Analysis of convertibles issuance for 13 months through May 2011

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

Coupon

	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
0%	0	1.250	0	0	0	2.070	0	0	0	0	0	0	0
0.01%-0.99%	0	0	0	0	0	0	0	0	0	0	0.904	0	0.450
1%-1.99%	0	0	2.500	1.000	0	0	0.350	0	0	0.287	0	0	0.450
2%-2.99%	0.345	0.870	0	0.550	0.115	0.883	0.955	0.184	1.016	0	0.710	0	1.150
3%-3.99%	0.690	0.153	0	0.400	0.770	0.692	0.815	1.074	0	0	2.936	0	0.255
4%-4.99%	0	0.125	0	0	0.302	0	5.550	0	0.230	0	0.625	0	0.205
5%-5.99%	1.103	0	0.125	0.100	0.150	0.287	0	0	0.772	0.456	4.120	0.225	0.200
6%-6.99%	0	0	1.265	0	0.990	0	0.150	0.530	0.287	0.259	0.719	0.075	0.120
7%-7.99%	0.106	0	0	0	0.396	0	0.300	0.310	0.150	0.086	0.345	0.020	0
8% and higher	0	1.150	0.900	0	0.032	0	0	0.739	0	0	0.060	0.978	0
NA/Other	0	0	0	0	0	0.284	0	0	0	0	0	0	0
Total	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.420	1.298	2.831
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	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	0.904	1	0.450	1	1.354	2	1.354	2	1.354	2	7.48%
1%-1.99%	3.500	3	0.350	1	0.287	1	0.450	1	0.738	2	4.588	6	4.588	6	4.08%
2%-2.99%	0.665	2	2.022	8	1.726	5	1.150	3	2.876	8	6.778	21	6.433	20	15.90%
3%-3.99%	1.170	4	2.581	10	2.936	7	0.255	2	3.192	9	7.786	25	7.096	24	17.64%
4%-4.99%	0.302	2	5.550	2	0.856	4	0.205	2	1.061	6	7.038	11	7.038	11	5.86%
5%-5.99%	0.375	3	0.287	1	5.348	9	0.425	3	5.773	12	7.538	18	6.436	16	31.91%
6%-6.99%	2.255	3	0.680	4	1.265	3	0.195	2	1.460	5	4.395	12	4.395	12	8.07%
7%-7.99%	0.396	1	0.610	3	0.581	6	0.020	1	0.601	7	1.714	13	1.608	11	3.32%
8% and higher	0.931	2	0.739	2	0.060	1	0.978	1	1.038	2	3.858	7	3.858	7	5.74%
NA/Other	0	0	0.284	1	0	0	0	0	0	0	0.284	1	0.284	1	0.00%
Total	9.596	20	15.174	33	13.964	37	4.128	16	18.092	53	48.654	118	46.410	112	100.00%
Premium
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
19.99% and lower	0.032	0.153	0.900	0.400	0	0	0.275	0.150	0.822	0.172	0.635	0.225	0.270
20%-29.99%	0.075	2.145	1.390	1.100	1.651	0.738	6.120	2.247	0.913	0.812	5.520	1.052	1.061
30-39.99%	0.345	1.250	2.500	0.550	1.074	1.125	1.290	0.430	0	0.103	4.011	0	1.500
40% and higher	0.690	0	0	0	0.032	0	0.435	0	0.720	0	0.253	0	0
NA	1.103	0	0	0	0	2.354	0	0.010	0	0	0	0.020	0
Total	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.420	1.298	2.831
	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	1.300	2	0.425	2	1.629	9	0.495	4	2.124	13	4.034	19	4.003	18	11.74%
20%-29.99%	4.141	9	9.104	15	7.246	15	2.113	6	9.359	21	24.825	50	24.750	49	51.73%
30-39.99%	4.124	8	2.845	12	4.115	10	1.500	5	5.615	15	14.179	37	13.834	36	31.04%
40% and higher	0.032	1	0.435	1	0.973	3	0	0	0.973	3	2.130	6	1.440	5	5.38%
NA	0	0	2.364	3	0	0	0.020	1	0.020	1	3.486	6	2.384	4	0.11%
Total	9.596	20	15.174	33	13.964	37	4.128	16	18.092	53	48.654	118	46.410	112	100.00%
Quick Sale?
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Yes	1.141	3.548	4.790	2.050	2.724	4.129	8.120	2.837	1.722	0.449	10.420	0.320	2.631
No	1.103	0	0	0	0.032	0.088	0	0	0.734	0.640	0	0.978	0.200
Total	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.420	1.298	2.831
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	9.564	19	15.086	32	12.590	31	2.951	14	15.541	45	44.881	106	43.739	102	85.90%
No	0.032	1	0.088	1	1.373	6	1.177	2	2.551	8	3.773	12	2.671	10	14.10%
Total	9.596	20	15.174	33	13.964	37	4.128	16	18.092	53	48.654	118	46.410	112	100.00%
Upsized?
