Analysis of convertibles issuance for 13 months through August 2012

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

Coupon

	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
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	0
1%-1.99%	0	0	0.650	0.250	0	0	0.500	1.685	0	0.725	0.275	0.253	0.300
2%-2.99%	0	0.155	0.690	0	0	0	0	0.225	1.150	0.150	0.370	0	0.501
3%-3.99%	0	0	0	1.032	0	0.150	0	0.200	0.980	0	0.400	0	0
4%-4.99%	0	0	0	0	0	0	0	0.163	0	0	0.105	0	0.250
5%-5.99%	0	0	0	0.149	0.200	0	0	0.127	0.127	1.305	0.130	0.086	0.196
6%-6.99%	0	0	0.002	0	0	0.250	0	0.150	0	0.220	0.032	0	0.414
7%-7.99%	0	0	0	0	0.050	0	0	0.086	0	0.019	1.145	0.115	0.050
8% and higher	0	0	0	0	0	0	0	0	0	0	0.074	0	0
NA	0	0	0	0	0	0	0	0	0	0	0.017	0	0
Total	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	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	0	0	0	0	0	0	0	0	0	0.00%
1%-1.99%	0.900	3	2.185	4	1.000	3	0.553	2	3.738	9	4.638	12	4.638	12	28.92%
2%-2.99%	0.690	1	0.225	1	1.670	4	0.501	2	2.396	7	3.241	9	3.241	9	18.54%
3%-3.99%	1.032	3	0.350	2	1.380	5	0	0	1.730	7	2.762	10	2.762	10	13.38%
4%-4.99%	0	0	0.163	1	0.105	1	0.250	1	0.517	3	0.517	3	0.517	3	4.00%
5%-5.99%	0.349	2	0.127	1	1.562	4	0.282	2	1.971	7	2.320	9	2.320	9	15.25%
6%-6.99%	0.002	1	0.400	2	0.252	2	0.414	1	1.066	5	1.068	6	1.068	6	8.25%
7%-7.99%	0.050	1	0.086	1	1.164	3	0.165	2	1.415	6	1.465	7	1.465	7	10.95%
8% and higher	0	0	0	0	0.074	1	0	0	0.074	1	0.074	1	0.074	1	0.57%
NA	0	0	0	0	0.017	1	0	0	0.017	1	0.017	1	0.017	1	0.13%
Total	3.023	11	3.535	12	7.224	24	2.166	10	12.925	46	16.103	58	16.103	58	100.00%
Premium
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
19.99% and lower	0	0	0	0	0	0	0	0.289	0.127	1.105	0.119	0	0.610
20%-29.99%	0	0	0.250	0.149	0.250	0.400	0	0.236	0.230	1.070	0.380	0.201	0.600
30-39.99%	0	0.155	1.090	1.282	0	0	0.500	0.890	0.850	0	2.032	0	0.501
40% and higher	0	0	0	0	0	0	0	1.220	1.050	0.225	0	0.253	0
NA	0	0	0.002	0	0	0	0	0	0	0.019	0.017	0	0
Total	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0	0	0.289	2	1.351	6	0.610	2	2.250	10	2.250	10	2.250	10	17.41%
20%-29.99%	0.649	4	0.636	4	1.680	5	0.801	5	3.118	14	3.766	18	3.766	18	24.12%
30-39.99%	2.372	6	1.390	4	2.882	8	0.501	2	4.773	14	7.300	21	7.300	21	36.93%
40% and higher	0	0	1.220	2	1.275	3	0.253	1	2.748	6	2.748	6	2.748	6	21.26%
NA	0.002	1	0	0	0.036	2	0	0	0.036	2	0.038	3	0.038	3	0.28%
Total	3.023	11	3.535	12	7.224	24	2.166	10	12.925	46	16.103	58	16.103	58	100.00%
Quick Sale?
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Yes	0	0.155	0.250	1.282	0.250	0.400	0.500	1.290	2.257	2.400	2.264	0.454	1.247
No	0	0	1.092	0.149	0	0	0	1.345	0	0.019	0.284	0	0.464
Total	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.782	7	2.190	9	6.921	19	1.702	8	10.813	36	12.750	44	12.750	44	83.66%
No	1.241	4	1.345	3	0.303	5	0.464	2	2.112	10	3.353	14	3.353	14	16.34%
Total	3.023	11	3.535	12	7.224	24	2.166	10	12.925	46	16.103	58	16.103	58	100.00%
Upsized?
