Analysis of convertibles issuance for 2007

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

Coupon

	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
0%	0	0	0	0	0	0	0	0	0	0	0	0.150
0.01%-0.99%	0.230	2.050	0.550	0	0.110	0.500	0.225	0	0	0	0	0
1%-1.99%	0.773	0.700	1.950	2.130	3.000	1.224	1.150	0	0.475	0.150	1.101	6.000
2%-2.99%	1.185	0.461	5.485	0.240	2.005	1.505	0.545	0.738	0	0.902	0.200	2.755
3%-3.99%	0.611	1.150	4.630	3.365	2.750	1.278	0.400	1.250	1.044	0.500	0.316	0.485
4%-4.99%	0	0.335	0.060	0.275	0.287	0.335	0.400	0.330	0	0.125	0.230	0
5%-5.99%	0.444	0	0.195	0	0.103	1.944	0	1.500	0	0.500	0.854	0.165
6% and higher	0.029	0.261	2.875	2.809	0.446	0.331	0.900	3.135	0.225	0.675	2.913	4.558
Floater	0	3.000	0.300	1.150	4.000	1.000	0	0	0	0.800	0	3.000
Total	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.953	1.743	3.652	5.614	17.114
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
0%	0	0	0	0	0	0	0.150	1	0.150	1	0.150	1	0.16%
0.01%-0.99%	2.830	6	0.610	2	0.225	1	0	0	3.665	9	3.665	9	3.79%
1%-1.99%	3.424	11	6.354	13	1.625	3	7.251	5	18.653	32	18.653	32	19.28%
2%-2.99%	7.131	18	3.750	12	1.283	4	3.857	7	16.022	41	16.022	41	16.56%
3%-3.99%	6.390	17	7.393	15	2.694	6	1.301	6	17.778	44	17.778	44	18.37%
4%-4.99%	0.395	3	0.898	6	0.730	2	0.355	2	2.378	13	2.378	13	2.46%
5%-5.99%	0.639	4	2.048	5	1.500	1	1.519	3	5.705	13	5.705	13	5.90%
6% and higher	3.165	4	3.587	9	4.260	12	8.147	12	19.158	37	19.158	37	19.79%
Floater	3.300	2	6.150	4	0	0	3.800	2	13.250	8	13.250	8	13.69%
Total	27.274	65	30.788	66	12.317	29	26.380	38	96.758	198	96.758	198	100.00%
Premium
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
19.99% and lower	0.029	3.501	1.825	0.230	0	1.094	1.168	0.635	0.050	0.075	0.854	4.105
20%-29.99%	3.080	3.260	10.622	2.500	4.034	4.191	1.062	4.000	1.075	1.073	4.214	3.199
30-39.99%	0.163	1.136	2.830	2.790	3.364	0.863	1.070	0.330	0.223	1.125	0.316	9.410
40-49.99%	0	0	0.438	1.099	3.870	0.575	0.320	0.488	0	0	0.230	0
50% and higher	0	0	0.250	3.350	1.435	1.365	0	1.500	0.396	1.380	0	0.400
NA	0	0.060	0.080	0	0	0.030	0	0	0	0	0	0
Total	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.953	1.743	3.652	5.614	17.114
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	5.355	8	1.324	7	1.853	6	5.034	5	13.566	26	13.566	26	14.02%
20%-29.99%	16.962	37	10.724	27	6.137	11	8.485	15	42.308	90	42.308	90	43.73%
30-39.99%	4.129	15	7.016	14	1.623	7	10.851	10	23.619	46	23.619	46	24.41%
40-49.99%	0.438	2	5.544	9	0.808	3	0.230	1	7.020	15	7.020	15	7.26%
50% and higher	0.250	1	6.150	8	1.896	2	1.780	7	10.076	18	10.076	18	10.41%
NA	0.140	2	0.030	1	0	0	0	0	0.170	3	0.170	3	0.18%
Total	27.274	65	30.788	66	12.317	29	26.380	38	96.758	198	96.758	198	100.00%
Quick Sale?
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Yes	2.726	7.261	12.130	9.969	12.383	7.374	3.585	4.453	0.323	3.053	3.216	12.516
No	0.546	0.696	3.915	0	0.320	0.743	0.035	2.500	1.421	0.600	2.398	4.598
Total	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.953	1.743	3.652	5.614	17.114
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	22.116	53	29.726	59	8.361	22	18.785	29	78.988	163	78.988	163	81.63%
No	5.157	12	1.062	7	3.956	7	7.595	9	17.771	35	17.771	35	18.37%
Total	27.274	65	30.788	66	12.317	29	26.380	38	96.758	198	96.758	198	100.00%
Upsized?
