Analysis of convertibles issuance for 13 months through November 2010

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

Coupon

	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
0%	0	0	0	0	0	0	0	1.250	0	0	0	2.070	0
0.01%-0.99%	0	0	0.575	0	0	0	0	0	0	0	0	2.070	0
1%-1.99%	0	0	0	0	0.575	0	0	0	2.500	1.000	0	0	0.350
2%-2.99%	0	0.400	0	0	0.748	0.277	0.345	0.870	0	0.550	0.115	0.883	0.955
3%-3.99%	0.259	0	0.930	0.150	1.292	0	0.690	0.153	0	0.400	0.770	0.692	0.815
4%-4.99%	4.631	0.990	0	0.490	1.970	1.435	0	0.125	0	0	0.302	0	5.550
5%-5.99%	0.565	0.225	0	0	0	0.787	1.103	0	0.125	0.100	0.150	0.287	0
6%-6.99%	0	0	0.115	0.161	0.010	0	0	0	1.265	0	0.990	0	0.125
7%-7.99%	0.020	3.660	0.230	0	0.575	0	0.106	0	0	0	0.396	0	0.300
8% and higher	0	0.006	0	0	0	0.510	0	1.150	0.900	0	0.032	0	0
NA/Other	0	19.290	0	0.209	0	1.150	0	0	0	0	0	0.284	0
Total	5.475	24.571	1.850	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.095
	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	1.250	1	0	0	2.070	1	3.320	2	3.320	2	3.320	2	8.32%
0.01%-0.99%	0.575	1	0	0	0	0	0	0	0.575	1	0.575	1	0.575	1	1.44%
1%-1.99%	0.575	1	0	0	3.500	3	0.350	1	4.425	5	4.425	5	4.425	5	11.09%
2%-2.99%	0.748	2	1.492	4	0.665	2	1.838	7	4.742	15	5.142	16	5.142	16	11.89%
3%-3.99%	2.372	7	0.843	2	1.170	4	1.507	6	5.893	19	6.152	20	5.893	19	14.77%
4%-4.99%	2.460	8	1.560	3	0.302	2	5.550	2	9.873	15	15.493	27	10.863	19	24.75%
5%-5.99%	0	0	1.890	5	0.375	3	0.287	1	2.552	9	3.342	13	2.777	11	6.40%
6%-6.99%	0.286	3	0	0	2.255	3	0.125	1	2.666	7	2.666	7	2.666	7	6.68%
7%-7.99%	0.805	3	0.106	2	0.396	1	0.300	1	1.608	7	5.288	11	5.268	10	4.03%
8% and higher	0	0	1.660	3	0.931	2	0	0	2.591	5	2.598	6	2.598	6	6.50%
NA/Other	0.209	1	1.150	1	0	0	0.284	1	1.643	3	20.933	4	20.933	4	4.12%
Total	8.030	26	9.951	21	9.596	20	12.312	21	39.888	88	69.934	112	64.459	100	100.00%
Premium
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
19.99% and lower	1.567	0.050	0.115	0	0.342	0	0.032	0.153	0.900	0.400	0	0	0.275
20%-29.99%	3.047	4.140	0.985	0.801	2.672	2.567	0.075	2.145	1.390	1.100	1.651	0.738	6.095
30-39.99%	0.735	1.032	0	0	2.155	0.277	0.345	1.250	2.500	0.550	1.074	1.125	1.290
40% and higher	0	0.006	0	0	0	0.165	0.690	0	0	0	0.032	0	0.435
NA	0.125	19.342	0.750	0.209	0	1.150	1.103	0	0	0	0	2.354	0
Total	5.475	24.571	1.850	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.095
	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	0.457	2	0.185	2	1.300	2	0.275	1	2.217	7	3.835	11	2.267	8	5.56%
20%-29.99%	4.458	17	4.787	11	4.141	9	6.832	7	20.219	44	27.406	51	24.359	49	50.69%
30-39.99%	2.155	5	1.871	3	4.124	8	2.415	10	10.566	26	12.333	34	11.598	29	26.49%
40% and higher	0	0	0.855	2	0.032	1	0.435	1	1.322	4	1.328	5	1.328	5	3.31%
NA	0.959	2	2.252	3	0	0	2.354	2	5.565	7	25.032	11	24.907	9	13.95%
Total	8.030	26	9.951	21	9.596	20	12.312	21	39.888	88	69.934	112	64.459	100	100.00%
Quick Sale?
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Yes	5.370	24.512	1.850	1.010	5.170	3.874	1.141	3.548	4.790	2.050	2.724	4.129	8.095
No	0.105	0.058	0	0	0	0.285	1.103	0	0	0	0.032	0.088	0
Total	5.475	24.571	1.850	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.095
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	8.030	26	8.564	18	9.564	19	12.224	20	38.381	83	68.263	104	62.894	93	96.22%
No	0	0	1.387	3	0.032	1	0.088	1	1.507	5	1.670	8	1.565	7	3.78%
Total	8.030	26	9.951	21	9.596	20	12.312	21	39.888	88	69.934	112	64.459	100	100.00%
Upsized?
