Analysis of convertibles issuance for 13 months through November 2012

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

Coupon

	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
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	0.430	0	0
1%-1.99%	0.250	0	0	0.500	1.685	0	0.725	0.275	0.253	0.300	0.626	0.397	0
2%-2.99%	0	0	0	0	0.225	1.150	0.150	0.370	0	0.501	0	1.500	0.230
3%-3.99%	1.032	0	0.150	0	0.200	0.980	0	0.400	0	0	0.278	0	0.275
4%-4.99%	0	0	0	0	0.163	0	0	0.105	0	0.250	0.275	0.588	0.040
5%-5.99%	0.149	0.200	0	0	0.127	0.127	1.305	0.130	0.086	0.196	0.961	0	0.205
6%-6.99%	0	0	0.250	0	0.150	0	0.220	0.032	0	0.414	0.090	0.115	0
7%-7.99%	0	0.050	0	0	0.086	0	0.019	1.145	0.115	0.050	0.215	0	0.225
8% and higher	0	0	0	0	0	0	0	0.074	0	0	0	0.010	0
NA	0	0	0	0	0	0	0	0.017	0	0	0	0.060	0
Total	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.874	2.670	0.975
	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	0.00%
0.01%-0.99%	0	0	0	0	0.430	2	0	0	0.430	2	0.430	2	0.430	2	2.21%
1%-1.99%	2.185	4	1.000	3	1.179	4	0.397	1	4.761	12	5.011	13	4.761	12	24.48%
2%-2.99%	0.225	1	1.670	4	0.501	2	1.730	2	4.126	9	4.126	9	4.126	9	21.22%
3%-3.99%	0.350	2	1.380	5	0.278	2	0.275	2	2.283	11	3.314	14	2.283	11	11.74%
4%-4.99%	0.163	1	0.105	1	0.525	3	0.628	4	1.421	9	1.421	9	1.421	9	7.31%
5%-5.99%	0.127	1	1.562	4	1.243	5	0.205	2	3.136	12	3.485	14	3.336	13	16.13%
6%-6.99%	0.400	2	0.252	2	0.504	2	0.115	1	1.271	7	1.271	7	1.271	7	6.54%
7%-7.99%	0.086	1	1.164	3	0.380	4	0.225	1	1.855	9	1.905	10	1.905	10	9.54%
8% and higher	0	0	0.074	1	0	0	0.010	1	0.084	2	0.084	2	0.084	2	0.43%
NA	0	0	0.017	1	0	0	0.060	1	0.077	2	0.077	2	0.077	2	0.40%
Total	3.535	12	7.224	24	5.040	24	3.645	15	19.445	75	21.125	82	19.695	77	100.00%
Premium
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
19.99% and lower	0	0	0	0	0.289	0.127	1.105	0.119	0	0.610	0.445	0.228	0.040
20%-29.99%	0.149	0.250	0.400	0	0.236	0.230	1.070	0.380	0.201	0.600	1.185	1.615	0.385
30-39.99%	1.282	0	0	0.500	0.890	0.850	0	2.032	0	0.501	0.777	0.070	0
40% and higher	0	0	0	0	1.220	1.050	0.225	0	0.253	0	0.466	0.687	0.400
NA	0	0	0	0	0	0	0.019	0.017	0	0	0	0.070	0.150
Total	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.874	2.670	0.975
	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	0.289	2	1.351	6	1.055	5	0.268	2	2.963	15	2.963	15	2.963	15	15.24%
20%-29.99%	0.636	4	1.680	5	1.987	10	2.000	5	6.303	24	6.702	27	6.553	26	32.41%
30-39.99%	1.390	4	2.882	8	1.279	5	0.070	1	5.621	18	6.902	22	5.621	18	28.91%
40% and higher	1.220	2	1.275	3	0.719	4	1.087	4	4.302	13	4.302	13	4.302	13	22.13%
NA	0	0	0.036	2	0	0	0.220	3	0.256	5	0.256	5	0.256	5	1.32%
Total	3.535	12	7.224	24	5.040	24	3.645	15	19.445	75	21.125	82	19.695	77	100.00%
Quick Sale?
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Yes	1.282	0.250	0.400	0.500	1.290	2.257	2.400	2.264	0.454	1.247	2.775	0.588	0.880
No	0.149	0	0	0	1.345	0	0.019	0.284	0	0.464	0.100	2.082	0.095
Total	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.874	2.670	0.975
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.190	9	6.921	19	4.476	21	1.468	8	15.056	57	16.587	63	15.306	59	77.43%
No	1.345	3	0.303	5	0.564	3	2.177	7	4.389	18	4.538	19	4.389	18	22.57%
Total	3.535	12	7.224	24	5.040	24	3.645	15	19.445	75	21.125	82	19.695	77	100.00%
Upsized?
