Analysis of convertibles issuance for 12 months through February 2010

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

Coupon

	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
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	0.575	0
2%-2.99%	0	0	1.000	0.863	0	0	0	0	0	0.400	0	0
3%-3.99%	0	0.374	2.670	0	2.570	0	0.360	1.240	0.259	0	0.930	0.130
4%-4.99%	0.490	2.405	1.058	0.814	0	0.403	1.015	0.575	5.091	0.990	0	0.490
5%-5.99%	0.845	1.066	0.818	1.248	0.410	0	0.420	0.415	0.105	0.225	0	0
6%-6.99%	0.652	0	0	0.636	0.942	0	0.460	0.365	0	0	0.115	0.161
7%-7.99%	0	0	0.292	0.140	0	0	0.745	0.593	0.020	3.660	0.230	0
8% and higher	0.625	0.541	0.984	0.317	0	0.060	0.140	0	0	0.006	0	0
NA/Other	0	0	0	0	0	0	0	0	0	19.290	0	0.209
Total	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	0.990
	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	1.000	20.25%
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	1.060	3	1.060	3	8.533	18	37.32%
4%-4.99%	4.276	12	1.417	6	6.656	15	0.490	1	0.490	1	13.330	36	17.25%
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	0.276	2	0.276	2	3.331	13	9.72%
7%-7.99%	0.432	3	0.745	2	4.273	6	0.230	2	0.230	2	5.681	13	8.10%
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	0.209	1	0.209	1	19.499	2	7.36%
Total	15.226	49	7.525	23	33.234	36	2.840	10	2.840	10	61.436	128	100.00%
Premium
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
19.99% and lower	0.700	0.225	1.365	1.376	0.942	0	0	0.293	1.567	0.050	0.115	0
20%-29.99%	1.258	3.361	3.474	1.202	2.580	0.172	1.927	1.155	3.047	4.140	0.985	0.781
30-39.99%	0.645	0.800	1.985	1.438	0.400	0.230	1.212	1.740	0.735	1.032	0	0
40% and higher	0.005	0	0	0	0	0	0	0	0	0.006	0	0
NA	0.005	0	0	0	0	0.060	0	0	0.125	19.342	0.750	0.209
Total	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	0.990
	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	0.115	1	0.115	1	6.633	24	4.05%
20%-29.99%	8.037	27	4.681	13	8.342	14	1.766	7	1.766	7	24.083	65	62.18%
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	0.959	2	0.959	2	20.491	8	33.77%
Total	15.226	49	7.525	23	33.234	36	2.840	10	2.840	10	61.436	128	100.00%
Upsized?
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Yes	1.438	4.156	4.404	1.614	2.711	0	2.397	1.485	4.463	20.172	1.103	0
No	1.175	0.230	2.420	2.402	1.212	0.463	0.743	1.703	1.012	4.398	0.748	0.990
Total	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	0.990
	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	38.84%
No	5.053	21	2.417	11	7.114	20	1.737	7	1.737	7	17.495	65	61.16%
Total	15.226	49	7.525	23	33.234	36	2.840	10	2.840	10	61.436	128	100.00%
Seniority
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
senior	1.913	4.386	5.749	3.014	1.922	0.403	2.655	2.638	4.520	4.698	1.792	0.860
senior subordinated	0.250	0	0.787	0	0	0	0	0.550	0.935	0.172	0	0.130
subordinated	0.450	0	0	0.374	2.000	0.060	0	0	0	0.300	0.058	0
preferred	0	0	0.287	0.629	0	0	0.485	0	0.020	19.400	0	0
Total	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	0.990
	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	2.652	8	2.652	8	34.549	104	93.38%
senior subordinated	0.787	2	0	0	1.657	3	0.130	1	0.130	1	2.825	7	4.58%
subordinated	0.374	1	2.060	2	0.300	2	0.058	1	0.058	1	3.241	7	2.04%
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	2.840	10	2.840	10	61.436	128	100.00%
Mandatory
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Yes	0.615	0	0.925	0.172	0.942	0	0	0.300	0	22.790	0.058	0
No	1.998	4.386	5.899	3.844	2.981	0.463	3.140	2.888	5.475	1.781	1.792	0.990
Total	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	0.990
	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	2.04%
No	14.128	45	6.583	21	10.144	33	2.782	9	2.782	9	35.635	116	97.96%
Total	15.226	49	7.525	23	33.234	36	2.840	10	2.840	10	61.436	128	100.00%
Greenshoe Exercised?
