Analysis of convertibles issuance for 13 months through April 2012

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

Coupon

	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
0%	0	0	0	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0	0.450	0	0.632	0	0	0	0	0	0	0	0	0
1%-1.99%	0	0.450	0.350	0.690	0	0	0.650	0.250	0	0	0.500	1.685	0
2%-2.99%	0	1.150	0.719	0.350	0	0.155	0.690	0	0	0	0	0.225	1.150
3%-3.99%	0	0.275	0.374	0.585	0	0	0	1.032	0	0.150	0	0.200	0.980
4%-4.99%	0	0.205	0	0.810	0	0	0	0	0	0	0	0.163	0
5%-5.99%	0.236	0	0	0.135	0	0	0	0.149	0.200	0	0	0.127	0.127
6%-6.99%	0.075	0.120	0	0	0	0	0.002	0	0	0.250	0	0.150	0
7%-7.99%	0.020	0	0	0	0	0	0	0	0.050	0	0	0.086	0
8% and higher	0.978	0	0.155	0	0	0	0	0	0	0	0	0	0
Total	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	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%	0.450	1	0.632	1	0	0	0	0	0	0	0	0	1.083	2	1.083	2	0.00%
1%-1.99%	0.800	3	0.690	2	0.900	3	2.185	4	0	0	2.185	4	4.575	12	4.575	12	37.72%
2%-2.99%	1.869	5	0.505	3	0.690	1	0.225	1	1.150	2	1.375	3	4.439	12	4.439	12	23.74%
3%-3.99%	0.649	4	0.585	4	1.032	3	0.350	2	0.980	4	1.330	6	3.596	17	3.596	17	22.96%
4%-4.99%	0.205	2	0.810	3	0	0	0.163	1	0	0	0.163	1	1.178	6	1.178	6	2.81%
5%-5.99%	0.236	2	0.135	1	0.349	2	0.127	1	0.127	1	0.254	2	0.974	7	0.738	5	4.39%
6%-6.99%	0.195	2	0	0	0.002	1	0.400	2	0	0	0.400	2	0.597	5	0.522	4	6.91%
7%-7.99%	0.020	1	0	0	0.050	1	0.086	1	0	0	0.086	1	0.156	3	0.136	2	1.48%
8% and higher	1.133	2	0	0	0	0	0	0	0	0	0	0	1.133	2	0.155	1	0.00%
Total	5.557	22	3.358	14	3.023	11	3.535	12	2.257	7	5.792	19	17.730	66	16.421	61	100.00%
Premium
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
19.99% and lower	0.225	0.270	0.120	0	0	0	0	0	0	0	0	0.289	0.127
20%-29.99%	1.064	1.061	0.546	1.400	0	0	0.250	0.149	0.250	0.400	0	0.236	0.230
30-39.99%	0	1.320	0.702	1.802	0	0.155	1.090	1.282	0	0	0.500	0.890	0.850
40% and higher	0	0	0.230	0	0	0	0	0	0	0	0	1.220	1.050
NA	0.020	0	0	0	0	0	0.002	0	0	0	0	0	0
Total	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0.615	5	0	0	0	0	0.289	2	0.127	1	0.416	3	1.031	8	0.806	6	7.18%
20%-29.99%	2.671	8	1.400	6	0.649	4	0.636	4	0.230	1	0.866	5	5.586	23	4.522	21	14.95%
30-39.99%	2.022	7	1.958	8	2.372	6	1.390	4	0.850	3	2.240	7	8.591	28	8.591	28	38.67%
40% and higher	0.230	1	0	0	0	0	1.220	2	1.050	2	2.270	4	2.500	5	2.500	5	39.19%
NA	0.020	1	0	0	0.002	1	0	0	0	0	0	0	0.022	2	0.002	1	0.00%
Total	5.557	22	3.358	14	3.023	11	3.535	12	2.257	7	5.792	19	17.730	66	16.421	61	100.00%
Quick Sale?
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Yes	0.331	2.651	1.598	3.103	0	0.155	0.250	1.282	0.250	0.400	0.500	1.290	2.257
No	0.978	0	0	0.100	0	0	1.092	0.149	0	0	0	1.345	0
Total	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.580	21	3.258	13	1.782	7	2.190	9	2.257	7	4.447	16	14.066	57	13.735	53	76.78%
No	0.978	1	0.100	1	1.241	4	1.345	3	0	0	1.345	3	3.663	9	2.686	8	23.22%
Total	5.557	22	3.358	14	3.023	11	3.535	12	2.257	7	5.792	19	17.730	66	16.421	61	100.00%
Upsized?
