Analysis of convertibles issuance for 12 months through October 2009

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

Coupon

	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
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	1.000	0.863	0	0	0	0
3%-3.99%	0	0	0.517	0	0	0.374	2.670	0	2.570	0	0.360	1.240
4%-4.99%	0	0	0	0	0.490	2.405	1.058	0.814	0	0.403	1.015	0.575
5%-5.99%	0	0	0	0	0.845	1.066	0.818	1.248	0.410	0	0.420	0.415
6%-6.99%	0	0	0	0	0.652	0	0	0.636	0.942	0	0.460	0.365
7%-7.99%	0	0	0	0.025	0	0	0.292	0.140	0	0	0.745	0.593
8% and higher	0	0	0.252	0	0.625	0.541	0.984	0.317	0	0.060	0.140	0
Total	0	0	0.769	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	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	1.863	3	0	0	0	0	1.863	3	1.863	3	6.35%
3%-3.99%	0.517	1	3.044	7	2.930	4	1.240	3	7.731	15	7.731	15	26.35%
4%-4.99%	0.490	2	4.276	12	1.417	6	0.575	2	6.759	22	6.759	22	23.03%
5%-5.99%	0.845	2	3.132	11	0.831	6	0.415	3	5.222	22	5.222	22	17.80%
6%-6.99%	0.652	2	0.636	4	1.402	3	0.365	2	3.055	11	3.055	11	10.41%
7%-7.99%	0.025	1	0.432	3	0.745	2	0.593	2	1.796	8	1.796	8	6.12%
8% and higher	0.877	5	1.842	9	0.200	2	0	0	2.919	16	2.919	16	9.95%
Total	3.407	13	15.226	49	7.525	23	3.188	12	29.345	97	29.345	97	100.00%
Premium
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
19.99% and lower	0	0	0	0.025	0.700	0.225	1.365	1.376	0.942	0	0	0.293
20%-29.99%	0	0	0.769	0	1.258	3.361	3.474	1.202	2.580	0.172	1.927	1.155
30-39.99%	0	0	0	0	0.645	0.800	1.985	1.438	0.400	0.230	1.212	1.740
40% and higher	0	0	0	0	0.005	0	0	0	0	0	0	0
NA	0	0	0	0	0.005	0	0	0	0	0.060	0	0
Total	0	0	0.769	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	0.725	3	2.966	14	0.942	2	0.293	1	4.926	20	4.926	20	16.79%
20%-29.99%	2.027	6	8.037	27	4.681	13	1.155	7	15.899	53	15.899	53	54.18%
30-39.99%	0.645	2	4.223	8	1.843	7	1.740	4	8.450	21	8.450	21	28.80%
40% and higher	0.005	1	0	0	0	0	0	0	0.005	1	0.005	1	0.02%
NA	0.005	1	0	0	0.060	1	0	0	0.065	2	0.065	2	0.22%
Total	3.407	13	15.226	49	7.525	23	3.188	12	29.345	97	29.345	97	100.00%
Quick Sale?
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Yes	0	0	0.252	0	2.438	4.386	5.891	4.016	3.922	0.463	3.140	3.188
No	0	0	0.517	0.025	0.175	0	0.932	0	0	0	0	0
Total	0	0	0.769	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	2.689	8	14.293	47	7.525	23	3.188	12	27.695	90	27.695	90	94.38%
No	0.718	5	0.932	2	0	0	0	0	1.650	7	1.650	7	5.62%
Total	3.407	13	15.226	49	7.525	23	3.188	12	29.345	97	29.345	97	100.00%
Upsized?
