Analysis of convertibles issuance for 13 months through January 2013

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

Coupon

	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
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	0.430	0	0	0	0
1%-1.99%	0	0.500	1.685	0	0.725	0.275	0.253	0.300	0.626	0.397	0	0.650	0.550
2%-2.99%	0	0	0.259	1.150	0.150	0.370	0	0.501	0	1.500	0.230	1.730	0.658
3%-3.99%	0.150	0	0.200	0.980	0	0.400	0	0	0.278	0	0.315	0	0.645
4%-4.99%	0	0	0.163	0	0	0.105	0	0.287	0.275	0.588	0.040	0	0
5%-5.99%	0	0	0.127	0.127	1.305	0.130	0.086	0.196	0.991	0	0.205	0.195	0.150
6%-6.99%	0.250	0	0.150	0	0.270	0.032	0	0.414	0.090	0.115	0	0	2.375
7%-7.99%	0	0	0.086	0	0.019	1.145	0.115	0.050	0.215	0	0.225	0.094	0
8% and higher	0	0	0	0	0	0.074	0	0	0	0.010	0	0.024	0
NA	0	0	0	0	0	0.017	0	0	0	0.060	0	0	0.005
Total	0.400	0.500	2.669	2.257	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.384
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	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	0	0	0	0.430	2	0	0	0	0	0	0	0.430	2	0.430	2	0.00%
1%-1.99%	2.185	4	1.000	3	1.179	4	1.046	3	0.550	2	0.550	2	5.961	16	5.961	16	12.55%
2%-2.99%	0.259	1	1.670	4	0.501	2	3.460	4	0.658	3	0.658	3	6.548	14	6.548	14	15.01%
3%-3.99%	0.350	2	1.380	5	0.278	2	0.315	2	0.645	3	0.645	3	2.967	14	2.817	13	14.71%
4%-4.99%	0.163	1	0.105	1	0.562	3	0.628	4	0	0	0	0	1.458	9	1.458	9	0.00%
5%-5.99%	0.127	1	1.562	4	1.273	5	0.400	3	0.150	1	0.150	1	3.511	14	3.511	14	3.42%
6%-6.99%	0.400	2	0.302	3	0.504	2	0.115	1	2.375	2	2.375	2	3.696	10	3.446	9	54.17%
7%-7.99%	0.086	1	1.164	3	0.380	4	0.319	3	0	0	0	0	1.949	11	1.949	11	0.00%
8% and higher	0	0	0.074	1	0	0	0.034	2	0	0	0	0	0.107	3	0.107	3	0.00%
NA	0	0	0.017	1	0	0	0.060	1	0.005	1	0.005	1	0.083	3	0.083	3	0.11%
Total	3.569	12	7.274	25	5.107	24	6.377	23	4.384	12	4.384	12	26.711	96	26.311	94	100.00%
Premium
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
19.99% and lower	0	0	0.289	0.127	1.105	0.119	0	0.610	0.445	0.228	0.040	0.264	0
20%-29.99%	0.400	0	0.236	0.230	1.070	0.380	0.201	0.637	1.216	1.615	0.400	0.190	2.700
30-39.99%	0	0.500	0.890	0.850	0	2.032	0	0.501	0.777	0.070	0	2.215	1.228
40% and higher	0	0	1.254	1.050	0.225	0	0.253	0	0.466	0.687	0.425	0	0.450
NA	0	0	0	0	0.069	0.017	0	0	0	0.070	0.150	0.024	0.005
Total	0.400	0.500	2.669	2.257	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.384
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0.289	2	1.351	6	1.055	5	0.532	4	0	0	0	0	3.227	17	3.227	17	0.00%
20%-29.99%	0.636	4	1.680	5	2.054	10	2.205	6	2.700	4	2.700	4	9.275	29	8.875	27	61.59%
30-39.99%	1.390	4	2.882	8	1.279	5	2.285	5	1.228	5	1.228	5	9.064	27	9.064	27	28.01%
40% and higher	1.254	2	1.275	3	0.719	4	1.112	4	0.450	2	0.450	2	4.810	15	4.810	15	10.26%
NA	0	0	0.086	3	0	0	0.243	4	0.005	1	0.005	1	0.335	8	0.335	8	0.11%
Total	3.569	12	7.274	25	5.107	24	6.377	23	4.384	12	4.384	12	26.711	96	26.311	94	100.00%
Quick Sale?
