Analysis of convertibles issuance for 12 months through April 2007

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

Coupon

	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
0%	0	0	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	2.750	1.100	0	0	0.620	0.550	0.355	0	0.230	2.050	0.525	0
1%-1.99%	1.425	2.150	0	0	0.180	0.300	3.875	0.900	0.773	0.675	1.900	2.105
2%-2.99%	1.505	0.845	0.300	0.240	0.776	0.405	0.776	2.472	1.185	0.436	5.460	0.240
3%-3.99%	0.280	2.334	0.713	1.022	1.113	0.774	2.437	0.455	0.611	1.050	4.614	3.365
4%-4.99%	0.345	1.575	1.443	0.632	0.375	0.357	1.170	5.343	0	0.335	0.060	0.275
5%-5.99%	0.144	0.300	0	0.075	0.230	0	0	0.135	0.444	0	0.195	0
6% and higher	0.089	0.575	0	0.144	0	0.783	0.220	0.167	0.025	0.261	2.875	2.785
Floater	0	0.713	0	0	2.500	0	0	3.000	0	3.000	0.300	1.150
Total	6.538	9.590	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.808	15.930	9.920
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	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%	0.620	3	0.905	3	2.805	6	0	0	2.805	6	8.180	14	7.60%
1%-1.99%	0.180	1	5.075	8	3.349	11	2.105	5	5.453	16	14.283	30	14.77%
2%-2.99%	1.316	5	3.653	11	7.081	18	0.240	1	7.321	19	14.640	44	19.83%
3%-3.99%	2.848	11	3.666	15	6.275	17	3.365	4	9.640	21	18.767	55	26.11%
4%-4.99%	2.451	7	6.870	9	0.395	3	0.275	2	0.670	5	11.910	25	1.81%
5%-5.99%	0.305	2	0.135	1	0.639	4	0	0	0.639	4	1.522	9	1.73%
6% and higher	0.144	1	1.169	6	3.161	4	2.785	3	5.946	7	7.923	17	16.10%
Floater	2.500	1	3.000	2	3.300	2	1.150	1	4.450	3	10.662	8	12.05%
Total	10.363	31	24.471	55	27.005	65	9.920	16	36.925	81	87.887	202	100.00%
Premium
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
19.99% and lower	0.395	2.544	0.149	0.302	3.105	0.982	0.180	0.500	0.025	3.501	1.775	0.230
20%-29.99%	1.024	4.959	2.007	1.571	2.369	0.986	5.335	7.575	3.080	3.110	10.582	2.475
30-39.99%	4.619	1.522	0	0.240	0.201	1.200	2.037	1.954	0.163	1.136	2.830	2.790
40-49.99%	0	0.565	0.300	0	0	0	1.225	1.216	0	0	0.412	1.075
50% and higher	0.500	0	0	0	0.118	0	0.056	1.175	0	0	0.250	3.350
NA	0	0	0	0	0	0	0	0.050	0	0.060	0.080	0
Total	6.538	9.590	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.808	15.930	9.920
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	3.557	7	1.662	6	5.301	8	0.230	1	5.531	9	13.689	30	14.97%
20%-29.99%	5.947	20	13.896	22	16.773	37	2.475	6	19.247	43	45.072	98	52.12%
30-39.99%	0.441	2	5.191	18	4.129	15	2.790	3	6.919	18	18.693	50	18.74%
40-49.99%	0.300	1	2.441	5	0.412	2	1.075	4	1.488	6	4.794	13	4.03%
50% and higher	0.118	1	1.231	3	0.250	1	3.350	2	3.600	3	5.449	8	9.75%
NA	0	0	0.050	1	0.140	2	0	0	0.140	2	0.190	3	0.38%
Total	10.363	31	24.471	55	27.005	65	9.920	16	36.925	81	87.887	202	100.00%
Quick Sale?
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Yes	6.424	9.217	2.456	1.969	5.564	3.168	8.738	12.139	2.726	7.111	12.065	9.920
No	0.114	0.374	0	0.144	0.230	0	0.095	0.332	0.542	0.696	3.865	0
Total	6.538	9.590	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.808	15.930	9.920
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	9.990	29	24.045	50	21.901	53	9.920	16	31.821	69	81.496	180	86.18%
No	0.374	2	0.426	5	5.104	12	0	0	5.104	12	6.391	22	13.82%
Total	10.363	31	24.471	55	27.005	65	9.920	16	36.925	81	87.887	202	100.00%
Upsized?
