Analysis of convertibles issuance for 12 months through May 2008

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

Coupon

	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
0%	0	0	0	0	0	0	0.150	0	0	0	0	0
0.01%-0.99%	0.500	0.225	0	0	0	0	0	0	0	0	0	0
1%-1.99%	1.224	1.150	0	0.475	0.150	1.101	6.000	0.460	0.138	0.181	0.380	0.550
2%-2.99%	1.505	0.545	0.738	0	0.902	0.200	2.755	0.500	0.588	0.230	0.287	1.925
3%-3.99%	1.278	0.400	1.250	1.044	0.500	0.316	0.485	0.522	0	1.590	0.890	1.048
4%-4.99%	0.335	0.400	0.330	0	0.125	0.230	0	1.250	0.588	0.250	0.400	0.850
5%-5.99%	1.944	0	1.500	0	0.500	0.854	0.165	0.335	0.460	0.268	0.350	0.175
6%-6.99%	0.085	0	2.500	0.175	0	2.398	0.521	3.169	0.248	0.190	1.000	1.850
7%-7.99%	0.246	0.580	0	0	0.675	0.515	4.037	6.900	0	0.250	8.025	1.000
8% and higher	0	0.320	0.655	0.050	0	0	0	0.156	0	0.845	1.344	8.360
Floater	1.000	0	0	0	0.800	0	2.966	0	0	0	0	0
Total	8.117	3.620	6.973	1.743	3.652	5.614	17.080	13.292	2.021	3.804	12.676	15.757
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
0%	0	0	0.150	1	0	0	0	0	0	0	0.150	1	0.00%
0.01%-0.99%	0.225	1	0	0	0	0	0	0	0	0	0.725	2	0.00%
1%-1.99%	1.625	3	7.251	5	0.779	3	0.929	2	1.708	5	11.808	18	3.59%
2%-2.99%	1.283	4	3.857	7	1.317	5	2.212	3	3.530	8	10.175	26	7.42%
3%-3.99%	2.694	6	1.301	6	2.112	7	1.938	7	4.050	14	9.322	31	8.52%
4%-4.99%	0.730	2	0.355	2	2.088	5	1.250	4	3.338	9	4.758	16	7.02%
5%-5.99%	1.500	1	1.519	3	1.062	6	0.525	5	1.587	11	6.550	19	3.34%
6%-6.99%	2.675	3	2.919	5	3.607	3	2.850	3	6.457	6	12.136	15	13.58%
7%-7.99%	0.580	4	5.228	7	7.150	2	9.025	3	16.175	5	22.229	18	34.02%
8% and higher	1.025	5	0	0	1.001	6	9.704	7	10.705	13	11.730	18	22.52%
Floater	0	0	3.766	2	0	0	0	0	0	0	4.766	3	0.00%
Total	12.337	29	26.346	38	19.117	37	28.433	34	47.550	71	94.349	167	100.00%
Premium
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
19.99% and lower	1.094	1.168	0.655	0.050	0.075	0.854	4.105	0.335	0.220	0.840	1.079	2.350
20%-29.99%	4.191	1.062	4.000	1.075	1.073	4.214	3.199	1.400	0.300	1.581	2.134	10.305
30-39.99%	0.863	1.070	0.330	0.223	1.125	0.316	9.376	10.241	1.076	1.210	8.312	0.525
40-49.99%	0.575	0.320	0.488	0	0	0.230	0	0.460	0.425	0	0.150	0.948
50% and higher	1.365	0	1.500	0.396	1.380	0	0.400	0.700	0	0.172	1.000	1.630
NA	0.030	0	0	0	0	0	0	0.156	0	0	0	0
Total	8.117	3.620	6.973	1.743	3.652	5.614	17.080	13.292	2.021	3.804	12.676	15.757
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	1.873	6	5.034	5	1.395	7	3.429	5	4.824	12	12.825	29	10.15%
20%-29.99%	6.137	11	8.485	15	3.281	11	12.438	16	15.720	27	34.532	66	33.06%
30-39.99%	1.623	7	10.818	10	12.527	13	8.838	5	21.365	18	34.667	40	44.93%
40-49.99%	0.808	3	0.230	1	0.885	2	1.097	5	1.982	7	3.596	12	4.17%
50% and higher	1.896	2	1.780	7	0.872	3	2.630	3	3.503	6	8.544	18	7.37%
NA	0	0	0	0	0.156	1	0	0	0.156	1	0.186	2	0.33%
Total	12.337	29	26.346	38	19.117	37	28.433	34	47.550	71	94.349	167	100.00%
Quick Sale?