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Yes	4.463	20.172	1.103	0	2.465	3.372	1.035	0	0	0.550	0.300	1.433	1.200
No	1.012	4.398	0.748	1.010	2.705	0.786	1.209	3.548	4.790	1.500	2.456	2.784	6.895
Total	5.475	24.571	1.850	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.095
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.567	10	4.407	8	0.850	3	2.632	9	11.457	30	36.092	40	31.630	35	28.72%
No	4.462	16	5.544	13	8.746	17	9.679	12	28.431	58	33.841	72	32.829	65	71.28%
Total	8.030	26	9.951	21	9.596	20	12.312	21	39.888	88	69.934	112	64.459	100	100.00%
Seniority
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
senior secured	0	0	0	0	0	0.165	0	0	0	0	0	0	0
senior	4.520	4.698	1.792	0.860	3.880	3.449	1.141	2.398	3.525	1.650	2.756	3.645	2.245
senior subordinated	0.935	0.172	0	0.150	0	0.200	0	0	0	0.400	0	0	0
subordinated	0	0.300	0.058	0	0.715	0.345	0	1.150	0	0	0	0	0
preferred	0.020	19.400	0	0	0.575	0	1.103	0	1.265	0	0	0.571	5.850
Total	5.475	24.571	1.850	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.095
	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	0.165	1	0	0	0	0	0.165	1	0.165	1	0.165	1	0.41%
senior	6.532	22	6.989	15	7.931	18	5.890	16	27.342	71	36.560	88	32.040	78	68.55%
senior subordinated	0.150	1	0.200	1	0.400	1	0	0	0.750	3	1.857	5	0.922	4	1.88%
subordinated	0.772	2	1.495	2	0	0	0	0	2.268	4	2.567	6	2.567	6	5.69%
preferred	0.575	1	1.103	2	1.265	1	6.421	5	9.364	9	28.784	12	28.764	11	23.48%
Total	8.030	26	9.951	21	9.596	20	12.312	21	39.888	88	69.934	112	64.459	100	100.00%
Mandatory
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Yes	0	22.790	0.058	0	0.575	0	0	1.150	1.265	0	1.186	2.070	5.000
No	5.475	1.781	1.792	1.010	4.595	4.159	2.244	2.398	3.525	2.050	1.570	2.147	3.095
Total	5.475	24.571	1.850	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.095
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.632	2	1.150	1	2.451	3	7.070	2	11.303	8	34.093	10	34.093	10	28.34%
No	7.397	24	8.801	20	7.145	17	5.242	19	28.585	80	35.841	102	30.366	90	71.66%
Total	8.030	26	9.951	21	9.596	20	12.312	21	39.888	88	69.934	112	64.459	100	100.00%
Greenshoe Exercised?
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Yes	5.270	1.573	1.100	0.520	4.343	3.994	1.067	2.750	4.790	0.950	2.724	2.059	6.985
No	0.205	22.998	0.750	0.490	0.827	0.165	1.177	0.798	0	1.100	0.032	2.158	1.110
Total	5.475	24.571	1.850	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.095
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	5.962	20	7.810	14	8.464	17	9.044	16	31.281	67	38.123	83	32.853	73	78.42%
No	2.067	6	2.141	7	1.131	3	3.268	5	8.608	21	31.811	29	31.606	27	21.58%
Total	8.030	26	9.951	21	9.596	20	12.312	21	39.888	88	69.934	112	64.459	100	100.00%
Versus Talk
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Richer	0.103	0	0	0	0.717	0.345	0	0	0	0	0.115	0.345	0.135
Rich end	0.273	3.610	0.058	0	0.750	1.495	0	0	3.765	0	1.092	0.287	6.070
Within	4.341	0.902	0.922	0.150	3.237	0.165	0.765	2.750	0	1.550	0.951	1.142	0.900
Cheap end	0.632	0	0.295	0.490	0.115	0.719	0.345	0.125	0.125	0.500	0	0	0.690
Cheaper	0	0	0.575	0	0.240	0	0	0.520	0	0	0	0	0
NA/Other	0.125	20.058	0	0.370	0.110	1.435	1.134	0.153	0.900	0	0.598	2.442	0.300
Total	5.475	24.571	1.850	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.095
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.717	2	0.345	1	0.115	1	0.480	2	1.657	6	1.761	7	1.657	6	4.15%
Rich end	0.807	3	1.495	2	4.857	6	6.357	5	13.517	16	17.399	20	17.127	18	33.89%
Within	4.310	11	3.680	6	2.501	6	2.042	6	12.534	29	17.777	38	13.436	33	31.42%
Cheap end	0.900	4	1.189	5	0.625	3	0.690	4	3.404	16	4.036	18	3.404	16	8.53%
