Analysis of non-U.S. market convertibles issuance for 13 months through January 2014

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

Coupon

	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
0%	1.457	0	0	0.200	0.920	0	0.100	0.650	0.505	0.768	1.139	1.702	0.290
0.01%-0.99%	1.662	0	3.542	0	0.361	0	0	0	0.579	0.339	5.070	0.136	1.716
1%-1.99%	1.338	0.427	0.390	0	1.606	0	0.582	0	1.411	0.339	0.902	0	0.238
2%-2.99%	0	0.079	1.007	0	0.462	0.357	0	0	0.200	1.494	0.335	0	0.200
3%-3.99%	0.229	0	0.066	0	0.452	0	0.175	0	0.724	0	1.671	0	0.742
4%-4.99%	0.174	0.116	0.643	0.045	0	0.948	0	0	0.160	0.584	0.983	0	0.548
5%-5.99%	0.167	0.303	0	0.603	0	1.719	0.073	0.034	0	0.082	0.277	0	0
6%-6.99%	0.542	0.184	0.063	0.100	0.419	0	0.300	0.110	0.161	0.191	1.738	0	0.150
7%-7.99%	0.168	0	0.200	0.030	0.535	0	0	0.017	0	0	0.005	0	0
8% and higher	1.346	0.060	0.034	1.500	0.003	0.055	0.089	0	0	0	0	0	0
Floater	0	1.366	0	0	0	0	0.030	0	0	0	1.612	0	0
NA	0	0	0.040	0	0	0	0	0.107	0	0.482	0	0	0
Total	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	3.883
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	1.457	4	1.120	3	1.255	4	3.609	13	2.006	1	0.290	1	7.731	25	6.274	24	7.47%
0.01%-0.99%	5.204	3	0.361	2	0.579	1	5.545	4	2.006	3	1.716	3	13.405	13	11.743	9	44.19%
1%-1.99%	2.155	4	1.606	4	1.993	7	1.241	3	0.238	1	0.238	1	7.233	19	5.895	18	6.13%
2%-2.99%	1.085	3	0.819	3	0.200	1	1.829	4	0.200	1	0.200	1	4.134	12	4.134	12	5.15%
3%-3.99%	0.295	2	0.452	1	0.899	4	1.671	4	0.742	3	0.742	3	4.059	14	3.830	13	19.11%
4%-4.99%	0.933	5	0.994	3	0.160	1	1.567	6	0.548	1	0.548	1	4.202	16	4.028	15	14.11%
5%-5.99%	0.470	3	2.322	5	0.107	2	0.359	5	0	0	0	0	3.258	15	3.091	14	0.00%
6%-6.99%	0.789	5	0.519	4	0.571	6	1.929	5	0.150	1	0.150	1	3.958	21	3.416	19	3.86%
7%-7.99%	0.368	3	0.565	2	0.017	1	0.005	1	0	0	0	0	0.955	7	0.787	5	0.00%
8% and higher	1.439	5	1.558	3	0.089	2	0	0	0	0	0	0	3.086	10	1.740	8	0.00%
Floater	1.366	1	0	0	0.030	1	1.612	1	0	0	0	0	3.008	3	3.008	3	0.00%
NA	0.040	1	0	0	0.107	1	0.482	1	0	0	0	0	0.629	3	0.629	3	0.00%
Total	15.601	39	10.316	30	6.008	31	19.849	47	3.883	11	3.883	11	55.658	158	48.575	143	100.00%
Premium
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
19.99% and lower	0	0	0.324	0	0	0.105	0.200	0	0.030	0.482	0.019	0	0
20%-29.99%	3.861	0.272	0.586	0	0.354	0.414	0.643	0.110	0	0	2.345	0.136	0.472
30-39.99%	1.633	0.611	1.417	0.346	3.403	0.818	0.465	0.051	3.205	2.585	4.489	0	2.561
40% and higher	0	0.058	0	0.248	0.865	0.055	0.011	0	0	0.650	0.031	0	0.750
NA	1.588	1.593	3.658	1.885	0.135	1.688	0.030	0.757	0.505	0.561	6.848	1.702	0.100
Total	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	3.883
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	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	0	0	0	0	1.161	7	1.161	7	0.00%
20%-29.99%	4.720	10	0.768	5	0.753	5	2.481	4	0.472	2	0.472	2	9.194	26	5.332	21	12.16%
30-39.99%	3.661	17	4.567	12	3.721	17	7.074	22	2.561	7	2.561	7	21.585	75	19.952	68	65.95%
40% and higher	0.058	1	1.168	4	0.011	1	0.681	3	0.750	1	0.750	1	2.669	10	2.669	10	19.31%
NA	6.839	10	3.708	8	1.292	5	9.112	16	0.100	1	0.100	1	21.050	40	19.462	37	2.58%
Total	15.601	39	10.316	30	6.008	31	19.849	47	3.883	11	3.883	11	55.658	158	48.575	143	100.00%
Upsized?
