Analysis of convertibles issuance for year to date through November

Total: $35.498 billion in 421 deals

Amount ($ billions) Number

Regular convertibles 30.148 101

Investment bank synthetics 5.350 320

Total 35.498 421

Note: Investment bank deals are offerings issued by an investment bank and linked to or exchangeable for the stock of another company.

All data below excludes these investment bank deals (but includes investment bank offerings convertible into their own stock).

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

Coupon

	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
0%	0.300	0.130	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0.055	0	0	0	0	0	0	0	0	0	0
1%-1.99%	0.494	0.460	0.225	0	0.350	0	0.150	0	0.160	0	0.250
2%-2.99%	0	0.680	0.330	0.112	0	1.095	0.725	0.906	0.250	0.225	0.690
3%-3.99%	0	0.271	1.165	0	0.307	0.620	1.075	0.855	0.715	0.398	1.415
4%-4.99%	0.240	0.182	0	0.750	0	0.388	0	0	0.300	0	0.351
5%-5.99%	0.050	0.388	0.102	0.460	0	0	0	0.115	0.146	0.525	0.950
6% and higher	0.899	0.105	0.867	0	0.287	2.805	0.045	0.087	0.219	0.318	0.600
Floater	0	0	0.060	0	0	0	0	2.500	0	0	2.000
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.995	4.463	1.790	1.466	6.256
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
0%	0.430	2	0	0	0	0	0	0	0.430	2	0.014
0.01%-0.99%	0.055	1	0	0	0	0	0	0	0.055	1	0.002
1%-1.99%	1.179	6	0.350	1	0.310	2	0.250	1	2.089	10	0.069
2%-2.99%	1.010	5	1.207	3	1.881	7	0.915	2	5.013	17	0.166
3%-3.99%	1.436	6	0.927	5	2.645	11	1.812	4	6.821	26	0.226
4%-4.99%	0.422	3	1.138	4	0.300	1	0.351	2	2.211	10	0.073
5%-5.99%	0.540	5	0.460	1	0.261	3	1.475	4	2.736	13	0.091
6% and higher	1.871	7	3.092	4	0.351	4	0.918	4	6.233	19	0.207
Floater	0.060	1	0	0	2.500	1	2.000	1	4.560	3	0.151
Total	7.003	36	7.174	18	8.248	29	7.722	18	30.148	101	1.000
Premium
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
19.99% and lower	0	0.163	0.020	0	0.350	0.920	0.520	0.087	0.135	0.307	0
20%-29.99%	1.119	0.633	1.052	0.750	0.345	3.892	0.500	3.501	0.529	0.461	3.726
30-39.99%	0.494	1.290	1.095	0.572	0.250	0	0.975	0.875	1.126	0.698	2.530
40-49.99%	0.300	0	0.550	0	0	0	0	0	0	0	0
50-59.99%	0.125	0	0	0	0	0	0	0	0	0	0
NA	0	0.130	0.032	0	0	0.095	0	0	0	0	0
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.995	4.463	1.790	1.466	6.256
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
19.99% and lower	0.183	4	1.270	2	0.742	6	0.307	2	2.502	14	0.083
20%-29.99%	2.805	13	4.987	11	4.530	11	4.188	11	16.509	46	0.548
30-39.99%	2.879	13	0.822	3	2.976	12	3.228	5	9.905	33	0.329
40-49.99%	0.850	3	0	0	0	0	0	0	0.850	3	0.028
50-59.99%	0.125	1	0	0	0	0	0	0	0.125	1	0.004
NA	0.162	2	0.095	2	0	0	0	0	0.257	4	0.009
Total	7.003	36	7.174	18	8.248	29	7.722	18	30.148	101	1.000
Quick Sale?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
Yes	0.819	1.741	1.672	0.572	0.600	2.592	1.845	3.746	1.646	1.147	5.806
No	1.219	0.475	1.077	0.750	0.345	2.315	0.150	0.717	0.144	0.318	0.450
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.995	4.463	1.790	1.466	6.256
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Yes	4.232	24	3.765	11	7.237	24	6.954	15	22.188	74	0.736
No	2.771	12	3.410	7	1.011	5	0.768	3	7.960	27	0.264
Total	7.003	36	7.174	18	8.248	29	7.722	18	30.148	101	1.000
Upsized?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
