747	3	1.768	8	1.712	7	3.27%
4%-4.99%	4.050	4	0.152	1	0.933	5	0.045	1	0.978	6	5.595	13	5.180	11	4.29%
5%-5.99%	0.201	2	4.066	7	0.470	3	0.603	3	1.073	6	5.505	17	5.505	17	4.70%
6%-6.99%	1.008	10	0.304	2	0.789	5	0.504	3	1.293	8	2.671	21	2.606	20	5.67%
7%-7.99%	0.146	2	0.253	6	0.368	3	0.565	2	0.933	5	1.543	16	1.519	15	4.09%
8% and higher	0	0	0.129	1	1.439	5	1.503	2	2.942	7	3.363	13	3.266	9	12.89%
Floater	0	0	0.640	2	1.366	1	0	0	1.366	1	2.006	3	2.006	3	5.99%
NA	0	0	0	0	0.040	1	0	0	0.040	1	0.040	1	0.040	1	0.18%
Total	11.405	34	10.578	27	15.601	39	7.222	22	22.823	61	46.424	139	45.767	130	100.00%
Premium
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
19.99% and lower	0.056	0.195	0	0.329	0.269	0	2.491	0	0	0	0.324	0	0
20%-29.99%	0	0.107	0	0.359	1.137	0.853	3.592	0	3.861	0.272	0.586	0	0.354
30-39.99%	0.070	0	0.090	0.135	3.596	0.338	1.593	0.524	1.633	0.611	1.417	0.346	3.403
40% and higher	0.067	0.126	0.036	0.051	0.501	0.022	0.457	0	0	0.058	0	0.248	0.865
NA	0.464	0.533	3.928	0.175	0.800	0.209	0	0.500	1.588	1.593	3.658	1.885	0.120
Total	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.742
	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	0.598	5	2.491	4	0.324	1	0	0	0.324	1	3.664	12	3.608	11	1.42%
20%-29.99%	1.496	6	4.445	6	4.720	10	0.354	2	5.073	12	11.121	25	11.121	25	22.23%
30-39.99%	3.820	11	2.454	9	3.661	17	3.749	11	7.410	28	13.755	50	13.685	48	32.47%
40% and higher	0.587	4	0.479	2	0.058	1	1.113	3	1.171	4	2.431	14	2.364	12	5.13%
NA	4.903	8	0.709	6	6.839	10	2.005	6	8.844	16	15.453	38	14.989	34	38.75%
Total	11.405	34	10.578	27	15.601	39	7.222	22	22.823	61	46.424	139	45.767	130	100.00%
Upsized?
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Yes	0.037	0.068	0.045	0.105	1.705	0.297	0	0	0.522	1.550	0.463	0	0.465
No	0.620	0.893	4.008	0.944	4.598	1.124	8.133	1.024	6.561	0.984	5.481	2.479	4.277
Downsized	0	0	0	0	0	0	0	0	0	0	0.040	0	0
Total	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.742
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.856	6	0.297	2	2.535	6	0.465	1	3.000	7	5.258	18	5.221	16	13.14%
No	9.550	28	10.281	25	13.026	32	6.757	21	19.783	53	41.126	120	40.506	113	86.68%
Downsized	0	0	0	0	0.040	1	0	0	0.040	1	0.040	1	0.040	1	0.18%
Total	11.405	34	10.578	27	15.601	39	7.222	22	22.823	61	46.424	139	45.767	130	100.00%
Seniority
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
senior secured	0	0	0	0.051	0	0	0	0	0	0	0	0	0
secured	0	0.239	0	0	0	0	0	0	0	0	0	0	0
senior	0.177	0.663	3.967	0.963	6.191	1.421	4.847	1.024	7.028	1.057	5.965	2.434	4.668
subordinated	0.115	0.058	0.086	0.035	0.112	0	3.285	0	0.055	0.110	0.019	0.045	0.074
preferred	0	0	0	0	0	0	0	0	0	1.366	0	0	0
preference	0.365	0	0	0	0	0	0	0	0	0	0	0	0