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Yes	0.522	1.550	0.463	0	0.465	0	0	0	1.148	1.972	1.612	0	0
No	6.561	0.984	5.481	2.479	4.292	3.080	1.338	0.918	2.593	2.308	12.121	1.838	3.883
Downsized	0	0	0.040	0	0	0	0.011	0	0	0	0	0	0
Total	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	3.883
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.535	6	0.465	1	1.148	2	3.583	5	0	0	0	0	7.731	14	7.209	13	0.00%
No	13.026	32	9.851	29	4.849	28	16.266	42	3.883	11	3.883	11	47.875	142	41.315	128	100.00%
Downsized	0.040	1	0	0	0.011	1	0	0	0	0	0	0	0.051	2	0.051	2	0.00%
Total	15.601	39	10.316	30	6.008	31	19.849	47	3.883	11	3.883	11	55.658	158	48.575	143	100.00%
Seniority
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
secured	0	0	0	0	0	0	0	0	0	0	0.005	0	0
senior	7.028	1.057	5.965	2.434	4.668	1.392	1.243	0.918	3.740	4.067	12.003	1.838	3.883
subordinated	0.055	0.110	0.019	0.045	0.089	1.688	0.107	0	0	0.212	0.112	0	0
preferred	0	1.366	0	0	0	0	0	0	0	0	0	0	0
preference	0	0	0	0	0	0	0	0	0	0	1.612	0	0
Total	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	3.883
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
secured	0	0	0	0	0	0	0.005	1.000	0	0	0	0	0.005	1.000	0.005	1.000	0.00%
senior	14.050	33	8.494	26	5.901	29	17.909	39	3.883	11	3.883	11	50.237	138	43.210	125	100.00%
subordinated	0.185	5	1.822	4	0.107	2	0.324	6	0	0	0	0	2.438	17	2.383	15	0.00%
preferred	1.366	1	0	0	0	0	0	0	0	0	0	0	1.366	1	1.366	1	0.00%
preference	0	0	0	0	0	0	1.612	1	0	0	0	0	1.612	1	1.612	1	0.00%
Total	15.601	39	10.316	30	6.008	31	19.849	47	3.883	11	3.883	11	55.658	158	48.575	143	100.00%
Mandatory
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Yes	0	0	0	0	0	1.688	0	0	0	0	4.149	0	0
No	7.083	2.534	5.985	2.479	4.757	1.392	1.350	0.918	3.740	4.279	9.584	1.838	3.883
Total	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	3.883
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	1.688	1	0	0	4.149	3	0	0	0	0	5.836	4	5.836	4	0.00%
No	15.601	39	8.628	29	6.008	31	15.701	44	3.883	11	3.883	11	49.822	154	42.739	139	100.00%
Total	15.601	39	10.316	30	6.008	31	19.849	47	3.883	11	3.883	11	55.658	158	48.575	143	100.00%
Greenshoe Exercised?
