Analysis of convertibles issuance for 12 months through June 2007

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

Coupon

	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
0%	0	0	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0	0	0.620	0.550	0.355	0	0.230	2.050	0.525	0	0.110	0.500
1%-1.99%	0	0	0.180	0.300	3.875	0.900	0.773	0.675	1.900	2.130	2.805	1.224
2%-2.99%	0.300	0.240	0.776	0.405	0.776	2.472	1.185	0.436	5.485	0.240	1.855	1.430
3%-3.99%	0.713	1.022	1.113	0.774	2.437	0.455	0.611	1.150	4.614	3.365	2.750	1.278
4%-4.99%	1.443	0.632	0.375	0.357	1.170	5.343	0	0.335	0.060	0.275	0.287	0.325
5%-5.99%	0	0.075	0.230	0	0	0.135	0.444	0	0.195	0	0.090	1.940
6% and higher	0	0.144	0	0.783	0.220	0.167	0.025	0.261	2.875	2.809	0.446	0.304
Floater	0	0	2.500	0	0	3.000	0	3.000	0.300	1.150	4.000	1.000
Total	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.907	15.954	9.969	12.344	8.000
	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	0.610	2	3.415	8	4.940	14	5.95%
1%-1.99%	0.180	1	5.075	8	3.349	11	6.159	13	9.507	24	14.762	33	16.55%
2%-2.99%	1.316	5	3.653	11	7.106	18	3.525	12	10.631	30	15.600	46	18.51%
3%-3.99%	2.848	11	3.666	15	6.375	17	7.393	15	13.768	32	20.281	58	23.97%
4%-4.99%	2.451	7	6.870	9	0.395	3	0.887	6	1.282	9	10.603	25	2.23%
5%-5.99%	0.305	2	0.135	1	0.639	4	2.030	4	2.669	8	3.109	11	4.65%
6% and higher	0.144	1	1.169	6	3.161	4	3.559	9	6.720	13	8.032	20	11.71%
Floater	2.500	1	3.000	2	3.300	2	6.150	4	9.450	6	14.950	9	16.45%
Total	10.363	31	24.471	55	27.130	65	30.312	65	57.442	130	92.277	216	100.00%
Premium
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
19.99% and lower	0.149	0.302	3.105	0.982	0.180	0.500	0.025	3.501	1.775	0.230	0	1.080
20%-29.99%	2.007	1.571	2.369	0.986	5.335	7.575	3.080	3.210	10.582	2.500	3.838	4.123
30-39.99%	0	0.240	0.201	1.200	2.037	1.954	0.163	1.136	2.830	2.790	3.350	0.828
40-49.99%	0.300	0	0	0	1.225	1.216	0	0	0.438	1.099	3.870	0.575
50% and higher	0	0	0.118	0	0.056	1.175	0	0	0.250	3.350	1.285	1.365
NA	0	0	0	0	0	0.050	0	0.060	0.080	0	0	0.030
Total	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.907	15.954	9.969	12.344	8.000
	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	1.310	6	6.611	14	11.830	27	11.51%
20%-29.99%	5.947	20	13.896	22	16.872	37	10.461	27	27.334	64	47.176	106	47.59%
30-39.99%	0.441	2	5.191	18	4.129	15	6.968	14	11.096	29	16.729	49	19.32%
40-49.99%	0.300	1	2.441	5	0.438	2	5.544	9	5.981	11	8.723	17	10.41%
50% and higher	0.118	1	1.231	3	0.250	1	6.000	8	6.250	9	7.599	13	10.87%
NA	0	0	0.050	1	0.140	2	0.030	1	0.170	3	0.220	4	0.30%
Total	10.363	31	24.471	55	27.130	65	30.312	65	57.442	130	92.277	216	100.00%
Quick Sale?
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Yes	2.456	1.969	5.564	3.168	8.738	12.139	2.726	7.211	12.089	9.969	12.037	7.267
No	0	0.144	0.230	0	0.095	0.332	0.542	0.696	3.865	0	0.306	0.734
Total	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.907	15.954	9.969	12.344	8.000
	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	22.026	53	29.273	59	51.299	112	85.334	191	89.31%
No	0.374	2	0.426	5	5.104	12	1.040	6	6.143	18	6.943	25	10.69%
Total	10.363	31	24.471	55	27.130	65	30.312	65	57.442	130	92.277	216	100.00%
Upsized?