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Yes	0.400	0.500	1.324	2.257	2.400	2.264	0.454	1.285	2.804	0.588	0.920	2.692	4.384
No	0	0	1.345	0	0.069	0.284	0	0.464	0.100	2.082	0.095	0	0
Total	0.400	0.500	2.669	2.257	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.384
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.224	9	6.921	19	4.543	21	4.200	16	4.384	12	4.384	12	22.272	77	21.872	75	100.00%
No	1.345	3	0.353	6	0.564	3	2.177	7	0	0	0	0	4.439	19	4.439	19	0.00%
Total	3.569	12	7.274	25	5.107	24	6.377	23	4.384	12	4.384	12	26.711	96	26.311	94	100.00%
Upsized?
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Yes	0.250	0.500	0.949	1.300	0.945	0.320	0.253	1.002	0.931	0.862	0.655	1.069	4.091
No	0.150	0	1.720	0.507	1.524	2.228	0.201	0.747	1.973	1.808	0.210	1.623	0.293
Downsized	0	0	0	0.450	0	0	0	0	0	0	0.150	0	0
Total	0.400	0.500	2.669	2.257	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.384
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.699	5	2.565	8	2.186	10	2.586	11	4.091	10	4.091	10	13.126	44	12.876	43	93.32%
No	1.870	7	4.259	16	2.921	14	3.641	11	0.293	2	0.293	2	12.985	50	12.835	49	6.68%
Downsized	0	0	0.450	1	0	0	0.150	1	0	0	0	0	0.600	2	0.600	2	0.00%
Total	3.569	12	7.274	25	5.107	24	6.377	23	4.384	12	4.384	12	26.711	96	26.311	94	100.00%
Seniority
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
senior secured	0	0	0	0	0	0	0	0	0	0	0	0.025	0
senior	0.400	0.500	2.542	2.257	2.469	2.531	0.454	1.749	2.597	2.135	1.015	2.643	2.003
senior subordinated	0	0	0	0	0	0	0	0	0.058	0.360	0	0	0.125
subordinated	0	0	0	0	0	0	0	0	0	0	0	0	2.250
preferred	0	0	0.127	0	0	0.017	0	0	0.250	0.175	0	0.024	0.005
Total	0.400	0.500	2.669	2.257	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.384
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0	0	0	0	0	0	0.025	1	0	0	0	0	0.025	1	0.025	1	0.00%
senior	3.442	11	7.257	24	4.800	21	5.793	17	2.003	9	2.003	9	23.296	82	22.896	80	45.69%
senior subordinated	0	0	0	0	0.058	1	0.360	2	0.125	1	0.125	1	0.542	4	0.542	4	2.85%
subordinated	0	0	0	0	0	0	0	0	2.250	1	2.250	1	2.250	1	2.250	1	51.32%
preferred	0.127	1	0.017	1	0.250	2	0.199	3	0.005	1	0.005	1	0.598	8	0.598	8	0.11%
Total	3.569	12	7.274	25	5.107	24	6.377	23	4.384	12	4.384	12	26.711	96	26.311	94	100.00%
Mandatory
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Yes	0	0	0	0	0.790	1.100	0.115	0	0.861	0.060	0	0	2.250
No	0.400	0.500	2.669	2.257	1.679	1.448	0.339	1.749	2.044	2.610	1.015	2.692	2.134
Total	0.400	0.500	2.669	2.257	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.384
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	1.890	3	0.976	3	0.060	1	2.250	1	2.250	1	5.176	8	5.176	8	51.32%
No	3.569	12	5.384	22	4.132	21	6.317	22	2.134	11	2.134	11	21.536	88	21.136	86	48.68%
Total	3.569	12	7.274	25	5.107	24	6.377	23	4.384	12	4.384	12	26.711	96	26.311	94	100.00%
Greenshoe Exercised?
