Analysis of convertibles issuance for 12 months through November 2007

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

Coupon

	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
0%	0	0	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0	0.230	2.050	0.550	0	0.110	0.500	0.225	0	0	0	0
1%-1.99%	0.900	0.773	0.700	1.950	2.130	3.000	1.224	1.150	0	0.475	0.150	1.101
2%-2.99%	2.472	1.185	0.461	5.485	0.240	2.005	1.505	0.545	0.738	0	0.902	0.175
3%-3.99%	0.455	0.611	1.150	4.630	3.365	2.750	1.278	0.400	1.250	1.044	0.500	0.275
4%-4.99%	5.343	0	0.335	0.060	0.275	0.287	0.335	0.400	0.330	0	0.125	0.200
5%-5.99%	0.135	0.444	0	0.195	0	0.103	1.944	0	1.500	0	0.500	0.854
6% and higher	0.167	0.029	0.261	2.875	2.809	0.446	0.331	0.900	3.135	0.225	0.675	2.913
Floater	3.000	0	3.000	0.300	1.150	4.000	1.000	0	0	0	0.800	0
Total	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.953	1.743	3.652	5.518
	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	3.665	9	4.61%
1%-1.99%	3.424	11	6.354	13	1.625	3	1.251	2	12.653	29	13.553	32	15.91%
2%-2.99%	7.131	18	3.750	12	1.283	4	1.077	5	13.242	39	15.713	44	16.65%
3%-3.99%	6.390	17	7.393	15	2.694	6	0.775	3	17.251	41	17.706	45	21.69%
4%-4.99%	0.395	3	0.898	6	0.730	2	0.325	2	2.348	13	7.690	16	2.95%
5%-5.99%	0.639	4	2.048	5	1.500	1	1.354	2	5.540	12	5.675	13	6.96%
6% and higher	3.165	4	3.587	9	4.260	12	3.588	6	14.598	31	14.765	32	18.35%
Floater	3.300	2	6.150	4	0	0	0.800	1	10.250	7	13.250	9	12.89%
Total	27.274	65	30.788	66	12.317	29	9.170	21	79.548	181	92.019	200	100.00%
Premium
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
19.99% and lower	0.500	0.029	3.501	1.825	0.230	0	1.094	1.168	0.635	0.050	0.075	0.854
20%-29.99%	7.575	3.080	3.260	10.622	2.500	4.034	4.191	1.062	4.000	1.075	1.073	4.189
30-39.99%	1.954	0.163	1.136	2.830	2.790	3.364	0.863	1.070	0.330	0.223	1.125	0.275
40-49.99%	1.216	0	0	0.438	1.099	3.870	0.575	0.320	0.488	0	0	0.200
50% and higher	1.175	0	0	0.250	3.350	1.435	1.365	0	1.500	0.396	1.380	0
NA	0.050	0	0.060	0.080	0	0	0.030	0	0	0	0	0
Total	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.953	1.743	3.652	5.518
	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	0.929	2	9.461	23	9.961	25	11.90%
20%-29.99%	16.962	37	10.724	27	6.137	11	5.261	9	39.085	84	46.660	91	49.13%
30-39.99%	4.129	15	7.016	14	1.623	7	1.400	4	14.167	40	16.122	45	17.81%
40-49.99%	0.438	2	5.544	9	0.808	3	0.200	1	6.990	15	8.206	17	8.79%
50% and higher	0.250	1	6.150	8	1.896	2	1.380	5	9.676	16	10.851	18	12.17%
NA	0.140	2	0.030	1	0	0	0	0	0.170	3	0.220	4	0.21%
Total	27.274	65	30.788	66	12.317	29	9.170	21	79.548	181	92.019	200	100.00%
Quick Sale?
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Yes	12.139	2.726	7.261	12.130	9.969	12.383	7.374	3.585	4.453	0.323	3.053	3.120
No	0.332	0.546	0.696	3.915	0	0.320	0.743	0.035	2.500	1.421	0.600	2.398
Total	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.953	1.743	3.652	5.518
	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	8.361	22	6.172	18	66.375	152	78.514	168	83.44%
No	5.157	12	1.062	7	3.956	7	2.998	3	13.173	29	13.505	32	16.56%
Total	27.274	65	30.788	66	12.317	29	9.170	21	79.548	181	92.019	200	100.00%
Upsized?
