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

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

Coupon

	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
0%	0.920	0	0.100	0.650	0.505	0.768	1.139	1.702	1.793	0.162	1.178	1.587	0.677
0.01%-0.99%	0.361	0	0	0	0.579	0.339	5.070	0.136	0.290	0.800	0.687	0.451	0.503
1%-1.99%	1.606	0	0.582	0	1.411	0.339	0.902	0	0.238	0.206	0.764	0.451	1.064
2%-2.99%	0.462	0.357	0	0	0.200	1.494	0.335	0	0.200	0.167	0.309	0	0.137
3%-3.99%	0.452	0	0.175	0	0.724	0	1.671	0	0.742	0.402	0	0	0
4%-4.99%	0	0.948	0	0	0.160	0.584	0.983	0	0.548	0	0	0.727	0.155
5%-5.99%	0	1.719	0.073	0.034	0	0.082	0.277	0	0	0.071	0	0.204	0.074
6%-6.99%	0.419	0	0.300	0.110	0.161	0.191	1.738	0	0.150	0.058	0	0	1.616
7%-7.99%	0.535	0	0	0.017	0	0	0.005	0	0	0	0	0	0.011
8% and higher	0.003	0.055	0.089	0	0	0	0	0	0.039	0	0.010	0	1.973
Floater	0	0	0.030	0	0	0	1.612	0	0	0	0	0.370	0
NA	0	0	0	0.107	0	0.482	0	0	0	0.024	0	0.002	0
Total	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	2.948	3.792	6.209
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	1.255	4	3.609	13	3.133	8	2.264	5	5.397	13	11.181	32	10.261	30	28.65%
0.01%-0.99%	0.579	1	5.545	4	1.777	4	0.954	3	2.731	7	9.216	14	8.855	12	14.50%
1%-1.99%	1.993	7	1.241	3	1.209	4	1.515	5	2.724	9	7.564	23	5.958	19	14.46%
2%-2.99%	0.200	1	1.829	4	0.676	3	0.137	1	0.813	4	3.662	12	3.200	11	4.32%
3%-3.99%	0.899	4	1.671	4	1.144	5	0	0	1.144	5	4.166	14	3.713	13	6.07%
4%-4.99%	0.160	1	1.567	6	0.548	1	0.882	5	1.430	6	4.105	15	4.105	15	7.59%
5%-5.99%	0.107	2	0.359	5	0.071	1	0.278	6	0.349	7	2.533	16	2.533	16	1.85%
6%-6.99%	0.571	6	1.929	5	0.208	3	1.616	2	1.824	5	4.743	19	4.324	16	9.68%
7%-7.99%	0.017	1	0.005	1	0	0	0.011	1	0.011	1	0.568	4	0.033	3	0.06%
8% and higher	0.089	2	0	0	0.049	2	1.973	1	2.022	3	2.169	7	2.166	6	10.73%
Floater	0.030	1	1.612	1	0	0	0.370	1	0.370	1	2.011	3	2.011	3	1.96%
NA	0.107	1	0.482	1	0.024	1	0.002	1	0.025	2	0.615	4	0.615	4	0.13%
Total	6.008	31	19.849	47	8.836	32	10.001	31	18.837	63	52.531	163	47.774	148	100.00%
Premium
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
19.99% and lower	0	0.105	0.200	0	0.030	0.482	0.019	0	0	0	0	0.053	0.157
20%-29.99%	0.354	0.414	0.643	0.110	0	0	2.345	0.136	0.550	0.511	0.055	0.630	0.354
30-39.99%	3.403	0.818	0.465	0.051	3.205	2.585	4.489	0	2.561	1.355	2.500	1.763	1.833
40% and higher	0.865	0.055	0.011	0	0	0.650	0.031	0	0.750	0	0	0.368	0.261
NA	0.135	1.688	0.030	0.757	0.505	0.561	6.848	1.702	0.139	0.024	0.393	0.979	3.605
Total	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	2.948	3.792	6.209
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0.230	3	0.502	2	0	0	0.210	4	0.210	4	1.046	10	1.046	10	1.11%
20%-29.99%	0.753	5	2.481	4	1.115	8	0.983	5	2.099	13	6.100	27	5.747	25	11.14%
30-39.99%	3.721	17	7.074	22	6.416	18	3.596	10	10.011	28	25.028	76	21.625	68	53.15%
40% and higher	0.011	1	0.681	3	0.750	1	0.629	4	1.379	5	2.991	12	2.125	10	7.32%
NA	1.292	5	9.112	16	0.555	5	4.584	8	5.139	13	17.365	38	17.230	35	27.28%
Total	6.008	31	19.849	47	8.836	32	10.001	31	18.837	63	52.531	163	47.774	148	100.00%
Upsized?
