Analysis of convertibles issuance for 12 months through July 2007

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

Coupon

	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
0%	0	0	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0	0.620	0.550	0.355	0	0.230	2.050	0.550	0	0.110	0.500	0.225
1%-1.99%	0	0.180	0.300	3.875	0.900	0.773	0.700	1.950	2.130	2.900	1.224	1.150
2%-2.99%	0.240	0.776	0.405	0.776	2.472	1.185	0.461	5.485	0.240	1.855	1.505	0.545
3%-3.99%	1.022	1.113	0.774	2.437	0.455	0.611	1.150	4.630	3.365	2.750	1.278	0.400
4%-4.99%	0.632	0.375	0.357	1.170	5.343	0	0.335	0.060	0.275	0.287	0.325	0.400
5%-5.99%	0.075	0.230	0	0	0.135	0.444	0	0.195	0	0.103	1.944	0
6% and higher	0.144	0	0.783	0.220	0.167	0.029	0.261	2.875	2.809	0.446	0.331	0.870
Floater	0	2.500	0	0	3.000	0	3.000	0.300	1.150	4.000	1.000	0
Total	2.113	5.794	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.452	8.107	3.590
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	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%	0.905	3	2.830	6	0.610	2	0.225	1	3.665	9	5.190	15	5.97%
1%-1.99%	5.075	8	3.424	11	6.254	13	1.150	2	10.827	26	16.082	35	17.64%
2%-2.99%	3.653	11	7.131	18	3.600	12	0.545	2	11.276	32	15.945	47	18.37%
3%-3.99%	3.666	15	6.390	17	7.393	15	0.400	2	14.183	34	19.983	58	23.10%
4%-4.99%	6.870	9	0.395	3	0.887	6	0.400	1	1.682	10	9.559	23	2.74%
5%-5.99%	0.135	1	0.639	4	2.048	5	0	0	2.686	9	3.126	12	4.38%
6% and higher	1.169	6	3.165	4	3.587	9	0.870	6	7.621	19	8.934	26	12.41%
Floater	3.000	2	3.300	2	6.150	4	0	0	9.450	6	14.950	9	15.39%
Total	24.471	55	27.274	65	30.527	66	3.590	14	61.391	145	93.770	225	100.00%
Premium
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
19.99% and lower	0.302	3.105	0.982	0.180	0.500	0.029	3.501	1.825	0.230	0	1.084	1.168
20%-29.99%	1.571	2.369	0.986	5.335	7.575	3.080	3.260	10.622	2.500	3.933	4.191	1.062
30-39.99%	0.240	0.201	1.200	2.037	1.954	0.163	1.136	2.830	2.790	3.364	0.863	1.070
40-49.99%	0	0	0	1.225	1.216	0	0	0.438	1.099	3.870	0.575	0.290
50% and higher	0	0.118	0	0.056	1.175	0	0	0.250	3.350	1.285	1.365	0
NA	0	0	0	0	0.050	0	0.060	0.080	0	0	0.030	0
Total	2.113	5.794	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.452	8.107	3.590
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	1.662	6	5.355	8	1.314	7	1.168	3	7.837	18	12.906	30	12.77%
20%-29.99%	13.896	22	16.962	37	10.624	27	1.062	5	28.648	69	46.484	107	46.66%
30-39.99%	5.191	18	4.129	15	7.016	14	1.070	4	12.215	33	17.847	53	19.90%
40-49.99%	2.441	5	0.438	2	5.544	9	0.290	2	6.271	13	8.713	18	10.21%
50% and higher	1.231	3	0.250	1	6.000	8	0	0	6.250	9	7.599	13	10.18%
NA	0.050	1	0.140	2	0.030	1	0	0	0.170	3	0.220	4	0.28%
Total	24.471	55	27.274	65	30.527	66	3.590	14	61.391	145	93.770	225	100.00%
Quick Sale?
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Yes	1.969	5.564	3.168	8.738	12.139	2.726	7.261	12.130	9.969	12.133	7.364	3.555
No	0.144	0.230	0	0.095	0.332	0.546	0.696	3.915	0	0.320	0.743	0.035
Total	2.113	5.794	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.452	8.107	3.590
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	24.045	50	22.116	53	29.465	59	3.555	12	55.137	124	86.715	197	89.81%
No	0.426	5	5.157	12	1.062	7	0.035	2	6.254	21	7.054	28	10.19%
Total	24.471	55	27.274	65	30.527	66	3.590	14	61.391	145	93.770	225	100.00%
Upsized?
