Analysis of convertibles issuance for 2006

Total year-to-date issuance: $70.621 billion in 156 deals

All data below excludes deals issued by investment banks and exchangeable for another company's stock.

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

Coupon

	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
0%	0	0.974	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0.575	5.000	0	1.600	2.750	1.100	0	0	0.620	0.550	0.355	0
1%-1.99%	0.968	0	0.400	5.150	1.425	2.150	0	0	0.180	0.300	3.875	0.900
2%-2.99%	0.345	0	0.926	0	1.505	0.845	0.300	0.240	0.746	0.405	0.776	2.472
3%-3.99%	0.600	0	0.880	0.144	0.280	2.334	0.713	1.022	1.113	0.774	2.437	0.440
4%-4.99%	0	0	0.550	0.058	0.345	1.575	1.443	0.632	0.375	0.357	1.170	5.343
5%-5.99%	0.500	0	0.291	0	0.144	0.300	0	0.075	0.230	0	0	0.135
6% and higher	0	0.365	0.238	0.148	0.089	0.575	0	0.144	0	0.783	0.212	0.167
Floater	0	0	0	0	0	0.713	0	0	2.500	0	0	3.000
Total	2.987	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.825	12.456
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
0%	0.974	1	0	0	0	0	0	0	0.974	1	0.974	1	1.38%
0.01%-0.99%	5.575	3	5.450	5	0.620	3	0.905	3	12.550	14	12.550	14	17.77%
1%-1.99%	1.367	3	8.725	8	0.180	1	5.075	8	15.348	20	15.348	20	21.73%
2%-2.99%	1.271	5	2.349	9	1.286	5	3.653	11	8.560	30	8.560	30	12.12%
3%-3.99%	1.480	5	2.757	9	2.848	11	3.651	15	10.736	40	10.736	40	15.20%
4%-4.99%	0.550	2	1.978	5	2.451	7	6.870	9	11.848	23	11.848	23	16.78%
5%-5.99%	0.791	2	0.443	2	0.305	2	0.135	1	1.674	7	1.674	7	2.37%
6% and higher	0.603	4	0.812	5	0.144	1	1.161	6	2.720	16	2.720	16	3.85%
Floater	0	0	0.713	2	2.500	1	3.000	2	6.213	5	6.213	5	8.80%
Total	12.612	25	23.227	45	10.333	31	24.449	55	70.621	156	70.621	156	100.00%
Premium
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
19.99% and lower	0.575	5.000	0	6.091	0.395	2.544	0.149	0.302	3.105	0.982	0.180	0.500
20%-29.99%	2.188	0	2.044	0.865	1.024	4.959	2.007	1.571	2.340	0.986	5.327	7.560
30-39.99%	0.225	0.974	0.700	0.144	4.619	1.522	0	0.240	0.201	1.200	2.037	1.954
40-49.99%	0	0.165	0.291	0	0	0.565	0.300	0	0	0	1.225	1.216
50% and higher	0	0.200	0.250	0	0.500	0	0	0	0.118	0	0.056	1.175
NA	0	0	0	0	0	0	0	0	0	0	0	0.050
Total	2.987	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.825	12.456
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	5.575	3	9.030	15	3.557	7	1.662	6	19.824	31	19.824	31	28.07%
20%-29.99%	4.232	13	6.848	15	5.917	20	13.873	22	30.869	70	30.869	70	43.71%
30-39.99%	1.899	5	6.285	13	0.441	2	5.191	18	13.817	38	13.817	38	19.57%
40-49.99%	0.456	2	0.565	1	0.300	1	2.441	5	3.762	9	3.762	9	5.33%
50% and higher	0.450	2	0.500	1	0.118	1	1.231	3	2.299	7	2.299	7	3.26%
NA	0	0	0	0	0	0	0.050	1	0.050	1	0.050	1	0.07%
Total	12.612	25	23.227	45	10.333	31	24.449	55	70.621	156	70.621	156	100.00%
Quick Sale?
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Yes	2.143	6.339	2.893	6.865	6.424	9.217	2.456	1.969	5.534	3.168	8.738	12.124
No	0.845	0	0.392	0.234	0.114	0.374	0	0.144	0.230	0	0.087	0.332
Total	2.987	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.825	12.456
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	11.375	21	22.505	39	9.960	29	24.030	50	67.870	139	67.870	139	96.10%
No	1.237	4	0.722	6	0.374	2	0.419	5	2.751	17	2.751	17	3.90%
Total	12.612	25	23.227	45	10.333	31	24.449	55	70.621	156	70.621	156	100.00%
Upsized?
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Yes	0.600	0	0.846	1.600	0.350	1.910	0	0.642	0.150	0.506	1.193	6.128
No	2.388	6.339	2.148	5.499	6.188	7.473	2.456	1.471	5.614	2.662	7.632	6.328
