Analysis of convertibles issuance for 13 months through October 2011

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

Coupon

	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
0%	2.070	0	0	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0	0	0	0	0	0.904	0	0.450	0	0.632	0	0	0
1%-1.99%	0	0.350	0	0	0.287	0	0	0.450	0.350	0.690	0	0	0.650
2%-2.99%	0.883	0.955	0.184	1.016	0	0.710	0	1.150	0.719	0.350	0	0.155	0.690
3%-3.99%	0.692	0.815	1.074	0	0	2.936	0	0.275	0.374	0.585	0	0	0
4%-4.99%	0	5.550	0	0.230	0	0.625	0	0.205	0	0.810	0	0	0
5%-5.99%	0.287	0	0	0.772	0.483	4.120	0.236	0	0	0.135	0	0	0
6%-6.99%	0	0.150	0.530	0.287	0.259	0.719	0.075	0.120	0	0	0	0	0.002
7%-7.99%	0	0.300	0.310	0.150	0.086	0.367	0.020	0	0	0	0	0	0
8% and higher	0	0	0.739	0	0	0.060	0.978	0	0.155	0	0	0	0
NA/Other	0.284	0	0	0	0	0	0	0	0	0	0	0	0
Total	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	2.070	1	0	0	0	0	0	0	0	0	0	0	2.070	1	2.070	1	0.00%
0.01%-0.99%	0	0	0.904	1	0.450	1	0.632	1	0	0	1.986	3	1.986	3	1.986	3	8.18%
1%-1.99%	0.350	1	0.287	1	0.800	3	0.690	2	0.650	2	2.428	8	2.777	9	2.777	9	10.00%
2%-2.99%	2.022	8	1.726	5	1.869	5	0.505	3	0.690	1	4.790	14	6.812	22	5.929	19	19.74%
3%-3.99%	2.581	10	2.936	7	0.649	4	0.585	4	0	0	4.170	15	6.751	25	6.059	23	17.18%
4%-4.99%	5.550	2	0.856	4	0.205	2	0.810	3	0	0	1.871	9	7.421	11	7.421	11	7.71%
5%-5.99%	0.287	1	5.375	9	0.236	2	0.135	1	0	0	5.746	12	6.034	13	5.746	12	23.68%
6%-6.99%	0.680	4	1.265	3	0.195	2	0	0	0.002	1	1.462	6	2.142	10	2.142	10	6.02%
7%-7.99%	0.610	3	0.604	6	0.020	1	0	0	0	0	0.624	7	1.234	10	1.234	10	2.57%
8% and higher	0.739	2	0.060	1	1.133	2	0	0	0	0	1.193	3	1.932	5	1.932	5	4.92%
NA/Other	0.284	1	0	0	0	0	0	0	0	0	0	0	0.284	1	0	0	0.00%
Total	15.174	33	14.013	37	5.557	22	3.358	14	1.342	4	24.270	77	39.444	110	35.227	102	100.00%
Premium
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
19.99% and lower	0	0.275	0.150	0.822	0.172	0.657	0.225	0.270	0.120	0	0	0	0
20%-29.99%	0.738	6.120	2.247	0.913	0.840	5.520	1.064	1.061	0.546	1.400	0	0	0.250
30-39.99%	1.125	1.290	0.430	0	0.103	4.011	0	1.320	0.702	1.802	0	0.155	1.090
40% and higher	0	0.435	0	0.720	0	0.253	0	0	0.230	0	0	0	0
NA	2.354	0	0.010	0	0	0	0.020	0	0	0	0	0	0.002
Total	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0.425	2	1.652	9	0.615	5	0	0	0	0	2.267	14	2.692	16	2.692	16	9.34%
20%-29.99%	9.104	15	7.273	15	2.671	8	1.400	6	0.250	1	11.594	30	20.698	45	19.961	43	47.77%
30-39.99%	2.845	12	4.115	10	2.022	7	1.958	8	1.090	2	9.184	27	12.030	39	10.904	35	37.84%
40% and higher	0.435	1	0.973	3	0.230	1	0	0	0	0	1.203	4	1.638	5	1.638	5	4.95%
NA	2.364	3	0	0	0.020	1	0	0	0.002	1	0.022	2	2.386	5	0.032	3	0.09%
Total	15.174	33	14.013	37	5.557	22	3.358	14	1.342	4	24.270	77	39.444	110	35.227	102	100.00%
Quick Sale?
