Analysis of convertibles issuance for 13 months through July 2013

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

Coupon

	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
0%	0	0	0	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0	0	0.430	0	0	0	0	0	1.150	0.850	2.583	0.350	0
1%-1.99%	0.253	0.300	0.626	0.397	0	0.650	0.580	0.850	0.400	0.403	0.810	1.401	0.150
2%-2.99%	0	0.501	0	1.500	0.230	1.730	0.673	0.700	0.766	0	0.172	0.250	0
3%-3.99%	0	0	0.278	0	0.315	0	0.645	0.481	0.086	0	0.300	0.305	0.610
4%-4.99%	0	0.287	0.275	0.588	0.040	0	0	0.812	0.401	0	0.250	0.400	0.624
5%-5.99%	0.086	0.196	0.991	0	0.205	0.195	0.150	0.115	0.485	0.598	0	0.640	0.100
6%-6.99%	0	0.414	0.090	0.115	0	0	2.375	0	0.226	0	0	1.580	0
7%-7.99%	0.115	0.050	0.215	0	0.225	0.094	0	0.675	0	0.090	0	0	0
8% and higher	0	0	0	0.010	0	0.024	0	0	0.001	0	0	0.038	0.005
NA	0	0	0	0.060	0	0	0.005	0	0	0	0.020	0	0
Total	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.135	4.964	1.489
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	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%	0.430	2	0	0	1.150	1	3.783	8	0	0	4.933	9	5.362	11	5.362	11	20.46%
1%-1.99%	1.179	4	1.046	3	1.830	5	2.613	8	0.150	1	4.593	14	6.819	21	6.566	20	19.05%
2%-2.99%	0.501	2	3.460	4	2.139	7	0.422	2	0	0	2.562	9	6.523	15	6.523	15	10.63%
3%-3.99%	0.278	2	0.315	2	1.213	7	0.605	3	0.610	2	2.428	12	3.020	16	3.020	16	10.07%
4%-4.99%	0.562	3	0.628	4	1.214	4	0.650	2	0.624	4	2.488	10	3.679	17	3.679	17	10.32%
5%-5.99%	1.273	5	0.400	3	0.750	4	1.238	5	0.100	1	2.088	10	3.760	18	3.674	17	8.66%
6%-6.99%	0.504	2	0.115	1	2.601	4	1.580	3	0	0	4.181	7	4.800	10	4.800	10	17.34%
7%-7.99%	0.380	4	0.319	3	0.675	1	0.090	1	0	0	0.765	2	1.464	9	1.349	8	3.17%
8% and higher	0	0	0.034	2	0.001	1	0.038	1	0.005	1	0.044	3	0.078	5	0.078	5	0.18%
NA	0	0	0.060	1	0.005	1	0.020	1	0	0	0.025	2	0.086	3	0.086	3	0.10%
Total	5.107	24	6.377	23	11.579	35	11.039	34	1.489	9	24.107	78	35.592	125	35.137	122	100.00%
Premium
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
19.99% and lower	0	0.610	0.445	0.228	0.040	0.264	0	0.640	0.625	1.115	0.250	1.714	0.606
20%-29.99%	0.201	0.637	1.216	1.615	0.400	0.190	2.700	1.319	0.200	0.422	0	0.945	0.475
30-39.99%	0	0.501	0.777	0.070	0	2.215	1.228	1.675	1.337	0.403	2.317	2.018	0.404
40% and higher	0.253	0	0.466	0.687	0.425	0	0.495	0	1.351	0	1.548	0.287	0
NA	0	0	0	0.070	0.150	0.024	0.005	0	0.002	0	0.020	0	0.005
Total	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.135	4.964	1.489
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	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	0.606	2	4.949	15	6.536	24	6.536	24	20.53%
20%-29.99%	2.054	10	2.205	6	4.219	9	1.367	4	0.475	4	6.061	17	10.320	33	10.119	31	25.14%
30-39.99%	1.279	5	2.285	5	4.241	15	4.738	16	0.404	2	9.382	33	12.946	43	12.946	43	38.92%
40% and higher	0.719	4	1.112	4	1.846	4	1.835	4	0	0	3.681	8	5.512	16	5.259	15	15.28%
NA	0	0	0.243	4	0.008	3	0.020	1	0.005	1	0.033	5	0.277	9	0.277	9	0.14%
Total	5.107	24	6.377	23	11.579	35	11.039	34	1.489	9	24.107	78	35.592	125	35.137	122	100.00%
Upsized?