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Yes	0.642	0.150	0.506	1.193	6.128	0.754	0.600	8.245	0.325	3.469	1.130	0.200
No	1.471	5.644	2.662	7.639	6.343	2.517	7.357	7.800	9.644	8.983	6.977	3.128
Downsized	0	0	0	0	0	0	0	0	0	0	0	0.262
Total	2.113	5.794	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.452	8.107	3.590
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	7.827	14	9.600	20	4.923	13	0.200	1	14.723	34	23.342	50	23.98%
No	16.644	41	17.674	45	25.604	53	3.128	11	46.406	109	70.166	173	75.59%
Downsized	0	0	0	0	0	0	0.262	2	0.262	2	0.262	2	0.43%
Total	24.471	55	27.274	65	30.527	66	3.590	14	61.391	145	93.770	225	100.00%
Seniority
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
senior secured	0	0	0.403	0	0	0	0	0	0	0	0	0
senior	2.113	4.883	2.276	7.523	10.926	2.777	6.447	11.579	9.469	11.447	7.510	3.310
senior subordinated	0	0.501	0.110	0.325	0.678	0.160	0.135	0.585	0.325	0.678	0.522	0.245
subordinated	0	0.180	0	0.200	0.733	0.163	1.375	1.005	0	0.110	0	0
preferred	0	0.230	0.380	0.784	0.135	0.172	0	2.875	0.175	0.216	0.074	0.035
Total	2.113	5.794	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.452	8.107	3.590
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
senior secured	0.403	1	0	0	0	0	0	0	0	0	0.403	1	0.00%
senior	20.724	41	20.804	45	28.427	55	3.310	11	52.540	111	80.261	173	85.58%
senior subordinated	1.113	6	0.880	6	1.526	7	0.245	1	2.651	14	4.265	22	4.32%
subordinated	0.932	2	2.542	11	0.110	1	0	0	2.652	12	3.765	15	4.32%
preferred	1.299	5	3.047	3	0.465	3	0.035	2	3.547	8	5.077	14	5.78%
Total	24.471	55	27.274	65	30.527	66	3.590	14	61.391	145	93.770	225	100.00%
Mandatory
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Yes	0	0.230	0	0	0	0	0	3.175	0.184	0	1.880	0
No	2.113	5.564	3.168	8.832	12.471	3.272	7.957	12.870	9.785	12.452	6.226	3.590
Total	2.113	5.794	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.452	8.107	3.590
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	3.175	2	2.064	3	0	0	5.239	5	5.469	6	8.53%
No	24.471	55	24.099	63	28.463	63	3.590	14	56.152	140	88.300	219	91.47%
Total	24.471	55	27.274	65	30.527	66	3.590	14	61.391	145	93.770	225	100.00%
Greenshoe Exercised?
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Yes	1.493	3.045	2.918	6.873	4.176	3.272	4.697	12.264	6.444	7.362	4.388	1.795
No	0.620	2.749	0.250	1.959	8.295	0	3.260	3.780	3.525	5.090	3.719	1.795
Total	2.113	5.794	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.452	8.107	3.590
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	13.967	39	20.234	52	18.194	46	1.795	5	40.222	103	58.727	161	65.52%
No	10.504	16	7.040	13	12.334	20	1.795	9	21.169	42	35.042	64	34.48%
Total	24.471	55	27.274	65	30.527	66	3.590	14	61.391	145	93.770	225	100.00%
Versus Talk
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Richer	0	0	0	0	0.115	0	0	0.075	0	0	0	0
Rich end	0	0.280	0.357	1.176	5.399	0.304	3.111	2.795	0	1.600	0	1.150
Within	1.002	2.145	1.458	6.610	5.097	1.696	1.285	10.178	5.760	5.151	4.395	1.245
Cheap end	0.219	3.170	0.787	1.010	1.210	1.093	0	0.760	2.484	1.591	1.264	0.625
Cheaper	0.892	0.200	0.250	0	0.600	0	3.000	1.400	1.725	4.110	0.580	0
NA	0	0	0	0.037	0.050	0.179	0.561	0.237	0	0	1.743	0.325
Other	0	0	0.085	0	0	0	0	0.600	0	0	0.125	0.245
Yield within, premium higher	0	0	0.230	0	0	0	0	0	0	0	0	0
Total	2.113	5.794	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.452	8.107	3.590
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Richer	0.115	1	0.075	1	0	0	0	0	0.075	1	0.190	2	0.12%
Rich end	6.932	12	6.210	17	1.600	2	1.150	2	8.960	21	16.172	35	14.59%
Within	13.165	26	13.159	31	15.306	37	1.245	5	29.710	73	46.022	113	48.39%
