Analysis of convertibles issuance for 12 months through January 2007

Total year-to-date issuance: $2.972 billion in 12 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

	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
0%	0.974	0	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	5.000	0	1.600	2.750	1.100	0	0	0.620	0.550	0.355	0	0.230
1%-1.99%	0	0.400	5.150	1.425	2.150	0	0	0.180	0.300	3.875	0.900	0.675
2%-2.99%	0	0.926	0	1.505	0.845	0.300	0.240	0.746	0.405	0.776	2.472	1.052
3%-3.99%	0	0.880	0.144	0.280	2.334	0.713	1.022	1.113	0.774	2.437	0.455	0.596
4%-4.99%	0	0.550	0.058	0.345	1.575	1.443	0.632	0.375	0.357	1.170	5.343	0
5%-5.99%	0	0.291	0	0.144	0.300	0	0.075	0.230	0	0	0.135	0.394
6% and higher	0.365	0.238	0.148	0.089	0.575	0	0.144	0	0.783	0.212	0.167	0.025
Floater	0	0	0	0	0.713	0	0	2.500	0	0	3.000	0
Total	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.825	12.471	2.972
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
0%	0	0	0	0	0	0	0	0	0	0	0.974	1	0.00%
0.01%-0.99%	5.450	5	0.620	3	0.905	3	0.230	1	0.230	1	12.205	14	7.74%
1%-1.99%	8.725	8	0.180	1	5.075	8	0.675	3	0.675	3	15.055	21	22.71%
2%-2.99%	2.349	9	1.286	5	3.653	11	1.052	3	1.052	3	9.267	32	35.40%
3%-3.99%	2.757	9	2.848	11	3.666	15	0.596	2	0.596	2	10.746	40	20.05%
4%-4.99%	1.978	5	2.451	7	6.870	9	0	0	0	0	11.848	23	0.00%
5%-5.99%	0.443	2	0.305	2	0.135	1	0.394	2	0.394	2	1.568	8	13.26%
6% and higher	0.812	5	0.144	1	1.161	6	0.025	1	0.025	1	2.745	17	0.84%
Floater	0.713	2	2.500	1	3.000	2	0	0	0	0	6.213	5	0.00%
Total	23.227	45	10.333	31	24.464	55	2.972	12	2.972	12	70.620	161	100.00%
Premium
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
19.99% and lower	5.000	0	6.091	0.395	2.544	0.149	0.302	3.105	0.982	0.180	0.500	0.025
20%-29.99%	0	2.044	0.865	1.024	4.959	2.007	1.571	2.340	0.986	5.327	7.575	2.804
30-39.99%	0.974	0.700	0.144	4.619	1.522	0	0.240	0.201	1.200	2.037	1.954	0.142
40-49.99%	0.165	0.291	0	0	0.565	0.300	0	0	0	1.225	1.216	0
50% and higher	0.200	0.250	0	0.500	0	0	0	0.118	0	0.056	1.175	0
NA	0	0	0	0	0	0	0	0	0	0	0.050	0
Total	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.825	12.471	2.972
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	9.030	15	3.557	7	1.662	6	0.025	1	0.025	1	19.274	31	0.84%
20%-29.99%	6.848	15	5.917	20	13.888	22	2.804	10	2.804	10	31.501	75	94.35%
30-39.99%	6.285	13	0.441	2	5.191	18	0.142	1	0.142	1	13.734	38	4.78%
40-49.99%	0.565	1	0.300	1	2.441	5	0	0	0	0	3.762	9	0.00%
50% and higher	0.500	1	0.118	1	1.231	3	0	0	0	0	2.299	7	0.00%
NA	0	0	0	0	0.050	1	0	0	0	0	0.050	1	0.00%
Total	23.227	45	10.333	31	24.464	55	2.972	12	2.972	12	70.620	161	100.00%
Quick Sale?
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Yes	6.339	2.893	6.865	6.424	9.217	2.456	1.969	5.534	3.168	8.738	12.139	2.478
No	0	0.392	0.234	0.114	0.374	0	0.144	0.230	0	0.087	0.332	0.494
Total	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.825	12.471	2.972
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	22.505	39	9.960	29	24.045	50	2.478	9	2.478	9	68.220	143	83.38%
No	0.722	6	0.374	2	0.419	5	0.494	3	0.494	3	2.400	18	16.62%
Total	23.227	45	10.333	31	24.464	55	2.972	12	2.972	12	70.620	161	100.00%
Upsized?
