Analysis of convertibles issuance for 12 months through September 2008

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

Coupon

	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
0%	0	0	0.150	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0	0	0	0	0	0	0	0	0	0	0	0
1%-1.99%	0.150	1.101	6.000	0.460	0.138	0.181	0.380	0.550	1.265	0.700	0	0
2%-2.99%	0.902	0.200	2.755	0.500	0.588	0.230	0.287	1.925	0	0	0.375	0.175
3%-3.99%	0.500	0.316	0.485	0.545	0	1.590	0.890	1.048	0.631	0.660	1.430	1.025
4%-4.99%	0.125	0.230	0	1.250	0.588	0.250	0.400	0.850	0.648	0.538	0.240	0
5%-5.99%	0.500	0.854	0.165	0.335	0.460	0.268	0.350	0.201	0.085	0.345	0.060	0
6%-6.99%	0	2.398	0.521	3.169	0.248	0.190	1.000	1.865	0	0	0.172	0
7%-7.99%	0.675	0.515	4.037	6.900	0	0.250	8.025	1.000	0.657	0.550	0	0
8% and higher	0	0	0	0.156	0	0.845	1.344	8.360	3.795	0.635	0	0
Floater	0.800	0	2.966	0	0	0	0	0	0	0	0	0
NA/Other	0	0	0	0	0	0	0	0	0.120	0	0	0
Total	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.428	2.278	1.200
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
0%	0.150	1	0	0	0	0	0	0	0	0	0.150	1	0.00%
0.01%-0.99%	0	1	0	0	0	0	0	0	0	0	0	0	0.00%
1%-1.99%	7.251	5	0.779	3	2.195	3	0.700	1	3.674	7	10.924	12	5.95%
2%-2.99%	3.857	7	1.317	5	2.212	3	0.550	2	4.080	10	7.937	17	6.61%
3%-3.99%	1.301	6	2.135	7	2.569	10	3.115	6	7.819	23	9.120	29	12.67%
4%-4.99%	0.355	2	2.088	5	1.898	7	0.778	3	4.764	15	5.119	17	7.72%
5%-5.99%	1.519	3	1.062	6	0.635	6	0.405	2	2.102	14	3.621	17	3.41%
6%-6.99%	2.919	5	3.607	3	2.865	3	0.172	1	6.644	7	9.563	12	10.76%
7%-7.99%	5.228	7	7.150	2	9.682	4	0.550	1	17.383	7	22.610	14	28.16%
8% and higher	0	0	1.001	6	13.499	14	0.635	2	15.135	22	15.135	22	24.51%
Floater	3.766	2	0	0	0	0	0	0	0	0	3.766	2	0.00%
NA/Other	0	0	0	0	0.120	1	0	0	0.120	1	0.120	1	0.19%
Total	26.346	38	19.139	37	35.676	51	6.905	18	61.720	106	88.067	144	100.00%
Premium
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
19.99% and lower	0.075	0.854	4.105	0.335	0.220	0.840	1.079	2.365	2.330	0.575	0	0
20%-29.99%	1.073	4.214	3.199	1.423	0.300	1.581	2.134	10.330	2.987	1.588	1.040	0.750
30-39.99%	1.125	0.316	9.376	10.241	1.076	1.210	8.312	0.525	1.550	0.745	0.375	0.450
40-49.99%	0	0.230	0	0.460	0.425	0	0.150	0.948	0	0.460	0.690	0
50% and higher	1.380	0	0.400	0.700	0	0.172	1.000	1.630	0.335	0	0.172	0
NA	0	0	0	0.156	0	0	0	0	0	0.060	0	0
Total	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.428	2.278	1.200
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	5.034	5	1.395	7	5.774	9	0.575	1	7.744	17	12.778	22	12.54%
20%-29.99%	8.485	15	3.304	11	15.451	24	3.378	9	22.133	44	30.618	59	35.86%
30-39.99%	10.818	10	12.527	13	10.387	8	1.570	4	24.485	25	35.302	35	39.67%
40-49.99%	0.230	1	0.885	2	1.097	5	1.150	2	3.132	9	3.362	10	5.07%
50% and higher	1.780	7	0.872	3	2.965	5	0.172	1	4.011	9	5.790	16	6.51%
NA	0	0	0.156	1	0	0	0.060	1	0.216	2	0.216	2	0.35%
Total	26.346	38	19.139	37	35.676	51	6.905	18	61.720	106	88.067	144	100.00%
Quick Sale?
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Yes	3.053	3.216	12.516	9.817	0.925	3.804	8.576	15.683	7.148	2.243	2.218	1.200
No	0.600	2.398	4.564	3.497	1.096	0	4.100	0.115	0.054	1.185	0.060	0
Total	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.428	2.278	1.200
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	18.785	29	14.546	28	31.406	47	5.661	14	51.613	89	70.398	118	83.62%
No	7.561	9	4.593	9	4.269	4	1.245	4	10.107	17	17.669	26	16.38%
Total	26.346	38	19.139	37	35.676	51	6.905	18	61.720	106	88.067	144	100.00%
Upsized?
