Analysis of convertibles issuance for 12 months through August 2007

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

Coupon

	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
0%	0	0	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0.620	0.550	0.355	0	0.230	2.050	0.550	0	0.110	0.500	0.225	0
1%-1.99%	0.180	0.300	3.875	0.900	0.773	0.700	1.950	2.130	3.000	1.224	1.150	0
2%-2.99%	0.776	0.405	0.776	2.472	1.185	0.461	5.485	0.240	2.005	1.505	0.545	0.738
3%-3.99%	1.113	0.774	2.437	0.455	0.611	1.150	4.630	3.365	2.750	1.278	0.400	1.100
4%-4.99%	0.375	0.357	1.170	5.343	0	0.335	0.060	0.275	0.287	0.335	0.400	0.330
5%-5.99%	0.230	0	0	0.135	0.444	0	0.195	0	0.103	1.944	0	1.500
6% and higher	0	0.783	0.220	0.167	0.029	0.261	2.875	2.809	0.446	0.331	0.900	3.060
Floater	2.500	0	0	3.000	0	3.000	0.300	1.150	4.000	1.000	0	0
Total	5.794	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.728
	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	5.36%
1%-1.99%	5.075	8	3.424	11	6.354	13	1.150	2	10.927	26	16.182	35	15.97%
2%-2.99%	3.653	11	7.131	18	3.750	12	1.283	4	12.164	34	16.593	48	17.78%
3%-3.99%	3.666	15	6.390	17	7.393	15	1.500	3	15.283	35	20.061	56	22.34%
4%-4.99%	6.870	9	0.395	3	0.898	6	0.730	2	2.023	11	9.267	22	2.96%
5%-5.99%	0.135	1	0.639	4	2.048	5	1.500	1	4.186	10	4.551	12	6.12%
6% and higher	1.169	6	3.165	4	3.587	9	3.960	9	10.711	22	11.879	28	15.66%
Floater	3.000	2	3.300	2	6.150	4	0	0	9.450	6	14.950	9	13.81%
Total	24.471	55	27.274	65	30.788	66	10.348	22	68.410	153	98.675	225	100.00%
Premium
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
19.99% and lower	3.105	0.982	0.180	0.500	0.029	3.501	1.825	0.230	0	1.094	1.168	0.560
20%-29.99%	2.369	0.986	5.335	7.575	3.080	3.260	10.622	2.500	4.034	4.191	1.062	3.850
30-39.99%	0.201	1.200	2.037	1.954	0.163	1.136	2.830	2.790	3.364	0.863	1.070	0.330
40-49.99%	0	0	1.225	1.216	0	0	0.438	1.099	3.870	0.575	0.320	0.488
50% and higher	0.118	0	0.056	1.175	0	0	0.250	3.350	1.435	1.365	0	1.500
NA	0	0	0	0.050	0	0.060	0.080	0	0	0.030	0	0
Total	5.794	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.728
	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	1.324	7	1.728	5	8.407	20	13.174	30	12.28%
20%-29.99%	13.896	22	16.962	37	10.724	27	4.912	8	32.598	72	48.863	105	47.65%
30-39.99%	5.191	18	4.129	15	7.016	14	1.400	5	12.545	34	17.937	53	18.34%
40-49.99%	2.441	5	0.438	2	5.544	9	0.808	3	6.790	14	9.231	19	9.93%
50% and higher	1.231	3	0.250	1	6.150	8	1.500	1	7.900	10	9.249	14	11.55%
NA	0.050	1	0.140	2	0.030	1	0	0	0.170	3	0.220	4	0.25%
Total	24.471	55	27.274	65	30.788	66	10.348	22	68.410	153	98.675	225	100.00%
Quick Sale?
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Yes	5.564	3.168	8.738	12.139	2.726	7.261	12.130	9.969	12.383	7.374	3.585	4.228
No	0.230	0	0.095	0.332	0.546	0.696	3.915	0	0.320	0.743	0.035	2.500
Total	5.794	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.728
	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	29.726	59	7.813	19	59.655	131	89.264	197	87.20%
No	0.426	5	5.157	12	1.062	7	2.535	3	8.754	22	9.411	28	12.80%
Total	24.471	55	27.274	65	30.788	66	10.348	22	68.410	153	98.675	225	100.00%
Upsized?
