Analysis of convertibles issuance for 13 months through February 2011

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

Coupon

	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
0%	0	0	0	0	1.250	0	0	0	2.070	0	0	0	0
0.01%-0.99%	0	0	0	0	0	0	0	0	0	0	0	0	0
1%-1.99%	0	0.575	0	0	0	2.500	1.000	0	0	0.350	0	0	0.287
2%-2.99%	0	0.748	0.277	0.345	0.870	0	0.550	0.115	0.883	0.955	0.184	1.016	0
3%-3.99%	0.150	1.292	0	0.690	0.153	0	0.400	0.770	0.692	0.815	1.074	0	0
4%-4.99%	0.490	1.970	1.435	0	0.125	0	0	0.302	0	5.550	0	0.230	0
5%-5.99%	0	0	0.787	1.103	0	0.125	0.100	0.150	0.287	0	0	0.772	0.456
6%-6.99%	0.161	0.010	0	0	0	1.265	0	0.990	0	0.150	0.530	0.287	0.259
7%-7.99%	0	0.575	0	0.106	0	0	0	0.396	0	0.300	0.310	0.150	0.086
8% and higher	0	0	0.510	0	1.150	0.900	0	0.032	0	0	0.739	0	0
NA/Other	0.209	0	1.150	0	0	0	0	0	0.284	0	0	0	0
Total	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	1.250	1	0	0	2.070	1	0	0	0	0	3.320	2	3.320	2	0.00%
0.01%-0.99%	0	1	0	0	0	1	0	0	0	0	0	0	0	0	0.00%
1%-1.99%	0	0	3.500	3	0.350	1	0.287	1	0.287	1	4.713	6	4.713	6	8.10%
2%-2.99%	1.492	4	0.665	2	2.022	8	1.016	2	1.016	2	5.942	18	5.942	18	28.67%
3%-3.99%	0.843	2	1.170	4	2.581	10	0	0	0	0	6.037	21	5.887	20	0.00%
4%-4.99%	1.560	3	0.302	2	5.550	2	0.230	1	0.230	1	10.102	16	9.613	15	6.49%
5%-5.99%	1.890	5	0.375	3	0.287	1	1.228	5	1.228	5	3.780	14	3.780	14	34.65%
6%-6.99%	0	0	2.255	3	0.680	4	0.546	2	0.546	2	3.653	11	3.492	10	15.41%
7%-7.99%	0.106	2	0.396	1	0.610	3	0.236	3	0.236	3	1.924	10	1.924	10	6.66%
8% and higher	1.660	3	0.931	2	0.739	2	0	0	0	0	3.331	7	3.331	7	0.00%
NA/Other	1.150	1	0	0	0.284	1	0	0	0	0	1.643	3	1.434	2	0.00%
Total	9.951	21	9.596	20	15.174	33	3.544	14	3.544	14	44.444	108	43.434	104	100.00%
Premium
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
19.99% and lower	0	0.342	0	0.032	0.153	0.900	0.400	0	0	0.275	0.150	0.822	0.172
20%-29.99%	0.801	2.672	2.567	0.075	2.145	1.390	1.100	1.651	0.738	6.120	2.247	0.913	0.812
30-39.99%	0	2.155	0.277	0.345	1.250	2.500	0.550	1.074	1.125	1.290	0.430	0	0.103
40% and higher	0	0	0.165	0.690	0	0	0	0.032	0	0.435	0	0.720	0
NA	0.209	0	1.150	1.103	0	0	0	0	2.354	0	0.010	0	0
Total	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0.185	2	1.300	2	0.425	2	0.995	4	0.995	4	3.247	11	3.247	11	28.08%
20%-29.99%	4.787	11	4.141	9	9.104	15	1.726	7	1.726	7	23.232	55	22.431	52	48.70%
30-39.99%	1.871	3	4.124	8	2.845	12	0.103	1	0.103	1	11.099	29	11.099	29	2.91%
40% and higher	0.855	2	0.032	1	0.435	1	0.720	2	0.720	2	2.041	6	2.041	6	20.31%
NA	2.252	3	0	0	2.364	3	0	0	0	0	4.825	7	4.616	6	0.00%
Total	9.951	21	9.596	20	15.174	33	3.544	14	3.544	14	44.444	108	43.434	104	100.00%
Quick Sale?
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Yes	1.010	5.170	3.874	1.141	3.548	4.790	2.050	2.724	4.129	8.120	2.837	1.722	0.449
No	0	0	0.285	1.103	0	0	0	0.032	0.088	0	0	0.734	0.640
Total	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	8.564	18	9.564	19	15.086	32	2.171	8	2.171	8	41.564	97	40.554	93	61.26%
No	1.387	3	0.032	1	0.088	1	1.373	6	1.373	6	2.881	11	2.881	11	38.74%
Total	9.951	21	9.596	20	15.174	33	3.544	14	3.544	14	44.444	108	43.434	104	100.00%
Upsized?
