Analysis of convertibles issuance for 13 months through July 2011

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

Coupon

	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
0%	0	0	0	2.070	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0	0	0	0	0	0	0	0	0.904	0	0.450	0	0.632
1%-1.99%	2.500	1.000	0	0	0.350	0	0	0.287	0	0	0.450	0.350	0.690
2%-2.99%	0	0.550	0.115	0.883	0.955	0.184	1.016	0	0.710	0	1.150	0.666	0.350
3%-3.99%	0	0.400	0.770	0.692	0.815	1.074	0	0	2.936	0	0.275	0.374	0.585
4%-4.99%	0	0	0.302	0	5.550	0	0.230	0	0.625	0	0.205	0	0.785
5%-5.99%	0.125	0.100	0.150	0.287	0	0	0.772	0.483	4.120	0.236	0.230	0	0.135
6%-6.99%	1.265	0	0.990	0	0.150	0.530	0.287	0.259	0.719	0.075	0.120	0	0
7%-7.99%	0	0	0.396	0	0.300	0.310	0.150	0.086	0.367	0.020	0	0	0
8% and higher	0.900	0	0.032	0	0	0.739	0	0	0.060	0.978	0	0.155	0
NA/Other	0	0	0	0.284	0	0	0	0	0	0	0	0	0
Total	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.881	1.545	3.178
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0	0	2.070	1	0	0	0	0	0	0	0	0	2.070	1	2.070	1	0.00%
0.01%-0.99%	0	0	0	0	0.904	1	0.450	1	0.632	1	1.986	3	1.986	3	1.986	3	8.66%
1%-1.99%	3.500	3	0.350	1	0.287	1	0.800	3	0.690	2	1.778	6	5.628	10	3.127	8	7.76%
2%-2.99%	0.665	2	2.022	8	1.726	5	1.816	5	0.350	2	3.892	12	6.579	22	6.579	22	16.98%
3%-3.99%	1.170	4	2.581	10	2.936	7	0.649	4	0.585	4	4.170	15	7.921	29	7.921	29	18.19%
4%-4.99%	0.302	2	5.550	2	0.856	4	0.205	2	0.785	3	1.846	9	7.699	13	7.699	13	8.05%
5%-5.99%	0.375	3	0.287	1	5.375	9	0.466	3	0.135	1	5.976	13	6.639	17	6.514	16	26.07%
6%-6.99%	2.255	3	0.680	4	1.265	3	0.195	2	0	0	1.460	5	4.395	12	3.130	11	6.37%
7%-7.99%	0.396	1	0.610	3	0.604	6	0.020	1	0	0	0.624	7	1.630	11	1.630	11	2.72%
8% and higher	0.931	2	0.739	2	0.060	1	1.133	2	0	0	1.193	3	2.864	7	1.964	6	5.20%
NA/Other	0	0	0.284	1	0	0	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	3.178	13	22.925	73	47.695	126	42.905	121	100.00%
Premium
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
19.99% and lower	0.900	0.400	0	0	0.275	0.150	0.822	0.172	0.657	0.225	0.270	0.120	0
20%-29.99%	1.390	1.100	1.651	0.738	6.120	2.247	0.913	0.840	5.520	1.064	1.061	0.546	1.375
30-39.99%	2.500	0.550	1.074	1.125	1.290	0.430	0	0.103	4.011	0	1.550	0.649	1.802
40% and higher	0	0	0.032	0	0.435	0	0.720	0	0.253	0	0	0.230	0
NA	0	0	0	2.354	0	0.010	0	0	0	0.020	0	0	0
Total	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.881	1.545	3.178
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	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	0	0	2.267	14	3.992	18	3.092	17	9.89%
20%-29.99%	4.141	9	9.104	15	7.273	15	2.671	8	1.375	6	11.319	29	24.564	53	23.174	51	49.37%
30-39.99%	4.124	8	2.845	12	4.115	10	2.199	8	1.802	7	8.116	25	15.086	45	12.586	43	35.40%
40% and higher	0.032	1	0.435	1	0.973	3	0.230	1	0	0	1.203	4	1.670	6	1.670	6	5.25%
NA	0	0	2.364	3	0	0	0.020	1	0	0	0.020	1	2.384	4	2.384	4	0.09%
Total	9.596	20	15.174	33	14.013	37	5.735	23	3.178	13	22.925	73	47.695	126	42.905	121	100.00%
Quick Sale?
