Analysis of convertibles issuance for year to date through September

Total: $26.756 billion in 350 deals

Amount ($ billions) Number

Regular convertibles 22.267 83

Investment bank synthetics 4.489 267

Total 26.756 350

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).

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

Coupon

	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
0%	0.355	0.130	0.000	0.000	0.000	0.000	0.000	0.000	0.000
0.01%-0.99%	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
1%-1.99%	0.494	0.460	0.225	0.000	0.350	0.000	0.150	0.000	0.150
2%-2.99%	0.000	0.680	0.330	0.112	0.000	1.095	0.725	0.906	0.250
3%-3.99%	0.000	0.271	1.165	0.000	0.307	0.620	0.975	0.855	0.685
4%-4.99%	0.240	0.182	0.000	0.750	0.000	0.388	0.000	0.000	0.300
5%-5.99%	0.050	0.388	0.102	0.460	0.000	0.000	0.000	0.115	0.146
6% and higher	0.899	0.105	0.867	0.000	0.287	2.805	0.045	0.087	0.200
Floater	0.000	0.000	0.060	0.000	0.000	0.000	0.000	2.500	0.000
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.895	4.463	1.731
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
0%	0.485	3	0.000	0	0.000	0	0.485	3	2.18%
0.01%-0.99%	0.000	0	0.000	0	0.000	0	0.000	0	0.00%
1%-1.99%	1.179	6	0.350	1	0.300	2	1.829	9	8.21%
2%-2.99%	1.010	5	1.207	3	1.881	7	4.098	15	18.40%
3%-3.99%	1.436	6	0.927	5	2.515	11	4.878	22	21.91%
4%-4.99%	0.422	3	1.138	4	0.300	1	1.860	8	8.35%
5%-5.99%	0.540	5	0.460	1	0.261	3	1.261	9	5.66%
6% and higher	1.871	7	3.092	4	0.332	4	5.296	15	23.78%
Floater	0.060	1	0.000	0	2.500	1	2.560	2	11.50%
Total	7.003	36	7.174	18	8.089	29	22.267	83	100.00%
Premium
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
Less than 20%	0.000	0.163	0.020	0.000	0.350	0.920	0.520	0.087	0.135
20%-29.99%	1.119	0.633	1.052	0.750	0.345	3.892	0.500	3.501	0.490
30%-39.99%	0.494	1.290	1.095	0.572	0.250	0.000	0.875	0.875	1.106
40%-49.99%	0.300	0.000	0.550	0.000	0.000	0.000	0.000	0.000	0.000
50%-59.99%	0.125	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
NA	0.000	0.130	0.032	0.000	0.000	0.095	0.000	0.000	0.000
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.895	4.463	1.731
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Less than 20%	0.183	4	1.270	2	0.742	6	2.195	12	9.86%
20%-29.99%	2.805	13	4.987	11	4.491	11	12.283	35	55.16%
30%-39.99%	2.879	13	0.822	3	2.856	12	6.558	28	29.45%
40%-49.99%	0.850	3	0.000	0	0.000	0	0.850	3	3.82%
50%-59.99%	0.125	1	0.000	0	0.000	0	0.125	1	0.56%
NA	0.162	2	0.095	2	0.000	0	0.257	4	1.15%
Total	7.003	36	7.174	18	8.089	29	22.267	83	100.00%
Quick Sale?
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
Yes	0.819	1.741	1.672	0.572	0.600	2.592	1.745	3.746	1.606
No	1.219	0.475	1.077	0.750	0.345	2.315	0.150	0.717	0.125
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.895	4.463	1.731
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Yes	4.232	24	3.765	11	7.097	24	15.094	59	67.79%
No	2.771	12	3.410	7	0.992	5	7.173	24	32.21%
Total	7.003	36	7.174	18	8.089	29	22.267	83	100.00%
Upsized?
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
Yes	0.440	0.125	1.075	0.000	0.287	0.787	0.600	0.087	0.245
