Analysis of convertibles issuance for 12 months through September 2007

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

Coupon

	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007
0%	0	0	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0.550	0.355	0	0.230	2.050	0.550	0	0.110	0.500	0.225	0	0
1%-1.99%	0.300	3.875	0.900	0.773	0.700	1.950	2.130	3.000	1.224	1.150	0	0.415
2%-2.99%	0.405	0.776	2.472	1.185	0.461	5.485	0.240	2.005	1.505	0.545	0.738	0
3%-3.99%	0.774	2.437	0.455	0.611	1.150	4.630	3.365	2.750	1.278	0.400	1.100	1.044
4%-4.99%	0.357	1.170	5.343	0	0.335	0.060	0.275	0.287	0.335	0.400	0.330	0
5%-5.99%	0	0	0.135	0.444	0	0.195	0	0.103	1.944	0	1.500	0
6% and higher	0.783	0.220	0.167	0.029	0.261	2.875	2.809	0.446	0.331	0.900	3.060	0.215
Floater	0	0	3.000	0	3.000	0.300	1.150	4.000	1.000	0	0	0
Total	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.728	1.674
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
0%	0	0	0	0	0	0	0	0	0	0	0	0	0.00%
0.01%-0.99%	0.905	3	2.830	6	0.610	2	0.225	1	3.665	9	4.570	12	5.23%
1%-1.99%	5.075	8	3.424	11	6.354	13	1.565	3	11.342	27	16.417	35	16.18%
2%-2.99%	3.653	11	7.131	18	3.750	12	1.283	4	12.164	34	15.817	45	17.36%
3%-3.99%	3.666	15	6.390	17	7.393	15	2.544	6	16.326	38	19.992	53	23.30%
4%-4.99%	6.870	9	0.395	3	0.898	6	0.730	2	2.023	11	8.892	20	2.89%
5%-5.99%	0.135	1	0.639	4	2.048	5	1.500	1	4.186	10	4.321	11	5.97%
6% and higher	1.169	6	3.165	4	3.587	9	4.175	12	10.926	25	12.094	31	15.59%
Floater	3.000	2	3.300	2	6.150	4	0	0	9.450	6	12.450	8	13.48%
Total	24.471	55	27.274	65	30.788	66	12.022	29	70.083	160	94.554	215	100.00%
Premium
	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007
19.99% and lower	0.982	0.180	0.500	0.029	3.501	1.825	0.230	0	1.094	1.168	0.560	0.050
20%-29.99%	0.986	5.335	7.575	3.080	3.260	10.622	2.500	4.034	4.191	1.062	3.850	1.015
30-39.99%	1.200	2.037	1.954	0.163	1.136	2.830	2.790	3.364	0.863	1.070	0.330	0.213
40-49.99%	0	1.225	1.216	0	0	0.438	1.099	3.870	0.575	0.320	0.488	0
50% and higher	0	0.056	1.175	0	0	0.250	3.350	1.435	1.365	0	1.500	0.396
NA	0	0	0.050	0	0.060	0.080	0	0	0.030	0	0	0
Total	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.728	1.674
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	1.662	6	5.355	8	1.324	7	1.778	6	8.457	21	10.119	27	12.07%
20%-29.99%	13.896	22	16.962	37	10.724	27	5.927	11	33.613	75	47.509	97	47.96%
30-39.99%	5.191	18	4.129	15	7.016	14	1.613	7	12.758	36	17.949	54	18.20%
40-49.99%	2.441	5	0.438	2	5.544	9	0.808	3	6.790	14	9.231	19	9.69%
50% and higher	1.231	3	0.250	1	6.150	8	1.896	2	8.296	11	9.527	14	11.84%
NA	0.050	1	0.140	2	0.030	1	0	0	0.170	3	0.220	4	0.24%
Total	24.471	55	27.274	65	30.788	66	12.022	29	70.083	160	94.554	215	100.00%
Quick Sale?
	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007
Yes	3.168	8.738	12.139	2.726	7.261	12.130	9.969	12.383	7.374	3.585	4.228	0.313
No	0	0.095	0.332	0.546	0.696	3.915	0	0.320	0.743	0.035	2.500	1.361
Total	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.728	1.674
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	24.045	50	22.116	53	29.726	59	8.126	22	59.968	134	84.013	184	85.57%
No	0.426	5	5.157	12	1.062	7	3.896	7	10.115	26	10.542	31	14.43%
Total	24.471	55	27.274	65	30.788	66	12.022	29	70.083	160	94.554	215	100.00%
Upsized?