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Yes	1.502	4.245	5.793	5.735	1.043	1.228	4.725	5.480	1.250	0.060	1.415	0.750
No	2.150	1.369	11.287	7.580	0.978	1.851	7.951	10.318	5.953	3.368	0.863	0.450
Downsized	0	0	0	0	0	0.725	0	0	0	0	0	0
Total	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.428	2.278	1.200
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	11.540	15	8.005	16	11.455	20	2.225	7	21.685	43	33.225	58	35.13%
No	14.806	23	10.409	16	24.221	31	4.681	11	39.311	58	54.117	81	63.69%
Downsized	0	0	0.725	5	0	0	0	0	0.725	5	0.725	5	1.17%
Total	26.346	38	19.139	37	35.676	51	6.905	18	61.720	106	88.067	144	100.00%
Seniority
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
senior	2.980	2.017	11.411	2.382	1.771	3.089	3.307	13.298	2.885	2.818	2.278	1.200
senior subordinated	0.172	0.230	0	0.200	0.250	0	0	0.250	0	0.550	0	0
subordinated	0	0	1.430	0.172	0	0.390	0	0	0	0	0	0
preferred	0.500	3.367	4.239	10.559	0	0.325	9.369	2.250	4.318	0.060	0	0
Total	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.428	2.278	1.200
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
senior	16.408	24	7.243	27	19.489	37	6.296	16	33.027	80	49.435	104	53.51%
senior subordinated	0.403	2	0.450	2	0.250	1	0.550	1	1.250	4	1.653	6	2.03%
subordinated	1.430	3	0.562	2	0	0	0	0	0.562	2	1.992	5	0.91%
preferred	8.105	9	10.884	6	15.937	13	0.060	1	26.881	20	34.986	29	43.55%
Total	26.346	38	19.139	37	35.676	51	6.905	18	61.720	106	88.067	144	100.00%
Mandatory
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Yes	0.600	3.767	1.201	0	0	0.250	0	10.880	2.000	0.575	0	0
No	3.053	1.847	15.879	13.314	2.021	3.554	12.676	4.917	5.203	2.853	2.278	1.200
Total	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.428	2.278	1.200
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	5.568	8	0.250	1	12.880	5	0.575	1	13.705	7	19.273	15	22.21%
No	20.778	30	18.889	36	22.795	46	6.330	17	48.015	99	68.793	129	77.79%
Total	26.346	38	19.139	37	35.676	51	6.905	18	61.720	106	88.067	144	100.00%
Greenshoe Exercised?
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Yes	1.552	5.214	2.336	11.908	1.076	2.809	11.076	9.868	3.427	1.918	2.038	0.750
No	2.100	0.400	14.744	1.406	0.945	0.995	1.600	5.930	3.775	1.510	0.240	0.450
Total	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.428	2.278	1.200
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	9.103	19	15.793	25	24.370	33	4.706	12	44.869	70	53.972	89	72.70%
No	17.244	19	3.346	12	11.305	18	2.200	6	16.851	36	34.095	55	27.30%
Total	26.346	38	19.139	37	35.676	51	6.905	18	61.720	106	88.067	144	100.00%
Versus Talk
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Richer	0.380	0	1.000	0.200	0.875	0	0	0	0	0	0	0
Rich end	0.450	2.369	6.000	0.960	0.050	0.411	1.288	0.350	0.335	0	0.375	0.450
Within	1.522	0.574	5.326	7.072	0.357	1.788	5.644	6.728	3.721	1.445	0.930	0
Cheap end	0.075	2.355	1.115	1.585	0.376	1.455	1.119	7.926	2.456	0.338	0.913	0.575
Cheaper	0.125	0	0	0	0.115	0.150	0.400	0	0.135	0	0	0
NA/Other	1.100	0.316	3.639	3.498	0.248	0	4.225	0.794	0.555	1.645	0.060	0.175
Total	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.428	2.278	1.200
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Richer	1.380	3	1.075	4	0	0	0	0	1.075	4	2.455	7	1.74%
Rich end	8.819	7	1.421	5	1.972	6	0.825	2	4.219	13	13.038	20	6.84%
Within	7.423	12	9.217	10	16.093	15	2.375	5	27.685	30	35.108	42	44.86%
Cheap end	3.545	6	3.415	11	11.501	20	1.826	5	16.741	36	20.286	42	27.12%
