Analysis of convertibles issuance for 12 months through March 2009

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

Coupon

	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
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%	0.380	0.550	1.265	0.805	0	0	0	0	0	0	0	0
2%-2.99%	0.287	1.925	0	0	0.375	0.175	0	0	0	0	0	0
3%-3.99%	0.890	1.048	0.631	0.660	1.430	1.025	0	0	0	0.517	0	0
4%-4.99%	0.400	0.850	0.648	0.538	0.240	0	0	0	0	0	0	0.475
5%-5.99%	0.350	0.201	0.085	0.345	0.060	0	0	0	0	0	0	0.845
6%-6.99%	1.000	1.865	0	0	0.172	0	0	0	0	0	0	0.642
7%-7.99%	8.025	1.000	0.657	0.550	0	0	0	0	0	0	0.025	0
8% and higher	1.344	8.360	3.795	0.635	0	0	0	0	0	0.252	0	0.625
NA/Other	0	0	0.120	0	0	0	0	0	0	0	0	0
Total	12.676	15.798	7.202	3.533	2.278	1.200	0	0	0	0.769	0.025	2.587
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	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%	2.195	3	0.805	1	0	0	0	0	0	0	2.999	4	0.00%
2%-2.99%	2.212	3	0.550	2	0	0	0	0	0	0	2.762	5	0.00%
3%-3.99%	2.569	10	3.115	6	0	0	0.517	1	0.517	1	6.201	17	15.29%
4%-4.99%	1.898	7	0.778	3	0	0	0.475	2	0.475	2	3.151	12	14.04%
5%-5.99%	0.635	6	0.405	2	0	0	0.845	2	0.845	2	1.885	10	24.99%
6%-6.99%	2.865	3	0.172	1	0	0	0.642	2	0.642	2	3.680	6	18.98%
7%-7.99%	9.682	4	0.550	1	0	0	0.025	1	0.025	1	10.258	6	0.74%
8% and higher	13.499	14	0.635	2	0	0	0.877	5	0.877	5	15.011	21	25.94%
NA/Other	0.120	1	0	0	0	0	0	0	0	0	0.120	1	0.00%
Total	35.676	51	7.010	18	0	0	3.382	13	3.382	13	46.068	82	100.00%
Premium
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
19.99% and lower	1.079	2.365	2.330	0.575	0	0	0	0	0	0	0.025	0.690
20%-29.99%	2.134	10.330	2.987	1.693	1.040	0.750	0	0	0	0.769	0	1.242
30-39.99%	8.312	0.525	1.550	0.745	0.375	0.450	0	0	0	0	0	0.645
40-49.99%	0.150	0.948	0	0.460	0.690	0	0	0	0	0	0	0
50% and higher	1.000	1.630	0.335	0	0.172	0	0	0	0	0	0	0.005
NA	0	0	0	0.060	0	0	0	0	0	0	0	0.005
Total	12.676	15.798	7.202	3.533	2.278	1.200	0	0	0	0.769	0.025	2.587
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	5.774	9	0.575	1	0	0	0.715	3	0.715	3	7.065	13	21.14%
20%-29.99%	15.451	24	3.483	9	0	0	2.012	6	2.012	6	20.946	39	59.49%
30-39.99%	10.387	8	1.570	4	0	0	0.645	2	0.645	2	12.602	14	19.07%
40-49.99%	1.097	5	1.150	2	0	0	0	0	0	0	2.248	7	0.00%
50% and higher	2.965	5	0.172	1	0	0	0.005	1	0.005	1	3.142	7	0.15%
NA	0	0	0.060	1	0	0	0.005	1	0.005	1	0.065	2	0.15%
Total	35.676	51	7.010	18	0	0	3.207	12	3.207	12	45.893	81	100.00%
Quick Sale?
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
Yes	8.576	15.683	7.148	2.348	2.218	1.200	0	0	0	0.252	0	2.413
No	4.100	0.115	0.054	1.185	0.060	0	0	0	0	0.517	0.025	0.175
Total	12.676	15.798	7.202	3.533	2.278	1.200	0	0	0	0.769	0.025	2.587
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	31.406	47	5.766	14	0	0	2.664	8	2.664	8	39.836	69	78.77%
No	4.269	4	1.245	4	0	0	0.718	5	0.718	5	6.232	13	21.23%
Total	35.676	51	7.010	18	0	0	3.207	12	3.207	12	45.893	81	100.00%
Upsized?
