Analysis of convertibles issuance for 13 months through June 2010

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

Coupon

	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
0%	0	0	0	0	0	0	0	0	0	0	0	0	1.250
0.01%-0.99%	0	0	0	0	0	0	0	0.575	0	0	0	0	0
1%-1.99%	0	0	0	0	0	0	0	0	0	0.575	0	0	0
2%-2.99%	0.863	0	0	0	0	0	0.400	0	0	0.748	0.277	0.345	0.870
3%-3.99%	0	2.570	0	0.360	1.240	0.259	0	0.930	0.150	1.292	0	0.690	0.153
4%-4.99%	0.814	0	0.403	1.015	0.575	4.631	0.990	0	0.490	1.970	1.411	0	0.125
5%-5.99%	1.248	0.410	0	0.420	0.415	0.565	0.225	0	0	0	0.787	1.103	0
6%-6.99%	0.636	0.942	0	0.460	0.365	0	0	0.115	0.161	0.010	0	0	0
7%-7.99%	0.140	0	0	0.745	0.593	0.020	3.660	0.230	0	0.575	0	0.106	0
8% and higher	0.317	0	0.060	0.140	0	0	0.006	0	0	0	0.510	0	1.165
NA/Other	0	0	0	0	0	0	19.290	0	0.209	0	1.150	0	0
Total	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.563
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
0%	0	0	0	0	0	0	1.250	1	1.250	1	1.250	1	6.96%
0.01%-0.99%	0	0	0	0	0.575	1	0	0	0.575	1	0.575	1	3.20%
1%-1.99%	0	0	0	0	0.575	1	0	0	0.575	1	0.575	1	3.20%
2%-2.99%	0	0	0.400	1	0.748	2	1.492	4	2.239	6	3.502	8	12.46%
3%-3.99%	2.930	4	1.499	4	2.372	7	0.843	2	3.216	9	7.644	17	17.89%
4%-4.99%	1.417	6	6.196	14	2.460	8	1.536	3	3.996	11	12.423	34	22.23%
5%-5.99%	0.831	6	1.205	7	0	0	1.890	5	1.890	5	5.173	24	10.52%
6%-6.99%	1.402	3	0.365	2	0.286	3	0	0	0.286	3	2.689	12	1.59%
7%-7.99%	0.745	2	4.273	6	0.805	3	0.106	2	0.911	5	6.069	14	5.07%
8% and higher	0.200	2	0.006	1	0	0	1.675	4	1.675	4	2.197	10	9.32%
NA/Other	0	0	19.290	1	0.209	1	1.150	1	1.359	2	20.649	3	7.56%
Total	7.525	23	33.234	36	8.030	26	9.942	22	17.972	48	62.746	125	100.00%
Premium
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
19.99% and lower	1.376	0.942	0	0	0.293	1.567	0.050	0.115	0	0.342	0	0.032	0.153
20%-29.99%	1.202	2.580	0.172	1.927	1.155	3.047	4.140	0.985	0.801	2.672	2.543	0.075	2.145
30-39.99%	1.438	0.400	0.230	1.212	1.740	0.735	1.032	0	0	2.155	0.277	0.345	1.250
40% and higher	0	0	0	0	0	0	0.006	0	0	0	0.165	0.690	0
NA	0	0	0.060	0	0	0.125	19.342	0.750	0.209	0	1.150	1.103	0.015
Total	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.563
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	0.942	2	1.911	5	0.457	2	0.185	2	0.642	4	4.870	19	3.57%
20%-29.99%	4.681	13	8.342	14	4.458	17	4.763	11	9.222	28	23.447	61	51.31%
30-39.99%	1.843	7	3.507	12	2.155	5	1.871	3	4.027	8	10.814	31	22.41%
40% and higher	0	0	0.006	1	0	0	0.855	2	0.855	2	0.861	3	4.76%
NA	0.060	1	19.467	4	0.959	2	2.268	4	3.226	6	22.753	11	17.95%
Total	7.525	23	33.234	36	8.030	26	9.942	22	17.972	48	62.746	125	100.00%
Quick Sale?
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Yes	4.016	3.922	0.463	3.140	3.188	5.370	24.512	1.850	1.010	5.170	3.874	1.141	3.548
No	0	0	0	0	0	0.105	0.058	0	0	0	0.261	1.103	0.015
Total	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.563
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	7.525	23	33.070	33	8.030	26	8.564	18	16.593	44	61.204	118	92.33%
No	0	0	0.163	3	0	0	1.379	4	1.379	4	1.542	7	7.67%
Total	7.525	23	33.234	36	8.030	26	9.942	22	17.972	48	62.746	125	100.00%
Upsized?
