Analysis of convertibles issuance for 12 months through March 2007

Total year-to-date issuance: $26.515 billion in 64 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

	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
0%	0	0	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	1.600	2.750	1.100	0	0	0.620	0.550	0.355	0	0.230	2.050	0.525
1%-1.99%	5.150	1.425	2.150	0	0	0.180	0.300	3.875	0.900	0.773	0.675	1.900
2%-2.99%	0	1.505	0.845	0.300	0.240	0.776	0.405	0.776	2.472	1.185	0.411	5.210
3%-3.99%	0.144	0.280	2.334	0.713	1.022	1.113	0.774	2.437	0.455	0.611	1.050	4.400
4%-4.99%	0.058	0.345	1.575	1.443	0.632	0.375	0.357	1.170	5.343	0	0.335	0.060
5%-5.99%	0	0.144	0.300	0	0.075	0.230	0	0	0.135	0.444	0	0.195
6% and higher	0.148	0.089	0.575	0	0.144	0	0.783	0.220	0.167	0.025	0.261	2.875
Floater	0	0	0.713	0	0	2.500	0	0	3.000	0	3.000	0.300
Total	7.099	6.538	9.590	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.782	15.465
	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	2.805	6	2.805	6	9.780	17	10.58%
1%-1.99%	8.725	8	0.180	1	5.075	8	3.349	11	3.349	11	17.328	28	12.63%
2%-2.99%	2.349	9	1.316	5	3.653	11	6.806	17	6.806	17	14.125	42	25.67%
3%-3.99%	2.757	9	2.848	11	3.666	15	6.061	17	6.061	17	15.332	52	22.86%
4%-4.99%	1.978	5	2.451	7	6.870	9	0.395	3	0.395	3	11.693	24	1.49%
5%-5.99%	0.443	2	0.305	2	0.135	1	0.639	4	0.639	4	1.522	9	2.41%
6% and higher	0.812	5	0.144	1	1.169	6	3.161	4	3.161	4	5.286	16	11.93%
Floater	0.713	2	2.500	1	3.000	2	3.300	2	3.300	2	9.512	7	12.45%
Total	23.227	45	10.363	31	24.471	55	26.515	64	26.515	64	84.577	195	100.00%
Premium
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
19.99% and lower	6.091	0.395	2.544	0.149	0.302	3.105	0.982	0.180	0.500	0.025	3.501	1.700
20%-29.99%	0.865	1.024	4.959	2.007	1.571	2.369	0.986	5.335	7.575	3.080	3.085	10.330
30-39.99%	0.144	4.619	1.522	0	0.240	0.201	1.200	2.037	1.954	0.163	1.136	2.810
40-49.99%	0	0	0.565	0.300	0	0	0	1.225	1.216	0	0	0.375
50% and higher	0	0.500	0	0	0	0.118	0	0.056	1.175	0	0	0.250
NA	0	0	0	0	0	0	0	0	0.050	0	0.060	0
Total	7.099	6.538	9.590	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.782	15.465
	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	5.226	8	5.226	8	19.475	36	19.71%
20%-29.99%	6.848	15	5.947	20	13.896	22	16.495	37	16.495	37	43.185	94	62.21%
30-39.99%	6.285	13	0.441	2	5.191	18	4.109	15	4.109	15	16.026	48	15.50%
40-49.99%	0.565	1	0.300	1	2.441	5	0.375	2	0.375	2	3.681	9	1.41%
50% and higher	0.500	1	0.118	1	1.231	3	0.250	1	0.250	1	2.099	6	0.0094
NA	0	0	0	0	0.050	1	0.060	1	0.060	1	0.110	2	0.23%
Total	23.227	45	10.363	31	24.471	55	26.515	64	26.515	64	84.577	195	100.00%
Quick Sale?
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Yes	6.865	6.424	9.217	2.456	1.969	5.564	3.168	8.738	12.139	2.726	7.086	11.680
No	0.234	0.114	0.374	0	0.144	0.230	0	0.095	0.332	0.542	0.696	3.785
Total	7.099	6.538	9.590	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.782	15.465
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	22.505	39	9.990	29	24.045	50	21.492	53	21.492	53	78.032	171	81.06%
No	0.722	6	0.374	2	0.426	5	5.024	11	5.024	11	6.545	24	18.95%
Total	23.227	45	10.363	31	24.471	55	26.515	64	26.515	64	84.577	195	100.00%
Upsized?
