Analysis of convertibles issuance for 12 months through February 2007

Total year-to-date issuance: $10.904 billion in 29 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

	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
0%	0	0	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0	1.600	2.750	1.100	0	0	0.620	0.550	0.355	0	0.230	2.050
1%-1.99%	0.400	5.150	1.425	2.150	0	0	0.180	0.300	3.875	0.900	0.773	0.675
2%-2.99%	0.926	0	1.505	0.845	0.300	0.240	0.746	0.405	0.776	2.472	1.165	0.411
3%-3.99%	0.880	0.144	0.280	2.334	0.713	1.022	1.113	0.774	2.437	0.455	0.611	1.050
4%-4.99%	0.550	0.058	0.345	1.575	1.443	0.632	0.375	0.357	1.170	5.343	0	0.335
5%-5.99%	0.291	0	0.144	0.300	0	0.075	0.230	0	0	0.135	0.444	0
6% and higher	0.238	0.148	0.089	0.575	0	0.144	0	0.783	0.220	0.167	0.025	0.135
Floater	0	0	0	0.713	0	0	2.500	0	0	3.000	0	3.000
Total	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.832	12.471	3.248	7.656
	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	0	0.00%
0.01%-0.99%	5.450	5	0.620	3	0.905	3	2.280	4	2.280	4	9.255	15	20.91%
1%-1.99%	8.725	8	0.180	1	5.075	8	1.448	7	1.448	7	15.829	25	13.28%
2%-2.99%	2.349	9	1.286	5	3.653	11	1.576	6	1.576	6	9.791	35	14.45%
3%-3.99%	2.757	9	2.848	11	3.666	15	1.661	4	1.661	4	11.812	42	15.23%
4%-4.99%	1.978	5	2.451	7	6.870	9	0.335	2	0.335	2	12.183	25	3.07%
5%-5.99%	0.443	2	0.305	2	0.135	1	0.444	2	0.444	2	1.618	8	4.07%
6% and higher	0.812	5	0.144	1	1.169	6	0.160	3	0.160	3	2.523	17	1.47%
Floater	0.713	2	2.500	1	3.000	2	3.000	1	3.000	1	9.213	6	27.51%
Total	23.227	45	10.333	31	24.471	55	10.904	29	10.904	29	72.221	173	100.00%
Premium
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
19.99% and lower	0	6.091	0.395	2.544	0.149	0.302	3.105	0.982	0.180	0.500	0.025	3.375
20%-29.99%	2.044	0.865	1.024	4.959	2.007	1.571	2.340	0.986	5.335	7.575	3.080	3.085
30-39.99%	0.700	0.144	4.619	1.522	0	0.240	0.201	1.200	2.037	1.954	0.142	1.136
40-49.99%	0.291	0	0	0.565	0.300	0	0	0	1.225	1.216	0	0
50% and higher	0.250	0	0.500	0	0	0	0.118	0	0.056	1.175	0	0
NA	0	0	0	0	0	0	0	0	0	0.050	0	0.060
Total	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.832	12.471	3.248	7.656
	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	3.400	4	3.400	4	17.649	32	31.18%
20%-29.99%	6.848	15	5.917	20	13.896	22	6.165	17	6.165	17	34.869	82	56.54%
30-39.99%	6.285	13	0.441	2	5.191	18	1.279	7	1.279	7	13.896	43	11.73%
40-49.99%	0.565	1	0.300	1	2.441	5	0	0	0	0	3.597	8	0.00%
50% and higher	0.500	1	0.118	1	1.231	3	0	0	0	0	2.099	6	0.00%
NA	0	0	0	0	0.050	1	0.060	1	0.060	1	0.110	2	0.55%
Total	23.227	45	10.333	31	24.471	55	10.904	29	10.904	29	72.221	173	100.00%
Quick Sale?
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Yes	2.893	6.865	6.424	9.217	2.456	1.969	5.534	3.168	8.738	12.139	2.706	7.086
No	0.392	0.234	0.114	0.374	0	0.144	0.230	0	0.095	0.332	0.542	0.570
Total	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.832	12.471	3.248	7.656
	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	9.792	22	9.792	22	69.195	151	89.80%
No	0.722	6	0.374	2	0.426	5	1.112	7	1.112	7	3.026	22	10.20%
Total	23.227	45	10.333	31	24.471	55	10.904	29	10.904	29	72.221	173	100.00%
Upsized?