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Yes	4.790	2.050	2.724	4.129	8.120	2.837	1.722	0.449	10.442	0.331	2.651	1.545	3.078
No	0	0	0.032	0.088	0	0	0.734	0.667	0	0.978	0.230	0	0.100
Total	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.881	1.545	3.178
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	9.564	19	15.086	32	12.613	31	4.527	21	3.078	12	20.217	64	44.867	115	40.077	110	88.19%
No	0.032	1	0.088	1	1.401	6	1.208	2	0.100	1	2.708	9	2.828	11	2.828	11	11.81%
Total	9.596	20	15.174	33	14.013	37	5.735	23	3.178	13	22.925	73	47.695	126	42.905	121	100.00%
Upsized?
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Yes	0	0.550	0.300	1.433	1.225	0.959	1.622	0.207	2.333	0.978	1.050	0.494	1.295
No	4.790	1.500	2.456	2.784	6.895	1.628	0.834	0.908	8.110	0.331	1.831	1.052	1.883
Downsized	0	0	0	0	0	0.250	0	0	0	0	0	0	0
Total	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.881	1.545	3.178
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.850	3	3.617	11	4.162	11	2.521	6	1.295	6	7.978	23	12.444	37	12.444	37	34.80%
No	8.746	17	11.307	21	9.852	26	3.213	17	1.883	7	14.948	50	35.000	88	30.210	83	65.20%
Downsized	0	0	0.250	1	0	0	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	3.178	13	22.925	73	47.695	126	42.905	121	100.00%
Seniority
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
senior	3.525	1.650	2.756	3.645	2.270	2.597	2.168	0.650	7.476	0.225	2.881	1.390	3.178
senior subordinated	0	0.400	0	0	0	0	0	0	0	0	0	0	0
subordinated	0	0	0	0	0	0.230	0.287	0	1.667	1.064	0	0	0
preferred	1.265	0	0	0.571	5.850	0.010	0	0.466	1.299	0.020	0	0.155	0
Total	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.881	1.545	3.178
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior	7.931	18	8.512	26	10.294	29	4.496	19	3.178	13	17.967	61	34.410	105	30.885	101	78.37%
senior subordinated	0.400	1	0	0	0	0	0	0	0	0	0	0	0.400	1	0.400	1	0.00%
subordinated	0	0	0.230	1	1.955	3	1.064	2	0	0	3.019	5	3.249	6	3.249	6	13.17%
preferred	1.265	1	6.431	6	1.764	5	0.175	2	0	0	1.940	7	9.636	14	8.371	13	8.46%
Total	9.596	20	15.174	33	14.013	37	5.735	23	3.178	13	22.925	73	47.695	126	42.905	121	100.00%
Mandatory
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Yes	1.265	0	1.186	2.354	5.000	0.490	0.287	0.552	3.815	0.978	0	0	0
No	3.525	2.050	1.570	1.863	3.120	2.347	2.168	0.564	6.627	0.331	2.881	1.545	3.178
Total	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.881	1.545	3.178
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.451	3	7.844	6	4.655	6	0.978	1	0	0	5.632	7	15.927	16	14.662	15	24.57%
No	7.145	17	7.330	27	9.358	31	4.757	22	3.178	13	17.293	66	31.768	110	28.243	106	75.43%
Total	9.596	20	15.174	33	14.013	37	5.735	23	3.178	13	22.925	73	47.695	126	42.905	121	100.00%
Greenshoe Exercised?
