Analysis of convertibles issuance for 12 months through May 2009

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

Coupon

	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
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%	1.265	0.805	0	0	0	0	0	0	0	0	0	0
2%-2.99%	0	0	0.375	0.175	0	0	0	0	0	0	0	1.000
3%-3.99%	0.631	0.660	1.430	1.025	0	0	0	0.517	0	0	0.374	2.670
4%-4.99%	0.648	0.538	0.240	0	0	0	0	0	0	0.490	2.405	0.920
5%-5.99%	0.085	0.345	0.060	0	0	0	0	0	0	0.845	1.066	0.779
6%-6.99%	0	0	0.172	0	0	0	0	0	0	0.652	0	0
7%-7.99%	0.657	0.550	0	0	0	0	0	0	0.025	0	0	0.292
8% and higher	3.795	0.635	0	0	0	0	0	0.252	0	0.625	0.541	0.937
NA/Other	0.120	0	0	0	0	0	0	0	0	0	0	0
Total	7.202	3.533	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.599
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	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%	0.805	1	0	0	0	0	0	0	0	0	2.070	2	0.00%
2%-2.99%	0.550	2	0	0	0	0	1.000	2	1.000	2	1.550	4	6.95%
3%-3.99%	3.115	6	0	0	0.517	1	3.044	7	3.561	8	7.308	17	24.74%
4%-4.99%	0.778	3	0	0	0.490	2	3.325	9	3.814	11	5.241	17	26.50%
5%-5.99%	0.405	2	0	0	0.845	2	1.845	5	2.690	7	3.180	10	18.69%
6%-6.99%	0.172	1	0	0	0.652	2	0	0	0.652	2	0.825	3	4.53%
7%-7.99%	0.550	1	0	0	0.025	1	0.292	2	0.318	3	1.525	5	2.21%
8% and higher	0.635	2	0	0	0.877	5	1.478	6	2.355	11	6.785	20	16.37%
NA/Other	0	0	0	0	0	0	0	0	0	0	0.120	1	0.00%
Total	7.010	18	0	0	3.407	13	10.985	31	14.392	44	28.605	79	100.00%
Premium
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
19.99% and lower	2.330	0.575	0	0	0	0	0	0	0.025	0.700	0.225	1.272
20%-29.99%	2.987	1.693	1.040	0.750	0	0	0	0.769	0	1.258	3.361	3.394
30-39.99%	1.550	0.745	0.375	0.450	0	0	0	0	0	0.645	0.800	1.933
40-49.99%	0	0.460	0.690	0	0	0	0	0	0	0	0	0
50% and higher	0.335	0	0.172	0	0	0	0	0	0	0.005	0	0
NA	0	0.060	0	0	0	0	0	0	0	0.005	0	0
Total	7.202	3.533	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.599
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	0.575	1	0	0	0.725	3	1.498	6	2.222	9	5.127	14	15.44%
20%-29.99%	3.483	9	0	0	2.027	6	6.755	21	8.782	27	15.252	44	61.02%
30-39.99%	1.570	4	0	0	0.645	2	2.732	4	3.377	6	6.497	13	23.46%
40-49.99%	1.150	2	0	0	0	0	0	0	0	0	1.150	2	0.00%
50% and higher	0.172	1	0	0	0.005	1	0	0	0.005	1	0.512	4	0.03%
NA	0.060	1	0	0	0.005	1	0	0	0.005	1	0.065	2	0.03%
Total	7.010	18	0	0	3.407	13	10.985	31	14.392	44	28.605	79	100.00%
Quick Sale?
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
Yes	7.148	2.348	2.218	1.200	0	0	0	0.252	0	2.438	4.386	5.667
No	0.054	1.185	0.060	0	0	0	0	0.517	0.025	0.175	0	0.932
Total	7.202	3.533	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.599
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	5.766	14	0	0	2.689	8	10.052	29	12.742	37	25.655	67	88.54%
No	1.245	4	0	0	0.718	5	0.932	2	1.650	7	2.949	12	11.46%
Total	7.010	18	0	0	3.407	13	10.985	31	14.392	44	28.605	79	100.00%
Upsized?