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Yes	0	0	0	1.090	0	0.250	0.500	0.915	1.300	0.945	0.320	0.253	0.964
No	0	0.155	1.342	0.149	0.200	0.150	0	1.720	0.507	1.474	2.228	0.201	0.747
Downsized	0	0	0	0.192	0.050	0	0	0	0.450	0	0	0	0
Total	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.090	3	1.665	5	2.565	8	1.217	4	5.447	17	6.537	20	6.537	20	42.14%
No	1.691	6	1.870	7	4.209	15	0.949	6	7.028	28	8.874	35	8.874	35	54.38%
Downsized	0.242	2	0	0	0.450	1	0	0	0.450	1	0.692	3	0.692	3	3.48%
Total	3.023	11	3.535	12	7.224	24	2.166	10	12.925	46	16.103	58	16.103	58	100.00%
Seniority
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
senior	0	0.155	1.340	1.431	0.250	0.400	0.500	2.509	2.257	2.419	2.531	0.454	1.711
preferred	0	0	0.002	0	0	0	0	0.127	0	0	0.017	0	0
Total	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior	3.021	10	3.409	11	7.207	23	2.166	10	12.781	44	15.957	55	15.957	55	98.89%
preferred	0.002	1	0.127	1	0.017	1	0	0	0.144	2	0.146	3	0.146	3	1.11%
Total	3.023	11	3.535	12	7.224	24	2.166	10	12.925	46	16.103	58	16.103	58	100.00%
Mandatory
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Yes	0	0	0	0	0	0	0	0	0	0.790	1.100	0.115	0
No	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	1.629	1.448	0.339	1.711
Total	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	0	0	1.890	3	0.115	1	2.005	4	2.005	4	2.005	4	15.51%
No	3.023	11	3.535	12	5.334	21	2.051	9	10.920	42	14.098	54	14.098	54	84.49%
Total	3.023	11	3.535	12	7.224	24	2.166	10	12.925	46	16.103	58	16.103	58	100.00%
Greenshoe Exercised?
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Yes	0	0.155	0.940	0.740	0.200	0.250	0.500	2.060	1.980	0.725	1.790	0.454	1.014
No	0	0	0.402	0.691	0.050	0.150	0	0.575	0.277	1.694	0.758	0	0.697
Total	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.880	5	2.810	8	4.495	11	1.468	6	8.774	25	10.808	31	10.808	31	67.88%
No	1.143	6	0.725	4	2.729	13	0.697	4	4.152	21	5.295	27	5.295	27	32.12%
Total	3.023	11	3.535	12	7.224	24	2.166	10	12.925	46	16.103	58	16.103	58	100.00%
Versus Talk
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Richer	0	0	0	0	0	0	0.300	0	0	0	0	0	0.300
Rich end	0	0.155	0	0	0	0	0.200	1.771	0.750	0.225	1.100	0.115	0.300
Within	0	0	0	0.250	0	0	0	0	0.380	1.605	1.045	0.253	0.397
Cheap end	0	0	0.250	0.840	0.050	0.400	0	0.289	0.677	0	0.224	0	0.250
Cheaper	0	0	0	0	0	0	0	0	0.450	0.570	0	0	0
NA/Other	0	0	1.092	0.341	0.200	0	0	0.575	0	0.019	0.179	0.086	0.464
Total	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	0.300	1	0	0	0.300	1	0.600	2	0.600	2	0.600	2	4.64%
Rich end	0	0	1.971	4	2.075	4	0.415	2	4.461	10	4.617	11	4.617	11	34.51%
Within	0.250	1	0	0	3.030	9	0.650	3	3.680	12	3.930	13	3.930	13	28.47%
Cheap end	1.140	4	0.689	4	0.901	5	0.250	1	1.840	10	2.980	14	2.980	14	14.24%
Cheaper	0	0	0	0	1.020	2	0	0	1.020	2	1.020	2	1.020	2	7.89%
