Analysis of convertibles issuance for 13 months through October 2010

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

Coupon

	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
0%	0	0	0	0	0	0	0	0	1.250	0	0	0	2.070
0.01%-0.99%	0	0	0	0.575	0	0	0	0	0	0	0	0	2.070
1%-1.99%	0	0	0	0	0	0.575	0	0	0	2.500	1.000	0	0
2%-2.99%	0	0	0.400	0	0	0.748	0.277	0.345	0.870	0	0.550	0.115	0.750
3%-3.99%	1.240	0.259	0	0.930	0.150	1.292	0	0.690	0.153	0	0.400	0.745	0.692
4%-4.99%	0.575	4.631	0.990	0	0.490	1.970	1.411	0	0.125	0	0	0.302	0
5%-5.99%	0.415	0.565	0.225	0	0	0	0.787	1.103	0	0.125	0.100	0.150	0.325
6%-6.99%	0.365	0	0	0.115	0.161	0.010	0	0	0	1.270	0	0.990	0
7%-7.99%	0.593	0.020	3.660	0.230	0	0.575	0	0.106	0	0	0	0.396	0
8% and higher	0	0	0.006	0	0	0	0.510	0	1.150	0.900	0	0.032	0
NA/Other	0	0	19.290	0	0.209	0	1.150	0	0	0	0	0	0.270
Total	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.795	2.050	2.731	4.107
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0	0	0	0	1.250	1	0	0	2.070	1	3.320	2	3.320	2	3.320	2	10.49%
0.01%-0.99%	0	0	0.575	1	0	0	0	0	0	0	0.575	1	0.575	1	0.575	1	0.89%
1%-1.99%	0	0	0.575	1	0	0	3.500	3	0	0	4.075	4	4.075	4	4.075	4	12.88%
2%-2.99%	0.400	1	0.748	2	1.492	4	0.665	2	0.750	2	3.654	10	4.054	11	4.054	11	11.55%
3%-3.99%	1.499	4	2.372	7	0.843	2	1.145	4	0.692	2	5.053	15	6.552	19	5.312	16	15.97%
4%-4.99%	6.196	14	2.460	8	1.536	3	0.302	2	0	0	4.298	13	10.495	27	9.919	25	13.58%
5%-5.99%	1.205	7	0	0	1.890	5	0.375	3	0.325	2	2.590	10	3.795	17	3.380	14	8.19%
6%-6.99%	0.365	2	0.286	3	0	0	2.260	3	0	0	2.546	6	2.911	8	2.546	6	8.05%
7%-7.99%	4.273	6	0.805	3	0.106	2	0.396	1	0	0	1.308	6	5.581	12	4.988	10	4.13%
8% and higher	0.006	1	0	0	1.660	3	0.931	2	0	0	2.591	5	2.598	6	2.598	6	8.19%
NA/Other	19.290	1	0.209	1	1.150	1	0	0	0.270	1	1.629	3	20.919	4	20.919	4	5.15%
Total	33.234	36	8.030	26	9.927	21	9.576	20	4.107	8	31.640	75	64.873	111	61.685	99	100.00%
Premium
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
19.99% and lower	0.293	1.567	0.050	0.115	0	0.342	0	0.032	0.153	0.900	0.400	0	0
20%-29.99%	1.155	3.047	4.140	0.985	0.801	2.672	2.543	0.075	2.145	1.395	1.100	1.651	0.775
30-39.99%	1.740	0.735	1.032	0	0	2.155	0.277	0.345	1.250	2.500	0.550	1.049	0.992
40% and higher	0	0	0.006	0	0	0	0.165	0.690	0	0	0	0.032	0
NA	0	0.125	19.342	0.750	0.209	0	1.150	1.103	0	0	0	0	2.340
Total	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.795	2.050	2.731	4.107
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	1.911	5	0.457	2	0.185	2	1.300	2	0	0	1.942	6	3.853	11	3.560	10	6.14%
20%-29.99%	8.342	14	4.458	17	4.763	11	4.146	9	0.775	3	14.142	40	22.485	54	21.330	47	44.70%
30-39.99%	3.507	12	2.155	5	1.871	3	4.099	8	0.992	3	9.118	19	12.625	31	10.885	27	28.82%
40% and higher	0.006	1	0	0	0.855	2	0.032	1	0	0	0.887	3	0.893	4	0.893	4	2.80%
NA	19.467	4	0.959	2	2.252	3	0	0	2.340	2	5.551	7	25.018	11	25.018	11	17.54%
Total	33.234	36	8.030	26	9.927	21	9.576	20	4.107	8	31.640	75	64.873	111	61.685	99	100.00%
Quick Sale?