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
Yes	1.250	0.060	1.415	0.750	0	0	0	0.517	0	1.438	4.156	4.346
No	5.953	3.473	0.863	0.450	0	0	0	0.252	0.025	1.175	0.230	2.252
Total	7.202	3.533	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.599
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	2.225	7	0	0	1.955	5	8.502	20	10.457	25	13.932	38	72.66%
No	4.785	11	0	0	1.452	8	2.482	11	3.934	19	14.673	41	27.33%
Total	7.010	18	0	0	3.407	13	10.985	31	14.392	44	28.605	79	100.00%
Seniority
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
senior	2.885	2.923	2.278	1.200	0	0	0	0.517	0	1.913	4.386	5.561
senior subordinated	0	0.550	0	0	0	0	0	0	0.025	0.250	0	0.787
subordinated	0	0	0	0	0	0	0	0	0	0.450	0	0
preferred	4.318	0.060	0	0	0	0	0	0.252	0	0	0	0.250
Total	7.202	3.533	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.599
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
senior	6.401	16	0	0	2.430	9	9.947	28	12.377	37	21.662	63	86.00%
senior subordinated	0.550	1	0	0	0.275	2	0.787	2	1.062	4	1.613	5	7.38%
subordinated	0	0	0	0	0.450	1	0	0	0.450	1	0.450	1	3.13%
preferred	0.060	1	0	0	0.252	1	0.250	1	0.502	2	4.880	10	3.49%
Total	7.010	18	0	0	3.407	13	10.985	31	14.392	44	28.605	79	100.00%
Mandatory
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
Yes	2.000	0.575	0	0	0	0	0	0	0	0.615	0	0.887
No	5.203	2.958	2.278	1.200	0	0	0	0.769	0.025	1.998	4.386	5.712
Total	7.202	3.533	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.599
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0.575	1	0	0	0.615	2	0.887	3	1.502	5	4.077	7	10.44%
No	6.435	17	0	0	2.792	11	10.097	28	12.889	39	24.527	72	89.56%
Total	7.010	18	0	0	3.407	13	10.985	31	14.392	44	28.605	79	100.00%
Greenshoe Exercised?
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
Yes	3.427	2.723	2.038	0.750	0	0	0	0.769	0	1.802	4.161	3.565
No	3.775	0.810	0.240	0.450	0	0	0	0	0.025	0.810	0.225	3.034
Total	7.202	3.533	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.599
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	5.511	13	0	0	2.572	8	7.726	18	10.298	26	19.235	49	71.55%
No	1.500	5	0	0	0.835	5	3.259	13	4.094	18	9.369	30	28.45%
Total	7.010	18	0	0	3.407	13	10.985	31	14.392	44	28.605	79	100.00%
Versus Talk
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
Richer	0	0	0	0	0	0	0	0	0	0.345	0	0.965
Rich end	0.335	0	0.375	0.450	0	0	0	0.517	0	1.690	0.455	1.508
Within	3.721	1.550	0.930	0	0	0	0	0	0	0	1.313	2.174
Cheap end	2.456	0.338	0.913	0.575	0	0	0	0	0	0.403	0.863	0.733
Cheaper	0.135	0	0	0	0	0	0	0	0	0	0.956	0.500
Other/NA	0.555	1.645	0.060	0.175	0	0	0	0.252	0.025	0.175	0.800	0.720
Total	7.202	3.533	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.599
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Richer	0	0	0	0	0.345	1	0.965	2	1.310	3	1.310	3	9.10%
Rich end	0.825	2	0	0	2.208	6	1.962	7	4.170	13	5.330	17	28.97%
Within	2.480	5	0	0	0	0	3.487	12	3.487	12	9.687	22	24.23%
Cheap end	1.826	5	0	0	0.403	1	1.595	2	1.998	3	6.279	13	13.88%