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Yes	1.600	0.350	1.910	0	0.642	0.150	0.506	1.193	6.128	0.754	0.575	8.000
No	5.499	6.188	7.473	2.456	1.471	5.644	2.662	7.639	6.343	2.514	7.207	7.465
Downsized	0	0	0.207	0	0	0	0	0	0	0	0	0
Total	7.099	6.538	9.590	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.782	15.465
	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	9.329	20	9.329	20	21.809	43	35.18%
No	19.160	37	9.571	29	16.644	41	17.186	44	17.186	44	62.562	151	64.82%
Downsized	0.207	1	0	0	0	0	0	0	0	0	0.207	1	0.00%
Total	23.227	45	10.363	31	24.471	55	26.515	64	26.515	64	84.577	195	100.00%
Seniority
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
senior secured	0	0	0	0	0	0	0.403	0	0	0	0	0
senior	6.841	5.699	7.392	1.869	2.113	4.883	2.276	7.523	10.926	2.777	6.397	11.145
senior subordinated	0	0.360	0.874	0.300	0	0.501	0.110	0.325	0.678	0.160	0.135	0.570
subordinated	0.144	0.465	0.450	0.138	0	0.180	0	0.200	0.733	0.163	1.250	0.875
preferred	0.115	0.014	0.875	0.149	0	0.230	0.380	0.784	0.135	0.169	0	2.875
Total	7.099	6.538	9.590	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.782	15.465
	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	20.319	45	20.319	45	69.840	142	76.63%
senior subordinated	1.234	5	0.801	3	1.113	6	0.865	6	0.865	6	4.013	20	3.26%
subordinated	1.059	4	0.318	2	0.932	2	2.288	10	2.288	10	4.596	18	8.63%
preferred	1.003	4	0.380	2	1.299	5	3.044	3	3.044	3	5.726	14	11.48%
Total	23.227	45	10.363	31	24.471	55	26.515	64	26.515	64	84.577	195	100.00%
Mandatory
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Yes	0	0	0.875	0	0	0.230	0	0	0	0	0	3.175
No	7.099	6.538	8.716	2.456	2.113	5.564	3.168	8.832	12.471	3.268	7.782	12.290
Total	7.099	6.538	9.590	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.782	15.465
	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	3.175	2	3.175	2	4.280	5	11.97%
No	22.353	43	10.133	30	24.471	55	23.340	62	23.340	62	80.298	190	88.03%
Total	23.227	45	10.363	31	24.471	55	26.515	64	26.515	64	84.577	195	100.00%
Greenshoe Exercised?
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Yes	6.766	4.523	7.428	1.430	1.493	3.045	2.918	6.873	4.176	3.243	3.123	7.790
No	0.333	2.015	2.163	1.026	0.620	2.749	0.250	1.959	8.295	0.025	4.660	7.675
Total	7.099	6.538	9.590	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.782	15.465
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	18.717	34	5.968	23	13.967	39	14.155	35	14.155	35	52.807	131	53.38%
No	4.511	11	4.396	8	10.504	16	12.360	29	12.360	29	31.770	64	46.62%
Total	23.227	45	10.363	31	24.471	55	26.515	64	26.515	64	84.577	195	100.00%
Versus Talk
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Richer	0	0	0	0	0	0	0	0	0.115	0	0	0.075
Rich end	0	0.350	0	0	0	0.280	0.357	1.176	5.399	0.304	2.961	2.720
Within	2.615	2.860	5.691	1.164	1.002	2.145	1.458	6.610	5.097	1.696	1.260	9.855
Cheap end	2.950	2.894	1.800	0.725	0.219	3.170	0.787	1.010	1.210	1.093	0	0.670
Cheaper	1.444	0.345	2.100	0.568	0.892	0.200	0.250	0	0.600	0	3.000	1.400
NA/Other	0.091	0.089	0	0	0	0	0.315	0.037	0.050	0.176	0.561	0.745
Total	7.099	6.538	9.590	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.782	15.465
	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	0.075	1	0.075	1	0.190	2	0.28%
Rich end	0.350	1	0.280	2	6.932	12	5.985	17	5.985	17	13.547	32	22.57%
Within	11.166	27	4.311	17	13.165	26	12.811	31	12.811	31	41.453	101	48.32%
Cheap end	7.643	6	4.113	8	3.007	10	1.762	5	1.762	5	16.526	29	6.65%
