Analysis of convertibles issuance for 13 months through September 2012

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

Coupon

	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
0%	0	0	0	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0	0	0	0	0	0	0	0	0	0	0	0	0.430
1%-1.99%	0	0.650	0.250	0	0	0.500	1.685	0	0.725	0.275	0.253	0.300	0.626
2%-2.99%	0.155	0.690	0	0	0	0	0.225	1.150	0.150	0.370	0	0.501	0
3%-3.99%	0	0	1.032	0	0.150	0	0.200	0.980	0	0.400	0	0	0.278
4%-4.99%	0	0	0	0	0	0	0.163	0	0	0.105	0	0.250	0.275
5%-5.99%	0	0	0.149	0.200	0	0	0.127	0.127	1.305	0.130	0.086	0.196	0.961
6%-6.99%	0	0.002	0	0	0.250	0	0.150	0	0.220	0.032	0	0.414	0.090
7%-7.99%	0	0	0	0.050	0	0	0.086	0	0.019	1.145	0.115	0.050	0.205
8% and higher	0	0	0	0	0	0	0	0	0	0.074	0	0	0
NA	0	0	0	0	0	0	0	0	0	0.017	0	0	0
Total	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.865
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.00%
0.01%-0.99%	0	0	0	0	0	0	0.430	2	0.430	2	0.430	2	0.430	2	2.72%
1%-1.99%	0.900	3	2.185	4	1.000	3	1.179	4	4.364	11	5.264	14	5.264	14	27.64%
2%-2.99%	0.690	1	0.225	1	1.670	4	0.501	2	2.396	7	3.241	9	3.086	8	15.17%
3%-3.99%	1.032	3	0.350	2	1.380	5	0.278	2	2.007	9	3.039	12	3.039	12	12.71%
4%-4.99%	0	0	0.163	1	0.105	1	0.525	3	0.792	5	0.792	5	0.792	5	5.02%
5%-5.99%	0.349	2	0.127	1	1.562	4	1.243	5	2.931	10	3.280	12	3.280	12	18.56%
6%-6.99%	0.002	1	0.400	2	0.252	2	0.504	2	1.156	6	1.158	7	1.158	7	7.32%
7%-7.99%	0.050	1	0.086	1	1.164	3	0.370	4	1.620	8	1.670	9	1.670	9	10.26%
8% and higher	0	0	0	0	0.074	1	0	0	0.074	1	0.074	1	0.074	1	0.47%
NA	0	0	0	0	0.017	1	0	0	0.017	1	0.017	1	0.017	1	0.11%
Total	3.023	11	3.535	12	7.224	24	5.030	24	15.790	60	18.967	72	18.812	71	100.00%
Premium
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
19.99% and lower	0	0	0	0	0	0	0.289	0.127	1.105	0.119	0	0.610	0.435
20%-29.99%	0	0.250	0.149	0.250	0.400	0	0.236	0.230	1.070	0.380	0.201	0.600	1.185
30-39.99%	0.155	1.090	1.282	0	0	0.500	0.890	0.850	0	2.032	0	0.501	0.777
40% and higher	0	0	0	0	0	0	1.220	1.050	0.225	0	0.253	0	0.466
NA	0	0.002	0	0	0	0	0	0	0.019	0.017	0	0	0
Total	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.865
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0	0	0.289	2	1.351	6	1.045	5	2.685	13	2.685	13	2.685	13	17.00%
20%-29.99%	0.649	4	0.636	4	1.680	5	1.987	10	4.303	19	4.952	23	4.952	23	27.25%
30-39.99%	2.372	6	1.390	4	2.882	8	1.279	5	5.551	17	8.078	24	7.922	23	35.16%
40% and higher	0	0	1.220	2	1.275	3	0.719	4	3.214	9	3.214	9	3.214	9	20.35%
NA	0.002	1	0	0	0.036	2	0	0	0.036	2	0.038	3	0.038	3	0.23%
Total	3.023	11	3.535	12	7.224	24	5.030	24	15.790	60	18.967	72	18.812	71	100.00%
Quick Sale?
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Yes	0.155	0.250	1.282	0.250	0.400	0.500	1.290	2.257	2.400	2.264	0.454	1.247	2.764
No	0	1.092	0.149	0	0	0	1.345	0	0.019	0.284	0	0.464	0.100
Total	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.865
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.782	7	2.190	9	6.921	19	4.466	21	13.577	49	15.514	57	15.359	56	85.98%
No	1.241	4	1.345	3	0.303	5	0.564	3	2.212	11	3.453	15	3.453	15	14.01%
Total	3.023	11	3.535	12	7.224	24	5.030	24	15.790	60	18.967	72	18.812	71	100.00%
Upsized?