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Yes	0.754	0.600	8.245	0.325	3.568	1.130	0.200	0.250	1.446	1.502	4.245	5.793
No	2.517	7.357	7.800	9.644	9.133	6.987	3.158	6.643	0.298	2.150	1.369	11.321
Downsized	0	0	0	0	0	0	0.262	0.060	0	0	0	0
Total	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.953	1.743	3.652	5.614	17.114
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	9.600	20	5.023	13	1.896	6	11.540	15	28.059	54	28.059	54	29.00%
No	17.674	45	25.764	53	10.099	20	14.840	23	68.378	141	68.378	141	70.67%
Downsized	0	0	0	0	0.322	3	0	0	0.322	3	0.322	3	0.33%
Total	27.274	65	30.788	66	12.317	29	26.380	38	96.758	198	96.758	198	100.00%
Seniority
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
secured	0	0	0	0	0	0	0	0	0.050	0	0	0
senior	2.777	6.447	11.579	9.469	11.697	7.510	3.340	3.878	0.975	2.980	2.017	11.445
senior subordinated	0.160	0.135	0.585	0.325	0.678	0.533	0.245	0	0	0.172	0.230	0
subordinated	0.163	1.375	1.005	0	0.110	0	0	0	0.644	0	0	1.430
preferred	0.172	0	2.875	0.175	0.216	0.074	0.035	3.075	0.075	0.500	3.367	4.239
Total	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.953	1.743	3.652	5.614	17.114
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
secured	0	0	0	0	0.050	1	0	0	0.050	1	0.050	1	0.05%
senior	20.804	45	28.677	55	8.193	19	16.442	24	74.116	143	74.116	143	76.60%
senior subordinated	0.880	6	1.536	7	0.245	1	0.403	2	3.064	16	3.064	16	3.17%
subordinated	2.542	11	0.110	1	0.644	3	1.430	3	4.726	18	4.726	18	4.88%
preferred	3.047	3	0.465	3	3.185	5	8.105	9	14.803	20	14.803	20	15.30%
Total	27.274	65	30.788	66	12.317	29	26.380	38	96.758	198	96.758	198	100.00%
Mandatory
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Yes	0	0	3.175	0.184	0	1.880	0	2.500	0	0.600	3.767	1.201
No	3.272	7.957	12.870	9.785	12.702	6.237	3.620	4.453	1.743	3.053	1.847	15.913
Total	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.953	1.743	3.652	5.614	17.114
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	3.175	2	2.064	3	2.500	1	5.568	8	13.307	14	13.307	14	13.75%
No	24.099	63	28.723	63	9.817	28	20.812	30	83.451	184	83.451	184	86.25%
Total	27.274	65	30.788	66	12.317	29	26.380	38	96.758	198	96.758	198	100.00%
Greenshoe Exercised?
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Yes	3.272	4.697	12.264	6.444	8.612	4.473	2.020	2.405	1.093	1.552	5.214	2.336
No	0	3.260	3.780	3.525	4.090	3.644	1.600	4.548	0.650	2.100	0.400	14.777
Total	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.953	1.743	3.652	5.614	17.114
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	20.234	52	19.529	48	5.518	14	9.103	19	54.384	133	54.384	133	56.21%
No	7.040	13	11.259	18	6.798	15	17.277	19	42.374	65	42.374	65	43.79%
Total	27.274	65	30.788	66	12.317	29	26.380	38	96.758	198	96.758	198	100.00%
Versus Talk
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Richer	0	0	0.075	0	0	0	0	0.488	0	0.380	0	1.000
Rich end	0.304	3.111	2.795	0	1.700	0	1.150	0	1.075	0.450	2.369	6.000
Within	1.696	1.285	10.178	5.760	5.301	4.395	1.245	2.500	0	1.522	0.574	5.326
Cheap end	1.093	0	0.760	2.484	1.591	1.264	0.625	1.310	0.198	0.075	2.355	1.115
Cheaper	0	3.000	1.400	1.725	4.110	0.590	0	0.580	0	0.125	0	0
Other/NA	0.179	0.561	0.837	0	0	1.868	0.600	2.075	0.471	1.100	0.316	3.672
Total	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.953	1.743	3.652	5.614	17.114
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Richer	0.075	1	0	0	0.488	1	1.380	3	1.943	5	1.943	5	2.01%
Rich end	6.210	17	1.700	2	2.225	5	8.819	7	18.954	31	18.954	31	19.59%
Within	13.159	31	15.456	37	3.745	6	7.423	12	39.782	86	39.782	86	41.11%
