Analysis of convertibles issuance for 12 months through March 2008

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

Coupon

	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
0%	0	0	0	0	0	0	0	0	0.150	0	0	0
0.01%-0.99%	0	0.110	0.500	0.225	0	0	0	0	0	0	0	0
1%-1.99%	2.130	3.000	1.224	1.150	0	0.475	0.150	1.101	6.000	0.460	0.138	0.181
2%-2.99%	0.240	2.005	1.505	0.545	0.738	0	0.902	0.200	2.755	0.500	0.588	0.230
3%-3.99%	3.365	2.750	1.278	0.400	1.250	1.044	0.500	0.316	0.485	0.522	0	1.590
4%-4.99%	0.275	0.287	0.335	0.400	0.330	0	0.125	0.230	0	1.250	0.588	0.220
5%-5.99%	0	0.103	1.944	0	1.500	0	0.500	0.854	0.165	0.335	0.460	0.268
6%-6.99%	2.809	0	0.085	0	2.500	0.175	0	2.398	0.521	3.169	0.248	0.190
7%-7.99%	0	0.140	0.246	0.580	0	0	0.675	0.515	4.037	6.900	0	0.250
8% and higher	0	0.306	0	0.320	0.655	0.050	0	0	0	0.156	0	0.815
Floater	1.150	4.000	1.000	0	0	0	0.800	0	3.000	0	0	0
Total	9.969	12.702	8.117	3.620	6.973	1.743	3.652	5.614	17.114	13.292	2.021	3.744
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
0%	0	0	0	0	0.150	1	0	0	0	0	0.150	1	0.00%
0.01%-0.99%	0.610	2	0.225	1	0	0	0	0	0	0	0.835	3	0.00%
1%-1.99%	6.354	13	1.625	3	7.251	5	0.779	3	0.779	3	16.009	24	4.09%
2%-2.99%	3.750	12	1.283	4	3.857	7	1.317	5	1.317	5	10.208	28	6.91%
3%-3.99%	7.393	15	2.694	6	1.301	6	2.112	7	2.112	7	13.500	34	11.08%
4%-4.99%	0.898	6	0.730	2	0.355	2	2.058	5	2.058	5	4.041	15	10.80%
5%-5.99%	2.048	5	1.500	1	1.519	3	1.062	6	1.062	6	6.129	15	5.57%
6%-6.99%	2.894	4	2.675	3	2.919	5	3.607	3	3.607	3	12.095	15	18.93%
7%-7.99%	0.387	3	0.580	4	5.228	7	7.150	2	7.150	2	13.344	16	37.52%
8% and higher	0.306	2	1.025	5	0	0	0.971	6	0.971	6	2.302	13	5.09%
Floater	6.150	4	0	0	3.800	2	0	0	0	0	9.950	6	0.00%
Total	30.788	66	12.337	29	26.380	38	19.057	37	19.057	37	88.561	170	100.00%
Premium
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
19.99% and lower	0.230	0	1.094	1.168	0.655	0.050	0.075	0.854	4.105	0.335	0.220	0.840
20%-29.99%	2.500	4.034	4.191	1.062	4.000	1.075	1.073	4.214	3.199	1.400	0.300	1.522
30-39.99%	2.790	3.364	0.863	1.070	0.330	0.223	1.125	0.316	9.410	10.241	1.076	1.210
40-49.99%	1.099	3.870	0.575	0.320	0.488	0	0	0.230	0	0.460	0.425	0
50% and higher	3.350	1.435	1.365	0	1.500	0.396	1.380	0	0.400	0.700	0	0.172
NA	0	0	0.030	0	0	0	0	0	0	0.156	0	0
Total	9.969	12.702	8.117	3.620	6.973	1.743	3.652	5.614	17.114	13.292	2.021	3.744
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	1.324	7	1.873	6	5.034	5	1.395	7	1.395	7	9.626	25	7.32%
20%-29.99%	10.724	27	6.137	11	8.485	15	3.221	11	3.221	11	28.567	64	16.90%
30-39.99%	7.016	14	1.623	7	10.851	10	12.527	13	12.527	13	32.017	44	65.73%
40-49.99%	5.544	9	0.808	3	0.230	1	0.885	2	0.885	2	7.467	15	4.64%
50% and higher	6.150	8	1.896	2	1.780	7	0.872	3	0.872	3	10.699	20	4.57%
NA	0.030	1	0	0	0	0	0.156	1	0.156	1	0.186	2	0.82%
Total	30.788	66	12.337	29	26.380	38	19.057	37	19.057	37	88.561	170	100.00%
Quick Sale?
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Yes	9.969	12.383	7.374	3.585	4.473	0.323	3.053	3.216	12.516	9.795	0.925	3.744
No	0	0.320	0.743	0.035	2.500	1.421	0.600	2.398	4.598	3.497	1.096	0
Total	9.969	12.702	8.117	3.620	6.973	1.743	3.652	5.614	17.114	13.292	2.021	3.744
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	29.726	59	8.381	22	18.785	29	14.464	28	14.464	28	71.355	138	75.90%
No	1.062	7	3.956	7	7.595	9	4.593	9	4.593	9	17.207	32	24.10%
Total	30.788	66	12.337	29	26.380	38	19.057	37	19.057	37	88.561	170	100.00%
Upsized?