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Yes	0.465	0	0	0	1.148	1.972	1.612	0	0	0	0.697	0.438	0.516
No	4.292	3.080	1.338	0.918	2.593	2.308	12.121	1.838	4.000	1.889	2.251	3.354	5.693
Downsized	0	0	0.011	0	0	0	0	0	0	0	0	0	0
Total	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	2.948	3.792	6.209
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.148	2	3.583	5	0.697	1	0.953	3	1.650	4	6.846	12	6.381	11	8.76%
No	4.849	28	16.266	42	8.140	31	9.048	28	17.187	59	45.674	150	41.382	136	91.24%
Downsized	0.011	1	0	0	0	0	0	0	0	0	0.011	1	0.011	1	0.00%
Total	6.008	31	19.849	47	8.836	32	10.001	31	18.837	63	52.531	163	47.774	148	100.00%
Seniority
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
secured	0	0	0	0	0	0	0.005	0	0	0	0	0	0
senior	4.668	1.392	1.243	0.918	3.740	4.067	12.003	1.838	4.000	1.858	2.948	3.422	4.709
subordinated	0.089	1.688	0.107	0	0	0.212	0.112	0	0	0.031	0	0	0
preferred	0	0	0	0	0	0	0	0	0	0	0	0	1.500
preference	0	0	0	0	0	0	1.612	0	0	0	0	0.370	0
Total	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	2.948	3.792	6.209
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
secured	0	0	0.005	1.000	0	0	0	0	0	0	0.005	1.000	0.005	1.000	0.00%
senior	5.901	29	17.909	39	8.805	31	8.131	29	16.937	60	46.806	147	42.138	134	89.91%
subordinated	0.107	2	0.324	6	0.031	1	0	0	0.031	1	2.238	12	2.150	10	0.16%
preferred	0	0	0	0	0	0	1.500	1	1.500	1	1.500	1	1.500	1	7.96%
preference	0	0	1.612	1	0	0	0.370	1	0.370	1	1.981	2	1.981	2	1.96%
Total	6.008	31	19.849	47	8.836	32	10.001	31	18.837	63	52.531	163	47.774	148	100.00%
Mandatory
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Yes	0	1.688	0	0	0	0	4.149	0	0	0	0	0.370	1.973
No	4.757	1.392	1.350	0.918	3.740	4.279	9.584	1.838	4.000	1.889	2.948	3.422	4.236
Total	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	2.948	3.792	6.209
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	4.149	3	0	0	2.343	2	2.343	2	8.179	6	8.179	6	12.44%
No	6.008	31	15.701	44	8.836	32	7.658	29	16.495	61	44.352	157	39.595	142	87.57%
Total	6.008	31	19.849	47	8.836	32	10.001	31	18.837	63	52.531	163	47.774	148	100.00%
Greenshoe Exercised?
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Yes	0	0.904	0.518	0	1.232	0.503	0.754	0	0.789	0.257	0	0.833	0.815
No	4.757	2.175	0.832	0.918	2.508	3.776	12.978	1.838	3.211	1.632	2.948	2.959	5.394
Total	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	2.948	3.792	6.209
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.750	6	1.257	8	1.046	7	1.648	7	2.694	14	6.605	31	6.605	31	14.30%
No	4.258	25	18.592	39	7.791	25	8.353	24	16.143	49	45.926	132	41.169	117	85.70%
Total	6.008	31	19.849	47	8.836	32	10.001	31	18.837	63	52.531	163	47.774	148	100.00%
Versus Talk
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Richer	0	0	0.227	0	0	0	0	0	0	0	0.697	0	0.676
Rich end	1.198	0.818	0	0	1.209	2.521	4.647	0.136	0.643	0.687	0	0.889	0.343
Within	0	0.357	0	0	0.297	0.339	2.894	0	0.200	0.167	1.294	0.151	0
Cheap end	0	0.130	0.078	0	0.453	0	0.792	0	0.990	0.402	0.045	0.758	0.482
Cheaper	0	0	0	0	0	0	0	0	0	0	0	0	0.516