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Yes	4.129	8.120	2.837	1.722	0.449	10.442	0.331	2.651	1.598	3.103	0	0.155	0.250
No	0.088	0	0	0.734	0.667	0	0.978	0	0	0.100	0	0	1.092
Total	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	15.086	32	12.613	31	4.580	21	3.258	13	0.250	1	20.700	66	35.786	98	31.657	91	85.29%
No	0.088	1	1.401	6	0.978	1	0.100	1	1.092	3	3.570	11	3.658	12	3.570	11	14.71%
Total	15.174	33	14.013	37	5.557	22	3.358	14	1.342	4	24.270	77	39.444	110	35.227	102	100.00%
Upsized?
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Yes	1.433	1.225	0.959	1.622	0.207	2.333	0.978	0.820	0.546	1.320	0	0	0
No	2.784	6.895	1.628	0.834	0.908	8.110	0.331	1.831	1.052	1.883	0	0.155	1.342
Downsized	0	0	0.250	0	0	0	0	0	0	0	0	0	0
Total	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.617	11	4.162	11	2.344	5	1.320	6	0	0	7.825	22	11.442	33	10.009	29	32.24%
No	11.307	21	9.852	26	3.213	17	2.038	8	1.342	4	16.445	55	27.752	76	24.968	72	67.76%
Downsized	0.250	1	0	0	0	0	0	0	0	0	0	0	0.250	1	0.250	1	0.00%
Total	15.174	33	14.013	37	5.557	22	3.358	14	1.342	4	24.270	77	39.444	110	35.227	102	100.00%
Seniority
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
senior	3.645	2.270	2.597	2.168	0.650	7.476	0.225	2.651	1.442	2.953	0	0.155	1.340
senior subordinated	0	0	0	0	0	0	0	0	0	0.250	0	0	0
subordinated	0	0	0.230	0.287	0	1.667	1.064	0	0	0	0	0	0
preferred	0.571	5.850	0.010	0	0.466	1.299	0.020	0	0.155	0	0	0	0.002
Total	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior	8.512	26	10.294	29	4.318	18	3.108	13	1.340	3	19.060	63	27.572	89	23.927	83	78.53%
senior subordinated	0	0	0	0	0	0	0.250	1	0	0	0.250	1	0.250	1	0.250	1	1.03%
subordinated	0.230	1	1.955	3	1.064	2	0	0	0	0	3.019	5	3.249	6	3.249	6	12.44%
preferred	6.431	6	1.764	5	0.175	2	0	0	0.002	1	1.942	8	8.373	14	7.802	12	8.00%
Total	15.174	33	14.013	37	5.557	22	3.358	14	1.342	4	24.270	77	39.444	110	35.227	102	100.00%
Mandatory
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Yes	2.354	5.000	0.490	0.287	0.552	3.815	0.978	0	0	0	0	0	0
No	1.863	3.120	2.347	2.168	0.564	6.627	0.331	2.651	1.598	3.203	0	0.155	1.342
Total	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	7.844	6	4.655	6	0.978	1	0	0	0	0	5.632	7	13.476	13	11.122	11	23.21%
No	7.330	27	9.358	31	4.580	21	3.358	14	1.342	4	18.638	70	25.968	97	24.105	91	76.79%
Total	15.174	33	14.013	37	5.557	22	3.358	14	1.342	4	24.270	77	39.444	110	35.227	102	100.00%
Greenshoe Exercised?
