Analysis of convertibles issuance for 12 months through March 2010

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

Coupon

	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
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	0.575	0	0
1%-1.99%	0	0	0	0	0	0	0	0	0	0	0	0.575
2%-2.99%	0	1.000	0.863	0	0	0	0	0	0.400	0	0	0.710
3%-3.99%	0.374	2.670	0	2.570	0	0.360	1.240	0.259	0	0.930	0.150	1.277
4%-4.99%	2.405	1.058	0.814	0	0.403	1.015	0.575	5.091	0.990	0	0.490	1.900
5%-5.99%	1.066	0.818	1.248	0.410	0	0.420	0.415	0.105	0.225	0	0	0
6%-6.99%	0	0	0.636	0.942	0	0.460	0.365	0	0	0.115	0.161	0.010
7%-7.99%	0	0.292	0.140	0	0	0.745	0.593	0.020	3.660	0.230	0	0.500
8% and higher	0.541	0.984	0.317	0	0.060	0.140	0	0	0.006	0	0	0
NA/Other	0	0	0	0	0	0	0	0	19.290	0	0.209	0
Total	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	4.972
	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	7.34%
1%-1.99%	0	0	0	0	0	0	0.575	1	0.575	1	0.575	1	7.34%
2%-2.99%	1.863	3	0	0	0.400	1	0.710	2	0.710	2	2.973	6	9.07%
3%-3.99%	3.044	7	2.930	4	1.499	4	2.357	7	2.357	7	9.830	22	30.09%
4%-4.99%	4.276	12	1.417	6	6.656	15	2.390	8	2.390	8	14.740	41	30.52%
5%-5.99%	3.132	11	0.831	6	0.745	6	0	0	0	0	4.707	23	0.00%
6%-6.99%	0.636	4	1.402	3	0.365	2	0.286	3	0.286	3	2.689	12	3.65%
7%-7.99%	0.432	3	0.745	2	4.273	6	0.730	3	0.730	3	6.181	14	9.32%
8% and higher	1.842	9	0.200	2	0.006	1	0	0	0	0	2.048	12	0.00%
NA/Other	0	0	0	0	19.290	1	0.209	1	0.209	1	19.499	2	2.67%
Total	15.226	49	7.525	23	33.234	36	7.832	26	7.832	26	63.816	134	100.00%
Premium
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
19.99% and lower	0.225	1.365	1.376	0.942	0	0	0.293	1.567	0.050	0.115	0	0.342
20%-29.99%	3.361	3.474	1.202	2.580	0.172	1.927	1.155	3.047	4.140	0.985	0.801	2.475
30-39.99%	0.800	1.985	1.438	0.400	0.230	1.212	1.740	0.735	1.032	0	0	2.155
40% and higher	0	0	0	0	0	0	0	0	0.006	0	0	0
NA	0	0	0	0	0.060	0	0	0.125	19.342	0.750	0.209	0
Total	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	4.972
	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	0.457	2	0.457	2	6.276	23	5.84%
20%-29.99%	8.037	27	4.681	13	8.342	14	4.261	17	4.261	17	25.321	71	54.41%
30-39.99%	4.223	8	1.843	7	3.507	12	2.155	5	2.155	5	11.727	32	27.52%
40% and higher	0	0	0	0	0.006	1	0	0	0	0	0.006	1	0.00%
NA	0	0	0.060	1	19.467	4	0.959	2	0.959	2	20.486	7	12.24%
Total	15.226	49	7.525	23	33.234	36	7.832	26	7.832	26	63.816	134	100.00%
Quick Sale?
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Yes	4.386	5.891	4.016	3.922	0.463	3.140	3.188	5.370	24.512	1.850	1.010	4.972
No	0	0.932	0	0	0	0	0	0.105	0.058	0	0	0
Total	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	4.972
	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	7.832	26	7.832	26	62.720	129	100.00%
No	0.932	2	0	0	0.163	3	0	0	0	0	1.096	5	0.00%
Total	15.226	49	7.525	23	33.234	36	7.832	26	7.832	26	63.816	134	100.00%
Upsized?