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Yes	0	0	1.090	0	0.250	0.500	0.915	1.300	0.945	0.320	0.253	0.964	0.931
No	0.155	1.342	0.149	0.200	0.150	0	1.720	0.507	1.474	2.228	0.201	0.747	1.933
Downsized	0	0	0.192	0.050	0	0	0	0.450	0	0	0	0	0
Total	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.865
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.090	3	1.665	5	2.565	8	2.148	10	6.378	23	7.468	26	7.468	26	40.39%
No	1.691	6	1.870	7	4.209	15	2.881	14	8.961	36	10.807	43	10.652	42	56.75%
Downsized	0.242	2	0	0	0.450	1	0	0	0.450	1	0.692	3	0.692	3	2.85%
Total	3.023	11	3.535	12	7.224	24	5.030	24	15.790	60	18.967	72	18.812	71	100.00%
Seniority
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
senior	0.155	1.340	1.431	0.250	0.400	0.500	2.509	2.257	2.419	2.531	0.454	1.711	2.557
senior subordinated	0	0	0	0	0	0	0	0	0	0	0	0	0.058
preferred	0	0.002	0	0	0	0	0.127	0	0	0.017	0	0	0.250
Total	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.865
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior	3.021	10	3.409	11	7.207	23	4.723	21	15.338	55	18.514	66	18.359	65	97.14%
senior subordinated	0	0	0	0	0	0	0.058	1	0.058	1	0.058	1	0.058	1	0.37%
preferred	0.002	1	0.127	1	0.017	1	0.250	2	0.394	4	0.396	5	0.396	5	2.50%
Total	3.023	11	3.535	12	7.224	24	5.030	24	15.790	60	18.967	72	18.812	71	100.00%
Mandatory
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Yes	0	0	0	0	0	0	0	0	0.790	1.100	0.115	0	0.831
No	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	1.629	1.448	0.339	1.711	2.034
Total	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.865
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	0	0	1.890	3	0.946	3	2.836	6	2.836	6	2.836	6	17.96%
No	3.023	11	3.535	12	5.334	21	4.085	21	12.954	54	16.132	66	15.977	65	82.04%
Total	3.023	11	3.535	12	7.224	24	5.030	24	15.790	60	18.967	72	18.812	71	100.00%
Greenshoe Exercised?
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Yes	0.155	0.940	0.740	0.200	0.250	0.500	2.060	1.980	0.725	1.790	0.454	1.014	1.469
No	0	0.402	0.691	0.050	0.150	0	0.575	0.277	1.694	0.758	0	0.697	1.395
Total	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.865
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.880	5	2.810	8	4.495	11	2.937	14	10.242	33	12.277	39	12.122	38	64.86%
No	1.143	6	0.725	4	2.729	13	2.093	10	5.547	27	6.690	33	6.690	33	35.13%
Total	3.023	11	3.535	12	7.224	24	5.030	24	15.790	60	18.967	72	18.812	71	100.00%
Versus Talk
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Richer	0	0	0	0	0	0.300	0	0	0	0	0	0.300	0.700
Rich end	0.155	0	0	0	0	0.200	1.771	0.750	0.225	1.100	0.115	0.300	0.220
Within	0	0	0.250	0	0	0	0	0.380	1.605	1.045	0.253	0.397	0.530
Cheap end	0	0.250	0.840	0.050	0.400	0	0.289	0.677	0	0.224	0	0.250	0.559
Cheaper	0	0	0	0	0	0	0	0.450	0.570	0	0	0	0.630
NA/Other	0	1.092	0.341	0.200	0	0	0.575	0	0.019	0.179	0.086	0.464	0.225
Total	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.865
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	0.300	1	0	0	1.000	3	1.300	4	1.300	4	1.300	4	8.23%
Rich end	0	0	1.971	4	2.075	4	0.635	3	4.681	11	4.837	12	4.681	11	29.65%
Within	0.250	1	0	0	3.030	9	1.180	6	4.210	15	4.460	16	4.460	16	26.66%
Cheap end	1.140	4	0.689	4	0.901	5	0.809	6	2.399	15	3.539	19	3.539	19	15.19%
Cheaper	0	0	0	0	1.020	2	0.630	1	1.651	3	1.651	3	1.651	3	10.46%
