Analysis of convertibles issuance for 12 months through January 2010

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

Coupon

	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
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	0.575
2%-2.99%	0	0	0	1.000	0.863	0	0	0	0	0	0.400	0
3%-3.99%	0	0	0.374	2.670	0	2.570	0	0.360	1.240	0.259	0	0.930
4%-4.99%	0	0.490	2.405	1.058	0.814	0	0.403	1.015	0.575	5.091	0.990	0
5%-5.99%	0	0.845	1.066	0.818	1.248	0.410	0	0.420	0.415	0.105	0.225	0
6%-6.99%	0	0.652	0	0	0.636	0.942	0	0.460	0.365	0	0	0.100
7%-7.99%	0.025	0	0	0.292	0.140	0	0	0.745	0.593	0.020	3.660	0.230
8% and higher	0	0.625	0.541	0.984	0.317	0	0.060	0.140	0	0	0.006	0
NA/Other	0	0	0	0	0	0	0	0	0	0	19.290	0
Total	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.835
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	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	0.575	1	0.575	1	0.575	1	31.34%
2%-2.99%	1.863	3	0	0	0.400	1	0	0	0	0	2.263	4	0.00%
3%-3.99%	3.044	7	2.930	4	1.499	4	0.930	2	0.930	2	8.402	17	50.68%
4%-4.99%	4.276	12	1.417	6	6.656	15	0	0	0	0	12.840	35	0.00%
5%-5.99%	3.132	11	0.831	6	0.745	6	0	0	0	0	5.552	25	0.00%
6%-6.99%	0.636	4	1.402	3	0.365	2	0.100	1	0.100	1	3.155	12	5.45%
7%-7.99%	0.432	3	0.745	2	4.273	6	0.230	2	0.230	2	5.705	14	12.53%
8% and higher	1.842	9	0.200	2	0.006	1	0	0	0	0	2.673	16	0.00%
NA/Other	0	0	0	0	19.290	1	0	0	0	0	19.290	1	0.00%
Total	15.226	49	7.525	23	33.234	36	1.835	6	1.835	6	60.456	125	100.00%
Premium
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
19.99% and lower	0.025	0.700	0.225	1.365	1.376	0.942	0	0	0.293	1.567	0.050	0.100
20%-29.99%	0	1.258	3.361	3.474	1.202	2.580	0.172	1.927	1.155	3.047	4.140	0.985
30-39.99%	0	0.645	0.800	1.985	1.438	0.400	0.230	1.212	1.740	0.735	1.032	0
40% and higher	0	0.005	0	0	0	0	0	0	0	0	0.006	0
NA	0	0.005	0	0	0	0	0.060	0	0	0.125	19.342	0.750
Total	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.835
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	2.966	14	0.942	2	1.911	5	0.100	1	0.100	1	6.643	25	5.45%
20%-29.99%	8.037	27	4.681	13	8.342	14	0.985	4	0.985	4	23.302	62	53.68%
30-39.99%	4.223	8	1.843	7	3.507	12	0	0	0	0	10.217	29	0.00%
40% and higher	0	0	0	0	0.006	1	0	0	0	0	0.011	2	0.00%
NA	0	0	0.060	1	19.467	4	0.750	1	0.750	1	20.282	7	40.87%
Total	15.226	49	7.525	23	33.234	36	1.835	6	1.835	6	60.456	125	100.00%
Quick Sale?
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Yes	0	2.438	4.386	5.891	4.016	3.922	0.463	3.140	3.188	5.370	24.512	1.835
No	0.025	0.175	0	0.932	0	0	0	0	0	0.105	0.058	0
Total	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.835
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	14.293	47	7.525	23	33.070	33	1.835	6	1.835	6	59.161	116	100.00%
No	0.932	2	0	0	0.163	3	0	0	0	0	1.296	9	0.00%
Total	15.226	49	7.525	23	33.234	36	1.835	6	1.835	6	60.456	125	100.00%
Upsized?
