Analysis of convertibles issuance for 13 months through October 2012

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

Coupon

	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
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	0.430	0
1%-1.99%	0.650	0.250	0	0	0.500	1.685	0	0.725	0.275	0.253	0.300	0.626	0.397
2%-2.99%	0.690	0	0	0	0	0.225	1.150	0.150	0.370	0	0.501	0	1.500
3%-3.99%	0	1.032	0	0.150	0	0.200	0.980	0	0.400	0	0	0.278	0
4%-4.99%	0	0	0	0	0	0.163	0	0	0.105	0	0.250	0.275	0.578
5%-5.99%	0	0.149	0.200	0	0	0.127	0.127	1.305	0.130	0.086	0.196	0.961	0
6%-6.99%	0.002	0	0	0.250	0	0.150	0	0.220	0.032	0	0.414	0.090	0.115
7%-7.99%	0	0	0.050	0	0	0.086	0	0.019	1.145	0.115	0.050	0.215	0
8% and higher	0	0	0	0	0	0	0	0	0.074	0	0	0	0.010
NA	0	0	0	0	0	0	0	0	0.017	0	0	0	0.060
Total	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.874	2.660
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	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	0	0.00%
0.01%-0.99%	0	0	0	0	0	0	0.430	2	0	0	0.430	2	0.430	2	0.430	2	2.33%
1%-1.99%	0.900	3	2.185	4	1.000	3	1.179	4	0.397	1	4.761	12	5.661	15	5.011	13	25.79%
2%-2.99%	0.690	1	0.225	1	1.670	4	0.501	2	1.500	1	3.896	8	4.586	9	3.896	8	21.11%
3%-3.99%	1.032	3	0.350	2	1.380	5	0.278	2	0	0	2.007	9	3.039	12	3.039	12	10.87%
4%-4.99%	0	0	0.163	1	0.105	1	0.525	3	0.578	3	1.371	8	1.371	8	1.371	8	7.43%
5%-5.99%	0.349	2	0.127	1	1.562	4	1.243	5	0	0	2.931	10	3.280	12	3.280	12	15.88%
6%-6.99%	0.002	1	0.400	2	0.252	2	0.504	2	0.115	1	1.271	7	1.273	8	1.271	7	6.89%
7%-7.99%	0.050	1	0.086	1	1.164	3	0.380	4	0	0	1.630	8	1.680	9	1.680	9	8.83%
8% and higher	0	0	0	0	0.074	1	0	0	0.010	1	0.084	2	0.084	2	0.084	2	0.46%
NA	0	0	0	0	0.017	1	0	0	0.060	1	0.077	2	0.077	2	0.077	2	0.42%
Total	3.023	11	3.535	12	7.224	24	5.040	24	2.660	8	18.460	68	21.482	79	20.140	75	100.00%
Premium
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
19.99% and lower	0	0	0	0	0	0.289	0.127	1.105	0.119	0	0.610	0.445	0.228
20%-29.99%	0.250	0.149	0.250	0.400	0	0.236	0.230	1.070	0.380	0.201	0.600	1.185	1.615
30-39.99%	1.090	1.282	0	0	0.500	0.890	0.850	0	2.032	0	0.501	0.777	0.060
40% and higher	0	0	0	0	0	1.220	1.050	0.225	0	0.253	0	0.466	0.687
NA	0.002	0	0	0	0	0	0	0.019	0.017	0	0	0	0.070
Total	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.874	2.660
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0	0	0.289	2	1.351	6	1.055	5	0.228	1	2.923	14	2.923	14	2.923	14	15.83%
20%-29.99%	0.649	4	0.636	4	1.680	5	1.987	10	1.615	2	5.918	21	6.567	25	6.317	24	32.06%
30-39.99%	2.372	6	1.390	4	2.882	8	1.279	5	0.060	1	5.611	18	7.982	24	6.892	22	30.40%
40% and higher	0	0	1.220	2	1.275	3	0.719	4	0.687	2	3.901	11	3.901	11	3.901	11	21.14%
NA	0.002	1	0	0	0.036	2	0	0	0.070	2	0.106	4	0.108	5	0.106	4	0.57%
Total	3.023	11	3.535	12	7.224	24	5.040	24	2.660	8	18.460	68	21.482	79	20.140	75	100.00%
Quick Sale?
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Yes	0.250	1.282	0.250	0.400	0.500	1.290	2.257	2.400	2.264	0.454	1.247	2.775	0.578
No	1.092	0.149	0	0	0	1.345	0	0.019	0.284	0	0.464	0.100	2.082
Total	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.874	2.660
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.782	7	2.190	9	6.921	19	4.476	21	0.578	3	14.166	52	15.947	59	15.697	58	76.74%
No	1.241	4	1.345	3	0.303	5	0.564	3	2.082	5	4.294	16	5.535	20	4.443	17	23.26%
Total	3.023	11	3.535	12	7.224	24	5.040	24	2.660	8	18.460	68	21.482	79	20.140	75	100.00%
Upsized?