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Yes	1.090	0	0.250	0.500	0.915	1.300	0.945	0.320	0.253	0.964	0.931	0.862	0.630
No	0.149	0.200	0.150	0	1.720	0.507	1.474	2.228	0.201	0.747	1.943	1.808	0.195
Downsized	0.192	0.050	0	0	0	0.450	0	0	0	0	0	0	0.150
Total	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.874	2.670	0.975
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.665	5	2.565	8	2.148	10	1.492	7	7.870	30	8.960	33	7.870	30	40.47%
No	1.870	7	4.209	15	2.892	14	2.003	7	10.974	43	11.323	45	11.174	44	56.44%
Downsized	0	0	0.450	1	0	0	0.150	1	0.600	2	0.842	4	0.650	3	3.09%
Total	3.535	12	7.224	24	5.040	24	3.645	15	19.445	75	21.125	82	19.695	77	100.00%
Seniority
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
senior	1.431	0.250	0.400	0.500	2.509	2.257	2.419	2.531	0.454	1.711	2.567	2.135	0.975
senior subordinated	0	0	0	0	0	0	0	0	0	0	0.058	0.360	0
preferred	0	0	0	0	0.127	0	0	0.017	0	0	0.250	0.175	0
Total	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.874	2.670	0.975
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior	3.409	11	7.207	23	4.732	21	3.110	11	18.458	66	20.139	73	18.708	68	94.92%
senior subordinated	0	0	0	0	0.058	1	0.360	2	0.417	3	0.417	3	0.417	3	2.14%
preferred	0.127	1	0.017	1	0.250	2	0.175	2	0.569	6	0.569	6	0.569	6	2.93%
Total	3.535	12	7.224	24	5.040	24	3.645	15	19.445	75	21.125	82	19.695	77	100.00%
Mandatory
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Yes	0	0	0	0	0	0	0.790	1.100	0.115	0	0.831	0.060	0
No	1.431	0.250	0.400	0.500	2.635	2.257	1.629	1.448	0.339	1.711	2.044	2.610	0.975
Total	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.874	2.670	0.975
	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	1.890	3	0.946	3	0.060	1	2.896	7	2.896	7	2.896	7	14.89%
No	3.535	12	5.334	21	4.095	21	3.585	14	16.549	68	18.230	75	16.799	70	85.11%
Total	3.535	12	7.224	24	5.040	24	3.645	15	19.445	75	21.125	82	19.695	77	100.00%
Greenshoe Exercised?
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Yes	0.740	0.200	0.250	0.500	2.060	1.980	0.725	1.790	0.454	1.014	1.479	2.600	0.285
No	0.691	0.050	0.150	0	0.575	0.277	1.694	0.758	0	0.697	1.395	0.070	0.690
Total	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.874	2.670	0.975
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.810	8	4.495	11	2.947	14	2.885	8	13.138	41	14.077	44	13.338	42	67.56%
No	0.725	4	2.729	13	2.093	10	0.760	7	6.307	34	7.048	38	6.357	35	32.44%
Total	3.535	12	7.224	24	5.040	24	3.645	15	19.445	75	21.125	82	19.695	77	100.00%
Versus Talk
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Richer	0	0	0	0.300	0	0	0	0	0	0.300	0.700	0	0.150
Rich end	0	0	0	0.200	1.771	0.750	0.225	1.100	0.115	0.300	0.220	0.687	0.405
Within	0.250	0	0	0	0	0.380	1.605	1.045	0.253	0.397	0.530	0	0
Cheap end	0.840	0.050	0.400	0	0.289	0.677	0	0.224	0	0.250	0.569	0.343	0.325
Cheaper	0	0	0	0	0	0.450	0.570	0	0	0	0.630	0	0
NA/Other	0.341	0.200	0	0	0.575	0	0.019	0.179	0.086	0.464	0.225	1.640	0.095
Total	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.874	2.670	0.975
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.300	1	0	0	1.000	3	0.150	1	1.450	5	1.450	5	1.450	5	7.46%
Rich end	1.971	4	2.075	4	0.635	3	1.092	4	5.773	15	5.773	15	5.773	15	29.69%
Within	0	0	3.030	9	1.180	6	0	0	4.210	15	4.460	16	4.210	15	21.65%
Cheap end	0.689	4	0.901	5	0.819	6	0.668	4	3.077	19	3.967	22	3.127	20	15.82%