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Yes	0	1.438	4.156	4.404	1.614	2.711	0	2.397	1.485	4.463	20.172	1.103
No	0.025	1.175	0.230	2.420	2.402	1.212	0.463	0.743	1.703	1.012	4.398	0.733
Total	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.835
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	10.173	28	5.108	12	26.120	16	1.103	3	1.103	3	43.941	63	60.11%
No	5.053	21	2.417	11	7.114	20	0.733	3	0.733	3	16.515	62	39.95%
Total	15.226	49	7.525	23	33.234	36	1.835	6	1.835	6	60.456	125	100.00%
Seniority
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
senior	0	1.913	4.386	5.749	3.014	1.922	0.403	2.655	2.638	4.520	4.698	1.778
senior subordinated	0.025	0.250	0	0.787	0	0	0	0	0.550	0.935	0.172	0
subordinated	0	0.450	0	0	0.374	2.000	0.060	0	0	0	0.300	0.058
preferred	0	0	0	0.287	0.629	0	0	0.485	0	0.020	19.400	0
Total	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.835
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
senior	13.148	41	4.980	19	11.856	28	1.778	5	1.778	5	33.674	101	96.89%
senior subordinated	0.787	2	0	0	1.657	3	0	0	0	0	2.720	7	0.00%
subordinated	0.374	1	2.060	2	0.300	2	0.058	1	0.058	1	3.241	7	3.16%
preferred	0.916	5	0.485	2	19.420	3	0	0	0	0	20.821	10	0.00%
Total	15.226	49	7.525	23	33.234	36	1.835	6	1.835	6	60.456	125	100.00%
Mandatory
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Yes	0	0.615	0	0.925	0.172	0.942	0	0	0.300	0	22.790	0.058
No	0.025	1.998	4.386	5.899	3.844	2.981	0.463	3.140	2.888	5.475	1.781	1.777
Total	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.835
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	1.097	4	0.942	2	23.090	3	0.058	1	0.058	1	25.802	12	3.16%
No	14.128	45	6.583	21	10.143	33	1.777	5	1.777	5	34.655	113	96.84%
Total	15.226	49	7.525	23	33.234	36	1.835	6	1.835	6	60.456	125	100.00%
Greenshoe Exercised?
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Yes	0	1.802	4.161	5.674	3.191	2.981	0.403	2.550	1.170	5.270	1.573	0.985
No	0.025	0.810	0.225	1.150	0.825	0.942	0.060	0.590	2.018	0.205	22.998	0.850
Total	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.835
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	13.026	41	5.933	18	8.012	22	0.985	4	0.985	4	29.758	91	53.68%
No	2.200	8	1.592	5	25.221	14	0.850	2	0.850	2	30.698	34	46.32%
Total	15.226	49	7.525	23	33.234	36	1.835	6	1.835	6	60.456	125	100.00%
Versus Talk
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Richer	0	0.345	0	0.965	0.172	0	0.403	0.860	0	0.103	0	0
Rich end	0	1.690	0.455	1.573	0.427	0.400	0	0.645	1.240	0.273	3.610	0.058
Within	0	0	1.313	2.251	1.285	2.272	0	1.090	0.745	4.341	0.902	0.922
Cheap end	0	0.403	0.863	0.733	2.074	1.112	0	0.200	0.910	0.632	0	0.280
Cheaper	0	0	0.956	0.545	0.058	0.138	0	0	0	0	0	0.575
NA/Other	0.025	0.175	0.800	0.757	0	0	0.060	0.345	0.293	0.125	20.058	0
Total	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.835
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Richer	1.137	3	1.262	4	0.103	1	0	0	0	0	2.849	9	0.00%
Rich end	2.455	9	1.045	5	5.122	9	0.058	1	0.058	1	10.370	29	3.16%
Within	4.849	17	3.362	7	5.989	12	0.922	2	0.922	2	15.122	38	50.25%
Cheap end	3.669	11	1.312	4	1.542	5	0.280	2	0.280	2	7.205	23	15.26%