	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007
Yes	0.506	1.193	6.128	0.754	0.600	8.245	0.325	3.568	1.130	0.200	0.250	1.376
No	2.662	7.639	6.343	2.517	7.357	7.800	9.644	9.133	6.987	3.158	6.418	0.298
Downsized	0	0	0	0	0	0	0	0	0	0.262	0.060	0
Total	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.728	1.674
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	7.827	14	9.600	20	5.023	13	1.826	6	16.449	39	24.276	53	23.47%
No	16.644	41	17.674	45	25.764	53	9.874	20	53.312	118	69.956	159	76.07%
Downsized	0	0	0	0	0	0	0.322	3	0.322	3	0.322	3	0.46%
Total	24.471	55	27.274	65	30.788	66	12.022	29	70.083	160	94.554	215	100.00%
Seniority
	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007
senior secured	0.403	0	0	0	0	0	0	0	0	0	0	0
secured	0	0	0	0	0	0	0	0	0	0	0	0.050
senior	2.276	7.523	10.926	2.777	6.447	11.579	9.469	11.697	7.510	3.340	3.728	0.915
senior subordinated	0.110	0.325	0.678	0.160	0.135	0.585	0.325	0.678	0.533	0.245	0	0
subordinated	0	0.200	0.733	0.163	1.375	1.005	0	0.110	0	0	0	0.644
preferred	0.380	0.784	0.135	0.172	0	2.875	0.175	0.216	0.074	0.035	3.000	0.065
Total	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.728	1.674
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
senior secured	0.403	1	0	0	0	0	0	0	0	0	0.403	1	0.00%
secured	0	0	0	0	0	0	0.050	1	0.050	1	0.050	1	0.07%
senior	20.724	41	20.804	45	28.677	55	7.983	19	57.463	119	78.188	160	81.99%
senior subordinated	1.113	6	0.880	6	1.536	7	0.245	1	2.661	14	3.774	20	3.80%
subordinated	0.932	2	2.542	11	0.110	1	0.644	3	3.296	15	4.229	17	4.70%
preferred	1.299	5	3.047	3	0.465	3	3.100	5	6.612	11	7.912	16	9.43%
Total	24.471	55	27.274	65	30.788	66	12.022	29	70.083	160	94.554	215	100.00%
Mandatory
	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007
Yes	0	0	0	0	0	3.175	0.184	0	1.880	0	2.500	0
No	3.168	8.832	12.471	3.272	7.957	12.870	9.785	12.702	6.237	3.620	4.228	1.674
Total	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.728	1.674
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	3.175	2	2.064	3	2.500	1	7.739	6	7.739	6	11.04%
No	24.471	55	24.099	63	28.723	63	9.522	28	62.344	154	86.815	209	88.96%
Total	24.471	55	27.274	65	30.788	66	12.022	29	70.083	160	94.554	215	100.00%
Greenshoe Exercised?
	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007
Yes	2.918	6.873	4.176	3.272	4.697	12.264	6.444	8.612	4.473	2.020	0.580	0.544
No	0.250	1.959	8.295	0	3.260	3.780	3.525	4.090	3.644	1.600	6.148	1.130
Total	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.728	1.674
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	13.967	39	20.234	52	19.529	48	3.144	10	42.906	110	56.873	149	61.22%
No	10.504	16	7.040	13	11.259	18	8.878	19	27.177	50	37.681	66	38.78%
Total	24.471	55	27.274	65	30.788	66	12.022	29	70.083	160	94.554	215	100.00%
Versus Talk
	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007
Richer	0	0	0.115	0	0	0.075	0	0	0	0	0.488	0
Rich end	0.357	1.176	5.399	0.304	3.111	2.795	0	1.700	0	1.150	0	1.015
Within	1.458	6.610	5.097	1.696	1.285	10.178	5.760	5.301	4.395	1.245	2.500	0
Cheap end	0.787	1.010	1.210	1.093	0	0.760	2.484	1.591	1.264	0.625	1.160	0.198
Cheaper	0.250	0	0.600	0	3.000	1.400	1.725	4.110	0.590	0	0.580	0
Other/NA	0.315	0.037	0.050	0.179	0.561	0.837	0	0	1.868	0.600	2.000	0.461
Total	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.728	1.674
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Richer	0.115	1	0.075	1	0	0	0.488	1	0.563	2	0.678	3	0.80%
Rich end	6.932	12	6.210	17	1.700	2	2.165	5	10.075	24	17.007	36	14.38%
Within	13.165	26	13.159	31	15.456	37	3.745	6	32.360	74	45.525	100	46.17%
Cheap end	3.007	10	1.853	5	5.339	11	1.983	6	9.174	22	12.181	32	13.09%