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Yes	0.978	0.820	0.546	1.320	0	0	0	1.090	0	0.250	0.500	0.915	1.300
No	0.331	1.831	1.052	1.883	0	0.155	1.342	0.149	0.200	0.150	0	1.720	0.507
Downsized	0	0	0	0	0	0	0	0.192	0.050	0	0	0	0.450
Total	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.344	5	1.320	6	1.090	3	1.665	5	1.300	3	2.965	8	7.718	22	6.741	21	51.20%
No	3.213	17	2.038	8	1.691	6	1.870	7	0.507	3	2.377	10	9.320	41	8.988	37	41.04%
Downsized	0	0	0	0	0.242	2	0	0	0.450	1	0.450	1	0.692	3	0.692	3	7.77%
Total	5.557	22	3.358	14	3.023	11	3.535	12	2.257	7	5.792	19	17.730	66	16.421	61	100.00%
Seniority
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
senior	0.225	2.651	1.442	2.953	0	0.155	1.340	1.431	0.250	0.400	0.500	2.509	2.257
senior subordinated	0	0	0	0.250	0	0	0	0	0	0	0	0	0
subordinated	1.064	0	0	0	0	0	0	0	0	0	0	0	0
preferred	0.020	0	0.155	0	0	0	0.002	0	0	0	0	0.127	0
Total	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior	4.318	18	3.108	13	3.021	10	3.409	11	2.257	7	5.666	18	16.112	59	15.887	57	97.82%
senior subordinated	0	0	0.250	1	0	0	0	0	0	0	0	0	0.250	1	0.250	1	0.00%
subordinated	1.064	2	0	0	0	0	0	0	0	0	0	0	1.064	2	0	0	0.00%
preferred	0.175	2	0	0	0.002	1	0.127	1	0	0	0.127	1	0.304	4	0.284	3	2.19%
Total	5.557	22	3.358	14	3.023	11	3.535	12	2.257	7	5.792	19	17.730	66	16.421	61	100.00%
Mandatory
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Yes	0.978	0	0	0	0	0	0	0	0	0	0	0	0
No	0.331	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257
Total	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.978	1	0	0	0	0	0	0	0	0	0	0	0.978	1	0	0	0.00%
No	4.580	21	3.358	14	3.023	11	3.535	12	2.257	7	5.792	19	16.752	65	16.421	61	100.00%
Total	5.557	22	3.358	14	3.023	11	3.535	12	2.257	7	5.792	19	17.730	66	16.421	61	100.00%
Greenshoe Exercised?
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Yes	1.064	2.256	1.598	2.228	0	0.155	0.940	0.740	0.200	0.250	0.500	2.060	1.980
No	0.245	0.395	0	0.975	0	0	0.402	0.691	0.050	0.150	0	0.575	0.277
Total	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.917	16	2.383	10	1.880	5	2.810	8	1.980	5	4.790	13	13.970	44	12.906	42	82.70%
No	0.640	6	0.975	4	1.143	6	0.725	4	0.277	2	1.002	6	3.760	22	3.515	19	17.30%
Total	5.557	22	3.358	14	3.023	11	3.535	12	2.257	7	5.792	19	17.730	66	16.421	61	100.00%
Versus Talk
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Richer	0	0	0	0	0	0	0	0	0	0	0.300	0	0
Rich end	0.978	1.320	0	1.323	0	0.155	0	0	0	0	0.200	1.771	0.750
Within	0.086	1.211	1.006	0.670	0	0	0	0.250	0	0	0	0	0.380
Cheap end	0.225	0.120	0.592	0.975	0	0	0.250	0.840	0.050	0.400	0	0.289	0.677
Cheaper	0	0	0	0	0	0	0	0	0	0	0	0	0.450
NA/Other	0.020	0	0	0.235	0	0	1.092	0.341	0.200	0	0	0.575	0
Total	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	0	0	0	0	0.300	1	0	0	0.300	1	0.300	1	0.300	1	5.18%
Rich end	2.297	5	1.478	4	0	0	1.971	4	0.750	2	2.721	6	6.497	15	5.519	14	46.98%
Within	2.303	10	0.670	5	0.250	1	0	0	0.380	2	0.380	2	3.603	18	3.517	17	6.56%
Cheap end	0.936	6	0.975	3	1.140	4	0.689	4	0.677	2	1.366	6	4.417	19	4.192	17	23.58%
