Analysis of convertibles issuance for 12 months through June 2008

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

Coupon

	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008
0%	0	0	0	0	0	0.150	0	0	0	0	0	0
0.01%-0.99%	0.225	0	0	0	0	0	0	0	0	0	0	0
1%-1.99%	1.150	0	0.475	0.150	1.101	6.000	0.460	0.138	0.181	0.380	0.550	1.265
2%-2.99%	0.545	0.738	0	0.902	0.200	2.755	0.500	0.588	0.230	0.287	1.925	0
3%-3.99%	0.400	1.250	1.044	0.500	0.316	0.485	0.545	0	1.590	0.890	1.048	0.631
4%-4.99%	0.400	0.330	0	0.125	0.230	0	1.250	0.588	0.250	0.400	0.850	0.595
5%-5.99%	0	1.500	0	0.500	0.854	0.165	0.335	0.460	0.268	0.350	0.201	0.085
6%-6.99%	0	2.500	0.175	0	2.398	0.521	3.169	0.248	0.190	1.000	1.865	0
7%-7.99%	0.580	0	0	0.675	0.515	4.037	6.900	0	0.250	8.025	1.000	0.650
8% and higher	0.320	0.655	0.050	0	0	0	0.156	0	0.845	1.344	8.360	3.735
Floater	0	0	0	0.800	0	2.966	0	0	0	0	0	0
NA/Other	0	0	0	0	0	0	0	0	0	0	0	0.120
Total	3.620	6.973	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.082
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
0%	0	1	0.150	1	0	0	0	0	0	0	0.150	1	0.00%
0.01%-0.99%	0.225	1	0	1	0	0	0	0	0	0	0.225	1	0.00%
1%-1.99%	1.625	3	7.251	5	0.779	3	2.195	3	2.974	6	11.849	14	5.44%
2%-2.99%	1.283	4	3.857	7	1.317	5	2.212	3	3.530	8	8.670	19	6.45%
3%-3.99%	2.694	6	1.301	6	2.135	7	2.569	10	4.704	17	8.699	29	8.60%
4%-4.99%	0.730	2	0.355	2	2.088	5	1.845	7	3.933	12	5.018	16	7.19%
5%-5.99%	1.500	1	1.519	3	1.062	6	0.635	6	1.697	12	4.716	16	3.10%
6%-6.99%	2.675	3	2.919	5	3.607	3	2.865	3	6.472	6	12.066	14	11.83%
7%-7.99%	0.580	4	5.228	7	7.150	2	9.675	4	16.825	6	22.633	17	30.76%
8% and higher	1.025	5	0	0	1.001	6	13.439	14	14.440	20	15.465	25	0.2641
Floater	0	0	3.766	2	0	0	0	0	0	0	3.766	2	0.00%
NA/Other	0	0	0	0	0	0	0.120	1	0.120	1	0.120	1	0.22%
Total	12.337	29	26.346	38	19.139	37	35.555	51	54.694	88	93.377	155	100.00%
Premium
	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008
19.99% and lower	1.168	0.655	0.050	0.075	0.854	4.105	0.335	0.220	0.840	1.079	2.365	2.330
20%-29.99%	1.062	4.000	1.075	1.073	4.214	3.199	1.423	0.300	1.581	2.134	10.330	2.866
30-39.99%	1.070	0.330	0.223	1.125	0.316	9.376	10.241	1.076	1.210	8.312	0.525	1.550
40-49.99%	0.320	0.488	0	0	0.230	0	0.460	0.425	0	0.150	0.948	0
50% and higher	0	1.500	0.396	1.380	0	0.400	0.700	0	0.172	1.000	1.630	0.335
NA	0	0	0	0	0	0	0.156	0	0	0	0	0
Total	3.620	6.973	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.082
	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	5.774	9	7.169	16	14.076	27	13.11%
20%-29.99%	6.137	11	8.485	15	3.304	11	15.330	24	18.634	35	33.256	61	34.07%
30-39.99%	1.623	7	10.818	10	12.527	13	10.387	8	22.915	21	35.355	38	41.90%
40-49.99%	0.808	3	0.230	1	0.885	2	1.097	5	1.982	7	3.021	11	3.62%
50% and higher	1.896	2	1.780	7	0.872	3	2.965	5	3.838	8	7.514	17	7.02%
NA	0	0	0	0	0.156	1	0	0	0.156	1	0.156	1	0.29%
Total	12.337	29	26.346	38	19.139	37	35.555	51	54.694	88	93.377	155	100.00%
Quick Sale?