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Yes	1.035	0	0	0.550	0.300	1.433	1.225	0.959	1.622	0.180	2.310	0.978	1.020
No	1.209	3.548	4.790	1.500	2.456	2.784	6.895	1.628	0.834	0.908	8.110	0.320	1.811
Downsized	0	0	0	0	0	0	0	0.250	0	0	0	0	0
Total	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.420	1.298	2.831
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.850	3	3.617	11	4.112	11	1.998	4	6.109	15	11.611	31	10.576	29	33.77%
No	8.746	17	11.307	21	9.852	26	2.131	12	11.982	38	36.792	86	35.583	82	66.23%
Downsized	0	0	0.250	1	0	0	0	0	0	0	0.250	1	0.250	1	0.00%
Total	9.596	20	15.174	33	13.964	37	4.128	16	18.092	53	48.654	118	46.410	112	100.00%
Seniority
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
senior	1.141	2.398	3.525	1.650	2.756	3.645	2.270	2.827	2.168	0.650	7.453	0.225	2.831
senior subordinated	0	0	0	0.400	0	0	0	0	0	0	0	0	0
subordinated	0	1.150	0	0	0	0	0	0	0.287	0	1.667	1.052	0
preferred	1.103	0	1.265	0	0	0.571	5.850	0.010	0	0.439	1.299	0.020	0
Total	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.420	1.298	2.831
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior	7.931	18	8.742	27	10.271	29	3.056	13	13.327	42	33.540	96	32.398	92	73.66%
senior subordinated	0.400	1	0	0	0	0	0	0	0	0	0.400	1	0.400	1	0.00%
subordinated	0	0	0	0	1.955	3	1.052	2	3.007	5	4.157	6	4.157	6	16.62%
preferred	1.265	1	6.431	6	1.738	5	0.020	1	1.758	6	10.556	15	9.454	13	9.72%
Total	9.596	20	15.174	33	13.964	37	4.128	16	18.092	53	48.654	118	46.410	112	100.00%
Mandatory
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Yes	0	1.150	1.265	0	1.186	2.354	5.000	0.260	0.287	0.525	3.815	0.978	0
No	2.244	2.398	3.525	2.050	1.570	1.863	3.120	2.577	2.168	0.564	6.604	0.320	2.831
Total	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.420	1.298	2.831
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.451	3	7.614	5	4.628	6	0.978	1	5.605	7	16.820	16	16.820	16	30.98%
No	7.145	17	7.560	28	9.336	31	3.151	15	12.487	46	31.834	102	29.590	96	69.02%
Total	9.596	20	15.174	33	13.964	37	4.128	16	18.092	53	48.654	118	46.410	112	100.00%
Greenshoe Exercised?
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Yes	1.067	2.750	4.790	0.950	2.724	2.059	7.135	1.927	2.305	0.908	6.799	0.978	2.136
No	1.177	0.798	0	1.100	0.032	2.158	0.985	0.910	0.150	0.180	3.620	0.320	0.695
Total	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.420	1.298	2.831
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	8.464	17	11.121	25	10.013	30	3.113	7	13.127	37	36.528	85	35.462	82	72.56%
No	1.131	3	4.053	8	3.950	7	1.015	9	4.965	16	12.125	33	10.948	30	27.44%
Total	9.596	20	15.174	33	13.964	37	4.128	16	18.092	53	48.654	118	46.410	112	100.00%
Versus Talk
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Richer	0	0	0	0	0.115	0.345	0.135	0	0	0	0.345	0	0
Rich end	0	0	3.765	0	1.092	0.287	6.070	0.824	0.287	0.190	1.206	0.978	1.300
Within	0.765	2.750	0	1.550	0.951	1.142	0.900	1.539	1.201	0	4.026	0.075	1.211
Cheap end	0.345	0.125	0.125	0.500	0	0	0.715	0.130	0.620	0	0.374	0.225	0.120
Cheaper	0	0.520	0	0	0	0	0	0	0	0	1.019	0	0
NA/Other	1.134	0.153	0.900	0	0.598	2.442	0.300	0.344	0.347	0.899	3.450	0.020	0.200
Total	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.420	1.298	2.831
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.115	1	0.480	2	0.345	2	0	0	0.345	2	0.940	5	0.940	5	1.91%
Rich end	4.857	6	7.181	9	1.683	7	2.277	5	3.961	12	15.999	27	15.999	27	21.89%
Within	2.501	6	3.582	10	5.226	12	1.286	6	6.512	18	16.110	39	15.345	37	35.99%
Cheap end	0.625	3	0.845	5	0.994	4	0.345	3	1.339	7	3.279	17	2.934	16	7.40%
Cheaper	0	0	0	0	1.019	2	0	0	1.019	2	1.539	3	1.539	3	5.63%
NA/Other	1.498	4	3.086	7	4.696	10	0.220	2	4.916	12	10.787	27	9.653	24	27.17%
