Analysis of convertibles issuance for 13 months through February 2013

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

Coupon

	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
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	0.430	0	0	0	0	0
1%-1.99%	0.500	1.685	0	0.725	0.275	0.253	0.300	0.626	0.397	0	0.650	0.580	0.850
2%-2.99%	0	0.259	1.150	0.150	0.370	0	0.501	0	1.500	0.230	1.730	0.673	0.700
3%-3.99%	0	0.200	0.980	0	0.400	0	0	0.278	0	0.315	0	0.645	0.481
4%-4.99%	0	0.163	0	0	0.105	0	0.287	0.275	0.588	0.040	0	0	0.775
5%-5.99%	0	0.127	0.127	1.305	0.130	0.086	0.196	0.991	0	0.205	0.195	0.150	0.115
6%-6.99%	0	0.150	0	0.270	0.032	0	0.414	0.090	0.115	0	0	2.375	0
7%-7.99%	0	0.086	0	0.019	1.145	0.115	0.050	0.215	0	0.225	0.094	0	0.675
8% and higher	0	0	0	0	0.074	0	0	0	0.010	0	0.024	0	0
NA	0	0	0	0	0.017	0	0	0	0.060	0	0	0.005	0
Total	0.500	2.669	2.257	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.596
	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	0.00%
0.01%-0.99%	0	0	0.430	2	0	0	0	0	0	0	0.430	2	0.430	2	0.00%
1%-1.99%	1.000	3	1.179	4	1.046	3	1.430	4	1.430	4	6.841	18	6.641	17	17.82%
2%-2.99%	1.670	4	0.501	2	3.460	4	1.373	5	1.373	5	7.263	16	7.263	16	17.11%
3%-3.99%	1.380	5	0.278	2	0.315	2	1.127	6	1.127	6	3.299	16	3.299	16	14.04%
4%-4.99%	0.105	1	0.562	3	0.628	4	0.775	2	0.775	2	2.233	11	2.233	11	9.66%
5%-5.99%	1.562	4	1.273	5	0.400	3	0.265	2	0.265	2	3.626	15	3.626	15	3.30%
6%-6.99%	0.302	3	0.504	2	0.115	1	2.375	2	2.375	2	3.446	9	3.446	9	29.60%
7%-7.99%	1.164	3	0.380	4	0.319	3	0.675	1	0.675	1	2.624	12	2.624	12	8.41%
8% and higher	0.074	1	0	0	0.034	2	0	0	0	0	0.107	3	0.107	3	0.00%
NA	0.017	1	0	0	0.060	1	0.005	1	0.005	1	0.083	3	0.083	3	0.06%
Total	7.274	25	5.107	24	6.377	23	8.025	23	8.025	23	29.953	105	29.753	104	100.00%
Premium
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
19.99% and lower	0	0.289	0.127	1.105	0.119	0	0.610	0.445	0.228	0.040	0.264	0	0.640
20%-29.99%	0	0.236	0.230	1.070	0.380	0.201	0.637	1.216	1.615	0.400	0.190	2.700	1.282
30-39.99%	0.500	0.890	0.850	0	2.032	0	0.501	0.777	0.070	0	2.215	1.228	1.675
40% and higher	0	1.254	1.050	0.225	0	0.253	0	0.466	0.687	0.425	0	0.495	0
NA	0	0	0	0.069	0.017	0	0	0	0.070	0.150	0.024	0.005	0
Total	0.500	2.669	2.257	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.596
	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	1.351	6	1.055	5	0.532	4	0.640	2	0.640	2	3.867	19	3.867	19	7.98%
20%-29.99%	1.680	5	2.054	10	2.205	6	3.982	8	3.982	8	10.157	31	10.157	31	49.62%
30-39.99%	2.882	8	1.279	5	2.285	5	2.903	10	2.903	10	10.739	32	10.539	31	36.17%
40% and higher	1.275	3	0.719	4	1.112	4	0.495	2	0.495	2	4.855	15	4.855	15	6.17%
NA	0.086	3	0	0	0.243	4	0.005	1	0.005	1	0.335	8	0.335	8	0.06%
Total	7.274	25	5.107	24	6.377	23	8.025	23	8.025	23	29.953	105	29.753	104	100.00%
Upsized?