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Yes	0.438	0.587	0.419	0.045	0	0.904	0.518	0	1.232	0.503	0.754	0	0.350
No	6.645	1.947	5.565	2.434	4.757	2.175	0.832	0.918	2.508	3.776	12.978	1.838	3.533
Total	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	3.883
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.445	9	0.950	4	1.750	6	1.257	8	0.350	2	0.350	2	5.751	29	5.313	26	9.01%
No	14.157	30	9.366	26	4.258	25	18.592	39	3.533	9	3.533	9	49.907	129	43.262	117	90.99%
Total	15.601	39	10.316	30	6.008	31	19.849	47	3.883	11	3.883	11	55.658	158	48.575	143	100.00%
Versus Talk
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Richer	0	0	0	1.500	0	0	0.227	0	0	0	0	0	0
Rich end	0.751	0.402	0	0	1.198	0.818	0	0	1.209	2.521	4.647	0.136	0.643
Within	0.341	0	0.581	0	0	0.357	0	0	0.297	0.339	2.894	0	0.200
Cheap end	1.662	1.445	0.386	0.100	0	0.130	0.078	0	0.453	0	0.792	0	0.990
Cheaper	1.338	0	0.707	0	0	0	0	0	0	0	0	0	0
NA	2.990	0.687	4.311	0.879	3.559	1.774	1.044	0.918	1.781	1.419	5.399	1.702	2.051
Total	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	3.883
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	1.500	1	0.227	1	0	0	0	0	0	0	1.727	2	1.727	2	0.00%
Rich end	1.154	4	2.016	4	1.209	5	7.304	13	0.643	1	0.643	1	12.326	27	11.574	25	16.56%
Within	0.922	4	0.357	2	0.297	2	3.233	5	0.200	1	0.200	1	5.010	14	4.669	12	5.15%
Cheap end	3.493	4	0.230	2	0.531	2	0.792	2	0.990	2	0.990	2	6.036	12	4.373	11	25.50%
Cheaper	2.045	2	0	0	0	0	0	0	0	0	0	0	2.045	2	0.707	1	0.00%
NA	7.988	25	6.212	21	3.743	21	8.520	27	2.051	7	2.051	7	28.515	101	25.525	92	52.82%
Total	15.601	39	10.316	30	6.008	31	19.849	47	3.883	11	3.883	11	55.658	158	48.575	143	100.00%
Use of Proceeds
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Acquisition	0	0.058	0.019	0.294	0.506	0	0.092	0	0.024	0.104	0	0	0
Capex	0.543	0.050	0	0.200	0.074	0	0	0	0	0.250	0.060	0	0.200
GCP	2.101	2.031	1.454	1.500	0.610	1.719	0.278	0	1.887	0.010	5.248	0.136	1.951
No proceeds	0	0	0	0.290	0	0	0	0	0	0	0	0	0
Redeem convertibles	0.020	0	0	0	0	0.818	0.087	0.360	0.642	0.547	1.807	0	0.150
Refinance	0.522	0	0.687	0.100	0.970	0.235	0.267	0.034	0.530	0.552	0.822	0	0
Multiple/Other/NA	3.897	0.395	3.824	0.095	2.597	0.307	0.625	0.524	0.656	2.817	5.796	1.702	1.582
Total	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	3.883
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.078	2	0.800	3	0.116	3	0.104	1	0	0	0	0	1.097	9	1.097	9	0.00%
Capex	0.593	3	0.275	2	0	0	0.310	3	0.200	1	0.200	1	1.378	9	0.835	7	5.15%