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Yes	2.059	7.135	1.927	2.305	1.115	6.972	1.064	2.256	1.598	2.228	0	0.155	0.940
No	2.158	0.985	0.910	0.150	0	3.470	0.245	0.395	0	0.975	0	0	0.402
Total	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	11.121	25	10.393	32	4.917	16	2.383	10	0.940	2	18.633	60	29.754	85	27.695	79	76.77%
No	4.053	8	3.620	5	0.640	6	0.975	4	0.402	2	5.637	17	9.690	25	7.532	23	23.23%
Total	15.174	33	14.013	37	5.557	22	3.358	14	1.342	4	24.270	77	39.444	110	35.227	102	100.00%
Versus Talk
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Richer	0.345	0.135	0	0	0	0.345	0	0	0	0	0	0	0
Rich end	0.287	6.070	0.824	0.287	0.190	1.206	0.978	1.320	0	1.323	0	0.155	0
Within	1.142	0.900	1.539	1.201	0	4.026	0.086	1.211	1.006	0.670	0	0	0
Cheap end	0	0.715	0.130	0.620	0	0.396	0.225	0.120	0.592	0.975	0	0	0.250
Cheaper	0	0	0	0	0	1.019	0	0	0	0	0	0	0
NA/Other	2.442	0.300	0.344	0.347	0.926	3.450	0.020	0	0	0.235	0	0	1.092
Total	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.480	2	0.345	2	0	0	0	0	0	0	0.345	2	0.825	4	0.480	3	1.42%
Rich end	7.181	9	1.683	7	2.297	5	1.478	4	0	0	5.459	16	12.640	25	12.352	24	22.49%
Within	3.582	10	5.226	12	2.303	10	0.670	5	0	0	8.200	27	11.781	37	10.639	34	33.79%
Cheap end	0.845	5	1.016	4	0.936	6	0.975	3	0.250	1	3.178	14	4.023	19	4.023	19	13.09%
Cheaper	0	0	1.019	2	0	0	0	0	0	0	1.019	2	1.019	2	1.019	2	4.20%
NA/Other	3.086	7	4.723	10	0.020	1	0.235	2	1.092	3	6.070	16	9.156	23	6.714	20	25.01%
Total	15.174	33	14.013	37	5.557	22	3.358	14	1.342	4	24.270	77	39.444	110	35.227	102	100.00%
Use of Proceeds
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Acquisition	0	0	0	0	0	1.034	0	0	0	0.767	0	0	0
Capex	0	0.185	0.080	0.620	0.103	0.200	0	0.125	0	0.100	0	0	0
GCP	3.134	1.360	0.768	0.330	0.380	2.774	0.181	0.240	0.264	0.160	0	0	0.402
No proceeds	0	0	0	0	0	3.315	0	0	0	0	0	0	0
Redeem convertibles	0.450	0	0.729	0	0	0	0	0.155	0	0.100	0	0	0
Refinance	0.287	0.485	0.230	0.338	0.345	1.090	0.978	0	0	0.250	0	0	0
Multiple/Other/NA	0.345	6.090	1.030	1.168	0.287	2.029	0.150	2.131	1.334	1.825	0	0.155	0.940
Total	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	1.034	3	0	0	0.767	2	0	0	1.801	5	1.801	5	1.801	5	7.42%
Capex	0.265	3	0.923	3	0.125	1	0.100	1	0	0	1.149	5	1.413	8	1.413	8	4.73%
GCP	5.262	14	3.483	11	0.685	7	0.160	2	0.402	2	4.730	22	9.992	36	6.858	31	19.49%
No proceeds	0	0	3.315	1	0	0	0	0	0	0	3.315	1	3.315	1	3.315	1	13.66%
Redeem convertibles	1.179	2	0	0	0.155	1	0.100	1	0	0	0.255	2	1.435	4	0.985	3	1.05%
Refinance	1.002	4	1.772	8	0.978	1	0.250	1	0	0	3.000	10	4.003	14	3.715	13	12.36%