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Yes	3.188	5.370	24.512	1.850	1.010	5.170	3.874	1.141	3.548	4.795	2.050	2.699	4.032
No	0	0.105	0.058	0	0	0	0.261	1.103	0	0	0	0.032	0.075
Total	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.795	2.050	2.731	4.107
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	33.070	33	8.030	26	8.564	18	9.544	19	4.032	7	30.170	70	63.240	103	60.052	91	95.35%
No	0.163	3	0	0	1.363	3	0.032	1	0.075	1	1.470	5	1.633	8	1.633	8	4.65%
Total	33.234	36	8.030	26	9.927	21	9.576	20	4.107	8	31.640	75	64.873	111	61.685	99	100.00%
Upsized?
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Yes	1.485	4.463	20.172	1.103	0	2.465	3.348	1.035	0	0	0.550	0.300	1.425
No	1.703	1.012	4.398	0.748	1.010	2.705	0.786	1.209	3.548	4.795	1.500	2.431	2.682
Total	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.795	2.050	2.731	4.107
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	26.120	16	3.567	10	4.383	8	0.850	3	1.425	5	10.226	26	36.346	42	34.861	36	32.32%
No	7.114	20	4.462	16	5.544	13	8.726	17	2.682	3	21.414	49	28.528	69	26.825	63	67.68%
Total	33.234	36	8.030	26	9.927	21	9.576	20	4.107	8	31.640	75	64.873	111	61.685	99	100.00%
Seniority
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
senior secured	0	0	0	0	0	0	0.165	0	0	0	0	0	0
senior	2.638	4.520	4.698	1.792	0.860	3.880	3.425	1.141	2.398	3.525	1.650	2.731	3.587
senior subordinated	0.550	0.935	0.172	0	0.150	0	0.200	0	0	0	0.400	0	0
subordinated	0	0	0.300	0.058	0	0.715	0.345	0	1.150	0	0	0	0
preferred	0	0.020	19.400	0	0	0.575	0	1.103	0	1.270	0	0	0.520
Total	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.795	2.050	2.731	4.107
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0	0	0	0	0.165	1	0	0	0	0	0.165	1	0.165	1	0.165	1	0.52%
senior	11.856	28	6.532	22	6.965	15	7.906	18	3.587	6	24.990	61	36.846	89	34.208	78	78.98%
senior subordinated	1.657	3	0.150	1	0.200	1	0.400	1	0	0	0.750	3	2.408	6	1.857	5	2.37%
subordinated	0.300	2	0.772	2	1.495	2	0	0	0	0	2.268	4	2.567	6	2.567	6	7.17%
preferred	19.420	3	0.575	1	1.103	2	1.270	1	0.520	2	3.467	6	22.887	9	22.887	9	10.96%
Total	33.234	36	8.030	26	9.927	21	9.576	20	4.107	8	31.640	75	64.873	111	61.685	99	100.00%
Mandatory
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Yes	0.300	0	22.790	0.058	0	0.575	0	0	1.150	1.270	0	1.186	2.070
No	2.888	5.475	1.781	1.792	1.010	4.595	4.135	2.244	2.398	3.525	2.050	1.545	2.037
Total	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.795	2.050	2.731	4.107
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	23.090	3	0.632	2	1.150	1	2.456	3	2.070	1	6.308	7	29.398	10	29.098	9	19.94%
No	10.144	33	7.397	24	8.777	20	7.120	17	2.037	7	25.332	68	35.475	101	32.587	90	80.06%
Total	33.234	36	8.030	26	9.927	21	9.576	20	4.107	8	31.640	75	64.873	111	61.685	99	100.00%
Greenshoe Exercised?