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Yes	0	1.090	0	0.250	0.500	0.915	1.300	0.945	0.320	0.253	0.964	0.931	0.862
No	1.342	0.149	0.200	0.150	0	1.720	0.507	1.474	2.228	0.201	0.747	1.943	1.798
Downsized	0	0.192	0.050	0	0	0	0.450	0	0	0	0	0	0
Total	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.874	2.660
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.090	3	1.665	5	2.565	8	2.148	10	0.862	4	7.240	27	8.330	30	8.330	30	39.22%
No	1.691	6	1.870	7	4.209	15	2.892	14	1.798	4	10.769	40	12.460	46	11.118	42	58.34%
Downsized	0.242	2	0	0	0.450	1	0	0	0	0	0.450	1	0.692	3	0.692	3	2.44%
Total	3.023	11	3.535	12	7.224	24	5.040	24	2.660	8	18.460	68	21.482	79	20.140	75	100.00%
Seniority
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
senior	1.340	1.431	0.250	0.400	0.500	2.509	2.257	2.419	2.531	0.454	1.711	2.567	2.135
senior subordinated	0	0	0	0	0	0	0	0	0	0	0	0.058	0.350
preferred	0.002	0	0	0	0	0.127	0	0	0.017	0	0	0.250	0.175
Total	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.874	2.660
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior	3.021	10	3.409	11	7.207	23	4.732	21	2.135	4	17.483	59	20.504	69	19.164	66	94.71%
senior subordinated	0	0	0	0	0	0	0.058	1	0.350	2	0.407	3	0.407	3	0.407	3	2.20%
preferred	0.002	1	0.127	1	0.017	1	0.250	2	0.175	2	0.569	6	0.571	7	0.569	6	3.08%
Total	3.023	11	3.535	12	7.224	24	5.040	24	2.660	8	18.460	68	21.482	79	20.140	75	100.00%
Mandatory
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Yes	0	0	0	0	0	0	0	0.790	1.100	0.115	0	0.831	0.060
No	1.342	1.431	0.250	0.400	0.500	2.635	2.257	1.629	1.448	0.339	1.711	2.044	2.600
Total	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.874	2.660
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	0	0	1.890	3	0.946	3	0.060	1	2.896	7	2.896	7	2.896	7	15.69%
No	3.023	11	3.535	12	5.334	21	4.095	21	2.600	7	15.564	61	18.587	72	17.245	68	84.31%
Total	3.023	11	3.535	12	7.224	24	5.040	24	2.660	8	18.460	68	21.482	79	20.140	75	100.00%
Greenshoe Exercised?
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Yes	0.940	0.740	0.200	0.250	0.500	2.060	1.980	0.725	1.790	0.454	1.014	1.479	2.530
No	0.402	0.691	0.050	0.150	0	0.575	0.277	1.694	0.758	0	0.697	1.395	0.130
Total	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.874	2.660
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.880	5	2.810	8	4.495	11	2.947	14	2.530	5	12.783	38	14.662	43	13.722	41	69.25%
No	1.143	6	0.725	4	2.729	13	2.093	10	0.130	3	5.677	30	6.820	36	6.418	34	30.75%
Total	3.023	11	3.535	12	7.224	24	5.040	24	2.660	8	18.460	68	21.482	79	20.140	75	100.00%
Versus Talk
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Richer	0	0	0	0	0.300	0	0	0	0	0	0.300	0.700	0
Rich end	0	0	0	0	0.200	1.771	0.750	0.225	1.100	0.115	0.300	0.220	0.687
Within	0	0.250	0	0	0	0	0.380	1.605	1.045	0.253	0.397	0.530	0
Cheap end	0.250	0.840	0.050	0.400	0	0.289	0.677	0	0.224	0	0.250	0.569	0.343
Cheaper	0	0	0	0	0	0	0.450	0.570	0	0	0	0.630	0
NA/Other	1.092	0.341	0.200	0	0	0.575	0	0.019	0.179	0.086	0.464	0.225	1.630
Total	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.874	2.660
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	0.300	1	0	0	1.000	3	0	0	1.300	4	1.300	4	1.300	4	7.04%
Rich end	0	0	1.971	4	2.075	4	0.635	3	0.687	2	5.368	13	5.368	13	5.368	13	29.08%
Within	0.250	1	0	0	3.030	9	1.180	6	0	0	4.210	15	4.460	16	4.460	16	22.81%
Cheap end	1.140	4	0.689	4	0.901	5	0.819	6	0.343	2	2.752	17	3.892	21	3.642	20	14.91%
