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

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

Coupon

	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
0%	0	0.254	0.230	0	1.871	0	1.457	0	0	0.200	0.920	0	0.100
0.01%-0.99%	0	0	1.977	0	1.330	0.524	1.662	0	3.542	0	0.361	0	0
1%-1.99%	0	0	1.984	0	0.585	0	1.338	0.427	0.390	0	1.606	0	0.582
2%-2.99%	0	0.319	0.956	0	0.234	0	0	0.079	1.007	0	0.462	0.357	0
3%-3.99%	0	0	0.281	0.040	0.450	0	0.229	0	0.066	0	0.452	0	0.175
4%-4.99%	3.885	0.100	0.064	0.152	0	0	0.174	0.116	0.643	0.045	0	0.948	0
5%-5.99%	0	0.201	0	0.708	3.358	0	0.167	0.303	0	0.603	0	1.719	0.073
6%-6.99%	0.123	0.174	0.711	0.275	0.029	0	0.542	0.184	0.063	0.100	0.419	0	0.300
7%-7.99%	0.045	0	0.100	0.117	0.136	0	0.168	0	0.200	0.030	0.535	0	0
8% and higher	0	0	0	0.129	0	0	1.346	0.060	0.034	1.500	0.003	0.055	0.089
Floater	0	0	0	0	0.140	0.500	0	1.366	0	0	0	0	0
NA	0	0	0	0	0	0	0	0	0.040	0	0	0	0
Total	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.320
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0.484	2	1.871	1	1.457	4	1.120	3	0.100	1	2.677	8	5.032	11	5.032	11	10.22%
0.01%-0.99%	1.977	3	1.854	2	5.204	3	0.361	2	0	0	5.565	5	9.396	10	9.396	10	19.09%
1%-1.99%	1.984	5	0.585	2	2.155	4	1.606	4	0.582	3	4.343	11	6.911	18	6.911	18	15.95%
2%-2.99%	1.276	5	0.234	1	1.085	3	0.819	3	0	0	1.905	6	3.414	12	3.414	12	6.99%
3%-3.99%	0.281	1	0.490	2	0.295	2	0.452	1	0.175	1	0.922	4	1.692	7	1.692	7	3.39%
4%-4.99%	4.050	4	0.152	1	0.933	5	0.994	3	0	0	1.926	8	6.128	13	2.243	11	7.07%
5%-5.99%	0.201	2	4.066	7	0.470	3	2.322	5	0.073	1	2.865	9	7.132	18	7.132	18	10.52%
6%-6.99%	1.008	10	0.304	2	0.789	5	0.519	4	0.300	3	1.608	12	2.920	24	2.798	21	5.90%
7%-7.99%	0.146	2	0.253	6	0.368	3	0.565	2	0	0	0.933	5	1.332	13	1.287	12	3.43%
8% and higher	0	0	0.129	1	1.439	5	1.558	3	0.089	2	3.086	10	3.215	11	3.215	11	11.33%
Floater	0	0	0.640	2	1.366	1	0	0	0	0	1.366	1	2.006	3	2.006	3	5.02%
NA	0	0	0	0	0.040	1	0	0	0	0	0.040	1	0.040	1	0.040	1	0.15%
Total	11.405	34	10.578	27	15.601	39	10.316	30	1.320	11	27.237	80	49.220	141	45.167	135	100.00%
Premium
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
19.99% and lower	0	0.329	0.269	0	2.491	0	0	0	0.324	0	0	0.105	0.200
20%-29.99%	0	0.359	1.137	0.853	3.592	0	3.861	0.272	0.586	0	0.354	0.414	0.643
30-39.99%	0.090	0.135	3.596	0.338	1.593	0.524	1.633	0.611	1.417	0.346	3.403	0.818	0.465
40% and higher	0.036	0.051	0.501	0.022	0.457	0	0	0.058	0	0.248	0.865	0.055	0.011
NA	3.928	0.175	0.800	0.209	0	0.500	1.588	1.593	3.658	1.885	0.135	1.688	0
Total	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.320
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	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	0.200	2	0.629	4	3.718	13	3.718	13	2.31%
20%-29.99%	1.496	6	4.445	6	4.720	10	0.768	5	0.643	4	6.130	19	12.071	31	12.071	31	22.51%
30-39.99%	3.820	11	2.454	9	3.661	17	4.567	12	0.465	4	8.694	33	14.969	53	14.879	51	31.92%
40% and higher	0.587	4	0.479	2	0.058	1	1.168	4	0.011	1	1.238	6	2.305	12	2.268	11	4.55%
NA	4.903	8	0.709	6	6.839	10	3.708	8	0	0	10.547	18	16.158	32	12.231	29	38.72%
Total	11.405	34	10.578	27	15.601	39	10.316	30	1.320	11	27.237	80	49.220	141	45.167	135	100.00%
Upsized?
