Analysis of convertibles issuance for 13 months through June 2011

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

Coupon

	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
0%	1.250	0	0	0	2.070	0	0	0	0	0	0	0	0
0.01%-0.99%	0	0	0	0	0	0	0	0	0	0.904	0	0.450	0
1%-1.99%	0	2.500	1.000	0	0	0.350	0	0	0.287	0	0	0.450	0.350
2%-2.99%	0.870	0	0.550	0.115	0.883	0.955	0.184	1.016	0	0.710	0	1.150	0.666
3%-3.99%	0.153	0	0.400	0.770	0.692	0.815	1.074	0	0	2.936	0	0.275	0.374
4%-4.99%	0.125	0	0	0.302	0	5.550	0	0.230	0	0.625	0	0.205	0
5%-5.99%	0	0.125	0.100	0.150	0.287	0	0	0.772	0.483	4.120	0.236	0.230	0
6%-6.99%	0	1.265	0	0.990	0	0.150	0.530	0.287	0.259	0.719	0.075	0.120	0
7%-7.99%	0	0	0	0.396	0	0.300	0.310	0.150	0.086	0.367	0.020	0	0
8% and higher	1.150	0.900	0	0.032	0	0	0.739	0	0	0.060	0.978	0	0.155
NA/Other	0	0	0	0	0.284	0	0	0	0	0	0	0	0
Total	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.881	1.545
	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	2.070	1	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	6.86%
1%-1.99%	3.500	3	0.350	1	0.287	1	0.800	3	1.087	4	4.938	8	4.938	8	5.50%
2%-2.99%	0.665	2	2.022	8	1.726	5	1.816	5	3.542	10	7.099	22	6.229	20	17.94%
3%-3.99%	1.170	4	2.581	10	2.936	7	0.649	4	3.585	11	7.490	26	7.336	25	18.15%
4%-4.99%	0.302	2	5.550	2	0.856	4	0.205	2	1.061	6	7.038	11	6.913	10	5.37%
5%-5.99%	0.375	3	0.287	1	5.375	9	0.466	3	5.841	12	6.504	16	6.504	16	29.58%
6%-6.99%	2.255	3	0.680	4	1.265	3	0.195	2	1.460	5	4.395	12	4.395	12	7.39%
7%-7.99%	0.396	1	0.610	3	0.604	6	0.020	1	0.624	7	1.630	11	1.630	11	3.16%
8% and higher	0.931	2	0.739	2	0.060	1	1.133	2	1.193	3	4.013	8	2.864	7	6.04%
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	14.013	37	5.735	23	19.748	60	48.066	119	44.517	113	100.00%
Premium
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
19.99% and lower	0.153	0.900	0.400	0	0	0.275	0.150	0.822	0.172	0.657	0.225	0.270	0.120
20%-29.99%	2.145	1.390	1.100	1.651	0.738	6.120	2.247	0.913	0.840	5.520	1.064	1.061	0.546
30-39.99%	1.250	2.500	0.550	1.074	1.125	1.290	0.430	0	0.103	4.011	0	1.550	0.649
40% and higher	0	0	0	0.032	0	0.435	0	0.720	0	0.253	0	0	0.230
NA	0	0	0	0	2.354	0	0.010	0	0	0	0.020	0	0
Total	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.881	1.545
	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	1.652	9	0.615	5	2.267	14	4.145	19	3.992	18	11.48%
20%-29.99%	4.141	9	9.104	15	7.273	15	2.671	8	9.944	23	25.334	51	23.189	47	50.35%
30-39.99%	4.124	8	2.845	12	4.115	10	2.199	8	6.314	18	14.533	39	13.283	38	31.97%
40% and higher	0.032	1	0.435	1	0.973	3	0.230	1	1.203	4	1.670	6	1.670	6	6.10%
NA	0	0	2.364	3	0	0	0.020	1	0.020	1	2.384	4	2.384	4	0.10%
Total	9.596	20	15.174	33	14.013	37	5.735	23	19.748	60	48.066	119	44.517	113	100.00%
Quick Sale?
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Yes	3.548	4.790	2.050	2.724	4.129	8.120	2.837	1.722	0.449	10.442	0.331	2.651	1.545
No	0	0	0	0.032	0.088	0	0	0.734	0.667	0	0.978	0.230	0
Total	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.881	1.545
	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	12.613	31	4.527	21	17.140	52	45.338	109	41.790	103	86.79%
No	0.032	1	0.088	1	1.401	6	1.208	2	2.608	8	2.728	10	2.728	10	13.21%
Total	9.596	20	15.174	33	14.013	37	5.735	23	19.748	60	48.066	119	44.517	113	100.00%
Upsized?
