Analysis of convertibles issuance for 12 months through September 2009

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

Coupon

	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
0%	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0
2%-2.99%	0	0	0	0	0	0	0	1.000	0.863	0	0	0
3%-3.99%	0	0	0	0.517	0	0	0.374	2.670	0	2.570	0	0.360
4%-4.99%	0	0	0	0	0	0.490	2.405	1.058	0.814	0	0.403	0.965
5%-5.99%	0	0	0	0	0	0.845	1.066	0.818	1.225	0.410	0	0.420
6%-6.99%	0	0	0	0	0	0.652	0	0	0.636	0.942	0	0.460
7%-7.99%	0	0	0	0	0.025	0	0	0.292	0.140	0	0	0.745
8% and higher	0	0	0	0.252	0	0.625	0.541	0.984	0.317	0	0.060	0.140
Total	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.922	0.463	3.090
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
0%	0	0	0	0	0	0	0	0	0	0	0	0	0.00%
0.01%-0.99%	0	0	0	0	0	0	0	0	0	0	0	0	0.00%
1%-1.99%	0	0	0	0	0	0	0	0	0	0	0	0	0.00%
2%-2.99%	0	0	0	0	1.863	3	0	0	1.863	3	1.863	3	7.14%
3%-3.99%	0	0	0.517	1	3.044	7	2.930	4	6.491	12	6.491	12	24.88%
4%-4.99%	0	0	0.490	2	4.276	12	1.367	6	6.134	20	6.134	20	23.52%
5%-5.99%	0	0	0.845	2	3.109	11	0.831	6	4.785	19	4.785	19	18.34%
6%-6.99%	0	0	0.652	2	0.636	4	1.402	3	2.690	9	2.690	9	10.31%
7%-7.99%	0	0	0.025	1	0.432	3	0.745	2	1.202	6	1.202	6	4.61%
8% and higher	0	0	0.877	5	1.842	9	0.200	2	2.919	16	2.919	16	11.19%
Total	0	0	3.407	13	15.203	49	7.475	23	26.085	85	26.085	85	100.00%
Premium
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
19.99% and lower	0	0	0	0	0.025	0.700	0.225	1.365	1.376	0.942	0	0
20%-29.99%	0	0	0	0.769	0	1.258	3.361	3.474	1.202	2.580	0.172	1.927
30-39.99%	0	0	0	0	0	0.645	0.800	1.985	1.415	0.400	0.230	1.163
50% and higher	0	0	0	0	0	0.005	0	0	0	0	0	0
NA	0	0	0	0	0	0.005	0	0	0	0	0.060	0
Total	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.922	0.463	3.090
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	0	0	0.725	3	2.966	14	0.942	2	4.633	19	4.633	19	17.77%
20%-29.99%	0	0	2.027	6	8.037	27	4.681	13	14.744	46	14.744	46	56.52%
30-39.99%	0	0	0.645	2	4.200	8	1.792	7	6.638	17	6.638	17	25.45%
50% and higher	0	0	0.005	1	0	0	0	0	0.005	1	0.005	1	0.02%
NA	0	0	0.005	1	0	0	0.060	1	0.065	2	0.065	2	0.25%
Total	0	0	3.407	13	15.203	49	7.475	23	26.085	85	26.085	85	100.00%
Quick Sale?
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Yes	0	0	0	0.252	0	2.438	4.386	5.891	3.994	3.922	0.463	3.090
No	0	0	0	0.517	0.025	0.175	0	0.932	0	0	0	0
Total	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.922	0.463	3.090
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	2.689	8	14.271	47	7.475	23	24.435	78	24.435	78	93.67%
No	0	0	0.718	5	0.932	2	0	0	1.650	7	1.650	7	6.33%
Total	0	0	3.407	13	15.203	49	7.475	23	26.085	85	26.085	85	100.00%
Upsized?