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
Yes	4.725	5.480	1.250	0.060	1.415	0.750	0	0	0	0.517	0	1.423
No	7.951	10.318	5.953	3.473	0.863	0.450	0	0	0	0.252	0.025	1.165
Total	12.676	15.798	7.202	3.533	2.278	1.200	0	0	0	0.769	0.025	2.587
	0	0	0
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	11.455	20	2.225	7	0	0	1.940	5	1.940	5	15.619	32	57.36%
No	24.221	31	4.785	11	0	0	1.442	8	1.442	8	30.448	50	42.64%
Total	35.676	51	7.010	18	0	0	3.207	12	3.207	12	45.893	81	100.00%
	0	0
Seniority
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
senior	3.307	13.298	2.885	2.923	2.278	1.200	0	0	0	0.517	0	1.897
senior subordinated	0	0.250	0	0.550	0	0	0	0	0	0	0.025	0.240
subordinated	0	0	0	0	0	0	0	0	0	0	0	0.450
preferred	9.369	2.250	4.318	0.060	0	0	0	0	0	0.252	0	0
Total	12.676	15.798	7.202	3.533	2.278	1.200	0	0	0	0.769	0.025	2.587
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
senior	19.489	37	6.401	16	0	0	2.415	9	2.415	9	28.304	62	71.41%
senior subordinated	0.250	1	0.550	1	0	0	0.265	2	0.265	2	1.065	4	7.84%
subordinated	0	0	0	0	0	0	0.450	1	0.450	1	0.450	1	13.31%
preferred	15.937	13	0.060	1	0	0	0.252	1	0.252	1	16.249	15	7.45%
Total	35.676	51	7.010	18	0	0	3.382	13	3.207	12	45.893	81	100.00%
Mandatory
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
Yes	0	10.880	2.000	0.575	0	0	0	0	0	0	0	0.615
No	12.676	4.917	5.203	2.958	2.278	1.200	0	0	0	0.769	0.025	1.972
Total	12.676	15.798	7.202	3.533	2.278	1.200	0	0	0	0.769	0.025	2.587
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	12.880	5	0.575	1	0	0	0.615	2	0.615	2	14.070	8	18.18%
No	22.795	46	6.435	17	0	0	2.767	11	2.767	11	31.998	74	81.82%
Total	35.676	51	7.010	18	0	0	3.382	13	3.382	13	46.068	82	100.00%
Greenshoe Exercised?
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
Yes	11.076	9.868	3.427	2.723	2.038	0.750	0	0	0	0.769	0	1.363
No	1.600	5.930	3.775	0.810	0.240	0.450	0	0	0	0	0.025	1.225
Total	12.676	15.798	7.202	3.533	2.278	1.200	0	0	0	0.769	0.025	2.587
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	24.370	33	5.511	13	0	0	2.132	6	2.132	6	32.013	52	63.04%
No	11.305	18	1.500	5	0	0	1.250	7	1.250	7	14.055	30	36.96%
Total	35.676	51	7.010	18	0	0	3.382	13	3.382	13	46.068	82	100.00%
Versus Talk
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
Richer	0	0	0	0	0	0	0	0	0	0	0	0.345
Rich end	1.288	0.350	0.335	0	0.375	0.450	0	0	0	0.517	0	1.665
Within	5.644	6.728	3.721	1.550	0.930	0	0	0	0	0	0	0
Cheap end	1.119	7.926	2.456	0.338	0.913	0.575	0	0	0	0	0	0.403
Cheaper	0.400	0	0.135	0	0	0	0	0	0	0	0	0
Other/NA	4.225	0.794	0.555	1.645	0.060	0.175	0	0	0	0.252	0.025	0.175
Total	12.676	15.798	7.202	3.533	2.278	1.200	0	0	0	0.769	0.025	2.587
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Richer	0	0	0	0	0	0	0.345	1	0.345	1	0.345	1	10.20%
Rich end	1.972	6	0.825	2	0	0	2.183	6	2.183	6	4.980	14	64.55%
Within	16.093	15	2.480	5	0	0	0	0	0	0	18.573	20	0.00%
Cheap end	11.501	20	1.826	5	0	0	0.403	1	0.403	1	13.729	26	11.92%
Cheaper	0.535	2	0	0	0	0	0	0	0	0	0.535	2	0.00%