NA	3.559	1.774	1.044	0.918	1.781	1.419	5.399	1.702	2.167	0.634	0.912	1.995	4.192
Total	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	2.948	3.792	6.209
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.227	1	0	0	0.697	1	0.676	1	1.373	2	1.600	3	1.600	3	7.29%
Rich end	1.209	5	7.304	13	1.330	3	1.231	4	2.561	7	13.091	29	11.893	26	13.60%
Within	0.297	2	3.233	5	1.661	5	0.151	1	1.812	6	5.699	15	5.699	15	9.62%
Cheap end	0.531	2	0.792	2	1.436	5	1.240	4	2.676	9	4.129	14	4.129	14	14.21%
Cheaper	0	0	0	0	0	0	0.516	1	0.516	1	0.516	1	0.516	1	2.74%
NA	3.743	21	8.520	27	3.713	18	6.187	20	9.900	38	27.496	101	23.937	89	52.56%
Total	6.008	31	19.849	47	8.836	32	10.001	31	18.837	63	52.531	163	47.774	148	100.00%
Use of Proceeds
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Acquisition	0.506	0	0.092	0	0.024	0.104	0	0	0	0.024	1.006	0.027	0.029
Capex	0.074	0	0	0	0	0.250	0.060	0	0.200	0.071	0	0.593	0
GCP	0.610	1.719	0.278	0	1.887	0.010	5.248	0.136	2.028	1.195	0.200	1.109	2.346
Redeem convertibles	0	0.818	0.087	0.360	0.642	0.547	1.807	0	0.150	0.155	0.730	0	0
Refinance	0.970	0.235	0.267	0.034	0.530	0.552	0.822	0	0	0.413	0	0	1.592
Multiple/Other/NA	2.597	0.307	0.625	0.524	0.656	2.817	5.796	1.702	1.621	0.031	1.012	2.063	2.242
Total	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	2.948	3.792	6.209
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.116	3	0.104	1	1.030	3	0.057	3	1.086	6	1.812	11	1.306	10	5.77%
Capex	0	0	0.310	3	0.271	2	0.593	4	0.864	6	1.248	10	1.174	9	4.59%
GCP	2.165	9	5.394	11	3.424	10	3.455	7	6.878	17	16.767	42	16.156	39	36.51%
Redeem convertibles	1.090	4	2.354	5	1.035	4	0	0	1.035	4	5.297	14	5.297	14	5.49%
Refinance	0.831	6	1.374	8	0.413	2	1.592	5	2.005	7	5.414	25	4.444	23	10.64%
Multiple/Other/NA	1.806	9	10.315	19	2.664	11	4.305	12	6.969	23	21.994	61	19.397	53	37.00%
Total	6.008	31	19.849	47	8.836	32	10.001	31	18.837	63	52.531	163	47.774	148	100.00%
Industry Sector (by SIC code)
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Agriculture (0xxx)	0.462	0	0	0	0	0	0	0	0	0	0	0.519	0
Mining (1xxx)	0.134	0	0	0	0.160	0	0	0	0	0	0	0	0
Oil and gas (13xx)	0.541	0	0	0	0	0.108	0.150	0	0	0	0	0	0
Construction (15xx)	0	0	0	0	0	0.141	0.905	0	0.100	0	0.564	0.346	0
Manufacturing (2xxx, 3xxx)	1.149	2.506	0.189	0.650	0.790	0.305	0.272	0.768	1.042	0.024	0.912	0.084	0.695
Pharmaceuticals (2834-6)	0	0	0	0	0.120	0	0	0	0	0	0.730	0	0.206
Transportation (4xxx)	0.624	0	0	0	0.505	0.329	0.135	0	0.200	0.246	0	0.568	1.989
Communications (48xx)	0	0	0	0	0	0	1.738	0.136	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0.110	0	0.982	0	0	0.793	0.552	0	0.025	0.011
Wholesale (5xxx)	0	0	0.087	0	0.656	0	0	0.634	0.838	0	0	0.002	0
Finance, insurance, real estate (6xxx)	1.847	0.574	0.419	0.051	1.485	1.086	9.305	0.300	0.750	0.912	0	1.568	3.308
Services (7xxx)	0	0	0.368	0.107	0	0.783	0	0	0.277	0.155	0.045	0.681	0
Health services (8xxx)	0	0	0.285	0	0.024	0.547	0.005	0	0	0	0.697	0	0
Sovereign (8888)	0	0	0	0	0	0	1.222	0	0	0	0	0	0
Total	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	2.948	3.792	6.209
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0.519	1	0.519	1	0.980	2	0.519	1	2.76%
