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

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

Coupon

	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
0%	0	1.457	0	0	0.200	0.920	0	0.100	0.650	0.505	0.768	1.139	1.702
0.01%-0.99%	0.524	1.662	0	3.542	0	0.361	0	0	0	0.579	0.339	5.070	0.136
1%-1.99%	0	1.338	0.427	0.390	0	1.606	0	0.582	0	1.411	0.339	0.902	0
2%-2.99%	0	0	0.079	1.007	0	0.462	0.357	0	0	0.200	1.494	0.335	0
3%-3.99%	0	0.229	0	0.066	0	0.452	0	0.175	0	0.724	0	1.671	0
4%-4.99%	0	0.174	0.116	0.643	0.045	0	0.948	0	0	0.160	0.584	0.983	0
5%-5.99%	0	0.167	0.303	0	0.603	0	1.719	0.073	0.034	0	0.082	0.277	0
6%-6.99%	0	0.542	0.184	0.063	0.100	0.419	0	0.300	0.110	0.161	0.191	1.738	0
7%-7.99%	0	0.168	0	0.200	0.030	0.535	0	0	0.017	0	0	0.005	0
8% and higher	0	1.346	0.060	0.034	1.500	0.003	0.055	0.089	0	0	0	0	0
Floater	0.500	0	1.366	0	0	0	0	0.030	0	0	0	1.612	0
NA	0	0	0	0.040	0	0	0	0	0.107	0	0.482	0	0
Total	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	1.457	4	1.120	3	1.255	4	3.609	13	7.441	24	7.441	24	7.441	24	14.37%
0.01%-0.99%	5.204	3	0.361	2	0.579	1	5.545	4	11.689	10	12.214	11	11.689	10	22.58%
1%-1.99%	2.155	4	1.606	4	1.993	7	1.241	3	6.994	18	6.994	18	6.994	18	13.51%
2%-2.99%	1.085	3	0.819	3	0.200	1	1.829	4	3.934	11	3.934	11	3.934	11	7.60%
3%-3.99%	0.295	2	0.452	1	0.899	4	1.671	4	3.317	11	3.317	11	3.317	11	6.41%
4%-4.99%	0.933	5	0.994	3	0.160	1	1.567	6	3.654	15	3.654	15	3.654	15	7.06%
5%-5.99%	0.470	3	2.322	5	0.107	2	0.359	5	3.258	15	3.258	15	3.258	15	6.29%
6%-6.99%	0.789	5	0.519	4	0.571	6	1.929	5	3.808	20	3.808	20	3.808	20	7.36%
7%-7.99%	0.368	3	0.565	2	0.017	1	0.005	1	0.955	7	0.955	7	0.955	7	1.84%
8% and higher	1.439	5	1.558	3	0.089	2	0	0	3.086	10	3.086	10	3.086	10	5.96%
Floater	1.366	1	0	0	0.030	1	1.612	1	3.008	3	3.508	4	3.008	3	5.81%
NA	0.040	1	0	0	0.107	1	0.482	1	0.629	3	0.629	3	0.629	3	1.21%
Total	15.601	39	10.316	30	6.008	31	19.849	47	51.774	147	52.798	149	51.774	147	100.00%
Premium
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
19.99% and lower	0	0	0	0.324	0	0	0.105	0.200	0	0.030	0.482	0.019	0
20%-29.99%	0	3.861	0.272	0.586	0	0.354	0.414	0.643	0.110	0	0	2.345	0.136
30-39.99%	0.524	1.633	0.611	1.417	0.346	3.403	0.818	0.465	0.051	3.205	2.585	4.489	0
40% and higher	0	0	0.058	0	0.248	0.865	0.055	0.011	0	0	0.650	0.031	0
NA	0.500	1.588	1.593	3.658	1.885	0.135	1.688	0.030	0.757	0.505	0.561	6.848	1.702
Total	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0.324	1	0.105	1	0.230	3	0.502	2	1.161	7	1.161	7	1.161	7	2.24%
20%-29.99%	4.720	10	0.768	5	0.753	5	2.481	4	8.721	24	8.721	24	8.721	24	16.84%
30-39.99%	3.661	17	4.567	12	3.721	17	7.074	22	19.024	68	19.548	69	19.024	68	36.74%
40% and higher	0.058	1	1.168	4	0.011	1	0.681	3	1.919	9	1.919	9	1.919	9	3.71%
NA	6.839	10	3.708	8	1.292	5	9.112	16	20.950	39	21.450	40	20.950	39	40.46%
Total	15.601	39	10.316	30	6.008	31	19.849	47	51.774	147	52.798	149	51.774	147	100.00%
Upsized?