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Yes	0.253	1.002	0.931	0.862	0.655	1.069	4.136	2.869	2.139	1.677	1.958	1.255	0.670
No	0.201	0.747	1.973	1.808	0.210	1.623	0.293	0.765	1.377	0.090	2.178	3.709	0.819
Downsized	0	0	0	0	0.150	0	0	0	0	0.172	0	0	0
Total	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.135	4.964	1.489
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.186	10	2.586	11	9.143	26	4.890	14	0.670	4	14.704	44	19.475	65	19.222	64	60.99%
No	2.921	14	3.641	11	2.435	9	5.977	19	0.819	5	9.231	33	15.794	58	15.593	56	38.29%
Downsized	0	0	0.150	1	0	0	0.172	1	0	0	0.172	1	0.323	2	0.323	2	0.71%
Total	5.107	24	6.377	23	11.579	35	11.039	34	1.489	9	24.107	78	35.592	125	35.137	122	100.00%
Seniority
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
senior secured	0	0	0	0	0	0.025	0	0	0	0	0	0	0
senior	0.454	1.749	2.597	2.135	1.015	2.643	2.048	2.717	3.002	1.768	4.115	3.039	1.484
senior subordinated	0	0	0.058	0.360	0	0	0.125	0	0.086	0	0	0	0
subordinated	0	0	0	0	0	0	2.250	0	0	0	0	0.980	0
preferred	0	0	0.250	0.175	0	0.024	0.005	0.916	0.427	0.172	0.020	0.945	0.005
Total	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.135	4.964	1.489
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	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	0	0.025	1	0.025	1	0.00%
senior	4.800	21	5.793	17	7.768	25	8.921	28	1.484	8	18.174	61	28.767	99	28.313	96	75.39%
senior subordinated	0.058	1	0.360	2	0.211	2	0	0	0	0	0.211	2	0.629	5	0.629	5	0.88%
subordinated	0	0	0	0	2.250	1	0.980	2	0	0	3.230	3	3.230	3	3.230	3	13.40%
preferred	0.250	2	0.199	3	1.349	7	1.137	4	0.005	1	2.492	12	2.941	17	2.941	17	10.34%
Total	5.107	24	6.377	23	11.579	35	11.039	34	1.489	9	24.107	78	35.592	125	35.137	122	100.00%
Mandatory
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Yes	0.115	0	0.861	0.060	0	0	2.250	0.675	0	0.172	0	1.580	0
No	0.339	1.749	2.044	2.610	1.015	2.692	2.179	2.959	3.516	1.768	4.135	3.384	1.489
Total	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.135	4.964	1.489
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.976	3	0.060	1	2.925	2	1.752	4	0	0	4.678	6	5.713	10	5.598	9	19.41%
No	4.132	21	6.317	22	8.654	33	9.286	30	1.489	9	19.430	72	29.879	115	29.539	113	80.60%
Total	5.107	24	6.377	23	11.579	35	11.039	34	1.489	9	24.107	78	35.592	125	35.137	122	100.00%
Greenshoe Exercised?