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Yes	0	0	0.517	0	1.438	4.156	4.404	1.614	2.711	0	2.397	1.485
No	0	0	0.252	0.025	1.175	0.230	2.420	2.402	1.212	0.463	0.743	1.703
Total	0	0	0.769	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	1.955	5	10.173	28	5.108	12	1.485	6	18.721	51	18.721	51	63.80%
No	1.452	8	5.053	21	2.417	11	1.703	6	10.624	46	10.624	46	36.20%
Total	3.407	13	15.226	49	7.525	23	3.188	12	29.345	97	29.345	97	100.00%
Seniority
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
senior	0	0	0.517	0	1.913	4.386	5.749	3.014	1.922	0.403	2.655	2.638
senior subordinated	0	0	0	0.025	0.250	0	0.787	0	0	0	0	0.550
subordinated	0	0	0	0	0.450	0	0	0.374	2.000	0.060	0	0
preferred	0	0	0.252	0	0	0	0.287	0.629	0	0	0.485	0
Total	0	0	0.769	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
senior	2.430	9	13.148	41	4.980	19	2.638	11	23.196	80	23.196	80	79.05%
senior subordinated	0.275	2	0.787	2	0	0	0.550	1	1.613	5	1.613	5	5.50%
subordinated	0.450	1	0.374	1	2.060	2	0	0	2.884	4	2.884	4	9.83%
preferred	0.252	1	0.916	5	0.485	2	0	0	1.653	8	1.653	8	5.63%
Total	3.407	13	15.226	49	7.525	23	3.188	12	29.345	97	29.345	97	100.00%
Mandatory
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Yes	0	0	0	0	0.615	0	0.925	0.172	0.942	0	0	0.300
No	0	0	0.769	0.025	1.998	4.386	5.899	3.844	2.981	0.463	3.140	2.888
Total	0	0	0.769	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0.615	2	1.097	4	0.942	2	0.300	1	2.954	9	2.954	9	10.07%
No	2.792	11	14.128	45	6.583	21	2.888	11	26.391	88	26.391	88	89.93%
Total	3.407	13	15.226	49	7.525	23	3.188	12	29.345	97	29.345	97	100.00%
Greenshoe Exercised?
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Yes	0	0	0.769	0	1.802	4.161	5.674	3.191	2.981	0.403	2.550	1.170
No	0	0	0	0.025	0.810	0.225	1.150	0.825	0.942	0.060	0.590	2.018
Total	0	0	0.769	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	2.572	8	13.026	41	5.933	18	1.170	6	22.701	73	22.701	73	77.36%
No	0.835	5	2.200	8	1.592	5	2.018	6	6.645	24	6.645	24	22.64%
Total	3.407	13	15.226	49	7.525	23	3.188	12	29.345	97	29.345	97	100.00%
Versus Talk
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Richer	0	0	0	0	0.345	0	0.965	0.172	0	0.403	0.860	0
Rich end	0	0	0.517	0	1.690	0.455	1.573	0.427	0.400	0	0.645	1.240
Within	0	0	0	0	0	1.313	2.251	1.285	2.272	0	1.090	0.745
Cheap end	0	0	0	0	0.403	0.863	0.733	2.074	1.112	0	0.200	0.910
Cheaper	0	0	0	0	0	0.956	0.545	0.058	0.138	0	0	0
NA	0	0	0.252	0.025	0.175	0.800	0.757	0	0	0.060	0.345	0.293
Total	0	0	0.769	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Richer	0.345	1	1.137	3	1.262	4	0	0	2.745	8	2.745	8	9.35%
Rich end	2.208	6	2.455	9	1.045	5	1.240	5	6.948	25	6.948	25	23.68%
Within	0	0	4.849	17	3.362	7	0.745	3	8.956	27	8.956	27	30.52%
Cheap end	0.403	1	3.669	11	1.312	4	0.910	3	6.293	19	6.293	19	21.44%
Cheaper	0	0	1.558	5	0.138	1	0	0	1.696	6	1.696	6	5.78%
NA	0.452	5	1.558	4	0.405	2	0.293	1	2.707	12	2.707	12	9.22%