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Yes	0.350	1.910	0	0.642	0.150	0.506	1.193	6.128	0.754	0.575	8.170	0.325
No	6.188	7.473	2.456	1.471	5.644	2.662	7.639	6.343	2.514	7.232	7.760	9.595
Downsized	0	0.207	0	0	0	0	0	0	0	0	0	0
Total	6.538	9.590	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.808	15.930	9.920
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	0.792	2	7.827	14	9.499	20	0.325	1	9.824	21	20.703	41	26.61%
No	9.571	29	16.644	41	17.506	45	9.595	15	27.101	60	66.977	160	73.39%
Downsized	0	0	0	0	0	0	0	0	0	0	0.207	1	0.00%
Total	10.363	31	24.471	55	27.005	65	9.920	16	36.925	81	87.887	202	100.00%
Seniority
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
senior secured	0	0	0	0	0	0.403	0	0	0	0	0	0
senior	5.699	7.392	1.869	2.113	4.883	2.276	7.523	10.926	2.777	6.397	11.530	9.420
senior subordinated	0.360	0.874	0.300	0	0.501	0.110	0.325	0.678	0.160	0.135	0.570	0.325
subordinated	0.465	0.450	0.138	0	0.180	0	0.200	0.733	0.163	1.275	0.955	0
preferred	0.014	0.875	0.149	0	0.230	0.380	0.784	0.135	0.169	0	2.875	0.175
Total	6.538	9.590	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.808	15.930	9.920
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
senior secured	0	0	0.403	1	0	0	0	0	0	0	0.403	1	0.00%
senior	8.865	24	20.724	41	20.704	45	9.420	14	30.124	59	72.804	148	81.58%
senior subordinated	0.801	3	1.113	6	0.865	6	0.325	1	1.190	7	4.338	21	3.22%
subordinated	0.318	2	0.932	2	2.393	11	0	0	2.393	11	4.558	18	6.48%
preferred	0.380	2	1.299	5	3.044	3	0.175	1	3.219	4	5.786	14	8.72%
Total	10.363	31	24.471	55	27.005	65	9.920	16	36.925	81	87.887	202	100.00%
Mandatory
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Yes	0	0.875	0	0	0.230	0	0	0	0	0	3.175	0.160
No	6.538	8.716	2.456	2.113	5.564	3.168	8.832	12.471	3.268	7.808	12.755	9.760
Total	6.538	9.590	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.808	15.930	9.920
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	0.230	1	0	0	3.175	2	0.160	1	3.335	3	4.440	6	9.03%
No	10.133	30	24.471	55	23.830	63	9.760	15	33.590	78	83.448	196	90.97%
Total	10.363	31	24.471	55	27.005	65	9.920	16	36.925	81	87.887	202	100.00%
Greenshoe Exercised?
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Yes	4.523	7.428	1.430	1.493	3.045	2.918	6.873	4.176	3.243	3.297	10.899	5.985
No	2.015	2.163	1.026	0.620	2.749	0.250	1.959	8.295	0.025	4.510	5.030	3.935
Total	6.538	9.590	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.808	15.930	9.920
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	5.968	23	13.967	39	17.440	43	5.985	9	23.425	52	55.310	140	63.44%
No	4.396	8	10.504	16	9.565	22	3.935	7	13.500	29	32.577	62	36.56%
Total	10.363	31	24.471	55	27.005	65	9.920	16	36.925	81	87.887	202	100.00%
Versus Talk
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Richer	0	0	0	0	0	0	0	0.115	0	0	0.075	0
Rich end	0.350	0	0	0	0.280	0.357	1.176	5.399	0.304	2.986	2.720	0
Within	2.860	5.691	1.164	1.002	2.145	1.458	6.610	5.097	1.696	1.260	10.137	5.735
Cheap end	2.894	1.800	0.725	0.219	3.170	0.787	1.010	1.210	1.093	0	0.760	2.460
Cheaper	0.345	2.100	0.568	0.892	0.200	0.250	0	0.600	0	3.000	1.400	1.725
NA/Other	0.089	0	0	0	0	0.315	0.037	0.050	0.176	0.561	0.837	0
Total	6.538	9.590	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.808	15.930	9.920
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Richer	0	0	0.115	1	0.075	1	0	0	0.075	1	0.190	2	0.20%
Rich end	0.280	2	6.932	12	6.010	17	0	0	6.010	17	13.572	32	16.28%
Within	4.311	17	13.165	26	13.094	31	5.735	11	18.828	42	44.855	109	50.99%
