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

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

Coupon

	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
0%	0.220	0	0.254	0.230	0	1.871	0	1.457	0	0	0.200	0.920	0
0.01%-0.99%	0	0	0	1.977	0	1.330	0.524	1.662	0	3.542	0	0.361	0
1%-1.99%	0	0	0	1.984	0	0.585	0	1.338	0.427	0.390	0	1.606	0
2%-2.99%	0	0	0.319	0.956	0	0.234	0	0	0.079	1.007	0	0.462	0.357
3%-3.99%	0.194	0	0	0.281	0.040	0.450	0	0.229	0	0.066	0	0.452	0
4%-4.99%	0	3.885	0.100	0.064	0.152	0	0	0.174	0.116	0.643	0.045	0	0.948
5%-5.99%	0.165	0	0.201	0	0.708	3.358	0	0.167	0.303	0	0.603	0	1.717
6%-6.99%	0	0.123	0.174	0.711	0.275	0.029	0	0.542	0.184	0.063	0.100	0.419	0
7%-7.99%	0.187	0.045	0	0.100	0.117	0.136	0	0.168	0	0.200	0.030	0.535	0
8% and higher	0.195	0	0	0	0.129	0	0	1.346	0.060	0.034	1.500	0.003	0.049
Floater	0	0	0	0	0	0.140	0.500	0	1.366	0	0	0	0
NA	0	0	0	0	0	0	0	0	0	0.040	0	0	0
Total	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.071
	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	4.932	10	9.95%
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	21.48%
1%-1.99%	1.984	5	0.585	2	2.155	4	1.606	4	3.760	8	6.329	15	6.329	15	14.51%
2%-2.99%	1.276	5	0.234	1	1.085	3	0.819	3	1.905	6	3.414	12	3.414	12	7.35%
3%-3.99%	0.281	1	0.490	2	0.295	2	0.452	1	0.747	3	1.712	7	1.518	6	2.88%
4%-4.99%	4.050	4	0.152	1	0.933	5	0.994	3	1.926	8	6.128	13	6.128	13	7.43%
5%-5.99%	0.201	2	4.066	7	0.470	3	2.320	5	2.790	8	7.221	19	7.056	17	10.77%
6%-6.99%	1.008	10	0.304	2	0.789	5	0.519	4	1.308	9	2.620	21	2.620	21	5.05%
7%-7.99%	0.146	2	0.253	6	0.368	3	0.565	2	0.933	5	1.519	15	1.332	13	3.60%
8% and higher	0	0	0.129	1	1.439	5	1.552	3	2.991	8	3.315	10	3.120	9	11.54%
Floater	0	0	0.640	2	1.366	1	0	0	1.366	1	2.006	3	2.006	3	5.27%
NA	0	0	0	0	0.040	1	0	0	0.040	1	0.040	1	0.040	1	0.15%
Total	11.405	34	10.578	27	15.601	39	10.307	30	25.909	69	48.853	138	47.892	130	100.00%
Premium
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
19.99% and lower	0.195	0	0.329	0.269	0	2.491	0	0	0	0.324	0	0	0.105
20%-29.99%	0.107	0	0.359	1.137	0.853	3.592	0	3.861	0.272	0.586	0	0.354	0.411
30-39.99%	0	0.090	0.135	3.596	0.338	1.593	0.524	1.633	0.611	1.417	0.346	3.403	0.818
40% and higher	0.126	0.036	0.051	0.501	0.022	0.457	0	0	0.058	0	0.248	0.865	0.049
NA	0.533	3.928	0.175	0.800	0.209	0	0.500	1.588	1.593	3.658	1.885	0.135	1.688
Total	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.071
	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	0.105	1	0.429	2	3.713	12	3.518	11	1.66%
20%-29.99%	1.496	6	4.445	6	4.720	10	0.765	5	5.485	15	11.532	28	11.426	27	21.17%
30-39.99%	3.820	11	2.454	9	3.661	17	4.567	12	8.229	29	14.503	49	14.503	49	31.76%
40% and higher	0.587	4	0.479	2	0.058	1	1.162	4	1.220	5	2.413	13	2.287	11	4.70%
NA	4.903	8	0.709	6	6.839	10	3.708	8	10.547	18	16.692	36	16.158	32	40.71%
Total	11.405	34	10.578	27	15.601	39	10.307	30	25.909	69	48.853	138	47.892	130	100.00%
Upsized?