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Yes	0	0.522	1.550	0.463	0	0.465	0	0	0	1.148	1.972	1.612	0
No	1.024	6.561	0.984	5.481	2.479	4.292	3.080	1.338	0.918	2.593	2.308	12.121	1.838
Downsized	0	0	0	0.040	0	0	0	0.011	0	0	0	0	0
Total	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.535	6	0.465	1	1.148	2	3.583	5	7.731	14	7.731	14	7.731	14	14.93%
No	13.026	32	9.851	29	4.849	28	16.266	42	43.992	131	45.016	133	43.992	131	84.97%
Downsized	0.040	1	0	0	0.011	1	0	0	0.051	2	0.051	2	0.051	2	0.10%
Total	15.601	39	10.316	30	6.008	31	19.849	47	51.774	147	52.798	149	51.774	147	100.00%
Seniority
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
secured	0	0	0	0	0	0	0	0	0	0	0	0.005	0
senior	1.024	7.028	1.057	5.965	2.434	4.668	1.392	1.243	0.918	3.740	4.067	12.003	1.838
subordinated	0	0.055	0.110	0.019	0.045	0.089	1.688	0.107	0	0	0.212	0.112	0
preferred	0	0	1.366	0	0	0	0	0	0	0	0	0	0
preference	0	0	0	0	0	0	0	0	0	0	0	1.612	0
Total	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
secured	0	0	0	0	0	0	0.005	1.000	0.005	1.000	0.005	1.000	0.005	1.000	0.01%
senior	14.050	33	8.494	26	5.901	29	17.909	39	46.354	127	47.377	129	46.354	127	89.53%
subordinated	0.185	5	1.822	4	0.107	2	0.324	6	2.438	17	2.438	17	2.438	17	4.71%
preferred	1.366	1	0	0	0	0	0	0	1.366	1	1.366	1	1.366	1	2.64%
preference	0	0	0	0	0	0	1.612	1	1.612	1	1.612	1	1.612	1	3.11%
Total	15.601	39	10.316	30	6.008	31	19.849	47	51.774	147	52.798	149	51.774	147	100.00%
Mandatory
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Yes	0	0	0	0	0	0	1.688	0	0	0	0	4.149	0
No	1.024	7.083	2.534	5.985	2.479	4.757	1.392	1.350	0.918	3.740	4.279	9.584	1.838
Total	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	1.688	1	0	0	4.149	3	5.836	4	5.836	4	5.836	4	11.27%
No	15.601	39	8.628	29	6.008	31	15.701	44	45.938	143	46.962	145	45.938	143	88.73%
Total	15.601	39	10.316	30	6.008	31	19.849	47	51.774	147	52.798	149	51.774	147	100.00%
Greenshoe Exercised?
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Yes	0	0.438	0.587	0.419	0.045	0	0.904	0.518	0	1.232	0.503	0.754	0
No	1.024	6.645	1.947	5.565	2.434	4.757	2.175	0.832	0.918	2.508	3.776	12.978	1.838
Total	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.445	9	0.950	4	1.750	6	1.257	8	5.401	27	5.401	27	5.401	27	10.43%
No	14.157	30	9.366	26	4.258	25	18.592	39	46.373	120	47.397	122	46.373	120	89.57%
Total	15.601	39	10.316	30	6.008	31	19.849	47	51.774	147	52.798	149	51.774	147	100.00%
Versus Talk
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Richer	0	0	0	0	1.500	0	0	0.227	0	0	0	0	0
Rich end	0	0.751	0.402	0	0	1.198	0.818	0	0	1.209	2.521	4.648	0.136
Within	0.524	0.341	0	0.581	0	0	0.357	0	0	0.297	0.339	2.894	0
Cheap end	0	1.662	1.445	0.386	0.100	0	0.130	0.078	0	0.453	0	0.792	0
Cheaper	0	1.338	0	0.707	0	0	0	0	0	0	0	0	0
NA	0.500	2.990	0.687	4.311	0.879	3.559	1.774	1.044	0.918	1.781	1.419	5.399	1.702
Total	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	1.500	1	0.227	1	0	0	1.727	2	1.727	2	1.727	2	3.34%