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Yes	0.250	0.500	2.319	1.980	0.725	1.790	0.454	1.302	1.709	2.600	0.600	2.449	1.003
No	0.150	0	0.350	0.277	1.744	0.758	0	0.447	1.196	0.070	0.415	0.243	3.381
Total	0.400	0.500	2.669	2.257	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.384
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.069	9	4.495	11	3.465	16	5.649	15	1.003	5	1.003	5	17.681	56	17.431	55	22.88%
No	0.500	3	2.779	14	1.643	8	0.728	8	3.381	7	3.381	7	9.031	40	8.881	39	77.12%
Total	3.569	12	7.274	25	5.107	24	6.377	23	4.384	12	4.384	12	26.711	96	26.311	94	100.00%
Versus Talk
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Richer	0	0.300	0	0	0	0	0	0.300	0.730	0	0.150	0	0.991
Rich end	0	0.200	1.771	0.750	0.225	1.100	0.115	0.300	0.220	0.687	0.430	0	0.550
Within	0	0	0	0.380	1.605	1.045	0.253	0.397	0.530	0	0	2.449	2.712
Cheap end	0.400	0	0.289	0.677	0	0.224	0	0.287	0.569	0.343	0.340	0.195	0.125
Cheaper	0	0	0	0.450	0.570	0	0	0	0.630	0	0	0	0
NA/Other	0	0	0.609	0	0.069	0.179	0.086	0.464	0.225	1.640	0.095	0.049	0.005
Total	0.400	0.500	2.669	2.257	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.384
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.300	1	0	0	1.030	3	0.150	1	0.991	5	0.991	5	2.471	10	2.471	10	22.60%
Rich end	1.971	4	2.075	4	0.635	3	1.117	4	0.550	2	0.550	2	6.348	17	6.348	17	12.55%
Within	0	0	3.030	9	1.180	6	2.449	5	2.712	3	2.712	3	9.371	23	9.371	23	61.86%
Cheap end	0.689	4	0.901	5	0.857	6	0.878	5	0.125	1	0.125	1	3.449	21	3.049	19	2.85%
Cheaper	0	0	1.020	2	0.630	1	0	0	0	0	0	0	1.651	3	1.651	3	0.00%
NA/Other	0.609	3	0.248	5	0.775	5	1.784	8	0.005	1	0.005	1	3.422	22	3.422	22	0.11%
Total	3.569	12	7.274	25	5.107	24	6.377	23	4.384	12	4.384	12	26.711	96	26.311	94	100.00%
Use of Proceeds
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Acquisition	0	0	0	0.150	0	1.205	0	0	0.230	0	0	0	0
Capex	0	0	0	0	0.220	0.130	0.115	0	0.250	0.010	0	1.380	0.275
GCP	0.150	0.500	0.535	1.277	2.030	0.151	0.253	0.287	1.655	0	0.230	0.409	0.731
Redeem convertibles	0.250	0	0.200	0	0	0	0	0.501	0	0.397	0	0.460	0.600
Refinance	0	0	0.163	0	0	0.370	0.086	0.300	0.090	0.475	0.405	0.024	2.250
Multiple/Other/NA	0	0	1.771	0.830	0.219	0.692	0	0.660	0.680	1.788	0.380	0.419	0.528
Total	0.400	0.500	2.669	2.257	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.384
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	1.355	3	0.230	1	0	0	0	0	0	0	1.585	4	1.585	4	0.00%
Capex	0	0	0.350	2	0.365	3	1.390	2	0.275	2	0.275	2	2.380	9	2.380	9	6.27%
GCP	1.185	6	3.458	11	2.195	10	0.639	4	0.731	4	0.731	4	8.208	35	8.058	34	16.67%