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Yes	0.150	0.506	1.193	6.128	0.754	0.600	8.245	0.325	3.568	1.130	0.200	0.250
No	5.644	2.662	7.639	6.343	2.517	7.357	7.800	9.644	9.133	6.987	3.158	6.418
Downsized	0	0	0	0	0	0	0	0	0	0	0.262	0.060
Total	5.794	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.728
	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	5.023	13	0.450	2	15.073	35	23.050	50	22.03%
No	16.644	41	17.674	45	25.764	53	9.576	17	53.015	115	75.303	172	77.50%
Downsized	0	0	0	0	0	0	0.322	3	0.322	3	0.322	3	0.47%
Total	24.471	55	27.274	65	30.788	66	10.348	22	68.410	153	98.675	225	100.00%
Seniority
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
senior secured	0	0.403	0	0	0	0	0	0	0	0	0	0
senior	4.883	2.276	7.523	10.926	2.777	6.447	11.579	9.469	11.697	7.510	3.340	3.728
senior subordinated	0.501	0.110	0.325	0.678	0.160	0.135	0.585	0.325	0.678	0.533	0.245	0
subordinated	0.180	0	0.200	0.733	0.163	1.375	1.005	0	0.110	0	0	0
preferred	0.230	0.380	0.784	0.135	0.172	0	2.875	0.175	0.216	0.074	0.035	3.000
Total	5.794	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.728
	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	28.677	55	7.068	17	56.548	117	82.156	171	82.66%
senior subordinated	1.113	6	0.880	6	1.536	7	0.245	1	2.661	14	4.275	22	3.89%
subordinated	0.932	2	2.542	11	0.110	1	0	0	2.652	12	3.765	15	3.88%
preferred	1.299	5	3.047	3	0.465	3	3.035	4	6.548	10	8.076	16	9.57%
Total	24.471	55	27.274	65	30.788	66	10.348	22	68.410	153	98.675	225	100.00%
Mandatory
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Yes	0.230	0	0	0	0	0	3.175	0.184	0	1.880	0	2.500
No	5.564	3.168	8.832	12.471	3.272	7.957	12.870	9.785	12.702	6.237	3.620	4.228
Total	5.794	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.728
	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	2.500	1	7.739	6	7.969	7	11.31%
No	24.471	55	24.099	63	28.723	63	7.848	21	60.670	147	90.706	218	88.69%
Total	24.471	55	27.274	65	30.788	66	10.348	22	68.410	153	98.675	225	100.00%
Greenshoe Exercised?
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Yes	3.045	2.918	6.873	4.176	3.272	4.697	12.264	6.444	8.612	4.473	2.020	0.580
No	2.749	0.250	1.959	8.295	0	3.260	3.780	3.525	4.090	3.644	1.600	6.148
Total	5.794	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.728
	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	19.529	48	2.600	8	42.363	108	59.374	161	61.93%
No	10.504	16	7.040	13	11.259	18	7.748	14	26.047	45	39.300	64	38.07%
Total	24.471	55	27.274	65	30.788	66	10.348	22	68.410	153	98.675	225	100.00%
Versus Talk
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Richer	0	0	0	0.115	0	0	0.075	0	0	0	0	0.488
Rich end	0.280	0.357	1.176	5.399	0.304	3.111	2.795	0	1.700	0	1.150	0
Within	2.145	1.458	6.610	5.097	1.696	1.285	10.178	5.760	5.301	4.395	1.245	2.500
Cheap end	3.170	0.787	1.010	1.210	1.093	0	0.760	2.484	1.591	1.264	0.625	1.160
Cheaper	0.200	0.250	0	0.600	0	3.000	1.400	1.725	4.110	0.590	0	0.580
Other/NA	0	0.315	0.037	0.050	0.179	0.561	0.837	0	0	1.868	0.600	2.000
Total	5.794	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.728
	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	0.488	1	0.563	2	0.678	3	0.82%
Rich end	6.932	12	6.210	17	1.700	2	1.150	2	9.060	21	16.272	35	13.24%
Within	13.165	26	13.159	31	15.456	37	3.745	6	32.360	74	47.669	110	47.30%
Cheap end	3.007	10	1.853	5	5.339	11	1.785	4	8.976	20	15.153	34	13.12%
