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

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

Coupon

	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
0%	0	0	0.200	0.920	0	0.100	0.650	0.505	0.768	1.139	1.702	1.793	0.162
0.01%-0.99%	0	3.542	0	0.361	0	0	0	0.579	0.339	5.070	0.136	0.290	0.800
1%-1.99%	0.427	0.390	0	1.606	0	0.582	0	1.411	0.339	0.902	0	0.238	0.206
2%-2.99%	0.079	1.007	0	0.462	0.357	0	0	0.200	1.494	0.335	0	0.200	0.167
3%-3.99%	0	0.066	0	0.452	0	0.175	0	0.724	0	1.671	0	0.742	0.402
4%-4.99%	0.116	0.643	0.045	0	0.948	0	0	0.160	0.584	0.983	0	0.548	0
5%-5.99%	0.303	0	0.603	0	1.719	0.073	0.034	0	0.082	0.277	0	0	0.067
6%-6.99%	0.184	0.063	0.100	0.419	0	0.300	0.110	0.161	0.191	1.738	0	0.150	0.058
7%-7.99%	0	0.200	0.030	0.535	0	0	0.017	0	0	0.005	0	0	0
8% and higher	0.060	0.034	1.500	0.003	0.055	0.089	0	0	0	0	0	0.039	0
Floater	1.366	0	0	0	0	0.030	0	0	0	1.612	0	0	0
NA	0	0.040	0	0	0	0	0.107	0	0.482	0	0	0	0.024
Total	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.886
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	1.120	3	1.255	4	3.609	13	1.955	4	1.955	4	7.939	24	7.939	24	33.22%
0.01%-0.99%	0.361	2	0.579	1	5.545	4	1.090	2	1.090	2	11.117	11	11.117	11	18.52%
1%-1.99%	1.606	4	1.993	7	1.241	3	0.445	2	0.445	2	6.101	19	5.675	17	7.56%
2%-2.99%	0.819	3	0.200	1	1.829	4	0.367	2	0.367	2	4.301	13	4.222	12	6.24%
3%-3.99%	0.452	1	0.899	4	1.671	4	1.144	5	1.144	5	4.231	15	4.231	15	19.44%
4%-4.99%	0.994	3	0.160	1	1.567	6	0.548	1	0.548	1	4.028	15	3.912	13	9.31%
5%-5.99%	2.322	5	0.107	2	0.359	5	0.067	1	0.067	1	3.158	15	2.855	13	1.14%
6%-6.99%	0.519	4	0.571	6	1.929	5	0.208	3	0.208	3	3.474	21	3.290	20	3.53%
7%-7.99%	0.565	2	0.017	1	0.005	1	0	0	0	0	0.787	5	0.787	5	0.00%
8% and higher	1.558	3	0.089	2	0	0	0.039	1	0.039	1	1.779	9	1.719	7	0.66%
Floater	0	0	0.030	1	1.612	1	0	0	0	0	3.008	3	1.642	2	0.00%
NA	0	0	0.107	1	0.482	1	0.024	1	0.024	1	0.653	4	0.653	4	0.41%
Total	10.316	30	6.008	31	19.849	47	5.885	22	5.885	22	50.577	154	48.043	143	100.00%
Premium
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
19.99% and lower	0	0.324	0	0	0.105	0.200	0	0.030	0.482	0.019	0	0	0
20%-29.99%	0.272	0.586	0	0.354	0.414	0.643	0.110	0	0	2.345	0.136	0.550	0.511
30-39.99%	0.611	1.417	0.346	3.403	0.818	0.465	0.051	3.205	2.585	4.489	0	2.561	1.351
40% and higher	0.058	0	0.248	0.865	0.055	0.011	0	0	0.650	0.031	0	0.750	0
NA	1.593	3.658	1.885	0.135	1.688	0.030	0.757	0.505	0.561	6.848	1.702	0.139	0.024
Total	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.886
	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	0.105	1	0.230	3	0.502	2	0	0	0	0	1.161	7	1.161	7	0.00%
20%-29.99%	0.768	5	0.753	5	2.481	4	1.060	6	1.060	6	5.920	25	5.648	22	18.01%
30-39.99%	4.567	12	3.721	17	7.074	22	3.912	12	3.912	12	21.304	73	20.693	68	66.47%
40% and higher	1.168	4	0.011	1	0.681	3	0.750	1	0.750	1	2.669	10	2.611	9	12.74%
NA	3.708	8	1.292	5	9.112	16	0.162	3	0.162	3	19.524	39	17.931	37	2.75%
Total	10.316	30	6.008	31	19.849	47	5.885	22	5.885	22	50.577	154	48.043	143	100.00%
Upsized?