No	1.548	2.091	1.674	1.210	0.657	4.120	1.295	4.376	1.486
Downsized	0.050	0.000	0.000	0.112	0.000	0.000	0.000	0.000	0.000
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.895	4.463	1.731
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Yes	1.640	8	1.075	4	0.932	4	3.647	16	16.38%
No	5.313	27	5.988	13	7.157	25	18.458	65	82.89%
Downsized	0.050	1	0.112	1	0.000	0	0.162	2	0.73%
Total	7.003	36	7.174	18	8.089	29	22.267	83	100.00%
Seniority
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
senior	1.529	1.396	1.487	0.112	0.945	1.558	1.645	3.893	0.931
senior subordinated	0.144	0.330	0.325	0.000	0.000	1.069	0.250	0.225	0.125
subordinated	0.000	0.000	0.000	0.000	0.000	0.210	0.000	0.230	0.375
preferred	0.365	0.490	0.937	1.210	0.000	2.070	0.000	0.115	0.300
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.895	4.463	1.731
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
senior	4.412	20	2.615	11	6.469	20	13.496	51	60.61%
senior subordinated	0.799	6	1.069	2	0.600	4	2.469	12	11.09%
subordinated	0.000	0	0.210	2	0.605	3	0.815	5	3.66%
preferred	1.792	10	3.280	3	0.415	2	5.487	15	24.64%
Total	7.003	36	7.174	18	8.089	29	22.267	83	100.00%
Contingent Conversion
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
Yes	0.144	0.761	0.765	0.000	0.600	2.502	1.000	0.881	0.305
No	1.894	1.455	1.984	1.322	0.345	2.405	0.895	3.582	1.426
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.895	4.463	1.731
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Yes	1.670	8	3.103	8	2.186	7	6.959	23	31.25%
No	5.333	28	4.072	10	5.903	22	15.309	60	68.75%
Total	7.003	36	7.174	18	8.089	29	22.267	83	100.00%
Mandatory
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
Yes	0.125	0.388	0.847	0.000	0.287	2.080	0.000	0.115	0.000
No	1.913	1.829	1.902	1.322	0.657	2.827	1.895	4.348	1.731
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.895	4.463	1.731
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Yes	1.360	5	2.368	3	0.115	1	3.842	9	17.25%
No	5.644	31	4.807	15	7.974	28	18.425	74	82.75%
Total	7.003	36	7.174	18	8.089	29	22.267	83	100.00%
Greenshoe Exercised?
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
Yes	0.619	1.106	1.094	0.572	0.058	4.162	0.745	1.231	0.626
No	1.419	1.110	1.655	0.750	0.887	0.745	1.150	3.232	1.105
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.895	4.463	1.731
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Yes	2.819	16	4.792	11	2.602	13	10.214	40	45.87%
No	4.184	20	2.383	7	5.487	16	12.054	43	54.13%
Total	7.003	36	7.174	18	8.089	29	22.267	83	100.00%
Versus Talk
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
Richer	0.000	0.287	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Rich end	0.974	0.225	0.060	0.000	0.000	0.149	0.150	0.000	0.701
Within	0.150	0.890	1.547	0.000	0.000	2.070	1.225	3.042	0.520
Cheap end	0.475	0.271	0.440	1.322	0.537	1.768	0.000	1.121	0.250
Cheaper	0.000	0.310	0.650	0.000	0.000	0.000	0.000	0.300	0.125
NA	0.439	0.233	0.052	0.000	0.407	0.920	0.520	0.000	0.135
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.895	4.463	1.731
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Richer	0.287	1	0.000	0	0.000	0	0.287	1	1.29%