Cheaper	0.125	1	0.265	3	0.535	2	0	0	0.800	5	0.925	6	1.30%
NA/Other	5.055	9	3.746	4	5.575	8	1.880	6	11.200	18	16.255	27	18.15%
Total	26.346	38	19.139	37	35.676	51	6.905	18	61.720	106	88.067	144	100.00%
Use of Proceeds
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Acquisition	0	2.254	0.410	0	0.115	0.075	0.690	0	0	0.345	0	0
Capex	0	0	0	0	0.138	0.860	0.125	0.515	0.860	0.138	0	0
GCP	1.250	1.370	3.361	10.241	0.548	1.542	10.111	11.235	5.623	0	0.240	0
Redeem convertibles	0	0	0	0	0	0	0	0.451	0	0	0	0
Refinance	1.153	0.630	11.091	2.545	0.795	0.672	1.200	0.917	0.520	1.525	0.863	1.025
Multiple/Other/NA	1.250	1.360	2.217	0.528	0.425	0.655	0.550	2.680	0.200	1.420	1.175	0.175
Total	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.428	2.278	1.200
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	2.664	4	0.190	2	0.690	1	0.345	1	1.225	4	3.889	8	1.98%
Capex	0	0	0.998	4	1.500	7	0.138	1	2.636	12	2.636	12	4.27%
GCP	5.981	10	12.331	12	26.969	23	0.240	1	39.539	36	45.521	46	64.06%
Redeem convertibles	0	0	0	0	0.451	3	0	0	0.451	3	0.451	3	0.73%
Refinance	12.874	12	4.012	12	2.637	9	3.413	7	10.062	28	22.935	40	16.30%
Multiple/Other/NA	4.827	12	1.609	7	3.430	8	2.770	8	7.808	23	12.635	35	12.65%
Total	26.346	38	19.139	37	35.676	51	6.905	18	61.720	106	88.067	144	100.00%
Industry Sector (by SIC code)
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Agriculture (0xxx)	0	0	0	0	0.200	0	0	0	0	0.345	0	0
Mining (1xxx)	0.125	0.115	0.201	0.460	0.138	0.506	0.287	0.200	0	0	0.690	0
Oil and gas (13xx)	0	0.489	6.000	0.500	0.240	0.172	0	1.955	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.180	1.770	3.465	0.172	0.548	0.805	1.470	2.440	2.170	0.538	0.412	0.450
Pharmaceuticals (2834-6)	0	2.139	0	0.372	0.250	0	0	0	0	0	0.060	0.575
Transportation (4xxx)	0.150	0	0	0	0	0	0.075	0.201	0.115	0	0	0
Communications (48xx)	0	0	0	0	0	0.475	1.275	0.550	0.220	0.550	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0.055	0	0	0	0	0	0
Wholesale (5xxx)	0	0	0.410	0	0	0.310	0	0.323	0	0.200	0.375	0
Finance, insurance, real estate (6xxx)	2.475	1.101	7.004	11.809	0.645	1.290	9.569	9.755	4.498	1.095	0.740	0
Services (7xxx)	0.172	0	0	0	0	0.190	0	0.125	0.200	0.700	0	0.175
Health services (8xxx)	0.550	0	0	0	0	0	0	0.250	0	0	0	0
Total	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.428	2.278	1.200
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.200	1	0	0	0.345	1	0.545	2	0.545	2	0.88%
Mining (1xxx)	0.441	3	1.105	5	0.487	2	0.690	1	2.282	8	2.723	11	3.70%
Oil and gas (13xx)	6.489	5	0.912	4	1.955	3	0	0	2.868	7	9.356	12	4.65%
Manufacturing (2xxx, 3xxx)	5.415	12	1.526	7	6.079	13	1.401	5	9.005	25	14.420	37	14.59%
Pharmaceuticals (2834-6)	2.139	1	0.623	3	0	0	0.635	2	1.258	5	3.397	6	2.04%
Transportation (4xxx)	0.150	1	0	0	0.390	4	0	0	0.390	4	0.540	5	0.63%
Communications (48xx)	0	0	0.475	1	2.045	5	0.550	1	3.070	7	3.070	7	4.97%
Electric, gas, sanitary services (49xx)	0	0	0.055	1	0	0	0	0	0.055	1	0.055	1	0.09%
Wholesale (5xxx)	0.410	2	0.310	1	0.323	2	0.575	2	1.208	5	1.617	7	1.96%
Finance, insurance, real estate (6xxx)	10.580	11	13.744	13	23.821	19	1.835	4	39.401	36	49.980	47	63.84%
Services (7xxx)	0.172	1	0.190	1	0.325	2	0.875	2	1.390	5	1.562	6	2.25%
Health services (8xxx)	0.550	2	0	0	0.250	1	0	0	0.250	1	0.800	3	0.41%
Total	26.346	38	19.139	37	35.676	51	6.905	18	61.720	106	88.067	144	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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