Rich end	1.154	4	2.016	4	1.209	5	7.304	13	11.683	26	11.683	26	11.683	26	22.56%
Within	0.922	4	0.357	2	0.297	2	3.233	5	4.810	13	5.333	14	4.810	13	9.29%
Cheap end	3.493	4	0.230	2	0.531	2	0.792	2	5.046	10	5.046	10	5.046	10	9.75%
Cheaper	2.045	2	0	0	0	0	0	0	2.045	2	2.045	2	2.045	2	3.95%
NA	7.988	25	6.212	21	3.743	21	8.520	27	26.464	94	26.964	95	26.464	94	51.11%
Total	15.601	39	10.316	30	6.008	31	19.849	47	51.774	147	52.798	149	51.774	147	100.00%
Use of Proceeds
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Acquisition	0	0	0.058	0.019	0.294	0.506	0	0.092	0	0.024	0.104	0	0
Capex	0	0.543	0.050	0	0.200	0.074	0	0	0	0	0.250	0.060	0
GCP	0.500	2.101	2.031	1.454	1.500	0.610	1.719	0.278	0	1.887	0.010	5.248	0.136
No proceeds	0	0	0	0	0.290	0	0	0	0	0	0	0	0
Redeem convertibles	0	0.020	0	0	0	0	0.818	0.087	0.360	0.642	0.547	1.807	0
Refinance	0	0.522	0	0.687	0.100	0.970	0.235	0.267	0.034	0.530	0.552	0.822	0
Multiple/Other/NA	0.524	3.897	0.395	3.824	0.095	2.597	0.307	0.625	0.524	0.656	2.817	5.796	1.702
Total	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.078	2	0.800	3	0.116	3	0.104	1	1.097	9	1.097	9	1.097	9	2.12%
Capex	0.593	3	0.275	2	0	0	0.310	3	1.178	8	1.178	8	1.178	8	2.28%
GCP	5.586	13	3.829	6	2.165	9	5.394	11	16.974	39	17.474	40	16.974	39	32.78%
No proceeds	0	0	0.290	1	0	0	0	0	0.290	1	0.290	1	0.290	1	0.56%
Redeem convertibles	0.020	1	0.818	1	1.090	4	2.354	5	4.281	11	4.281	11	4.281	11	8.27%
Refinance	1.209	4	1.305	5	0.831	6	1.374	8	4.718	23	4.718	23	4.718	23	9.11%
Multiple/Other/NA	8.116	16	2.999	12	1.806	9	10.315	19	23.235	56	23.759	57	23.235	56	44.88%
Total	15.601	39	10.316	30	6.008	31	19.849	47	51.774	147	52.798	149	51.774	147	100.00%
Industry Sector (by SIC code)
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Agriculture (0xxx)	0	0	0	0	0	0.462	0	0	0	0	0	0	0
Mining (1xxx)	0	0.133	0.462	0.034	0.290	0.134	0	0	0	0.160	0	0	0
Oil and gas (13xx)	0	1.702	0	0.200	0.100	0.541	0	0	0	0	0.108	0.150	0
Construction (15xx)	0	0.696	0	0.386	0	0	0	0	0	0	0.141	0.905	0
Manufacturing (2xxx, 3xxx)	0	0	0.079	0	0	1.149	2.506	0.189	0.650	0.790	0.305	0.272	0.768
Pharmaceuticals (2834-6)	0	0	0	0.340	0	0	0	0	0	0.120	0	0	0
Transportation (4xxx)	0.524	0	0.184	0.707	0	0.624	0	0	0	0.505	0.329	0.135	0
Communications (48xx)	0	0	0	0.390	0	0	0	0	0	0	0	1.738	0.136
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0.110	0	0.982	0	0
Wholesale (5xxx)	0	0.303	0	0	0	0	0	0.087	0	0.656	0	0	0.634
Finance, insurance, real estate (6xxx)	0.500	4.248	1.809	3.928	1.843	1.847	0.574	0.419	0.051	1.485	1.086	9.305	0.300
Services (7xxx)	0	0	0	0	0.200	0	0	0.368	0.107	0	0.783	0	0
Health services (8xxx)	0	0	0	0	0.045	0	0	0.285	0	0.024	0.547	0.005	0
Sovereign (8888)	0	0	0	0	0	0	0	0	0	0	0	1.222	0
Total	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0.462	1	0	0	0	0	0.462	1	0.462	1	0.462	1	0.89%
Mining (1xxx)	0.628	6	0.424	2	0.160	1	0	0	1.213	9	1.213	9	1.213	9	2.34%
Oil and gas (13xx)	1.902	3	0.641	4	0	0	0.258	3	2.801	10	2.801	10	2.801	10	5.41%