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Yes	0.068	0.045	0.105	1.705	0.297	0	0	0.522	1.550	0.463	0	0.465	0
No	0.893	4.008	0.944	4.598	1.124	8.133	1.024	6.561	0.984	5.481	2.479	4.292	3.071
Downsized	0	0	0	0	0	0	0	0	0	0.040	0	0	0
Total	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.071
	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	5.221	16	5.153	15	11.58%
No	9.550	28	10.281	25	13.026	32	9.842	29	22.868	61	43.592	121	42.699	114	88.26%
Downsized	0	0	0	0	0.040	1	0	0	0.040	1	0.040	1	0.040	1	0.15%
Total	11.405	34	10.578	27	15.601	39	10.307	30	25.909	69	48.853	138	47.892	130	100.00%
Seniority
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
senior secured	0	0	0.051	0	0	0	0	0	0	0	0	0	0
secured	0.239	0	0	0	0	0	0	0	0	0	0	0	0
senior	0.663	3.967	0.963	6.191	1.421	4.847	1.024	7.028	1.057	5.965	2.434	4.668	1.384
subordinated	0.058	0.086	0.035	0.112	0	3.285	0	0.055	0.110	0.019	0.045	0.089	1.688
preferred	0	0	0	0	0	0	0	0	1.366	0	0	0	0
Total	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.071
	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	1.000	0	0	0	0	0	0	0	0	0.051	1.000	0.051	1.000	0
secured	0	0	0	0	0	0	0	0	0	0	0.239	2	0	0	0.00%
senior	11.122	29	7.293	25	14.050	33	8.486	26	22.535	59	41.613	118	40.950	113	86.98%
subordinated	0.233	4	3.285	2	0.185	5	1.822	4	2.008	9	5.584	16	5.526	15	7.75%
preferred	0	0	0	0	1.366	1	0	0	1.366	1	1.366	1	1.366	1	5.27%
Total	11.405	34	10.578	27	15.601	39	10.307	30	25.909	69	48.853	138	47.892	130	100.00%
Mandatory
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Yes	0.194	3.885	0	0	0	3.210	0	0	0	0	0	0	1.688
No	0.767	0.168	1.049	6.303	1.421	4.923	1.024	7.083	2.534	5.985	2.479	4.757	1.384
Total	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.071
	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	1.688	1	1.688	1	8.977	5	8.783	4	6.52%
No	7.520	32	7.368	26	15.601	39	8.620	29	24.221	68	39.876	133	39.109	126	93.48%
Total	11.405	34	10.578	27	15.601	39	10.307	30	25.909	69	48.853	138	47.892	130	100.00%
Greenshoe Exercised?
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Yes	0.068	0.082	0.174	0.055	0.070	0.636	0	0.438	0.587	0.419	0.045	0	0.818
No	0.893	3.972	0.874	6.248	1.352	7.497	1.024	6.645	1.947	5.565	2.434	4.757	2.253
Total	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.071
	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	0.864	2	2.308	11	3.393	23	3.325	22	8.91%
No	11.094	28	9.872	22	14.157	30	9.444	28	23.601	58	45.460	115	44.567	108	91.09%
Total	11.405	34	10.578	27	15.601	39	10.307	30	25.909	69	48.853	138	47.892	130	100.00%
Versus Talk
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Richer	0	0	0	0	0	0	0	0	0	0	1.500	0	0
Rich end	0	0	0	1.391	0	0.457	0	0.751	0.402	0	0	1.198	0.818
Within	0	0	0	0	0.391	0	0.524	0.341	0	0.581	0	0	0.357
Cheap end	0.107	0	0.250	2.083	0.578	3.787	0	1.662	1.445	0.386	0.100	0	0.130