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Yes	0.500	0.949	1.300	0.945	0.320	0.253	1.002	0.931	0.862	0.655	1.069	4.136	2.832
No	0	1.720	0.507	1.524	2.228	0.201	0.747	1.973	1.808	0.210	1.623	0.293	0.765
Downsized	0	0	0.450	0	0	0	0	0	0	0.150	0	0	0
Total	0.500	2.669	2.257	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.596
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.565	8	2.186	10	2.586	11	6.967	18	6.967	18	15.752	51	15.553	50	86.82%
No	4.259	16	2.921	14	3.641	11	1.058	5	1.058	5	13.600	52	13.600	52	13.18%
Downsized	0.450	1	0	0	0.150	1	0	0	0	0	0.600	2	0.600	2	0.00%
Total	7.274	25	5.107	24	6.377	23	8.025	23	8.025	23	29.953	105	29.753	104	100.00%
Seniority
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
senior secured	0	0	0	0	0	0	0	0	0	0	0.025	0	0
senior	0.500	2.542	2.257	2.469	2.531	0.454	1.749	2.597	2.135	1.015	2.643	2.048	2.680
senior subordinated	0	0	0	0	0	0	0	0.058	0.360	0	0	0.125	0
subordinated	0	0	0	0	0	0	0	0	0	0	0	2.250	0
preferred	0	0.127	0	0	0.017	0	0	0.250	0.175	0	0.024	0.005	0.916
Total	0.500	2.669	2.257	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.596
	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	0.025	1	0	0	0	0	0.025	1	0.025	1	0.00%
senior	7.257	24	4.800	21	5.793	17	4.728	18	4.728	18	25.621	89	25.421	88	58.92%
senior subordinated	0	0	0.058	1	0.360	2	0.125	1	0.125	1	0.542	4	0.542	4	1.56%
subordinated	0	0	0	0	0	0	2.250	1	2.250	1	2.250	1	2.250	1	28.04%
preferred	0.017	1	0.250	2	0.199	3	0.922	3	0.922	3	1.514	10	1.514	10	11.49%
Total	7.274	25	5.107	24	6.377	23	8.025	23	8.025	23	29.953	105	29.753	104	100.00%
Mandatory
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Yes	0	0	0	0.790	1.100	0.115	0	0.861	0.060	0	0	2.250	0.675
No	0.500	2.669	2.257	1.679	1.448	0.339	1.749	2.044	2.610	1.015	2.692	2.179	2.921
Total	0.500	2.669	2.257	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.596
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.890	3	0.976	3	0.060	1	2.925	2	2.925	2	5.851	9	5.851	9	36.45%
No	5.384	22	4.132	21	6.317	22	5.100	21	5.100	21	24.102	96	23.902	95	63.55%
Total	7.274	25	5.107	24	6.377	23	8.025	23	8.025	23	29.953	105	29.753	104	100.00%
Greenshoe Exercised?
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Yes	0.500	2.319	1.980	0.725	1.790	0.454	1.302	1.709	2.600	0.600	2.449	1.498	2.147
No	0	0.350	0.277	1.744	0.758	0	0.447	1.196	0.070	0.415	0.243	2.930	1.450
Total	0.500	2.669	2.257	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.596
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.495	11	3.465	16	5.649	15	3.645	15	3.645	15	20.072	65	19.872	64	45.42%
No	2.779	14	1.643	8	0.728	8	4.380	8	4.380	8	9.881	40	9.881	40	54.58%
Total	7.274	25	5.107	24	6.377	23	8.025	23	8.025	23	29.953	105	29.753	104	100.00%
Versus Talk
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Richer	0.300	0	0	0	0	0	0.300	0.730	0	0.150	0	1.006	0.300
Rich end	0.200	1.771	0.750	0.225	1.100	0.115	0.300	0.220	0.687	0.430	0	0.580	1.742
Within	0	0	0.380	1.605	1.045	0.253	0.397	0.530	0	0	2.449	2.712	1.440
Cheap end	0	0.289	0.677	0	0.224	0	0.287	0.569	0.343	0.340	0.195	0.125	0
Cheaper	0	0	0.450	0.570	0	0	0	0.630	0	0	0	0	0.115
NA/Other	0	0.609	0	0.069	0.179	0.086	0.464	0.225	1.640	0.095	0.049	0.005	0
Total	0.500	2.669	2.257	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.596
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	1.030	3	0.150	1	1.306	6	1.306	6	2.786	11	2.786	11	16.27%
Rich end	2.075	4	0.635	3	1.117	4	2.321	7	2.321	7	8.120	22	7.920	21	28.92%
Within	3.030	9	1.180	6	2.449	5	4.152	7	4.152	7	10.812	27	10.812	27	51.74%
Cheap end	0.901	5	0.857	6	0.878	5	0.125	1	0.125	1	3.049	19	3.049	19	1.56%