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Yes	0.045	0.105	1.705	0.297	0	0	0.522	1.550	0.463	0	0.465	0	0
No	4.008	0.944	4.598	1.124	8.133	1.024	6.561	0.984	5.481	2.479	4.292	3.080	1.308
Downsized	0	0	0	0	0	0	0	0	0.040	0	0	0	0.011
Total	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.320
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.856	6	0.297	2	2.535	6	0.465	1	0	0	3.000	7	5.153	15	5.108	14	11.01%
No	9.550	28	10.281	25	13.026	32	9.851	29	1.308	10	24.185	71	44.015	124	40.007	119	88.79%
Downsized	0	0	0	0	0.040	1	0	0	0.011	1	0.051	2	0.051	2	0.051	2	0.19%
Total	11.405	34	10.578	27	15.601	39	10.316	30	1.320	11	27.237	80	49.220	141	45.167	135	100.00%
Seniority
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
senior secured	0	0.051	0	0	0	0	0	0	0	0	0	0	0
senior	3.967	0.963	6.191	1.421	4.847	1.024	7.028	1.057	5.965	2.434	4.668	1.392	1.213
subordinated	0.086	0.035	0.112	0	3.285	0	0.055	0.110	0.019	0.045	0.089	1.688	0.107
preferred	0	0	0	0	0	0	0	1.366	0	0	0	0	0
Total	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.320
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	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	0	0.051	1.000	0.051	1.000	0
senior	11.122	29	7.293	25	14.050	33	8.494	26	1.213	9	23.757	68	42.172	122	38.204	118	87.22%
subordinated	0.233	4	3.285	2	0.185	5	1.822	4	0.107	2	2.114	11	5.632	17	5.546	15	7.76%
preferred	0	0	0	0	1.366	1	0	0	0	0	1.366	1	1.366	1	1.366	1	5.02%
Total	11.405	34	10.578	27	15.601	39	10.316	30	1.320	11	27.237	80	49.220	141	45.167	135	100.00%
Mandatory
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Yes	3.885	0	0	0	3.210	0	0	0	0	0	0	1.688	0
No	0.168	1.049	6.303	1.421	4.923	1.024	7.083	2.534	5.985	2.479	4.757	1.392	1.320
Total	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.320
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.885	2	3.210	1	0	0	1.688	1	0	0	1.688	1	8.783	4	4.897	2	6.20%
No	7.520	32	7.368	26	15.601	39	8.628	29	1.320	11	25.549	79	40.437	137	40.269	133	93.80%
Total	11.405	34	10.578	27	15.601	39	10.316	30	1.320	11	27.237	80	49.220	141	45.167	135	100.00%
Greenshoe Exercised?
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Yes	0.082	0.174	0.055	0.070	0.636	0	0.438	0.587	0.419	0.045	0	0.904	0.518
No	3.972	0.874	6.248	1.352	7.497	1.024	6.645	1.947	5.565	2.434	4.757	2.175	0.802
Total	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.320
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.311	6	0.705	5	1.445	9	0.950	4	0.518	3	2.912	16	3.929	27	3.847	25	10.69%
No	11.094	28	9.872	22	14.157	30	9.366	26	0.802	8	24.325	64	45.291	114	41.319	110	89.31%
Total	11.405	34	10.578	27	15.601	39	10.316	30	1.320	11	27.237	80	49.220	141	45.167	135	100.00%
Versus Talk
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Richer	0	0	0	0	0	0	0	0	0	1.500	0	0	0.227
Rich end	0	0	1.391	0	0.457	0	0.751	0.402	0	0	1.198	0.818	0
Within	0	0	0	0.391	0	0.524	0.341	0	0.581	0	0	0.357	0
Cheap end	0	0.250	2.083	0.578	3.787	0	1.662	1.445	0.386	0.100	0	0.130	0.078
Cheaper	0	0	0.486	0	0	0	1.338	0	0.707	0	0	0	0
NA	4.053	0.799	2.343	0.453	3.888	0.500	2.990	0.687	4.311	0.879	3.559	1.774	1.014
