Analysis of convertibles issuance for 12 months through October 2008

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

Coupon

	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
0%	0	0.150	0	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%	1.101	6.000	0.460	0.138	0.181	0.380	0.550	1.265	0.805	0	0	0
2%-2.99%	0.200	2.755	0.500	0.588	0.230	0.287	1.925	0	0	0.375	0.175	0
3%-3.99%	0.316	0.485	0.545	0	1.590	0.890	1.048	0.631	0.660	1.430	1.025	0
4%-4.99%	0.230	0	1.250	0.588	0.250	0.400	0.850	0.648	0.538	0.240	0	0
5%-5.99%	0.854	0.165	0.335	0.460	0.268	0.350	0.201	0.085	0.345	0.060	0	0
6%-6.99%	2.398	0.521	3.169	0.248	0.190	1.000	1.865	0	0	0.172	0	0
7%-7.99%	0.515	4.037	6.900	0	0.250	8.025	1.000	0.657	0.550	0	0	0
8% and higher	0	0	0.156	0	0.845	1.344	8.360	3.795	0.635	0	0	0
Floater	0	2.966	0	0	0	0	0	0	0	0	0	0
NA/Other	0	0	0	0	0	0	0	0.120	0	0	0	0
Total	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.533	2.278	1.200	0
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
0%	0	0	0	0	0	0	0	0	0	0	0.150	1	0.00%
0.01%-0.99%	0	0	0	0	0	0	0	0	0	0	0	0	0.00%
1%-1.99%	0.779	3	2.195	3	0.805	1	0	0	3.779	7	10.879	11	6.11%
2%-2.99%	1.317	5	2.212	3	0.550	2	0	0	4.080	10	7.035	13	6.60%
3%-3.99%	2.135	7	2.569	10	3.115	6	0	0	7.819	23	8.620	27	12.65%
4%-4.99%	2.088	5	1.898	7	0.778	3	0	0	4.764	15	4.994	16	7.71%
5%-5.99%	1.062	6	0.635	6	0.405	2	0	0	2.102	14	3.121	16	3.40%
6%-6.99%	3.607	3	2.865	3	0.172	1	0	0	6.644	7	9.563	12	10.75%
7%-7.99%	7.150	2	9.682	4	0.550	1	0	0	17.383	7	21.935	12	28.12%
8% and higher	1.001	6	13.499	14	0.635	2	0	0	15.135	22	15.135	22	24.48%
Floater	0	0	0	0	0	0	0	0	0	0	2.966	1	0.00%
NA/Other	0	0	0.120	1	0	0	0	0	0.120	1	0.120	1	0.19%
Total	19.139	37	35.676	51	7.010	18	0	0	61.825	106	84.519	132	100.00%
Premium
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
19.99% and lower	0.854	4.105	0.335	0.220	0.840	1.079	2.365	2.330	0.575	0	0	0
20%-29.99%	4.214	3.199	1.423	0.300	1.581	2.134	10.330	2.987	1.693	1.040	0.750	0
30-39.99%	0.316	9.376	10.241	1.076	1.210	8.312	0.525	1.550	0.745	0.375	0.450	0
40-49.99%	0.230	0	0.460	0.425	0	0.150	0.948	0	0.460	0.690	0	0
50% and higher	0	0.400	0.700	0	0.172	1.000	1.630	0.335	0	0.172	0	0
NA	0	0	0.156	0	0	0	0	0	0.060	0	0	0
Total	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.533	2.278	1.200	0
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	1.395	7	5.774	9	0.575	1	0	0	7.744	17	12.703	21	12.52%
20%-29.99%	3.304	11	15.451	24	3.483	9	0	0	22.238	44	29.650	56	35.97%
30-39.99%	12.527	13	10.387	8	1.570	4	0	0	24.485	25	34.177	32	39.60%
40-49.99%	0.885	2	1.097	5	1.150	2	0	0	3.132	9	3.362	10	5.07%
50% and higher	0.872	3	2.965	5	0.172	1	0	0	4.011	9	4.411	11	6.49%
NA	0.156	1	0	0	0.060	1	0	0	0.216	2	0.216	2	0.35%
Total	19.139	37	35.676	51	7.010	18	0	0	61.825	106	84.519	132	100.00%
Quick Sale?
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Yes	3.216	12.516	9.817	0.925	3.804	8.576	15.683	7.148	2.348	2.218	1.200	0
No	2.398	4.564	3.497	1.096	0	4.100	0.115	0.054	1.185	0.060	0	0
Total	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.533	2.278	1.200	0
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	14.546	28	31.406	47	5.766	14	0	0	51.718	89	67.450	107	83.65%
No	4.593	9	4.269	4	1.245	4	0	0	10.107	17	17.069	25	16.35%
Total	19.139	37	35.676	51	7.010	18	0	0	61.825	106	84.519	132	100.00%
Upsized?
