Analysis of convertibles issuance for 12 months through August 2008

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

Coupon

	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
0%	0	0	0	0.150	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%	0.475	0.150	1.101	6.000	0.460	0.138	0.181	0.380	0.550	1.265	0.700	0
2%-2.99%	0	0.902	0.200	2.755	0.500	0.588	0.230	0.287	1.925	0	0	0.375
3%-3.99%	1.044	0.500	0.316	0.485	0.545	0	1.590	0.890	1.048	0.631	0.660	1.430
4%-4.99%	0	0.125	0.230	0	1.250	0.588	0.250	0.400	0.850	0.648	0.538	0.240
5%-5.99%	0	0.500	0.854	0.165	0.335	0.460	0.268	0.350	0.201	0.085	0.345	0.060
6%-6.99%	0.175	0	2.398	0.521	3.169	0.248	0.190	1.000	1.865	0	0	0.172
7%-7.99%	0	0.675	0.515	4.037	6.900	0	0.250	8.025	1.000	0.657	0.550	0
8% and higher	0.050	0	0	0	0.156	0	0.845	1.344	8.360	3.795	0.635	0
Floater	0	0.800	0	2.966	0	0	0	0	0	0	0	0
NA/Other	0	0	0	0	0	0	0	0	0	0.120	0	0
Total	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.428	2.278
	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	6.07%
2%-2.99%	3.857	7	1.317	5	2.212	3	0.375	1	3.905	9	7.762	16	6.45%
3%-3.99%	1.301	6	2.135	7	2.569	10	2.090	4	6.794	21	9.139	30	11.23%
4%-4.99%	0.355	2	2.088	5	1.898	7	0.778	3	4.764	15	5.119	17	7.87%
5%-5.99%	1.519	3	1.062	6	0.635	6	0.405	2	2.102	14	3.621	17	3.47%
6%-6.99%	2.919	5	3.607	3	2.865	3	0.172	1	6.644	7	9.738	14	10.98%
7%-7.99%	5.228	7	7.150	2	9.682	4	0.550	1	17.383	7	22.610	14	28.72%
8% and higher	0	0	1.001	6	13.499	14	0.635	2	15.135	22	15.185	23	25.01%
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	0.20%
Total	26.346	38	19.139	37	35.676	51	5.705	15	60.520	103	88.610	148	100.00%
Premium
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
19.99% and lower	0.050	0.075	0.854	4.105	0.335	0.220	0.840	1.079	2.365	2.330	0.575	0
20%-29.99%	1.075	1.073	4.214	3.199	1.423	0.300	1.581	2.134	10.330	2.987	1.588	1.040
30-39.99%	0.223	1.125	0.316	9.376	10.241	1.076	1.210	8.312	0.525	1.550	0.745	0.375
40-49.99%	0	0	0.230	0	0.460	0.425	0	0.150	0.948	0	0.460	0.690
50% and higher	0.396	1.380	0	0.400	0.700	0	0.172	1.000	1.630	0.335	0	0.172
NA	0	0	0	0	0.156	0	0	0	0	0	0.060	0
Total	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.428	2.278
	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	0.575	1	7.744	17	12.828	23	12.80%
20%-29.99%	8.485	15	3.304	11	15.451	24	2.628	7	21.383	42	30.943	60	35.33%
30-39.99%	10.818	10	12.527	13	10.387	8	1.120	3	24.035	24	35.075	36	39.71%
40-49.99%	0.230	1	0.885	2	1.097	5	1.150	2	3.132	9	3.362	10	5.18%
50% and higher	1.780	7	0.872	3	2.965	5	0.172	1	4.011	9	6.185	17	6.63%
NA	0	0	0.156	1	0	0	0.060	1	0.216	2	0.216	2	0.36%
Total	26.346	38	19.139	37	35.676	51	5.705	15	60.520	103	88.610	148	100.00%
Quick Sale?
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Yes	0.323	3.053	3.216	12.516	9.817	0.925	3.804	8.576	15.683	7.148	2.243	2.218
No	1.421	0.600	2.398	4.564	3.497	1.096	0	4.100	0.115	0.054	1.185	0.060
Total	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.428	2.278
	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	31.406	47	4.461	11	50.413	86	69.520	118	83.30%
No	7.561	9	4.593	9	4.269	4	1.245	4	10.107	17	19.090	30	16.70%
Total	26.346	38	19.139	37	35.676	51	5.705	15	60.520	103	88.610	148	100.00%
Upsized?