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Yes	7.374	3.585	4.473	0.323	3.053	3.216	12.516	9.795	0.925	3.804	8.576	15.657
No	0.743	0.035	2.500	1.421	0.600	2.398	4.564	3.497	1.096	0	4.100	0.100
Total	8.117	3.620	6.973	1.743	3.652	5.614	17.080	13.292	2.021	3.804	12.676	15.757
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	8.381	22	18.785	29	14.524	28	24.233	31	38.757	59	73.296	134	81.51%
No	3.956	7	7.561	9	4.593	9	4.200	3	8.793	12	21.053	33	18.49%
Total	12.337	29	26.346	38	19.117	37	28.433	34	47.550	71	94.349	167	100.00%
Upsized?
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Yes	1.130	0.200	0.250	1.446	1.502	4.245	5.793	5.735	1.043	1.228	4.725	5.455
No	6.987	3.158	6.643	0.298	2.150	1.369	11.287	7.557	0.978	1.851	7.951	10.303
Downsized	0	0.262	0.080	0	0	0	0	0	0	0.725	0	0
Total	8.117	3.620	6.973	1.743	3.652	5.614	17.080	13.292	2.021	3.804	12.676	15.757
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	1.896	6	11.540	15	8.005	16	10.180	14	18.185	30	32.750	56	38.24%
No	10.099	20	14.806	23	10.387	16	18.253	20	28.640	36	60.532	103	60.23%
Downsized	0.342	3	0	0	0.725	5	0	0	0.725	5	1.067	8	1.52%
Total	12.337	29	26.346	38	19.117	37	28.433	34	47.550	71	94.349	167	100.00%
Seniority
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
secured	0	0	0	0.050	0	0	0	0	0	0	0	0
senior	7.510	3.340	3.898	0.975	2.980	2.017	11.411	2.360	1.771	3.089	2.617	12.713
senior subordinated	0.533	0.245	0	0	0.172	0.230	0	0.200	0.250	0	0	0.250
subordinated	0	0	0	0.644	0	0	1.430	0.172	0	0.390	0	0
preferred	0.074	0.035	3.075	0.075	0.500	3.367	4.239	10.559	0	0.325	9.369	2.250
senior	0	0	0	0	0	0	0	0	0	0	0.690	0.544
Total	8.117	3.620	6.973	1.743	3.652	5.614	17.080	13.292	2.021	3.804	12.676	15.757
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
secured	0.050	1	0	0	0	0	0	0	0	0	0.050	1	0.00%
senior	8.213	19	16.408	24	7.220	27	15.329	25	22.549	52	54.681	119	47.42%
senior subordinated	0.245	1	0.403	2	0.450	2	0.250	1	0.700	3	1.880	10	1.47%
subordinated	0.644	3	1.430	3	0.562	2	0	0	0.562	2	2.636	8	1.18%
preferred	3.185	5	8.105	9	10.884	6	11.619	6	22.503	12	33.867	27	47.32%
senior	0	0	0	0	0	0	1.234	2	1.234	2	1.234	2	2.60%
Total	12.337	29	26.346	38	19.117	37	28.433	34	47.550	71	94.349	167	100.00%
Mandatory
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Yes	1.880	0	2.500	0	0.600	3.767	1.201	0	0	0.250	0	10.880
No	6.237	3.620	4.473	1.743	3.053	1.847	15.879	13.292	2.021	3.554	12.676	4.878
Total	8.117	3.620	6.973	1.743	3.652	5.614	17.080	13.292	2.021	3.804	12.676	15.757
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	2.500	1	5.568	8	0.250	1	10.880	4	11.130	5	21.078	16	23.41%
No	9.837	28	20.778	30	18.867	36	17.552	30	36.419	66	73.271	151	76.59%
Total	12.337	29	26.346	38	19.117	37	28.433	34	47.550	71	94.349	167	100.00%
Greenshoe Exercised?
