Analysis of convertibles issuance for 13 months through April 2011

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

Coupon

	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
0%	0	0	1.250	0	0	0	2.070	0	0	0	0	0	0
0.01%-0.99%	0	0	0	0	0	0	0	0	0	0	0	0.904	0
1%-1.99%	0	0	0	2.500	1.000	0	0	0.350	0	0	0.287	0	0
2%-2.99%	0.277	0.345	0.870	0	0.550	0.115	0.883	0.955	0.184	1.016	0	0.710	0
3%-3.99%	0	0.690	0.153	0	0.400	0.770	0.692	0.815	1.074	0	0	2.936	0
4%-4.99%	1.435	0	0.125	0	0	0.302	0	5.550	0	0.230	0	0.625	0
5%-5.99%	0.787	1.103	0	0.125	0.100	0.150	0.287	0	0	0.772	0.456	4.120	0.225
6%-6.99%	0	0	0	1.265	0	0.990	0	0.150	0.530	0.287	0.259	0.719	0.075
7%-7.99%	0	0.106	0	0	0	0.396	0	0.300	0.310	0.150	0.086	0.345	0.020
8% and higher	0.510	0	1.150	0.900	0	0.032	0	0	0.739	0	0	0.060	0.978
NA/Other	1.150	0	0	0	0	0	0.284	0	0	0	0	0	0
Total	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.420	1.298
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	1.250	1	0	0	2.070	1	0	0	0	0	0	0	3.320	2	3.320	2	0.00%
0.01%-0.99%	0	0	0	0	0	0	0.904	1	0	0	0.904	1	0.904	1	0.904	1	5.92%
1%-1.99%	0	0	3.500	3	0.350	1	0.287	1	0	0	0.287	1	4.138	5	4.138	5	1.88%
2%-2.99%	1.492	4	0.665	2	2.022	8	1.726	5	0	0	1.726	5	5.904	19	5.628	18	11.31%
3%-3.99%	0.843	2	1.170	4	2.581	10	2.936	7	0	0	2.936	7	7.531	23	7.531	23	19.24%
4%-4.99%	1.560	3	0.302	2	5.550	2	0.856	4	0	0	0.856	4	8.268	11	6.833	9	5.61%
5%-5.99%	1.890	5	0.375	3	0.287	1	5.348	9	0.225	2	5.573	11	8.126	20	7.338	17	36.52%
6%-6.99%	0	0	2.255	3	0.680	4	1.265	3	0.075	1	1.340	4	4.275	11	4.275	11	8.78%
7%-7.99%	0.106	2	0.396	1	0.610	3	0.581	6	0.020	1	0.601	7	1.714	13	1.714	13	3.94%
8% and higher	1.660	3	0.931	2	0.739	2	0.060	1	0.978	1	1.038	2	4.368	9	3.858	7	6.80%
NA/Other	1.150	1	0	0	0.284	1	0	0	0	0	0	0	1.434	2	0.284	1	0.00%
Total	9.951	21	9.596	20	15.174	33	13.964	37	1.298	5	15.261	42	49.982	116	45.823	107	100.00%
Premium
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
19.99% and lower	0	0.032	0.153	0.900	0.400	0	0	0.275	0.150	0.822	0.172	0.635	0.225
20%-29.99%	2.567	0.075	2.145	1.390	1.100	1.651	0.738	6.120	2.247	0.913	0.812	5.520	1.052
30-39.99%	0.277	0.345	1.250	2.500	0.550	1.074	1.125	1.290	0.430	0	0.103	4.011	0
40% and higher	0.165	0.690	0	0	0	0.032	0	0.435	0	0.720	0	0.253	0
NA	1.150	1.103	0	0	0	0	2.354	0	0.010	0	0	0	0.020
Total	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.420	1.298
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0.185	2	1.300	2	0.425	2	1.629	9	0.225	2	1.855	11	3.764	17	3.764	17	12.16%
20%-29.99%	4.787	11	4.141	9	9.104	15	7.246	15	1.052	2	8.299	17	26.331	52	23.764	46	54.38%
30-39.99%	1.871	3	4.124	8	2.845	12	4.115	10	0	0	4.115	10	12.956	33	12.679	32	26.96%
40% and higher	0.855	2	0.032	1	0.435	1	0.973	3	0	0	0.973	3	2.294	7	2.130	6	6.38%
NA	2.252	3	0	0	2.364	3	0	0	0.020	1	0.020	1	4.636	7	3.486	6	0.13%
Total	9.951	21	9.596	20	15.174	33	13.964	37	1.298	5	15.261	42	49.982	116	45.823	107	100.00%
Quick Sale?