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Yes	1.446	1.502	4.245	5.793	5.735	1.043	1.228	4.725	5.480	1.250	0.060	1.415
No	0.298	2.150	1.369	11.287	7.580	0.978	1.851	7.951	10.318	5.953	3.368	0.863
Downsized	0	0	0	0	0	0	0.725	0	0	0	0	0
Total	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.428	2.278
	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	1.475	5	20.935	41	33.920	60	34.59%
No	14.806	23	10.409	16	24.221	31	4.231	10	38.861	57	53.965	83	64.21%
Downsized	0	0	0.725	5	0	0	0	0	0.725	5	0.725	5	1.20%
Total	26.346	38	19.139	37	35.676	51	5.705	15	60.520	103	88.610	148	100.00%
Seniority
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
secured	0.050	0	0	0	0	0	0	0	0	0	0	0
senior	0.975	2.980	2.017	11.411	2.382	1.771	3.089	3.307	13.298	2.885	2.818	2.278
senior subordinated	0	0.172	0.230	0	0.200	0.250	0	0	0.250	0	0.550	0
subordinated	0.644	0	0	1.430	0.172	0	0.390	0	0	0	0	0
preferred	0.075	0.500	3.367	4.239	10.559	0	0.325	9.369	2.250	4.318	0.060	0
Total	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.428	2.278
	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	19.489	37	5.096	13	31.827	77	49.210	103	52.59%
senior subordinated	0.403	2	0.450	2	0.250	1	0.550	1	1.250	4	1.653	6	2.07%
subordinated	1.430	3	0.562	2	0	0	0	0	0.562	2	2.636	8	0.93%
preferred	8.105	9	10.884	6	15.937	13	0.060	1	26.881	20	35.061	30	44.42%
Total	26.346	38	19.139	37	35.676	51	5.705	15	60.520	103	88.610	148	100.00%
Mandatory
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Yes	0	0.600	3.767	1.201	0	0	0.250	0	10.880	2.000	0.575	0
No	1.743	3.053	1.847	15.879	13.314	2.021	3.554	12.676	4.917	5.203	2.853	2.278
Total	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.428	2.278
	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	0.575	1	13.705	7	19.273	15	22.65%
No	20.778	30	18.889	36	22.795	46	5.130	14	46.815	96	69.337	133	77.36%
Total	26.346	38	19.139	37	35.676	51	5.705	15	60.520	103	88.610	148	100.00%
Greenshoe Exercised?
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Yes	1.093	1.552	5.214	2.336	11.908	1.076	2.809	11.076	9.868	3.427	1.918	2.038
No	0.650	2.100	0.400	14.744	1.406	0.945	0.995	1.600	5.930	3.775	1.510	0.240
Total	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.428	2.278
	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	24.370	33	3.956	10	44.119	68	54.315	91	72.90%
No	17.244	19	3.346	12	11.305	18	1.750	5	16.401	35	34.295	57	27.10%
Total	26.346	38	19.139	37	35.676	51	5.705	15	60.520	103	88.610	148	100.00%
Versus Talk
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Richer	0	0.380	0	1.000	0.200	0.875	0	0	0	0	0	0
Rich end	1.075	0.450	2.369	6.000	0.960	0.050	0.411	1.288	0.350	0.335	0	0.375
Within	0	1.522	0.574	5.326	7.072	0.357	1.788	5.644	6.728	3.721	1.445	0.930
Cheap end	0.198	0.075	2.355	1.115	1.585	0.376	1.455	1.119	7.926	2.456	0.338	0.913
Cheaper	0	0.125	0	0	0	0.115	0.150	0.400	0	0.135	0	0
Other/NA	0.471	1.100	0.316	3.639	3.498	0.248	0	4.225	0.794	0.555	1.645	0.060
Total	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.428	2.278
	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	2.455	7	1.78%
Rich end	8.819	7	1.421	5	1.972	6	0.375	1	3.769	12	13.663	22	6.23%
Within	7.423	12	9.217	10	16.093	15	2.375	5	27.685	30	35.108	42	45.75%
Cheap end	3.545	6	3.415	11	11.501	20	1.251	4	16.166	35	19.909	43	26.71%