Total	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.742
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0.051	1	0	0	0	0	0	0	0	0	0.051	1	0.051	1	0.00%
secured	0	0	0	0	0	0	0	0	0	0	0.239	2	0.239	2	0.00%
senior	11.122	29	7.293	25	14.050	33	7.102	20	21.152	53	40.406	118	40.230	112	92.68%
subordinated	0.233	4	3.285	2	0.185	5	0.120	2	0.305	7	3.997	16	3.882	14	1.34%
preferred	0	0	0	0	1.366	1	0	0	1.366	1	1.366	1	1.366	1	5.99%
preference	0	0	0	0	0	0	0	0	0	0	0.365	1	0	0	0.00%
Total	11.405	34	10.578	27	15.601	39	7.222	22	22.823	61	46.424	139	45.767	130	100.00%
Mandatory
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Yes	0	0.194	3.885	0	0	0	3.210	0	0	0	0	0	0
No	0.657	0.767	0.168	1.049	6.303	1.421	4.923	1.024	7.083	2.534	5.985	2.479	4.742
Total	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.742
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.885	2	3.210	1	0	0	0	0	0	0	7.289	4	7.289	4	0.00%
No	7.520	32	7.368	26	15.601	39	7.222	22	22.823	61	39.135	135	38.478	126	100.00%
Total	11.405	34	10.578	27	15.601	39	7.222	22	22.823	61	46.424	139	45.767	130	100.00%
Greenshoe Exercised?
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Yes	0	0.068	0.082	0.174	0.055	0.070	0.636	0	0.438	0.587	0.419	0.045	0
No	0.657	0.893	3.972	0.874	6.248	1.352	7.497	1.024	6.645	1.947	5.565	2.434	4.742
Total	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.742
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.311	6	0.705	5	1.445	9	0.045	1	1.490	10	2.575	22	2.575	22	6.53%
No	11.094	28	9.872	22	14.157	30	7.176	21	21.333	51	43.849	117	43.192	108	93.47%
Total	11.405	34	10.578	27	15.601	39	7.222	22	22.823	61	46.424	139	45.767	130	100.00%
Versus Talk
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Richer	0	0	0	0	0	0	0	0	0	0	0	1.500	0
Rich end	0	0	0	0	1.391	0	0.457	0	0.751	0.402	0	0	1.198
Within	0	0	0	0	0	0.391	0	0.524	0.341	0	0.581	0	0
Cheap end	0	0.107	0	0.250	2.083	0.578	3.787	0	1.662	1.445	0.386	0.100	0
Cheaper	0.020	0	0	0	0.486	0	0	0	1.338	0	0.707	0	0
NA	0.637	0.854	4.053	0.799	2.343	0.453	3.888	0.500	2.990	0.687	4.311	0.879	3.545
Total	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.742
	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	1.500	1	1.500	1	1.500	1	1.500	1	6.57%
Rich end	1.391	3	0.457	1	1.154	4	1.198	3	2.351	7	4.199	11	4.199	11	10.30%
Within	0	0	0.915	3	0.922	4	0	0	0.922	4	1.837	7	1.837	7	4.04%
Cheap end	2.333	5	4.365	4	3.493	4	0.100	1	3.593	5	10.397	15	10.397	15	15.74%
Cheaper	0.486	1	0	0	2.045	2	0	0	2.045	2	2.551	4	2.531	3	8.96%
NA	7.196	25	4.841	19	7.988	25	4.424	17	12.412	42	25.940	101	25.303	93	54.38%
Total	11.405	34	10.578	27	15.601	39	7.222	22	22.823	61	46.424	139	45.767	130	100.00%
