Analysis of convertibles issuance for 13 months through November 2011

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

Coupon

	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
0%	0	0	0	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0	0	0	0	0.904	0	0.450	0	0.632	0	0	0	0
1%-1.99%	0.350	0	0	0.287	0	0	0.450	0.350	0.690	0	0	0.650	0.250
2%-2.99%	0.955	0.184	1.016	0	0.710	0	1.150	0.719	0.350	0	0.155	0.690	0
3%-3.99%	0.815	1.074	0	0	2.936	0	0.275	0.374	0.585	0	0	0	1.032
4%-4.99%	5.550	0	0.230	0	0.625	0	0.205	0	0.810	0	0	0	0
5%-5.99%	0	0	0.772	0.483	4.120	0.236	0	0	0.135	0	0	0	0.149
6%-6.99%	0.150	0.530	0.287	0.259	0.719	0.075	0.120	0	0	0	0	0.002	0
7%-7.99%	0.300	0.310	0.150	0.086	0.367	0.020	0	0	0	0	0	0	0
8% and higher	0	0.739	0	0	0.060	0.978	0	0.155	0	0	0	0	0
Total	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.00%
0.01%-0.99%	0.904	1	0.450	1	0.632	1	0	0	1.986	3	1.986	3	1.986	3	7.73%
1%-1.99%	0.287	1	0.800	3	0.690	2	0.900	3	2.678	9	3.027	10	2.678	9	10.42%
2%-2.99%	1.726	5	1.869	5	0.505	3	0.690	1	4.790	14	5.929	19	4.974	15	18.64%
3%-3.99%	2.936	7	0.649	4	0.585	4	1.032	3	5.202	18	7.091	26	6.276	22	20.24%
4%-4.99%	0.856	4	0.205	2	0.810	3	0	0	1.871	9	7.421	11	1.871	9	7.28%
5%-5.99%	5.375	9	0.236	2	0.135	1	0.149	1	5.895	13	5.895	13	5.895	13	22.94%
6%-6.99%	1.265	3	0.195	2	0	0	0.002	1	1.462	6	2.142	10	1.992	9	5.69%
7%-7.99%	0.604	6	0.020	1	0	0	0	0	0.624	7	1.234	10	0.934	9	2.43%
8% and higher	0.060	1	1.133	2	0	0	0	0	1.193	3	1.932	5	1.932	5	4.64%
Total	14.013	37	5.557	22	3.358	14	2.773	9	25.701	82	36.658	107	28.538	94	100.00%
Premium
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
19.99% and lower	0.275	0.150	0.822	0.172	0.657	0.225	0.270	0.120	0	0	0	0	0
20%-29.99%	6.120	2.247	0.913	0.840	5.520	1.064	1.061	0.546	1.400	0	0	0.250	0.149
30-39.99%	1.290	0.430	0	0.103	4.011	0	1.320	0.702	1.802	0	0.155	1.090	1.282
40% and higher	0.435	0	0.720	0	0.253	0	0	0.230	0	0	0	0	0
NA	0	0.010	0	0	0	0.020	0	0	0	0	0	0.002	0
Total	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431
	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	1.652	9	0.615	5	0	0	0	0	2.267	14	2.692	16	2.417	15	8.82%
20%-29.99%	7.273	15	2.671	8	1.400	6	0.399	2	11.743	31	20.110	44	13.99	39	45.69%
30-39.99%	4.115	10	2.022	7	1.958	8	2.372	6	10.466	31	12.186	39	10.896	33	40.72%
40% and higher	0.973	3	0.230	1	0	0	0	0	1.203	4	1.638	5	1.203	4	4.68%
NA	0	0	0.020	1	0	0	0.002	1	0.022	2	0.032	3	0.032	3	0.09%
Total	14.013	37	5.557	22	3.358	14	2.773	9	25.701	82	36.658	107	28.538	94	100.00%
Quick Sale?
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Yes	8.120	2.837	1.722	0.449	10.442	0.331	2.651	1.598	3.103	0	0.155	0.250	1.282
No	0	0	0.734	0.667	0	0.978	0	0	0.100	0	0	1.092	0.149
Total	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	12.613	31	4.580	21	3.258	13	1.532	5	21.982	70	32.939	95	24.819	82	85.53%
No	1.401	6	0.978	1	0.100	1	1.241	4	3.719	12	3.719	12	3.719	12	14.47%
Total	14.013	37	5.557	22	3.358	14	2.773	9	25.701	82	36.658	107	28.538	94	100.00%
Upsized?