	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008
Yes	3.585	4.473	0.323	3.053	3.216	12.516	9.817	0.925	3.804	8.576	15.683	7.032
No	0.035	2.500	1.421	0.600	2.398	4.564	3.497	1.096	0	4.100	0.115	0.050
Total	3.620	6.973	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.082
	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	14.546	28	31.290	47	45.836	75	73.002	126	83.80%
No	3.956	7	7.561	9	4.593	9	4.265	4	8.858	13	20.375	29	16.20%
Total	12.337	29	26.346	38	19.139	37	35.555	51	54.694	88	93.377	155	100.00%
Upsized?
	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008
Yes	0.200	0.250	1.446	1.502	4.245	5.793	5.735	1.043	1.228	4.725	5.480	1.196
No	3.158	6.643	0.298	2.150	1.369	11.287	7.580	0.978	1.851	7.951	10.318	5.885
Downsized	0.262	0.080	0	0	0	0	0	0	0.725	0	0	0
Total	3.620	6.973	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.082
	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	11.401	20	19.407	36	32.842	57	35.48%
No	10.099	20	14.806	23	10.409	16	24.154	31	34.563	47	59.468	90	63.19%
Downsized	0.342	3	0	0	0.725	5	0	0	0.725	5	1.067	8	1.33%
Total	12.337	29	26.346	38	19.139	37	35.555	51	54.694	88	93.377	155	100.00%
Seniority
	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008
secured	0	0	0.050	0	0	0	0	0	0	0	0	0
senior	3.340	3.898	0.975	2.980	2.017	11.411	2.382	1.771	3.089	3.307	13.297	2.801
senior subordinated	0.245	0	0	0.172	0.230	0	0.200	0.250	0	0	0.250	0
subordinated	0	0	0.644	0	0	1.430	0.172	0	0.390	0	0	0
preferred	0.035	3.075	0.075	0.500	3.367	4.239	10.559	0	0.325	9.369	2.250	4.280
Total	3.620	6.973	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.082
	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	7.243	27	19.405	37	26.648	64	51.269	107	48.73%
senior subordinated	0.245	1	0.403	2	0.450	2	0.250	1	0.700	3	1.347	6	1.28%
subordinated	0.644	3	1.430	3	0.562	2	0	0	0.562	2	2.636	8	1.03%
preferred	3.185	5	8.105	9	10.884	6	15.899	13	26.784	19	38.074	33	48.97%
Total	12.337	29	26.346	38	19.139	37	35.555	51	54.694	88	93.377	155	100.00%
Mandatory
	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008
Yes	0	2.500	0	0.600	3.767	1.201	0	0	0.250	0	10.880	2.000
No	3.620	4.473	1.743	3.053	1.847	15.879	13.314	2.021	3.554	12.676	4.917	5.081
Total	3.620	6.973	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.082
	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	12.880	5	13.130	6	21.198	15	24.01%
No	9.837	28	20.778	30	18.889	36	22.675	46	41.564	82	72.179	140	75.99%
Total	12.337	29	26.346	38	19.139	37	35.555	51	54.694	88	93.377	155	100.00%
Greenshoe Exercised?
	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008
Yes	2.020	2.485	1.093	1.552	5.214	2.336	11.908	1.076	2.809	11.076	9.868	1.981
No	1.600	4.488	0.650	2.100	0.400	14.744	1.406	0.945	0.995	1.600	5.930	5.100
Total	3.620	6.973	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.082
	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	15.793	25	22.925	28	38.718	53	53.419	87.000	70.79%
No	6.738	14	17.244	19	3.346	12	12.630	23	15.976	35	39.958	68	29.21%
Total	12.337	29	26.346	38	19.139	37	35.555	51	54.694	88	93.377	155	100.00%
Versus Talk
	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008
Richer	0	0.488	0	0.380	0	1.000	0.200	0.875	0	0	0	0
Rich end	1.150	0	1.075	0.450	2.369	6.000	0.960	0.050	0.411	1.288	0.350	0.335
Within	1.245	2.500	0	1.522	0.574	5.326	7.072	0.357	1.788	5.644	6.727	3.716
Cheap end	0.625	1.330	0.198	0.075	2.355	1.115	1.585	0.376	1.455	1.119	7.926	2.400
Cheaper	0	0.580	0	0.125	0	0	0	0.115	0.150	0.400	0	0.135
Other/NA	0.600	2.075	0.471	1.100	0.316	3.639	3.498	0.248	0	4.225	0.794	0.495
Total	3.620	6.973	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.082