GCP	5.586	13	3.829	6	2.165	9	5.394	11	1.951	5	1.951	5	18.925	44	16.824	40	50.24%
No proceeds	0	0	0.290	1	0	0	0	0	0	0	0	0	0.290	1	0.290	1	0.00%
Redeem convertibles	0.020	1	0.818	1	1.090	4	2.354	5	0.150	1	0.150	1	4.431	12	4.411	11	3.86%
Refinance	1.209	4	1.305	5	0.831	6	1.374	8	0	0	0	0	4.718	23	4.196	22	0.00%
Multiple/Other/NA	8.116	16	2.999	12	1.806	9	10.315	19	1.582	4	1.582	4	24.818	60	20.921	53	40.74%
Total	15.601	39	10.316	30	6.008	31	19.849	47	3.883	11	3.883	11	55.658	158	48.575	143	100.00%
Industry Sector (by SIC code)
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Agriculture (0xxx)	0	0	0	0	0.462	0	0	0	0	0	0	0	0
Mining (1xxx)	0.133	0.462	0.034	0.290	0.134	0	0	0	0.160	0	0	0	0
Oil and gas (13xx)	1.702	0	0.200	0.100	0.541	0	0	0	0	0.108	0.150	0	0
Construction (15xx)	0.696	0	0.386	0	0	0	0	0	0	0.141	0.905	0	0.100
Manufacturing (2xxx, 3xxx)	0	0.079	0	0	1.149	2.506	0.189	0.650	0.790	0.305	0.272	0.768	0.964
Pharmaceuticals (2834-6)	0	0	0.340	0	0	0	0	0	0.120	0	0	0	0
Transportation (4xxx)	0	0.184	0.707	0	0.624	0	0	0	0.505	0.329	0.135	0	0.200
Communications (48xx)	0	0	0.390	0	0	0	0	0	0	0	1.738	0.136	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0.110	0	0.982	0	0	0.793
Wholesale (5xxx)	0.303	0	0	0	0	0	0.087	0	0.656	0	0	0.634	0.838
Finance, insurance, real estate (6xxx)	4.248	1.809	3.928	1.843	1.847	0.574	0.419	0.051	1.485	1.086	9.305	0.300	0.750
Services (7xxx)	0	0	0	0.200	0	0	0.368	0.107	0	0.783	0	0	0.238
Health services (8xxx)	0	0	0	0.045	0	0	0.285	0	0.024	0.547	0.005	0	0
Sovereign (8888)	0	0	0	0	0	0	0	0	0	0	1.222	0	0
Total	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	3.883
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0.462	1	0	0	0	0	0	0	0	0	0.462	1	0.462	1	0.00%
Mining (1xxx)	0.628	6	0.424	2	0.160	1	0	0	0	0	0	0	1.213	9	1.080	8	0.00%
Oil and gas (13xx)	1.902	3	0.641	4	0	0	0.258	3	0	0	0	0	2.801	10	1.099	8	0.00%
Construction (15xx)	1.082	3	0	0	0	0	1.046	4	0.100	1	0.100	1	2.228	8	1.532	6	2.58%
Manufacturing (2xxx, 3xxx)	0.079	1	3.655	6	1.629	8	1.345	7	0.964	3	0.964	3	7.672	25	7.672	25	24.83%
Pharmaceuticals (2834-6)	0.340	2	0	0	0.120	1	0	0	0	0	0	0	0.460	3	0.460	3	0.00%
Transportation (4xxx)	0.891	2	0.624	2	0.505	1	0.464	4	0.200	1	0.200	1	2.683	10	2.683	10	5.15%
Communications (48xx)	0.390	1	0	0	0	0	1.874	2	0	0	0	0	2.264	3	2.264	3	0.00%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.110	1	0.982	1	0.793	2	0.793	2	1.885	4	1.885	4	20.42%
Wholesale (5xxx)	0.303	1	0	0	0.744	3	0.634	2	0.838	2	0.838	2	2.519	8	2.216	7	21.58%