Cheaper	1.020	2	0.630	1	0	0	0.115	1	0.115	1	1.766	4	1.766	4	1.43%
NA/Other	0.248	5	0.775	5	1.784	8	0.005	1	0.005	1	3.422	22	3.422	22	0.06%
Total	7.274	25	5.107	24	6.377	23	8.025	23	8.025	23	29.953	105	29.753	104	100.00%
Use of Proceeds
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Acquisition	0	0	0.150	0	1.205	0	0	0.230	0	0	0	0	0
Capex	0	0	0	0.220	0.130	0.115	0	0.250	0.010	0	1.380	0.275	0
GCP	0.500	0.535	1.277	2.030	0.151	0.253	0.287	1.655	0	0.230	0.409	0.760	1.415
Redeem convertibles	0	0.200	0	0	0	0	0.501	0	0.397	0	0.460	0.615	0.600
Refinance	0	0.163	0	0	0.370	0.086	0.300	0.090	0.475	0.405	0.024	2.250	1.032
Multiple/Other/NA	0	1.771	0.830	0.219	0.692	0	0.660	0.680	1.788	0.380	0.419	0.528	0.550
Total	0.500	2.669	2.257	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.596
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	1.355	3	0.230	1	0	0	0	0	0	0	1.585	4	1.585	4	0.00%
Capex	0.350	2	0.365	3	1.390	2	0.275	2	0.275	2	2.380	9	2.380	9	3.43%
GCP	3.458	11	2.195	10	0.639	4	2.175	9	2.175	9	9.503	39	9.303	38	27.10%
Redeem convertibles	0	0	0.501	2	0.857	2	1.215	4	1.215	4	2.773	9	2.773	9	15.14%
Refinance	0.370	1	0.476	3	0.903	7	3.281	4	3.281	4	5.194	16	5.194	16	40.88%
Multiple/Other/NA	1.741	8	1.340	5	2.587	8	1.078	4	1.078	4	8.518	28	8.518	28	13.43%
Total	7.274	25	5.107	24	6.377	23	8.025	23	8.025	23	29.953	105	29.753	104	100.00%
Industry Sector (by SIC code)
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Mining (1xxx)	0	0	0	0.220	0.370	0	0.414	0	0.397	0	0	0.415	0.675
Oil and gas (13xx)	0.300	0.200	0	0	0.400	0.086	0.050	0.150	0.125	0	1.403	0	0.125
Construction (15xx)	0	0	0	0.225	0	0.368	0	0.524	0	0	0	0.230	0
Manufacturing (2xxx, 3xxx)	0	0.236	1.300	0.200	1.282	0	0.300	0.220	0.070	0.605	0.485	2.375	0.957
Pharmaceuticals (2834-6)	0	0.949	0	0.500	0.292	0	0.489	0.130	0.060	0	0	0.884	0
Transportation (4xxx)	0	0	0	0	0	0	0.300	0.355	0	0	0.350	0.350	0
Communications (48xx)	0	0	0	0	0	0	0	0.100	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0.570	0.130	0	0	0.630	0	0	0	0	0
Wholesale (5xxx)	0	0	0	0	0	0	0	0.500	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0	0.289	0.357	0.754	0.074	0	0.196	0.115	2.018	0.295	0.264	0	1.840
Services (7xxx)	0.200	0.995	0.600	0	0	0	0	0.180	0	0.115	0.190	0	0
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0	0	0.175	0
Total	0.500	2.669	2.257	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.596
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.590	2	0.414	1	0.397	1	1.090	3	1.090	3	2.491	7	2.491	7	13.58%
Oil and gas (13xx)	0.400	1	0.286	3	1.528	4	0.125	1	0.125	1	2.840	11	2.840	11	1.56%
Construction (15xx)	0.225	1	0.892	6	0	0	0.230	1	0.230	1	1.347	8	1.347	8	2.87%
Manufacturing (2xxx, 3xxx)	2.782	10	0.520	2	1.160	6	3.332	6	3.332	6	8.030	26	8.030	26	41.52%
Pharmaceuticals (2834-6)	0.792	3	0.619	3	0.060	1	0.884	5	0.884	5	3.304	14	3.304	14	11.02%
Transportation (4xxx)	0	0	0.655	3	0.350	1	0.350	1	0.350	1	1.355	5	1.355	5	4.36%
Communications (48xx)	0	0	0.100	1	0	0	0	0	0	0	0.100	1	0.100	1	0.00%
Electric, gas, sanitary services (49xx)	0.700	2	0.630	1	0	0	0	0	0	0	1.331	3	1.331	3	0.00%
Wholesale (5xxx)	0	0	0.500	1	0	0	0	0	0	0	0.500	1	0.500	1	0.00%
Finance, insurance, real estate (6xxx)	1.185	5	0.311	2	2.577	8	1.840	5	1.840	5	6.202	22	6.202	22	22.93%
Services (7xxx)	0.600	1	0.180	1	0.305	2	0	0	0	0	2.280	6	2.080	5	0.00%
Health services (8xxx)	0	0	0	0	0	0	0.175	1	0.175	1	0.175	1	0.175	1	2.18%
Total	7.274	25	5.107	24	6.377	23	8.025	23	8.025	23	29.953	105	29.753	104	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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