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Yes	0	0.846	1.600	0.350	1.910	0	0.642	0.150	0.506	1.193	6.128	0.739
No	6.339	2.148	5.499	6.188	7.473	2.456	1.471	5.614	2.662	7.632	6.343	2.232
Downsized	0	0.291	0	0	0.207	0	0	0	0	0	0	0
Total	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.825	12.471	2.972
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	3.860	7	0.792	2	7.827	14	0.739	3	0.739	3	14.065	29	24.87%
No	19.160	37	9.541	29	16.636	41	2.232	9	2.232	9	56.058	130	75.10%
Downsized	0.207	1	0	0	0	0	0	0	0	0	0.498	2	0.00%
Total	23.227	45	10.333	31	24.464	55	2.972	12	2.972	12	70.620	161	100.00%
Seniority
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
senior secured	0	0	0	0	0	0	0	0	0.403	0	0	0
senior	6.139	2.134	6.841	5.699	7.392	1.869	2.113	4.883	2.276	7.523	10.926	2.501
senior subordinated	0	0.441	0	0.360	0.874	0.300	0	0.471	0.110	0.325	0.678	0.160
subordinated	0.200	0.200	0.144	0.465	0.450	0.138	0	0.180	0	0.200	0.733	0.142
preferred	0	0.511	0.115	0.014	0.875	0.149	0	0.230	0.380	0.777	0.135	0.169
Total	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.825	12.471	2.972
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
senior secured	0	0	0	0	0.403	1	0	0	0	0	0.403	1	0.00%
senior	19.931	32	8.865	24	20.724	41	2.501	8	2.501	8	60.294	116	84.15%
senior subordinated	1.234	5	0.771	3	1.113	6	0.160	1	0.160	1	3.718	18	5.38%
subordinated	1.059	4	0.318	2	0.932	2	0.142	1	0.142	1	2.852	11	4.78%
preferred	1.003	4	0.380	2	1.292	5	0.169	2	0.169	2	3.354	15	5.69%
Total	23.227	45	10.333	31	24.464	55	2.972	12	2.972	12	70.620	161	100.00%
Mandatory
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Yes	0	0	0	0	0.875	0	0	0.230	0	0	0	0
No	6.339	3.285	7.099	6.538	8.716	2.456	2.113	5.534	3.168	8.825	12.471	2.972
Total	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.825	12.471	2.972
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	0.875	2	0.230	1	0	0	0	0	0	0	1.105	3	0.00%
No	22.353	43	10.103	30	24.464	55	2.972	12	2.972	12	69.516	158	100.00%
Total	23.227	45	10.333	31	24.464	55	2.972	12	2.972	12	70.620	161	100.00%
Greenshoe Exercised?
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Yes	1.339	2.576	6.766	4.523	7.428	1.430	1.493	2.745	2.918	6.816	4.176	1.136
No	5.000	0.709	0.333	2.015	2.163	1.026	0.620	3.019	0.250	2.009	8.295	1.836
Total	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.825	12.471	2.972
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	18.717	34	5.668	22	13.910	38	1.136	5	1.136	5	43.346	112	38.22%
No	4.511	11	4.665	9	10.554	17	1.836	7	1.836	7	27.275	49	61.78%
Total	23.227	45	10.333	31	24.464	55	2.972	12	2.972	12	70.620	161	100.00%
Versus Talk
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Richer	0	0	0	0	0	0	0	0	0	0	0.115	0
Rich end	0.165	0.472	0	0.350	0	0	0	0.280	0.357	1.176	5.399	0.304
Within	5.000	1.085	2.615	2.860	5.691	1.164	1.002	2.115	1.458	6.610	5.097	2.277
Cheap end	0.200	1.260	2.950	2.894	1.800	0.725	0.219	3.170	0.787	1.002	1.210	0.230
Cheaper	0	0.200	1.444	0.345	2.100	0.568	0.892	0.200	0.250	0	0.600	0
Other/NA	0.974	0.268	0.091	0.089	0	0	0	0	0.315	0.037	0.050	0.161
Total	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.825	12.471	2.972
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Richer	0	0	0	0	0.115	1	0	0	0	0	0.115	1	0.00%
Rich end	0.350	1	0.280	2	6.932	12	0.304	2	0.304	2	8.503	20	10.23%
Within	11.166	27	4.281	17	13.165	26	2.277	7	2.277	7	36.974	83	76.62%
Cheap end	7.643	6	4.113	8	2.999	10	0.230	1	0.230	1	16.446	30	7.74%