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Yes	0	0.642	0.150	0.506	1.193	6.128	0.754	0.575	8.170	0.325	3.360	1.105
No	2.456	1.471	5.644	2.662	7.639	6.343	2.514	7.332	7.785	9.644	8.983	6.895
Total	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.907	15.954	9.969	12.344	8.000
	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	4.790	13	14.289	33	22.909	49	24.88%
No	9.571	29	16.644	41	17.631	45	25.523	52	43.153	97	69.368	167	75.12%
Total	10.363	31	24.471	55	27.130	65	30.312	65	57.442	130	92.277	216	100.00%
Seniority
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
senior secured	0	0	0	0.403	0	0	0	0	0	0	0	0
senior	1.869	2.113	4.883	2.276	7.523	10.926	2.777	6.397	11.530	9.469	11.352	7.409
senior subordinated	0.300	0	0.501	0.110	0.325	0.678	0.160	0.135	0.570	0.325	0.665	0.522
subordinated	0.138	0	0.180	0	0.200	0.733	0.163	1.375	0.980	0	0.110	0
preferred	0.149	0	0.230	0.380	0.784	0.135	0.169	0	2.875	0.175	0.216	0.069
Total	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.907	15.954	9.969	12.344	8.000
	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	28.230	54	48.934	99	78.523	164	85.19%
senior subordinated	0.801	3	1.113	6	0.865	6	1.512	7	2.377	13	4.291	22	4.14%
subordinated	0.318	2	0.932	2	2.518	11	0.110	1	2.627	12	3.878	16	4.57%
preferred	0.380	2	1.299	5	3.044	3	0.460	3	3.503	6	5.182	13	6.10%
Total	10.363	31	24.471	55	27.130	65	30.312	65	57.442	130	92.277	216	100.00%
Mandatory
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Yes	0	0	0.230	0	0	0	0	0	3.175	0.184	0	1.880
No	2.456	2.113	5.564	3.168	8.832	12.471	3.268	7.907	12.780	9.785	12.344	6.120
Total	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.907	15.954	9.969	12.344	8.000
	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	2.064	3	5.239	5	5.469	6	9.12%
No	10.133	30	24.471	55	23.955	63	28.248	62	52.203	125	86.808	210	90.88%
Total	10.363	31	24.471	55	27.130	65	30.312	65	57.442	130	92.277	216	100.00%
Greenshoe Exercised?
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Yes	1.430	1.493	3.045	2.918	6.873	4.176	3.243	4.298	11.050	6.444	5.859	3.456
No	1.026	0.620	2.749	0.250	1.959	8.295	0.025	3.610	4.905	3.525	6.485	4.544
Total	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.907	15.954	9.969	12.344	8.000
	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	18.590	45	15.759	37	34.349	82	54.284	144	59.80%
No	4.396	8	10.504	16	8.540	20	14.554	28	23.094	48	37.993	72	40.20%
Total	10.363	31	24.471	55	27.130	65	30.312	65	57.442	130	92.277	216	100.00%
Versus Talk
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Richer	0	0	0	0	0	0.115	0	0	0.075	0	0	0
Rich end	0	0	0.280	0.357	1.176	5.399	0.304	3.086	2.720	0	1.505	0
Within	1.164	1.002	2.145	1.458	6.610	5.097	1.696	1.260	10.162	5.760	5.151	4.345
Cheap end	0.725	0.219	3.170	0.787	1.010	1.210	1.093	0	0.760	2.484	1.577	1.231
Cheaper	0.568	0.892	0.200	0.250	0	0.600	0	3.000	1.400	1.725	4.110	0.580
Other	0	0	0	0.315	0.037	0.050	0.176	0.561	0.837	0	0	1.844
Total	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.907	15.954	9.969	12.344	8.000
	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	0.13%
Rich end	0.280	2	6.932	12	6.110	17	1.505	2	7.615	19	14.827	33	13.26%
Within	4.311	17	13.165	26	13.118	31	15.256	37	28.375	68	45.850	111	49.40%
Cheap end	4.113	8	3.007	10	1.853	5	5.293	11	7.145	16	14.265	34	12.44%
Cheaper	1.660	4	0.850	2	4.400	2	6.415	9	10.815	11	13.325	17	18.83%