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Yes	0	0	0.550	0.300	1.433	1.225	0.959	1.622	0.207	2.333	0.978	1.050	0.494
No	3.548	4.790	1.500	2.456	2.784	6.895	1.628	0.834	0.908	8.110	0.331	1.831	1.052
Downsized	0	0	0	0	0	0	0.250	0	0	0	0	0	0
Total	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.881	1.545
	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	4.162	11	2.521	6	6.683	17	11.149	31	11.149	31	33.84%
No	8.746	17	11.307	21	9.852	26	3.213	17	13.065	43	36.666	87	33.118	81	66.16%
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	14.013	37	5.735	23	19.748	60	48.066	119	44.517	113	100.00%
Seniority
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
senior	2.398	3.525	1.650	2.756	3.645	2.270	2.827	2.168	0.650	7.476	0.225	2.881	1.390
senior subordinated	0	0	0.400	0	0	0	0	0	0	0	0	0	0
subordinated	1.150	0	0	0	0	0	0	0.287	0	1.667	1.064	0	0
preferred	0	1.265	0	0	0.571	5.850	0.010	0	0.466	1.299	0.020	0	0.155
Total	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.881	1.545
	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	10.294	29	4.496	19	14.789	48	33.861	98	31.463	93	74.89%
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	1.064	2	3.019	5	4.169	6	3.019	5	15.29%
preferred	1.265	1	6.431	6	1.764	5	0.175	2	1.940	7	9.636	14	9.636	14	9.82%
Total	9.596	20	15.174	33	14.013	37	5.735	23	19.748	60	48.066	119	44.517	113	100.00%
Mandatory
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Yes	1.150	1.265	0	1.186	2.354	5.000	0.260	0.287	0.552	3.815	0.978	0	0
No	2.398	3.525	2.050	1.570	1.863	3.120	2.577	2.168	0.564	6.627	0.331	2.881	1.545
Total	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.881	1.545
	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	4.655	6	0.978	1	5.632	7	16.847	16	15.697	15	28.52%
No	7.145	17	7.560	28	9.358	31	4.757	22	14.116	53	31.219	103	28.821	98	71.48%
Total	9.596	20	15.174	33	14.013	37	5.735	23	19.748	60	48.066	119	44.517	113	100.00%
Greenshoe Exercised?
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Yes	2.750	4.790	0.950	2.724	2.059	7.135	1.927	2.305	1.115	6.972	1.064	2.486	1.195
No	0.798	0	1.100	0.032	2.158	0.985	0.910	0.150	0	3.470	0.245	0.395	0.350
Total	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.881	1.545
	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	10.393	32	4.745	16	15.138	48	37.473	93	34.723	90	76.66%
No	1.131	3	4.053	8	3.620	5	0.990	7	4.610	12	10.593	26	9.795	23	23.34%
Total	9.596	20	15.174	33	14.013	37	5.735	23	19.748	60	48.066	119	44.517	113	100.00%
Versus Talk
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Richer	0	0	0	0.115	0.345	0.135	0	0	0	0.345	0	0	0
Rich end	0	3.765	0	1.092	0.287	6.070	0.824	0.287	0.190	1.206	0.978	1.320	0
Within	2.750	0	1.550	0.951	1.142	0.900	1.539	1.201	0	4.026	0.086	1.211	0.954
Cheap end	0.125	0.125	0.500	0	0	0.715	0.130	0.620	0	0.396	0.225	0.120	0.592
Cheaper	0.520	0	0	0	0	0	0	0	0	1.019	0	0	0
NA/Other	0.153	0.900	0	0.598	2.442	0.300	0.344	0.347	0.926	3.450	0.020	0.230	0
Total	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.881	1.545
	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	1.75%
Rich end	4.857	6	7.181	9	1.683	7	2.297	5	3.981	12	16.019	27	16.019	27	20.16%
Within	2.501	6	3.582	10	5.226	12	2.251	10	7.477	22	16.310	41	13.560	38	37.86%
Cheap end	0.625	3	0.845	5	1.016	4	0.936	6	1.953	10	3.548	19	3.423	18	9.89%
Cheaper	0	0	0	0	1.019	2	0	0	1.019	2	1.539	3	1.019	2	5.16%
NA/Other	1.498	4	3.086	7	4.723	10	0.250	2	4.973	12	9.710	24	9.557	23	25.18%
Total	9.596	20	15.174	33	14.013	37	5.735	23	19.748	60	48.066	119	44.517	113	100.00%