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Yes	0.846	1.600	0.350	1.910	0	0.642	0.150	0.506	1.193	6.128	0.754	0.575
No	2.148	5.499	6.188	7.473	2.456	1.471	5.614	2.662	7.639	6.343	2.494	7.081
Downsized	0.291	0	0	0.207	0	0	0	0	0	0	0	0
Total	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.832	12.471	3.248	7.656
	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	1.329	5	1.329	5	14.655	31	12.19%
No	19.160	37	9.541	29	16.644	41	9.575	24	9.575	24	57.068	140	87.81%
Downsized	0.207	1	0	0	0	0	0	0	0	0	0.498	2	0.00%
Total	23.227	45	10.333	31	24.471	55	10.904	29	10.904	29	72.221	173	100.00%
Seniority
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
senior secured	0	0	0	0	0	0	0	0.403	0	0	0	0
senior	2.134	6.841	5.699	7.392	1.869	2.113	4.883	2.276	7.523	10.926	2.777	6.271
senior subordinated	0.441	0	0.360	0.874	0.300	0	0.471	0.110	0.325	0.678	0.160	0.135
subordinated	0.200	0.144	0.465	0.450	0.138	0	0.180	0	0.200	0.733	0.142	1.250
preferred	0.511	0.115	0.014	0.875	0.149	0	0.230	0.380	0.784	0.135	0.169	0
Total	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.832	12.471	3.248	7.656
	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	9.048	20	9.048	20	60.702	124	82.98%
senior subordinated	1.234	5	0.771	3	1.113	6	0.295	2	0.295	2	3.853	19	2.71%
subordinated	1.059	4	0.318	2	0.932	2	1.393	5	1.393	5	3.901	14	12.78%
preferred	1.003	4	0.380	2	1.299	5	0.169	2	0.169	2	3.362	15	1.55%
Total	23.227	45	10.333	31	24.471	55	10.904	29	10.904	29	72.221	173	100.00%
Mandatory
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Yes	0	0	0	0.875	0	0	0.230	0	0	0	0	0
No	3.285	7.099	6.538	8.716	2.456	2.113	5.534	3.168	8.832	12.471	3.248	7.656
Total	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.832	12.471	3.248	7.656
	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	24.471	55	10.904	29	10.904	29	71.117	170	100.00%
Total	23.227	45	10.333	31	24.471	55	10.904	29	10.904	29	72.221	173	100.00%
Greenshoe Exercised?
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Yes	2.576	6.766	4.523	7.428	1.430	1.493	2.745	2.918	6.873	4.176	3.223	2.921
No	0.709	0.333	2.015	2.163	1.026	0.620	3.019	0.250	1.959	8.295	0.025	4.735
Total	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.832	12.471	3.248	7.656
	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	13.967	39	6.144	19	6.144	19	47.072	124	56.35%
No	4.511	11	4.665	9	10.504	16	4.760	10	4.760	10	25.149	49	43.65%
Total	23.227	45	10.333	31	24.471	55	10.904	29	10.904	29	72.221	173	100.00%
Versus Talk
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Richer	0	0	0	0	0	0	0	0	0	0.115	0	0
Rich end	0.472	0	0.350	0	0	0	0.280	0.357	1.176	5.399	0.304	2.961
Within	1.085	2.615	2.860	5.691	1.164	1.002	2.115	1.458	6.610	5.097	1.676	1.260
Cheap end	1.260	2.950	2.894	1.800	0.725	0.219	3.170	0.787	1.010	1.210	1.093	0
Cheaper	0.200	1.444	0.345	2.100	0.568	0.892	0.200	0.250	0	0.600	0	3.000
Other/NA	0.268	0.091	0.089	0	0	0	0	0.315	0.037	0.050	0.176	0.435
Total	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.832	12.471	3.248	7.656
	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	3.265	8	3.265	8	11.299	25	29.94%
Within	11.166	27	4.281	17	13.165	26	2.936	13	2.936	13	32.632	87	26.93%
Cheap end	7.643	6	4.113	8	3.007	10	1.093	2	1.093	2	17.116	30	10.02%