Cheap end	1.853	5	5.339	11	2.133	6	3.545	6	12.869	28	12.869	28	13.30%
Cheaper	4.400	2	6.425	9	0.580	2	0.125	1	11.530	14	11.530	14	11.92%
Other/NA	1.578	9	1.868	7	3.146	9	5.088	9	11.680	34	11.680	34	12.07%
Total	27.274	65	30.788	66	12.317	29	26.380	38	96.758	198	96.758	198	100.00%
Use of Proceeds
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Acquisition	0.144	0.201	0	0.100	0.216	0	0.600	2.750	0.921	0	2.254	0.410
Capex	0	0	0	0	0.103	0	0.095	0	0.500	0	0	0
GCP	0.891	3.696	4.155	0.555	3.445	3.890	1.392	0.575	0.148	1.250	1.370	3.361
Redeem convertibles	0.163	0	1.150	0.275	0	0	0	0	0	0	0	0
Refinance	1.694	0.335	5.375	1.365	2.070	2.176	0.445	1.988	0.100	1.153	0.630	11.125
Multiple/Other/NA	0.381	3.725	5.365	7.674	6.867	2.051	1.088	1.640	0.075	1.250	1.360	2.217
Total	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.953	1.743	3.652	5.614	17.114
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.345	2	0.316	2	4.271	7	2.664	4	7.596	15	7.596	15	7.85%
Capex	0	0	0.103	1	0.595	2	0	0	0.699	3	0.699	3	0.72%
GCP	8.742	22	7.889	16	2.115	6	5.981	10	24.728	54	24.728	54	25.56%
Redeem convertibles	1.312	3	0.275	1	0	0	0	0	1.587	4	1.587	4	1.64%
Refinance	7.403	17	5.611	12	2.533	5	12.908	12	28.455	46	28.455	46	29.41%
Multiple/Other/NA	9.471	21	16.593	34	2.803	9	4.827	12	33.693	76	33.693	76	34.82%
Total	27.274	65	30.788	66	12.317	29	26.380	38	96.758	198	96.758	198	100.00%
Industry Sector (by SIC code)
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Mining (1xxx)	0	0	2.875	0	0.103	1.880	1.470	0	0.500	0.125	0.115	0.201
Oil and gas (13xx)	0.144	0	0.287	0.115	1.366	0.125	0.325	0.488	0.125	0	0.489	6.000
Construction (15xx)	0	0	0	0	0	0	0	0	0.100	0	0	0
Manufacturing (2xxx, 3xxx)	0.560	4.046	3.185	6.350	2.910	3.298	0.425	1.500	0.623	0.180	1.770	3.465
Pharmaceuticals (2834-6)	0.163	0.060	1.150	0.325	0.325	0.990	0	2.500	0	0	2.139	0
Transportation (4xxx)	0	0.150	0.097	0	0	0	0	0.330	0	0.150	0	0
Communications (48xx)	0	0	0.600	0	1.890	0.200	0	0	0.396	0	0	0
Electric, gas, sanitary services (49xx)	0.373	0	0	0	0	0	0	0	0	0	0	0
Wholesale (5xxx)	0	0.300	0.190	0.275	0.110	0	0	0	0	0	0	0.410
Finance, insurance, real estate (6xxx)	2.032	3.000	7.390	2.434	4.518	0.984	0.980	0.635	0	2.475	1.101	7.037
Services (7xxx)	0	0.200	0.150	0.470	0.705	0.565	0.220	1.500	0	0.172	0	0
Health services (8xxx)	0	0.201	0.120	0	0.775	0.075	0.200	0	0	0.550	0	0
Total	3.272	7.957	16.044	9.969	12.702	8.117	3.620	6.953	1.743	3.652	5.614	17.114
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	2.875	1	1.984	3	1.970	5	0.441	3	7.270	12	7.270	12	7.51%
Oil and gas (13xx)	0.431	2	1.606	4	0.938	4	6.489	5	9.464	15	9.464	15	9.78%
Construction (15xx)	0	0	0	0	0.100	1	0	0	0.100	1	0.100	1	0.10%
Manufacturing (2xxx, 3xxx)	7.791	26	12.558	19	2.548	5	5.415	12	28.312	62	28.312	62	29.26%
Pharmaceuticals (2834-6)	1.373	5	1.640	6	2.500	1	2.139	1	7.652	13	7.652	13	7.91%
Transportation (4xxx)	0.247	2	0	0	0.330	1	0.150	1	0.727	4	0.727	4	0.75%
Communications (48xx)	0.600	2	2.090	4	0.396	1	0	0	3.086	7	3.086	7	3.19%
Electric, gas, sanitary services (49xx)	0.373	1	0	0	0	0	0	0	0.373	1	0.373	1	0.39%
Wholesale (5xxx)	0.490	3	0.385	2	0	0	0.410	2	1.285	7	1.285	7	1.33%
Finance, insurance, real estate (6xxx)	12.422	19	7.935	16	1.615	7	10.613	11	32.586	53	32.586	53	33.68%
Services (7xxx)	0.350	2	1.740	9	1.720	3	0.172	1	3.982	15	3.982	15	4.12%
Health services (8xxx)	0.321	2	0.850	3	0.200	1	0.550	2	1.921	8	1.921	8	1.99%
Total	27.274	65	30.788	66	12.317	29	26.380	38	96.758	198	96.758	198	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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