Cheaper	3.889	7	1.660	4	0.850	2	4.400	2	4.400	2	10.798	15	16.59%
NA/Other	0.179	4	0	0	0.402	4	1.482	8	1.482	8	2.064	16	5.59%
Total	23.227	45	10.363	31	24.471	55	26.515	64	26.515	64	84.577	195	100.00%
Use of Proceeds
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Acquisition	0.058	0	1.514	0	0	0	0.300	0.125	1.167	0.144	0.201	0
Capex	0	0	0	0	0	0.230	0.487	0.037	0	0	0	0
GCP	0.448	4.688	2.600	0.438	0.700	2.500	0.356	2.935	7.319	0.887	3.671	4.055
No proceeds	0	0	0	0.726	0	0	0	0	0	0	0	0
Redeem convertibles	0.144	0.275	0.317	0	0	0.118	0	0	0	0.163	0	1.150
Refinance	0	0.260	1.410	0.568	1.163	1.376	0.380	0.730	2.135	1.694	0.335	5.235
Multiple/Other/NA	6.450	1.315	3.750	0.725	0.250	1.570	1.645	5.005	1.850	0.381	3.575	5.025
Total	7.099	6.538	9.590	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.782	15.465
	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	0.345	2	0.345	2	3.508	10	1.30%
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	8.614	22	8.614	22	30.597	60	32.49%
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	1.312	3	1.312	3	2.167	8	4.95%
Refinance	1.670	7	3.107	13	3.245	9	7.263	17	7.263	17	15.285	46	27.39%
Multiple/Other/NA	11.515	15	2.545	10	8.499	21	8.981	20	8.981	20	31.540	66	33.87%
Total	23.227	45	10.363	31	24.471	55	26.515	64	26.515	64	84.577	195	100.00%
Industry Sector (by SIC code)
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Mining (1xxx)	0	0	0	0	0	0	0.085	0	0.733	0	0	2.875
Oil and gas (13xx)	0	2.750	0.575	0	0	0	0.300	0.037	0.575	0.144	0	0.250
Construction (15xx)	0.144	0	0	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	4.758	2.400	2.281	0.300	0.075	0.501	0.477	5.279	6.979	0.560	3.896	3.080
Pharmaceuticals (2834-6)	2.083	0.625	1.500	0.138	0	0.118	0.250	0.306	0.115	0.163	0.060	1.100
Transportation (4xxx)	0	0	0	0.726	0	0.230	0	0.250	0	0	0.150	0.085
Communications (48xx)	0	0.324	0.335	0	0	0	0.403	0	0	0	0	0.600
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0	0.373	0	0
Wholesale (5xxx)	0	0	0.287	0	0.144	0.180	0.300	0.200	0.344	0	0.300	0.175
Finance, insurance, real estate (6xxx)	0.115	0.014	1.800	1.292	1.654	4.420	1.227	2.502	3.225	2.028	3.000	7.055
Services (7xxx)	0	0.175	2.812	0	0.240	0.345	0	0.259	0.500	0	0.175	0.125
Health services (8xxx)	0	0.250	0	0	0	0	0.127	0	0	0	0.201	0.120
Total	7.099	6.538	9.590	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.782	15.465
	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	2.875	1	2.875	1	3.692	3	10.84%
Oil and gas (13xx)	3.325	2	0	0	0.912	4	0.394	2	0.394	2	4.631	8	1.49%
Construction (15xx)	0.144	1	0	0	0	0	0	0	0	0	0.144	1	0.00%
Manufacturing (2xxx, 3xxx)	9.438	18	0.876	4	12.735	20	7.536	25	7.536	25	30.586	67	28.42%
Pharmaceuticals (2834-6)	4.208	9	0.256	2	0.671	4	1.323	5	1.323	5	6.458	20	4.99%
Transportation (4xxx)	0	0	0.956	2	0.250	1	0.235	2	0.235	2	1.441	5	0.89%
Communications (48xx)	0.659	3	0	0	0.403	1	0.600	2	0.600	2	1.661	6	2.26%
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.373	1	0.373	1	0.373	1	1.41%
Wholesale (5xxx)	0.287	1	0.324	2	0.844	3	0.475	3	0.475	3	1.930	9	1.79%
Finance, insurance, real estate (6xxx)	1.928	4	7.366	18	6.954	16	12.083	19	12.083	19	28.332	57	45.57%
Services (7xxx)	2.987	6	0.585	3	0.759	3	0.300	2	0.300	2	4.631	14	1.13%
Health services (8xxx)	0.250	1	0	0	0.127	1	0.321	2	0.321	2	0.698	4	1.21%
Total	23.227	45	10.363	31	24.471	55	26.515	64	26.515	64	84.577	195	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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