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Yes	1.550	0.463	0	0.465	0	0	0	1.148	1.972	1.612	0	0	0
No	0.984	5.481	2.479	4.292	3.080	1.338	0.918	2.593	2.308	12.121	1.838	4.000	1.886
Downsized	0	0.040	0	0	0	0.011	0	0	0	0	0	0	0
Total	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.886
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.465	1	1.148	2	3.583	5	0	0	0	0	7.209	13	5.659	11	0.00%
No	9.851	29	4.849	28	16.266	42	5.885	22	5.885	22	43.316	139	42.332	130	100.00%
Downsized	0	0	0.011	1	0	0	0	0	0	0	0.051	2	0.051	2	0.00%
Total	10.316	30	6.008	31	19.849	47	5.885	22	5.885	22	50.577	154	48.043	143	100.00%
Seniority
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
secured	0	0	0	0	0	0	0	0	0	0.005	0	0	0
senior	1.057	5.965	2.434	4.668	1.392	1.243	0.918	3.740	4.067	12.003	1.838	4.000	1.855
subordinated	0.110	0.019	0.045	0.089	1.688	0.107	0	0	0.212	0.112	0	0	0.031
preferred	1.366	0	0	0	0	0	0	0	0	0	0	0	0
preference	0	0	0	0	0	0	0	0	0	1.612	0	0	0
Total	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.886
	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	0.005	1.000	0	0	0	0	0.005	1.000	0.005	1.000	0.00%
senior	8.494	26	5.901	29	17.909	39	5.854	21	5.854	21	45.180	135	44.123	127	99.47%
subordinated	1.822	4	0.107	2	0.324	6	0.031	1	0.031	1	2.414	16	2.303	14	0.53%
preferred	0	0	0	0	0	0	0	0	0	0	1.366	1	0	0	0.00%
preference	0	0	0	0	1.612	1	0	0	0	0	1.612	1	1.612	1	0.00%
Total	10.316	30	6.008	31	19.849	47	5.885	22	5.885	22	50.577	154	48.043	143	100.00%
Mandatory
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Yes	0	0	0	0	1.688	0	0	0	0	4.149	0	0	0
No	2.534	5.985	2.479	4.757	1.392	1.350	0.918	3.740	4.279	9.584	1.838	4.000	1.886
Total	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.886
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.688	1	0	0	4.149	3	0	0	0	0	5.836	4	5.836	4	0.00%
No	8.628	29	6.008	31	15.701	44	5.885	22	5.885	22	44.740	150	42.207	139	100.00%
Total	10.316	30	6.008	31	19.849	47	5.885	22	5.885	22	50.577	154	48.043	143	100.00%
Greenshoe Exercised?
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Yes	0.587	0.419	0.045	0	0.904	0.518	0	1.232	0.503	0.754	0	0.789	0.186
No	1.947	5.565	2.434	4.757	2.175	0.832	0.918	2.508	3.776	12.978	1.838	3.211	1.699
Total	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.886
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.950	4	1.750	6	1.257	8	0.975	6	0.975	6	5.938	30	5.351	26	16.57%
No	9.366	26	4.258	25	18.592	39	4.910	16	4.910	16	44.639	124	42.692	117	83.43%
Total	10.316	30	6.008	31	19.849	47	5.885	22	5.885	22	50.577	154	48.043	143	100.00%
Versus Talk
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Richer	0	0	1.500	0	0	0.227	0	0	0	0	0	0	0
Rich end	0.402	0	0	1.198	0.818	0	0	1.209	2.521	4.647	0.136	0.643	0.687
Within	0	0.581	0	0	0.357	0	0	0.297	0.339	2.894	0	0.200	0.167
Cheap end	1.445	0.386	0.100	0	0.130	0.078	0	0.453	0	0.792	0	0.990	0.402
Cheaper	0	0.707	0	0	0	0	0	0	0	0	0	0	0
NA	0.687	4.311	0.879	3.559	1.774	1.044	0.918	1.781	1.419	5.399	1.702	2.167	0.630