NA/Other	1.633	6	0.575	3	0.198	4	0.550	3	1.324	10	2.957	16	2.957	16	10.24%
Total	3.023	11	3.535	12	7.224	24	2.166	10	12.925	46	16.103	58	16.103	58	100.00%
Use of Proceeds
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Acquisition	0	0	0	0.341	0	0	0	0	0.150	0	1.205	0	0
Capex	0	0	0	0	0	0	0	0	0	0.220	0.130	0.115	0
GCP	0	0	0.402	1.090	0.200	0.150	0.500	0.501	1.277	2.030	0.151	0.253	0.250
Redeem convertibles	0	0	0	0	0	0.250	0	0.200	0	0	0	0	0.501
Refinance	0	0	0	0	0	0	0	0.163	0	0	0.370	0.086	0.300
Multiple/Other/NA	0	0.155	0.940	0	0.050	0	0	1.771	0.830	0.169	0.692	0	0.660
Total	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.341	2	0	0	1.355	3	0	0	1.355	3	1.696	5	1.696	5	10.48%
Capex	0	0	0	0	0.350	2	0.115	1	0.465	3	0.465	3	0.465	3	3.60%
GCP	1.692	6	1.151	6	3.458	11	0.503	2	5.113	19	6.804	25	6.804	25	39.56%
Redeem convertibles	0	0	0.450	2	0	0	0.501	2	0.951	4	0.951	4	0.951	4	7.36%
Refinance	0	0	0.163	1	0.370	1	0.386	2	0.919	4	0.919	4	0.919	4	7.11%
Multiple/Other/NA	0.990	3	1.771	3	1.691	7	0.660	3	4.123	13	5.268	17	5.268	17	31.90%
Total	3.023	11	3.535	12	7.224	24	2.166	10	12.925	46	16.103	58	16.103	58	100.00%
Industry Sector (by SIC code)
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Mining (1xxx)	0	0	0	0	0	0	0	0	0	0.220	0.370	0	0.414
Oil and gas (13xx)	0	0	0	0	0	0	0.300	0.200	0	0	0.400	0.086	0.050
Construction (15xx)	0	0	0	0.350	0	0	0	0	0	0.225	0	0.368	0
Manufacturing (2xxx, 3xxx)	0	0	0	0	0.050	0	0	0.236	1.300	0.150	1.282	0	0.300
Pharmaceuticals (2834-6)	0	0.155	0.650	0.490	0	0.150	0	0.915	0	0.500	0.292	0	0.451
Transportation (4xxx)	0	0	0	0	0	0	0	0	0	0	0	0	0.300
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0	0.570	0.130	0	0
Finance, insurance, real estate (6xxx)	0	0	0.002	0	0.200	0.250	0	0.289	0.357	0.754	0.074	0	0.196
Services (7xxx)	0	0	0.690	0.591	0	0	0.200	0.995	0.600	0	0	0	0
Total	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.454	1.711
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0	0	0	0	0.590	2	0.414	1	1.004	3	1.004	3	1.004	3	7.77%
Oil and gas (13xx)	0	0	0.500	2	0.400	1	0.136	2	1.036	5	1.036	5	1.036	5	8.02%
Construction (15xx)	0.350	1	0	0	0.225	1	0.368	2	0.593	3	0.943	4	0.943	4	4.59%
Manufacturing (2xxx, 3xxx)	0.050	1	0.236	2	2.732	9	0.300	1	3.268	12	3.318	13	3.318	13	25.28%
Pharmaceuticals (2834-6)	1.140	3	1.065	3	0.792	3	0.451	2	2.309	8	3.604	12	3.604	12	17.86%
Transportation (4xxx)	0	0	0	0	0	0	0.300	1	0.300	1	0.300	1	0.300	1	2.32%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.700	2	0	0	0.700	2	0.700	2	0.700	2	5.42%
Finance, insurance, real estate (6xxx)	0.202	2	0.539	3	1.185	5	0.196	1	1.920	9	2.122	11	2.122	11	14.85%
Services (7xxx)	1.281	4	1.195	2	0.600	1	0	0	1.795	3	3.076	7	3.076	7	13.89%
Total	3.023	11	3.535	12	7.224	24	2.166	10	12.925	46	16.103	58	16.103	58	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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