Analysis of convertibles issuance for 13 months through June 2013

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

Coupon

	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
0%	0	0	0	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0	0	0	0.430	0	0	0	0	0	1.150	0.850	2.583	0.350
1%-1.99%	0.275	0.253	0.300	0.626	0.397	0	0.650	0.580	0.850	0.400	0.403	0.810	1.359
2%-2.99%	0.370	0	0.501	0	1.500	0.230	1.730	0.673	0.700	0.766	0	0.172	0.250
3%-3.99%	0.400	0	0	0.278	0	0.315	0	0.645	0.481	0.086	0	0.300	0.282
4%-4.99%	0.105	0	0.287	0.275	0.588	0.040	0	0	0.812	0.401	0	0.250	0.400
5%-5.99%	0.130	0.086	0.196	0.991	0	0.205	0.195	0.150	0.115	0.485	0.598	0	0.640
6%-6.99%	0.032	0	0.414	0.090	0.115	0	0	2.375	0	0.226	0	0	1.580
7%-7.99%	1.145	0.115	0.050	0.215	0	0.225	0.094	0	0.675	0	0.090	0	0
8% and higher	0.074	0	0	0	0.010	0	0.024	0	0	0.001	0	0	0.038
NA	0.017	0	0	0	0.060	0	0	0.005	0	0	0	0.020	0
Total	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.135	4.900
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	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%	0.430	2	0	0	1.150	1	3.783	8	4.933	9	5.362	11	5.362	11	21.87%
1%-1.99%	1.179	4	1.046	3	1.830	5	2.572	8	4.402	13	6.903	21	6.628	20	19.52%
2%-2.99%	0.501	2	3.460	4	2.139	7	0.422	2	2.562	9	6.893	16	6.523	15	11.36%
3%-3.99%	0.278	2	0.315	2	1.213	7	0.582	3	1.795	10	2.788	15	2.388	14	7.96%
4%-4.99%	0.562	3	0.628	4	1.214	4	0.650	2	1.864	6	3.160	14	3.055	13	8.26%
5%-5.99%	1.273	5	0.400	3	0.750	4	1.238	5	1.988	9	3.790	18	3.660	17	8.81%
6%-6.99%	0.504	2	0.115	1	2.601	4	1.580	3	4.181	7	4.832	11	4.800	10	18.54%
7%-7.99%	0.380	4	0.319	3	0.675	1	0.090	1	0.765	2	2.609	11	1.464	9	3.39%
8% and higher	0	0	0.034	2	0.001	1	0.038	1	0.039	2	0.147	5	0.073	4	0.17%
NA	0	0	0.060	1	0.005	1	0.020	1	0.025	2	0.103	4	0.086	3	0.11%
Total	5.107	24	6.377	23	11.579	35	10.975	34	22.554	69	36.587	126	34.038	116	100.00%
Premium
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
19.99% and lower	0.119	0	0.610	0.445	0.228	0.040	0.264	0	0.640	0.625	1.115	0.250	1.714
20%-29.99%	0.380	0.201	0.637	1.216	1.615	0.400	0.190	2.700	1.319	0.200	0.422	0	0.945
30-39.99%	2.032	0	0.501	0.777	0.070	0	2.215	1.228	1.675	1.337	0.403	2.317	1.995
40% and higher	0	0.253	0	0.466	0.687	0.425	0	0.495	0	1.351	0	1.548	0.246
NA	0.017	0	0	0	0.070	0.150	0.024	0.005	0	0.002	0	0.020	0
Total	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.135	4.900
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	1.055	5	0.532	4	1.265	4	3.079	9	4.343	13	6.049	24	5.930	22	19.26%
20%-29.99%	2.054	10	2.205	6	4.219	9	1.367	4	5.587	13	10.226	31	9.845	29	24.77%
30-39.99%	1.279	5	2.285	5	4.241	15	4.715	16	8.956	31	14.552	46	12.520	41	39.71%
40% and higher	0.719	4	1.112	4	1.846	4	1.794	4	3.640	8	5.471	16	5.471	16	16.14%
NA	0	0	0.243	4	0.008	3	0.020	1	0.028	4	0.289	9	0.271	8	0.12%
Total	5.107	24	6.377	23	11.579	35	10.975	34	22.554	69	36.587	126	34.038	116	100.00%
Upsized?
