Analysis of convertibles issuance for 13 months through June 2012

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

Coupon

	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
0%	0	0.632	0	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0.350	0.690	0	0	0.650	0.250	0	0	0.500	1.685	0	0.725	0.275
1%-1.99%	0.719	0.350	0	0.155	0.690	0	0	0	0	0.225	1.150	0.150	0.370
2%-2.99%	0.374	0.585	0	0	0	1.032	0	0.150	0	0.200	0.980	0	0.400
3%-3.99%	0	0.810	0	0	0	0	0	0	0	0.163	0	0	0.105
4%-4.99%	0	0.135	0	0	0	0.149	0.200	0	0	0.127	0.127	1.305	0.130
5%-5.99%	0	0	0	0	0.002	0	0	0.250	0	0.150	0	0.220	0.032
6%-6.99%	0	0	0	0	0	0	0.050	0	0	0.086	0	0.025	1.140
7%-7.99%	0.155	0	0	0	0	0	0	0	0	0	0	0	0.074
8% and higher	0	0	0	0	0	0	0	0	0	0	0	0	0.017
Total	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.425	2.543
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0.632	1	0	0	0	0	0	0	0	0	0.632	1	0.632	1	0.00%
0.01%-0.99%	0.690	2	0.900	3	2.185	4	1.000	3	3.185	7	5.125	14	4.775	12	29.60%
1%-1.99%	0.505	3	0.690	1	0.225	1	1.670	4	1.895	5	3.809	11	3.09	9	17.61%
2%-2.99%	0.585	4	1.032	3	0.350	2	1.380	5	1.730	7	3.720	16	3.347	14	16.08%
3%-3.99%	0.810	3	0	0	0.163	1	0.105	1	0.268	2	1.077	5	1.077	5	2.49%
4%-4.99%	0.135	1	0.349	2	0.127	1	1.562	4	1.689	5	2.173	8	2.173	8	15.70%
5%-5.99%	0	0	0.002	1	0.400	2	0.252	2	0.652	4	0.654	5	0.654	5	6.06%
6%-6.99%	0	0	0.050	1	0.086	1	1.165	4	1.251	5	1.301	6	1.301	6	11.63%
7%-7.99%	0	0	0	0	0	0	0.074	1	0.074	1	0.229	2	0.074	1	0.69%
8% and higher	0	0	0	0	0	0	0.017	1	0.017	1	0.017	1	0.017	1	0.16%
Total	3.358	14	3.023	11	3.535	12	7.225	25	10.761	37	18.739	69	17.141	62	100.00%
Premium
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
19.99% and lower	0.120	0	0	0	0	0	0	0	0	0.289	0.127	1.105	0.114
20%-29.99%	0.546	1.400	0	0	0.250	0.149	0.250	0.400	0	0.236	0.230	1.070	0.380
30-39.99%	0.702	1.802	0	0.155	1.090	1.282	0	0	0.500	0.890	0.850	0	2.032
40% and higher	0.230	0	0	0	0	0	0	0	0	1.220	1.050	0.225	0
NA	0	0	0	0	0.002	0	0	0	0	0	0	0.025	0.017
Total	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.425	2.543
	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	0	0	0	0.289	2	1.346	6	1.635	8	1.755	9	1.635	8	15.19%
20%-29.99%	1.400	6	0.649	4	0.636	4	1.680	5	2.316	9	4.911	21	4.365	19	21.52%
30-39.99%	1.958	8	2.372	6	1.390	4	2.882	8	4.272	12	9.303	29	8.601	26	39.70%
40% and higher	0	0	0	0	1.220	2	1.275	3	2.495	5	2.725	6	2.495	5	23.18%
NA	0	0	0.002	1	0	0	0.042	3	0.042	3	0.044	4	0.044	4	0.39%
Total	3.358	14	3.023	11	3.535	12	7.225	25	10.761	37	18.739	69	17.141	62	100.00%
Quick Sale?
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Yes	1.598	3.103	0	0.155	0.250	1.282	0.250	0.400	0.500	1.290	2.257	2.400	2.259
No	0	0.100	0	0	1.092	0.149	0	0	0	1.345	0	0.025	0.284
Total	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.425	2.543
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.258	13	1.782	7	2.190	9	6.916	19	9.106	28	15.743	55	14.146	48	84.62%
No	0.100	1	1.241	4	1.345	3	0.309	6	1.654	9	2.995	14	2.995	14	15.37%
Total	3.358	14	3.023	11	3.535	12	7.225	25	10.761	37	18.739	69	17.141	62	100.00%
Upsized?