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Yes	4.473	2.020	2.485	1.093	1.552	5.214	2.336	11.736	1.076	2.809	11.076	9.552
No	3.644	1.600	4.488	0.650	2.100	0.400	14.744	1.556	0.945	0.995	1.600	6.205
Total	8.117	3.620	6.973	1.743	3.652	5.614	17.080	13.292	2.021	3.804	12.676	15.757
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	5.598	15	9.103	19	15.621	24	20.628	20	36.249	44	55.423	97	76.23%
No	6.738	14	17.244	19	3.496	13	7.805	14	11.301	27	38.927	70	23.77%
Total	12.337	29	26.346	38	19.117	37	28.433	34	47.550	71	94.349	167.000	100.00%
Versus Talk
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Richer	0	0	0.488	0	0.380	0	1.000	0.200	0.875	0	0	0
Rich end	0	1.150	0	1.075	0.450	2.369	6.000	0.960	0.050	0.411	1.288	0.350
Middle	0	0	0	0	0	0	0	0	0	0	0	4.478
Within	4.395	1.245	2.500	0	1.522	0.574	5.326	7.072	0.357	1.788	5.644	2.250
Cheap end	1.264	0.625	1.330	0.198	0.075	2.355	1.115	1.585	0.376	1.455	1.119	7.885
Cheaper	0.590	0	0.580	0	0.125	0	0	0	0.115	0.150	0.400	0
Other/NA	1.868	0.600	2.075	0.471	1.100	0.316	3.639	3.475	0.248	0	4.225	0.794
Total	8.117	3.620	6.973	1.743	3.652	5.614	17.080	13.292	2.021	3.804	12.676	15.757
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Richer	0.488	1	1.380	3	1.075	4	0	0	1.075	4	2.943	8	2.26%
Rich end	2.225	5	8.819	7	1.421	5	1.637	4	3.059	9	14.103	21	6.43%
Middle	0	0	0	0	0	0	4.478	5	4.478	5	4.478	5	9.42%
Within	3.745	6	7.423	12	9.217	10	7.894	5	17.112	15	32.675	46	35.99%
Cheap end	2.153	6	3.545	6	3.415	11	9.004	15	12.419	26	19.380	43	26.12%
Cheaper	0.580	2	0.125	1	0.265	3	0.400	1	0.665	4	1.960	11	1.40%
Other/NA	3.146	9	5.055	9	3.723	4	5.019	4	8.742	8	18.811	33	18.38%
Total	12.337	29	26.346	38	19.117	37	28.433	34	47.550	71	94.349	167	100.00%
Use of Proceeds
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Acquisition	0	0.600	2.750	0.921	0	2.254	0.410	0	0.115	0.075	0.690	0
Capex	0	0.095	0	0.500	0	0	0	0	0.138	0.860	0.125	0.500
GCP	3.890	1.392	0.575	0.148	1.250	1.370	3.361	10.241	0.548	1.542	10.111	11.235
Redeem convertibles	0	0	0	0	0	0	0	0	0	0	0	0.425
Refinance	2.176	0.445	1.988	0.100	1.153	0.630	11.091	2.545	0.795	0.672	1.200	0.917
Multiple/Other/NA	2.051	1.088	1.660	0.075	1.250	1.360	2.217	0.506	0.425	0.655	0.550	2.680
Total	8.117	3.620	6.973	1.743	3.652	5.614	17.080	13.292	2.021	3.804	12.676	15.757
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	4.271	7	2.664	4	0.190	2	0.690	1	0.880	3	7.815	14	1.85%
Capex	0.595	2	0	0	0.998	4	0.625	3	1.623	7	2.218	9	3.41%
GCP	2.115	6	5.981	10	12.331	12	21.346	15	33.676	27	45.662	53	70.82%
