Analysis of convertibles issuance for 13 months through October 2013

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

Coupon

	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
0%	0	0	0	0	0	0	0	0	0	0	0	0	0.047
0.01%-0.99%	0	0	0	0	0	1.150	0.850	2.583	0.350	0	0.650	0	1.875
1%-1.99%	0.397	0	0.650	0.580	0.850	0.400	0.403	0.810	1.401	0.150	0.834	1.200	2.175
2%-2.99%	1.500	0.230	1.730	0.673	0.700	0.766	0	0.172	0.250	0	0.850	0	0.230
3%-3.99%	0	0.315	0	0.645	0.481	0.086	0	0.345	0.305	0.610	0.546	0.270	0
4%-4.99%	0.588	0.040	0	0	0.812	0.401	0	0.250	0.400	0.624	0	0.069	1.524
5%-5.99%	0	0.205	0.195	0.150	0.115	0.485	0.598	0	0.640	0.100	0	0.806	0.110
6%-6.99%	0.115	0	0	2.375	0	0.226	0	0	1.580	0	0	0	0.115
7%-7.99%	0	0.225	0.094	0	0.675	0	0.090	0	0	0	0	0.165	0
8% and higher	0.010	0	0.024	0	0	0.001	0	0	0.038	0.005	0	0.129	0
NA	0.060	0	0	0.005	0	0	0	0.020	0	0	0.167	0	0
Total	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.076
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0	0	0	0	0	0	0	0	0.047	1	0.047	1	0.047	1	0.047	1	0.13%
0.01%-0.99%	0	0	1.150	1	3.783	8	0.650	1	1.875	2	7.457	12	7.457	12	7.457	12	20.76%
1%-1.99%	1.046	3	1.830	5	2.613	8	2.184	8	2.175	3	8.802	24	9.849	27	9.452	26	24.51%
2%-2.99%	3.460	4	2.139	7	0.422	2	0.850	3	0.230	1	3.642	13	7.102	17	5.602	16	10.14%
3%-3.99%	0.315	2	1.213	7	0.650	3	1.426	6	0	0	3.289	16	3.604	18	3.604	18	9.16%
4%-4.99%	0.628	4	1.214	4	0.650	2	0.693	5	1.524	5	4.081	16	4.709	20	4.121	17	11.36%
5%-5.99%	0.400	3	0.750	4	1.238	5	0.906	4	0.110	1	3.005	14	3.404	17	3.404	17	8.37%
6%-6.99%	0.115	1	2.601	4	1.580	3	0	0	0.115	1	4.296	8	4.411	9	4.296	8	11.96%
7%-7.99%	0.319	3	0.675	1	0.090	1	0.165	1	0	0	0.930	3	1.249	6	1.249	6	2.59%
8% and higher	0.034	2	0.001	1	0.038	1	0.135	2	0	0	0.174	4	0.207	6	0.197	5	0.48%
NA	0.060	1	0.005	1	0.020	1	0.167	1	0	0	0.193	3	0.253	4	0.193	3	0.54%
Total	6.377	23	11.579	35	11.084	34	7.177	31	6.076	14	35.915	114	42.292	137	39.622	129	100.00%
Premium
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
19.99% and lower	0.228	0.040	0.264	0	0.640	0.625	1.115	0.250	1.714	0.606	0	0	0.162
20%-29.99%	1.615	0.400	0.190	2.700	1.319	0.200	0.422	0	0.945	0.475	0.259	0.926	2.078
30-39.99%	0.070	0	2.215	1.228	1.675	1.337	0.403	2.317	2.018	0.404	1.372	1.419	1.978
40% and higher	0.687	0.425	0	0.495	0	1.351	0	1.593	0.287	0	1.250	0.129	1.749
NA	0.070	0.150	0.024	0.005	0	0.002	0	0.020	0	0.005	0.167	0.165	0.110
Total	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.076
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0.532	4	1.265	4	3.079	9	0.606	2	0.162	2	5.111	17	5.642	21	5.414	20	14.23%
20%-29.99%	2.205	6	4.219	9	1.367	4	1.660	9	2.078	3	9.324	25	11.529	31	9.914	29	25.96%
30-39.99%	2.285	5	4.241	15	4.738	16	3.194	14	1.978	4	14.150	49	16.435	54	16.365	53	39.40%
40% and higher	1.112	4	1.846	4	1.880	4	1.379	3	1.749	4	6.855	15	7.966	19	7.280	17	19.09%
NA	0.243	4	0.008	3	0.020	1	0.337	3	0.110	1	0.475	8	0.719	12	0.649	10	1.32%
Total	6.377	23	11.579	35	11.084	34	7.177	31	6.076	14	35.915	114	42.292	137	39.622	129	100.00%
Upsized?