Use of Proceeds
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Acquisition	0	0	0	0	0.650	0	0.615	0	0	0.058	0.019	0.294	0.506
Capex	0.070	0.195	0	0	0.124	0.275	0	0	0.543	0.050	0	0.200	0.074
GCP	0.010	0.426	0.086	0.395	2.555	0.129	3.894	0.500	2.101	2.031	1.454	1.500	0.595
No proceeds	0	0	0	0	0	0	0	0	0	0	0	0.290	0
Redeem convertibles	0	0	0	0.100	0.630	0	0.161	0	0.020	0	0	0	0
Refinance	0.447	0.058	0	0.305	0.961	0.116	2.028	0	0.522	0	0.687	0.100	0.970
Multiple/Other/NA	0.130	0.282	3.967	0.249	1.382	0.902	1.435	0.524	3.897	0.395	3.824	0.095	2.597
Total	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.742
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.650	2	0.615	3	0.078	2	0.800	3	0.878	5	2.142	10	2.142	10	3.85%
Capex	0.124	1	0.275	1	0.593	3	0.275	2	0.868	5	1.531	10	1.461	8	3.80%
GCP	3.036	11	4.522	5	5.586	13	2.095	3	7.682	16	15.676	37	15.666	36	33.66%
No proceeds	0	0	0	0	0	0	0.290	1	0.290	1	0.290	1	0.290	1	1.27%
Redeem convertibles	0.730	3	0.161	2	0.020	1	0	0	0.020	1	0.912	6	0.912	6	0.09%
Refinance	1.267	5	2.144	4	1.209	4	1.070	3	2.278	7	6.195	20	5.748	17	9.98%
Multiple/Other/NA	5.598	12	2.861	12	8.116	16	2.692	10	10.807	26	19.677	55	19.548	52	47.35%
Total	11.405	34	10.578	27	15.601	39	7.222	22	22.823	61	46.424	139	45.767	130	100.00%
Industry Sector (by SIC code)
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0	0	0.462
Mining (1xxx)	0.050	0.195	0.042	0.105	0	0.085	0	0	0.133	0.462	0.034	0.290	0.134
Oil and gas (13xx)	0.047	0	0	0	1.000	0.297	1.902	0	1.702	0	0.200	0.100	0.527
Construction (15xx)	0	0	0	0	0	0	0	0	0.696	0	0.386	0	0
Manufacturing (2xxx, 3xxx)	0	0.243	0	0.150	1.388	0.758	5.221	0	0	0.079	0	0	1.149
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0	0	0	0	0.340	0	0
Transportation (4xxx)	0.065	0.239	0	0	0.274	0	0	0.524	0	0.184	0.707	0	0.624
Communications (48xx)	0	0	0	0	0	0	0	0	0	0	0.390	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0.214	0	0	0	0	0	0	0	0	0
Wholesale (5xxx)	0	0	0.036	0	0.519	0	0.030	0	0.303	0	0	0	0
Finance, insurance, real estate (6xxx)	0.471	0.284	3.975	0.580	2.650	0.281	0.937	0.500	4.248	1.809	3.928	1.843	1.847
Services (7xxx)	0.023	0	0	0	0.336	0	0	0	0	0	0	0.200	0
Health services (8xxx)	0	0	0	0	0.137	0	0.042	0	0	0	0	0.045	0
Total	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.742
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0.462	1	0.462	1	0.462	1	0.462	1	2.02%
Mining (1xxx)	0.147	2	0.085	2	0.628	6	0.424	2	1.053	8	1.529	14	1.479	13	4.61%
Oil and gas (13xx)	1.000	2	2.200	5	1.902	3	0.627	3	2.529	6	5.776	16	5.729	13	11.08%
Construction (15xx)	0	0	0	0	1.082	3	0	0	1.082	3	1.082	3	1.082	3	4.74%
Manufacturing (2xxx, 3xxx)	1.538	6	5.979	8	0.079	1	1.149	4	1.228	5	8.988	21	8.988	21	5.38%
