Analysis of convertibles issuance for 12 months through October 2007

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

Coupon

	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
0%	0	0	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0.355	0	0.230	2.050	0.550	0	0.110	0.500	0.225	0	0	0
1%-1.99%	3.875	0.900	0.773	0.700	1.950	2.130	3.000	1.224	1.150	0	0.475	0.150
2%-2.99%	0.776	2.472	1.185	0.461	5.485	0.240	2.005	1.505	0.545	0.738	0	0.882
3%-3.99%	2.437	0.455	0.611	1.150	4.630	3.365	2.750	1.278	0.400	1.100	1.044	0.500
4%-4.99%	1.170	5.343	0	0.335	0.060	0.275	0.287	0.335	0.400	0.330	0	0.125
5%-5.99%	0	0.135	0.444	0	0.195	0	0.103	1.944	0	1.500	0	0.500
6% and higher	0.220	0.167	0.029	0.261	2.875	2.809	0.446	0.331	0.900	3.135	0.225	0.675
Floater	0	3.000	0	3.000	0.300	1.150	4.000	1.000	0	0	0	0.800
Total	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.803	1.743	3.632
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	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%	2.830	6	0.610	2	0.225	1	0	0	3.665	9	4.020	10	4.96%
1%-1.99%	3.424	11	6.354	13	1.625	3	0.150	1	11.552	28	16.327	35	15.64%
2%-2.99%	7.131	18	3.750	12	1.283	4	0.882	4	13.047	38	16.294	47	17.66%
3%-3.99%	6.390	17	7.393	15	2.544	6	0.500	2	16.826	40	19.718	51	22.78%
4%-4.99%	0.395	3	0.898	6	0.730	2	0.125	1	2.148	12	8.660	18	2.91%
5%-5.99%	0.639	4	2.048	5	1.500	1	0.500	1	4.686	11	4.821	12	6.34%
6% and higher	3.165	4	3.587	9	4.260	12	0.675	2	11.687	27	12.073	31	15.81%
Floater	3.300	2	6.150	4	0	0	0.800	1	10.250	7	13.250	9	13.88%
Total	27.274	65	30.788	66	12.167	29	3.632	12	73.861	172	95.164	213	100.00%
Premium
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
19.99% and lower	0.180	0.500	0.029	3.501	1.825	0.230	0	1.094	1.168	0.635	0.050	0.075
20%-29.99%	5.335	7.575	3.080	3.260	10.622	2.500	4.034	4.191	1.062	3.850	1.075	1.073
30-39.99%	2.037	1.954	0.163	1.136	2.830	2.790	3.364	0.863	1.070	0.330	0.223	1.125
40-49.99%	1.225	1.216	0	0	0.438	1.099	3.870	0.575	0.320	0.488	0	0
50% and higher	0.056	1.175	0	0	0.250	3.350	1.435	1.365	0	1.500	0.396	1.360
NA	0	0.050	0	0.060	0.080	0	0	0.030	0	0	0	0
Total	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.803	1.743	3.632
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	5.355	8	1.324	7	1.853	6	0.075	1	8.607	22	9.287	25	11.65%
20%-29.99%	16.962	37	10.724	27	5.987	11	1.073	3	34.746	78	47.655	95	47.04%
30-39.99%	4.129	15	7.016	14	1.623	7	1.125	3	13.892	39	17.884	51	18.81%
40-49.99%	0.438	2	5.544	9	0.808	3	0	0	6.790	14	9.231	19	9.19%
50% and higher	0.250	1	6.150	8	1.896	2	1.360	5	9.656	16	10.887	19	13.07%
NA	0.140	2	0.030	1	0	0	0	0	0.170	3	0.220	4	0.23%
Total	27.274	65	30.788	66	12.167	29	3.632	12	73.861	172	95.164	213	100.00%
Quick Sale?
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Yes	8.738	12.139	2.726	7.261	12.130	9.969	12.383	7.374	3.585	4.303	0.323	3.033
No	0.095	0.332	0.546	0.696	3.915	0	0.320	0.743	0.035	2.500	1.421	0.600
Total	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.803	1.743	3.632
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	22.116	53	29.726	59	8.211	22	3.033	11	63.085	145	83.962	181	85.41%
No	5.157	12	1.062	7	3.956	7	0.600	1	10.775	27	11.202	32	14.59%
Total	27.274	65	30.788	66	12.167	29	3.632	12	73.861	172	95.164	213	100.00%
Upsized?