Cheaper	0.850	2	4.400	2	6.425	9	0.580	2	11.405	13	12.255	15	16.27%
Other/NA	0.402	4	1.578	9	1.868	7	3.061	9	6.506	25	6.908	29	9.29%
Total	24.471	55	27.274	65	30.788	66	12.022	29	70.083	160	94.554	215	100.00%
Use of Proceeds
	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007
Acquisition	0.300	0.125	1.167	0.144	0.201	0	0.100	0.216	0	0.600	2.750	0.861
Capex	0.487	0.037	0	0	0	0	0	0.103	0	0.095	0	0.500
GCP	0.356	2.935	7.319	0.891	3.696	4.155	0.555	3.445	3.890	1.392	0.500	0.148
Redeem convertibles	0	0	0	0.163	0	1.150	0.275	0	0	0	0	0
Refinance	0.380	0.730	2.135	1.694	0.335	5.375	1.365	2.070	2.176	0.445	1.988	0.100
Multiple/Other/NA	1.645	5.005	1.850	0.381	3.725	5.365	7.674	6.867	2.051	1.088	1.490	0.065
Total	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.728	1.674
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	1.592	4	0.345	2	0.316	2	4.211	7	4.872	11	6.464	15	6.95%
Capex	0.524	3	0	0	0.103	1	0.595	2	0.699	3	1.223	6	1.00%
GCP	10.611	18	8.742	22	7.889	16	2.040	6	18.672	44	29.282	62	26.64%
Redeem convertibles	0	0	1.312	3	0.275	1	0	0	1.587	4	1.587	4	2.26%
Refinance	3.245	9	7.403	17	5.611	12	2.533	5	15.547	34	18.792	43	22.19%
Multiple/Other/NA	8.499	21	9.471	21	16.593	34	2.643	9	28.706	64	37.206	85	40.96%
Total	24.471	55	27.274	65	30.788	66	12.022	29	70.083	160	94.554	215	100.00%
Industry Sector (by SIC code)
	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007
Mining (1xxx)	0.085	0	0.733	0	0	2.875	0	0.103	1.880	1.470	0	0.500
Oil and gas (13xx)	0.300	0.037	0.575	0.144	0	0.287	0.115	1.366	0.125	0.325	0.488	0.115
Construction (15xx)	0	0	0	0	0	0	0	0	0	0	0	0.100
Manufacturing (2xxx, 3xxx)	0.477	5.279	6.979	0.560	4.046	3.185	6.350	2.910	3.298	0.425	1.500	0.563
Pharmaceuticals (2834-6)	0.250	0.306	0.115	0.163	0.060	1.150	0.325	0.325	0.990	0	2.500	0
Transportation (4xxx)	0	0.250	0	0	0.150	0.097	0	0	0	0	0.330	0
Communications (48xx)	0.403	0	0	0	0	0.600	0	1.890	0.200	0	0	0.396
Electric, gas, sanitary services (49xx)	0	0	0	0.373	0	0	0	0	0	0	0	0
Wholesale (5xxx)	0.300	0.200	0.344	0	0.300	0.190	0.275	0.110	0	0	0	0
Finance, insurance, real estate (6xxx)	1.227	2.502	3.225	2.032	3.000	7.390	2.434	4.518	0.984	0.980	0.560	0
Services (7xxx)	0	0.259	0.500	0	0.200	0.150	0.470	0.705	0.565	0.220	1.350	0
Health services (8xxx)	0.127	0	0	0	0.201	0.120	0	0.775	0.075	0.200	0	0
Total	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.728	1.674
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	0.818	2	2.875	1	1.984	3	1.970	5	6.829	9	7.646	11	9.74%
Oil and gas (13xx)	0.912	4	0.431	2	1.606	4	0.928	4	2.965	10	3.877	14	4.23%
Construction (15xx)	0	0	0	0	0	0	0.100	1	0.100	1	0.100	1	0.14%
Manufacturing (2xxx, 3xxx)	12.735	20	7.791	26	12.558	19	2.488	5	22.837	50	35.572	70	32.59%
Pharmaceuticals (2834-6)	0.671	4	1.373	5	1.640	6	2.500	1	5.513	12	6.184	16	7.87%
Transportation (4xxx)	0.250	1	0.247	2	0	0	0.330	1	0.577	3	0.827	4	0.82%
Communications (48xx)	0.403	1	0.600	2	2.090	4	0.396	1	3.086	7	3.488	8	4.40%
Electric, gas, sanitary services (49xx)	0	0	0.373	1	0	0	0	0	0.373	1	0.373	1	0.53%
Wholesale (5xxx)	0.844	3	0.490	3	0.385	2	0	0	0.875	5	1.719	8	1.25%
Finance, insurance, real estate (6xxx)	6.954	16	12.422	19	7.935	16	1.540	7	21.897	42	28.851	58	31.24%
Services (7xxx)	0.759	3	0.350	2	1.740	9	1.570	3	3.660	14	4.419	17	5.22%
Health services (8xxx)	0.127	1	0.321	2	0.850	3	0.200	1	1.371	6	1.498	7	1.96%
Total	24.471	55	27.274	65	30.788	66	12.022	29	70.083	160	94.554	215	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. 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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