Pharmaceuticals (2834-6)	0	0	0	0	0.340	2	0	0	0.340	2	0.340	2	0.340	2	1.49%
Transportation (4xxx)	0.274	2	0.524	1	0.891	2	0.624	2	1.514	4	2.616	10	2.551	9	6.63%
Communications (48xx)	0	0	0	0	0.390	1	0	0	0.390	1	0.390	1	0.390	1	1.71%
Electric, gas, sanitary services (49xx)	0.214	2	0	0	0	0	0	0	0	0	0.214	2	0.214	2	0.00%
Wholesale (5xxx)	0.555	2	0.030	1	0.303	1	0	0	0.303	1	0.889	4	0.889	4	1.33%
Finance, insurance, real estate (6xxx)	7.205	14	1.718	9	9.986	20	3.690	8	13.676	28	23.355	57	22.883	54	59.92%
Services (7xxx)	0.336	2	0	0	0	0	0.200	1	0.200	1	0.560	4	0.536	3	0.88%
Health services (8xxx)	0.137	2	0.042	1	0	0	0.045	1	0.045	1	0.225	4	0.225	4	0.20%
Total	11.405	34	10.578	27	15.601	39	7.222	22	22.823	61	46.424	139	45.767	130	100.00%
Currency
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
$	0.115	0.220	0	0.404	2.399	0.330	0.590	0.500	0.690	0.200	0.540	1.920	0.803
A$	0.365	0	0	0	0	0	0	0	0	1.366	0	0	0
C$	0.087	0.321	0.168	0.225	0.137	0.244	0.284	0	0.055	0.276	0.097	0.294	0.074
CHF	0	0	3.885	0	0	0	0	0	0	0	0	0	0.227
HK$	0	0	0	0	0.205	0	0	0	0.636	0	0	0	0.700
KRW	0	0	0	0	0	0	0	0	0.303	0	0	0	0
NIS	0	0	0	0	0	0.025	0	0	0	0	0	0	0
NOK	0.010	0	0	0	0	0	0	0	0	0	0	0	0
NT$	0	0.194	0	0	0	0	0	0	0	0	0	0	0
RMB	0	0	0	0.179	0.100	0	0	0	0	0	3.219	0	0.134
S$	0	0	0	0.140	0.064	0	0	0	0	0.227	0	0	0.517
Y	0	0	0	0	0	0	1.871	0	0	0	0	0.200	0
ZAR	0	0.119	0	0	0	0	0	0	0	0.202	0	0	0
€	0	0.107	0	0.100	2.276	0.822	5.387	0.524	5.399	0.262	2.129	0.065	2.288
£	0.080	0	0	0	1.121	0	0	0	0	0	0	0	0
Total	0.657	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.742
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	2.803	9	1.420	6	1.430	7	2.723	7	4.153	14	8.711	33	8.596	31	18.20%
A$	0	0	0	0	1.366	1	0	0	1.366	1	1.731	2	1.366	1	5.99%
C$	0.530	10	0.528	8	0.429	10	0.368	3	0.797	13	2.263	37	2.176	34	3.49%
CHF	3.885	2	0	0	0	0	0.227	1	0.227	1	4.112	3	4.112	3	0.99%
HK$	0.205	2	0	0	0.636	2	0.700	1	1.336	3	1.541	5	1.541	5	5.85%
KRW	0	0	0	0	0.303	1	0	0	0.303	1	0.303	1	0.303	1	1.33%
NIS	0	0	0.025	2	0	0	0	0	0	0	0.025	2	0.025	2	0.00%
NOK	0	0	0	0	0	0	0	0	0	0	0.010	1	0	0	0.00%
NT$	0	0	0	0	0	0	0	0	0	0	0.194	1	0.194	1	0.00%
RMB	0.279	2	0	0	3.219	1	0.134	1	3.353	2	3.632	4	3.632	4	14.69%
S$	0.205	2	0	0	0.227	1	0.517	1	0.744	2	0.949	4	0.949	4	3.26%
Y	0	0	1.871	1	0	0	0.200	1	0.200	1	2.072	2	2.072	2	0.88%
ZAR	0	0	0	0	0.202	1	0	0	0.202	1	0.321	2	0.321	2	0.89%
€	2.376	5	6.733	10	7.790	15	2.352	7	10.143	22	19.359	38	19.359	38	44.44%
£	1.121	2	0	0	0	0	0	0	0	0	1.201	4	1.121	2	0.00%
Total	11.405	34	10.578	27	15.601	39	7.222	22	22.823	61	46.424	139	45.767	130	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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