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Yes	1.193	6.128	0.754	0.600	8.245	0.325	3.568	1.130	0.200	0.250	1.446	1.482
No	7.639	6.343	2.517	7.357	7.800	9.644	9.133	6.987	3.158	6.493	0.298	2.150
Downsized	0	0	0	0	0	0	0	0	0.262	0.060	0	0
Total	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.803	1.743	3.632
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	9.600	20	5.023	13	1.896	6	1.482	5	18.001	44	25.322	56	24.37%
No	17.674	45	25.764	53	9.949	20	2.150	7	55.537	125	69.519	154	75.19%
Downsized	0	0	0	0	0.322	3	0	0	0.322	3	0.322	3	0.44%
Total	27.274	65	30.788	66	12.167	29	3.632	12	73.861	172	95.164	213	100.00%
Seniority
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
secured	0	0	0	0	0	0	0	0	0	0	0.050	0
senior	7.523	10.926	2.777	6.447	11.579	9.469	11.697	7.510	3.340	3.728	0.975	2.960
senior subordinated	0.325	0.678	0.160	0.135	0.585	0.325	0.678	0.533	0.245	0	0	0.172
subordinated	0.200	0.733	0.163	1.375	1.005	0	0.110	0	0	0	0.644	0
preferred	0.784	0.135	0.172	0	2.875	0.175	0.216	0.074	0.035	3.075	0.075	0.500
Total	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.803	1.743	3.632
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
secured	0	0	0	0	0.050	1	0	0	0.050	1	0.050	1	0.07%
senior	20.804	45	28.677	55	8.043	19	2.960	10	60.483	129	78.932	159	81.89%
senior subordinated	0.880	6	1.536	7	0.245	1	0.172	1	2.834	15	3.836	20	3.84%
subordinated	2.542	11	0.110	1	0.644	3	0	0	3.296	15	4.229	17	4.46%
preferred	3.047	3	0.465	3	3.185	5	0.500	1	7.197	12	8.117	16	9.74%
Total	27.274	65	30.788	66	12.167	29	3.632	12	73.861	172	95.164	213	100.00%
Mandatory
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Yes	0	0	0	0	3.175	0.184	0	1.880	0	2.500	0	0.600
No	8.832	12.471	3.272	7.957	12.870	9.785	12.702	6.237	3.620	4.303	1.743	3.033
Total	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.803	1.743	3.632
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	3.175	2	2.064	3	2.500	1	0.600	1	8.339	7	8.339	7	11.29%
No	24.099	63	28.723	63	9.667	28	3.033	11	65.521	165	86.824	206	88.71%
Total	27.274	65	30.788	66	12.167	29	3.632	12	73.861	172	95.164	213	100.00%
Greenshoe Exercised?
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Yes	6.873	4.176	3.272	4.697	12.264	6.444	8.612	4.473	2.020	1.155	1.093	1.373
No	1.959	8.295	0	3.260	3.780	3.525	4.090	3.644	1.600	5.648	0.650	2.260
Total	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.803	1.743	3.632
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	20.234	52	19.529	48	4.268	13	1.373	6	45.404	119	56.453	145	61.47%
No	7.040	13	11.259	18	7.898	16	2.260	6	28.457	53	38.711	68	38.53%
Total	27.274	65	30.788	66	12.167	29	3.632	12	73.861	172	95.164	213	100.00%
Versus Talk
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Richer	0	0.115	0	0	0.075	0	0	0	0	0.488	0	0.360
Rich end	1.176	5.399	0.304	3.111	2.795	0	1.700	0	1.150	0	1.075	0.450
Within	6.610	5.097	1.696	1.285	10.178	5.760	5.301	4.395	1.245	2.500	0	1.522
Cheap end	1.010	1.210	1.093	0	0.760	2.484	1.591	1.264	0.625	1.160	0.198	0.075
Cheaper	0	0.600	0	3.000	1.400	1.725	4.110	0.590	0	0.580	0	0.125
Other/NA	0.037	0.050	0.179	0.561	0.837	0	0	1.868	0.600	2.075	0.471	1.100
Total	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.803	1.743	3.632
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Richer	0.075	1	0	0	0.488	1	0.360	2	0.923	4	1.038	5	1.25%
Rich end	6.210	17	1.700	2	2.225	5	0.450	2	10.585	26	17.160	35	14.33%
Within	13.159	31	15.456	37	3.745	6	1.522	4	33.882	78	45.589	99	45.87%
Cheap end	1.853	5	5.339	11	1.983	6	0.075	1	9.249	23	11.469	30	12.52%