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Yes	0	2.465	3.372	1.035	0	0	0.550	0.300	1.433	1.225	0.959	1.622	0.180
No	1.010	2.705	0.786	1.209	3.548	4.790	1.500	2.456	2.784	6.895	1.628	0.834	0.908
Downsized	0	0	0	0	0	0	0	0	0	0	0.250	0	0
Total	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.407	8	0.850	3	3.617	11	1.802	5	1.802	5	13.141	34	13.141	34	50.85%
No	5.544	13	8.746	17	11.307	21	1.742	9	1.742	9	31.053	73	30.043	69	49.15%
Downsized	0	0	0	0	0.250	1	0	0	0	0	0.250	1	0.250	1	0.00%
Total	9.951	21	9.596	20	15.174	33	3.544	14	3.544	14	44.444	108	43.434	104	100.00%
Seniority
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
senior secured	0	0	0.165	0	0	0	0	0	0	0	0	0	0
senior	0.860	3.880	3.449	1.141	2.398	3.525	1.650	2.756	3.645	2.270	2.827	2.168	0.650
senior subordinated	0.150	0	0.200	0	0	0	0.400	0	0	0	0	0	0
subordinated	0	0.715	0.345	0	1.150	0	0	0	0	0	0	0.287	0
preferred	0	0.575	0	1.103	0	1.265	0	0	0.571	5.850	0.010	0	0.439
Total	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0.165	1	0	0	0	0	0	0	0	0	0.165	1	0.165	1	0.00%
senior	6.989	15	7.931	18	8.742	27	2.818	11	2.818	11	31.219	88	30.359	85	79.51%
senior subordinated	0.200	1	0.400	1	0	0	0	0	0	0	0.750	3	0.600	2	0.00%
subordinated	1.495	2	0	0	0	0	0.287	1	0.287	1	2.498	4	2.498	4	8.10%
preferred	1.103	2	1.265	1	6.431	6	0.439	2	0.439	2	9.813	12	9.813	12	12.39%
Total	9.951	21	9.596	20	15.174	33	3.544	14	3.544	14	44.444	108	43.434	104	100.00%
Mandatory
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Yes	0	0.575	0	0	1.150	1.265	0	1.186	2.070	5.000	0.260	0.287	0.525
No	1.010	4.595	4.159	2.244	2.398	3.525	2.050	1.570	2.147	3.120	2.577	2.168	0.564
Total	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.150	1	2.451	3	7.330	4	0.812	4	0.812	4	12.318	13	12.318	13	22.91%
No	8.801	20	7.145	17	7.844	29	2.732	10	2.732	10	32.126	95	31.116	91	77.09%
Total	9.951	21	9.596	20	15.174	33	3.544	14	3.544	14	44.444	108	43.434	104	100.00%
Greenshoe Exercised?
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Yes	0.520	4.343	3.994	1.067	2.750	4.790	0.950	2.724	2.059	7.135	1.927	2.305	0.908
No	0.490	0.827	0.165	1.177	0.798	0	1.100	0.032	2.158	0.985	0.910	0.150	0.180
Total	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	7.810	14	8.464	17	11.121	25	3.214	11	3.214	11	35.472	82	34.952	79	90.69%
No	2.141	7	1.131	3	4.053	8	0.330	3	0.330	3	8.973	26	8.483	25	9.31%
Total	9.951	21	9.596	20	15.174	33	3.544	14	3.544	14	44.444	108	43.434	104	100.00%
Versus Talk
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Richer	0	0.717	0.345	0	0	0	0	0.115	0.345	0.135	0	0	0
Rich end	0	0.750	1.495	0	0	3.765	0	1.092	0.287	6.070	0.824	0.287	0.190
Within	0.150	3.237	0.165	0.765	2.750	0	1.550	0.951	1.142	0.900	1.539	1.201	0
Cheap end	0.490	0.115	0.719	0.345	0.125	0.125	0.500	0	0	0.715	0.130	0.620	0
Cheaper	0	0.240	0	0	0.520	0	0	0	0	0	0	0	0
NA/Other	0.370	0.110	1.435	1.134	0.153	0.900	0	0.598	2.442	0.300	0.344	0.347	0.899
Total	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.345	1	0.115	1	0.480	2	0	0	0	0	1.657	6	1.657	6	0.00%
Rich end	1.495	2	4.857	6	7.181	9	0.477	3	0.477	3	14.760	22	14.760	22	13.46%
Within	3.680	6	2.501	6	3.582	10	1.201	3	1.201	3	14.351	34	14.201	33	33.89%
Cheap end	1.189	5	0.625	3	0.845	5	0.620	1	0.620	1	3.884	16	3.394	15	17.49%
