Analysis of convertibles issuance for 12 months through July 2008

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

Coupon

	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
0%	0	0	0	0	0.150	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	0.475	0.150	1.101	6.000	0.460	0.138	0.181	0.380	0.550	1.265	0.700
2%-2.99%	0.738	0	0.902	0.200	2.755	0.500	0.588	0.230	0.287	1.925	0	0
3%-3.99%	1.250	1.044	0.500	0.316	0.485	0.545	0	1.590	0.890	1.048	0.631	0.600
4%-4.99%	0.330	0	0.125	0.230	0	1.250	0.588	0.250	0.400	0.850	0.648	0.538
5%-5.99%	1.500	0	0.500	0.854	0.165	0.335	0.460	0.268	0.350	0.201	0.085	0.300
6%-6.99%	2.500	0.175	0	2.398	0.521	3.169	0.248	0.190	1.000	1.865	0	0
7%-7.99%	0	0	0.675	0.515	4.037	6.900	0	0.250	8.025	1.000	0.657	0.550
8% and higher	0.655	0.050	0	0	0	0.156	0	0.845	1.344	8.360	3.735	0.525
Floater	0	0	0.800	0	2.966	0	0	0	0	0	0	0
NA/Other	0	0	0	0	0	0	0	0	0	0	0.120	0
Total	6.973	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.142	3.213
	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	0	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	11.399	13	6.34%
2%-2.99%	3.857	7	1.317	5	2.212	3	0	0	3.530	8	8.125	17	6.09%
3%-3.99%	1.301	6	2.135	7	2.569	10	0.600	2	5.304	19	8.899	29	9.15%
4%-4.99%	0.355	2	2.088	5	1.898	7	0.538	2	4.524	14	5.209	17	7.80%
5%-5.99%	1.519	3	1.062	6	0.635	6	0.300	1	1.997	13	5.016	17	3.45%
6%-6.99%	2.919	5	3.607	3	2.865	3	0	0	6.472	6	12.066	14	11.16%
7%-7.99%	5.228	7	7.150	2	9.682	4	0.550	1	17.383	7	22.610	14	29.99%
8% and higher	0	0	1.001	6	13.439	14	0.525	2	14.965	22	15.670	25	25.82%
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	0.21%
Total	26.346	38	19.139	37	35.616	51	3.213	9	57.968	97	93.031	150	100.00%
Premium
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
19.99% and lower	0.655	0.050	0.075	0.854	4.105	0.335	0.220	0.840	1.079	2.365	2.330	0.500
20%-29.99%	4.000	1.075	1.073	4.214	3.199	1.423	0.300	1.581	2.134	10.330	2.927	1.588
30-39.99%	0.330	0.223	1.125	0.316	9.376	10.241	1.076	1.210	8.312	0.525	1.550	0.700
40-49.99%	0.488	0	0	0.230	0	0.460	0.425	0	0.150	0.948	0	0.400
50% and higher	1.500	0.396	1.380	0	0.400	0.700	0	0.172	1.000	1.630	0.335	0
NA	0	0	0	0	0	0.156	0	0	0	0	0	0.025
Total	6.973	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.142	3.213
	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	0.500	1	7.669	17	13.408	25	13.23%
20%-29.99%	8.485	15	3.304	11	15.391	24	1.588	4	20.283	39	33.843	60	34.99%
30-39.99%	10.818	10	12.527	13	10.387	8	0.700	2	23.615	23	34.985	36	40.74%
40-49.99%	0.230	1	0.885	2	1.097	5	0.400	1	2.382	8	3.101	10	4.11%
50% and higher	1.780	7	0.872	3	2.965	5	0	0	3.838	8	7.514	17	6.62%
NA	0	0	0.156	1	0	0	0.025	1	0.181	2	0.181	2	0.31%
Total	26.346	38	19.139	37	35.616	51	3.213	9	57.968	97	93.031	150	100.00%
Quick Sale?
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Yes	4.473	0.323	3.053	3.216	12.516	9.817	0.925	3.804	8.576	15.683	7.088	2.138
No	2.500	1.421	0.600	2.398	4.564	3.497	1.096	0	4.100	0.115	0.054	1.075
Total	6.973	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.142	3.213
	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	31.346	47	2.138	6	48.031	81	71.611	120	82.86%
No	7.561	9	4.593	9	4.269	4	1.075	3	9.938	16	21.420	30	17.14%
Total	26.346	38	19.139	37	35.616	51	3.213	9	57.968	97	93.031	150	100.00%
Upsized?