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Yes	0	0	0	0.517	0	1.438	4.156	4.404	1.614	2.711	0	2.348
No	0	0	0	0.252	0.025	1.175	0.230	2.420	2.380	1.212	0.463	0.743
Total	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.922	0.463	3.090
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	1.955	5	10.173	28	5.058	12	17.186	45	17.186	45	65.88%
No	0	0	1.452	8	5.030	21	2.417	11	8.899	40	8.899	40	34.12%
Total	0	0	3.407	13	15.203	49	7.475	23	26.085	85	26.085	85	100.00%
Seniority
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
senior	0	0	0	0.517	0	1.913	4.386	5.749	2.991	1.922	0.403	2.605
senior subordinated	0	0	0	0	0.025	0.250	0	0.787	0	0	0	0
subordinated	0	0	0	0	0	0.450	0	0	0.374	2.000	0.060	0
preferred	0	0	0	0.252	0	0	0	0.287	0.629	0	0	0.485
Total	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.922	0.463	3.090
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
senior	0	0	2.430	9	13.126	41	4.930	19	20.485	69	20.485	69	78.53%
senior subordinated	0	0	0.275	2	0.787	2	0	0	1.062	4	1.062	4	4.07%
subordinated	0	0	0.450	1	0.374	1	2.060	2	2.884	4	2.884	4	11.06%
preferred	0	0	0.252	1	0.916	5	0.485	2	1.653	8	1.653	8	6.34%
Total	0	0	3.407	13	15.203	49	7.475	23	26.085	85	26.085	85	100.00%
Mandatory
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Yes	0	0	0	0	0	0.615	0	0.925	0.172	0.942	0	0
No	0	0	0	0.769	0.025	1.998	4.386	5.899	3.821	2.981	0.463	3.090
Total	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.922	0.463	3.090
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	0.615	2	1.097	4	0.942	2	2.654	8	2.654	8	10.17%
No	0	0	2.792	11	14.106	45	6.533	21	23.431	77	23.431	77	89.83%
Total	0	0	3.407	13	15.203	49	7.475	23	26.085	85	26.085	85	100.00%
Greenshoe Exercised?
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Yes	0	0	0	0.769	0	1.802	4.161	5.674	3.019	2.981	0.403	2.150
No	0	0	0	0	0.025	0.810	0.225	1.150	0.975	0.942	0.060	0.940
Total	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.922	0.463	3.090
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	2.572	8	12.853	40	5.533	17	20.958	65	20.958	65	80.35%
No	0	0	0.835	5	2.350	9	1.942	6	5.127	20	5.127	20	19.65%
Total	0	0	3.407	13	15.203	49	7.475	23	26.085	85	26.085	85	100.00%
Versus Talk
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Richer	0	0	0	0	0	0.345	0	0.965	0.150	0	0.403	0.860
Rich end	0	0	0	0.517	0	1.690	0.455	1.573	0.427	0.400	0	0.645
Within	0	0	0	0	0	0	1.313	2.251	1.285	2.272	0	1.040
Cheap end	0	0	0	0	0	0.403	0.863	0.733	2.074	1.112	0	0.200
Cheaper	0	0	0	0	0	0	0.956	0.545	0.058	0.138	0	0
NA	0	0	0	0.252	0.025	0.175	0.800	0.757	0	0	0.060	0.345
Total	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.922	0.463	3.090
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Richer	0	0	0.345	1	1.115	3	1.262	4	2.723	8	2.723	8	10.44%
Rich end	0	0	2.208	6	2.455	9	1.045	5	5.708	20	5.708	20	21.88%
Within	0	0	0	0	4.849	17	3.312	7	8.161	24	8.161	24	31.29%
Cheap end	0	0	0.403	1	3.669	11	1.312	4	5.383	16	5.383	16	20.64%