Cheaper	3.889	7	1.660	4	0.850	2	0	0	0	0	6.598	14	0.00%
Other/NA	0.179	4	0	0	0.402	4	0.161	2	0.161	2	1.984	13	5.42%
Total	23.227	45	10.333	31	24.464	55	2.972	12	2.972	12	70.620	161	100.00%
Use of Proceeds
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Acquisition	0	0.200	0.058	0	1.514	0	0	0	0.300	0.125	1.167	0.144
Capex	0	0	0	0	0	0	0	0.230	0.487	0.037	0	0
GCP	0.165	1.143	0.448	4.688	2.600	0.438	0.700	2.500	0.356	2.928	7.319	0.775
No proceeds	0	0	0	0	0	0.726	0	0	0	0	0	0
Redeem convertibles	1.174	0.850	0.144	0.275	0.317	0	0	0.118	0	0	0	0.142
Refinance	0	0.912	0	0.260	1.410	0.568	1.163	1.376	0.380	0.730	2.135	1.545
Multiple/Other/NA	5.000	0.180	6.450	1.315	3.750	0.725	0.250	1.540	1.645	5.005	1.850	0.366
Total	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.825	12.471	2.972
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	1.571	4	0	0	1.592	4	0.144	1	0.144	1	3.507	10	4.85%
Capex	0	0	0.230	1	0.524	3	0	0	0	0	0.754	4	0.00%
GCP	7.735	15	3.638	5	10.603	18	0.775	2	0.775	2	24.060	45	26.08%
No proceeds	0	0	0.726	1	0	0	0	0	0	0	0.726	1	0.00%
Redeem convertibles	0.736	4	0.118	1	0	0	0.142	1	0.142	1	3.021	11	4.78%
Refinance	1.670	7	3.107	13	3.245	9	1.545	6	1.545	6	10.478	39	51.99%
Multiple/Other/NA	11.515	15	2.514	10	8.499	21	0.366	2	0.366	2	28.075	51	12.31%
Total	23.227	45	10.333	31	24.464	55	2.972	12	2.972	12	70.620	161	100.00%
Industry Sector (by SIC code)
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Mining (1xxx)	0	0	0	0	0	0	0	0	0.085	0	0.733	0
Oil and gas (13xx)	0	0	0	2.750	0.575	0	0	0	0.300	0.037	0.575	0.144
Construction (15xx)	0	0	0.144	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.974	0.948	4.758	2.400	2.281	0.300	0.075	0.471	0.477	5.271	6.979	0.510
Pharmaceuticals (2834-6)	5.000	0.573	2.083	0.625	1.500	0.138	0	0.118	0.250	0.306	0.115	0.142
Transportation (4xxx)	0	0	0	0	0	0.726	0	0.230	0	0.250	0	0
Communications (48xx)	0	0.374	0	0.324	0.335	0	0	0	0.403	0	0	0
Electric, gas, sanitary services (49xx)	0	0.200	0	0	0	0	0	0	0	0	0	0.325
Wholesale (5xxx)	0.165	0.220	0	0	0.287	0	0.144	0.180	0.300	0.200	0.344	0
Finance, insurance, real estate (6xxx)	0	0.741	0.115	0.014	1.800	1.292	1.654	4.420	1.227	2.502	3.225	1.851
Services (7xxx)	0.200	0.230	0	0.175	2.812	0	0.240	0.345	0	0.259	0.500	0
Health services (8xxx)	0	0	0	0.250	0	0	0	0	0.127	0	0	0
Total	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.825	12.471	2.972
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	0	0	0	0	0.818	2	0	0	0	0	0.818	2	0.00%
Oil and gas (13xx)	3.325	2	0	0	0.912	4	0.144	1	0.144	1	4.381	7	4.85%
Construction (15xx)	0.144	1	0	0	0	0	0	0	0	0	0.144	1	0.00%
Manufacturing (2xxx, 3xxx)	9.438	18	0.846	4	12.727	20	0.510	3	0.510	3	25.444	51	17.16%
Pharmaceuticals (2834-6)	4.208	9	0.256	2	0.671	4	0.142	1	0.142	1	10.850	20	4.78%
Transportation (4xxx)	0	0	0.956	2	0.250	1	0	0	0	0	1.206	3	0.00%
Communications (48xx)	0.659	3	0	0	0.403	1	0	0	0	0	1.435	5	0.00%
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.325	1	0.325	1	0.525	2	10.94%
Wholesale (5xxx)	0.287	1	0.324	2	0.844	3	0	0	0	0	1.840	8	0.00%
Finance, insurance, real estate (6xxx)	1.928	4	7.366	18	6.954	16	1.851	6	1.851	6	18.840	46	62.28%
Services (7xxx)	2.987	6	0.585	3	0.759	3	0	0	0	0	4.761	14	0.00%
Health services (8xxx)	0.250	1	0	0	0.127	1	0	0	0	0	0.377	2	0.00%
Total	23.227	45	10.333	31	24.464	55	2.972	12	2.972	12	70.620	161	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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