Cheaper	4.400	2	6.425	9	0.580	2	0.125	1	11.530	14	12.130	15	15.61%
Other/NA	1.578	9	1.868	7	3.146	9	1.100	2	7.691	27	7.778	29	10.41%
Total	27.274	65	30.788	66	12.167	29	3.632	12	73.861	172	95.164	213	100.00%
Use of Proceeds
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Acquisition	0.125	1.167	0.144	0.201	0	0.100	0.216	0	0.600	2.750	0.921	0
Capex	0.037	0	0	0	0	0	0.103	0	0.095	0	0.500	0
GCP	2.935	7.319	0.891	3.696	4.155	0.555	3.445	3.890	1.392	0.575	0.148	1.250
Redeem convertibles	0	0	0.163	0	1.150	0.275	0	0	0	0	0	0
Refinance	0.730	2.135	1.694	0.335	5.375	1.365	2.070	2.176	0.445	1.988	0.100	1.133
Multiple/Other/NA	5.005	1.850	0.381	3.725	5.365	7.674	6.867	2.051	1.088	1.490	0.075	1.250
Total	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.803	1.743	3.632
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.345	2	0.316	2	4.271	7	0	0	4.932	11	6.224	14	6.68%
Capex	0	0	0.103	1	0.595	2	0	0	0.699	3	0.736	4	0.95%
GCP	8.742	22	7.889	16	2.115	6	1.250	3	19.997	47	30.251	63	27.07%
Redeem convertibles	1.312	3	0.275	1	0	0	0	0	1.587	4	1.587	4	2.15%
Refinance	7.403	17	5.611	12	2.533	5	1.133	3	16.680	37	19.545	45	22.58%
Multiple/Other/NA	9.471	21	16.593	34	2.653	9	1.250	6	29.966	70	36.821	83	40.57%
Total	27.274	65	30.788	66	12.167	29	3.632	12	73.861	172	95.164	213	100.00%
Industry Sector (by SIC code)
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Mining (1xxx)	0	0.733	0	0	2.875	0	0.103	1.880	1.470	0	0.500	0.125
Oil and gas (13xx)	0.037	0.575	0.144	0	0.287	0.115	1.366	0.125	0.325	0.488	0.125	0
Construction (15xx)	0	0	0	0	0	0	0	0	0	0	0.100	0
Manufacturing (2xxx, 3xxx)	5.279	6.979	0.560	4.046	3.185	6.350	2.910	3.298	0.425	1.500	0.623	0.160
Pharmaceuticals (2834-6)	0.306	0.115	0.163	0.060	1.150	0.325	0.325	0.990	0	2.500	0	0
Transportation (4xxx)	0.250	0	0	0.150	0.097	0	0	0	0	0.330	0	0.150
Communications (48xx)	0	0	0	0	0.600	0	1.890	0.200	0	0	0.396	0
Electric, gas, sanitary services (49xx)	0	0	0.373	0	0	0	0	0	0	0	0	0
Wholesale (5xxx)	0.200	0.344	0	0.300	0.190	0.275	0.110	0	0	0	0	0
Finance, insurance, real estate (6xxx)	2.502	3.225	2.032	3.000	7.390	2.434	4.518	0.984	0.980	0.635	0	2.475
Services (7xxx)	0.259	0.500	0	0.200	0.150	0.470	0.705	0.565	0.220	1.350	0	0.172
Health services (8xxx)	0	0	0	0.201	0.120	0	0.775	0.075	0.200	0	0	0.550
Total	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.803	1.743	3.632
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	2.875	1	1.984	3	1.970	5	0.125	1	6.954	10	7.686	11	9.41%
Oil and gas (13xx)	0.431	2	1.606	4	0.938	4	0	0	2.975	10	3.587	13	4.03%
Construction (15xx)	0	0	0	0	0.100	1	0	0	0.100	1	0.100	1	0.14%
Manufacturing (2xxx, 3xxx)	7.791	26	12.558	19	2.548	5	0.160	1	23.057	51	35.315	68	31.22%
Pharmaceuticals (2834-6)	1.373	5	1.640	6	2.500	1	0	0	5.513	12	5.934	15	7.46%
Transportation (4xxx)	0.247	2	0	0	0.330	1	0.150	1	0.727	4	0.977	5	0.98%
Communications (48xx)	0.600	2	2.090	4	0.396	1	0	0	3.086	7	3.086	7	4.18%
Electric, gas, sanitary services (49xx)	0.373	1	0	0	0	0	0	0	0.373	1	0.373	1	0.51%
Wholesale (5xxx)	0.490	3	0.385	2	0	0	0	0	0.875	5	1.419	7	1.18%
Finance, insurance, real estate (6xxx)	12.422	19	7.935	16	1.615	7	2.475	6	24.447	48	30.174	59	33.10%
Services (7xxx)	0.350	2	1.740	9	1.570	3	0.172	1	3.833	15	4.591	18	5.19%
Health services (8xxx)	0.321	2	0.850	3	0.200	1	0.550	2	1.921	8	1.921	8	2.60%
Total	27.274	65	30.788	66	12.167	29	3.632	12	73.861	172	95.164	213	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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