Cheaper	0	0	0	0	1.020	2	0.630	1	0	0	1.651	3	1.651	3	1.651	3	8.94%
NA/Other	1.633	6	0.575	3	0.198	4	0.775	5	1.630	4	3.179	16	4.812	22	3.720	19	17.22%
Total	3.023	11	3.535	12	7.224	24	5.040	24	2.660	8	18.460	68	21.482	79	20.140	75	100.00%
Use of Proceeds
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Acquisition	0	0.341	0	0	0	0	0.150	0	1.205	0	0	0.200	0
Capex	0	0	0	0	0	0	0	0.220	0.130	0.115	0	0.250	0.010
GCP	0.402	1.090	0.200	0.150	0.500	0.501	1.277	2.030	0.151	0.253	0.250	1.655	0
Redeem convertibles	0	0	0	0.250	0	0.200	0	0	0	0	0.501	0	0.397
Refinance	0	0	0	0	0	0.163	0	0	0.370	0.086	0.300	0.090	0.465
Multiple/Other/NA	0.940	0	0.050	0	0	1.771	0.830	0.169	0.692	0	0.660	0.680	1.788
Total	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.874	2.660
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.341	2	0	0	1.355	3	0.200	1	0	0	1.555	4	1.896	6	1.896	6	8.42%
Capex	0	0	0	0	0.350	2	0.365	3	0.010	1	0.725	6	0.725	6	0.725	6	3.93%
GCP	1.692	6	1.151	6	3.458	11	2.158	10	0	0	6.767	27	8.459	33	8.057	31	36.66%
Redeem convertibles	0	0	0.450	2	0	0	0.501	2	0.397	1	1.348	5	1.348	5	1.348	5	7.30%
Refinance	0	0	0.163	1	0.370	1	0.476	3	0.465	3	1.474	8	1.474	8	1.474	8	7.98%
Multiple/Other/NA	0.990	3	1.771	3	1.691	7	1.340	5	1.788	3	6.591	18	7.581	21	6.641	19	35.70%
Total	3.023	11	3.535	12	7.224	24	5.040	24	2.660	8	18.460	68	21.482	79	20.140	75	100.00%
Industry Sector (by SIC code)
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Mining (1xxx)	0	0	0	0	0	0	0	0.220	0.370	0	0.414	0	0.397
Oil and gas (13xx)	0	0	0	0	0.300	0.200	0	0	0.400	0.086	0.050	0.150	0.125
Construction (15xx)	0	0.350	0	0	0	0	0	0.225	0	0.368	0	0.524	0
Manufacturing (2xxx, 3xxx)	0	0	0.050	0	0	0.236	1.300	0.150	1.282	0	0.300	0.220	0.060
Pharmaceuticals (2834-6)	0.650	0.490	0	0.150	0	0.915	0	0.500	0.292	0	0.451	0.130	0.060
Transportation (4xxx)	0	0	0	0	0	0	0	0	0	0	0.300	0.325	0
Communications (48xx)	0	0	0	0	0	0	0	0	0	0	0	0.100	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0.570	0.130	0	0	0.630	0
Wholesale (5xxx)	0	0	0	0	0	0	0	0	0	0	0	0.500	0
Finance, insurance, real estate (6xxx)	0.002	0	0.200	0.250	0	0.289	0.357	0.754	0.074	0	0.196	0.115	2.018
Services (7xxx)	0.690	0.591	0	0	0.200	0.995	0.600	0	0	0	0	0.180	0
Total	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.874	2.660
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0	0	0	0	0.590	2	0.414	1	0.397	1	1.401	4	1.401	4	1.401	4	7.59%
Oil and gas (13xx)	0	0	0.500	2	0.400	1	0.286	3	0.125	2	1.311	8	1.311	8	1.311	8	7.10%
Construction (15xx)	0.350	1	0	0	0.225	1	0.892	6	0	0	1.117	7	1.467	8	1.467	8	6.05%
Manufacturing (2xxx, 3xxx)	0.050	1	0.236	2	2.732	9	0.520	2	0.060	1	3.548	14	3.598	15	3.598	15	19.22%
Pharmaceuticals (2834-6)	1.140	3	1.065	3	0.792	3	0.581	3	0.060	1	2.499	10	3.638	13	2.988	11	13.54%
Transportation (4xxx)	0	0	0	0	0	0	0.625	3	0	0	0.625	3	0.625	3	0.625	3	3.39%
Communications (48xx)	0	0	0	0	0	0	0.100	1	0	0	0.100	1	0.100	1	0.100	1	0.54%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.700	2	0.630	1	0	0	1.331	3	1.331	3	1.331	3	7.21%
Wholesale (5xxx)	0	0	0	0	0	0	0.500	1	0	0	0.500	1	0.500	1	0.500	1	2.71%
Finance, insurance, real estate (6xxx)	0.202	2	0.539	3	1.185	5	0.311	2	2.018	3	4.053	13	4.255	15	4.253	14	21.96%
Services (7xxx)	1.281	4	1.195	2	0.600	1	0.180	1	0	0	1.975	4	3.256	8	2.566	7	10.70%
Total	3.023	11	3.535	12	7.224	24	5.040	24	2.660	8	18.460	68	21.482	79	20.140	75	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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