Analysis of convertibles issuance for 12 months through July 2009

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

Coupon

	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
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%	0.375	0.175	0	0	0	0	0	0	0	1.000	0.863	0
3%-3.99%	1.430	1.025	0	0	0	0.517	0	0	0.374	2.670	0	2.520
4%-4.99%	0.240	0	0	0	0	0	0	0.490	2.405	1.058	0.814	0
5%-5.99%	0.060	0	0	0	0	0	0	0.845	1.066	0.818	1.225	0.401
6%-6.99%	0.172	0	0	0	0	0	0	0.652	0	0	0.636	0.942
7%-7.99%	0	0	0	0	0	0	0.025	0	0	0.292	0.140	0
8% and higher	0	0	0	0	0	0.252	0	0.625	0.541	0.984	0.317	0
Total	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.862
	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	2.413	5	8.29%
3%-3.99%	0	0	0.517	1	3.044	7	2.520	3	6.081	11	8.536	15	27.06%
4%-4.99%	0	0	0.490	2	4.276	12	0	0	4.766	14	5.006	15	21.21%
5%-5.99%	0	0	0.845	2	3.109	11	0.401	3	4.355	16	4.415	17	19.38%
6%-6.99%	0	0	0.652	2	0.636	4	0.942	2	2.230	8	2.403	9	9.92%
7%-7.99%	0	0	0.025	1	0.432	3	0	0	0.458	4	0.458	4	2.04%
8% and higher	0	0	0.877	5	1.842	9	0	0	2.719	14	2.719	14	12.10%
Total	0	0	3.407	13	15.203	49	3.862	8	22.472	70	25.950	79	100.00%
Premium
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
19.99% and lower	0	0	0	0	0	0	0.025	0.700	0.225	1.365	1.376	0.942
20%-29.99%	1.040	0.750	0	0	0	0.769	0	1.258	3.361	3.474	1.202	2.571
30-39.99%	0.375	0.450	0	0	0	0	0	0.645	0.800	1.985	1.415	0.350
40-49.99%	0.690	0	0	0	0	0	0	0	0	0	0	0
50% and higher	0.172	0	0	0	0	0	0	0.005	0	0	0	0
NA	0	0	0	0	0	0	0	0.005	0	0	0	0
Total	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.862
	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	20.62%
20%-29.99%	0	0	2.027	6	8.037	27	2.571	5	12.634	38	14.424	43	56.22%
30-39.99%	0	0	0.645	2	4.200	8	0.350	1	5.195	11	6.020	13	23.12%
40-49.99%	0	0	0	0	0	0	0	0	0	0	0.690	1	0.00%
50% and higher	0	0	0.005	1	0	0	0	0	0.005	1	0.177	2	0.02%
NA	0	0	0.005	1	0	0	0	0	0.005	1	0.005	1	0.02%
Total	0	0	3.407	13	15.203	49	3.862	8	22.472	70	25.950	79	100.00%
Quick Sale?
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Yes	2.218	1.200	0	0	0	0.252	0	2.438	4.386	5.891	3.994	3.862
No	0.060	0	0	0	0	0.517	0.025	0.175	0	0.932	0	0
Total	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.862
	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	3.862	8	20.822	63	24.240	71	92.66%
No	0	0	0.718	5	0.932	2	0	0	1.650	7	1.710	8	7.34%
Total	0	0	3.407	13	15.203	49	3.862	8	22.472	70	25.950	79	100.00%
Upsized?
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Yes	1.415	0.750	0	0	0	0.517	0	1.438	4.156	4.404	1.614	2.660
No	0.863	0.450	0	0	0	0.252	0.025	1.175	0.230	2.420	2.380	1.202
Total	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.862
	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	2.660	4	14.789	37	16.954	43	65.81%
No	0	0	1.452	8	5.030	21	1.202	4	7.684	33	8.996	36	34.19%
Total	0	0	3.407	13	15.203	49	3.862	8	22.472	70	25.950	79	100.00%
Seniority
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
senior	2.278	1.200	0	0	0	0.517	0	1.913	4.386	5.749	2.991	1.862
senior subordinated	0	0	0	0	0	0	0.025	0.250	0	0.787	0	0
subordinated	0	0	0	0	0	0	0	0.450	0	0	0.374	2.000
preferred	0	0	0	0	0	0.252	0	0	0	0.287	0.629	0
Total	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.862
	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	1.862	7	17.418	57	20.895	66	77.51%
senior subordinated	0	0	0.275	2	0.787	2	0	0	1.062	4	1.062	4	4.73%
subordinated	0	0	0.450	1	0.374	1	2.000	1	2.824	3	2.824	3	12.57%
preferred	0	0	0.252	1	0.916	5	0	0	1.168	6	1.168	6	5.20%
Total	0	0	3.407	13	15.203	49	3.862	8	22.472	70	25.950	79	100.00%
Mandatory
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Yes	0	0	0	0	0	0	0	0.615	0	0.925	0.172	0.942
No	2.278	1.200	0	0	0	0.769	0.025	1.998	4.386	5.899	3.821	2.921
Total	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.862
	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	11.81%
No	0	0	2.792	11	14.106	45	2.921	6	19.818	62	23.296	71	88.19%