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Yes	1.614	2.711	0	2.397	1.485	4.463	20.172	1.103	0	2.465	3.348	1.035	0
No	2.402	1.212	0.463	0.743	1.703	1.012	4.398	0.748	1.010	2.705	0.786	1.209	3.563
Total	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.563
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	5.108	12	26.120	16	3.567	10	4.383	8	7.951	18	40.793	54	44.24%
No	2.417	11	7.114	20	4.462	16	5.559	14	10.021	30	21.953	71	55.76%
Total	7.525	23	33.234	36	8.030	26	9.942	22	17.972	48	62.746	125	100.00%
Seniority
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
senior secured	0	0	0	0	0	0	0	0	0	0	0.165	0	0
senior	3.014	1.922	0.403	2.655	2.638	4.520	4.698	1.792	0.860	3.880	3.425	1.141	2.398
senior subordinated	0	0	0	0	0.550	0.935	0.172	0	0.150	0	0.200	0	0
subordinated	0.374	2.000	0.060	0	0	0	0.300	0.058	0	0.715	0.345	0	1.150
preferred	0.629	0	0	0.485	0	0.020	19.400	0	0	0.575	0	1.103	0.015
Total	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.563
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
senior secured	0	0	0	0	0	0	0.165	1	0.165	1	0.165	1	0.92%
senior	4.980	19	11.856	28	6.532	22	6.965	15	13.497	37	33.346	97	75.10%
senior subordinated	0	0	1.657	3	0.150	1	0.200	1	0.350	2	2.007	5	1.95%
subordinated	2.060	2	0.300	2	0.772	2	1.495	2	2.268	4	5.001	9	12.62%
preferred	0.485	2	19.420	3	0.575	1	1.117	3	1.692	4	22.226	13	9.41%
Total	7.525	23	33.234	36	8.030	26	9.942	22	17.972	48	62.746	125	100.00%
Mandatory
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Yes	0.172	0.942	0	0	0.300	0	22.790	0.058	0	0.575	0	0	1.150
No	3.844	2.981	0.463	3.140	2.888	5.475	1.781	1.792	1.010	4.595	4.135	2.244	2.413
Total	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.563
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	0.942	2	23.090	3	0.632	2	1.150	1	1.782	3	25.987	9	9.92%
No	6.583	21	10.144	33	7.397	24	8.792	21	16.189	45	36.759	116	90.08%
Total	7.525	23	33.234	36	8.030	26	9.942	22	17.972	48	62.746	125	100.00%
Greenshoe Exercised?
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Yes	3.191	2.981	0.403	2.550	1.170	5.270	1.573	1.100	0.520	4.343	3.709	1.067	2.750
No	0.825	0.942	0.060	0.590	2.018	0.205	22.998	0.750	0.490	0.827	0.426	1.177	0.813
Total	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.563
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	5.933	18	8.012	22	5.962	20	7.525	13	13.488	33	30.624	88	75.05%
No	1.592	5	25.221	14	2.067	6	2.417	9	4.484	15	32.122	37	24.95%
Total	7.525	23	33.234	36	8.030	26	9.942	22	17.972	48	62.746	125	100.00%
Versus Talk
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Richer	0.172	0	0.403	0.860	0	0.103	0	0	0	0.717	0.345	0	0
Rich end	0.427	0.400	0	0.645	1.240	0.273	3.610	0.058	0	0.750	1.495	0	0
Within	1.285	2.272	0	1.090	0.745	4.341	0.902	0.922	0.150	3.237	0.165	0.765	2.750
Cheap end	2.074	1.112	0	0.200	0.910	0.632	0	0.295	0.490	0.115	0.719	0.345	0.125
Cheaper	0.058	0.138	0	0	0	0	0	0.575	0	0.240	0	0	0.520
NA/Other	0	0	0.060	0.345	0.293	0.125	20.058	0	0.370	0.110	1.411	1.134	0.168
Total	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.563
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Richer	1.262	4	0.103	1	0.717	2	0.345	1	1.062	3	2.601	9	5.91%
Rich end	1.045	5	5.122	9	0.807	3	1.495	2	2.303	5	8.898	21	12.81%
Within	3.362	7	5.989	12	4.310	11	3.680	6	7.990	17	18.626	41	44.46%
Cheap end	1.312	4	1.542	5	0.900	4	1.189	5	2.089	9	7.017	27	11.62%