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Yes	0.546	1.320	0	0	0	1.090	0	0.250	0.500	0.915	1.300	0.945	0.315
No	1.052	1.883	0	0.155	1.342	0.149	0.200	0.150	0	1.720	0.507	1.480	2.228
Downsized	0	0	0	0	0	0.192	0.050	0	0	0	0.450	0	0
Total	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.425	2.543
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.320	6	1.090	3	1.665	5	2.560	8	4.225	13	7.181	24	6.635	22	39.26%
No	2.038	8	1.691	6	1.870	7	4.215	16	6.086	23	10.866	42	9.814	37	56.56%
Downsized	0	0	0.242	2	0	0	0.450	1	0.450	1	0.692	3	0.692	3	4.18%
Total	3.358	14	3.023	11	3.535	12	7.225	25	10.761	37	18.739	69	17.141	62	100.00%
Seniority
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
senior	1.442	2.953	0	0.155	1.340	1.431	0.250	0.400	0.500	2.509	2.257	2.419	2.526
senior subordinated	0	0.250	0	0	0	0	0	0	0	0	0	0	0
preferred	0.155	0	0	0	0.002	0	0	0	0	0.127	0	0.006	0.017
Total	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.425	2.543
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior	3.108	13	3.021	10	3.409	11	7.202	23	10.611	34	18.181	63	16.739	57	98.61%
senior subordinated	0.250	1	0	0	0	0	0	0	0	0	0.250	1	0.25	1	0.00%
preferred	0	0	0.002	1	0.127	1	0.023	2	0.150	3	0.307	5	0.152	4	1.39%
Total	3.358	14	3.023	11	3.535	12	7.225	25	10.761	37	18.739	69	17.141	62	100.00%
Mandatory
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Yes	0	0	0	0	0	0	0	0	0	0	0	0.790	1.100
No	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	1.635	1.443
Total	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.425	2.543
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	0	0	0	0	1.890	3	1.890	3	1.890	3	1.89	3	17.56%
No	3.358	14	3.023	11	3.535	12	5.335	22	8.871	34	16.849	66	15.251	59	82.44%
Total	3.358	14	3.023	11	3.535	12	7.225	25	10.761	37	18.739	69	17.141	62	100.00%
Greenshoe Exercised?
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Yes	1.598	2.228	0	0.155	0.940	0.740	0.200	0.250	0.500	2.060	1.980	0.725	1.745
No	0	0.975	0	0	0.402	0.691	0.050	0.150	0	0.575	0.277	1.700	0.798
Total	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.425	2.543
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.383	10	1.880	5	2.810	8	4.450	10	7.260	18	13.120	40	11.523	33	67.47%
No	0.975	4	1.143	6	0.725	4	2.775	15	3.500	19	5.618	29	5.618	29	32.52%
Total	3.358	14	3.023	11	3.535	12	7.225	25	10.761	37	18.739	69	17.141	62	100.00%
Versus Talk
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Richer	0	0	0	0	0	0	0	0	0.300	0	0	0	0
Rich end	0	1.323	0	0.155	0	0	0	0	0.200	1.771	0.750	0.225	1.100
Within	1.006	0.670	0	0	0	0.250	0	0	0	0	0.380	1.605	1.045
Cheap end	0.592	0.975	0	0	0.250	0.840	0.050	0.400	0	0.289	0.677	0	0.219
Cheaper	0	0	0	0	0	0	0	0	0	0	0.450	0.570	0
NA	0	0.100	0	0	1.092	0.341	0.200	0	0	0.350	0	0.025	0.179
Other	0	0.135	0	0	0	0	0	0	0	0.225	0	0	0
Total	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.425	2.543
	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	0.300	1	0	0	0.300	1	0.300	1	0.3	1	2.79%
Rich end	1.478	4	0	0	1.971	4	2.075	4	4.046	8	5.524	12	5.524	12	37.60%
Within	0.670	5	0.250	1	0	0	3.030	9	3.030	9	4.956	19	3.95	15	28.16%