Total	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.886
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	1.500	1	0.227	1	0	0	0	0	0	0	1.727	2	1.727	2	0.00%
Rich end	2.016	4	1.209	5	7.304	13	1.330	3	1.330	3	12.261	27	11.859	25	22.60%
Within	0.357	2	0.297	2	3.233	5	0.367	2	0.367	2	4.835	13	4.835	13	6.24%
Cheap end	0.230	2	0.531	2	0.792	2	1.391	4	1.391	4	4.775	13	3.330	11	23.64%
Cheaper	0	0	0	0	0	0	0	0	0	0	0.707	1	0.707	1	0.00%
NA	6.212	21	3.743	21	8.520	27	2.797	13	2.797	13	26.271	98	25.584	91	47.53%
Total	10.316	30	6.008	31	19.849	47	5.885	22	5.885	22	50.577	154	48.043	143	100.00%
Use of Proceeds
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Acquisition	0.058	0.019	0.294	0.506	0	0.092	0	0.024	0.104	0	0	0	0.024
Capex	0.050	0	0.200	0.074	0	0	0	0	0.250	0.060	0	0.200	0.067
GCP	2.031	1.454	1.500	0.610	1.719	0.278	0	1.887	0.010	5.248	0.136	2.028	1.195
No proceeds	0	0	0.290	0	0	0	0	0	0	0	0	0	0
Redeem convertibles	0	0	0	0	0.818	0.087	0.360	0.642	0.547	1.807	0	0.150	0.155
Refinance	0	0.687	0.100	0.970	0.235	0.267	0.034	0.530	0.552	0.822	0	0	0.413
Multiple/Other/NA	0.395	3.824	0.095	2.597	0.307	0.625	0.524	0.656	2.817	5.796	1.702	1.621	0.031
Total	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.886
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.800	3	0.116	3	0.104	1	0.024	1	0.024	1	1.121	10	1.063	9	0.41%
Capex	0.275	2	0	0	0.310	3	0.267	2	0.267	2	0.902	8	0.852	7	4.54%
GCP	3.829	6	2.165	9	5.394	11	3.224	9	3.224	9	18.097	44	16.066	39	54.78%
No proceeds	0.290	1	0	0	0	0	0	0	0	0	0.290	1	0.290	1	0.00%
Redeem convertibles	0.818	1	1.090	4	2.354	5	0.305	2	0.305	2	4.567	12	4.567	12	5.18%
Refinance	1.305	5	0.831	6	1.374	8	0.413	2	0.413	2	4.608	24	4.608	24	7.02%
Multiple/Other/NA	2.999	12	1.806	9	10.315	19	1.652	6	1.652	6	20.991	55	20.596	51	28.07%
Total	10.316	30	6.008	31	19.849	47	5.885	22	5.885	22	50.577	154	48.043	143	100.00%
Industry Sector (by SIC code)
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Agriculture (0xxx)	0	0	0	0.462	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0.462	0.034	0.290	0.134	0	0	0	0.160	0	0	0	0	0
Oil and gas (13xx)	0	0.200	0.100	0.541	0	0	0	0	0.108	0.150	0	0	0
Construction (15xx)	0	0.386	0	0	0	0	0	0	0.141	0.905	0	0.100	0
Manufacturing (2xxx, 3xxx)	0.079	0	0	1.149	2.506	0.189	0.650	0.790	0.305	0.272	0.768	1.042	0.024
Pharmaceuticals (2834-6)	0	0.340	0	0	0	0	0	0.120	0	0	0	0	0
Transportation (4xxx)	0.184	0.707	0	0.624	0	0	0	0.505	0.329	0.135	0	0.200	0.246
Communications (48xx)	0	0.390	0	0	0	0	0	0	0	1.738	0.136	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.110	0	0.982	0	0	0.793	0.548
Wholesale (5xxx)	0	0	0	0	0	0.087	0	0.656	0	0	0.634	0.838	0
Finance, insurance, real estate (6xxx)	1.809	3.928	1.843	1.847	0.574	0.419	0.051	1.485	1.086	9.305	0.300	0.750	0.912
Services (7xxx)	0	0	0.200	0	0	0.368	0.107	0	0.783	0	0	0.277	0.155
Health services (8xxx)	0	0	0.045	0	0	0.285	0	0.024	0.547	0.005	0	0	0
Sovereign (8888)	0	0	0	0	0	0	0	0	0	1.222	0	0	0
Total	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.886