Other	0	0	0.402	4	1.574	9	1.844	6	3.418	15	3.820	19	5.95%
Total	10.363	31	24.471	55	27.130	65	30.312	65	57.442	130	92.277	216	100.00%
Use of Proceeds
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Acquisition	0	0	0	0.300	0.125	1.167	0.144	0.201	0	0.100	0.216	0
Capex	0	0	0.230	0.487	0.037	0	0	0	0	0	0.090	0
GCP	0.438	0.700	2.500	0.356	2.935	7.319	0.887	3.671	4.080	0.555	3.250	3.827
No proceeds	0.726	0	0	0	0	0	0	0	0	0	0	0
Redeem convertibles	0	0	0.118	0	0	0	0.163	0	1.150	0.275	0	0
Refinance	0.568	1.163	1.376	0.380	0.730	2.135	1.694	0.335	5.359	1.365	1.920	2.166
Multiple/Other/NA	0.725	0.250	1.570	1.645	5.005	1.850	0.381	3.700	5.365	7.674	6.867	2.007
Total	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.907	15.954	9.969	12.344	8.000
	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	0.316	2	0.661	4	2.253	8	1.15%
Capex	0.230	1	0.524	3	0	0	0.090	1	0.090	1	0.845	5	0.16%
GCP	3.638	5	10.611	18	8.639	22	7.631	16	16.270	38	30.519	61	28.32%
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	0.275	1	1.587	4	1.706	5	2.76%
Refinance	3.107	13	3.245	9	7.388	17	5.451	12	12.839	29	19.191	51	22.35%
Multiple/Other/NA	2.545	10	8.499	21	9.446	21	16.549	33	25.995	54	37.039	85	45.25%
Total	10.363	31	24.471	55	27.130	65	30.312	65	57.442	130	92.277	216	100.00%
Industry Sector (by SIC code)
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Mining (1xxx)	0	0	0	0.085	0	0.733	0	0	2.875	0	0.090	1.880
Oil and gas (13xx)	0	0	0	0.300	0.037	0.575	0.144	0	0.287	0.115	1.216	0.115
Manufacturing (2xxx, 3xxx)	0.300	0.075	0.501	0.477	5.279	6.979	0.560	4.021	3.160	6.350	2.715	3.279
Pharmaceuticals (2834-6)	0.138	0	0.118	0.250	0.306	0.115	0.163	0.060	1.100	0.325	0.325	0.980
Transportation (4xxx)	0.726	0	0.230	0	0.250	0	0	0.150	0.097	0	0	0
Communications (48xx)	0	0	0	0.403	0	0	0	0	0.600	0	1.890	0.200
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.373	0	0	0	0	0
Wholesale (5xxx)	0	0.144	0.180	0.300	0.200	0.344	0	0.300	0.175	0.275	0.110	0
Finance, insurance, real estate (6xxx)	1.292	1.654	4.420	1.227	2.502	3.225	2.028	3.000	7.390	2.434	4.518	0.931
Services (7xxx)	0	0.240	0.345	0	0.259	0.500	0	0.175	0.150	0.470	0.705	0.540
Health services (8xxx)	0	0	0	0.127	0	0	0	0.201	0.120	0	0.775	0.075
Total	2.456	2.113	5.794	3.168	8.832	12.471	3.268	7.907	15.954	9.969	12.344	8.000
	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	1.970	3	4.845	4	5.663	6	8.43%
Oil and gas (13xx)	0	0	0.912	4	0.431	2	1.446	4	1.877	6	2.789	10	3.27%
Manufacturing (2xxx, 3xxx)	0.876	4	12.735	20	7.741	26	12.344	18	20.085	44	33.696	68	34.97%
Pharmaceuticals (2834-6)	0.256	2	0.671	4	1.323	5	1.630	6	2.952	11	3.880	17	5.14%
Transportation (4xxx)	0.956	2	0.250	1	0.247	2	0	0	0.247	2	1.453	5	0.43%
Communications (48xx)	0	0	0.403	1	0.600	2	2.090	4	2.690	6	3.092	7	4.68%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.373	1	0	0	0.373	1	0.373	1	0.65%
Wholesale (5xxx)	0.324	2	0.844	3	0.475	3	0.385	2	0.860	5	2.028	10	1.50%
Finance, insurance, real estate (6xxx)	7.366	18	6.954	16	12.418	19	7.883	16	20.301	35	34.621	69	35.34%
Services (7xxx)	0.585	3	0.759	3	0.325	2	1.715	9	2.040	11	3.384	17	3.55%
Health services (8xxx)	0	0	0.127	1	0.321	2	0.850	3	1.171	5	1.298	6	2.04%
Total	10.363	31	24.471	55	27.130	65	30.312	65	57.442	130	92.277	216	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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