Analysis of convertibles issuance for 12 months through August 2009

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

Coupon

	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
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%	0.175	0	0	0	0	0	0	0	1.000	0.863	0	0
3%-3.99%	1.025	0	0	0	0.517	0	0	0.374	2.670	0	2.570	0
4%-4.99%	0	0	0	0	0	0	0.490	2.405	1.058	0.814	0	0.403
5%-5.99%	0	0	0	0	0	0	0.845	1.066	0.818	1.225	0.410	0
6%-6.99%	0	0	0	0	0	0	0.652	0	0	0.636	0.942	0
7%-7.99%	0	0	0	0	0	0.025	0	0	0.292	0.140	0	0
8% and higher	0	0	0	0	0.252	0	0.625	0.541	0.984	0.317	0	0.060
Total	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.922	0.463
	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	2.038	4	8.10%
3%-3.99%	0	0	0.517	1	3.044	7	2.570	3	6.131	11	7.156	13	26.66%
4%-4.99%	0	0	0.490	2	4.276	12	0.403	2	5.169	16	5.169	16	22.48%
5%-5.99%	0	0	0.845	2	3.109	11	0.410	3	4.365	16	4.365	16	18.98%
6%-6.99%	0	0	0.652	2	0.636	4	0.942	2	2.230	8	2.230	8	9.70%
7%-7.99%	0	0	0.025	1	0.432	3	0	0	0.458	4	0.458	4	1.99%
8% and higher	0	0	0.877	5	1.842	9	0.060	1	2.779	15	2.779	15	12.09%
Total	0	0	3.407	13	15.203	49	4.385	11	22.995	73	24.195	76	100.00%
Premium
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
19.99% and lower	0	0	0	0	0	0.025	0.700	0.225	1.365	1.376	0.942	0
20%-29.99%	0.750	0	0	0	0.769	0	1.258	3.361	3.474	1.202	2.580	0.172
30-39.99%	0.450	0	0	0	0	0	0.645	0.800	1.985	1.415	0.400	0.230
50% and higher	0	0	0	0	0	0	0.005	0	0	0	0	0
NA	0	0	0	0	0	0	0.005	0	0	0	0	0.060
Total	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.922	0.463
	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	20.15%
20%-29.99%	0	0	2.027	6	8.037	27	2.753	6	12.817	39	13.567	41	55.74%
30-39.99%	0	0	0.645	2	4.200	8	0.630	2	5.475	12	5.925	13	23.81%
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	0.28%
Total	0	0	3.407	13	15.203	49	4.385	11	22.995	73	24.195	76	100.00%
Quick Sale?
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
Yes	1.200	0	0	0	0.252	0	2.438	4.386	5.891	3.994	3.922	0.463
No	0	0	0	0	0.517	0.025	0.175	0	0.932	0	0	0
Total	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.922	0.463
	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	4.385	11	21.345	66	22.545	69	92.82%
No	0	0	0.718	5	0.932	2	0	0	1.650	7	1.650	7	7.18%
Total	0	0	3.407	13	15.203	49	4.385	11	22.995	73	24.195	76	100.00%
Upsized?
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
Yes	0.750	0	0	0	0.517	0	1.438	4.156	4.404	1.614	2.711	0
No	0.450	0	0	0	0.252	0.025	1.175	0.230	2.420	2.380	1.212	0.463
Total	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.922	0.463
	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	2.711	4	14.839	37	15.589	39	64.53%
No	0	0	1.452	8	5.030	21	1.674	7	8.156	36	8.606	37	35.47%
Total	0	0	3.407	13	15.203	49	4.385	11	22.995	73	24.195	76	100.00%
Seniority
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
senior	1.200	0	0	0	0.517	0	1.913	4.386	5.749	2.991	1.922	0.403
senior subordinated	0	0	0	0	0	0.025	0.250	0	0.787	0	0	0
subordinated	0	0	0	0	0	0	0.450	0	0	0.374	2.000	0.060
preferred	0	0	0	0	0.252	0	0	0	0.287	0.629	0	0
Total	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.922	0.463
	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	2.325	9	17.880	59	19.080	62	77.76%
senior subordinated	0	0	0.275	2	0.787	2	0	0	1.062	4	1.062	4	4.62%
subordinated	0	0	0.450	1	0.374	1	2.060	2	2.884	4	2.884	4	12.54%
preferred	0	0	0.252	1	0.916	5	0	0	1.168	6	1.168	6	5.08%
Total	0	0	3.407	13	15.203	49	4.385	11	22.995	73	24.195	76	100.00%
Mandatory
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
Yes	0	0	0	0	0	0	0.615	0	0.925	0.172	0.942	0
	1.200	0	0	0	0.769	0.025	1.998	4.386	5.899	3.821	2.981	0.463
Total	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.922	0.463
	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	11.54%
	0	0	2.792	11	14.106	45	3.443	9	20.341	65	21.541	68	88.46%
Total	0	0	3.407	13	15.203	49	4.385	11	22.995	73	24.195	76	100.00%