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Yes	6.128	0.754	0.600	8.245	0.325	3.568	1.130	0.200	0.250	1.446	1.502	4.149
No	6.343	2.517	7.357	7.800	9.644	9.133	6.987	3.158	6.643	0.298	2.150	1.369
Downsized	0	0	0	0	0	0	0	0.262	0.060	0	0	0
Total	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.953	1.743	3.652	5.518
	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	5.651	11	22.170	50	28.298	56	27.87%
No	17.674	45	25.764	53	10.099	20	3.519	10	57.056	128	63.399	141	71.73%
Downsized	0	0	0	0	0.322	3	0	0	0.322	3	0.322	3	0.40%
Total	27.274	65	30.788	66	12.317	29	9.170	21	79.548	181	92.019	200	100.00%
Seniority
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
secured	0	0	0	0	0	0	0	0	0	0.050	0	0
senior	10.926	2.777	6.447	11.579	9.469	11.697	7.510	3.340	3.878	0.975	2.980	1.951
senior subordinated	0.678	0.160	0.135	0.585	0.325	0.678	0.533	0.245	0	0	0.172	0.200
subordinated	0.733	0.163	1.375	1.005	0	0.110	0	0	0	0.644	0	0
preferred	0.135	0.172	0	2.875	0.175	0.216	0.074	0.035	3.075	0.075	0.500	3.367
Total	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.953	1.743	3.652	5.518
	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	0.06%
senior	20.804	45	28.677	55	8.193	19	4.931	14	62.604	133	73.530	147	78.70%
senior subordinated	0.880	6	1.536	7	0.245	1	0.372	2	3.034	16	3.711	19	3.81%
subordinated	2.542	11	0.110	1	0.644	3	0	0	3.296	15	4.029	16	4.14%
preferred	3.047	3	0.465	3	3.185	5	3.867	5	10.564	16	10.699	17	13.28%
Total	27.274	65	30.788	66	12.317	29	9.170	21	79.548	181	92.019	200	100.00%
Mandatory
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Yes	0	0	0	3.175	0.184	0	1.880	0	2.500	0	0.600	3.767
No	12.471	3.272	7.957	12.870	9.785	12.702	6.237	3.620	4.453	1.743	3.053	1.751
Total	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.953	1.743	3.652	5.518
	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	4.367	6	12.106	12	12.106	12	15.22%
No	24.099	63	28.723	63	9.817	28	4.803	15	67.442	169	79.913	188	84.78%
Total	27.274	65	30.788	66	12.317	29	9.170	21	79.548	181	92.019	200	100.00%
Greenshoe Exercised?
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Yes	4.176	3.272	4.697	12.264	6.444	8.612	4.473	2.020	2.405	1.093	1.552	4.468
No	8.295	0	3.260	3.780	3.525	4.090	3.644	1.600	4.548	0.650	2.100	1.050
Total	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.953	1.743	3.652	5.518
	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	5.518	14	6.020	12	51.301	126	55.477	137	64.49%
No	7.040	13	11.259	18	6.798	15	3.150	9	28.247	55	36.542	63	35.51%
Total	27.274	65	30.788	66	12.317	29	9.170	21	79.548	181	92.019	200	100.00%
Versus Talk
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Richer	0.115	0	0	0.075	0	0	0	0	0.488	0	0.380	0
Rich end	5.399	0.304	3.111	2.795	0	1.700	0	1.150	0	1.075	0.450	2.339
Within	5.097	1.696	1.285	10.178	5.760	5.301	4.395	1.245	2.500	0	1.522	0.549
Cheap end	1.210	1.093	0	0.760	2.484	1.591	1.264	0.625	1.310	0.198	0.075	2.355
Cheaper	0.600	0	3.000	1.400	1.725	4.110	0.590	0	0.580	0	0.125	0
Other/NA	0.050	0.179	0.561	0.837	0	0	1.868	0.600	2.075	0.471	1.100	0.275
Total	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.953	1.743	3.652	5.518
	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	0.380	2	0.943	4	1.058	5	1.19%
Rich end	6.210	17	1.700	2	2.225	5	2.789	4	12.924	28	18.323	31	16.25%
Within	13.159	31	15.456	37	3.745	6	2.071	7	34.431	81	39.528	91	43.28%
Cheap end	1.853	5	5.339	11	2.133	6	2.430	4	11.754	26	12.964	29	14.78%