Other/NA	5.575	8	1.880	6	0	0	0.452	5	0.452	5	7.907	19	13.36%
Total	35.676	51	7.010	18	0	0	3.382	13	3.382	13	46.068	82	100.00%
Use of Proceeds
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
Acquisition	0.690	0	0	0.345	0	0	0	0	0	0.517	0	0
Capex	0.125	0.515	0.860	0.138	0	0	0	0	0	0	0	0.010
GCP	10.111	11.235	5.623	0	0.240	0	0	0	0	0	0	1.603
Redeem convertibles	0	0.451	0	0	0	0	0	0	0	0	0	0
Refinance	1.200	0.917	0.520	1.525	0.863	1.025	0	0	0	0	0	0.975
Multiple/Other/NA	0.550	2.680	0.200	1.525	1.175	0.175	0	0	0	0.252	0.025	0
Total	12.676	15.798	7.202	3.533	2.278	1.200	0	0	0	0.769	0.025	2.587
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.690	1	0.345	1	0	0	0.517	1	0.517	1	1.552	3	15.29%
Capex	1.500	7	0.138	1	0	0	0.010	2	0.010	2	1.648	10	0.30%
GCP	26.969	23	0.240	1	0	0	1.603	5	1.603	5	28.811	29	47.40%
Redeem convertibles	0.451	3	0	0	0	0	0	0	0	0	0.451	3	0.00%
Refinance	2.637	9	3.413	7	0	0	0.975	3	0.975	3	7.024	19	28.83%
Multiple/Other/NA	3.430	8	2.875	8	0	0	0.277	2	0.277	2	6.582	18	8.19%
Total	35.676	51	7.010	18	0	0	3.382	13	3.382	13	46.068	82	100.00%
Industry Sector (by SIC code)
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
Agriculture (0xxx)	0	0	0	0.345	0	0	0	0	0	0	0	0
Mining (1xxx)	0.287	0.200	0	0	0.690	0	0	0	0	0.517	0	0
Oil and gas (13xx)	0	1.955	0	0	0	0	0	0	0	0.252	0	0
Manufacturing (2xxx, 3xxx)	1.470	2.440	2.170	0.538	0.412	0.450	0	0	0	0	0	2.578
Pharmaceuticals (2834-6)	0	0	0	0	0.060	0.575	0	0	0	0	0.025	0
Transportation (4xxx)	0.075	0.201	0.115	0	0	0	0	0	0	0	0	0
Communications (48xx)	1.275	0.550	0.220	0.550	0	0	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0	0	0	0.010
Wholesale (5xxx)	0	0.323	0	0.200	0.375	0	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	9.569	9.755	4.498	1.095	0.740	0	0	0	0	0	0	0
Services (7xxx)	0	0.125	0.200	0.805	0	0.175	0	0	0	0	0	0
Health services (8xxx)	0	0.250	0	0	0	0	0	0	0	0	0	0
Total	12.676	15.798	7.202	3.533	2.278	1.200	0	0	0	0.769	0.025	2.587
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.345	1	0	0	0	0	0	0	0.345	1	0.00%
Mining (1xxx)	0.487	2	0.690	1	0	0	0.517	1	0.517	1	1.695	4	155.29%
Oil and gas (13xx)	1.955	3	0	0	0	0	0.252	1	0.252	1	2.207	4	7.45%
Manufacturing (2xxx, 3xxx)	6.079	13	1.401	5	0	0	2.578	8	2.578	8	10.057	26	76.23%
Pharmaceuticals (2834-6)	0	0	0.635	2	0	0	0.025	1	0.025	1	0.660	3	0.74%
Transportation (4xxx)	0.390	4	0	0	0	0	0	0	0	0	0.390	4	0.00%
Communications (48xx)	2.045	5	0.550	1	0	0	0	0	0	0	2.595	6	0.00%
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.010	2	0.010	2	0.010	2	0.30%
Wholesale (5xxx)	0.323	2	0.575	2	0	0	0	0	0	0	0.897	4	0.00%
Finance, insurance, real estate (6xxx)	23.821	19	1.835	4	0	0	0	0	0	0	25.656	23	0.00%
Services (7xxx)	0.325	2	0.980	2	0	0	0	0	0	0	1.305	4	0.00%
Health services (8xxx)	0.250	1	0	0	0	0	0	0	0	0	0.250	1	0.00%
Total	35.676	51	7.010	18	0	0	3.382	13	3.382	13	46.068	82	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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