Multiple/Other/NA	7.465	10	3.485	11	3.615	12	1.980	7	0.940	2	10.020	32	17.485	42	17.140	41	41.29%
Total	15.174	33	14.013	37	5.557	22	3.358	14	1.342	4	24.270	77	39.444	110	35.227	102	100.00%
Industry Sector (by SIC code)
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Mining (1xxx)	0	0	0	0	0.310	0.230	0	0	0.230	0	0	0	0
Oil and gas (13xx)	0.287	0.485	0	0	0	0	0	0	0.155	0.135	0	0	0
Construction (15xx)	0	0.435	0	0.100	0.086	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.438	6.110	0.704	0	0	3.845	0	2.175	0.776	1.300	0	0	0
Pharmaceuticals (2834-6)	0.450	0	0	0.850	0	0	0	0.275	0	0	0	0.155	0.650
Transportation (4xxx)	0	0	0.330	0	0	0.075	0	0	0	0	0	0	0
Communications (48xx)	0	0	0.729	0	0	0.172	0	0.120	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0.010	0	0	0	0.978	0	0	0	0	0	0
Wholesale (5xxx)	0.345	0.115	0.500	0	0	0	0	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	2.696	0.800	0.380	0.822	0.460	5.411	0.245	0	0	1.135	0	0	0.002
Services (7xxx)	0	0.175	0.184	0.683	0.259	0.648	0	0.081	0.120	0.632	0	0	0.690
Health services (8xxx)	0	0	0	0	0	0	0.086	0	0.316	0	0	0	0
Non-operating (9995)	0	0	0	0	0	0.060	0	0	0	0	0	0	0
Total	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0	0	0.540	3	0.230	1	0	0	0	0	0.770	4	0.770	4	0.770	4	3.17%
Oil and gas (13xx)	0.772	4	0	0	0.155	1	0.135	1	0	0	0.290	2	1.063	6	0.775	5	1.19%
Construction (15xx)	0.435	1	0.186	2	0	0	0	0	0	0	0.186	2	0.621	3	0.621	3	0.77%
Manufacturing (2xxx, 3xxx)	7.252	11	3.845	9	2.951	9	1.300	7	0	0	8.096	25	15.348	36	14.910	34	33.36%
Pharmaceuticals (2834-6)	0.450	1	0.850	2	0.275	2	0.155	1	0.650	2	1.931	7	2.381	8	1.931	7	7.96%
Transportation (4xxx)	0.330	2	0.075	1	0	0	0	0	0	0	0.075	1	0.405	3	0.405	3	0.31%
Communications (48xx)	0.729	1	0.172	1	0.120	1	0	0	0	0	0.292	2	1.022	3	1.022	3	1.20%
Electric, gas, sanitary services (49xx)	0.010	1	0	0	0.978	1	0	0	0	0	0.978	1	0.988	2	0.988	2	4.03%
Wholesale (5xxx)	0.960	3	0	0	0	0	0	0	0	0	0	0	0.960	3	0.615	2	0.00%
Finance, insurance, real estate (6xxx)	3.876	7	6.693	13	0.245	3	1.135	4	0.002	1	8.075	21	11.952	28	9.255	25	33.27%
Services (7xxx)	0.359	2	1.590	5	0.201	2	0.632	1	0.690	1	3.113	9	3.472	11	3.472	11	12.83%
Health services (8xxx)	0	0	0	0	0.403	2	0	0	0	0	0.403	2	0.403	2	0.403	2	1.66%
Non-operating (9995)	0	0	0.060	1	0	0	0	0	0	0	0.060	1	0.060	1	0.060	1	0.25%
Total	15.174	33	14.013	37	5.557	22	3.358	14	1.342	4	24.270	77	39.444	110	35.227	102	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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