	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	1.97%
Rich end	2.225	5	8.819	7	1.421	5	1.972	6	3.394	11	14.438	23	6.21%
Within	3.745	6	7.423	12	9.217	10	16.089	15	25.306	25	36.474	43	46.27%
Cheap end	2.153	6	3.545	6	3.415	11	11.444	20	14.859	31	20.557	43	27.17%
Cheaper	0.580	2	0.125	1	0.265	3	0.535	2	0.800	5	1.505	8	1.46%
Other/NA	3.146	9	5.055	9	3.746	4	5.515	8	9.260	12	17.461	30	16.93%
Total	12.337	29	26.346	38	19.139	37	35.555	51	54.694	88	93.377	155	100.00%
Use of Proceeds
	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008
Acquisition	0.600	2.750	0.921	0	2.254	0.410	0	0.115	0.075	0.690	0	0
Capex	0.095	0	0.500	0	0	0	0	0.138	0.860	0.125	0.515	0.806
GCP	1.392	0.575	0.148	1.250	1.370	3.361	10.241	0.548	1.542	10.111	11.235	5.615
Redeem convertibles	0	0	0	0	0	0	0	0	0	0	0.451	0
Refinance	0.445	1.988	0.100	1.153	0.630	11.091	2.545	0.795	0.672	1.200	0.917	0.460
Multiple/Other/NA	1.088	1.660	0.075	1.250	1.360	2.217	0.528	0.425	0.655	0.550	2.680	0.200
Total	3.620	6.973	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.082
	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	1.61%
Capex	0.595	2	0	0	0.998	4	1.446	7	2.444	11	3.039	13	4.47%
GCP	2.115	6	5.981	10	12.331	12	26.961	23	39.292	35	47.388	51	71.84%
Redeem convertibles	0	0	0	0	0	0	0.451	3	0.451	3	0.451	3	0.82%
Refinance	2.533	5	12.874	12	4.012	12	2.577	9	6.589	21	21.996	38	12.05%
Multiple/Other/NA	2.823	9	4.827	12	1.609	7	3.430	8	5.038	15	12.688	36	9.21%
Total	12.337	29	26.346	38	19.139	37	35.555	51	54.694	88	93.377	155	100.00%
Industry Sector (by SIC code)
	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008
Agriculture (0xxx)	0	0	0	0	0	0	0	0.200	0	0	0	0
Mining (1xxx)	1.470	0	0.500	0.125	0.115	0.201	0.460	0.138	0.506	0.287	0.200	0
Oil and gas (13xx)	0.325	0.488	0.125	0	0.489	6.000	0.500	0.240	0.172	0	1.955	0
Construction (15xx)	0	0	0.100	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.425	1.500	0.623	0.180	1.770	3.465	0.172	0.548	0.805	1.470	2.440	2.116
Pharmaceuticals (2834-6)	0	2.500	0	0	2.139	0	0.372	0.250	0	0	0	0
Transportation (4xxx)	0	0.330	0	0.150	0	0	0	0	0	0.075	0.201	0.115
Communications (48xx)	0	0	0.396	0	0	0	0	0	0.475	1.275	0.550	0.220
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0.055	0	0	0
Wholesale (5xxx)	0	0	0	0	0	0.410	0	0	0.310	0	0.323	0
Finance, insurance, real estate (6xxx)	0.980	0.655	0	2.475	1.101	7.004	11.809	0.645	1.290	9.569	9.755	4.430
Services (7xxx)	0.220	1.500	0	0.172	0	0	0	0	0.190	0	0.125	0.200
Health services (8xxx)	0.200	0	0	0.550	0	0	0	0	0	0	0.250	0
Total	3.620	6.973	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.082
	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	0.37%
Mining (1xxx)	1.970	5	0.441	3	1.105	5	0.487	2	1.592	7	4.003	15	2.91%
Oil and gas (13xx)	0.938	4	6.489	5	0.912	4	1.955	3	2.868	7	10.294	16	5.24%
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	1.526	7	6.026	13	7.551	20	15.514	37	13.81%
Pharmaceuticals (2834-6)	2.500	1	2.139	1	0.623	3	0	0	0.623	3	5.261	5	1.14%
Transportation (4xxx)	0.330	1	0.150	1	0	0	0.390	4	0.390	4	0.870	6	0.71%
Communications (48xx)	0.396	1	0	0	0.475	1	2.045	5	2.520	6	2.916	7	4.61%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.055	1	0	0	0.055	1	0.055	1	0.10%
Wholesale (5xxx)	0	0	0.410	2	0.310	1	0.323	2	0.632	3	1.042	5	1.16%
Finance, insurance, real estate (6xxx)	1.635	7	10.580	11	13.744	13	23.754	19	37.498	32	49.713	50	68.56%
Services (7xxx)	1.720	3	0.172	1	0.190	1	0.325	2	0.515	3	2.408	7	0.94%
Health services (8xxx)	0.200	1	0.550	2	0	0	0.250	1	0.250	1	1.000	4	0.46%
Total	12.337	29	26.346	38	19.139	37	35.555	51	54.694	88	93.377	155	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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