Redeem convertibles	0.450	2	0	0	0.501	2	0.857	2	0.600	2	0.600	2	2.408	8	2.158	7	13.69%
Refinance	0.163	1	0.370	1	0.476	3	0.903	7	2.250	1	2.250	1	4.162	13	4.162	13	51.32%
Multiple/Other/NA	1.771	3	1.741	8	1.340	5	2.587	8	0.528	3	0.528	3	7.968	27	7.968	27	12.04%
Total	3.569	12	7.274	25	5.107	24	6.377	23	4.384	12	4.384	12	26.711	96	26.311	94	100.00%
Industry Sector (by SIC code)
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Mining (1xxx)	0	0	0	0	0.220	0.370	0	0.414	0	0.397	0	0	0.400
Oil and gas (13xx)	0	0.300	0.200	0	0	0.400	0.086	0.050	0.150	0.125	0	1.403	0
Construction (15xx)	0	0	0	0	0.225	0	0.368	0	0.524	0	0	0	0.200
Manufacturing (2xxx, 3xxx)	0	0	0.236	1.300	0.200	1.282	0	0.300	0.220	0.070	0.605	0.485	2.375
Pharmaceuticals (2834-6)	0.150	0	0.949	0	0.500	0.292	0	0.489	0.130	0.060	0	0	0.884
Transportation (4xxx)	0	0	0	0	0	0	0	0.300	0.355	0	0	0.350	0.350
Communications (48xx)	0	0	0	0	0	0	0	0	0.100	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0.570	0.130	0	0	0.630	0	0	0	0
Wholesale (5xxx)	0	0	0	0	0	0	0	0	0.500	0	0	0	0
Finance, insurance, real estate (6xxx)	0.250	0	0.289	0.357	0.754	0.074	0	0.196	0.115	2.018	0.295	0.264	0
Services (7xxx)	0	0.200	0.995	0.600	0	0	0	0	0.180	0	0.115	0.190	0
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0	0	0	0.175
Total	0.400	0.500	2.669	2.257	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.384
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0	0	0.590	2	0.414	1	0.397	1	0.400	2	0.400	2	1.801	6	1.801	6	9.12%
Oil and gas (13xx)	0.500	2	0.400	1	0.286	3	1.528	4	0	0	0	0	2.715	10	2.715	10	0.00%
Construction (15xx)	0	0	0.225	1	0.892	6	0	0	0.200	1	0.200	1	1.317	8	1.317	8	4.56%
Manufacturing (2xxx, 3xxx)	0.236	2	2.782	10	0.520	2	1.160	6	2.375	2	2.375	2	7.073	22	7.073	22	54.17%
Pharmaceuticals (2834-6)	1.099	3	0.792	3	0.619	3	0.060	1	0.884	5	0.884	5	3.454	15	3.304	14	20.16%
Transportation (4xxx)	0	0	0	0	0.655	3	0.350	1	0.350	1	0.350	1	1.355	5	1.355	5	7.98%
Communications (48xx)	0	0	0	0	0.100	1	0	0	0	0	0	0	0.100	1	0.100	1	0.00%
Electric, gas, sanitary services (49xx)	0	0	0.700	2	0.630	1	0	0	0	0	0	0	1.331	3	1.331	3	0.00%
Wholesale (5xxx)	0	0	0	0	0.500	1	0	0	0	0	0	0	0.500	1	0.500	1	0.00%
Finance, insurance, real estate (6xxx)	0.539	3	1.185	5	0.311	2	2.577	8	0	0	0	0	4.612	18	4.362	17	0.00%
Services (7xxx)	1.195	2	0.600	1	0.180	1	0.305	2	0	0	0	0	2.280	6	2.280	6	0.00%
Health services (8xxx)	0	0	0	0	0	0	0	0	0.175	1	0.175	1	0.175	1	0.175	1	3.99%
Total	3.569	12	7.274	25	5.107	24	6.377	23	4.384	12	4.384	12	26.711	96	26.311	94	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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