Cheaper	3.889	7	1.660	4	0.850	2	3.000	1	3.000	1	9.598	15	27.51%
Other/NA	0.179	4	0	0	0.402	4	0.611	5	0.611	5	1.460	15	5.60%
Total	23.227	45	10.333	31	24.471	55	10.904	29	10.904	29	72.221	173	100.00%
Use of Proceeds
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Acquisition	0.200	0.058	0	1.514	0	0	0	0.300	0.125	1.167	0.144	0.075
Capex	0	0	0	0	0	0	0.230	0.487	0.037	0	0	0
GCP	1.143	0.448	4.688	2.600	0.438	0.700	2.500	0.356	2.935	7.319	0.887	3.671
No proceeds	0	0	0	0	0.726	0	0	0	0	0	0	0
Redeem convertibles	0.850	0.144	0.275	0.317	0	0	0.118	0	0	0	0.142	0
Refinance	0.912	0	0.260	1.410	0.568	1.163	1.376	0.380	0.730	2.135	1.694	0.335
Multiple/Other/NA	0.180	6.450	1.315	3.750	0.725	0.250	1.540	1.645	5.005	1.850	0.381	3.575
Total	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.832	12.471	3.248	7.656
	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	0.219	2	0.219	2	3.582	11	2.01%
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	10.611	18	4.559	9	4.559	9	27.686	51	41.81%
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	1.847	9	1.30%
Refinance	1.670	7	3.107	13	3.245	9	2.029	8	2.029	8	10.962	41	18.61%
Multiple/Other/NA	11.515	15	2.514	10	8.499	21	3.956	9	3.956	9	26.665	56	36.28%
Total	23.227	45	10.333	31	24.471	55	10.904	29	10.904	29	72.221	173	100.00%
Industry Sector (by SIC code)
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Mining (1xxx)	0	0	0	0	0	0	0	0.085	0	0.733	0	0
Oil and gas (13xx)	0	0	2.750	0.575	0	0	0	0.300	0.037	0.575	0.144	0
Construction (15xx)	0	0.144	0	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.948	4.758	2.400	2.281	0.300	0.075	0.471	0.477	5.279	6.979	0.560	3.896
Pharmaceuticals (2834-6)	0.573	2.083	0.625	1.500	0.138	0	0.118	0.250	0.306	0.115	0.142	0.060
Transportation (4xxx)	0	0	0	0	0.726	0	0.230	0	0.250	0	0	0.150
Communications (48xx)	0.374	0	0.324	0.335	0	0	0	0.403	0	0	0	0
Electric, gas, sanitary services (49xx)	0.200	0	0	0	0	0	0	0	0	0	0.373	0
Wholesale (5xxx)	0.220	0	0	0.287	0	0.144	0.180	0.300	0.200	0.344	0	0.300
Finance, insurance, real estate (6xxx)	0.741	0.115	0.014	1.800	1.292	1.654	4.420	1.227	2.502	3.225	2.028	3.000
Services (7xxx)	0.230	0	0.175	2.812	0	0.240	0.345	0	0.259	0.500	0	0.175
Health services (8xxx)	0	0	0.250	0	0	0	0	0.127	0	0	0	0.075
Total	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.832	12.471	3.248	7.656
	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	1.32%
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	12.735	20	4.456	14	4.456	14	28.424	61	40.87%
Pharmaceuticals (2834-6)	4.208	9	0.256	2	0.671	4	0.203	2	0.203	2	5.910	19	1.86%
Transportation (4xxx)	0	0	0.956	2	0.250	1	0.150	1	0.150	1	1.356	4	1.38%
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	0.373	1	0.373	1	0.574	2	3.42%
Wholesale (5xxx)	0.287	1	0.324	2	0.844	3	0.300	1	0.300	1	1.975	8	2.75%
Finance, insurance, real estate (6xxx)	1.928	4	7.366	18	6.954	16	5.028	7	5.028	7	22.018	47	46.11%
Services (7xxx)	2.987	6	0.585	3	0.759	3	0.175	1	0.175	1	4.736	14	1.60%
Health services (8xxx)	0.250	1	0	0	0.127	1	0.075	1	0.075	1	0.452	3	0.69%
Total	23.227	45	10.333	31	24.471	55	10.904	29	10.904	29	72.221	173	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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