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Yes	1.802	4.161	5.674	3.191	2.981	0.403	2.550	1.170	5.270	1.573	1.100	0.370
No	0.810	0.225	1.150	0.825	0.942	0.060	0.590	2.018	0.205	22.998	0.750	0.620
Total	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	0.990
	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	1.470	7	1.470	7	30.243	94	51.76%
No	2.200	8	1.592	5	25.221	14	1.370	3	1.370	3	31.193	34	48.24%
Total	15.226	49	7.525	23	33.234	36	2.840	10	2.840	10	61.436	128	100.00%
Versus Talk
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Richer	0.345	0	0.965	0.172	0	0.403	0.860	0	0.103	0	0	0
Rich end	1.690	0.455	1.573	0.427	0.400	0	0.645	1.240	0.273	3.610	0.058	0
Within	0	1.313	2.251	1.285	2.272	0	1.090	0.745	4.341	0.902	0.922	0.130
Cheap end	0.403	0.863	0.733	2.074	1.112	0	0.200	0.910	0.632	0	0.295	0.490
Cheaper	0	0.956	0.545	0.058	0.138	0	0	0	0	0	0.575	0
NA/Other	0.175	0.800	0.757	0	0	0.060	0.345	0.293	0.125	20.058	0	0.370
Total	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	0.990
	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	2.04%
Within	4.849	17	3.362	7	5.989	12	1.052	3	1.052	3	15.252	39	37.04%
Cheap end	3.669	11	1.312	4	1.542	5	0.785	3	0.785	3	7.710	24	27.64%
Cheaper	1.558	5	0.138	1	0	0	0.575	1	0.575	1	2.271	7	20.25%
NA/Other	1.558	4	0.405	2	20.476	9	0.370	2	0.370	2	22.984	20	13.03%
Total	15.226	49	7.525	23	33.234	36	2.840	10	2.840	10	61.436	128	100.00%
Use of Proceeds
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Acquisition	0	0	0	0	0	0	0	0	1.035	0.110	0	0
Capex	0.010	0	0	0	0	0.230	0	0	0.105	0	0	0
GCP	1.613	1.490	3.177	0.932	1.180	0	0.460	1.605	3.458	0.555	0	0.651
Refinance	0.990	1.899	3.071	2.538	0.743	0.172	1.725	1.383	0.273	23.440	0.172	0
Multiple/Other/NA	0	0.996	0.575	0.546	2.000	0.060	0.955	0.200	0.604	0.466	1.677	0.339
Total	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	0.990
	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	0.651	2	0.651	2	15.121	43	22.92%
Refinance	7.508	24	2.640	11	25.096	13	0.172	1	0.172	1	36.407	52	6.06%
Multiple/Other/NA	2.118	7	3.015	6	1.270	6	2.016	7	2.016	7	8.419	26	70.99%
Total	15.226	49	7.525	23	33.234	36	2.840	10	2.840	10	61.436	128	100.00%
Industry Sector (by SIC code)
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Agriculture (0xxx)	0	0	0	0	0	0	0	0.800	0	0.460	0	0
Mining (1xxx)	0	0	0.733	0.863	0.942	0	0.165	0	0.172	0	0	0
Oil and gas (13xx)	0	0	0	0.431	0	0	0.330	0.075	0	0.110	0.750	0.161
Construction (15xx)	0	0	0.500	0.115	0	0	0	0	0.100	0	0.058	0
Manufacturing (2xxx, 3xxx)	2.603	2.496	1.913	0.890	2.138	0	0.458	0.650	3.339	0.522	0	0
Pharmaceuticals (2834-6)	0	0	0.500	0.300	0	0.230	0	0	0	0	0	0
Transportation (4xxx)	0	0	0.172	0.201	0	0	0.460	0.415	0.460	0.230	0	0
Communications (48xx)	0	0.500	0	0.431	0	0	0	0	0.935	0	0	0
Electric, gas, sanitary services (49xx)	0.010	0	1.038	0.497	0	0	0	0	0	0	0	0
Wholesale (5xxx)	0	0	0.235	0.115	0	0	0.172	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0	1.390	0.576	0.172	0.170	0.233	0.250	0.903	0.193	22.848	0.468	0.699
Services (7xxx)	0	0	1.158	0	0.672	0	0.560	0.345	0.276	0.400	0.575	0.130
Health services (8xxx)	0	0	0	0	0	0	0.745	0	0	0	0	0
Total	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	0.990
	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	0.911	2	0.911	2	1.857	8	32.08%
Construction (15xx)	0.615	2	0	0	0.100	1	0.058	1	0.058	1	0.772	4	2.04%
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	1.030	3	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	1.166	5	1.166	5	27.901	27	41.06%
Services (7xxx)	1.158	4	1.232	5	1.021	4	0.705	2	0.705	2	4.116	15	24.82%
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	2.840	10	2.840	10	61.436	128	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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