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Yes	1.225	0.959	1.622	0.207	2.333	0.978	0.820	0.546	1.320	0	0	0	1.090
No	6.895	1.628	0.834	0.908	8.110	0.331	1.831	1.052	1.883	0	0.155	1.342	0.149
Downsized	0	0.250	0	0	0	0	0	0	0	0	0	0	0.192
Total	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.162	11	2.344	5	1.320	6	1.090	3	8.915	25	11.099	32	9.874	27	34.69%
No	9.852	26	3.213	17	2.038	8	1.491	5	16.594	56	25.117	73	18.222	65	64.57%
Downsized	0	0	0	0	0	0	0.192	1	0.192	1	0.442	2	0.442	2	0.75%
Total	14.013	37	5.557	22	3.358	14	2.773	9	25.701	82	36.658	107	28.538	94	100.00%
Seniority
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
senior	2.270	2.597	2.168	0.650	7.476	0.225	2.651	1.442	2.953	0	0.155	1.340	1.431
senior subordinated	0	0	0	0	0	0	0	0	0.250	0	0	0	0
subordinated	0	0.230	0.287	0	1.667	1.064	0	0	0	0	0	0	0
preferred	5.850	0.010	0	0.466	1.299	0.020	0	0.155	0	0	0	0.002	0
Total	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior	10.294	29	4.318	18	3.108	13	2.771	8	20.490	68	25.357	88	23.087	78	79.72%
senior subordinated	0	0	0	0	0.250	1	0	0	0.250	1	0.250	1	0.25	1	0.97%
subordinated	1.955	3	1.064	2	0	0	0	0	3.019	5	3.249	6	3.249	6	11.75%
preferred	1.764	5	0.175	2	0	0	0.002	1	1.942	8	7.802	12	1.952	9	7.56%
Total	14.013	37	5.557	22	3.358	14	2.773	9	25.701	82	36.658	107	28.538	94	100.00%
Mandatory
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Yes	5.000	0.490	0.287	0.552	3.815	0.978	0	0	0	0	0	0	0
No	3.120	2.347	2.168	0.564	6.627	0.331	2.651	1.598	3.203	0	0.155	1.342	1.431
Total	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.655	6	0.978	1	0	0	0	0	5.632	7	11.122	11	6.122	10	21.91%
No	9.358	31	4.580	21	3.358	14	2.773	9	20.068	75	25.535	96	22.415	84	78.08%
Total	14.013	37	5.557	22	3.358	14	2.773	9	25.701	82	36.658	107	28.538	94	100.00%
Greenshoe Exercised?
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Yes	7.135	1.927	2.305	1.115	6.972	1.064	2.256	1.598	2.228	0	0.155	0.940	0.740
No	0.985	0.910	0.150	0	3.470	0.245	0.395	0	0.975	0	0	0.402	0.691
Total	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	10.393	32	4.917	16	2.383	10	1.680	4	19.372	62	28.434	81	21.299	70	75.37%
No	3.620	5	0.640	6	0.975	4	1.093	5	6.328	20	8.223	26	7.238	24	24.62%
Total	14.013	37	5.557	22	3.358	14	2.773	9	25.701	82	36.658	107	28.538	94	100.00%
Versus Talk
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Richer	0.135	0	0	0	0.345	0	0	0	0	0	0	0	0
Rich end	6.070	0.824	0.287	0.190	1.206	0.978	1.320	0	1.323	0	0.155	0	0
Within	0.900	1.539	1.201	0	4.026	0.086	1.211	1.006	0.670	0	0	0	0.250
Cheap end	0.715	0.130	0.620	0	0.396	0.225	0.120	0.592	0.975	0	0	0.250	0.840
Cheaper	0	0	0	0	1.019	0	0	0	0	0	0	0	0
NA/Other	0.300	0.344	0.347	0.926	3.450	0.020	0	0	0.235	0	0	1.092	0.341
Total	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.345	2	0	0	0	0	0	0	0.345	2	0.480	3	0.345	2	1.34%
Rich end	1.683	7	2.297	5	1.478	4	0	0	5.459	16	12.352	24	6.282	20	21.24%
Within	5.226	12	2.303	10	0.670	5	0.250	1	8.450	28	10.889	35	9.989	32	32.88%
Cheap end	1.016	4	0.936	6	0.975	3	1.090	3	4.017	16	4.862	21	4.147	17	15.63%
Cheaper	1.019	2	0	0	0	0	0	0	1.019	2	1.019	2	1.019	2	3.96%
NA/Other	4.723	10	0.020	1	0.235	2	1.433	5	6.411	18	7.055	22	6.755	21	24.94%
Total	14.013	37	5.557	22	3.358	14	2.773	9	25.701	82	36.658	107	28.538	94	100.00%
Use of Proceeds