Finance, insurance, real estate (6xxx)	9.986	20	4.264	13	1.955	10	10.690	18	0.750	1	0.750	1	27.645	62	23.397	53	19.31%
Services (7xxx)	0	0	0.200	1	0.476	3	0.783	3	0.238	1	0.238	1	1.697	8	1.697	8	6.13%
Health services (8xxx)	0	0	0.045	1	0.310	3	0.551	2	0	0	0	0	0.906	6	0.906	6	0.00%
Sovereign (8888)	0	0	0	0	0	0	1.222	1	0	0	0	0	1.222	1	1.222	1	0.00%
Total	15.601	39	10.316	30	6.008	31	19.849	47	3.883	11	3.883	11	55.658	158	48.575	143	100.00%
Currency
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
$	0.690	0.200	0.540	1.920	0.803	0	0.130	0.760	0.320	0.250	0.285	0.300	1.690
A$	0	1.366	0	0	0	0	0	0	0	0	1.612	0	0
C$	0.055	0.276	0.097	0.294	0.089	0.086	0.373	0.051	0.024	0.316	0.282	0	0
CHF	0	0	0	0	0.227	0	0	0	0	0	0.547	0	0
DKK	0	0	0	0	0	0	0	0	0	0.010	0	0	0
HK$	0.636	0	0	0	0.700	0	0.275	0	0.030	0	0.500	0	0.322
KRW	0.303	0	0	0	0	0	0	0	0	0	0	0	0
NT$	0	0	0	0	0	0	0	0	0	0.105	0	0	0
RMB	0	0	3.219	0	0.134	0	0	0	0	0	4.428	0	0
S$	0	0.227	0	0	0.517	0	0	0	0.642	0.482	0	0	0
SEK	0	0	0	0	0	0	0.011	0	0	0	0	0	0
Y	0	0	0	0.200	0	0	0	0	0.505	0.256	0	1.402	0
ZAR	0	0.202	0	0	0	0	0	0	0	0	0	0	0
€	5.399	0.262	2.129	0.065	2.288	2.993	0.333	0.107	1.834	2.715	5.677	0.136	1.871
£	0	0	0	0	0	0	0.227	0	0.384	0.145	0.402	0	0
Total	7.083	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	3.883
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	1.430	7	2.723	7	1.210	7	0.835	6	1.690	6	1.690	6	7.888	33	7.198	30	43.52%
A$	1.366	1	0	0	0	0	1.612	1	0	0	0	0	2.978	2	2.978	2	0.00%
C$	0.429	10	0.469	6	0.448	7	0.598	9	0	0	0	0	1.944	32	1.888	30	0.00%
CHF	0	0	0.227	1	0	0	0.547	1	0	0	0	0	0.774	2	0.774	2	0.00%
DKK	0	0	0	0	0	0	0.010	1	0	0	0	0	0.010	1	0.010	1	0.00%
HK$	0.636	2	0.700	1	0.305	3	0.500	1	0.322	1	0.322	1	2.463	8	1.827	6	8.29%
KRW	0.303	1	0	0	0	0	0	0	0	0	0	0	0.303	1	0	0	0.00%
NT$	0	0	0	0	0	0	0.105	1	0	0	0	0	0.105	1	0.105	1	0.00%
RMB	3.219	1	0.134	1	0	0	4.428	2	0	0	0	0	7.780	4	7.780	4	0.00%
S$	0.227	1	0.517	1	0.642	1	0.482	1	0	0	0	0	1.868	4	1.868	4	0.00%
SEK	0	0	0	0	0.011	1	0	0	0	0	0	0	0.011	1	0.011	1	0.00%
Y	0	0	0.200	1	0.505	1	1.658	5	0	0	0	0	2.364	7	2.364	7	0.00%
ZAR	0.202	1	0	0	0	0	0	0	0	0	0	0	0.202	1	0.202	1	0.00%
€	7.790	15	5.346	12	2.275	8	8.528	17	1.871	4	1.871	4	25.809	56	20.411	49	48.18%
£	0	0	0	0	0.611	3	0.547	2	0	0	0	0	1.158	5	1.158	5	0.00%
Total	15.601	39	10.316	30	6.008	31	19.849	47	3.883	11	3.883	11	55.658	158	48.575	143	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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