Yes	0.440	0.125	1.075	0	0.287	0.787	0.700	0.087	0.275	0	1.265
No	1.548	2.091	1.674	1.210	0.657	4.120	1.295	4.376	1.515	1.230	4.991
Downsized	0.050	0	0	0.112	0	0	0	0	0	0.236	0
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.995	4.463	1.790	1.466	6.256
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Yes	1.640	8	1.075	4	1.062	4	1.265	1	5.042	17	0.167
No	5.313	27	5.988	13	7.186	25	6.221	16	24.708	81	0.820
Downsized	0.050	1	0.112	1	0	0	0.236	1	0.399	3	0.013
Total	7.003	36	7.174	18	8.248	29	7.722	18	30.148	101	1.000
Seniority
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
senior	1.529	1.396	1.487	0.112	0.945	1.558	1.745	3.893	0.990	0.705	4.330
senior subordinated	0.144	0.330	0.325	0	0	1.069	0.250	0.225	0.125	0	0.751
subordinated	0	0	0	0	0	0.210	0	0.230	0.375	0	0.450
preferred	0.365	0.490	0.937	1.210	0	2.070	0	0.115	0.300	0.761	0.725
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.995	4.463	1.790	1.466	6.256
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
senior	4.412	20	2.615	11	6.628	20	5.035	9	18.690	60	0.620
senior subordinated	0.799	6	1.069	2	0.600	4	0.751	4	3.220	16	0.107
subordinated	0	0	0.210	2	0.605	3	0.450	1	1.265	6	0.042
preferred	1.792	10	3.280	3	0.415	2	1.486	4	6.973	19	0.231
Total	7.003	36	7.174	18	8.248	29	7.722	18	30.148	101	1.000
Contingent Conversion
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
Yes	0.144	0.761	0.765	0	0.600	2.502	1.350	1.231	0.435	0.705	2.405
No	1.894	1.455	1.984	1.322	0.345	2.405	0.645	3.232	1.355	0.761	3.851
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.995	4.463	1.790	1.466	6.256
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Yes	1.670	8	3.103	8	3.016	11	3.110	8	10.898	35	0.362
No	5.333	28	4.072	10	5.232	18	4.612	10	19.250	66	0.639
Total	7.003	36	7.174	18	8.248	29	7.722	18	30.148	101	1.000
Mandatory
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
Yes	0.125	0.388	0.847	0	0.287	2.080	0	0.115	0	0.236	0.450
No	1.913	1.829	1.902	1.322	0.657	2.827	1.995	4.348	1.790	1.230	5.806
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.995	4.463	1.790	1.466	6.256
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Yes	1.360	5	2.368	3	0.115	1	0.686	2	4.529	11	0.150
No	5.644	31	4.807	15	8.133	28	7.036	16	25.619	90	0.850
Total	7.003	36	7.174	18	8.248	29	7.722	18	30.148	101	1.000
Greenshoe Exercised?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
Yes	0.619	1.106	1.094	0.572	0.058	4.162	1.445	1.231	1.205	0.398	3.206
No	1.419	1.110	1.655	0.750	0.887	0.745	0.550	3.232	0.585	1.068	3.050
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.995	4.463	1.790	1.466	6.256
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Yes	2.819	16	4.792	11	3.881	18	3.604	9	15.096	54	0.501
No	4.184	20	2.383	7	4.367	11	4.118	9	15.052	47	0.499
Total	7.003	36	7.174	18	8.248	29	7.722	18	30.148	101	1.000
Versus Talk
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
Cheaper	0	0.310	0.650	0	0	0	0	0.300	0.125	0	1.265
Cheap end	0.475	0.271	0.440	1.322	0.537	1.768	0	1.121	0.250	0.225	1.991
Within	0.150	0.890	1.547	0	0	2.070	1.325	3.042	0.579	0.461	3.000
Rich end	0.974	0.225	0.060	0	0	0.149	0.150	0	0.701	0.525	0
Richer	0	0.287	0	0	0	0	0	0	0	0	0
NA/Other	0.439	0.233	0.052	0	0.407	0.920	0.520	0	0.135	0.255	0
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.995	4.463	1.790	1.466	6.256