Use of Proceeds
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Acquisition	1.150	0	0	0	0	0	0	0	0	1.034	0	0	0
Capex	0	2.290	0.550	0.170	0	0.185	0.080	0.620	0.103	0.200	0	0.125	0
GCP	0	0	1.000	1.113	3.134	1.360	0.768	0.330	0.380	2.774	0.181	0.240	0.264
No proceeds	0	0	0	0	0	0	0	0	0	3.315	0	0	0
Redeem convertibles	0.153	0	0	0.032	0.450	0	0.729	0	0	0	0	0.155	0
Refinance	0	0	0.400	0.302	0.287	0.485	0.230	0.338	0.345	1.090	0.978	0	0
Multiple/Other/NA	2.245	2.500	0.100	1.139	0.345	6.090	1.030	1.168	0.287	2.029	0.150	2.361	1.282
Total	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.881	1.545
	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	1.034	3	5.24%
Capex	3.010	5	0.265	3	0.923	3	0.125	1	1.048	4	4.324	12	4.324	12	5.31%
GCP	2.113	5	5.262	14	3.483	11	0.685	7	4.168	18	11.543	37	11.543	37	21.11%
No proceeds	0	0	0	0	3.315	1	0	0	3.315	1	3.315	1	3.315	1	16.79%
Redeem convertibles	0.032	1	1.179	2	0	0	0.155	1	0.155	1	1.519	5	1.366	4	0.78%
Refinance	0.703	3	1.002	4	1.772	8	0.978	1	2.750	9	4.455	16	4.455	16	13.93%
Multiple/Other/NA	3.739	6	7.465	10	3.485	11	3.792	13	7.277	24	20.726	44	18.481	40	36.85%
Total	9.596	20	15.174	33	14.013	37	5.735	23	19.748	60	48.066	119	44.517	113	100.00%
Industry Sector (by SIC code)
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Mining (1xxx)	0	0	0	0.959	0	0	0	0	0.310	0.230	0	0	0.230
Oil and gas (13xx)	0	1.265	0.550	0.172	0.287	0.485	0	0	0	0	0	0	0.155
Construction (15xx)	0	0	0	0	0	0.435	0	0.100	0.086	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.520	0	1.400	0.115	0.438	6.110	0.704	0	0	3.845	0	2.405	0.724
Pharmaceuticals (2834-6)	0	2.500	0.100	0.400	0.450	0	0	0.850	0	0	0	0.275	0
Transportation (4xxx)	0	0.125	0	0	0	0	0.330	0	0	0.075	0	0	0
Communications (48xx)	0	0	0	0.201	0	0	0.729	0	0	0.172	0	0.120	0
Electric, gas, sanitary services (49xx)	1.150	0	0	0.396	0	0	0.010	0	0	0	0.978	0	0
Wholesale (5xxx)	0	0	0	0	0.345	0.115	0.500	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0.278	0.900	0	0.350	2.696	0.800	0.380	0.822	0.460	5.411	0.245	0	0
Services (7xxx)	1.600	0	0	0.162	0	0.175	0.184	0.683	0.259	0.648	0	0.081	0.120
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0	0.086	0	0.316
Non-operating (9995)	0	0	0	0	0	0	0	0	0	0.060	0	0	0
Total	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.881	1.545
	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	0.540	3	0.230	1	0.770	4	1.730	6	1.730	6	3.90%
Oil and gas (13xx)	1.988	3	0.772	4	0	0	0.155	1	0.155	1	2.915	8	2.915	8	0.78%
Construction (15xx)	0	0	0.435	1	0.186	2	0	0	0.186	2	0.621	3	0.621	3	0.94%
Manufacturing (2xxx, 3xxx)	1.515	3	7.252	11	3.845	9	3.129	10	6.974	19	16.261	34	15.741	33	35.31%
Pharmaceuticals (2834-6)	3.000	4	0.450	1	0.850	2	0.275	2	1.125	4	4.575	9	4.575	9	5.70%
Transportation (4xxx)	0.125	1	0.330	2	0.075	1	0	0	0.075	1	0.530	4	0.530	4	0.38%
Communications (48xx)	0.201	1	0.729	1	0.172	1	0.120	1	0.292	2	1.223	4	1.223	4	1.48%
Electric, gas, sanitary services (49xx)	0.396	1	0.010	1	0	0	0.978	1	0.978	1	2.534	4	1.384	3	4.95%
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	6.693	13	0.245	3	6.938	16	12.343	28	12.065	26	35.13%
Services (7xxx)	0.162	2	0.359	2	1.590	5	0.201	2	1.791	7	3.911	13	2.311	11	9.07%
Health services (8xxx)	0	0	0	0	0	0	0.403	2	0.403	2	0.403	2	0.403	2	2.04%
Non-operating (9995)	0	0	0	0	0.060	1	0	0	0.060	1	0.060	1	0.060	1	0.30%
Total	9.596	20	15.174	33	14.013	37	5.735	23	19.748	60	48.066	119	44.517	113	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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