Cheap end	0.975	3	1.140	4	0.689	4	0.896	5	1.585	9	4.291	19	3.7	16	14.73%
Cheaper	0	0	0	0	0	0	1.020	2	1.020	2	1.020	2	1.02	2	9.48%
NA	0.100	1	1.633	6	0.350	2	0.204	5	0.554	7	2.287	14	2.287	14	5.15%
Other	0.135	1	0	0	0.225	1	0	0	0.225	1	0.360	2	0.36	2	2.09%
Total	3.358	14	3.023	11	3.535	12	7.225	25	10.761	37	18.739	69	17.141	62	100.00%
Use of Proceeds
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Acquisition	0	0.767	0	0	0	0.341	0	0	0	0	0.150	0	1.205
Capex	0	0.100	0	0	0	0	0	0	0	0	0	0.220	0.130
GCP	0.264	0.160	0	0	0.402	1.090	0.200	0.150	0.500	0.501	1.277	2.030	0.146
Redeem convertibles	0	0.100	0	0	0	0	0	0.250	0	0.200	0	0	0
Refinance	0	0.250	0	0	0	0	0	0	0	0.163	0	0	0.370
Multiple/Other/NA	1.334	1.825	0	0.155	0.940	0	0.050	0	0	1.771	0.830	0.175	0.692
Total	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.425	2.543
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.767	2	0.341	2	0	0	1.355	3	1.355	3	2.463	7	2.463	7	12.59%
Capex	0.100	1	0	0	0	0	0.350	2	0.350	2	0.450	3	0.45	3	3.25%
GCP	0.160	2	1.692	6	1.151	6	3.453	11	4.605	17	6.720	27	6.456	25	42.79%
Redeem convertibles	0.100	1	0	0	0.450	2	0	0	0.450	2	0.550	3	0.55	3	4.18%
Refinance	0.250	1	0	0	0.163	1	0.370	1	0.532	2	0.782	3	0.782	3	4.94%
Multiple/Other/NA	1.980	7	0.990	3	1.771	3	1.697	8	3.469	11	7.773	26	6.439	21	32.24%
Total	3.358	14	3.023	11	3.535	12	7.225	25	10.761	37	18.739	69	17.141	62	100.00%
Industry Sector (by SIC code)
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Mining (1xxx)	0.230	0	0	0	0	0	0	0	0	0	0	0.220	0.370
Oil and gas (13xx)	0.155	0.135	0	0	0	0	0	0	0.300	0.200	0	0	0.400
Construction (15xx)	0	0	0	0	0	0.350	0	0	0	0	0	0.225	0
Manufacturing (2xxx, 3xxx)	0.776	1.300	0	0	0	0	0.050	0	0	0.236	1.300	0.150	1.277
Pharmaceuticals (2834-6)	0	0	0	0.155	0.650	0.490	0	0.150	0	0.915	0	0.500	0.292
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0	0	0	0.570	0.130
Finance, insurance, real estate (6xxx)	0	1.135	0	0	0.002	0	0.200	0.250	0	0.289	0.357	0.760	0.074
Services (7xxx)	0.120	0.632	0	0	0.690	0.591	0	0	0.200	0.995	0.600	0	0
Health services (8xxx)	0.316	0	0	0	0	0	0	0	0	0	0	0	0
Total	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.425	2.543
	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	0	0	0	0	0	0.590	2	0.590	2	0.820	3	0.59	2	5.48%
Oil and gas (13xx)	0.135	1	0	0	0.500	2	0.400	1	0.900	3	1.190	5	1.035	4	8.36%
Construction (15xx)	0	0	0.350	1	0	0	0.225	1	0.225	1	0.575	2	0.575	2	2.09%
Manufacturing (2xxx, 3xxx)	1.300	7	0.050	1	0.236	2	2.727	9	2.963	11	5.090	22	4.313	19	27.53%
Pharmaceuticals (2834-6)	0.155	1	1.140	3	1.065	3	0.792	3	1.857	6	3.152	10	3.152	10	17.26%
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.700	2	0.700	2	0.700	2	0.7	2	6.50%
Finance, insurance, real estate (6xxx)	1.135	4	0.202	2	0.539	3	1.191	6	1.730	9	3.067	15	3.067	15	16.08%
Services (7xxx)	0.632	1	1.281	4	1.195	2	0.600	1	1.795	3	3.828	9	3.708	8	16.68%
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0	0.316	1	0	0	0.00%
Total	3.358	14	3.023	11	3.535	12	7.225	25	10.761	37	18.739	69	17.141	62	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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