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Yes	3.874	1.141	3.548	4.790	2.050	2.724	4.129	8.120	2.837	1.722	0.449	10.420	0.320
No	0.285	1.103	0	0	0	0.032	0.088	0	0	0.734	0.640	0	0.978
Total	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.420	1.298
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	8.564	18	9.564	19	15.086	32	12.590	31	0.320	4	12.910	35	46.124	104	42.250	96	84.59%
No	1.387	3	0.032	1	0.088	1	1.373	6	0.978	1	2.351	7	3.858	12	3.573	11	15.41%
Total	9.951	21	9.596	20	15.174	33	13.964	37	1.298	5	15.261	42	49.982	116	45.823	107	100.00%
Upsized?
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Yes	3.372	1.035	0	0	0.550	0.300	1.433	1.225	0.959	1.622	0.180	2.310	0.978
No	0.786	1.209	3.548	4.790	1.500	2.456	2.784	6.895	1.628	0.834	0.908	8.110	0.320
Downsized	0	0	0	0	0	0	0	0	0.250	0	0	0	0
Total	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.420	1.298
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.407	8	0.850	3	3.617	11	4.112	11	0.978	1	5.090	12	13.964	34	10.591	28	33.35%
No	5.544	13	8.746	17	11.307	21	9.852	26	0.320	4	10.172	30	35.768	81	34.982	78	66.65%
Downsized	0	0	0	0	0.250	1	0	0	0	0	0	0	0.250	1	0.250	1	0.00%
Total	9.951	21	9.596	20	15.174	33	13.964	37	1.298	5	15.261	42	49.982	116	45.823	107	100.00%
Seniority
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
senior secured	0.165	0	0	0	0	0	0	0	0	0	0	0	0
senior	3.449	1.141	2.398	3.525	1.650	2.756	3.645	2.270	2.827	2.168	0.650	7.453	0.225
senior subordinated	0.200	0	0	0	0.400	0	0	0	0	0	0	0	0
subordinated	0.345	0	1.150	0	0	0	0	0	0	0.287	0	1.667	1.052
preferred	0	1.103	0	1.265	0	0	0.571	5.850	0.010	0	0.439	1.299	0.020
Total	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.420	1.298
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	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	0	0.165	1	0	0	0.00%
senior	6.989	15	7.931	18	8.742	27	10.271	29	0.225	2	10.496	31	34.158	91	30.709	85	68.78%
senior subordinated	0.200	1	0.400	1	0	0	0	0	0	0	0	0	0.600	2	0.400	1	0.00%
subordinated	1.495	2	0	0	0	0	1.955	3	1.052	2	3.007	5	4.503	7	4.157	6	19.70%
preferred	1.103	2	1.265	1	6.431	6	1.738	5	0.020	1	1.758	6	10.556	15	10.556	15	11.52%
Total	9.951	21	9.596	20	15.174	33	13.964	37	1.298	5	15.261	42	49.982	116	45.823	107	100.00%
Mandatory
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Yes	0	0	1.150	1.265	0	1.186	2.354	5.000	0.260	0.287	0.525	3.815	0.978
No	4.159	2.244	2.398	3.525	2.050	1.570	1.863	3.120	2.577	2.168	0.564	6.604	0.320
Total	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.420	1.298
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.150	1	2.451	3	7.614	5	4.628	6	0.978	1	5.605	7	16.820	16	16.820	16	36.73%
No	8.801	20	7.145	17	7.560	28	9.336	31	0.320	4	9.656	35	33.162	100	29.003	91	63.27%
Total	9.951	21	9.596	20	15.174	33	13.964	37	1.298	5	15.261	42	49.982	116	45.823	107	100.00%
Greenshoe Exercised?