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Yes	1.170	5.270	1.573	1.100	0.520	4.343	3.709	1.067	2.750	4.795	0.950	2.699	1.142
No	2.018	0.205	22.998	0.750	0.490	0.827	0.426	1.177	0.798	0	1.100	0.032	2.965
Total	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.795	2.050	2.731	4.107
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	8.012	22	5.962	20	7.525	13	8.444	17	1.142	3	23.074	53	31.087	75	29.917	69	72.93%
No	25.221	14	2.067	6	2.402	8	1.131	3	2.965	5	8.566	22	33.787	36	31.769	30	27.07%
Total	33.234	36	8.030	26	9.927	21	9.576	20	4.107	8	31.640	75	64.873	111	61.685	99	100.00%
Versus Talk
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Richer	0	0.103	0	0	0	0.717	0.345	0	0	0	0	0.115	0.300
Rich end	1.240	0.273	3.610	0.058	0	0.750	1.495	0	0	3.770	0	1.092	0.250
Within	0.745	4.341	0.902	0.922	0.150	3.237	0.165	0.765	2.750	0	1.550	0.926	1.142
Cheap end	0.910	0.632	0	0.295	0.490	0.115	0.719	0.345	0.125	0.125	0.500	0	0
Cheaper	0	0	0	0.575	0	0.240	0	0	0.520	0	0	0	0
NA/Other	0.293	0.125	20.058	0	0.370	0.110	1.411	1.134	0.153	0.900	0	0.598	2.415
Total	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.795	2.050	2.731	4.107
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.103	1	0.717	2	0.345	1	0.115	1	0.300	1	1.477	5	1.581	6	1.581	6	4.67%
Rich end	5.122	9	0.807	3	1.495	2	4.862	6	0.250	1	7.414	12	12.537	21	11.297	16	23.43%
Within	5.989	12	4.310	11	3.680	6	2.476	6	1.142	3	11.608	26	17.597	38	16.852	35	36.69%
Cheap end	1.542	5	0.900	4	1.189	5	0.625	3	0	0	2.714	12	4.256	17	3.346	14	8.58%
Cheaper	0	0	0.815	2	0.520	1	0	0	0	0	1.335	3	1.335	3	1.335	3	4.22%
NA/Other	20.476	9	0.480	4	2.698	6	1.498	4	2.415	3	7.091	17	27.567	26	27.274	25	22.41%
Total	33.234	36	8.030	26	9.927	21	9.576	20	4.107	8	31.640	75	64.873	111	61.685	99	100.00%
Use of Proceeds
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Acquisition	0	1.035	0.110	0	0	0.375	0	0	1.150	0	0	0	0
Capex	0	0.105	0	0	0	0	0	0	0	2.295	0.550	0.170	0
GCP	1.605	3.458	0.555	0	0.651	0.637	1.737	0.377	0	0	1.000	1.088	3.107
Redeem convertibles	0	0	0	0	0	0	0	0	0.153	0	0	0.032	0.450
Refinance	1.383	0.273	23.440	0.172	0	3.157	1.515	1.177	0	0	0.400	0.302	0.250
Multiple/Other/NA	0.200	0.604	0.466	1.677	0.359	1.000	0.882	0.690	2.245	2.500	0.100	1.139	0.300
Total	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.795	2.050	2.731	4.107
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	1.145	3	0.375	1	1.150	1	0	0	0	0	1.525	2	2.670	5	2.670	5	4.82%
Capex	0.105	1	0	0	0	0	3.015	5	0	0	3.015	5	3.120	6	3.120	6	9.53%
GCP	5.618	13	1.288	6	2.114	5	2.088	5	3.107	5	8.598	21	14.216	34	12.611	29	27.17%
Redeem convertibles	0	0	0	0	0.153	1	0.032	1	0.450	1	0.635	3	0.635	3	0.635	3	2.01%