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Yes	0.862	0.655	1.069	4.136	2.869	2.139	1.677	1.958	1.255	0.670	0.726	1.404	5.468
No	1.808	0.210	1.623	0.293	0.765	1.377	0.090	2.223	3.709	0.819	2.322	1.236	0.608
Downsized	0	0.150	0	0	0	0	0.172	0	0	0	0	0	0
Total	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.076
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.586	11	9.143	26	4.890	14	2.800	14	5.468	9	22.301	63	24.886	74	24.024	70	62.09%
No	3.641	11	2.435	9	6.022	19	4.377	17	0.608	5	13.442	50	17.083	61	15.275	57	37.43%
Downsized	0.150	1	0	0	0.172	1	0	0	0	0	0.172	1	0.323	2	0.323	2	0.48%
Total	6.377	23	11.579	35	11.084	34	7.177	31	6.076	14	35.915	114	42.292	137	39.622	129	100.00%
Seniority
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
senior secured	0	0	0.025	0	0	0	0	0	0	0	0	0	0
senior	2.135	1.015	2.643	2.048	2.717	3.002	1.768	4.160	3.039	1.484	2.881	2.475	4.191
senior subordinated	0.360	0	0	0.125	0	0.086	0	0	0	0	0	0	0.750
subordinated	0	0	0	2.250	0	0	0	0	0.980	0	0	0	0
preferred	0.175	0	0.024	0.005	0.916	0.427	0.172	0.020	0.945	0.005	0.167	0	1.134
preference	0	0	0	0	0	0	0	0	0	0	0	0.165	0
Total	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.076
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0.025	1	0	0	0	0	0	0	0	0	0	0	0.025	1	0.025	1	0.00%
senior	5.793	17	7.768	25	8.966	28	6.839	28	4.191	9	27.766	90	33.559	107	31.424	103	77.31%
senior subordinated	0.360	2	0.211	2	0	0	0	0	0.750	2	0.961	4	1.321	6	0.961	4	2.68%
subordinated	0	0	2.250	1	0.980	2	0	0	0	0	3.230	3	3.230	3	3.230	3	8.99%
preferred	0.199	3	1.349	7	1.137	4	0.172	2	1.134	3	3.793	16	3.992	19	3.817	17	10.56%
preference	0	0	0	0	0	0	0.165	1	0	0	0.165	1	0.165	1	0.165	1	0.46%
Total	6.377	23	11.579	35	11.084	34	7.177	31	6.076	14	35.915	114	42.292	137	39.622	129	100.00%
Mandatory
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Yes	0.060	0	0	2.250	0.675	0	0.172	0	1.580	0	0	0.652	0.978
No	2.610	1.015	2.692	2.179	2.959	3.516	1.768	4.180	3.384	1.489	3.047	1.987	5.098
Total	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.076
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.060	1	2.925	2	1.752	4	0.652	2	0.978	1	6.308	9	6.367	10	6.308	9	17.56%
No	6.317	22	8.654	33	9.331	30	6.524	29	5.098	13	29.608	105	35.925	127	33.315	120	82.44%
Total	6.377	23	11.579	35	11.084	34	7.177	31	6.076	14	35.915	114	42.292	137	39.622	129	100.00%
Greenshoe Exercised?