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Yes	4.790	0.950	2.724	2.059	7.135	1.927	2.305	1.115	6.972	1.064	2.486	1.195	2.067
No	0	1.100	0.032	2.158	0.985	0.910	0.150	0	3.470	0.245	0.395	0.350	1.110
Total	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.881	1.545	3.178
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	8.464	17	11.121	25	10.393	32	4.745	16	2.067	8	17.205	56	36.790	98	32.000	93	75.05%
No	1.131	3	4.053	8	3.620	5	0.990	7	1.110	5	5.720	17	10.905	28	10.905	28	24.95%
Total	9.596	20	15.174	33	14.013	37	5.735	23	3.178	13	22.925	73	47.695	126	42.905	121	100.00%
Versus Talk
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Richer	0	0	0.115	0.345	0.135	0	0	0	0.345	0	0	0	0
Rich end	3.765	0	1.092	0.287	6.070	0.824	0.287	0.190	1.206	0.978	1.320	0	1.323
Within	0	1.550	0.951	1.142	0.900	1.539	1.201	0	4.026	0.086	1.211	0.954	0.645
Cheap end	0.125	0.500	0	0	0.715	0.130	0.620	0	0.396	0.225	0.120	0.592	0.975
Cheaper	0	0	0	0	0	0	0	0	1.019	0	0	0	0
NA/Other	0.900	0	0.598	2.442	0.300	0.344	0.347	0.926	3.450	0.020	0.230	0	0.235
Total	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.881	1.545	3.178
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.115	1	0.480	2	0.345	2	0	0	0	0	0.345	2	0.940	5	0.940	5	1.50%
Rich end	4.857	6	7.181	9	1.683	7	2.297	5	1.323	3	5.303	15	17.341	30	13.576	27	23.13%
Within	2.501	6	3.582	10	5.226	12	2.251	10	0.645	5	8.122	27	14.205	43	14.205	43	35.43%
Cheap end	0.625	3	0.845	5	1.016	4	0.936	6	0.975	3	2.928	13	4.398	21	4.273	20	12.77%
Cheaper	0	0	0	0	1.019	2	0	0	0	0	1.019	2	1.019	2	1.019	2	4.44%
NA/Other	1.498	4	3.086	7	4.723	10	0.250	2	0.235	2	5.208	14	9.792	25	8.892	24	22.72%
Total	9.596	20	15.174	33	14.013	37	5.735	23	3.178	13	22.925	73	47.695	126	42.905	121	100.00%
Use of Proceeds
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Acquisition	0	0	0	0	0	0	0	0	1.034	0	0	0	0.767
Capex	2.290	0.550	0.170	0	0.185	0.080	0.620	0.103	0.200	0	0.125	0	0.100
GCP	0	1.000	1.113	3.134	1.360	0.768	0.330	0.380	2.774	0.181	0.240	0.264	0.160
No proceeds	0	0	0	0	0	0	0	0	3.315	0	0	0	0
Redeem convertibles	0	0	0.032	0.450	0	0.729	0	0	0	0	0.155	0	0.100
Refinance	0	0.400	0.302	0.287	0.485	0.230	0.338	0.345	1.090	0.978	0	0	0.250
Multiple/Other/NA	2.500	0.100	1.139	0.345	6.090	1.030	1.168	0.287	2.029	0.150	2.361	1.282	1.800
Total	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.881	1.545	3.178
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0	0	1.034	3	0	0	0.767	2	1.801	5	1.801	5	1.801	5	7.86%
Capex	3.010	5	0.265	3	0.923	3	0.125	1	0.100	1	1.149	5	4.423	13	2.134	10	5.01%
GCP	2.113	5	5.262	14	3.483	11	0.685	7	0.160	2	4.328	20	11.703	39	11.703	39	18.88%
No proceeds	0	0	0	0	3.315	1	0	0	0	0	3.315	1	3.315	1	3.315	1	14.46%
Redeem convertibles	0.032	1	1.179	2	0	0	0.155	1	0.100	1	0.255	2	1.466	5	1.466	5	1.12%