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Yes	0.325	3.568	1.130	0.200	0.250	1.446	1.502	4.245	5.793	5.735	1.043	1.198
No	9.644	9.133	6.987	3.158	6.643	0.298	2.150	1.369	11.321	7.557	0.978	1.827
Downsized	0	0	0	0.262	0.080	0	0	0	0	0	0	0.720
Total	9.969	12.702	8.117	3.620	6.973	1.743	3.652	5.614	17.114	13.292	2.021	3.744
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	5.023	13	1.896	6	11.540	15	7.975	16	7.975	16	26.434	50	41.85%
No	25.764	53	10.099	20	14.840	23	10.362	16	10.362	16	61.065	112	54.37%
Downsized	0	0	0.342	3	0	0	0.720	5	0.720	5	1.062	8	3.78%
Total	30.788	66	12.337	29	26.380	38	19.057	37	19.057	37	88.561	170	100.00%
Seniority
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
secured	0	0	0	0	0	0.050	0	0	0	0	0	0
senior	9.469	11.697	7.510	3.340	3.898	0.975	2.980	2.017	11.445	2.360	1.771	3.054
senior subordinated	0.325	0.678	0.533	0.245	0	0	0.172	0.230	0	0.200	0.250	0
subordinated	0	0.110	0	0	0	0.644	0	0	1.430	0.172	0	0.365
preferred	0.175	0.216	0.074	0.035	3.075	0.075	0.500	3.367	4.239	10.559	0	0.325
Total	9.969	12.702	8.117	3.620	6.973	1.743	3.652	5.614	17.114	13.292	2.021	3.744
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
secured	0	0	0.050	1	0	0	0	0	0	0	0.050	1	0.00%
senior	28.677	55	8.213	19	16.442	24	7.185	27	7.185	27	60.517	125	37.70%
senior subordinated	1.536	7	0.245	1	0.403	2	0.450	2	0.450	2	2.634	12	2.36%
subordinated	0.110	1	0.644	3	1.430	3	0.537	2	0.537	2	2.721	9	2.82%
preferred	0.465	3	3.185	5	8.105	9	10.884	6	10.884	6	22.639	23	57.11%
Total	30.788	66	12.337	29	26.380	38	19.057	37	19.057	37	88.561	170	100.00%
Mandatory
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Yes	0.184	0	1.880	0	2.500	0	0.600	3.767	1.201	0	0	0.250
No	9.785	12.702	6.237	3.620	4.473	1.743	3.053	1.847	15.912	13.292	2.021	3.494
Total	9.969	12.702	8.117	3.620	6.973	1.743	3.652	5.614	17.114	13.292	2.021	3.744
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	2.064	3	2.500	1	5.568	8	0.250	1	0.250	1	10.382	13	1.31%
No	28.723	63	9.837	28	20.812	30	18.807	36	18.807	36	78.179	157	98.69%
Total	30.788	66	12.337	29	26.380	38	19.057	37	19.057	37	88.561	170	100.00%
Greenshoe Exercised?
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Yes	6.444	8.612	4.473	2.020	2.485	1.093	1.552	5.214	2.336	11.736	1.076	2.479
No	3.525	4.090	3.644	1.600	4.488	0.650	2.100	0.400	14.777	1.556	0.945	1.265
Total	9.969	12.702	8.117	3.620	6.973	1.743	3.652	5.614	17.114	13.292	2.021	3.744
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	19.529	48	5.598	15	9.103	19	15.291	22	15.291	22	49.521	104	80.24%
No	11.259	18	6.738	14	17.277	19	3.766	15	3.766	15	39.040	66.000	19.76%
Total	30.788	66	12.337	29	26.380	38	19.057	37	19.057	37	88.561	170	100.00%
Versus Talk
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Richer	0	0	0	0	0.488	0	0.380	0	1.000	0.200	0.875	0
Rich end	0	1.700	0	1.150	0	1.075	0.450	2.369	6.000	0.960	0.050	0.411
Within	5.760	5.301	4.395	1.245	2.500	0	1.522	0.574	5.326	7.072	0.357	1.757
Cheap end	2.484	1.591	1.264	0.625	1.330	0.198	0.075	2.355	1.115	1.585	0.376	1.430
Cheaper	1.725	4.110	0.590	0	0.580	0	0.125	0	0	0	0.115	0.145
Other/NA	0	0	1.868	0.600	2.075	0.471	1.100	0.316	3.672	3.475	0.248	0
Total	9.969	12.702	8.117	3.620	6.973	1.743	3.652	5.614	17.114	13.292	2.021	3.744
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Richer	0	0	0.488	1	1.380	3	1.075	4	1.075	4	2.943	8	5.64%
Rich end	1.700	2	2.225	5	8.819	7	1.421	5	1.421	5	14.165	19	7.46%
Within	15.456	37	3.745	6	7.423	12	9.187	10	9.187	10	35.811	65	48.21%