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.462	1	0	0	0	0	0	0	0	0	0.462	1	0.462	1	0.00%
Mining (1xxx)	0.424	2	0.160	1	0	0	0	0	0	0	1.080	8	0.618	4	0.00%
Oil and gas (13xx)	0.641	4	0	0	0.258	3	0	0	0	0	1.099	8	1.099	8	0.00%
Construction (15xx)	0	0	0	0	1.046	4	0.100	1	0.100	1	1.532	6	1.532	6	1.70%
Manufacturing (2xxx, 3xxx)	3.655	6	1.629	8	1.345	7	1.065	4	1.065	4	7.773	26	7.695	25	18.10%
Pharmaceuticals (2834-6)	0	0	0.120	1	0	0	0	0	0	0	0.460	3	0.460	3	0.00%
Transportation (4xxx)	0.624	2	0.505	1	0.464	4	0.446	2	0.446	2	2.929	11	2.745	10	7.58%
Communications (48xx)	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	0.110	1	0.982	1	1.341	4	1.341	4	2.433	6	2.433	6	22.79%
Wholesale (5xxx)	0	0	0.744	3	0.634	2	0.838	2	0.838	2	2.216	7	2.216	7	14.24%
Finance, insurance, real estate (6xxx)	4.264	13	1.955	10	10.690	18	1.662	6	1.662	6	24.309	58	22.500	53	28.24%
Services (7xxx)	0.200	1	0.476	3	0.783	3	0.432	3	0.432	3	1.891	10	1.891	10	7.34%
Health services (8xxx)	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	1.222	1	0	0	0	0	1.222	1	1.222	1	0.00%
Total	10.316	30	6.008	31	19.849	47	5.885	22	5.885	22	50.577	154	48.043	143	100.00%
Currency
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
$	0.200	0.540	1.920	0.803	0	0.130	0.760	0.320	0.250	0.285	0.300	1.690	0
A$	1.366	0	0	0	0	0	0	0	0	1.612	0	0	0
C$	0.276	0.097	0.294	0.089	0.086	0.373	0.051	0.024	0.316	0.282	0	0	0.126
CHF	0	0	0	0.227	0	0	0	0	0	0.547	0	0	0
DKK	0	0	0	0	0	0	0	0	0.010	0	0	0	0
HK$	0	0	0	0.700	0	0.275	0	0.030	0	0.500	0	0.400	0
NT$	0	0	0	0	0	0	0	0	0.105	0	0	0	0
RMB	0	3.219	0	0.134	0	0	0	0	0	4.428	0	0	0
S$	0.227	0	0	0.517	0	0	0	0.642	0.482	0	0	0	0
SEK	0	0	0	0	0	0.011	0	0	0	0	0	0	0.246
Y	0	0	0.200	0	0	0	0	0.505	0.256	0	1.402	0	0
ZAR	0.202	0	0	0	0	0	0	0	0	0	0	0	0
€	0.262	2.129	0.065	2.288	2.993	0.333	0.107	1.834	2.715	5.677	0.136	1.909	1.347
£	0	0	0	0	0	0.227	0	0.384	0.145	0.402	0	0	0.167
Total	2.534	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.886
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	2.723	7	1.210	7	0.835	6	1.690	6	1.690	6	7.198	30	6.998	29	28.72%
A$	0	0	0	0	1.612	1	0	0	0	0	2.978	2	1.612	1	0.00%
C$	0.469	6	0.448	7	0.598	9	0.126	3	0.126	3	2.014	33	1.737	28	2.14%
CHF	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	0.010	1	0	0	0	0	0.010	1	0.010	1	0.00%
HK$	0.700	1	0.305	3	0.500	1	0.400	1	0.400	1	1.905	6	1.905	6	6.80%
NT$	0	0	0	0	0.105	1	0	0	0	0	0.105	1	0.105	1	0.00%
RMB	0.134	1	0	0	4.428	2	0	0	0	0	7.780	4	7.780	4	0.00%
S$	0.517	1	0.642	1	0.482	1	0	0	0	0	1.868	4	1.642	3	0.00%
SEK	0	0	0.011	1	0	0	0.246	1	0.246	1	0.257	2	0.257	2	4.18%
Y	0.200	1	0.505	1	1.658	5	0	0	0	0	2.364	7	2.364	7	0.00%
ZAR	0	0	0	0	0	0	0	0	0	0	0.202	1	0	0	0.00%
€	5.346	12	2.275	8	8.528	17	3.256	10	3.256	10	21.796	55	21.534	53	55.33%
£	0	0	0.611	3	0.547	2	0.167	1	0.167	1	1.325	6	1.325	6	2.84%
Total	10.316	30	6.008	31	19.849	47	5.885	22	5.885	22	50.577	154	48.043	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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