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Yes	2.600	0.600	2.449	1.498	2.434	3.204	1.090	2.455	2.400	1.259	2.731	2.152	5.645
No	0.070	0.415	0.243	2.930	1.200	0.312	0.850	1.725	2.563	0.230	0.317	0.487	0.431
Total	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.076
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	5.649	15	7.136	24	5.945	22	6.142	25	5.645	10	24.868	81	30.517	96	27.917	90	69.24%
No	0.728	8	4.443	11	5.138	12	1.035	6	0.431	4	11.047	33	11.775	41	11.705	39	30.76%
Total	6.377	23	11.579	35	11.084	34	7.177	31	6.076	14	35.915	114	42.292	137	39.622	129	100.00%
Versus Talk
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Richer	0	0.150	0	1.006	0.300	0	0	0.310	0	0	0	0	0.075
Rich end	0.687	0.430	0	0.580	1.779	0.850	0.575	1.975	0.905	0.103	0.788	0.150	4.258
Within	0	0	2.449	2.712	1.440	1.004	0.250	0.645	1.348	0.885	1.009	1.161	1.288
Cheap end	0.343	0.340	0.195	0.125	0	1.235	1.115	0.250	2.673	0.200	0	1.329	0.299
Cheaper	0	0	0	0	0.115	0	0	0.980	0	0.295	0	0	0
NA/Other	1.640	0.095	0.049	0.005	0	0.427	0	0.020	0.038	0.005	1.251	0	0.157
Total	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.076
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.150	1	1.306	6	0.310	1	0	0	0.075	1	1.691	8	1.841	9	1.841	9	4.71%
Rich end	1.117	4	3.209	9	3.455	11	1.042	4	4.258	6	11.963	30	13.080	34	12.393	32	33.31%
Within	2.449	5	5.156	11	2.243	7	3.054	13	1.288	3	11.741	34	14.190	39	14.190	39	32.69%
Cheap end	0.878	5	1.360	3	4.038	12	1.529	6	0.299	2	7.227	23	8.104	28	7.761	26	20.12%
Cheaper	0	0	0.115	1	0.980	1	0.295	1	0	0	1.391	3	1.391	3	1.391	3	3.87%
NA/Other	1.784	8	0.433	5	0.058	2	1.256	7	0.157	2	1.904	16	3.687	24	2.047	20	5.30%
Total	6.377	23	11.579	35	11.084	34	7.177	31	6.076	14	35.915	114	42.292	137	39.622	129	100.00%
Use of Proceeds
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Acquisition	0	0	0	0	0	0.225	0	0.300	0.772	0.103	0	0.800	0
Capex	0.010	0	1.380	0.275	0	0	0	0	0	0.100	0	0.250	0
GCP	0	0.230	0.409	0.760	1.452	2.404	0.250	1.472	2.536	0.125	1.434	1.310	3.366
Redeem convertibles	0.397	0	0.460	0.615	0.600	0	0	0.345	0.287	0.100	0	0	0
Refinance	0.475	0.405	0.024	2.250	1.032	0.403	0.850	0.660	0.822	0.905	0.259	0.150	0
Multiple/Other/NA	1.788	0.380	0.419	0.528	0.550	0.485	0.840	1.403	0.545	0.155	1.355	0.129	2.710
Total	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.076
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0.225	1	1.073	3	0.903	3	0	0	2.201	7	2.201	7	2.201	7	6.13%
Capex	1.390	2	0.275	2	0	0	0.350	2	0	0	0.625	4	2.015	6	2.005	5	1.74%
GCP	0.639	4	4.617	16	4.259	15	2.870	12	3.366	10	15.111	53	15.750	57	15.750	57	42.07%