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Yes	0.320	0.253	1.002	0.931	0.862	0.655	1.069	4.136	2.869	2.139	1.677	1.958	1.232
No	2.228	0.201	0.747	1.973	1.808	0.210	1.623	0.293	0.765	1.377	0.090	2.178	3.668
Downsized	0	0	0	0	0	0.150	0	0	0	0	0.172	0	0
Total	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.135	4.900
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.186	10	2.586	11	9.143	26	4.867	14	14.011	40	19.102	63	18.782	61	62.12%
No	2.921	14	3.641	11	2.435	9	5.935	19	8.371	28	17.162	61	14.934	53	37.12%
Downsized	0	0	0.150	1	0	0	0.172	1	0.172	1	0.323	2	0.323	2	0.76%
Total	5.107	24	6.377	23	11.579	35	10.975	34	22.554	69	36.587	126	34.038	116	100.00%
Seniority
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
senior secured	0	0	0	0	0	0	0.025	0	0	0	0	0	0
senior	2.531	0.454	1.749	2.597	2.135	1.015	2.643	2.048	2.717	3.002	1.768	4.115	2.975
senior subordinated	0	0	0	0.058	0.360	0	0	0.125	0	0.086	0	0	0
subordinated	0	0	0	0	0	0	0	2.250	0	0	0	0	0.980
preferred	0.017	0	0	0.250	0.175	0	0.024	0.005	0.916	0.427	0.172	0.020	0.945
Total	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.135	4.900
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0	0	0.025	1	0	0	0	0	0	0	0.025	1	0.025	1	0.00%
senior	4.800	21	5.793	17	7.768	25	8.858	28	16.626	53	29.750	100	27.219	91	73.72%
senior subordinated	0.058	1	0.360	2	0.211	2	0	0	0.211	2	0.629	5	0.629	5	0.94%
subordinated	0	0	0	0	2.250	1	0.980	2	3.230	3	3.230	3	3.230	3	14.32%
preferred	0.250	2	0.199	3	1.349	7	1.137	4	2.487	11	2.953	17	2.935	16	11.03%
Total	5.107	24	6.377	23	11.579	35	10.975	34	22.554	69	36.587	126	34.038	116	100.00%
Mandatory
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Yes	1.100	0.115	0	0.861	0.060	0	0	2.250	0.675	0	0.172	0	1.580
No	1.448	0.339	1.749	2.044	2.610	1.015	2.692	2.179	2.959	3.516	1.768	4.135	3.320
Total	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.135	4.900
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.976	3	0.060	1	2.925	2	1.752	4	4.678	6	6.813	11	5.713	10	20.74%
No	4.132	21	6.317	22	8.654	33	9.223	30	17.877	63	29.774	115	28.325	106	79.26%
Total	5.107	24	6.377	23	11.579	35	10.975	34	22.554	69	36.587	126	34.038	116	100.00%
Greenshoe Exercised?
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Yes	1.790	0.454	1.302	1.709	2.600	0.600	2.449	1.498	2.434	3.204	1.090	2.110	1.940
No	0.758	0	0.447	1.196	0.070	0.415	0.243	2.930	1.200	0.312	0.850	2.025	2.960
Total	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.135	4.900
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.465	16	5.649	15	7.136	24	5.140	19	12.276	43	23.180	78	21.390	74	54.43%
No	1.643	8	0.728	8	4.443	11	5.835	15	10.278	26	13.407	48	12.648	42	45.57%
Total	5.107	24	6.377	23	11.579	35	10.975	34	22.554	69	36.587	126	34.038	116	100.00%
Versus Talk
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Richer	0	0	0.300	0.730	0	0.150	0	1.006	0.300	0	0	0.310	0
Rich end	1.100	0.115	0.300	0.220	0.687	0.430	0	0.580	1.779	0.850	0.575	1.975	0.882
Within	1.045	0.253	0.397	0.530	0	0	2.449	2.712	1.440	1.004	0.250	0.600	1.348
Cheap end	0.224	0	0.287	0.569	0.343	0.340	0.195	0.125	0	1.235	1.115	0.250	2.632
Cheaper	0	0	0	0.630	0	0	0	0	0.115	0	0	0.980	0
NA/Other	0.179	0.086	0.464	0.225	1.640	0.095	0.049	0.005	0	0.427	0	0.020	0.038
Total	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.135	4.900
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	1.030	3	0.150	1	1.306	6	0.310	1	1.616	7	2.796	11	2.796	11	7.17%
Rich end	0.635	3	1.117	4	3.209	9	3.432	11	6.641	20	9.493	28	8.393	27	29.44%
Within	1.180	6	2.449	5	5.156	11	2.198	7	7.354	18	12.028	32	10.983	29	32.61%
Cheap end	0.857	6	0.878	5	1.360	3	3.997	12	5.357	15	7.315	29	7.091	26	23.75%