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Yes	3.994	1.067	2.750	4.790	0.950	2.724	2.059	7.135	1.927	2.305	0.908	6.799	0.978
No	0.165	1.177	0.798	0	1.100	0.032	2.158	0.985	0.910	0.150	0.180	3.620	0.320
Total	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.420	1.298
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	7.810	14	8.464	17	11.121	25	10.013	30	0.978	1	10.991	31	38.386	87	34.392	79	72.02%
No	2.141	7	1.131	3	4.053	8	3.950	7	0.320	4	4.270	11	11.595	29	11.430	28	27.98%
Total	9.951	21	9.596	20	15.174	33	13.964	37	1.298	5	15.261	42	49.982	116	45.823	107	100.00%
Versus Talk
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Richer	0.345	0	0	0	0	0.115	0.345	0.135	0	0	0	0.345	0
Rich end	1.495	0	0	3.765	0	1.092	0.287	6.070	0.824	0.287	0.190	1.206	0.978
Within	0.165	0.765	2.750	0	1.550	0.951	1.142	0.900	1.539	1.201	0	4.026	0.075
Cheap end	0.719	0.345	0.125	0.125	0.500	0	0	0.715	0.130	0.620	0	0.374	0.225
Cheaper	0	0	0.520	0	0	0	0	0	0	0	0	1.019	0
NA/Other	1.435	1.134	0.153	0.900	0	0.598	2.442	0.300	0.344	0.347	0.899	3.450	0.020
Total	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.420	1.298
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.345	1	0.115	1	0.480	2	0.345	2	0	0	0.345	2	1.285	6	0.940	5	2.26%
Rich end	1.495	2	4.857	6	7.181	9	1.683	7	0.978	1	2.661	8	16.194	25	14.699	23	17.44%
Within	3.680	6	2.501	6	3.582	10	5.226	12	0.075	1	5.301	13	15.064	35	14.899	34	34.74%
Cheap end	1.189	5	0.625	3	0.845	5	0.994	4	0.225	2	1.219	6	3.878	19	3.159	16	7.99%
Cheaper	0.520	1	0	0	0	0	1.019	2	0	0	1.019	2	1.539	3	1.539	3	6.68%
NA/Other	2.722	6	1.498	4	3.086	7	4.696	10	0.020	1	4.716	11	12.022	28	10.587	26	30.90%
Total	9.951	21	9.596	20	15.174	33	13.964	37	1.298	5	15.261	42	49.982	116	45.823	107	100.00%
Use of Proceeds
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Acquisition	0	0	1.150	0	0	0	0	0	0	0	0	1.034	0
Capex	0	0	0	2.290	0.550	0.170	0	0.185	0.080	0.620	0.103	0.200	0
GCP	1.737	0.377	0	0	1.000	1.113	3.134	1.360	0.768	0.330	0.352	2.774	0.170
No proceeds	0	0	0	0	0	0	0	0	0	0	0	3.315	0
Redeem convertibles	0	0	0.153	0	0	0.032	0.450	0	0.729	0	0	0	0
Refinance	1.515	1.177	0	0	0.400	0.302	0.287	0.485	0.230	0.338	0.345	1.090	0.978
Multiple/Other/NA	0.906	0.690	2.245	2.500	0.100	1.139	0.345	6.090	1.030	1.168	0.287	2.007	0.150
Total	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.420	1.298
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	1.150	1	0	0	0	0	1.034	3	0	0	1.034	3	2.184	4	2.184	4	6.78%
Capex	0	0	3.010	5	0.265	3	0.923	3	0	0	0.923	3	4.199	11	4.199	11	6.05%
GCP	2.114	5	2.113	5	5.262	14	3.456	11	0.170	3	3.626	14	13.115	38	11.377	35	23.76%
No proceeds	0	0	0	0	0	0	3.315	1	0	0	3.315	1	3.315	1	3.315	1	21.72%
Redeem convertibles	0.153	1	0.032	1	1.179	2	0	0	0	0	0	0	1.364	4	1.364	4	0.00%