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Cheaper	0.960	4	0	0	0.425	2	1.265	2	2.650	8	0.088
Cheap end	1.186	8	3.627	10	1.371	6	2.216	6	8.401	30	0.279
Within	2.587	10	2.070	1	4.946	12	3.461	7	13.064	30	0.433
Rich end	1.259	5	0.149	1	0.851	4	0.525	1	2.785	11	0.092
Richer	0.287	1	0	0	0	0	0	0	0.287	1	0.010
NA/Other	0.724	8	1.328	6	0.655	5	0.255	2	2.961	21	0.098
Total	7.003	36	7.174	18	8.248	29	7.722	18	30.148	101	1.000
Use of Proceeds
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
Acquisition	0	0.058	0.397	0.460	0.350	2.070	0.700	0	0	0	3.715
GCP	0.494	0.770	1.507	0.112	0.307	0.295	0.770	3.150	0.561	1.211	0.550
Redeem convertibles	0.275	0	0.070	0	0	0.920	0	0.345	0	0.172	0.201
Refinance	0.240	0.121	0.775	0	0	1.113	0.375	0.555	0.160	0	1.265
Repay debt	0	0.762	0	0	0	0	0	0.326	0.244	0	0.225
Multiple/Other/NA	1.029	0.505	0	0.750	0.287	0.510	0.150	0.087	0.825	0.082	0.300
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.995	4.463	1.790	1.466	6.256
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Acquisition	0.455	3	2.880	3	0.700	1	3.715	4	7.750	11	0.257
GCP	2.771	14	0.715	6	4.481	11	1.761	6	9.729	37	0.323
Redeem convertibles	0.345	3	0.920	1	0.345	2	0.374	2	1.984	8	0.066
Refinance	1.136	5	1.113	3	1.090	6	1.265	1	4.604	15	0.153
Repay debt	0.762	4	0	0	0.570	3	0.225	2	1.557	9	0.052
Multiple/Other/NA	1.534	7	1.547	5	1.062	6	0.382	3	4.525	21	0.150
Total	7.003	36	7.174	18	8.248	29	7.722	18	30.148	101	1.000
Industry Sector (by SIC code)
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
Oil and gas (13xx)	0	0	0.300	0.460	0	0	0.325	0	0.386	0	1.265
Manufacturing (2xxx, 3xxx)	0.540	0.417	0.282	0	0	0.385	0.995	0.326	0.125	0.398	0.526
Pharmaceuticals (2833-6)	0.400	0.355	0.330	0.112	0.350	1.419	0	0.230	0.315	0.082	0
Transportation (4xxx)	0	0.121	0.250	0	0	0	0	0	0.144	0	0
Communications (48xx)	0	0	0	0	0	0	0	0.350	0.160	0	1.265
Electric, gas, sanitary services (49xx)	0	0.225	0.917	0.750	0	0.650	0	0	0	0	0
Wholesale (5xxx)	0.125	0	0.150	0	0	0	0.125	0.115	0.150	0	0.300
Finance, insurance, real estate (6xxx)	0.829	0.250	0.500	0	0.537	2.453	0	2.917	0.335	0.461	2.750
Services (7xxx)	0.144	0.667	0	0	0.058	0	0	0.300	0.175	0.525	0.150
Health services (8xxx)	0	0.180	0.020	0	0	0	0.550	0.225	0	0	0
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.995	4.463	1.790	1.466	6.256
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Oil and gas (13xx)	0.300	1	0.460	1	0.711	3	1.265	2	2.736	7	0.091
Manufacturing (2xxx, 3xxx)	1.240	8	0.385	3	1.446	6	0.924	5	3.994	22	0.133
Pharmaceuticals (2833-6)	1.085	8	1.882	5	0.545	2	0.082	1	3.594	16	0.119
Transportation (4xxx)	0.371	2	0	0	0.144	1	0	0	0.515	3	0.017
Communications (48xx)	0	0	0	0	0.510	2	1.265	1	1.775	3	0.059
Electric, gas, sanitary services (49xx)	1.142	5	1.400	2	0	0	0	0	2.542	7	0.084
Wholesale (5xxx)	0.275	2	0	0	0.390	3	0.300	2	0.965	7	0.032
Finance, insurance, real estate (6xxx)	1.579	4	2.990	6	3.252	6	3.211	5	11.032	21	0.366
Services (7xxx)	0.812	4	0.058	1	0.475	3	0.675	2	2.019	10	0.067
Health services (8xxx)	0.200	2	0	0	0.775	3	0	0	0.975	5	0.032
Total	7.003	36	7.174	18	8.248	29	7.722	18	30.148	101	1.000

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.

• 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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