Downsized	0	0	0.291	0	0	0.207	0	0	0	0	0	0
Total	2.987	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.825	12.456
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	1.446	5	3.860	7	0.792	2	7.827	14	13.925	28	13.925	28	19.72%
No	10.874	19	19.160	37	9.541	29	16.621	41	56.198	126	56.198	126	79.58%
Downsized	0.291	1	0.207	1	0	0	0	0	0.498	2	0.498	2	0.71%
Total	12.612	25	23.227	45	10.333	31	24.449	55	70.621	156	70.621	156	100.00%
Seniority
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
senior secured	0	0	0	0	0	0	0	0	0	0.403	0	0
senior	1.887	6.139	2.134	6.841	5.699	7.392	1.869	2.113	4.883	2.276	7.523	10.911
senior subordinated	0.375	0	0.441	0	0.360	0.874	0.300	0	0.471	0.110	0.325	0.678
subordinated	0.225	0.200	0.200	0.144	0.465	0.450	0.138	0	0.180	0	0.200	0.733
preferred	0.500	0	0.511	0.115	0.014	0.875	0.149	0	0.230	0.380	0.777	0.135
Total	2.987	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.825	12.456
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
senior secured	0	0	0	0	0	0	0.403	1	0.403	1	0.403	1	0.57%
senior	10.160	15	19.931	32	8.865	24	20.709	41	59.666	112	59.666	112	84.49%
senior subordinated	0.816	4	1.234	5	0.771	3	1.113	6	3.933	18	3.933	18	5.57%
subordinated	0.625	3	1.059	4	0.318	2	0.932	2	2.934	11	2.934	11	4.15%
preferred	1.011	3	1.003	4	0.380	2	1.292	5	3.685	14	3.685	14	5.22%
Total	12.612	25	23.227	45	10.333	31	24.449	55	70.621	156	70.621	156	100.00%
Mandatory
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Yes	0.500	0	0	0	0	0.875	0	0	0.230	0	0	0
No	2.487	6.339	3.285	7.099	6.538	8.716	2.456	2.113	5.534	3.168	8.825	12.456
Total	2.987	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.825	12.456
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	0.500	1	0.875	2	0.230	1	0	0	1.605	4	1.605	4	2.27%
No	12.112	24	22.353	43	10.103	30	24.449	55	69.016	152	69.016	152	97.73%
Total	12.612	25	23.227	45	10.333	31	24.449	55	70.621	156	70.621	156	100.00%
Greenshoe Exercised?
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Yes	2.263	1.339	2.576	6.766	4.523	7.428	1.430	1.493	2.745	2.918	6.816	4.061
No	0.725	5.000	0.709	0.333	2.015	2.163	1.026	0.620	3.019	0.250	2.009	8.395
Total	2.987	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.825	12.456
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	6.178	18	18.717	34	5.668	22	13.795	37	44.357	111	44.357	111	62.81%
No	6.434	7	4.511	11	4.665	9	10.654	18	26.264	45	26.264	45	37.19%
Total	12.612	25	23.227	45	10.333	31	24.449	55	70.621	156	70.621	156	100.00%
Versus Talk
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Richer	0	0	0	0	0	0	0	0	0	0	0	0.115
Rich end	0.500	0.165	0.472	0	0.350	0	0	0	0.280	0.357	1.176	5.399
Within	2.112	5.000	1.085	2.615	2.860	5.691	1.164	1.002	2.115	1.458	6.610	5.082
Cheap end	0.375	0.200	1.260	2.950	2.894	1.800	0.725	0.219	3.170	0.787	1.002	1.210
Cheaper	0	0	0.200	1.444	0.345	2.100	0.568	0.892	0.200	0.250	0	0.600
NA	0	0.974	0.268	0.091	0.089	0	0	0	0	0.315	0.037	0.050
Total	2.987	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.825	12.456
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Richer	0	0	0	0	0	0	0.115	1	0.115	1	0.115	1	0.16%
Rich end	1.137	4	0.350	1	0.280	2	6.932	12	8.699	19	8.699	19	12.32%
Within	8.197	11	11.166	27	4.281	17	13.150	26	36.794	81	36.794	81	52.10%
Cheap end	1.835	6	7.643	6	4.113	8	2.999	10	16.591	30	16.591	30	23.49%
Cheaper	0.200	1	3.889	7	1.660	4	0.850	2	6.598	14	6.598	14	9.34%
NA	1.242	3	0.179	4	0	0	0.402	4	1.823	11	1.823	11	2.59%
Total	12.612	25	23.227	45	10.333	31	24.449	55	70.621	156	70.621	156	100.00%
Use of Proceeds