Cheaper	1.558	5	0.138	1	0	0	0.575	1	0.575	1	2.271	7	31.34%
NA/Other	1.558	4	0.405	2	20.476	9	0	0	0	0	22.639	19	0.00%
Total	15.226	49	7.525	23	33.234	36	1.835	6	1.835	6	60.456	125	100.00%
Use of Proceeds
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Acquisition	0	0	0	0	0	0	0	0	0	1.035	0.110	0
Capex	0	0.010	0	0	0	0	0.230	0	0	0.105	0	0
GCP	0	1.613	1.490	3.177	0.932	1.180	0	0.460	1.605	3.458	0.555	0
Refinance	0	0.990	1.899	3.071	2.538	0.743	0.172	1.725	1.383	0.273	23.440	0.172
Multiple/Other/NA	0.025	0	0.996	0.575	0.546	2.000	0.060	0.955	0.200	0.604	0.466	1.663
Total	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.835
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	0	0	1.145	3	0	0	0	0	1.145	3	0.00%
Capex	0	0	0.230	1	0.105	1	0	0	0	0	0.345	4	0.00%
GCP	5.600	18	1.640	5	5.618	13	0	0	0	0	14.470	41	0.00%
Refinance	7.508	24	2.640	11	25.096	13	0.172	1	0.172	1	36.407	52	9.37%
Multiple/Other/NA	2.118	7	3.015	6	1.270	6	1.663	5	1.663	5	8.090	25	90.63%
Total	15.226	49	7.525	23	33.234	36	1.835	6	1.835	6	60.456	125	100.00%
Industry Sector (by SIC code)
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0.800	0	0.460	0
Mining (1xxx)	0	0	0	0.733	0.863	0.942	0	0.165	0	0.172	0	0
Oil and gas (13xx)	0	0	0	0	0.431	0	0	0.330	0.075	0	0.110	0.750
Construction (15xx)	0	0	0	0.500	0.115	0	0	0	0	0.100	0	0.058
Manufacturing (2xxx, 3xxx)	0	2.603	2.496	1.913	0.890	2.138	0	0.458	0.650	3.339	0.522	0
Pharmaceuticals (2834-6)	0.025	0	0	0.500	0.300	0	0.230	0	0	0	0	0
Transportation (4xxx)	0	0	0	0.172	0.201	0	0	0.460	0.415	0.460	0.230	0
Communications (48xx)	0	0	0.500	0	0.431	0	0	0	0	0.935	0	0
Electric, gas, sanitary services (49xx)	0	0.010	0	1.038	0.497	0	0	0	0	0	0	0
Wholesale (5xxx)	0	0	0	0.235	0.115	0	0	0.172	0	0	0	0
Finance, insurance, real estate (6xxx)	0	0	1.390	0.576	0.172	0.170	0.233	0.250	0.903	0.193	22.848	0.453
Services (7xxx)	0	0	0	1.158	0	0.672	0	0.560	0.345	0.276	0.400	0.575
Health services (8xxx)	0	0	0	0	0	0	0	0.745	0	0	0	0
Total	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.835
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	1.260	3	0	0	0	0	1.260	3	0.00%
Mining (1xxx)	1.595	2	1.107	3	0.172	1	0	0	0	0	2.874	6	0.00%
Oil and gas (13xx)	0.431	2	0.330	2	0.185	2	0.750	1	0.750	1	1.696	7	40.87%
Construction (15xx)	0.615	2	0	0	0.100	1	0.058	1	0.058	1	0.772	4	3.16%
Manufacturing (2xxx, 3xxx)	5.299	15	2.595	4	4.511	10	0	0	0	0	15.008	37	0.00%
Pharmaceuticals (2834-6)	0.800	2	0.230	1	0	0	0	0	0	0	1.055	4	0.00%
Transportation (4xxx)	0.374	3	0.460	1	1.105	4	0	0	0	0	1.939	8	0.00%
Communications (48xx)	0.931	3	0	0	0.935	1	0	0	0	0	1.866	4	0.00%
Electric, gas, sanitary services (49xx)	1.535	5	0	0	0	0	0	0	0	0	1.545	7	0.00%
Wholesale (5xxx)	0.350	3	0.172	1	0	0	0	0	0	0	0.522	4	0.00%
Finance, insurance, real estate (6xxx)	2.138	8	0.652	4	23.944	10	0.453	3	0.453	3	27.187	25	24.69%
Services (7xxx)	1.158	4	1.232	5	1.021	4	0.575	1	0.575	1	3.986	14	31.34%
Health services (8xxx)	0	0	0.745	2	0	0	0	0	0	0	0.745	2	0.00%
Total	15.226	49	7.525	23	33.234	36	1.835	6	1.835	6	60.456	125	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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