Greenshoe Exercised?
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
Yes	0.750	0	0	0	0.769	0	1.802	4.161	5.674	3.019	2.981	0.403
No	0.450	0	0	0	0	0.025	0.810	0.225	1.150	0.975	0.942	0.060
Total	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.922	0.463
	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	3.383	8	18.808	56	19.558	58	81.79%
No	0	0	0.835	5	2.350	9	1.002	3	4.187	17	4.637	18	18.21%
Total	0	0	3.407	13	15.203	49	4.385	11	22.995	73	24.195	76	100.00%
Versus Talk
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
Richer	0	0	0	0	0	0	0.345	0	0.965	0.150	0	0.403
Rich end	0.450	0	0	0	0.517	0	1.690	0.455	1.573	0.427	0.400	0
Within	0	0	0	0	0	0	0	1.313	2.251	1.285	2.272	0
Cheap end	0.575	0	0	0	0	0	0.403	0.863	0.733	2.074	1.112	0
Cheaper	0	0	0	0	0	0	0	0.956	0.545	0.058	0.138	0
NA	0.175	0	0	0	0.252	0.025	0.175	0.800	0.757	0	0	0.060
Total	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.922	0.463
	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	0.403	2	1.863	6	1.863	6	8.10%
Rich end	0	0	2.208	6	2.455	9	0.400	1	5.063	16	5.513	17	22.02%
Within	0	0	0	0	4.849	17	2.272	3	7.121	20	7.121	20	30.97%
Cheap end	0	0	0.403	1	3.669	11	1.112	3	5.183	15	5.758	16	22.54%
Cheaper	0	0	0	0	1.558	5	0.138	1	1.696	6	1.696	6	7.38%
NA	0	0	0.452	5	1.558	4	0.060	1	2.069	10	2.244	11	9.00%
Total	0	0	3.407	13	15.203	49	4.385	11	22.995	73	24.195	76	100.00%
Use of Proceeds
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
Acquisition	0	0	0	0	0.517	0	0	0	0	0	0	0
Capex	0	0	0	0	0	0	0.010	0	0	0	0	0.230
GCP	0	0	0	0	0	0	1.613	1.490	3.177	0.910	1.180	0
Refinance	1.025	0	0	0	0	0	0.990	1.899	3.071	2.538	0.743	0.172
Multiple/Other/NA	0.175	0	0	0	0.252	0.025	0	0.996	0.575	0.546	2.000	0.060
Total	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.922	0.463
	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	2.25%
Capex	0	0	0.010	2	0	0	0.230	1	0.240	3	0.240	3	1.04%
GCP	0	0	1.613	5	5.577	18	1.180	4	8.369	27	8.369	27	36.39%
Refinance	0	0	0.990	3	7.508	24	0.915	4	9.414	31	10.438	33	40.94%
Multiple/Other/NA	0	0	0.277	2	2.118	7	2.060	2	4.455	11	4.630	12	19.37%
Total	0	0	3.407	13	15.203	49	4.385	11	22.995	73	24.195	76	100.00%
Industry Sector (by SIC code)
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
Mining (1xxx)	0	0	0	0	0.517	0	0	0	0.733	0.863	0.942	0
Oil and gas (13xx)	0	0	0	0	0.252	0	0	0	0	0.431	0	0
Construction (15xx)	0	0	0	0	0	0	0	0	0.500	0.115	0	0
Manufacturing (2xxx, 3xxx)	0.450	0	0	0	0	0	2.603	2.496	1.913	0.868	2.138	0
Pharmaceuticals (2834-6)	0.575	0	0	0	0	0.025	0	0	0.500	0.300	0	0.230
Transportation (4xxx)	0	0	0	0	0	0	0	0	0.172	0.201	0	0
Communications (48xx)	0	0	0	0	0	0	0	0.500	0	0.431	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.010	0	1.038	0.497	0	0
Wholesale (5xxx)	0	0	0	0	0	0	0	0	0.235	0.115	0	0
Finance, insurance, real estate (6xxx)	0	0	0	0	0	0	0	1.390	0.576	0.172	0.170	0.233
Services (7xxx)	0.175	0	0	0	0	0	0	0	1.158	0	0.672	0
Total	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.994	3.922	0.463
	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	3.054	5	13.28%
Oil and gas (13xx)	0	0	0.252	1	0.431	2	0	0	0.683	3	0.683	3	2.97%
Construction (15xx)	0	0	0	0	0.615	2	0	0	0.615	2	0.615	2	2.67%
Manufacturing (2xxx, 3xxx)	0	0	2.603	8	5.276	15	2.138	2	10.017	25	10.467	26	43.56%
Pharmaceuticals (2834-6)	0	0	0.025	1	0.800	2	0.230	1	1.055	4	1.630	5	4.59%
Transportation (4xxx)	0	0	0	0	0.374	3	0	0	0.374	3	0.374	3	1.63%
Communications (48xx)	0	0	0	0	0.931	3	0	0	0.931	3	0.931	3	4.05%
Electric, gas, sanitary services (49xx)	0	0	0.010	2	1.535	5	0	0	1.545	7	1.545	7	6.72%
Wholesale (5xxx)	0	0	0	0	0.350	3	0	0	0.350	3	0.350	3	1.52%
Finance, insurance, real estate (6xxx)	0	0	0	0	2.138	8	0.403	3	2.541	11	2.541	11	11.05%
Services (7xxx)	0	0	0	0	1.158	4	0.672	3	1.830	7	2.005	8	7.96%
Total	0	0	3.407	13	15.203	49	4.385	11	22.995	73	24.195	76	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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