Cheaper	0.815	2	0.520	1	0	0	0	0	1.335	3	1.335	3	1.335	3	3.35%
NA/Other	0.480	4	2.722	6	1.498	4	2.742	4	7.442	18	27.625	26	27.500	24	18.66%
Total	8.030	26	9.951	21	9.596	20	12.312	21	39.888	88	69.934	112	64.459	100	100.00%
Use of Proceeds
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Acquisition	1.035	0.110	0	0	0.375	0	0	1.150	0	0	0	0	0
Capex	0.105	0	0	0	0	0	0	0	2.290	0.550	0.170	0	0.185
GCP	3.458	0.555	0	0.651	0.637	1.737	0.377	0	0	1.000	1.113	3.134	1.360
Redeem convertibles	0	0	0	0	0	0	0	0.153	0	0	0.032	0.450	0
Refinance	0.273	23.440	0.172	0	3.157	1.515	1.177	0	0	0.400	0.302	0.287	0.485
Multiple/Other/NA	0.604	0.466	1.677	0.359	1.000	0.906	0.690	2.245	2.500	0.100	1.139	0.345	6.065
Total	5.475	24.571	1.850	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.095
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.375	1	1.150	1	0	0	0	0	1.525	2	2.670	5	1.635	3	3.82%
Capex	0	0	0	0	3.010	5	0.185	2	3.195	7	3.300	8	3.195	7	8.01%
GCP	1.288	6	2.114	5	2.113	5	4.494	9	10.009	25	14.023	33	10.564	29	25.09%
Redeem convertibles	0	0	0.153	1	0.032	1	0.450	1	0.635	3	0.635	3	0.635	3	1.59%
Refinance	3.330	9	2.692	6	0.703	3	0.772	3	7.497	21	31.210	28	30.937	26	18.80%
Multiple/Other/NA	3.036	10	3.841	8	3.739	6	6.410	6	17.027	30	18.097	35	17.493	32	42.69%
Total	8.030	26	9.951	21	9.596	20	12.312	21	39.888	88	69.934	112	64.459	100	100.00%
Industry Sector (by SIC code)
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Agriculture (0xxx)	0	0.460	0	0	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0.172	0	0	0	0.115	0	0	0	0	0	0.959	0	0
Oil and gas (13xx)	0	0.110	0.750	0.161	0.010	0	1.103	0	1.265	0.550	0.172	0.287	0.485
Construction (15xx)	0.100	0	0.058	0	0	0.277	0.075	0	0	0	0	0	0.435
Manufacturing (2xxx, 3xxx)	3.339	0.522	0	0	1.515	0.165	0.690	0.520	0	1.400	0.115	0.438	6.085
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0.345	0	2.500	0.100	0.400	0.450	0
Transportation (4xxx)	0.460	0.230	0	0	0	0.242	0	0	0.125	0	0	0	0
Communications (48xx)	0.935	0	0	0	0	0	0	0	0	0	0.201	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	1.150	0	0	0.396	0	0
Wholesale (5xxx)	0	0	0	0	0.115	0	0	0	0	0	0	0.345	0.115
Finance, insurance, real estate (6xxx)	0.193	22.848	0.468	0.699	2.092	2.125	0.032	0.278	0.900	0	0.350	2.696	0.800
Services (7xxx)	0.276	0.400	0.575	0.150	1.323	1.350	0	1.600	0	0	0.162	0	0.175
Total	5.475	24.571	1.850	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.095
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0.460	1	0.460	1	0.00%
Mining (1xxx)	0.115	1	0	0	0.959	2	0	0	1.074	3	1.247	4	1.074	3	2.69%
Oil and gas (13xx)	0.921	3	1.103	2	1.988	3	0.772	4	4.784	12	4.894	13	4.894	13	11.99%
Construction (15xx)	0.058	1	0.351	2	0	0	0.435	1	0.844	4	0.944	5	0.844	4	2.12%
Manufacturing (2xxx, 3xxx)	1.515	4	1.375	3	1.515	3	6.523	7	10.928	17	14.789	25	11.450	21	27.40%
Pharmaceuticals (2834-6)	0	0	0.345	1	3.000	4	0.450	1	3.795	6	3.795	6	3.795	6	9.51%
Transportation (4xxx)	0	0	0.242	1	0.125	1	0	0	0.367	2	1.057	4	0.597	3	0.92%
Communications (48xx)	0	0	0	0	0.201	1	0	0	0.201	1	1.136	2	0.201	1	0.50%
Electric, gas, sanitary services (49xx)	0	0	1.150	1	0.396	1	0	0	1.546	2	1.546	2	1.546	2	3.88%
Wholesale (5xxx)	0.115	1	0	0	0	0	0.460	2	0.575	3	0.575	3	0.575	3	1.44%
Finance, insurance, real estate (6xxx)	3.259	11	2.435	7	1.250	3	3.496	5	10.440	26	33.480	32	33.288	30	26.17%
Services (7xxx)	2.047	5	2.950	4	0.162	2	0.175	1	5.334	12	6.010	15	5.734	13	13.37%
Total	8.030	26	9.951	21	9.596	20	12.312	21	39.888	88	69.934	112	64.459	100	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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