Total	0	0	3.407	13	15.203	49	3.862	8	22.472	70	25.950	79	100.00%
Greenshoe Exercised?
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Yes	2.038	0.750	0	0	0	0.769	0	1.802	4.161	5.674	3.019	2.481
No	0.240	0.450	0	0	0	0	0.025	0.810	0.225	1.150	0.975	1.382
Total	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.862
	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	2.481	4	17.906	52	20.693	59	79.68%
No	0	0	0.835	5	2.350	9	1.382	4	4.567	18	5.257	20	20.32%
Total	0	0	3.407	13	15.203	49	3.862	8	22.472	70	25.950	79	100.00%
Versus Talk
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Richer	0	0	0	0	0	0	0	0.345	0	0.965	0.150	0
Rich end	0.375	0.450	0	0	0	0.517	0	1.690	0.455	1.573	0.427	0.350
Within	0.930	0	0	0	0	0	0	0	1.313	2.251	1.285	2.263
Cheap end	0.913	0.575	0	0	0	0	0	0.403	0.863	0.733	2.074	1.112
Cheaper	0	0	0	0	0	0	0	0	0.956	0.545	0.058	0.138
Other/NA	0.060	0.175	0	0	0	0.252	0.025	0.175	0.800	0.757	0	0
Total	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.862
	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	0	0	1.460	4	1.460	4	6.50%
Rich end	0	0	2.208	6	2.455	9	0.350	1	5.013	16	5.838	18	22.31%
Within	0	0	0	0	4.849	17	2.263	3	7.111	20	8.041	22	31.64%
Cheap end	0	0	0.403	1	3.669	11	1.112	3	5.183	15	6.670	18	23.06%
Cheaper	0	0	0	0	1.558	5	0.138	1	1.696	6	1.696	6	7.55%
Other/NA	0	0	0.452	5	1.558	4	0	0	2.009	9	2.244	11	8.94%
Total	0	0	3.407	13	15.203	49	3.862	8	22.472	70	25.950	79	100.00%
Use of Proceeds
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Acquisition	0	0	0	0	0	0.517	0	0	0	0	0	0
Capex	0	0	0	0	0	0	0	0.01	0	0	0	0
GCP	0.240	0	0	0	0	0	0	1.613	1.490	3.177	0.910	1.17
Refinance	0.863	1.025	0	0	0	0	0	0.99	1.899	3.071	2.538	0.693
Multiple/Other/NA	1.175	0.175	0	0	0	0.252	0.025	0	0.996	0.575	0.546	2
Total	2.278	1.2	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.862
	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	2.30%
Capex	0	0	0.010	2	0	0	0	0	0.010	2	0.010	2	0.04%
GCP	0	0	1.613	5	5.577	18	1.170	4	8.359	27	8.599	28	37.20%
Refinance	0	0	0.990	3	7.508	24	0.693	3	9.191	30	11.079	34	40.90%
Multiple/Other/NA	0	0	0.277	2	2.118	7	2.000	1	4.395	10	5.745	14	19.56%
Total	0	0	3.407	13	15.203	49	3.862	8	22.472	70	25.950	79	100.00%
Industry Sector (by SIC code)
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Mining (1xxx)	0.690	0	0	0	0	0.517	0	0	0	0.733	0.863	0.942
Oil and gas (13xx)	0	0	0	0	0	0.252	0	0	0	0	0.431	0
Construction (15xx)	0	0	0	0	0	0	0	0	0	0.500	0.115	0
Manufacturing (2xxx, 3xxx)	0.412	0.450	0	0	0	0	0	2.603	2.496	1.913	0.868	2.138
Pharmaceuticals (2834-6)	0.060	0.575	0	0	0	0	0.025	0	0	0.500	0.300	0
Transportation (4xxx)	0	0	0	0	0	0	0	0	0	0.172	0.201	0
Communications (48xx)	0	0	0	0	0	0	0	0	0.500	0	0.431	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0.010	0	1.038	0.497	0
Wholesale (5xxx)	0.375	0	0	0	0	0	0	0	0	0.235	0.115	0
Finance, insurance, real estate (6xxx)	0.740	0	0	0	0	0	0	0	1.390	0.576	0.172	0.170
Services (7xxx)	0	0.175	0	0	0	0	0	0	0	1.158	0	0.613
Total	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.862
	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	0.942	2	3.054	5	3.744	6	13.59%
Oil and gas (13xx)	0	0	0.252	1	0.431	2	0	0	0.683	3	0.683	3	3.04%
Construction (15xx)	0	0	0	0	0.615	2	0	0	0.615	2	0.615	2	2.74%
Manufacturing (2xxx, 3xxx)	0	0	2.603	8	5.276	15	2.138	2	10.017	25	10.879	28	44.58%
Pharmaceuticals (2834-6)	0	0	0.025	1	0.800	2	0	0	0.825	3	1.460	5	3.67%
Transportation (4xxx)	0	0	0	0	0.374	3	0	0	0.374	3	0.374	3	1.66%
Communications (48xx)	0	0	0	0	0.931	3	0	0	0.931	3	0.931	3	4.14%
Electric, gas, sanitary services (49xx)	0	0	0.010	2	1.535	5	0	0	1.545	7	1.545	7	6.88%
Wholesale (5xxx)	0	0	0	0	0.350	3	0	0	0.350	3	0.725	4	1.56%
Finance, insurance, real estate (6xxx)	0	0	0	0	2.138	8	0.170	1	2.308	9	3.048	10	10.27%
Services (7xxx)	0	0	0	0	1.158	4	0.613	3	1.770	7	1.945	8	7.88%
Total	0	0	3.407	13	15.203	49	3.862	8	22.472	70	25.950	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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