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Yes	4.245	5.793	5.735	1.043	1.228	4.725	5.480	1.250	0.060	1.415	0.750	0
No	1.369	11.287	7.580	0.978	1.851	7.951	10.318	5.953	3.473	0.863	0.450	0
Downsized	0	0	0	0	0.725	0	0	0	0	0	0	0
Total	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.533	2.278	1.200	0
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	8.005	16	11.455	20	2.225	7	0	0	21.685	43	31.722	53	35.07%
No	10.409	16	24.221	31	4.785	11	0	0	39.416	58	52.072	74	63.75%
Downsized	0.725	5	0	0	0	0	0	0	0.725	5	0.725	5	1.17%
Total	19.139	37	35.676	51	7.010	18	0	0	61.825	106	84.519	132	100.00%
Seniority
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
senior	2.017	11.411	2.382	1.771	3.089	3.307	13.298	2.885	2.923	2.278	1.200	0
senior subordinated	0.230	0	0.200	0.250	0	0	0.250	0	0.550	0	0	0
subordinated	0	1.430	0.172	0	0.390	0	0	0	0	0	0	0
preferred	3.367	4.239	10.559	0	0.325	9.369	2.250	4.318	0.060	0	0	0
Total	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.533	2.278	1.200	0
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
senior	7.243	27	19.489	37	6.401	16	0	0	33.132	80	46.560	94	53.59%
senior subordinated	0.450	2	0.250	1	0.550	1	0	0	1.250	4	1.480	5	2.02%
subordinated	0.562	2	0	0	0	0	0	0	0.562	2	1.992	5	0.91%
preferred	10.884	6	15.937	13	0.060	1	0	0	26.881	20	34.486	28	43.48%
Total	19.139	37	35.676	51	7.010	18	0	0	61.825	106	84.519	132	100.00%
Mandatory
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Yes	3.767	1.201	0	0	0.250	0	10.880	2.000	0.575	0	0	0
No	1.847	15.879	13.314	2.021	3.554	12.676	4.917	5.203	2.958	2.278	1.200	0
Total	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.533	2.278	1.200	0
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	0.250	1	12.880	5	0.575	1	0	0	13.705	7	18.673	14	22.17%
No	18.889	36	22.795	46	6.435	17	0	0	48.120	99	65.846	118	77.83%
Total	19.139	37	35.676	51	7.010	18	0	0	61.825	106	84.519	132	100.00%
Greenshoe Exercised?
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Yes	5.214	2.336	11.908	1.076	2.809	11.076	9.868	3.427	2.723	2.038	0.750	0
No	0.400	14.744	1.406	0.945	0.995	1.600	5.930	3.775	0.810	0.240	0.450	0
Total	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.533	2.278	1.200	0
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	15.793	25	24.370	33	5.511	13	0	0	45.674	71	53.224	83	73.88%
No	3.346	12	11.305	18	1.500	5	0	0	16.151	35	31.295	49	26.12%
Total	19.139	37	35.676	51	7.010	18	0	0	61.825	106	84.519	132	100.00%
Versus Talk
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Richer	0	1.000	0.200	0.875	0	0	0	0	0	0	0	0
Rich end	2.369	6.000	0.960	0.050	0.411	1.288	0.350	0.335	0	0.375	0.450	0
Within	0.574	5.326	7.072	0.357	1.788	5.644	6.728	3.721	1.550	0.930	0	0
Cheap end	2.355	1.115	1.585	0.376	1.455	1.119	7.926	2.456	0.338	0.913	0.575	0
Cheaper	0	0	0	0.115	0.150	0.400	0	0.135	0	0	0	0
NA/Other	0.316	3.639	3.498	0.248	0	4.225	0.794	0.555	1.645	0.060	0.175	0
Total	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.533	2.278	1.200	0
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Richer	1.075	4	0	0	0	0	0	0	1.075	4	2.075	5	1.74%
Rich end	1.421	5	1.972	6	0.825	2	0	0	4.219	13	12.588	18	6.82%
Within	9.217	10	16.093	15	2.480	5	0	0	27.790	30	33.690	38	44.95%
Cheap end	3.415	11	11.501	20	1.826	5	0	0	16.741	36	20.211	41	27.08%