Cheaper	0	0	0	0.486	0	0	0	1.338	0	0.707	0	0	0
NA	0.854	4.053	0.799	2.343	0.453	3.888	0.500	2.990	0.687	4.311	0.879	3.559	1.766
Total	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.071
	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	5.79%
Rich end	1.391	3	0.457	1	1.154	4	2.016	4	3.169	8	5.017	12	5.017	12	12.23%
Within	0	0	0.915	3	0.922	4	0.357	2	1.279	6	2.194	9	2.194	9	4.94%
Cheap end	2.333	5	4.365	4	3.493	4	0.230	2	3.723	6	10.527	16	10.420	15	14.37%
Cheaper	0.486	1	0	0	2.045	2	0	0	2.045	2	2.531	3	2.531	3	7.89%
NA	7.196	25	4.841	19	7.988	25	6.204	21	14.192	46	27.084	97	26.229	90	54.78%
Total	11.405	34	10.578	27	15.601	39	10.307	30	25.909	69	48.853	138	47.892	130	100.00%
Use of Proceeds
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Acquisition	0	0	0	0.650	0	0.615	0	0	0.058	0.019	0.294	0.506	0
Capex	0.195	0	0	0.124	0.275	0	0	0.543	0.050	0	0.200	0.074	0
GCP	0.426	0.086	0.395	2.555	0.129	3.894	0.500	2.101	2.031	1.454	1.500	0.610	1.717
No proceeds	0	0	0	0	0	0	0	0	0	0	0.290	0	0
Redeem convertibles	0	0	0.100	0.630	0	0.161	0	0.020	0	0	0	0	0.818
Refinance	0.058	0	0.305	0.961	0.116	2.028	0	0.522	0	0.687	0.100	0.970	0.235
Multiple/Other/NA	0.282	3.967	0.249	1.382	0.902	1.435	0.524	3.897	0.395	3.824	0.095	2.597	0.301
Total	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.071
	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	3.39%
Capex	0.124	1	0.275	1	0.593	3	0.275	2	0.868	5	1.461	8	1.266	7	3.35%
GCP	3.036	11	4.522	5	5.586	13	3.827	6	9.413	19	17.397	39	16.971	35	36.33%
No proceeds	0	0	0	0	0	0	0.290	1	0.290	1	0.290	1	0.290	1	1.12%
Redeem convertibles	0.730	3	0.161	2	0.020	1	0.818	1	0.838	2	1.730	7	1.730	7	3.23%
Refinance	1.267	5	2.144	4	1.209	4	1.305	5	2.514	9	5.983	19	5.925	18	9.70%
Multiple/Other/NA	5.598	12	2.861	12	8.116	16	2.993	12	11.109	28	19.849	54	19.567	52	42.88%
Total	11.405	34	10.578	27	15.601	39	10.307	30	25.909	69	48.853	138	47.892	130	100.00%
Industry Sector (by SIC code)
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0	0.462	0
Mining (1xxx)	0.195	0.042	0.105	0	0.085	0	0	0.133	0.462	0.034	0.290	0.134	0
Oil and gas (13xx)	0	0	0	1.000	0.297	1.902	0	1.702	0	0.200	0.100	0.541	0
Construction (15xx)	0	0	0	0	0	0	0	0.696	0	0.386	0	0	0
Manufacturing (2xxx, 3xxx)	0.243	0	0.150	1.388	0.758	5.221	0	0	0.079	0	0	1.149	2.506
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0	0	0	0.340	0	0	0
Transportation (4xxx)	0.239	0	0	0.274	0	0	0.524	0	0.184	0.707	0	0.624	0
Communications (48xx)	0	0	0	0	0	0	0	0	0	0.390	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0.214	0	0	0	0	0	0	0	0	0	0
Wholesale (5xxx)	0	0.036	0	0.519	0	0.030	0	0.303	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0.284	3.975	0.580	2.650	0.281	0.937	0.500	4.248	1.809	3.928	1.843	1.847	0.566
Services (7xxx)	0	0	0	0.336	0	0	0	0	0	0	0.200	0	0
Health services (8xxx)	0	0	0	0.137	0	0.042	0	0	0	0	0.045	0	0