Cheaper	0	0	0	0	0	0	0	0	0.450	1	0.450	1	0.450	1	0.450	1	7.77%
NA/Other	0.020	1	0.235	2	1.633	6	0.575	3	0	0	0.575	3	2.463	12	2.443	11	9.92%
Total	5.557	22	3.358	14	3.023	11	3.535	12	2.257	7	5.792	19	17.730	66	16.421	61	100.00%
Use of Proceeds
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Acquisition	0	0	0	0.767	0	0	0	0.341	0	0	0	0	0.150
Capex	0	0.125	0	0.100	0	0	0	0	0	0	0	0	0
GCP	0.181	0.240	0.264	0.160	0	0	0.402	1.090	0.200	0.150	0.500	0.501	1.277
Redeem convertibles	0	0.155	0	0.100	0	0	0	0	0	0.250	0	0.200	0
Refinance	0.978	0	0	0.250	0	0	0	0	0	0	0	0.163	0
Multiple/Other/NA	0.150	2.131	1.334	1.825	0	0.155	0.940	0	0.050	0	0	1.771	0.830
Total	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0.767	2	0.341	2	0	0	0.150	1	0.150	1	1.258	5	1.258	5	2.59%
Capex	0.125	1	0.100	1	0	0	0	0	0	0	0	0	0.225	2	0.225	2	0.00%
GCP	0.685	7	0.160	2	1.692	6	1.151	6	1.277	4	2.429	10	4.965	25	4.784	22	41.94%
Redeem convertibles	0.155	1	0.100	1	0	0	0.450	2	0	0	0.450	2	0.705	4	0.705	4	7.77%
Refinance	0.978	1	0.250	1	0	0	0.163	1	0	0	0.163	1	1.390	3	0.412	2	2.81%
Multiple/Other/NA	3.615	12	1.980	7	0.990	3	1.771	3	0.830	2	2.601	5	9.186	27	9.036	26	44.91%
Total	5.557	22	3.358	14	3.023	11	3.535	12	2.257	7	5.792	19	17.730	66	16.421	61	100.00%
Industry Sector (by SIC code)
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Mining (1xxx)	0	0	0.230	0	0	0	0	0	0	0	0	0	0
Oil and gas (13xx)	0	0	0.155	0.135	0	0	0	0	0	0	0.300	0.200	0
Construction (15xx)	0	0	0	0	0	0	0	0.350	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0	2.175	0.776	1.300	0	0	0	0	0.050	0	0	0.236	1.300
Pharmaceuticals (2834-6)	0	0.275	0	0	0	0.155	0.650	0.490	0	0.150	0	0.915	0
Communications (48xx)	0	0.120	0	0	0	0	0	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0.978	0	0	0	0	0	0	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0.245	0	0	1.135	0	0	0.002	0	0.200	0.250	0	0.289	0.357
Services (7xxx)	0	0.081	0.120	0.632	0	0	0.690	0.591	0	0	0.200	0.995	0.600
Health services (8xxx)	0.086	0	0.316	0	0	0	0	0	0	0	0	0	0
Total	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.230	1	0	0	0	0	0	0	0	0	0	0	0.230	1	0.230	1	0.00%
Oil and gas (13xx)	0.155	1	0.135	1	0	0	0.500	2	0	0	0.500	2	0.790	4	0.790	4	8.63%
Construction (15xx)	0	0	0	0	0.350	1	0	0	0	0	0	0	0.350	1	0.350	1	0.00%
Manufacturing (2xxx, 3xxx)	2.951	9	1.300	7	0.050	1	0.236	2	1.300	4	1.536	6	5.838	23	5.838	23	26.52%
Pharmaceuticals (2834-6)	0.275	2	0.155	1	1.140	3	1.065	3	0	0	1.065	3	2.635	9	2.635	9	18.39%
Communications (48xx)	0.120	1	0	0	0	0	0	0	0	0	0	0	0.120	1	0.120	1	0.00%
Electric, gas, sanitary services (49xx)	0.978	1	0	0	0	0	0	0	0	0	0	0	0.978	1	0	0	0.00%
Finance, insurance, real estate (6xxx)	0.245	3	1.135	4	0.202	2	0.539	3	0.357	2	0.896	5	2.478	14	2.233	11	15.47%
Services (7xxx)	0.201	2	0.632	1	1.281	4	1.195	2	0.600	1	1.795	3	3.909	10	3.909	10	30.99%
Health services (8xxx)	0.403	2	0	0	0	0	0	0	0	0	0	0	0.403	2	0.316	1	0.00%
Total	5.557	22	3.358	14	3.023	11	3.535	12	2.257	7	5.792	19	17.730	66	16.421	61	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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