Cheap end	5.339	11	2.153	6	3.545	6	3.390	11	3.390	11	14.426	34	17.79%
Cheaper	6.425	9	0.580	2	0.125	1	0.260	3	0.260	3	7.390	15	1.36%
Other/NA	1.868	7	3.146	9	5.088	9	3.723	4	3.723	4	13.825	29	19.54%
Total	30.788	66	12.337	29	26.380	38	19.057	37	19.057	37	88.561	170	100.00%
Use of Proceeds
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Acquisition	0.100	0.216	0	0.600	2.750	0.921	0	2.254	0.410	0	0.115	0.075
Capex	0	0.103	0	0.095	0	0.500	0	0	0	0	0.138	0.855
GCP	0.555	3.445	3.890	1.392	0.575	0.148	1.250	1.370	3.361	10.241	0.548	1.516
Refinance	1.640	2.070	2.176	0.445	1.988	0.100	1.153	0.630	11.125	2.545	0.795	0.642
Multiple/Other/NA	7.674	6.867	2.051	1.088	1.660	0.075	1.250	1.360	2.217	0.506	0.425	0.655
Total	9.969	12.702	8.117	3.620	6.973	1.743	3.652	5.614	17.114	13.292	2.021	3.744
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.316	2	4.271	7	2.664	4	0.190	2	0.190	2	7.441	15	1.00%
Capex	0.103	1	0.595	2	0	0	0.993	4	0.993	4	1.692	7	5.21%
GCP	7.889	16	2.115	6	5.981	10	12.306	12	12.306	12	28.291	44	64.57%
Refinance	5.886	13	2.533	5	12.908	12	3.982	12	3.982	12	25.309	42	20.90%
Multiple/Other/NA	16.593	34	2.823	9	4.827	12	1.586	7	1.586	7	25.828	62	8.32%
Total	30.788	66	12.337	29	26.380	38	19.057	37	19.057	37	88.561	170	100.00%
Industry Sector (by SIC code)
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0.200	0
Mining (1xxx)	0	0.103	1.880	1.470	0	0.500	0.125	0.115	0.201	0.460	0.138	0.506
Oil and gas (13xx)	0.115	1.366	0.125	0.325	0.488	0.125	0	0.489	6.000	0.500	0.240	0.172
Construction (15xx)	0	0	0	0	0	0.100	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	6.350	2.910	3.298	0.425	1.500	0.623	0.180	1.770	3.465	0.150	0.548	0.805
Pharmaceuticals (2834-6)	0.325	0.325	0.990	0	2.500	0	0	2.139	0	0.372	0.250	0
Transportation (4xxx)	0	0	0	0	0.330	0	0.150	0	0	0	0	0
Communications (48xx)	0	1.890	0.200	0	0	0.396	0	0	0	0	0	0.475
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0	0	0	0.050
Wholesale (5xxx)	0.275	0.110	0	0	0	0	0	0	0.410	0	0	0.310
Finance, insurance, real estate (6xxx)	2.434	4.518	0.984	0.980	0.655	0	2.475	1.101	7.037	11.809	0.645	1.235
Services (7xxx)	0.470	0.705	0.565	0.220	1.500	0	0.172	0	0	0	0	0.190
Health services (8xxx)	0	0.775	0.075	0.200	0	0	0.550	0	0	0	0	0
Total	9.969	12.702	8.117	3.620	6.973	1.743	3.652	5.614	17.114	13.292	2.021	3.744
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0.200	1	0.200	1	0.200	1	1.05%
Mining (1xxx)	1.984	3	1.970	5	0.441	3	1.105	5	1.105	5	5.500	16	5.80%
Oil and gas (13xx)	1.606	4	0.938	4	6.489	5	0.912	4	0.912	4	9.945	17	4.79%
Construction (15xx)	0	0	0.100	1	0	0	0	0	0	0	0.100	1	0.00%
Manufacturing (2xxx, 3xxx)	12.558	19	2.548	5	5.415	12	1.503	7	1.503	7	22.023	43	7.89%
Pharmaceuticals (2834-6)	1.640	6	2.500	1	2.139	1	0.623	3	0.623	3	6.902	11	3.27%
Transportation (4xxx)	0	0	0.330	1	0.150	1	0	0	0	0	0.480	2	0.00%
Communications (48xx)	2.090	4	0.396	1	0	0	0.475	1	0.475	1	2.961	6	2.49%
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.050	1	0.050	1	0.050	1	0.26%
Wholesale (5xxx)	0.385	2	0	0	0.410	2	0.310	1	0.310	1	1.105	5	1.63%
Finance, insurance, real estate (6xxx)	7.935	16	1.635	7	10.613	11	13.689	13	13.689	13	33.873	47	71.83%
Services (7xxx)	1.740	9	1.720	3	0.172	1	0.190	1	0.190	1	3.822	14	1.00%
Health services (8xxx)	0.850	3	0.200	1	0.550	2	0	0	0	0	1.600	6	0.00%
Total	30.788	66	12.337	29	26.380	38	19.057	37	19.057	37	88.561	170	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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