Rich end	1.259	5	0.149	1	0.851	4	2.260	10	10.15%
Within	2.587	10	2.070	1	4.787	12	9.444	23	42.41%
Cheap end	1.186	8	3.627	10	1.371	6	6.184	24	27.77%
Cheaper	0.960	4	0.000	0	0.425	2	1.385	6	6.22%
NA	0.724	8	1.328	6	0.655	5	2.706	19	12.15%
Total	7.003	36	7.174	18	8.089	29	22.267	83	100.00%
Use of Proceeds
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
Acquisition	0.000	0.058	0.397	0.460	0.350	2.070	0.600	0.000	0.000
GCP	0.494	0.770	1.507	0.112	0.307	0.295	0.770	3.150	0.541
Redeem convertibles	0.275	0.000	0.070	0.000	0.000	0.920	0.000	0.345	0.000
Refinance	0.240	0.121	0.775	0.000	0.000	1.113	0.375	0.555	0.150
Repay debt	0.000	0.762	0.000	0.000	0.000	0.000	0.000	0.326	0.215
Multiple/Other/NA	1.029	0.505	0.000	0.750	0.287	0.510	0.150	0.087	0.825
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.895	4.463	1.731
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Acquisition	0.455	3	2.880	3	0.600	1	3.935	7	17.67%
GCP	2.771	14	0.715	6	4.461	11	7.947	31	35.69%
Redeem convertibles	0.345	3	0.920	1	0.345	2	1.610	6	7.23%
Refinance	1.136	5	1.113	3	1.080	6	3.329	14	14.95%
Repay debt	0.762	4	0.000	0	0.541	3	1.304	7	5.86%
Multiple/Other/NA	1.534	7	1.547	5	1.062	6	4.143	18	18.61%
Total	7.003	36	7.174	18	8.089	29	22.267	83	100.00%
Industry Sector (by SIC code)
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
Oil and gas (13xx)	0.000	0.000	0.300	0.460	0.000	0.000	0.325	0.000	0.386
Manufacturing (2xxx, 3xxx)	0.540	0.417	0.282	0.000	0.000	0.385	0.895	0.326	0.125
Pharmaceuticals (2833-6)	0.400	0.355	0.330	0.112	0.350	1.419	0.000	0.230	0.315
Transportation (4xxx)	0.000	0.121	0.250	0.000	0.000	0.000	0.000	0.000	0.125
Communications (48xx)	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.350	0.150
Electric, gas, sanitary services (49xx)	0.000	0.225	0.917	0.750	0.000	0.650	0.000	0.000	0.000
Wholesale (5xxx)	0.125	0.000	0.150	0.000	0.000	0.000	0.125	0.115	0.150
Finance, insurance, real estate (6xxx)	0.829	0.250	0.500	0.000	0.537	2.453	0.000	2.917	0.305
Services (7xxx)	0.144	0.667	0.000	0.000	0.058	0.000	0.000	0.300	0.175
Health services (8xxx)	0.000	0.180	0.020	0.000	0.000	0.000	0.550	0.225	0.000
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.895	4.463	1.731
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Oil and gas (13xx)	0.300	1	0.460	1	0.711	3	1.471	5	6.61%
Manufacturing (2xxx, 3xxx)	1.240	8	0.385	3	1.346	6	2.971	17	13.34%
Pharmaceuticals (2833-6)	1.085	8	1.882	5	0.545	2	3.512	15	15.77%
Transportation (4xxx)	0.371	2	0.000	0	0.125	1	0.496	3	2.23%
Communications (48xx)	0.000	0	0.000	0	0.500	2	0.500	2	2.25%
Electric, gas, sanitary services (49xx)	1.142	5	1.400	2	0.000	0	2.542	7	11.42%
Wholesale (5xxx)	0.275	2	0.000	0	0.390	3	0.665	5	2.99%
Finance, insurance, real estate (6xxx)	1.579	4	2.990	6	3.222	6	7.791	16	34.99%
Services (7xxx)	0.812	4	0.058	1	0.475	3	1.344	8	6.04%
Health services (8xxx)	0.200	2	0.000	0	0.775	3	0.975	5	4.38%
Total	7.003	36	7.174	18	8.089	29	22.267	83	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.

* 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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