Cheaper	0.850	2	4.400	2	6.425	9	0.580	2	11.405	13	12.455	16	16.67%
Other/NA	0.402	4	1.578	9	1.868	7	2.600	7	6.045	23	6.447	27	8.84%
Total	24.471	55	27.274	65	30.788	66	10.348	22	68.410	153	98.675	225	100.00%
Use of Proceeds
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Acquisition	0	0.300	0.125	1.167	0.144	0.201	0	0.100	0.216	0	0.600	2.750
Capex	0.230	0.487	0.037	0	0	0	0	0	0.103	0	0.095	0
GCP	2.500	0.356	2.935	7.319	0.891	3.696	4.155	0.555	3.445	3.890	1.392	0.500
Redeem convertibles	0.118	0	0	0	0.163	0	1.150	0.275	0	0	0	0
Refinance	1.376	0.380	0.730	2.135	1.694	0.335	5.375	1.365	2.070	2.176	0.445	1.988
Multiple/Other/NA	1.570	1.645	5.005	1.850	0.381	3.725	5.365	7.674	6.867	2.051	1.088	1.490
Total	5.794	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.728
	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	3.350	4	4.011	8	5.603	12	5.86%
Capex	0.524	3	0	0	0.103	1	0.095	1	0.199	2	0.953	6	0.29%
GCP	10.611	18	8.742	22	7.889	16	1.892	5	18.524	43	31.635	62	27.08%
Redeem convertibles	0	0	1.312	3	0.275	1	0	0	1.587	4	1.706	5	2.32%
Refinance	3.245	9	7.403	17	5.611	12	2.433	4	15.447	33	20.068	49	22.58%
Multiple/Other/NA	8.499	21	9.471	21	16.593	34	2.578	8	28.641	63	38.711	91	41.87%
Total	24.471	55	27.274	65	30.788	66	10.348	22	68.410	153	98.675	225	100.00%
Industry Sector (by SIC code)
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Mining (1xxx)	0	0.085	0	0.733	0	0	2.875	0	0.103	1.880	1.470	0
Oil and gas (13xx)	0	0.300	0.037	0.575	0.144	0	0.287	0.115	1.366	0.125	0.325	0.488
Manufacturing (2xxx, 3xxx)	0.501	0.477	5.279	6.979	0.560	4.046	3.185	6.350	2.910	3.298	0.425	1.500
Pharmaceuticals (2834-6)	0.118	0.250	0.306	0.115	0.163	0.060	1.150	0.325	0.325	0.990	0	2.500
Transportation (4xxx)	0.230	0	0.250	0	0	0.150	0.097	0	0	0	0	0.330
Communications (48xx)	0	0.403	0	0	0	0	0.600	0	1.890	0.200	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0.373	0	0	0	0	0	0	0
Wholesale (5xxx)	0.180	0.300	0.200	0.344	0	0.300	0.190	0.275	0.110	0	0	0
Finance, insurance, real estate (6xxx)	4.420	1.227	2.502	3.225	2.032	3.000	7.390	2.434	4.518	0.984	0.980	0.560
Services (7xxx)	0.345	0	0.259	0.500	0	0.200	0.150	0.470	0.705	0.565	0.220	1.350
Health services (8xxx)	0	0.127	0	0	0	0.201	0.120	0	0.775	0.075	0.200	0
Total	5.794	3.168	8.832	12.471	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.728
	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	1.470	4	6.329	8	7.146	10	9.25%
Oil and gas (13xx)	0.912	4	0.431	2	1.606	4	0.813	2	2.850	8	3.762	12	4.17%
Manufacturing (2xxx, 3xxx)	12.735	20	7.791	26	12.558	19	1.925	3	22.274	48	35.510	70	32.56%
Pharmaceuticals (2834-6)	0.671	4	1.373	5	1.640	6	2.500	1	5.513	12	6.302	17	8.06%
Transportation (4xxx)	0.250	1	0.247	2	0	0	0.330	1	0.577	3	1.057	5	0.84%
Communications (48xx)	0.403	1	0.600	2	2.090	4	0	0	2.690	6	3.092	7	3.93%
Electric, gas, sanitary services (49xx)	0	0	0.373	1	0	0	0	0	0.373	1	0.373	1	0.55%
Wholesale (5xxx)	0.844	3	0.490	3	0.385	2	0	0	0.875	5	1.899	9	1.28%
Finance, insurance, real estate (6xxx)	6.954	16	12.422	19	7.935	16	1.540	7	21.897	42	33.271	68	32.01%
Services (7xxx)	0.759	3	0.350	2	1.740	9	1.570	3	3.660	14	4.764	19	5.35%
Health services (8xxx)	0.127	1	0.321	2	0.850	3	0.200	1	1.371	6	1.498	7	2.00%
Total	24.471	55	27.274	65	30.788	66	10.348	22	68.410	153	98.675	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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