Cheap end	4.113	8	3.007	10	1.853	5	2.460	3	4.312	8	16.126	30	11.68%
Cheaper	1.660	4	0.850	2	4.400	2	1.725	2	6.125	4	11.080	14	16.59%
NA/Other	0	0	0.402	4	1.574	9	0	0	1.574	9	2.065	15	4.26%
Total	10.363	31	24.471	55	27.005	65	9.920	16	36.925	81	87.887	202	100.00%
Use of Proceeds
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Acquisition	0	1.514	0	0	0	0.300	0.125	1.167	0.144	0.201	0	0.100
Capex	0	0	0	0	0.230	0.487	0.037	0	0	0	0	0
GCP	4.688	2.600	0.438	0.700	2.500	0.356	2.935	7.319	0.887	3.671	4.055	0.555
No proceeds	0	0	0.726	0	0	0	0	0	0	0	0	0
Redeem convertibles	0.275	0.317	0	0	0.118	0	0	0	0.163	0	1.150	0.250
Refinance	0.260	1.410	0.568	1.163	1.376	0.380	0.730	2.135	1.694	0.335	5.359	1.365
Multiple/Other/NA	1.315	3.750	0.725	0.250	1.570	1.645	5.005	1.850	0.381	3.600	5.365	7.650
Total	6.538	9.590	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.808	15.930	9.920
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	1.592	4	0.345	2	0.100	1	0.445	3	3.550	10	1.21%
Capex	0.230	1	0.524	3	0	0	0	0	0	0	0.754	4	0.00%
GCP	3.638	5	10.611	18	8.614	22	0.555	2	9.169	24	30.704	59	24.83%
No proceeds	0.726	1	0	0	0	0	0	0	0	0	0.726	1	0.00%
Redeem convertibles	0.118	1	0	0	1.312	3	0.250	1	1.562	4	2.273	8	4.23%
Refinance	3.107	13	3.245	9	7.388	17	1.365	3	8.753	20	16.774	49	23.70%
Multiple/Other/NA	2.545	10	8.499	21	9.346	21	7.650	9	16.996	30	33.105	71	46.03%
Total	10.363	31	24.471	55	27.005	65	9.920	16	36.925	81	87.887	202	100.00%
Industry Sector (by SIC code)
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Mining (1xxx)	0	0	0	0	0	0.085	0	0.733	0	0	2.875	0
Oil and gas (13xx)	2.750	0.575	0	0	0	0.300	0.037	0.575	0.144	0	0.287	0.115
Manufacturing (2xxx, 3xxx)	2.400	2.281	0.300	0.075	0.501	0.477	5.279	6.979	0.560	3.921	3.160	6.350
Pharmaceuticals (2834-6)	0.625	1.500	0.138	0	0.118	0.250	0.306	0.115	0.163	0.060	1.100	0.325
Transportation (4xxx)	0	0	0.726	0	0.230	0	0.250	0	0	0.150	0.097	0
Communications (48xx)	0.324	0.335	0	0	0	0.403	0	0	0	0	0.600	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0.373	0	0	0
Wholesale (5xxx)	0	0.287	0	0.144	0.180	0.300	0.200	0.344	0	0.300	0.175	0.250
Finance, insurance, real estate (6xxx)	0.014	1.800	1.292	1.654	4.420	1.227	2.502	3.225	2.028	3.000	7.390	2.410
Services (7xxx)	0.175	2.812	0	0.240	0.345	0	0.259	0.500	0	0.175	0.125	0.470
Health services (8xxx)	0.250	0	0	0	0	0.127	0	0	0	0.201	0.120	0
Total	6.538	9.590	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.808	15.930	9.920
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	0	0	0.818	2	2.875	1	0	0	2.875	1	3.692	3	7.79%
Oil and gas (13xx)	0	0	0.912	4	0.431	2	0.115	1	0.546	3	4.783	9	1.48%
Manufacturing (2xxx, 3xxx)	0.876	4	12.735	20	7.641	26	6.350	6	13.991	32	32.283	70	37.89%
Pharmaceuticals (2834-6)	0.256	2	0.671	4	1.323	5	0.325	1	1.647	6	4.700	17	4.46%
Transportation (4xxx)	0.956	2	0.250	1	0.247	2	0	0	0.247	2	1.453	5	0.67%
Communications (48xx)	0	0	0.403	1	0.600	2	0	0	0.600	2	1.661	6	1.62%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.373	1	0	0	0.373	1	0.373	1	1.01%
Wholesale (5xxx)	0.324	2	0.844	3	0.475	3	0.250	1	0.725	4	2.180	10	1.96%
Finance, insurance, real estate (6xxx)	7.366	18	6.954	16	12.418	19	2.410	5	14.828	24	30.962	61	40.16%
Services (7xxx)	0.585	3	0.759	3	0.300	2	0.470	2	0.770	4	5.101	16	2.09%
Health services (8xxx)	0	0	0.127	1	0.321	2	0	0	0.321	2	0.698	4	0.87%
Total	10.363	31	24.471	55	27.005	65	9.920	16	36.925	81	87.887	202	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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