NA/Other	1.633	6	0.575	3	0.198	4	0.775	5	1.549	12	3.182	18	3.182	18	9.81%
Total	3.023	11	3.535	12	7.224	24	5.030	24	15.790	60	18.967	72	18.812	71	100.00%
Use of Proceeds
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Acquisition	0	0	0.341	0	0	0	0	0.150	0	1.205	0	0	0.200
Capex	0	0	0	0	0	0	0	0	0.220	0.130	0.115	0	0.250
GCP	0	0.402	1.090	0.200	0.150	0.500	0.501	1.277	2.030	0.151	0.253	0.250	1.645
Redeem convertibles	0	0	0	0	0.250	0	0.200	0	0	0	0	0.501	0
Refinance	0	0	0	0	0	0	0.163	0	0	0.370	0.086	0.300	0.090
Multiple/Other/NA	0.155	0.940	0	0.050	0	0	1.771	0.830	0.169	0.692	0	0.660	0.680
Total	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.865
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.341	2	0	0	1.355	3	0.200	1	1.555	4	1.896	6	1.896	6	9.85%
Capex	0	0	0	0	0.350	2	0.365	3	0.715	5	0.715	5	0.715	5	4.53%
GCP	1.692	6	1.151	6	3.458	11	2.147	10	6.757	27	8.449	33	8.449	33	42.79%
Redeem convertibles	0	0	0.450	2	0	0	0.501	2	0.951	4	0.951	4	0.951	4	6.02%
Refinance	0	0	0.163	1	0.370	1	0.476	3	1.009	5	1.009	5	1.009	5	6.39%
Multiple/Other/NA	0.990	3	1.771	3	1.691	7	1.340	5	4.803	15	5.948	19	5.793	18	30.42%
Total	3.023	11	3.535	12	7.224	24	5.030	24	15.790	60	18.967	72	18.812	71	100.00%
Industry Sector (by SIC code)
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Mining (1xxx)	0	0	0	0	0	0	0	0	0.220	0.370	0	0.414	0
Oil and gas (13xx)	0	0	0	0	0	0.300	0.200	0	0	0.400	0.086	0.050	0.150
Construction (15xx)	0	0	0.350	0	0	0	0	0	0.225	0	0.368	0	0.524
Manufacturing (2xxx, 3xxx)	0	0	0	0.050	0	0	0.236	1.300	0.150	1.282	0	0.300	0.220
Pharmaceuticals (2834-6)	0.155	0.650	0.490	0	0.150	0	0.915	0	0.500	0.292	0	0.451	0.130
Transportation (4xxx)	0	0	0	0	0	0	0	0	0	0	0	0.300	0.325
Communications (48xx)	0	0	0	0	0	0	0	0	0	0	0	0	0.100
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0.570	0.130	0	0	0.630
Wholesale (5xxx)	0	0	0	0	0	0	0	0	0	0	0	0	0.500
Finance, insurance, real estate (6xxx)	0	0.002	0	0.200	0.250	0	0.289	0.357	0.754	0.074	0	0.196	0.105
Services (7xxx)	0	0.690	0.591	0	0	0.200	0.995	0.600	0	0	0	0	0.180
Total	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.865
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0	0	0	0	0.590	2	0.414	1	1.004	3	1.004	3	1.004	3	6.36%
Oil and gas (13xx)	0	0	0.500	2	0.400	1	0.286	3	1.186	6	1.186	6	1.186	6	7.51%
Construction (15xx)	0.350	1	0	0	0.225	1	0.892	6	1.117	7	1.467	8	1.467	8	7.07%
Manufacturing (2xxx, 3xxx)	0.050	1	0.236	2	2.732	9	0.520	2	3.488	13	3.538	14	3.538	14	22.09%
Pharmaceuticals (2834-6)	1.140	3	1.065	3	0.792	3	0.581	3	2.439	9	3.734	13	3.578	12	15.45%
Transportation (4xxx)	0	0	0	0	0	0	0.625	3	0.625	3	0.625	3	0.625	3	3.96%
Communications (48xx)	0	0	0	0	0	0	0.100	1	0.100	1	0.100	1	0.100	1	0.63%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.700	2	0.630	1	1.331	3	1.331	3	1.331	3	8.43%
Wholesale (5xxx)	0	0	0	0	0	0	0.500	1	0.500	1	0.500	1	0.500	1	3.17%
Finance, insurance, real estate (6xxx)	0.202	2	0.539	3	1.185	5	0.301	2	2.025	10	2.227	12	2.227	12	12.82%
Services (7xxx)	1.281	4	1.195	2	0.600	1	0.180	1	1.975	4	3.256	8	3.256	8	12.51%
Total	3.023	11	3.535	12	7.224	24	5.030	24	15.790	60	18.967	72	18.812	71	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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