Total	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.320
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	0	0	0	0	1.500	1	0.227	1	1.727	2	1.727	2	1.727	2	6.34%
Rich end	1.391	3	0.457	1	1.154	4	2.016	4	0	0	3.169	8	5.017	12	5.017	12	11.63%
Within	0	0	0.915	3	0.922	4	0.357	2	0	0	1.280	6	2.194	9	2.194	9	4.70%
Cheap end	2.333	5	4.365	4	3.493	4	0.230	2	0.078	1	3.801	7	10.498	16	10.498	16	13.96%
Cheaper	0.486	1	0	0	2.045	2	0	0	0	0	2.045	2	2.531	3	2.531	3	7.51%
NA	7.196	25	4.841	19	7.988	25	6.212	21	1.014	9	15.215	55	27.252	99	23.199	93	55.86%
Total	11.405	34	10.578	27	15.601	39	10.316	30	1.320	11	27.237	80	49.220	141	45.167	135	100.00%
Use of Proceeds
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Acquisition	0	0	0.650	0	0.615	0	0	0.058	0.019	0.294	0.506	0	0.092
Capex	0	0	0.124	0.275	0	0	0.543	0.050	0	0.200	0.074	0	0
GCP	0.086	0.395	2.555	0.129	3.894	0.500	2.101	2.031	1.454	1.500	0.610	1.719	0.278
No proceeds	0	0	0	0	0	0	0	0	0	0.290	0	0	0
Redeem convertibles	0	0.100	0.630	0	0.161	0	0.020	0	0	0	0	0.818	0.087
Refinance	0	0.305	0.961	0.116	2.028	0	0.522	0	0.687	0.100	0.970	0.235	0.267
Multiple/Other/NA	3.967	0.249	1.382	0.902	1.435	0.524	3.897	0.395	3.824	0.095	2.597	0.307	0.595
Total	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.320
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.650	2	0.615	3	0.078	2	0.800	3	0.092	2	0.970	7	2.234	12	2.234	12	3.56%
Capex	0.124	1	0.275	1	0.593	3	0.275	2	0	0	0.868	5	1.266	7	1.266	7	3.19%
GCP	3.036	11	4.522	5	5.586	13	3.829	6	0.278	3	9.693	22	17.252	38	17.166	36	35.59%
No proceeds	0	0	0	0	0	0	0.290	1	0	0	0.290	1	0.290	1	0.290	1	1.06%
Redeem convertibles	0.730	3	0.161	2	0.020	1	0.818	1	0.087	1	0.925	3	1.817	8	1.817	8	3.40%
Refinance	1.267	5	2.144	4	1.209	4	1.305	5	0.267	2	2.780	11	6.191	20	6.191	20	10.21%
Multiple/Other/NA	5.598	12	2.861	12	8.116	16	2.999	12	0.595	3	11.710	31	20.169	55	16.201	51	42.99%
Total	11.405	34	10.578	27	15.601	39	10.316	30	1.320	11	27.237	80	49.220	141	45.167	135	100.00%
Industry Sector (by SIC code)
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0.462	0	0
Mining (1xxx)	0.042	0.105	0	0.085	0	0	0.133	0.462	0.034	0.290	0.134	0	0
Oil and gas (13xx)	0	0	1.000	0.297	1.902	0	1.702	0	0.200	0.100	0.541	0	0
Construction (15xx)	0	0	0	0	0	0	0.696	0	0.386	0	0	0	0
Manufacturing (2xxx, 3xxx)	0	0.150	1.388	0.758	5.221	0	0	0.079	0	0	1.149	2.506	0.189
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0	0	0.340	0	0	0	0
Transportation (4xxx)	0	0	0.274	0	0	0.524	0	0.184	0.707	0	0.624	0	0
Communications (48xx)	0	0	0	0	0	0	0	0	0.390	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0.214	0	0	0	0	0	0	0	0	0	0	0
Wholesale (5xxx)	0.036	0	0.519	0	0.030	0	0.303	0	0	0	0	0	0.087
Finance, insurance, real estate (6xxx)	3.975	0.580	2.650	0.281	0.937	0.500	4.248	1.809	3.928	1.843	1.847	0.574	0.419
Services (7xxx)	0	0	0.336	0	0	0	0	0	0	0.200	0	0	0.368
Health services (8xxx)	0	0	0.137	0	0.042	0	0	0	0	0.045	0	0	0.255
Total	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.320
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0.462	1	0	0	0.462	1	0.462	1	0.462	1	1.70%