Cheaper	0.125	1	0.265	3	0.535	2	0	0	0.800	5	0.925	6	1.32%
Other/NA	5.055	9	3.746	4	5.575	8	1.705	5	11.025	17	16.551	28	18.21%
Total	26.346	38	19.139	37	35.676	51	5.705	15	60.520	103	88.610	148	100.00%
Use of Proceeds
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Acquisition	0.921	0	2.254	0.410	0	0.115	0.075	0.690	0	0	0.345	0
Capex	0.500	0	0	0	0	0.138	0.860	0.125	0.515	0.860	0.138	0
GCP	0.148	1.250	1.370	3.361	10.241	0.548	1.542	10.111	11.235	5.623	0	0.240
Refinance	0.100	1.153	0.630	11.091	2.545	0.795	0.672	1.200	1.368	0.520	1.525	0.863
Multiple/Other/NA	0.075	1.250	1.360	2.217	0.528	0.425	0.655	0.550	2.680	0.200	1.420	1.175
Total	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.428	2.278
	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	0.345	1	1.225	4	4.810	11	2.02%
Capex	0	0	0.998	4	1.500	7	0.138	1	2.636	12	3.136	13	4.36%
GCP	5.981	10	12.331	12	26.969	23	0.240	1	39.539	36	45.669	47	65.33%
Refinance	12.874	12	4.012	12	3.088	12	2.388	5	9.488	29	22.461	42	15.68%
Multiple/Other/NA	4.827	12	1.609	7	3.430	8	2.595	7	7.633	22	12.535	35	12.61%
Total	26.346	38	19.139	37	35.676	51	5.705	15	60.520	103	88.610	148	100.00%
Industry Sector (by SIC code)
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Agriculture (0xxx)	0	0	0	0	0	0.200	0	0	0	0	0.345	0
Mining (1xxx)	0.500	0.125	0.115	0.201	0.460	0.138	0.506	0.287	0.200	0	0	0.690
Oil and gas (13xx)	0.125	0	0.489	6.000	0.500	0.240	0.172	0	1.955	0	0	0
Construction (15xx)	0.100	0	0	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.623	0.180	1.770	3.465	0.172	0.548	0.805	1.470	2.440	2.170	0.538	0.412
Pharmaceuticals (2834-6)	0	0	2.139	0	0.372	0.250	0	0	0	0	0	0.060
Transportation (4xxx)	0	0.150	0	0	0	0	0	0.075	0.201	0.115	0	0
Communications (48xx)	0.396	0	0	0	0	0	0.475	1.275	0.550	0.220	0.550	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.055	0	0	0	0	0
Wholesale (5xxx)	0	0	0	0.410	0	0	0.310	0	0.323	0	0.200	0.375
Finance, insurance, real estate (6xxx)	0	2.475	1.101	7.004	11.809	0.645	1.290	9.569	9.755	4.498	1.095	0.740
Services (7xxx)	0	0.172	0	0	0	0	0.190	0	0.125	0.200	0.700	0
Health services (8xxx)	0	0.550	0	0	0	0	0	0	0.250	0	0	0
Total	1.743	3.652	5.614	17.080	13.314	2.021	3.804	12.676	15.798	7.202	3.428	2.278
	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	0.345	1	0.545	2	0.545	2	0.90%
Mining (1xxx)	0.441	3	1.105	5	0.487	2	0.690	1	2.282	8	3.223	12	3.77%
Oil and gas (13xx)	6.489	5	0.912	4	1.955	3	0	0	2.868	7	9.481	14	4.74%
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	0.951	4	8.555	24	14.593	38	14.14%
Pharmaceuticals (2834-6)	2.139	1	0.623	3	0	0	0.060	1	0.682	4	2.821	5	1.13%
Transportation (4xxx)	0.150	1	0	0	0.390	4	0	0	0.390	4	0.540	5	0.64%
Communications (48xx)	0	0	0.475	1	2.045	5	0.550	1	3.070	7	3.466	8	5.07%
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	0.575	2	1.208	5	1.617	7	2.00%
Finance, insurance, real estate (6xxx)	10.580	11	13.744	13	23.821	19	1.835	4	39.401	36	49.980	47	65.10%
Services (7xxx)	0.172	1	0.190	1	0.325	2	0.700	1	1.215	4	1.387	5	2.01%
Health services (8xxx)	0.550	2	0	0	0.250	1	0	0	0.250	1	0.800	3	0.41%
Total	26.346	38	19.139	37	35.676	51	5.705	15	60.520	103	88.610	148	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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