Refinance	0.703	3	1.002	4	1.772	8	0.978	1	0.250	1	3.000	10	4.705	17	4.705	17	13.09%
Multiple/Other/NA	3.739	6	7.465	10	3.485	11	3.792	13	1.800	6	9.077	30	20.281	46	17.781	44	39.59%
Total	9.596	20	15.174	33	14.013	37	5.735	23	3.178	13	22.925	73	47.695	126	42.905	121	100.00%
Industry Sector (by SIC code)
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Mining (1xxx)	0	0	0.959	0	0	0	0	0.310	0.230	0	0	0.230	0
Oil and gas (13xx)	1.265	0.550	0.172	0.287	0.485	0	0	0	0	0	0	0.155	0.135
Construction (15xx)	0	0	0	0	0.435	0	0.100	0.086	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0	1.400	0.115	0.438	6.110	0.704	0	0	3.845	0	2.405	0.724	1.300
Pharmaceuticals (2834-6)	2.500	0.100	0.400	0.450	0	0	0.850	0	0	0	0.275	0	0
Transportation (4xxx)	0.125	0	0	0	0	0.330	0	0	0.075	0	0	0	0
Communications (48xx)	0	0	0.201	0	0	0.729	0	0	0.172	0	0.120	0	0
Electric, gas, sanitary services (49xx)	0	0	0.396	0	0	0.010	0	0	0	0.978	0	0	0
Wholesale (5xxx)	0	0	0	0.345	0.115	0.500	0	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0.900	0	0.350	2.696	0.800	0.380	0.822	0.460	5.411	0.245	0	0	1.110
Services (7xxx)	0	0	0.162	0	0.175	0.184	0.683	0.259	0.648	0	0.081	0.120	0.632
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0.086	0	0.316	0
Non-operating (9995)	0	0	0	0	0	0	0	0	0.060	0	0	0	0
Total	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.881	1.545	3.178
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	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	0	0.770	4	1.730	6	1.730	6	3.36%
Oil and gas (13xx)	1.988	3	0.772	4	0	0	0.155	1	0.135	1	0.290	2	3.050	9	1.785	8	1.26%
Construction (15xx)	0	0	0.435	1	0.186	2	0	0	0	0	0.186	2	0.621	3	0.621	3	0.81%
Manufacturing (2xxx, 3xxx)	1.515	3	7.252	11	3.845	9	3.129	10	1.300	7	8.274	26	17.041	40	17.041	40	36.09%
Pharmaceuticals (2834-6)	3.000	4	0.450	1	0.850	2	0.275	2	0	0	1.125	4	4.575	9	2.075	7	4.91%
Transportation (4xxx)	0.125	1	0.330	2	0.075	1	0	0	0	0	0.075	1	0.530	4	0.405	3	0.33%
Communications (48xx)	0.201	1	0.729	1	0.172	1	0.120	1	0	0	0.292	2	1.223	4	1.223	4	1.27%
Electric, gas, sanitary services (49xx)	0.396	1	0.010	1	0	0	0.978	1	0	0	0.978	1	1.384	3	1.384	3	4.27%
Wholesale (5xxx)	0	0	0.960	3	0	0	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	1.110	4	8.048	20	13.175	30	12.275	29	35.11%
Services (7xxx)	0.162	2	0.359	2	1.590	5	0.201	2	0.632	1	2.423	8	2.944	12	2.944	12	10.57%
Health services (8xxx)	0	0	0	0	0	0	0.403	2	0	0	0.403	2	0.403	2	0.403	2	1.76%
Non-operating (9995)	0	0	0	0	0.060	1	0	0	0	0	0.060	1	0.060	1	0.060	1	0.26%
Total	9.596	20	15.174	33	14.013	37	5.735	23	3.178	13	22.925	73	47.695	126	42.905	121	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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