Cheaper	0	0	0	0	1.558	5	0.138	1	1.696	6	1.696	6	6.50%
NA	0	0	0.452	5	1.558	4	0.405	2	2.414	11	2.414	11	9.25%
Total	0	0	3.407	13	15.203	49	7.475	23	26.085	85	26.085	85	100.00%
Use of Proceeds
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Acquisition	0	0	0	0.517	0	0	0	0	0	0	0	0
Capex	0	0	0	0	0	0.010	0	0	0	0	0.230	0
GCP	0	0	0	0	0	1.613	1.490	3.177	0.910	1.180	0	0.460
Refinance	0	0	0	0	0	0.990	1.899	3.071	2.538	0.743	0.172	1.725
Multiple/Other/NA	0	0	0	0.252	0.025	0	0.996	0.575	0.546	2.000	0.060	0.905
Total	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.922	0.463	3.090
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	0.517	1	0	0	0	0	0.517	1	0.517	1	1.98%
Capex	0	0	0.010	2	0	0	0.230	1	0.240	3	0.240	3	0.92%
GCP	0	0	1.613	5	5.577	18	1.640	5	8.829	28	8.829	28	33.85%
Refinance	0	0	0.990	3	7.508	24	2.640	11	11.139	38	11.139	38	42.70%
Multiple/Other/NA	0	0	0.277	2	2.118	7	2.965	6	5.360	15	5.360	15	20.55%
Total	0	0	3.407	13	15.203	49	7.475	23	26.085	85	26.085	85	100.00%
Industry Sector (by SIC code)
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Mining (1xxx)	0	0	0	0.517	0	0	0	0.733	0.863	0.942	0	0.165
Oil and gas (13xx)	0	0	0	0.252	0	0	0	0	0.431	0	0	0.330
Construction (15xx)	0	0	0	0	0	0	0	0.500	0.115	0	0	0
Manufacturing (2xxx, 3xxx)	0	0	0	0	0	2.603	2.496	1.913	0.868	2.138	0	0.458
Pharmaceuticals (2834-6)	0	0	0	0	0.025	0	0	0.500	0.300	0	0.230	0
Transportation (4xxx)	0	0	0	0	0	0	0	0.172	0.201	0	0	0.460
Communications (48xx)	0	0	0	0	0	0	0.500	0	0.431	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0.010	0	1.038	0.497	0	0	0
Wholesale (5xxx)	0	0	0	0	0	0	0	0.235	0.115	0	0	0.172
Finance, insurance, real estate (6xxx)	0	0	0	0	0	0	1.390	0.576	0.172	0.170	0.233	0.250
Services (7xxx)	0	0	0	0	0	0	0	1.158	0	0.672	0	0.560
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0	0	0.695
Total	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.922	0.463	3.090
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	0	0	0.517	1	1.595	2	1.107	3	3.219	6	3.219	6	12.34%
Oil and gas (13xx)	0	0	0.252	1	0.431	2	0.330	2	1.013	5	1.013	5	3.88%
Construction (15xx)	0	0	0	0	0.615	2	0	0	0.615	2	0.615	2	2.36%
Manufacturing (2xxx, 3xxx)	0	0	2.603	8	5.276	15	2.595	4	10.474	27	10.474	27	40.15%
Pharmaceuticals (2834-6)	0	0	0.025	1	0.800	2	0.230	1	1.055	4	1.055	4	4.04%
Transportation (4xxx)	0	0	0	0	0.374	3	0.460	1	0.834	4	0.834	4	3.20%
Communications (48xx)	0	0	0	0	0.931	3	0	0	0.931	3	0.931	3	3.57%
Electric, gas, sanitary services (49xx)	0	0	0.010	2	1.535	5	0	0	1.545	7	1.545	7	5.92%
Wholesale (5xxx)	0	0	0	0	0.350	3	0.172	1	0.522	4	0.522	4	2.00%
Finance, insurance, real estate (6xxx)	0	0	0	0	2.138	8	0.652	4	2.791	12	2.791	12	10.70%
Services (7xxx)	0	0	0	0	1.158	4	1.232	5	2.390	9	2.390	9	9.16%
Health services (8xxx)	0	0	0	0	0	0	0.695	2	0.695	2	0.695	2	2.66%
Total	0	0	3.407	13	15.203	49	7.475	23	26.085	85	26.085	85	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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