Cheaper	4.400	2	6.425	9	0.580	2	0.125	1	11.530	14	12.130	15	14.49%
Other/NA	1.578	9	1.868	7	3.146	9	1.375	3	7.966	28	8.016	29	10.01%
Total	27.274	65	30.788	66	12.317	29	9.170	21	79.548	181	92.019	200	100.00%
Use of Proceeds
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Acquisition	1.167	0.144	0.201	0	0.100	0.216	0	0.600	2.750	0.921	0	2.254
Capex	0	0	0	0	0	0.103	0	0.095	0	0.500	0	0
GCP	7.319	0.891	3.696	4.155	0.555	3.445	3.890	1.392	0.575	0.148	1.250	1.304
Redeem convertibles	0	0.163	0	1.150	0.275	0	0	0	0	0	0	0
Refinance	2.135	1.694	0.335	5.375	1.365	2.070	2.176	0.445	1.988	0.100	1.153	0.600
Multiple/Other/NA	1.850	0.381	3.725	5.365	7.674	6.867	2.051	1.088	1.640	0.075	1.250	1.360
Total	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.953	1.743	3.652	5.518
	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	2.254	2	7.186	13	8.353	15	9.03%
Capex	0	0	0.103	1	0.595	2	0	0	0.699	3	0.699	3	0.88%
GCP	8.742	22	7.889	16	2.115	6	2.554	6	21.301	50	28.619	57	26.78%
Redeem convertibles	1.312	3	0.275	1	0	0	0	0	1.587	4	1.587	4	2.00%
Refinance	7.403	17	5.611	12	2.533	5	1.752	5	17.300	39	19.435	44	21.75%
Multiple/Other/NA	9.471	21	16.593	34	2.803	9	2.610	8	31.476	72	33.326	77	39.57%
Total	27.274	65	30.788	66	12.317	29	9.170	21	79.548	181	92.019	200	100.00%
Industry Sector (by SIC code)
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Mining (1xxx)	0.733	0	0	2.875	0	0.103	1.880	1.470	0	0.500	0.125	0.115
Oil and gas (13xx)	0.575	0.144	0	0.287	0.115	1.366	0.125	0.325	0.488	0.125	0	0.459
Construction (15xx)	0	0	0	0	0	0	0	0	0	0.100	0	0
Manufacturing (2xxx, 3xxx)	6.979	0.560	4.046	3.185	6.350	2.910	3.298	0.425	1.500	0.623	0.180	1.704
Pharmaceuticals (2834-6)	0.115	0.163	0.060	1.150	0.325	0.325	0.990	0	2.500	0	0	2.139
Transportation (4xxx)	0	0	0.150	0.097	0	0	0	0	0.330	0	0.150	0
Communications (48xx)	0	0	0	0.600	0	1.890	0.200	0	0	0.396	0	0
Electric, gas, sanitary services (49xx)	0	0.373	0	0	0	0	0	0	0	0	0	0
Wholesale (5xxx)	0.344	0	0.300	0.190	0.275	0.110	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	3.225	2.032	3.000	7.390	2.434	4.518	0.984	0.980	0.635	0	2.475	1.101
Services (7xxx)	0.500	0	0.200	0.150	0.470	0.705	0.565	0.220	1.500	0	0.172	0
Health services (8xxx)	0	0	0.201	0.120	0	0.775	0.075	0.200	0	0	0.550	0
Total	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.953	1.743	3.652	5.518
	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	0.240	2	7.069	11	7.801	12	8.89%
Oil and gas (13xx)	0.431	2	1.606	4	0.938	4	0.459	2	3.434	12	4.009	14	4.32%
Construction (15xx)	0	0	0	0	0.100	1	0	0	0.100	1	0.100	1	0.13%
Manufacturing (2xxx, 3xxx)	7.791	26	12.558	19	2.548	5	1.884	5	24.780	55	31.760	63	31.15%
Pharmaceuticals (2834-6)	1.373	5	1.640	6	2.500	1	2.139	1	7.652	13	7.767	14	9.62%
Transportation (4xxx)	0.247	2	0	0	0.330	1	0.150	1	0.727	4	0.727	4	0.91%
Communications (48xx)	0.600	2	2.090	4	0.396	1	0	0	3.086	7	3.086	7	3.88%
Electric, gas, sanitary services (49xx)	0.373	1	0	0	0	0	0	0	0.373	1	0.373	1	0.47%
Wholesale (5xxx)	0.490	3	0.385	2	0	0	0	0	0.875	5	1.219	6	1.10%
Finance, insurance, real estate (6xxx)	12.422	19	7.935	16	1.615	7	3.576	7	25.548	49	28.773	53	32.12%
Services (7xxx)	0.350	2	1.740	9	1.720	3	0.172	1	3.982	15	4.482	17	5.01%
Health services (8xxx)	0.321	2	0.850	3	0.200	1	0.550	2	1.921	8	1.921	8	2.41%
Total	27.274	65	30.788	66	12.317	29	9.170	21	79.548	181	92.019	200	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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