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Yes	4.156	4.404	1.614	2.711	0	2.397	1.485	4.463	20.172	1.103	0	2.435
No	0.230	2.420	2.402	1.212	0.463	0.743	1.703	1.012	4.398	0.748	1.010	2.537
Total	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	4.972
	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	3.538	10	3.538	10	44.939	66	45.17%
No	5.053	21	2.417	11	7.114	20	4.295	16	4.295	16	18.877	68	54.84%
Total	15.226	49	7.525	23	33.234	36	7.832	26	7.832	26	63.816	134	100.00%
Seniority
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
senior	4.386	5.749	3.014	1.922	0.403	2.655	2.638	4.520	4.698	1.792	0.860	3.757
senior subordinated	0	0.787	0	0	0	0	0.550	0.935	0.172	0	0.150	0
subordinated	0	0	0.374	2.000	0.060	0	0	0	0.300	0.058	0	0.715
preferred	0	0.287	0.629	0	0	0.485	0	0.020	19.400	0	0	0.500
Total	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	4.972
	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	6.410	22	6.410	22	36.394	110	81.84%
senior subordinated	0.787	2	0	0	1.657	3	0.150	1	0.150	1	2.595	6	1.92%
subordinated	0.374	1	2.060	2	0.300	2	0.772	2	0.772	2	3.506	7	9.86%
preferred	0.916	5	0.485	2	19.420	3	0.500	1	0.500	1	21.321	11	6.38%
Total	15.226	49	7.525	23	33.234	36	7.832	26	7.832	26	63.816	134	100.00%
Mandatory
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Yes	0	0.925	0.172	0.942	0	0	0.300	0	22.790	0.058	0	0.500
No	4.386	5.899	3.844	2.981	0.463	3.140	2.888	5.475	1.781	1.792	1.010	4.472
Total	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	4.972
	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	0.557	2	0.557	2	25.687	11	7.11%
No	14.128	45	6.583	21	10.144	33	7.275	24	7.275	24	38.129	123	92.89%
Total	15.226	49	7.525	23	33.234	36	7.832	26	7.832	26	63.816	134	100.00%
Greenshoe Exercised?
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Yes	4.161	5.674	3.191	2.981	0.403	2.550	1.170	5.270	1.573	1.100	0.520	2.875
No	0.225	1.150	0.825	0.942	0.060	0.590	2.018	0.205	22.998	0.750	0.490	2.097
Total	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	4.972
	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	4.495	15	4.495	15	31.466	96	57.39%
No	2.200	8	1.592	5	25.221	14	3.337	11	3.337	11	32.350	38	42.61%
Total	15.226	49	7.525	23	33.234	36	7.832	26	7.832	26	63.816	134	100.00%
Versus Talk
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Richer	0	0.965	0.172	0	0.403	0.860	0	0.103	0	0	0	0.717
Rich end	0.455	1.573	0.427	0.400	0	0.645	1.240	0.273	3.610	0.058	0	0.675
Within	1.313	2.251	1.285	2.272	0	1.090	0.745	4.341	0.902	0.922	0.150	3.170
Cheap end	0.863	0.733	2.074	1.112	0	0.200	0.910	0.632	0	0.295	0.490	0.100
Cheaper	0.956	0.545	0.058	0.138	0	0	0	0	0	0.575	0	0.200
NA/Other	0.800	0.757	0	0	0.060	0.345	0.293	0.125	20.058	0	0.370	0.110
Total	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	4.972
	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	0.717	2	0.717	2	3.221	10	9.15%
Rich end	2.455	9	1.045	5	5.122	9	0.733	3	0.733	3	9.355	26	9.36%
Within	4.849	17	3.362	7	5.989	12	4.242	11	4.242	11	18.442	47	54.16%