Construction (15xx)	1.082	3	0	0	0	0	1.046	4	2.128	7	2.128	7	2.128	7	4.11%
Manufacturing (2xxx, 3xxx)	0.079	1	3.655	6	1.629	8	1.345	7	6.708	22	6.708	22	6.708	22	12.96%
Pharmaceuticals (2834-6)	0.340	2	0	0	0.120	1	0	0	0.460	3	0.460	3	0.460	3	0.89%
Transportation (4xxx)	0.891	2	0.624	2	0.505	1	0.464	4	2.483	9	3.007	10	2.483	9	4.80%
Communications (48xx)	0.390	1	0	0	0	0	1.874	2	2.264	3	2.264	3	2.264	3	4.37%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.110	1	0.982	1	1.092	2	1.092	2	1.092	2	2.11%
Wholesale (5xxx)	0.303	1	0	0	0.744	3	0.634	2	1.681	6	1.681	6	1.681	6	3.25%
Finance, insurance, real estate (6xxx)	9.986	20	4.264	13	1.955	10	10.690	18	26.895	61	27.395	62	26.895	61	51.95%
Services (7xxx)	0	0	0.200	1	0.476	3	0.783	3	1.459	7	1.459	7	1.459	7	2.82%
Health services (8xxx)	0	0	0.045	1	0.310	3	0.551	2	0.906	6	0.906	6	0.906	6	1.75%
Sovereign (8888)	0	0	0	0	0	0	1.222	1	1.222	1	1.222	1	1.222	1	2.36%
Total	15.601	39	10.316	30	6.008	31	19.849	47	51.774	147	52.798	149	51.774	147	100.00%
Currency
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
$	0.500	0.690	0.200	0.540	1.920	0.803	0	0.130	0.760	0.320	0.250	0.285	0.300
A$	0	0	1.366	0	0	0	0	0	0	0	0	1.612	0
C$	0	0.055	0.276	0.097	0.294	0.089	0.086	0.373	0.051	0.024	0.316	0.282	0
CHF	0	0	0	0	0	0.227	0	0	0	0	0	0.547	0
DKK	0	0	0	0	0	0	0	0	0	0	0.010	0	0
HK$	0	0.636	0	0	0	0.700	0	0.275	0	0.030	0	0.500	0
KRW	0	0.303	0	0	0	0	0	0	0	0	0	0	0
NT$	0	0	0	0	0	0	0	0	0	0	0.105	0	0
RMB	0	0	0	3.219	0	0.134	0	0	0	0	0	4.428	0
S$	0	0	0.227	0	0	0.517	0	0	0	0.642	0.482	0	0
SEK	0	0	0	0	0	0	0	0.011	0	0	0	0	0
Y	0	0	0	0	0.200	0	0	0	0	0.505	0.256	0	1.402
ZAR	0	0	0.202	0	0	0	0	0	0	0	0	0	0
€	0.524	5.399	0.262	2.129	0.065	2.288	2.993	0.333	0.107	1.834	2.715	5.677	0.136
£	0	0	0	0	0	0	0	0.227	0	0.384	0.145	0.402	0
Total	1.024	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	1.430	7	2.723	7	1.210	7	0.835	6	6.198	27	6.698	28	6.198	27	11.97%
A$	1.366	1	0	0	0	0	1.612	1	2.978	2	2.978	2	2.978	2	5.75%
C$	0.429	10	0.469	6	0.448	7	0.598	9	1.944	32	1.944	32	1.944	32	3.75%
CHF	0	0	0.227	1	0	0	0.547	1	0.774	2	0.774	2	0.774	2	1.50%
DKK	0	0	0	0	0	0	0.010	1	0.010	1	0.010	1	0.010	1	0.02%
HK$	0.636	2	0.700	1	0.305	3	0.500	1	2.140	7	2.140	7	2.140	7	4.13%
KRW	0.303	1	0	0	0	0	0	0	0.303	1	0.303	1	0.303	1	0.59%
NT$	0	0	0	0	0	0	0.105	1	0.105	1	0.105	1	0.105	1	0.20%
RMB	3.219	1	0.134	1	0	0	4.428	2	7.780	4	7.780	4	7.780	4	15.03%
S$	0.227	1	0.517	1	0.642	1	0.482	1	1.868	4	1.868	4	1.868	4	3.61%
SEK	0	0	0	0	0.011	1	0	0	0.011	1	0.011	1	0.011	1	0.02%
Y	0	0	0.200	1	0.505	1	1.658	5	2.364	7	2.364	7	2.364	7	4.57%
ZAR	0.202	1	0	0	0	0	0	0	0.202	1	0.202	1	0.202	1	0.39%
€	7.790	15	5.346	12	2.275	8	8.528	17	23.938	52	24.462	53	23.938	52	46.24%
£	0	0	0	0	0.611	3	0.547	2	1.158	5	1.158	5	1.158	5	2.24%
Total	15.601	39	10.316	30	6.008	31	19.849	47	51.774	147	52.798	149	51.774	147	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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