Mining (1xxx)	0.147	2	0.085	2	0.628	6	0.424	2	0	0	1.053	8	1.285	12	1.242	11	3.87%
Oil and gas (13xx)	1.000	2	2.200	5	1.902	3	0.641	4	0	0	2.544	7	5.743	14	5.743	14	9.34%
Construction (15xx)	0	0	0	0	1.082	3	0	0	0	0	1.082	3	1.082	3	1.082	3	3.97%
Manufacturing (2xxx, 3xxx)	1.538	6	5.979	8	0.079	1	3.655	6	0.189	3	3.923	10	11.440	24	11.440	24	14.40%
Pharmaceuticals (2834-6)	0	0	0	0	0.340	2	0	0	0	0	0.340	2	0.340	2	0.340	2	1.25%
Transportation (4xxx)	0.274	2	0.524	1	0.891	2	0.624	2	0	0	1.514	4	2.312	7	2.312	7	5.56%
Communications (48xx)	0	0	0	0	0.390	1	0	0	0	0	0.390	1	0.390	1	0.390	1	1.43%
Electric, gas, sanitary services (49xx)	0.214	2	0	0	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	0.087	1	0.391	2	0.976	5	0.940	4	1.44%
Finance, insurance, real estate (6xxx)	7.205	14	1.718	9	9.986	20	4.264	13	0.419	4	14.669	37	23.592	60	19.617	56	53.86%
Services (7xxx)	0.336	2	0	0	0	0	0.200	1	0.368	2	0.569	3	0.905	5	0.905	5	2.09%
Health services (8xxx)	0.137	2	0.042	1	0	0	0.045	1	0.255	1	0.301	2	0.480	5	0.480	5	1.11%
Total	11.405	34	10.578	27	15.601	39	10.316	30	1.320	11	27.237	80	49.220	141	45.167	135	100.00%
Currency
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
$	0	0.404	2.399	0.330	0.590	0.500	0.690	0.200	0.540	1.920	0.803	0	0.100
A$	0	0	0	0	0	0	0	1.366	0	0	0	0	0
C$	0.168	0.225	0.137	0.244	0.284	0	0.055	0.276	0.097	0.294	0.089	0.086	0.373
CHF	3.885	0	0	0	0	0	0	0	0	0	0.227	0	0
HK$	0	0	0.205	0	0	0	0.636	0	0	0	0.700	0	0.275
KRW	0	0	0	0	0	0	0.303	0	0	0	0	0	0
NIS	0	0	0	0.025	0	0	0	0	0	0	0	0	0
RMB	0	0.179	0.100	0	0	0	0	0	3.219	0	0.134	0	0
S$	0	0.140	0.064	0	0	0	0	0.227	0	0	0.517	0	0
SEK	0	0	0	0	0	0	0	0	0	0	0	0	0.011
Y	0	0	0	0	1.871	0	0	0	0	0.200	0	0	0
ZAR	0	0	0	0	0	0	0	0.202	0	0	0	0	0
€	0	0.100	2.276	0.822	5.387	0.524	5.399	0.262	2.129	0.065	2.288	2.993	0.333
£	0	0	1.121	0	0	0	0	0	0	0	0	0	0.227
Total	4.053	1.049	6.303	1.421	8.133	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.320
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	2.803	9	1.420	6	1.430	7	2.723	7	0.100	1	4.253	15	8.476	30	8.476	30	15.61%
A$	0	0	0	0	1.366	1	0	0	0	0	1.366	1	1.366	1	1.366	1	5.02%
C$	0.530	10	0.528	8	0.429	10	0.469	6	0.373	4	1.271	20	2.329	38	2.161	34	4.67%
CHF	3.885	2	0	0	0	0	0.227	1	0	0	0.227	1	4.112	3	0.227	1	0.83%
HK$	0.205	2	0	0	0.636	2	0.700	1	0.275	2	1.611	5	1.816	7	1.816	7	5.91%
KRW	0	0	0	0	0.303	1	0	0	0	0	0.303	1	0.303	1	0.303	1	1.11%
NIS	0	0	0.025	2	0	0	0	0	0	0	0	0	0.025	2	0.025	2	0.00%
RMB	0.279	2	0	0	3.219	1	0.134	1	0	0	3.352	2	3.632	4	3.632	4	12.31%
S$	0.205	2	0	0	0.227	1	0.517	1	0	0	0.744	2	0.949	4	0.949	4	2.73%
SEK	0	0	0	0	0	0	0	0	0.011	1	0.011	1	0.011	1	0.011	1	0.04%
Y	0	0	1.871	1	0	0	0.200	1	0	0	0.200	1	2.072	2	2.072	2	0.73%
ZAR	0	0	0	0	0.202	1	0	0	0	0	0.202	1	0.202	1	0.202	1	0.74%
€	2.376	5	6.733	10	7.790	15	5.346	12	0.333	2	13.469	29	22.579	44	22.579	44	49.45%
£	1.121	2	0	0	0	0	0	0	0.227	1	0.227	1	1.349	3	1.349	3	0.83%
Total	11.405	34	10.578	27	15.601	39	10.316	30	1.320	11	27.237	80	49.220	141	45.167	135	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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