Cheaper	0.265	3	0.535	2	0	0	0	0	0.800	5	0.800	5	1.29%
NA/Other	3.746	4	5.575	8	1.880	6	0	0	11.200	18	15.155	25	18.11%
Total	19.139	37	35.676	51	7.010	18	0	0	61.825	106	84.519	132	100.00%
Use of Proceeds
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Acquisition	2.254	0.410	0	0.115	0.075	0.690	0	0	0.345	0	0	0
Capex	0	0	0	0.138	0.860	0.125	0.515	0.860	0.138	0	0	0
GCP	1.370	3.361	10.241	0.548	1.542	10.111	11.235	5.623	0	0.240	0	0
Redeem convertibles	0	0	0	0	0	0	0.451	0	0	0	0	0
Refinance	0.630	11.091	2.545	0.795	0.672	1.200	0.917	0.520	1.525	0.863	1.025	0
Multiple/Other/NA	1.360	2.217	0.528	0.425	0.655	0.550	2.680	0.200	1.525	1.175	0.175	0
Total	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.533	2.278	1.200	0
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.190	2	0.690	1	0.345	1	0	0	1.225	4	3.889	8	1.98%
Capex	0.998	4	1.500	7	0.138	1	0	0	2.636	12	2.636	12	4.26%
GCP	12.331	12	26.969	23	0.240	1	0	0	39.539	36	44.271	43	63.95%
Redeem convertibles	0	0	0.451	3	0	0	0	0	0.451	3	0.451	3	0.73%
Refinance	4.012	12	2.637	9	3.413	7	0	0	10.062	28	21.783	37	16.27%
Multiple/Other/NA	1.609	7	3.430	8	2.875	8	0	0	7.913	23	11.490	29	12.80%
Total	19.139	37	35.676	51	7.010	18	0	0	61.825	106	84.519	132	100.00%
Industry Sector (by SIC code)
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Agriculture (0xxx)	0	0	0	0.200	0	0	0	0	0.345	0	0	0
Mining (1xxx)	0.115	0.201	0.460	0.138	0.506	0.287	0.200	0	0	0.690	0	0
Oil and gas (13xx)	0.489	6.000	0.500	0.240	0.172	0	1.955	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	1.770	3.465	0.172	0.548	0.805	1.470	2.440	2.170	0.538	0.412	0.450	0
Pharmaceuticals (2834-6)	2.139	0	0.372	0.250	0	0	0	0	0	0.060	0.575	0
Transportation (4xxx)	0	0	0	0	0	0.075	0.201	0.115	0	0	0	0
Communications (48xx)	0	0	0	0	0.475	1.275	0.550	0.220	0.550	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0.055	0	0	0	0	0	0	0
Wholesale (5xxx)	0	0.410	0	0	0.310	0	0.323	0	0.200	0.375	0	0
Finance, insurance, real estate (6xxx)	1.101	7.004	11.809	0.645	1.290	9.569	9.755	4.498	1.095	0.740	0	0
Services (7xxx)	0	0	0	0	0.190	0	0.125	0.200	0.805	0	0.175	0
Health services (8xxx)	0	0	0	0	0	0	0.250	0	0	0	0	0
Total	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.533	2.278	1.200	0
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.200	1	0	0	0.345	1	0	0	0.545	2	0.545	2	0.88%
Mining (1xxx)	1.105	5	0.487	2	0.690	1	0	0	2.282	8	2.598	10	3.69%
Oil and gas (13xx)	0.912	4	1.955	3	0	0	0	0	2.868	7	9.356	12	4.64%
Manufacturing (2xxx, 3xxx)	1.526	7	6.079	13	1.401	5	0	0	9.005	25	14.240	36	14.57%
Pharmaceuticals (2834-6)	0.623	3	0	0	0.635	2	0	0	1.258	5	3.397	6	2.03%
Transportation (4xxx)	0	0	0.390	4	0	0	0	0	0.390	4	0.390	4	0.63%
Communications (48xx)	0.475	1	2.045	5	0.550	1	0	0	3.070	7	3.070	7	4.97%
Electric, gas, sanitary services (49xx)	0.055	1	0	0	0	0	0	0	0.055	1	0.055	1	0.09%
Wholesale (5xxx)	0.310	1	0.323	2	0.575	2	0	0	1.208	5	1.617	7	1.95%
Finance, insurance, real estate (6xxx)	13.744	13	23.821	19	1.835	4	0	0	39.401	36	47.505	41	63.73%
Services (7xxx)	0.190	1	0.325	2	0.980	2	0	0	1.495	5	1.495	5	2.42%
Health services (8xxx)	0	0	0.250	1	0	0	0	0	0.250	1	0.250	1	0.40%
Total	19.139	37	35.676	51	7.010	18	0	0	61.825	106	84.519	132	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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