Cheaper	0	0	0	0	0	0	1.456	4	1.456	4	1.591	5	10.12%
Other/NA	1.880	6	0	0	0.452	5	1.520	4	1.972	9	4.407	19	13.70%
Total	7.010	18	0	0	3.407	13	10.985	31	14.392	44	28.605	79	100.00%
Use of Proceeds
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
Acquisition	0	0.345	0	0	0	0	0	0.517	0	0	0	0
Capex	0.860	0.138	0	0	0	0	0	0	0	0.010	0	0
GCP	5.623	0	0.240	0	0	0	0	0	0	1.613	1.490	3.143
Refinance	0.520	1.525	0.863	1.025	0	0	0	0	0	0.990	1.899	2.919
Multiple/Other/NA	0.200	1.525	1.175	0.175	0	0	0	0.252	0.025	0	0.996	0.537
Total	7.202	3.533	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.599
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.345	1	0	0	0.517	1	0	0	0.517	1	0.863	2	3.59%
Capex	0.138	1	0	0	0.010	2	0	0	0.010	2	1.008	7	0.07%
GCP	0.240	1	0	0	1.613	5	4.633	12	6.245	17	12.108	26	43.39%
Refinance	3.413	7	0	0	0.990	3	4.819	14	5.809	17	9.741	28	40.36%
Multiple/Other/NA	2.875	8	0	0	0.277	2	1.534	5	1.811	7	4.886	16	12.58%
Total	7.010	18	0	0	3.407	13	10.985	31	14.392	44	28.605	79	100.00%
Industry Sector (by SIC code)
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
Agriculture (0xxx)	0	0.345	0	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0	0	0.690	0	0	0	0	0.517	0	0	0	0.733
Oil and gas (13xx)	0	0	0	0	0	0	0	0.252	0	0	0	0
Construction (15xx)	0	0	0	0	0	0	0	0	0	0	0	0.500
Manufacturing (2xxx, 3xxx)	2.170	0.538	0.412	0.450	0	0	0	0	0	2.603	2.496	1.837
Pharmaceuticals (2834-6)	0	0	0.060	0.575	0	0	0	0	0.025	0	0	0.500
Transportation (4xxx)	0.115	0	0	0	0	0	0	0	0	0	0	0.172
Communications (48xx)	0.220	0.550	0	0	0	0	0	0	0	0	0.500	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0	0.010	0	1.038
Wholesale (5xxx)	0	0.200	0.375	0	0	0	0	0	0	0	0	0.235
Finance, insurance, real estate (6xxx)	4.498	1.095	0.740	0	0	0	0	0	0	0	1.390	0.514
Services (7xxx)	0.200	0.805	0	0.175	0	0	0	0	0	0	0	1.070
Total	7.202	3.533	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.599
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.345	1	0	0	0	0	0	0	0	0	0.345	1	0.00%
Mining (1xxx)	0.690	1	0	0	0.517	1	0.733	1	1.250	2	1.940	3	8.69%
Oil and gas (13xx)	0	0	0	0	0.252	1	0	0	0.252	1	0.252	1	1.75%
Construction (15xx)	0	0	0	0	0	0	0.500	1	0.500	1	0.500	1	3.47%
Manufacturing (2xxx, 3xxx)	1.401	5	0	0	2.603	8	4.334	10	6.936	18	10.506	29	48.19%
Pharmaceuticals (2834-6)	0.635	2	0	0	0.025	1	0.500	1	0.525	2	1.160	4	3.65%
Transportation (4xxx)	0	0	0	0	0	0	0.172	1	0.172	1	0.287	2	1.20%
Communications (48xx)	0.550	1	0	0	0	0	0.500	1	0.500	1	1.270	3	3.47%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.010	2	1.038	3	1.048	5	1.048	5	7.28%
Wholesale (5xxx)	0.575	2	0	0	0	0	0.235	2	0.235	2	0.810	4	1.63%
Finance, insurance, real estate (6xxx)	1.835	4	0	0	0	0	1.904	7	1.904	7	8.236	19	13.23%
Services (7xxx)	0.980	2	0	0	0	0	1.070	4	1.070	4	2.250	7	7.43%
Total	7.010	18	0	0	3.407	13	10.985	31	14.392	44	28.605	79	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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