Total	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.071
	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	1.78%
Mining (1xxx)	0.147	2	0.085	2	0.628	6	0.424	2	1.053	8	1.479	13	1.285	12	4.06%
Oil and gas (13xx)	1.000	2	2.200	5	1.902	3	0.641	4	2.544	7	5.743	14	5.743	14	9.82%
Construction (15xx)	0	0	0	0	1.082	3	0	0	1.082	3	1.082	3	1.082	3	4.18%
Manufacturing (2xxx, 3xxx)	1.538	6	5.979	8	0.079	1	3.655	6	3.734	7	11.494	23	11.251	21	14.41%
Pharmaceuticals (2834-6)	0	0	0	0	0.340	2	0	0	0.340	2	0.340	2	0.340	2	1.31%
Transportation (4xxx)	0.274	2	0.524	1	0.891	2	0.624	2	1.514	4	2.551	9	2.312	7	5.84%
Communications (48xx)	0	0	0	0	0.390	1	0	0	0.390	1	0.390	1	0.390	1	1.51%
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	1.17%
Finance, insurance, real estate (6xxx)	7.205	14	1.718	9	9.986	20	4.256	13	14.242	33	23.449	59	23.165	56	54.97%
Services (7xxx)	0.336	2	0	0	0	0	0.200	1	0.200	1	0.536	3	0.536	3	0.77%
Health services (8xxx)	0.137	2	0.042	1	0	0	0.045	1	0.045	1	0.225	4	0.225	4	0.17%
Total	11.405	34	10.578	27	15.601	39	10.307	30	25.909	69	48.853	138	47.892	130	100.00%
Currency
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
$	0.220	0	0.404	2.399	0.330	0.590	0.500	0.690	0.200	0.540	1.920	0.803	0
A$	0	0	0	0	0	0	0	0	1.366	0	0	0	0
C$	0.321	0.168	0.225	0.137	0.244	0.284	0	0.055	0.276	0.097	0.294	0.089	0.078
CHF	0	3.885	0	0	0	0	0	0	0	0	0	0.227	0
HK$	0	0	0	0.205	0	0	0	0.636	0	0	0	0.700	0
KRW	0	0	0	0	0	0	0	0.303	0	0	0	0	0
NIS	0	0	0	0	0.025	0	0	0	0	0	0	0	0
NT$	0.194	0	0	0	0	0	0	0	0	0	0	0	0
RMB	0	0	0.179	0.100	0	0	0	0	0	3.219	0	0.134	0
S$	0	0	0.140	0.064	0	0	0	0	0.227	0	0	0.517	0
Y	0	0	0	0	0	1.871	0	0	0	0	0.200	0	0
ZAR	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	2.993
£	0	0	0	1.121	0	0	0	0	0	0	0	0	0
Total	0.961	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.071
	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	8.596	31	8.376	29	16.03%
A$	0	0	0	0	1.366	1	0	0	1.366	1	1.366	1	1.366	1	5.27%
C$	0.530	10	0.528	8	0.429	10	0.461	6	0.889	16	2.269	37	1.948	34	3.43%
CHF	3.885	2	0	0	0	0	0.227	1	0.227	1	4.112	3	4.112	3	0.88%
HK$	0.205	2	0	0	0.636	2	0.700	1	1.336	3	1.541	5	1.541	5	5.16%
KRW	0	0	0	0	0.303	1	0	0	0.303	1	0.303	1	0.303	1	1.17%
NIS	0	0	0.025	2	0	0	0	0	0	0	0.025	2	0.025	2	0.00%
NT$	0	0	0	0	0	0	0	0	0	0	0.194	1	0	0	0.00%
RMB	0.279	2	0	0	3.219	1	0.134	1	3.352	2	3.632	4	3.632	4	12.94%
S$	0.205	2	0	0	0.227	1	0.517	1	0.744	2	0.949	4	0.949	4	2.87%
Y	0	0	1.871	1	0	0	0.200	1	0.200	1	2.072	2	2.072	2	0.77%
ZAR	0	0	0	0	0.202	1	0	0	0.202	1	0.321	2	0.202	1	0.78%
€	2.376	5	6.733	10	7.790	15	5.346	12	13.136	27	22.352	43	22.245	42	50.70%
£	1.121	2	0	0	0	0	0	0	0	0	1.121	2	1.121	2	0.00%
Total	11.405	34	10.578	27	15.601	39	10.307	30	25.909	69	48.853	138	47.892	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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