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Acquisition	0	0	0	0	1.034	0	0	0	0.767	0	0	0	0.341
Capex	0.185	0.080	0.620	0.103	0.200	0	0.125	0	0.100	0	0	0	0
GCP	1.360	0.768	0.330	0.380	2.774	0.181	0.240	0.264	0.160	0	0	0.402	1.090
No proceeds	0	0	0	0	3.315	0	0	0	0	0	0	0	0
Redeem convertibles	0	0.729	0	0	0	0	0.155	0	0.100	0	0	0	0
Refinance	0.485	0.230	0.338	0.345	1.090	0.978	0	0	0.250	0	0	0	0
Multiple/Other/NA	6.090	1.030	1.168	0.287	2.029	0.150	2.131	1.334	1.825	0	0.155	0.940	0
Total	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	1.034	3	0	0	0.767	2	0.341	2	2.142	7	2.142	7	2.142	7	8.33%
Capex	0.923	3	0.125	1	0.100	1	0	0	1.149	5	1.413	8	1.228	6	4.47%
GCP	3.483	11	0.685	7	0.160	2	1.492	5	5.820	25	7.948	34	6.588	30	22.65%
No proceeds	3.315	1	0	0	0	0	0	0	3.315	1	3.315	1	3.315	1	12.90%
Redeem convertibles	0	0	0.155	1	0.100	1	0	0	0.255	2	0.985	3	0.985	3	0.99%
Refinance	1.772	8	0.978	1	0.250	1	0	0	3.000	10	3.715	13	3.23	11	11.67%
Multiple/Other/NA	3.485	11	3.615	12	1.980	7	0.940	2	10.020	32	17.140	41	11.05	36	38.99%
Total	14.013	37	5.557	22	3.358	14	2.773	9	25.701	82	36.658	107	28.538	94	100.00%
Industry Sector (by SIC code)
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Mining (1xxx)	0	0	0	0.310	0.230	0	0	0.230	0	0	0	0	0
Oil and gas (13xx)	0.485	0	0	0	0	0	0	0.155	0.135	0	0	0	0
Construction (15xx)	0.435	0	0.100	0.086	0	0	0	0	0	0	0	0	0.350
Manufacturing (2xxx, 3xxx)	6.110	0.704	0	0	3.845	0	2.175	0.776	1.300	0	0	0	0
Pharmaceuticals (2834-6)	0	0	0.850	0	0	0	0.275	0	0	0	0.155	0.650	0.490
Transportation (4xxx)	0	0.330	0	0	0.075	0	0	0	0	0	0	0	0
Communications (48xx)	0	0.729	0	0	0.172	0	0.120	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0.010	0	0	0	0.978	0	0	0	0	0	0	0
Wholesale (5xxx)	0.115	0.500	0	0	0	0	0	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0.800	0.380	0.822	0.460	5.411	0.245	0	0	1.135	0	0	0.002	0
Services (7xxx)	0.175	0.184	0.683	0.259	0.648	0	0.081	0.120	0.632	0	0	0.690	0.591
Health services (8xxx)	0	0	0	0	0	0.086	0	0.316	0	0	0	0	0
Non-operating (9995)	0	0	0	0	0.060	0	0	0	0	0	0	0	0
Total	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.540	3	0.230	1	0	0	0	0	0.770	4	0.770	4	0.77	4	3.00%
Oil and gas (13xx)	0	0	0.155	1	0.135	1	0	0	0.290	2	0.775	5	0.29	2	1.13%
Construction (15xx)	0.186	2	0	0	0	0	0.350	1	0.536	3	0.971	4	0.536	3	2.09%
Manufacturing (2xxx, 3xxx)	3.845	9	2.951	9	1.300	7	0	0	8.096	25	14.910	34	8.8	29	31.50%
Pharmaceuticals (2834-6)	0.850	2	0.275	2	0.155	1	1.140	3	2.420	8	2.420	8	2.42	8	9.42%
Transportation (4xxx)	0.075	1	0	0	0	0	0	0	0.075	1	0.405	3	0.405	3	0.29%
Communications (48xx)	0.172	1	0.120	1	0	0	0	0	0.292	2	1.022	3	1.022	3	1.14%
Electric, gas, sanitary services (49xx)	0	0	0.978	1	0	0	0	0	0.978	1	0.988	2	0.988	2	3.81%
Wholesale (5xxx)	0	0	0	0	0	0	0	0	0	0	0.615	2	0.5	1	0.00%
Finance, insurance, real estate (6xxx)	6.693	13	0.245	3	1.135	4	0.002	1	8.075	21	9.255	25	8.455	23	31.42%
Services (7xxx)	1.590	5	0.201	2	0.632	1	1.281	4	3.704	12	4.063	14	3.888	13	14.41%
Health services (8xxx)	0	0	0.403	2	0	0	0	0	0.403	2	0.403	2	0.403	2	1.57%
Non-operating (9995)	0.060	1	0	0	0	0	0	0	0.060	1	0.060	1	0.06	1	0.23%
Total	14.013	37	5.557	22	3.358	14	2.773	9	25.701	82	36.658	107	28.538	94	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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