Refinance	2.692	6	0.703	3	1.002	4	1.772	8	0.978	1	2.750	9	7.147	22	5.633	19	18.02%
Multiple/Other/NA	3.841	8	3.739	6	7.465	10	3.462	11	0.150	1	3.612	12	18.658	36	17.752	33	23.67%
Total	9.951	21	9.596	20	15.174	33	13.964	37	1.298	5	15.261	42	49.982	116	45.823	107	100.00%
Industry Sector (by SIC code)
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Mining (1xxx)	0	0	0	0	0	0.959	0	0	0	0	0.283	0.230	0
Oil and gas (13xx)	0	1.103	0	1.265	0.550	0.172	0.287	0.485	0	0	0	0	0
Construction (15xx)	0.277	0.075	0	0	0	0	0	0.435	0	0.100	0.086	0	0
Manufacturing (2xxx, 3xxx)	0.165	0.690	0.520	0	1.400	0.115	0.438	6.110	0.704	0	0	3.845	0
Pharmaceuticals (2834-6)	0	0.345	0	2.500	0.100	0.400	0.450	0	0	0.850	0	0	0
Transportation (4xxx)	0.242	0	0	0.125	0	0	0	0	0.330	0	0	0.075	0
Communications (48xx)	0	0	0	0	0	0.201	0	0	0.729	0	0	0.172	0
Electric, gas, sanitary services (49xx)	0	0	1.150	0	0	0.396	0	0	0.010	0	0	0	0.978
Wholesale (5xxx)	0	0	0	0	0	0	0.345	0.115	0.500	0	0	0	0
Finance, insurance, real estate (6xxx)	2.125	0.032	0.278	0.900	0	0.350	2.696	0.800	0.380	0.822	0.460	5.389	0.245
Services (7xxx)	1.350	0	1.600	0	0	0.162	0	0.175	0.184	0.683	0.259	0.648	0
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0	0	0	0.075
Non-operating (9995)	0	0	0	0	0	0	0	0	0	0	0	0.060	0
Total	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.420	1.298
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0	0	0.959	2	0	0	0.513	3	0	0	0.513	3	1.473	5	1.473	5	3.36%
Oil and gas (13xx)	1.103	2	1.988	3	0.772	4	0	0	0	0	0	0	3.862	9	3.862	9	0.00%
Construction (15xx)	0.351	2	0	0	0.435	1	0.186	2	0	0	0.186	2	0.973	5	0.696	4	1.22%
Manufacturing (2xxx, 3xxx)	1.375	3	1.515	3	7.252	11	3.845	9	0	0	3.845	9	13.987	26	13.822	25	25.19%
Pharmaceuticals (2834-6)	0.345	1	3.000	4	0.450	1	0.850	2	0	0	0.850	2	4.645	8	4.645	8	5.57%
Transportation (4xxx)	0.242	1	0.125	1	0.330	2	0.075	1	0	0	0.075	1	0.772	5	0.530	4	0.49%
Communications (48xx)	0	0	0.201	1	0.729	1	0.172	1	0	0	0.172	1	1.103	3	1.103	3	1.13%
Electric, gas, sanitary services (49xx)	1.150	1	0.396	1	0.010	1	0	0	0.978	1	0.978	1	2.534	4	2.534	4	6.41%
Wholesale (5xxx)	0	0	0	0	0.960	3	0	0	0	0	0	0	0.960	3	0.960	3	0.00%
Finance, insurance, real estate (6xxx)	2.435	7	1.250	3	3.876	7	6.671	13	0.245	3	6.916	16	14.477	33	12.352	29	45.32%
Services (7xxx)	2.950	4	0.162	2	0.359	2	1.590	5	0	0	1.590	5	5.061	13	3.711	11	10.42%
Health services (8xxx)	0	0	0	0	0	0	0	0	0.075	1	0.075	1	0.075	1	0.075	1	0.49%
Non-operating (9995)	0	0	0	0	0	0	0.060	1	0	0	0.060	1	0.060	1	0.060	1	0.39%
Total	9.951	21	9.596	20	15.174	33	13.964	37	1.298	5	15.261	42	49.982	116	45.823	107	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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