Analysis of May Convertibles Issuance

Total: $3,531.55 in 20 deals priced in May

Amount ($mlns) Number

Regular convertibles 3,283.09 13

Investment bank deals 248.46 7

Total $3,531.55 20

Note: Investment bank deals are offerings issued by an investment bank and linked to or exchangeable for the stock of another company.

All data below excludes these investment bank deals (but includes investment bank offerings convertible into their own stock).

All amounts in millions of dollars.

Upsized?

Yes 1,428.59 43.51%

No 1,854.50 56.49%

Total $3,283.09

Coupon

0%, negative 763.58 23.26%

>0%, <3% 350.00 10.66%

3%-3.99% 150.01 4.57%

4%-4.99% 505.00 15.38%

5%-5.99% 449.50 13.69%

6%-6.99% 625.00 19.04%

>=7% 440.00 13.40%

Total $3,283.09

Initial Conversion Premium

10%-19.99% 413.59 12.60%

20%-24.99% 790.00 24.06%

25%-29.99% 905.00 27.57%

30%-39.99% 674.51 20.54%

>=40% 500.00 15.23%

Total $3,283.09

Putable?

Yes 1,113.59 33.92%

No 2,169.51 66.08%

Total $3,283.09

Contingent Conversion?

Yes 1,124.50 34.25%

No 2,158.59 65.75%

Total $3,283.09

Mandatory?

Yes 790.00 24.06%

No 2,493.09 75.94%

Total $3,283.09

Industry sector (by SIC code)

Manufacturing (2xxx, 3xxx) 475.00 14.47%

Electric, gas, sanitary services (49xx) 440.00 13.40%

Retail (5xxx) 1,054.50 32.12%

Finance, insurance, real estate (6xxx) 913.59 27.83%

Services (7xxx) 150.00 4.57%

Health services (8xxx) 250.00 7.61%

Total $3,283.09

Criteria

* The tables include all 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.

* 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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