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Yes	0.250	1.446	1.502	4.245	5.793	5.735	1.043	1.228	4.725	5.480	1.250	0
No	6.643	0.298	2.150	1.369	11.287	7.580	0.978	1.851	7.951	10.318	5.893	3.213
Downsized	0.080	0	0	0	0	0	0	0.725	0	0	0	0
Total	6.973	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.142	3.213
	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	0	0	19.460	36	32.695	56	33.57%
No	14.806	23	10.409	16	24.161	31	3.213	9	37.783	56	59.531	88	65.18%
Downsized	0	0	0.725	5	0	0	0	0	0.725	5	0.805	6	1.25%
Total	26.346	38	19.139	37	35.616	51	3.213	9	57.968	97	93.031	150	100.00%
Seniority
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
secured	0	0.050	0	0	0	0	0	0	0	0	0	0
senior	3.898	0.975	2.980	2.017	11.411	2.382	1.771	3.089	3.307	13.298	2.855	2.638
senior subordinated	0	0	0.172	0.230	0	0.200	0.250	0	0	0.250	0	0.550
subordinated	0	0.644	0	0	1.430	0.172	0	0.390	0	0	0	0
preferred	3.075	0.075	0.500	3.367	4.239	10.559	0	0.325	9.369	2.250	4.288	0.025
Total	6.973	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.142	3.213
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
secured	0	0	0	0	0	0	0	0	0	0	0.050	1	0.00%
senior	16.408	24	7.243	27	19.459	37	2.638	7	29.339	71	50.621	103	50.61%
senior subordinated	0.403	2	0.450	2	0.250	1	0.550	1	1.250	4	1.653	6	2.16%
subordinated	1.430	3	0.562	2	0	0	0	0	0.562	2	2.636	8	0.97%
preferred	8.105	9	10.884	6	15.907	13	0.025	1	26.816	20	38.071	32	46.26%
Total	26.346	38	19.139	37	35.616	51	3.213	9	57.968	97	93.031	150	100.00%
Mandatory
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Yes	2.500	0	0.600	3.767	1.201	0	0	0.250	0	10.880	2.000	0.500
No	4.473	1.743	3.053	1.847	15.879	13.314	2.021	3.554	12.676	4.917	5.143	2.713
Total	6.973	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.142	3.213
	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	0.500	1	13.630	7	21.698	16	23.51%
No	20.778	30	18.889	36	22.735	46	2.713	8	44.338	90	71.333	134	76.49%
Total	26.346	38	19.139	37	35.616	51	3.213	9	57.968	97	93.031	150	100.00%
Greenshoe Exercised?
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Yes	2.485	1.093	1.552	5.214	2.336	11.908	1.076	2.809	11.076	9.868	3.067	0.538
No	4.488	0.650	2.100	0.400	14.744	1.406	0.945	0.995	1.600	5.930	4.075	2.675
Total	6.973	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.142	3.213
	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	24.010	31	0.538	2	40.342	58	53.023	86	69.59%
No	17.244	19	3.346	12	11.605	20	2.675	7	17.626	39	40.008	64	30.41%
Total	26.346	38	19.139	37	35.616	51	3.213	9	57.968	97	93.031	150	100.00%
Versus Talk
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Richer	0.488	0	0.380	0	1.000	0.200	0.875	0	0	0	0	0
Rich end	0	1.075	0.450	2.369	6.000	0.960	0.050	0.411	1.288	0.350	0.335	0
Within	2.500	0	1.522	0.574	5.326	7.072	0.357	1.788	5.644	6.728	3.721	1.400
Cheap end	1.330	0.198	0.075	2.355	1.115	1.585	0.376	1.455	1.119	7.926	2.456	0.338
Cheaper	0.580	0	0.125	0	0	0	0.115	0.150	0.400	0	0.135	0
Other/NA	2.075	0.471	1.100	0.316	3.639	3.498	0.248	0	4.225	0.794	0.495	1.475
Total	6.973	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.142	3.213
	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	2.943	8	1.85%
Rich end	8.819	7	1.421	5	1.972	6	0	0	3.394	11	13.288	21	5.85%
Within	7.423	12	9.217	10	16.093	15	1.400	3	26.710	28	36.633	41	46.08%
Cheap end	3.545	6	3.415	11	11.501	20	0.338	2	15.254	33	20.326	43	26.31%