Cheap end	3.007	10	1.853	5	5.339	11	0.625	2	7.816	18	14.212	34	12.73%
Cheaper	0.850	2	4.400	2	6.415	9	0	0	10.815	11	12.757	16	17.62%
NA	0.087	2	0.978	8	1.743	6	0.325	4	3.045	18	3.132	20	4.96%
Other	0.085	1	0.600	1	0.125	1	0.245	1	0.970	3	1.055	4	1.58%
Yield within, premium higher	0.230	1	0	0	0	0	0	0	0	0	0.230	1	0.00%
Total	24.471	55	27.274	65	30.527	66	3.590	14	61.391	145	93.770	225	100.00%
Use of Proceeds
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Acquisition	0	0	0.300	0.125	1.167	0.144	0.201	0	0.100	0.216	0	0.600
Capex	0	0.230	0.487	0.037	0	0	0	0	0	0.103	0	0.095
GCP	0.700	2.500	0.356	2.935	7.319	0.891	3.696	4.155	0.555	3.345	3.879	1.392
Redeem convertibles	0	0.118	0	0	0	0.163	0	1.150	0.275	0	0	0
Refinance	1.163	1.376	0.380	0.730	2.135	1.694	0.335	5.375	1.365	1.920	2.176	0.445
Multiple/Other/NA	0.250	1.570	1.645	5.005	1.850	0.381	3.725	5.365	7.674	6.867	2.051	1.058
Total	2.113	5.794	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.452	8.107	3.590
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	1.592	4	0.345	2	0.316	2	0.600	2	1.261	6	2.853	10	2.05%
Capex	0.524	3	0	0	0.103	1	0.095	1	0.199	2	0.953	6	0.32%
GCP	10.611	18	8.742	22	7.779	16	1.392	4	17.914	42	31.724	63	29.18%
Redeem convertibles	0	0	1.312	3	0.275	1	0	0	1.587	4	1.706	5	2.59%
Refinance	3.245	9	7.403	17	5.461	12	0.445	2	13.309	31	19.093	52	21.68%
Multiple/Other/NA	8.499	21	9.471	21	16.593	34	1.058	5	27.121	60	37.441	89	44.18%
Total	24.471	55	27.274	65	30.527	66	3.590	14	61.391	145	93.770	225	100.00%
Industry Sector (by SIC code)
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Mining (1xxx)	0	0	0.085	0	0.733	0	0	2.875	0	0.103	1.880	1.440
Oil and gas (13xx)	0	0	0.300	0.037	0.575	0.144	0	0.287	0.115	1.216	0.125	0.325
Manufacturing (2xxx, 3xxx)	0.075	0.501	0.477	5.279	6.979	0.560	4.046	3.185	6.350	2.810	3.298	0.425
Pharmaceuticals (2834-6)	0	0.118	0.250	0.306	0.115	0.163	0.060	1.150	0.325	0.325	0.980	0
Transportation (4xxx)	0	0.230	0	0.250	0	0	0.150	0.097	0	0	0	0
Communications (48xx)	0	0	0.403	0	0	0	0	0.600	0	1.890	0.200	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0.373	0	0	0	0	0	0
Wholesale (5xxx)	0.144	0.180	0.300	0.200	0.344	0	0.300	0.190	0.275	0.110	0	0
Finance, insurance, real estate (6xxx)	1.654	4.420	1.227	2.502	3.225	2.032	3.000	7.390	2.434	4.518	0.984	0.980
Services (7xxx)	0.240	0.345	0	0.259	0.500	0	0.200	0.150	0.470	0.705	0.565	0.220
Health services (8xxx)	0	0	0.127	0	0	0	0.201	0.120	0	0.775	0.075	0.200
Total	2.113	5.794	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.452	8.107	3.590
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	0.818	2	2.875	1	1.984	3	1.440	4	6.299	8	7.116	10	10.26%
Oil and gas (13xx)	0.912	4	0.431	2	1.456	4	0.325	1	2.212	7	3.124	11	3.60%
Manufacturing (2xxx, 3xxx)	12.735	20	7.791	26	12.458	19	0.425	2	20.674	47	33.985	70	33.68%
Pharmaceuticals (2834-6)	0.671	4	1.373	5	1.630	6	0	0	3.002	11	3.792	16	4.89%
Transportation (4xxx)	0.250	1	0.247	2	0	0	0	0	0.247	2	0.727	4	0.40%
Communications (48xx)	0.403	1	0.600	2	2.090	4	0	0	2.690	6	3.092	7	4.38%
Electric, gas, sanitary services (49xx)	0	0	0.373	1	0	0	0	0	0.373	1	0.373	1	0.61%
Wholesale (5xxx)	0.844	3	0.490	3	0.385	2	0	0	0.875	5	2.043	10	1.43%
Finance, insurance, real estate (6xxx)	6.954	16	12.422	19	7.935	16	0.980	5	21.337	40	34.365	71	34.76%
Services (7xxx)	0.759	3	0.350	2	1.740	9	0.220	1	2.310	12	3.654	18	3.76%
Health services (8xxx)	0.127	1	0.321	2	0.850	3	0.200	1	1.371	6	1.498	7	2.23%
Total	24.471	55	27.274	65	30.527	66	3.590	14	61.391	145	93.770	225	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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