Mining (1xxx)	0.160	1	0	0	0	0	0	0	0	0	0.294	2	0.160	1	0.00%
Oil and gas (13xx)	0	0	0.258	3	0	0	0	0	0	0	0.799	6	0.258	3	0.00%
Construction (15xx)	0	0	1.046	4	0.664	2	0.346	1	1.010	3	2.056	7	2.056	7	5.36%
Manufacturing (2xxx, 3xxx)	1.629	8	1.345	7	1.978	9	0.779	4	2.757	13	9.386	34	8.237	30	14.64%
Pharmaceuticals (2834-6)	0.120	1	0	0	0.730	2	0.206	1	0.936	3	1.056	4	1.056	4	4.97%
Transportation (4xxx)	0.505	1	0.464	4	0.446	2	2.557	5	3.003	7	4.595	14	3.972	12	15.94%
Communications (48xx)	0	0	1.874	2	0	0	0	0	0	0	1.874	2	1.874	2	0.00%
Electric, gas, sanitary services (49xx)	0.110	1	0.982	1	1.344	4	0.036	2	1.380	6	2.473	8	2.473	8	7.33%
Wholesale (5xxx)	0.744	3	0.634	2	0.838	2	0.002	1	0.840	3	2.218	8	2.218	8	4.46%
Finance, insurance, real estate (6xxx)	1.955	10	10.690	18	1.662	6	4.876	13	6.538	19	21.604	56	19.757	52	34.71%
Services (7xxx)	0.476	3	0.783	3	0.477	4	0.681	3	1.159	7	2.417	13	2.417	13	6.15%
Health services (8xxx)	0.310	3	0.551	2	0.697	1	0	0	0.697	1	1.558	6	1.558	6	3.70%
Sovereign (8888)	0	0	1.222	1	0	0	0	0	0	0	1.222	1	1.222	1	0.00%
Total	6.008	31	19.849	47	8.836	32	10.001	31	18.837	63	52.531	163	47.774	148	100.00%
Currency
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
$	0.803	0	0.130	0.760	0.320	0.250	0.285	0.300	1.690	0	1.085	1.284	1.516
A$	0	0	0	0	0	0	1.612	0	0	0	0	0.370	0
C$	0.089	0.086	0.373	0.051	0.024	0.316	0.282	0	0	0.129	0	0.068	0.084
CHF	0.227	0	0	0	0	0	0.547	0	0	0	0	0	0
DKK	0	0	0	0	0	0.010	0	0	0	0	0	0	0
HK$	0.700	0	0.275	0	0.030	0	0.500	0	0.400	0	0.309	0.615	2.476
NT$	0	0	0	0	0	0.105	0	0	0	0	0	0	0
NZ$	0	0	0	0	0	0	0	0	0	0	0	0	0.116
RMB	0.134	0	0	0	0	0	4.428	0	0	0	0	0	0
S$	0.517	0	0	0	0.642	0.482	0	0	0	0	0	0	0
SEK	0	0	0.011	0	0	0	0	0	0	0.246	0	0	0.676
Y	0	0	0	0	0.505	0.256	0	1.402	0	0	0.293	0	0
€	2.288	2.993	0.333	0.107	1.834	2.715	5.677	0.136	1.909	1.347	1.261	1.455	1.201
£	0	0	0.227	0	0.384	0.145	0.402	0	0	0.167	0	0	0.139
Total	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	2.948	3.792	6.209
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	1.210	7	0.835	6	2.775	12	2.800	8	5.575	20	8.423	36	7.620	33	29.60%
A$	0	0	1.612	1	0	0	0.370	1	0.370	1	1.981	2	1.981	2	1.96%
C$	0.448	7	0.598	9	0.129	3	0.152	4	0.281	7	1.502	27	1.413	25	1.49%
CHF	0	0	0.547	1	0	0	0	0	0	0	0.774	2	0.547	1	0.00%
DKK	0	0	0.010	1	0	0	0	0	0	0	0.010	1	0.010	1	0.00%
HK$	0.305	3	0.500	1	0.709	2	3.092	6	3.801	8	5.305	13	4.605	12	20.18%
NT$	0	0	0.105	1	0	0	0	0	0	0	0.105	1	0.105	1	0.00%
NZ$	0	0	0	0	0	0	0.116	1	0.116	1	0.116	1	0.116	1	0.62%
RMB	0	0	4.428	2	0	0	0	0	0	0	4.562	3	4.428	2	0.00%
S$	0.642	1	0.482	1	0	0	0	0	0	0	1.642	3	1.125	2	0.00%
SEK	0.011	1	0	0	0.246	1	0.676	1	0.922	2	0.933	3	0.933	3	4.89%
Y	0.505	1	1.658	5	0.293	1	0	0	0.293	1	2.456	7	2.456	7	1.56%
€	2.275	8	8.528	17	4.517	12	2.657	9	7.174	21	23.257	57	20.969	51	38.08%
£	0.611	3	0.547	2	0.167	1	0.139	1	0.306	2	1.464	7	1.464	7	1.62%
Total	6.008	31	19.849	47	8.836	32	10.001	31	18.837	63	52.531	163	47.774	148	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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