Redeem convertibles	0.857	2	1.215	4	0.632	2	0.100	1	0	0	1.948	7	2.804	9	2.408	8	5.42%
Refinance	0.903	7	3.684	6	2.332	5	1.314	5	0	0	7.330	16	8.234	23	7.759	20	20.41%
Multiple/Other/NA	2.587	8	1.563	6	2.788	9	1.639	8	2.710	4	8.701	27	11.288	35	9.500	32	24.23%
Total	6.377	23	11.579	35	11.084	34	7.177	31	6.076	14	35.915	114	42.292	137	39.622	129	100.00%
Industry Sector (by SIC code)
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Mining (1xxx)	0.397	0	0	0.415	0.675	0	0	0.345	0	0	0.259	0	0
Oil and gas (13xx)	0.125	0	1.403	0	0.125	0.225	0	0	0.345	0.100	0	0.129	0
Construction (15xx)	0	0	0	0.230	0	0.086	0	0.268	0	0	0	0	0.230
Manufacturing (2xxx, 3xxx)	0.070	0.605	0.485	2.375	0.957	0.716	0.403	1.110	0.038	0.100	0.938	0.270	1.699
Pharmaceuticals (2834-6)	0.060	0	0	0.884	0	0	0.090	0.270	0.132	0.130	0.167	0.869	0.797
Transportation (4xxx)	0	0	0.350	0.350	0	0	0	0	0	0	0	0	0
Communications (48xx)	0	0	0	0	0	0	1.022	0	0	0	0	0.400	1.978
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0.980	0	0	0.487	0
Wholesale (5xxx)	0	0	0	0	0	0	0	0	0.610	0	0	0.250	0.075
Finance, insurance, real estate (6xxx)	2.018	0.295	0.264	0	1.877	1.137	0.425	0.172	1.718	0.905	0.100	0.234	0.325
Services (7xxx)	0	0.115	0.190	0	0	1.351	0	2.015	1.141	0.103	1.584	0	0.973
Health services (8xxx)	0	0	0	0.175	0	0	0	0	0	0.150	0	0	0
Total	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.076
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.397	1	1.090	3	0.345	1	0.259	1	0	0	1.694	5	2.091	6	1.694	5	4.72%
Oil and gas (13xx)	1.528	4	0.350	2	0.345	1	0.229	2	0	0	0.924	5	2.453	9	2.328	7	2.57%
Construction (15xx)	0	0	0.316	2	0.268	1	0	0	0.230	1	0.814	4	0.814	4	0.814	4	2.27%
Manufacturing (2xxx, 3xxx)	1.160	6	4.048	8	1.550	5	1.308	6	1.699	2	8.605	21	9.765	27	9.695	26	23.96%
Pharmaceuticals (2834-6)	0.060	1	0.884	5	0.492	4	1.166	6	0.797	3	3.339	18	3.399	19	3.339	18	9.30%
Transportation (4xxx)	0.350	1	0.350	1	0	0	0	0	0	0	0.350	1	0.700	2	0.700	2	0.97%
Communications (48xx)	0	0	0	0	1.022	2	0.400	1	1.978	2	3.400	5	3.400	5	3.400	5	9.47%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.980	2	0.487	1	0	0	1.468	3	1.468	3	1.468	3	4.09%
Wholesale (5xxx)	0	0	0	0	0.610	2	0.250	1	0.075	1	0.935	4	0.935	4	0.935	4	2.60%
Finance, insurance, real estate (6xxx)	2.577	8	3.015	11	2.316	8	1.240	6	0.325	3	6.895	28	9.472	36	7.453	33	19.20%
Services (7xxx)	0.305	2	1.351	2	3.155	8	1.687	6	0.973	2	7.167	18	7.471	20	7.471	20	19.96%
Health services (8xxx)	0	0	0.175	1	0	0	0.150	1	0	0	0.325	2	0.325	2	0.325	2	0.90%
Total	6.377	23	11.579	35	11.084	34	7.177	31	6.076	14	35.915	114	42.292	137	39.622	129	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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