Total	9.596	20	15.174	33	13.964	37	4.128	16	18.092	53	48.654	118	46.410	112	100.00%
Use of Proceeds
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Acquisition	0	1.150	0	0	0	0	0	0	0	0	1.034	0	0
Capex	0	0	2.290	0.550	0.170	0	0.185	0.080	0.620	0.103	0.200	0	0.125
GCP	0.377	0	0	1.000	1.113	3.134	1.360	0.768	0.330	0.352	2.774	0.170	0.220
No proceeds	0	0	0	0	0	0	0	0	0	0	3.315	0	0
Redeem convertibles	0	0.153	0	0	0.032	0.450	0	0.729	0	0	0	0	0.155
Refinance	1.177	0	0	0.400	0.302	0.287	0.485	0.230	0.338	0.345	1.090	0.978	0
Multiple/Other/NA	0.690	2.245	2.500	0.100	1.139	0.345	6.090	1.030	1.168	0.287	2.007	0.150	2.330
Total	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.420	1.298	2.831
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0	0	1.034	3	0	0	1.034	3	2.184	4	2.184	4	5.72%
Capex	3.010	5	0.265	3	0.923	3	0.125	1	1.048	4	4.324	12	4.324	12	5.79%
GCP	2.113	5	5.262	14	3.456	11	0.390	5	3.846	16	11.597	37	11.221	35	21.26%
No proceeds	0	0	0	0	3.315	1	0	0	3.315	1	3.315	1	3.315	1	18.32%
Redeem convertibles	0.032	1	1.179	2	0	0	0.155	1	0.155	1	1.519	5	1.519	5	0.86%
Refinance	0.703	3	1.002	4	1.772	8	0.978	1	2.750	9	5.633	19	4.455	16	15.20%
Multiple/Other/NA	3.739	6	7.465	10	3.462	11	2.481	8	5.943	19	20.082	40	19.392	39	32.85%
Total	9.596	20	15.174	33	13.964	37	4.128	16	18.092	53	48.654	118	46.410	112	100.00%
Industry Sector (by SIC code)
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Mining (1xxx)	0	0	0	0	0.959	0	0	0	0	0.283	0.230	0	0
Oil and gas (13xx)	1.103	0	1.265	0.550	0.172	0.287	0.485	0	0	0	0	0	0
Construction (15xx)	0.075	0	0	0	0	0	0.435	0	0.100	0.086	0	0	0
Manufacturing (2xxx, 3xxx)	0.690	0.520	0	1.400	0.115	0.438	6.110	0.704	0	0	3.845	0	2.375
Pharmaceuticals (2834-6)	0.345	0	2.500	0.100	0.400	0.450	0	0	0.850	0	0	0	0.255
Transportation (4xxx)	0	0	0.125	0	0	0	0	0.330	0	0	0.075	0	0
Communications (48xx)	0	0	0	0	0.201	0	0	0.729	0	0	0.172	0	0.120
Electric, gas, sanitary services (49xx)	0	1.150	0	0	0.396	0	0	0.010	0	0	0	0.978	0
Wholesale (5xxx)	0	0	0	0	0	0.345	0.115	0.500	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0.032	0.278	0.900	0	0.350	2.696	0.800	0.380	0.822	0.460	5.389	0.245	0
Services (7xxx)	0	1.600	0	0	0.162	0	0.175	0.184	0.683	0.259	0.648	0	0.081
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0	0	0.075	0
Non-operating (9995)	0	0	0	0	0	0	0	0	0	0	0.060	0	0
Total	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.420	1.298	2.831
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.959	2	0	0	0.513	3	0	0	0.513	3	1.473	5	1.473	5	2.84%
Oil and gas (13xx)	1.988	3	0.772	4	0	0	0	0	0	0	3.862	9	2.760	7	0.00%
Construction (15xx)	0	0	0.435	1	0.186	2	0	0	0.186	2	0.696	4	0.621	3	1.03%
Manufacturing (2xxx, 3xxx)	1.515	3	7.252	11	3.845	9	2.375	7	6.220	16	16.197	32	15.507	31	34.38%
Pharmaceuticals (2834-6)	3.000	4	0.450	1	0.850	2	0.255	2	1.105	4	4.900	10	4.555	9	6.11%
Transportation (4xxx)	0.125	1	0.330	2	0.075	1	0	0	0.075	1	0.530	4	0.530	4	0.41%
Communications (48xx)	0.201	1	0.729	1	0.172	1	0.120	1	0.292	2	1.223	4	1.223	4	1.61%
Electric, gas, sanitary services (49xx)	0.396	1	0.010	1	0	0	0.978	1	0.978	1	2.534	4	2.534	4	5.41%
Wholesale (5xxx)	0	0	0.960	3	0	0	0	0	0	0	0.960	3	0.960	3	0.00%
Finance, insurance, real estate (6xxx)	1.250	3	3.876	7	6.671	13	0.245	3	6.916	16	12.352	29	12.320	28	38.23%
Services (7xxx)	0.162	2	0.359	2	1.590	5	0.081	1	1.671	6	3.791	12	3.791	12	9.24%
Health services (8xxx)	0	0	0	0	0	0	0.075	1	0.075	1	0.075	1	0.075	1	0.41%
Non-operating (9995)	0	0	0	0	0.060	1	0	0	0.060	1	0.060	1	0.060	1	0.33%
Total	9.596	20	15.174	33	13.964	37	4.128	16	18.092	53	48.654	118	46.410	112	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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