Cheaper	0.138	1	0	0	0.815	2	0.520	1	1.335	3	1.530	5	7.43%
NA/Other	0.405	2	20.476	9	0.480	4	2.713	7	3.193	11	24.074	22	17.77%
Total	7.525	23	33.234	36	8.030	26	9.942	22	17.972	48	62.746	125	100.00%
Use of Proceeds
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Acquisition	0	0	0	0	0	1.035	0.110	0	0	0.375	0	0	1.150
Capex	0	0	0.230	0	0	0.105	0	0	0	0	0	0	0
GCP	0.932	1.180	0	0.460	1.605	3.458	0.555	0	0.651	0.637	1.737	0.377	0
Redeem convertibles	0	0	0	0	0	0	0	0	0	0	0	0	0.153
Refinance	2.538	0.743	0.172	1.725	1.383	0.273	23.440	0.172	0	3.157	1.515	1.177	0
Multiple/Other/NA	0.546	2.000	0.060	0.955	0.200	0.604	0.466	1.677	0.359	1.000	0.882	0.690	2.260
Total	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.563
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	1.145	3	0.375	1	1.150	1	1.525	2	2.670	5	8.49%
Capex	0.230	1	0.105	1	0	0	0	0	0	0	0.335	2	0.00%
GCP	1.640	5	5.618	13	1.288	6	2.114	5	3.402	11	11.593	35	18.93%
Redeem convertibles	0	0	0	0	0	0	0.153	1	0.153	1	0.153	1	0.85%
Refinance	2.640	11	25.096	13	3.330	9	2.692	6	6.022	15	36.295	49	33.51%
Multiple/Other/NA	3.015	6	1.270	6	3.036	10	3.833	9	6.869	19	11.700	33	38.22%
Total	7.525	23	33.234	36	8.030	26	9.942	22	17.972	48	62.746	125	100.00%
Industry Sector (by SIC code)
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Agriculture (0xxx)	0	0	0	0	0.800	0	0.460	0	0	0	0	0	0
Mining (1xxx)	0.863	0.942	0	0.165	0	0.172	0	0	0	0.115	0	0	0
Oil and gas (13xx)	0.431	0	0	0.330	0.075	0	0.110	0.750	0.161	0.010	0	1.103	0
Construction (15xx)	0.115	0	0	0	0	0.100	0	0.058	0	0	0.277	0.075	0
Manufacturing (2xxx, 3xxx)	0.890	2.138	0	0.458	0.650	3.339	0.522	0	0	1.515	0.165	0.690	0.520
Pharmaceuticals (2834-6)	0.300	0	0.230	0	0	0	0	0	0	0	0	0.345	0
Transportation (4xxx)	0.201	0	0	0.460	0.415	0.460	0.230	0	0	0	0.242	0	0
Communications (48xx)	0.431	0	0	0	0	0.935	0	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0.497	0	0	0	0	0	0	0	0	0	0	0	1.150
Wholesale (5xxx)	0.115	0	0	0.172	0	0	0	0	0	0.115	0	0	0
Finance, insurance, real estate (6xxx)	0.172	0.170	0.233	0.250	0.903	0.193	22.848	0.468	0.699	2.092	2.101	0.032	0.293
Services (7xxx)	0	0.672	0	0.560	0.345	0.276	0.400	0.575	0.150	1.323	1.350	0	1.600
Health services (8xxx)	0	0	0	0.745	0	0	0	0	0	0	0	0	0
Total	4.016	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.563
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	1.260	3	0	0	0	0	0	0	1.260	3	0.00%
Mining (1xxx)	1.107	3	0.172	1	0.115	1	0	0	0.115	1	2.257	6	0.64%
Oil and gas (13xx)	0.330	2	0.185	2	0.921	3	1.103	2	2.023	5	2.970	11	11.26%
Construction (15xx)	0	0	0.100	1	0.058	1	0.351	2	0.409	3	0.624	5	2.28%
Manufacturing (2xxx, 3xxx)	2.595	4	4.511	10	1.515	4	1.375	3	2.890	7	10.887	26	16.08%
Pharmaceuticals (2834-6)	0.230	1	0	0	0	0	0.345	1	0.345	1	0.875	3	1.92%
Transportation (4xxx)	0.460	1	1.105	4	0	0	0.242	1	0.242	1	2.009	8	1.35%
Communications (48xx)	0	0	0.935	1	0	0	0	0	0	0	1.366	3	0.00%
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	1.150	1	1.150	1	1.647	3	6.40%
Wholesale (5xxx)	0.172	1	0	0	0.115	1	0	0	0.115	1	0.403	3	0.64%
Finance, insurance, real estate (6xxx)	0.652	4	23.944	10	3.259	11	2.426	8	5.684	19	30.453	34	31.63%
Services (7xxx)	1.232	5	1.021	4	2.047	5	2.950	4	4.997	9	7.251	18	27.80%
Health services (8xxx)	0.745	2	0	0	0	0	0	0	0	0	0.745	2	0.00%
Total	7.525	23	33.234	36	8.030	26	9.942	22	17.972	48	62.746	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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