Cheap end	3.669	11	1.312	4	1.542	5	0.885	4	0.885	4	7.408	24	11.30%
Cheaper	1.558	5	0.138	1	0	0	0.775	2	0.775	2	2.471	8	9.90%
NA/Other	1.558	4	0.405	2	20.476	9	0.480	4	0.480	4	22.919	19	6.13%
Total	15.226	49	7.525	23	33.234	36	7.832	26	7.832	26	63.816	134	100.00%
Use of Proceeds
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Acquisition	0	0	0	0	0	0	0	1.035	0.110	0	0	0.375
Capex	0	0	0	0	0.230	0	0	0.105	0	0	0	0
GCP	1.490	3.177	0.932	1.180	0	0.460	1.605	3.458	0.555	0	0.651	0.560
Refinance	1.899	3.071	2.538	0.743	0.172	1.725	1.383	0.273	23.440	0.172	0	3.067
Multiple/Other/NA	0.996	0.575	0.546	2.000	0.060	0.955	0.200	0.604	0.466	1.677	0.359	0.970
Total	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	4.972
	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	0.375	1	0.375	1	1.520	4	4.79%
Capex	0	0	0.230	1	0.105	1	0	0	0	0	0.335	2	0.00%
GCP	5.600	18	1.640	5	5.618	13	1.211	6	1.211	6	14.068	42	15.46%
Refinance	7.508	24	2.640	11	25.096	13	3.240	9	3.240	9	38.484	57	41.37%
Multiple/Other/NA	2.118	7	3.015	6	1.270	6	3.006	10	3.006	10	9.409	29	38.38%
Total	15.226	49	7.525	23	33.234	36	7.832	26	7.832	26	63.816	134	100.00%
Industry Sector (by SIC code)
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Agriculture (0xxx)	0	0	0	0	0	0	0.800	0	0.460	0	0	0
Mining (1xxx)	0	0.733	0.863	0.942	0	0.165	0	0.172	0	0	0	0.115
Oil and gas (13xx)	0	0	0.431	0	0	0.330	0.075	0	0.110	0.750	0.161	0.010
Construction (15xx)	0	0.500	0.115	0	0	0	0	0.100	0	0.058	0	0
Manufacturing (2xxx, 3xxx)	2.496	1.913	0.890	2.138	0	0.458	0.650	3.339	0.522	0	0	1.485
Pharmaceuticals (2834-6)	0	0.500	0.300	0	0.230	0	0	0	0	0	0	0
Transportation (4xxx)	0	0.172	0.201	0	0	0.460	0.415	0.460	0.230	0	0	0
Communications (48xx)	0.500	0	0.431	0	0	0	0	0.935	0	0	0	0
Electric, gas, sanitary services (49xx)	0	1.038	0.497	0	0	0	0	0	0	0	0	0
Wholesale (5xxx)	0	0.235	0.115	0	0	0.172	0	0	0	0	0	0.100
Finance, insurance, real estate (6xxx)	1.390	0.576	0.172	0.170	0.233	0.250	0.903	0.193	22.848	0.468	0.699	1.977
Services (7xxx)	0	1.158	0	0.672	0	0.560	0.345	0.276	0.400	0.575	0.150	1.285
Health services (8xxx)	0	0	0	0	0	0.745	0	0	0	0	0	0
Total	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	4.972
	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	0.115	1	0.115	1	2.989	7	1.47%
Oil and gas (13xx)	0.431	2	0.330	2	0.185	2	0.921	3	0.921	3	1.867	9	11.76%
Construction (15xx)	0.615	2	0	0	0.100	1	0.058	1	0.058	1	0.772	4	0.74%
Manufacturing (2xxx, 3xxx)	5.299	15	2.595	4	4.511	10	1.485	4	1.485	4	13.890	33	18.96%
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	1.535	5	0.00%
Wholesale (5xxx)	0.350	3	0.172	1	0	0	0.100	1	0.100	1	0.623	5	1.28%
Finance, insurance, real estate (6xxx)	2.138	8	0.652	4	23.944	10	3.144	11	3.144	11	29.878	33	40.14%
Services (7xxx)	1.158	4	1.232	5	1.021	4	2.010	5	2.010	5	5.421	18	25.66%
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	7.832	26	7.832	26	63.816	134	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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