Redeem convertibles	0	0	0	0	0	0	0.425	3	0.425	3	0.425	3	0.89%
Refinance	2.533	5	12.874	12	4.012	12	2.117	5	6.129	17	23.712	40	12.89%
Multiple/Other/NA	2.823	9	4.827	12	1.586	7	3.230	7	4.816	14	14.517	48	10.13%
Total	12.337	29	26.346	38	19.117	37	28.433	34	47.550	71	94.349	167	100.00%
Industry Sector (by SIC code)
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0.200	0	0	0
Mining (1xxx)	1.880	1.470	0	0.500	0.125	0.115	0.201	0.460	0.138	0.506	0.287	0.200
Oil and gas (13xx)	0.125	0.325	0.488	0.125	0	0.489	6.000	0.500	0.240	0.172	0	1.955
Construction (15xx)	0	0	0	0.100	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	3.298	0.425	1.500	0.623	0.180	1.770	3.465	0.150	0.548	0.805	1.470	2.425
Pharmaceuticals (2834-6)	0.990	0	2.500	0	0	2.139	0	0.372	0.250	0	0	0
Transportation (4xxx)	0	0	0.330	0	0.150	0	0	0	0	0	0.075	0.175
Communications (48xx)	0.200	0	0	0.396	0	0	0	0	0	0.475	1.275	0.550
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0	0.055	0	0
Wholesale (5xxx)	0	0	0	0	0	0	0.410	0	0	0.310	0	0.323
Finance, insurance, real estate (6xxx)	0.984	0.980	0.655	0	2.475	1.101	7.004	11.809	0.645	1.290	9.569	9.755
Services (7xxx)	0.565	0.220	1.500	0	0.172	0	0	0	0	0.190	0	0.125
Health services (8xxx)	0.075	0.200	0	0	0.550	0	0	0	0	0	0	0.250
Total	8.117	3.620	6.973	1.743	3.652	5.614	17.080	13.292	2.021	3.804	12.676	15.757
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.200	1	0	0	0.200	1	0.200	1	0.42%
Mining (1xxx)	1.970	5	0.441	3	1.105	5	0.487	2	1.592	7	5.884	17	3.35%
Oil and gas (13xx)	0.938	4	6.489	5	0.912	4	1.955	3	2.868	7	10.419	17	6.03%
Construction (15xx)	0.100	1	0	0	0	0	0	0	0	0	0.100	1	0.00%
Manufacturing (2xxx, 3xxx)	2.548	5	5.415	12	1.503	7	3.894	7	5.398	14	16.658	41	11.35%
Pharmaceuticals (2834-6)	2.500	1	2.139	1	0.623	3	0	0	0.623	3	6.252	9	1.31%
Transportation (4xxx)	0.330	1	0.150	1	0	0	0.250	3	0.250	3	0.730	5	0.53%
Communications (48xx)	0.396	1	0	0	0.475	1	1.825	4	2.300	5	2.896	7	4.84%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.055	1	0	0	0.055	1	0.055	1	0.12%
Wholesale (5xxx)	0	0	0.410	2	0.310	1	0.323	2	0.632	3	1.042	5	1.33%
Finance, insurance, real estate (6xxx)	1.635	7	10.580	11	13.744	13	19.323	11	33.068	24	46.266	48	69.54%
Services (7xxx)	1.720	3	0.172	1	0.190	1	0.125	1	0.315	2	2.772	10	0.66%
Health services (8xxx)	0.200	1	0.550	2	0	0	0.250	1	0.250	1	1.075	5	0.53%
Total	12.337	29	26.346	38	19.117	37	28.433	34	47.550	71	94.349	167	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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