Total	3.407	13	15.226	49	7.525	23	3.188	12	29.345	97	29.345	97	100.00%
Use of Proceeds
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Acquisition	0	0	0.517	0	0	0	0	0	0	0	0	0
Capex	0	0	0	0	0.010	0	0	0	0	0.230	0	0
GCP	0	0	0	0	1.613	1.490	3.177	0.932	1.180	0	0.460	1.605
Refinance	0	0	0	0	0.990	1.899	3.071	2.538	0.743	0.172	1.725	1.383
Multiple/Other/NA	0	0	0.252	0.025	0	0.996	0.575	0.546	2.000	0.060	0.955	0.200
Total	0	0	0.769	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.517	1	0	0	0	0	0	0	0.517	1	0.517	1	1.76%
Capex	0.010	2	0	0	0.230	1	0	0	0.240	3	0.240	3	0.82%
GCP	1.613	5	5.600	18	1.640	5	1.605	5	10.457	33	10.457	33	35.63%
Refinance	0.990	3	7.508	24	2.640	11	1.383	6	12.521	44	12.521	44	42.67%
Multiple/Other/NA	0.277	2	2.118	7	3.015	6	0.200	1	5.610	16	5.610	16	19.12%
Total	3.407	13	15.226	49	7.525	23	3.188	12	29.345	97	29.345	97	100.00%
Industry Sector (by SIC code)
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0	0.800
Mining (1xxx)	0	0	0.517	0	0	0	0.733	0.863	0.942	0	0.165	0
Oil and gas (13xx)	0	0	0.252	0	0	0	0	0.431	0	0	0.330	0.075
Construction (15xx)	0	0	0	0	0	0	0.500	0.115	0	0	0	0
Manufacturing (2xxx, 3xxx)	0	0	0	0	2.603	2.496	1.913	0.890	2.138	0	0.458	0.650
Pharmaceuticals (2834-6)	0	0	0	0.025	0	0	0.500	0.300	0	0.230	0	0
Transportation (4xxx)	0	0	0	0	0	0	0.172	0.201	0	0	0.460	0.415
Communications (48xx)	0	0	0	0	0	0.500	0	0.431	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0.010	0	1.038	0.497	0	0	0	0
Wholesale (5xxx)	0	0	0	0	0	0	0.235	0.115	0	0	0.172	0
Finance, insurance, real estate (6xxx)	0	0	0	0	0	1.390	0.576	0.172	0.170	0.233	0.250	0.903
Services (7xxx)	0	0	0	0	0	0	1.158	0	0.672	0	0.560	0.345
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0	0.745	0
Total	0	0	0.769	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0.800	2	0.800	2	0.800	2	2.73%
Mining (1xxx)	0.517	1	1.595	2	1.107	3	0	0	3.219	6	3.219	6	10.97%
Oil and gas (13xx)	0.252	1	0.431	2	0.330	2	0.075	1	1.088	6	1.088	6	3.71%
Construction (15xx)	0	0	0.615	2	0	0	0	0	0.615	2	0.615	2	2.10%
Manufacturing (2xxx, 3xxx)	2.603	8	5.299	15	2.595	4	0.650	2	11.147	29	11.147	29	37.99%
Pharmaceuticals (2834-6)	0.025	1	0.800	2	0.230	1	0	0	1.055	4	1.055	4	3.60%
Transportation (4xxx)	0	0	0.374	3	0.460	1	0.415	2	1.249	6	1.249	6	4.26%
Communications (48xx)	0	0	0.931	3	0	0	0	0	0.931	3	0.931	3	3.17%
Electric, gas, sanitary services (49xx)	0.010	2	1.535	5	0	0	0	0	1.545	7	1.545	7	5.26%
Wholesale (5xxx)	0	0	0.350	3	0.172	1	0	0	0.522	4	0.522	4	1.78%
Finance, insurance, real estate (6xxx)	0	0	2.138	8	0.652	4	0.903	4	3.694	16	3.694	16	12.59%
Services (7xxx)	0	0	1.158	4	1.232	5	0.345	1	2.735	10	2.735	10	9.32%
Health services (8xxx)	0	0	0	0	0.745	2	0	0	0.745	2	0.745	2	2.54%
Total	3.407	13	15.226	49	7.525	23	3.188	12	29.345	97	29.345	97	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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