Cheaper	0	0	1.020	2	0.630	1	0	0	1.651	3	1.651	3	1.651	3	8.49%
NA/Other	0.575	3	0.198	4	0.775	5	1.735	6	3.284	18	3.825	21	3.484	19	16.89%
Total	3.535	12	7.224	24	5.040	24	3.645	15	19.445	75	21.125	82	19.695	77	100.00%
Use of Proceeds
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Acquisition	0.341	0	0	0	0	0.150	0	1.205	0	0	0.200	0	0
Capex	0	0	0	0	0	0	0.220	0.130	0.115	0	0.250	0.010	0
GCP	1.090	0.200	0.150	0.500	0.501	1.277	2.030	0.151	0.253	0.250	1.655	0	0.230
Redeem convertibles	0	0	0.250	0	0.200	0	0	0	0	0.501	0	0.397	0
Refinance	0	0	0	0	0.163	0	0	0.370	0.086	0.300	0.090	0.475	0.380
Multiple/Other/NA	0	0.050	0	0	1.771	0.830	0.169	0.692	0	0.660	0.680	1.788	0.365
Total	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.874	2.670	0.975
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	1.355	3	0.200	1	0	0	1.555	4	1.896	6	1.555	4	8.00%
Capex	0	0	0.350	2	0.365	3	0.010	1	0.725	6	0.725	6	0.725	6	3.73%
GCP	1.151	6	3.458	11	2.158	10	0.230	1	6.997	28	8.287	32	7.197	29	35.98%
Redeem convertibles	0.450	2	0	0	0.501	2	0.397	1	1.348	5	1.348	5	1.348	5	6.93%
Refinance	0.163	1	0.370	1	0.476	3	0.855	6	1.864	11	1.864	11	1.864	11	9.59%
Multiple/Other/NA	1.771	3	1.691	7	1.340	5	2.153	6	6.956	21	7.006	22	7.006	22	35.77%
Total	3.535	12	7.224	24	5.040	24	3.645	15	19.445	75	21.125	82	19.695	77	100.00%
Industry Sector (by SIC code)
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Mining (1xxx)	0	0	0	0	0	0	0.220	0.370	0	0.414	0	0.397	0
Oil and gas (13xx)	0	0	0	0.300	0.200	0	0	0.400	0.086	0.050	0.150	0.125	0
Construction (15xx)	0.350	0	0	0	0	0	0.225	0	0.368	0	0.524	0	0
Manufacturing (2xxx, 3xxx)	0	0.050	0	0	0.236	1.300	0.150	1.282	0	0.300	0.220	0.070	0.605
Pharmaceuticals (2834-6)	0.490	0	0.150	0	0.915	0	0.500	0.292	0	0.451	0.130	0.060	0
Transportation (4xxx)	0	0	0	0	0	0	0	0	0	0.300	0.325	0	0
Communications (48xx)	0	0	0	0	0	0	0	0	0	0	0.100	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.570	0.130	0	0	0.630	0	0
Wholesale (5xxx)	0	0	0	0	0	0	0	0	0	0	0.500	0	0
Finance, insurance, real estate (6xxx)	0	0.200	0.250	0	0.289	0.357	0.754	0.074	0	0.196	0.115	2.018	0.270
Services (7xxx)	0.591	0	0	0.200	0.995	0.600	0	0	0	0	0.180	0	0.100
Total	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711	2.874	2.670	0.975
	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	0.590	2	0.414	1	0.397	1	1.401	4	1.401	4	1.401	4	7.20%
Oil and gas (13xx)	0.500	2	0.400	1	0.286	3	0.125	2	1.311	8	1.311	8	1.311	8	6.74%
Construction (15xx)	0	0	0.225	1	0.892	6	0	0	1.117	7	1.467	8	1.117	7	5.74%
Manufacturing (2xxx, 3xxx)	0.236	2	2.732	9	0.520	2	0.675	4	4.163	17	4.213	18	4.213	18	21.41%
Pharmaceuticals (2834-6)	1.065	3	0.792	3	0.581	3	0.060	1	2.499	10	2.988	11	2.499	10	12.85%
Transportation (4xxx)	0	0	0	0	0.625	3	0	0	0.625	3	0.625	3	0.625	3	3.21%
Communications (48xx)	0	0	0	0	0.100	1	0	0	0.100	1	0.100	1	0.100	1	0.51%
Electric, gas, sanitary services (49xx)	0	0	0.700	2	0.630	1	0	0	1.331	3	1.331	3	1.331	3	6.84%
Wholesale (5xxx)	0	0	0	0	0.500	1	0	0	0.500	1	0.500	1	0.500	1	2.57%
Finance, insurance, real estate (6xxx)	0.539	3	1.185	5	0.311	2	2.288	6	4.323	16	4.523	17	4.523	17	22.23%
Services (7xxx)	1.195	2	0.600	1	0.180	1	0.100	1	2.075	5	2.666	8	2.075	5	10.67%
Total	3.535	12	7.224	24	5.040	24	3.645	15	19.445	75	21.125	82	19.695	77	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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