Cheaper	0.125	1	0.265	3	0.535	2	0	0	0.800	5	1.505	8	1.38%
Other/NA	5.055	9	3.746	4	5.515	8	1.475	4	10.735	16	18.336	29	18.52%
Total	26.346	38	19.139	37	35.616	51	3.213	9	57.968	97	93.031	150	100.00%
Use of Proceeds
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Acquisition	2.750	0.921	0	2.254	0.410	0	0.115	0.075	0.690	0	0	0.300
Capex	0	0.500	0	0	0	0	0.138	0.860	0.125	0.515	0.860	0.138
GCP	0.575	0.148	1.250	1.370	3.361	10.241	0.548	1.542	10.111	11.235	5.623	0
Redeem convertibles	0	0	0	0	0	0	0	0	0	0.451	0	0
Refinance	1.988	0.100	1.153	0.630	11.091	2.545	0.795	0.672	1.200	0.917	0.460	1.450
Multiple/Other/NA	1.660	0.075	1.250	1.360	2.217	0.528	0.425	0.655	0.550	2.680	0.200	1.325
Total	6.973	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.142	3.213
	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	0.300	1	1.180	4	7.515	13	2.04%
Capex	0	0	0.998	4	1.500	7	0.138	1	2.636	12	3.136	13	4.55%
GCP	5.981	10	12.331	12	26.969	23	0	0	39.299	35	46.004	47	67.79%
Redeem convertibles	0	0	0	0	0.451	3	0	0	0.451	3	0.451	3	0.78%
Refinance	12.874	12	4.012	12	2.577	9	1.450	3	8.039	24	23.001	39	13.87%
Multiple/Other/NA	4.827	12	1.609	7	3.430	8	1.325	4	6.364	19	12.925	35	10.98%
Total	26.346	38	19.139	37	35.616	51	3.213	9	57.968	97	93.031	150	100.00%
Industry Sector (by SIC code)
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Agriculture (0xxx)	0	0	0	0	0	0	0.200	0	0	0	0	0.300
Mining (1xxx)	0	0.500	0.125	0.115	0.201	0.460	0.138	0.506	0.287	0.200	0	0
Oil and gas (13xx)	0.488	0.125	0	0.489	6.000	0.500	0.240	0.172	0	1.955	0	0
Construction (15xx)	0	0.100	0	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	1.500	0.623	0.180	1.770	3.465	0.172	0.548	0.805	1.470	2.440	2.170	0.538
Pharmaceuticals (2834-6)	2.500	0	0	2.139	0	0.372	0.250	0	0	0	0	0
Transportation (4xxx)	0.330	0	0.150	0	0	0	0	0	0.075	0.201	0.115	0
Communications (48xx)	0	0.396	0	0	0	0	0	0.475	1.275	0.550	0.220	0.550
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0.055	0	0	0	0
Wholesale (5xxx)	0	0	0	0	0.410	0	0	0.310	0	0.323	0	0.200
Finance, insurance, real estate (6xxx)	0.655	0	2.475	1.101	7.004	11.809	0.645	1.290	9.569	9.755	4.438	0.925
Services (7xxx)	1.500	0	0.172	0	0	0	0	0.190	0	0.125	0.200	0.700
Health services (8xxx)	0	0	0.550	0	0	0	0	0	0	0.250	0	0
Total	6.973	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.142	3.213
	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	0.300	1	0.500	2	0.500	2	0.86%
Mining (1xxx)	0.441	3	1.105	5	0.487	2	0	0	1.592	7	2.533	11	2.75%
Oil and gas (13xx)	6.489	5	0.912	4	1.955	3	0	0	2.868	7	9.969	15	4.95%
Construction (15xx)	0	0	0	0	0	0	0	0	0	0	0.100	1	0.00%
Manufacturing (2xxx, 3xxx)	5.415	12	1.526	7	6.079	13	0.538	2	8.143	22	15.681	37	14.05%
Pharmaceuticals (2834-6)	2.139	1	0.623	3	0	0	0	0	0.623	3	5.261	5	1.07%
Transportation (4xxx)	0.150	1	0	0	0.390	4	0	0	0.390	4	0.870	6	0.67%
Communications (48xx)	0	0	0.475	1	2.045	5	0.550	1	3.070	7	3.466	8	5.30%
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	0.200	1	0.833	4	1.242	6	1.44%
Finance, insurance, real estate (6xxx)	10.580	11	13.744	13	23.761	19	0.925	3	38.431	35	49.665	48	66.30%
Services (7xxx)	0.172	1	0.190	1	0.325	2	0.700	1	1.215	4	2.888	7	2.10%
Health services (8xxx)	0.550	2	0	0	0.250	1	0	0	0.250	1	0.800	3	0.43%
Total	26.346	38	19.139	37	35.616	51	3.213	9	57.968	97	93.031	150	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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