Cheaper	0.520	1	0	0	0	0	0	0	0	0	0.760	2	0.760	2	0.00%
NA/Other	2.722	6	1.498	4	3.086	7	1.246	7	1.246	7	9.031	28	8.662	26	35.16%
Total	9.951	21	9.596	20	15.174	33	3.544	14	3.544	14	44.444	108	43.434	104	100.00%
Use of Proceeds
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Acquisition	0	0.375	0	0	1.150	0	0	0	0	0	0	0	0
Capex	0	0	0	0	0	2.290	0.550	0.170	0	0.185	0.080	0.620	0.103
GCP	0.651	0.637	1.737	0.377	0	0	1.000	1.113	3.134	1.360	0.768	0.330	0.352
Redeem convertibles	0	0	0	0	0.153	0	0	0.032	0.450	0	0.729	0	0
Refinance	0	3.157	1.515	1.177	0	0	0.400	0.302	0.287	0.485	0.230	0.338	0.345
Multiple/Other/NA	0.359	1.000	0.906	0.690	2.245	2.500	0.100	1.139	0.345	6.090	1.030	1.168	0.287
Total	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	1.150	1	0	0	0	0	0	0	0	0	1.525	2	1.525	2	0.00%
Capex	0	0	3.010	5	0.265	3	0.724	2	0.724	2	3.998	10	3.998	10	20.43%
GCP	2.114	5	2.113	5	5.262	14	0.682	4	0.682	4	11.460	34	10.809	32	19.24%
Redeem convertibles	0.153	1	0.032	1	1.179	2	0	0	0	0	1.364	4	1.364	4	0.00%
Refinance	2.692	6	0.703	3	1.002	4	0.682	4	0.682	4	8.237	25	8.237	25	19.24%
Multiple/Other/NA	3.841	8	3.739	6	7.465	10	1.456	4	1.456	4	17.860	33	17.501	31	41.08%
Total	9.951	21	9.596	20	15.174	33	3.544	14	3.544	14	44.444	108	43.434	104	100.00%
Industry Sector (by SIC code)
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Mining (1xxx)	0	0.115	0	0	0	0	0	0.959	0	0	0	0	0.283
Oil and gas (13xx)	0.161	0.010	0	1.103	0	1.265	0.550	0.172	0.287	0.485	0	0	0
Construction (15xx)	0	0	0.277	0.075	0	0	0	0	0	0.435	0	0.100	0.086
Manufacturing (2xxx, 3xxx)	0	1.515	0.165	0.690	0.520	0	1.400	0.115	0.438	6.110	0.704	0	0
Pharmaceuticals (2834-6)	0	0	0	0.345	0	2.500	0.100	0.400	0.450	0	0	0.850	0
Transportation (4xxx)	0	0	0.242	0	0	0.125	0	0	0	0	0.330	0	0
Communications (48xx)	0	0	0	0	0	0	0	0.201	0	0	0.729	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	1.150	0	0	0.396	0	0	0.010	0	0
Wholesale (5xxx)	0	0.115	0	0	0	0	0	0	0.345	0.115	0.500	0	0
Finance, insurance, real estate (6xxx)	0.699	2.092	2.125	0.032	0.278	0.900	0	0.350	2.696	0.800	0.380	0.822	0.460
Services (7xxx)	0.150	1.323	1.350	0	1.600	0	0	0.162	0	0.175	0.184	0.683	0.259
Total	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0	0	0.959	2	0	0	0.283	2	0.283	2	1.358	5	1.358	5	7.99%
Oil and gas (13xx)	1.103	2	1.988	3	0.772	4	0	0	0	0	4.034	11	3.873	10	0.00%
Construction (15xx)	0.351	2	0	0	0.435	1	0.186	2	0.186	2	0.973	5	0.973	5	5.25%
Manufacturing (2xxx, 3xxx)	1.375	3	1.515	3	7.252	11	0	0	0	0	11.657	21	11.657	21	0.00%
Pharmaceuticals (2834-6)	0.345	1	3.000	4	0.450	1	0.850	2	0.850	2	4.645	8	4.645	8	23.98%
Transportation (4xxx)	0.242	1	0.125	1	0.330	2	0	0	0	0	0.697	4	0.697	4	0.00%
Communications (48xx)	0	0	0.201	1	0.729	1	0	0	0	0	0.930	2	0.930	2	0.00%
Electric, gas, sanitary services (49xx)	1.150	1	0.396	1	0.010	1	0	0	0	0	1.556	3	1.556	3	0.00%
Wholesale (5xxx)	0	0	0	0	0.960	3	0	0	0	0	1.075	4	1.075	4	0.00%
Finance, insurance, real estate (6xxx)	2.435	7	1.250	3	3.876	7	1.282	5	1.282	5	11.634	30	10.935	28	36.17%
Services (7xxx)	2.950	4	0.162	2	0.359	2	0.942	3	0.942	3	5.885	15	5.735	14	26.58%
Total	9.951	21	9.596	20	15.174	33	3.544	14	3.544	14	44.444	108	43.434	104	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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