Cheaper	0.630	1	0	0	0.115	1	0.980	1	1.095	2	1.726	3	1.726	3	4.86%
NA/Other	0.775	5	1.784	8	0.433	5	0.058	2	0.491	7	3.229	23	3.050	20	2.18%
Total	5.107	24	6.377	23	11.579	35	10.975	34	22.554	69	36.587	126	34.038	116	100.00%
Use of Proceeds
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Acquisition	1.205	0	0	0.230	0	0	0	0	0	0.225	0	0.300	0.750
Capex	0.130	0.115	0	0.250	0.010	0	1.380	0.275	0	0	0	0	0
GCP	0.151	0.253	0.287	1.655	0	0.230	0.409	0.760	1.452	2.404	0.250	1.472	2.536
Redeem convertibles	0	0	0.501	0	0.397	0	0.460	0.615	0.600	0	0	0.300	0.246
Refinance	0.370	0.086	0.300	0.090	0.475	0.405	0.024	2.250	1.032	0.403	0.850	0.660	0.822
Multiple/Other/NA	0.692	0	0.660	0.680	1.788	0.380	0.419	0.528	0.550	0.485	0.840	1.403	0.545
Total	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.135	4.900
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.230	1	0	0	0.225	1	1.050	3	1.275	4	2.710	7	1.505	5	5.65%
Capex	0.365	3	1.390	2	0.275	2	0	0	0.275	2	2.160	8	2.030	7	1.22%
GCP	2.195	10	0.639	4	4.617	16	4.259	15	8.875	31	11.861	48	11.710	45	39.35%
Redeem convertibles	0.501	2	0.857	2	1.215	4	0.546	2	1.761	6	3.119	10	3.119	10	7.81%
Refinance	0.476	3	0.903	7	3.684	6	2.332	5	6.016	11	7.766	22	7.396	21	26.67%
Multiple/Other/NA	1.340	5	2.587	8	1.563	6	2.788	9	4.351	15	8.971	31	8.279	28	19.29%
Total	5.107	24	6.377	23	11.579	35	10.975	34	22.554	69	36.587	126	34.038	116	100.00%
Industry Sector (by SIC code)
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Mining (1xxx)	0.370	0	0.414	0	0.397	0	0	0.415	0.675	0	0	0.300	0
Oil and gas (13xx)	0.400	0.086	0.050	0.150	0.125	0	1.403	0	0.125	0.225	0	0	0.345
Construction (15xx)	0	0.368	0	0.524	0	0	0	0.230	0	0.086	0	0.268	0
Manufacturing (2xxx, 3xxx)	1.282	0	0.300	0.220	0.070	0.605	0.485	2.375	0.957	0.716	0.403	1.110	0.038
Pharmaceuticals (2834-6)	0.292	0	0.489	0.130	0.060	0	0	0.884	0	0	0.090	0.270	0.132
Transportation (4xxx)	0	0	0.300	0.355	0	0	0.350	0.350	0	0	0	0	0
Communications (48xx)	0	0	0	0.100	0	0	0	0	0	0	1.022	0	0
Electric, gas, sanitary services (49xx)	0.130	0	0	0.630	0	0	0	0	0	0	0	0	0.980
Wholesale (5xxx)	0	0	0	0.500	0	0	0	0	0	0	0	0	0.610
Finance, insurance, real estate (6xxx)	0.074	0	0.196	0.115	2.018	0.295	0.264	0	1.877	1.137	0.425	0.172	1.696
Services (7xxx)	0	0	0	0.180	0	0.115	0.190	0	0	1.351	0	2.015	1.099
Health services (8xxx)	0	0	0	0	0	0	0	0.175	0	0	0	0	0
Total	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.135	4.900
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.414	1	0.397	1	1.090	3	0.300	1	1.390	4	2.571	7	2.201	6	6.16%
Oil and gas (13xx)	0.286	3	1.528	4	0.350	2	0.345	1	0.695	3	2.910	11	2.510	10	3.08%
Construction (15xx)	0.892	6	0	0	0.316	2	0.268	1	0.584	3	1.476	9	1.476	9	2.59%
Manufacturing (2xxx, 3xxx)	0.520	2	1.160	6	4.048	8	1.550	5	5.598	13	8.560	25	7.278	21	24.82%
Pharmaceuticals (2834-6)	0.619	3	0.060	1	0.884	5	0.492	4	1.376	9	2.347	15	2.055	13	6.10%
Transportation (4xxx)	0.655	3	0.350	1	0.350	1	0	0	0.350	1	1.355	5	1.355	5	1.55%
Communications (48xx)	0.100	1	0	0	0	0	1.022	2	1.022	2	1.123	3	1.123	3	4.53%
Electric, gas, sanitary services (49xx)	0.630	1	0	0	0	0	0.980	2	0.980	2	1.740	4	1.611	3	4.35%
Wholesale (5xxx)	0.500	1	0	0	0	0	0.610	2	0.610	2	1.110	3	1.110	3	2.70%
Finance, insurance, real estate (6xxx)	0.311	2	2.577	8	3.015	11	2.293	8	5.308	19	8.270	30	8.196	29	23.53%
Services (7xxx)	0.180	1	0.305	2	1.351	2	3.114	8	4.465	10	4.950	13	4.950	13	19.80%
Health services (8xxx)	0	0	0	0	0.175	1	0	0	0.175	1	0.175	1	0.175	1	0.78%
Total	5.107	24	6.377	23	11.579	35	10.975	34	22.554	69	36.587	126	34.038	116	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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