Refinance	25.096	13	3.330	9	2.692	6	0.703	3	0.250	1	6.975	19	32.070	32	30.687	26	22.04%
Multiple/Other/NA	1.270	6	3.036	10	3.817	8	3.739	6	0.300	1	10.893	25	12.163	31	11.963	30	34.43%
Total	33.234	36	8.030	26	9.927	21	9.576	20	4.107	8	31.640	75	64.873	111	61.685	99	100.00%
Industry Sector (by SIC code)
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Agriculture (0xxx)	0.800	0	0.460	0	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0	0.172	0	0	0	0.115	0	0	0	0	0	0.959	0
Oil and gas (13xx)	0.075	0	0.110	0.750	0.161	0.010	0	1.103	0	1.270	0.550	0.172	0.250
Construction (15xx)	0	0.100	0	0.058	0	0	0.277	0.075	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.650	3.339	0.522	0	0	1.515	0.165	0.690	0.520	0	1.400	0.115	0.425
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0	0.345	0	2.500	0.100	0.375	0.450
Transportation (4xxx)	0.415	0.460	0.230	0	0	0	0.242	0	0	0.125	0	0	0
Communications (48xx)	0	0.935	0	0	0	0	0	0	0	0	0	0.201	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	1.150	0	0	0.396	0
Wholesale (5xxx)	0	0	0	0	0	0.115	0	0	0	0	0	0	0.300
Finance, insurance, real estate (6xxx)	0.903	0.193	22.848	0.468	0.699	2.092	2.101	0.032	0.278	0.900	0	0.350	2.682
Services (7xxx)	0.345	0.276	0.400	0.575	0.150	1.323	1.350	0	1.600	0	0	0.162	0
Total	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.795	2.050	2.731	4.107
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	1.260	3	0	0	0	0	0	0	0	0	0	0	1.260	3	0.460	1	0.00%
Mining (1xxx)	0.172	1	0.115	1	0	0	0.959	2	0	0	1.074	3	1.247	4	1.247	4	3.39%
Oil and gas (13xx)	0.185	2	0.921	3	1.103	2	1.992	3	0.250	1	4.266	9	4.451	11	4.376	10	13.48%
Construction (15xx)	0.100	1	0.058	1	0.351	2	0	0	0	0	0.409	3	0.509	4	0.509	4	1.29%
Manufacturing (2xxx, 3xxx)	4.511	10	1.515	4	1.375	3	1.515	3	0.425	2	4.830	12	9.341	22	8.691	20	15.27%
Pharmaceuticals (2834-6)	0	0	0	0	0.345	1	2.975	4	0.450	1	3.770	6	3.770	6	3.770	6	11.92%
Transportation (4xxx)	1.105	4	0	0	0.242	1	0.125	1	0	0	0.367	2	1.472	6	1.057	4	1.16%
Communications (48xx)	0.935	1	0	0	0	0	0.201	1	0	0	0.201	1	1.136	2	1.136	2	0.64%
Electric, gas, sanitary services (49xx)	0	0	0	0	1.150	1	0.396	1	0	0	1.546	2	1.546	2	1.546	2	4.89%
Wholesale (5xxx)	0	0	0.115	1	0	0	0	0	0.300	1	0.415	2	0.415	2	0.415	2	1.31%
Finance, insurance, real estate (6xxx)	23.944	10	3.259	11	2.411	7	1.250	3	2.682	3	9.602	24	33.546	34	32.643	30	30.35%
Services (7xxx)	1.021	4	2.047	5	2.950	4	0.162	2	0	0	5.159	11	6.180	15	5.835	14	16.31%
Total	33.234	36	8.030	26	9.927	21	9.576	20	4.107	8	31.640	75	64.873	111	61.685	99	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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