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Acquisition	0.845	0	0.200	0.058	0	1.514	0	0	0	0.300	0.125	1.167
Capex	0	0	0	0	0	0	0	0	0.230	0.487	0.037	0
GCP	0.375	0.165	1.143	0.448	4.688	2.600	0.438	0.700	2.500	0.356	2.928	7.304
No proceeds	0	0	0	0	0	0	0.726	0	0	0	0	0
Redeem convertibles	0	1.174	0.850	0.144	0.275	0.317	0	0	0.118	0	0	0
Refinance	1.768	0	0.912	0	0.260	1.410	0.568	1.163	1.376	0.380	0.730	2.135
Multiple/Other/NA	0	5.000	0.180	6.450	1.315	3.750	0.725	0.250	1.540	1.645	5.005	1.850
Total	2.987	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.825	12.456
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	1.045	3	1.571	4	0	0	1.592	4	4.208	11	4.208	11	5.96%
Capex	0	0	0	0	0.230	1	0.524	3	0.754	4	0.754	4	1.07%
GCP	1.683	7	7.735	15	3.638	5	10.588	18	23.645	45	23.645	45	33.48%
No proceeds	0	0	0	0	0.726	1	0	0	0.726	1	0.726	1	1.03%
Redeem convertibles	2.024	5	0.736	4	0.118	1	0	0	2.878	10	2.878	10	4.08%
Refinance	2.679	7	1.670	7	3.107	13	3.245	9	10.700	36	10.700	36	15.15%
Multiple/Other/NA	5.180	3	11.515	15	2.514	10	8.499	21	27.709	49	27.709	49	39.24%
Total	12.612	25	23.227	45	10.333	31	24.449	55	70.621	156	70.621	156	100.00%
Industry Sector (by SIC code)
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Mining (1xxx)	0	0	0	0	0	0	0	0	0	0.085	0	0.733
Oil and gas (13xx)	0	0	0	0	2.750	0.575	0	0	0	0.300	0.037	0.575
Construction (15xx)	0	0	0	0.144	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.720	0.974	0.948	4.758	2.400	2.281	0.300	0.075	0.471	0.477	5.271	6.979
Pharmaceuticals (2834-6)	1.393	5.000	0.573	2.083	0.625	1.500	0.138	0	0.118	0.250	0.306	0.115
Transportation (4xxx)	0	0	0	0	0	0	0.726	0	0.230	0	0.250	0
Communications (48xx)	0	0	0.374	0	0.324	0.335	0	0	0	0.403	0	0
Electric, gas, sanitary services (49xx)	0.500	0	0.200	0	0	0	0	0	0	0	0	0
Wholesale (5xxx)	0.375	0.165	0.220	0	0	0.287	0	0.144	0.180	0.300	0.200	0.344
Finance, insurance, real estate (6xxx)	0	0	0.741	0.115	0.014	1.800	1.292	1.654	4.420	1.227	2.502	3.210
Services (7xxx)	0	0.200	0.230	0	0.175	2.812	0	0.240	0.345	0	0.259	0.500
Health services (8xxx)	0	0	0	0	0.250	0	0	0	0	0.127	0	0
Total	2.987	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.825	12.456
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	0	0	0	0	0	0	0.818	2	0.818	2	0.818	2	1.16%
Oil and gas (13xx)	0	0	3.325	2	0	0	0.912	4	4.237	6	4.237	6	6.00%
Construction (15xx)	0	0	0.144	1	0	0	0	0	0.144	1	0.144	1	0.20%
Manufacturing (2xxx, 3xxx)	2.642	9	9.438	18	0.846	4	12.727	20	25.654	51	25.654	51	36.33%
Pharmaceuticals (2834-6)	6.965	6	4.208	9	0.256	2	0.671	4	12.100	21	12.100	21	17.13%
Transportation (4xxx)	0	0	0	0	0.956	2	0.250	1	1.206	3	1.206	3	1.71%
Communications (48xx)	0.374	1	0.659	3	0	0	0.403	1	1.435	5	1.435	5	2.03%
Electric, gas, sanitary services (49xx)	0.700	2	0	0	0	0	0	0	0.700	2	0.700	2	0.99%
Wholesale (5xxx)	0.760	3	0.287	1	0.324	2	0.844	3	2.215	9	2.215	9	3.14%
Finance, insurance, real estate (6xxx)	0.741	2	1.928	4	7.366	18	6.939	16	16.975	40	16.975	40	24.04%
Services (7xxx)	0.430	2	2.987	6	0.585	3	0.759	3	4.761	14	4.761	14	6.74%
Health services (8xxx)	0	0	0.250	1	0	0	0.127	1	0.377	2	0.377	2	0.53%
Total	12.612	25	23.227	45	10.333	31	24.449	55	70.621	156	70.621	156	100.00%

Criteria

• The tables include all underwritten dollar-denominated offerings sold in the U.S. as public or Rule 144A deals reported to Prospect News.

• 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.

• 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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