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Yes	0.454	1.302	1.709	2.600	0.600	2.449	1.498	2.434	3.204	1.090	2.110	2.400	1.259
No	0	0.447	1.196	0.070	0.415	0.243	2.930	1.200	0.312	0.850	2.025	2.563	0.230
Total	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.135	4.964	1.489
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.465	16	5.649	15	7.136	24	5.600	21	1.259	6	13.995	51	23.109	82	22.655	79	58.05%
No	1.643	8	0.728	8	4.443	11	5.439	13	0.230	3	10.112	27	12.483	43	12.483	43	41.95%
Total	5.107	24	6.377	23	11.579	35	11.039	34	1.489	9	24.107	78	35.592	125	35.137	122	100.00%
Versus Talk
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Richer	0	0.300	0.730	0	0.150	0	1.006	0.300	0	0	0.310	0	0
Rich end	0.115	0.300	0.220	0.687	0.430	0	0.580	1.779	0.850	0.575	1.975	0.905	0.103
Within	0.253	0.397	0.530	0	0	2.449	2.712	1.440	1.004	0.250	0.600	1.348	0.885
Cheap end	0	0.287	0.569	0.343	0.340	0.195	0.125	0	1.235	1.115	0.250	2.673	0.200
Cheaper	0	0	0.630	0	0	0	0	0.115	0	0	0.980	0	0.295
NA/Other	0.086	0.464	0.225	1.640	0.095	0.049	0.005	0	0.427	0	0.020	0.038	0.005
Total	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.135	4.964	1.489
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	1.030	3	0.150	1	1.306	6	0.310	1	0	0	1.616	7	2.796	11	2.796	11	6.70%
Rich end	0.635	3	1.117	4	3.209	9	3.455	11	0.103	1	6.767	21	8.519	28	8.404	27	28.07%
Within	1.180	6	2.449	5	5.156	11	2.198	7	0.885	4	8.239	22	11.868	33	11.615	32	34.18%
Cheap end	0.857	6	0.878	5	1.360	3	4.038	12	0.200	2	5.598	17	7.332	28	7.332	28	23.22%
Cheaper	0.630	1	0	0	0.115	1	0.980	1	0.295	1	1.391	3	2.021	4	2.021	4	5.77%
NA/Other	0.775	5	1.784	8	0.433	5	0.058	2	0.005	1	0.496	8	3.055	21	2.969	20	2.06%
Total	5.107	24	6.377	23	11.579	35	11.039	34	1.489	9	24.107	78	35.592	125	35.137	122	100.00%
Use of Proceeds
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Acquisition	0	0	0.230	0	0	0	0	0	0.225	0	0.300	0.772	0.103
Capex	0.115	0	0.250	0.010	0	1.380	0.275	0	0	0	0	0	0.100
GCP	0.253	0.287	1.655	0	0.230	0.409	0.760	1.452	2.404	0.250	1.472	2.536	0.125
Redeem convertibles	0	0.501	0	0.397	0	0.460	0.615	0.600	0	0	0.300	0.287	0.100
Refinance	0.086	0.300	0.090	0.475	0.405	0.024	2.250	1.032	0.403	0.850	0.660	0.822	0.905
Multiple/Other/NA	0	0.660	0.680	1.788	0.380	0.419	0.528	0.550	0.485	0.840	1.403	0.545	0.155
Total	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.135	4.964	1.489
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.230	1	0	0	0.225	1	1.073	3	0.103	1	1.401	5	1.631	6	1.631	6	5.81%
Capex	0.365	3	1.390	2	0.275	2	0	0	0.100	1	0.375	3	2.130	8	2.015	7	1.56%
GCP	2.195	10	0.639	4	4.617	16	4.259	15	0.125	1	9.000	32	11.835	46	11.582	45	37.33%
Redeem convertibles	0.501	2	0.857	2	1.215	4	0.588	2	0.100	1	1.903	7	3.260	11	3.260	11	7.89%
Refinance	0.476	3	0.903	7	3.684	6	2.332	5	0.905	3	6.921	14	8.301	24	8.215	23	28.71%
Multiple/Other/NA	1.340	5	2.587	8	1.563	6	2.788	9	0.155	2	4.507	17	8.434	30	8.434	30	18.70%
Total	5.107	24	6.377	23	11.579	35	11.039	34	1.489	9	24.107	78	35.592	125	35.137	122	100.00%
Industry Sector (by SIC code)
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Mining (1xxx)	0	0.414	0	0.397	0	0	0.415	0.675	0	0	0.300	0	0
Oil and gas (13xx)	0.086	0.050	0.150	0.125	0	1.403	0	0.125	0.225	0	0	0.345	0.100
Construction (15xx)	0.368	0	0.524	0	0	0	0.230	0	0.086	0	0.268	0	0
Manufacturing (2xxx, 3xxx)	0	0.300	0.220	0.070	0.605	0.485	2.375	0.957	0.716	0.403	1.110	0.038	0.100
Pharmaceuticals (2834-6)	0	0.489	0.130	0.060	0	0	0.884	0	0	0.090	0.270	0.132	0.130
Transportation (4xxx)	0	0.300	0.355	0	0	0.350	0.350	0	0	0	0	0	0
Communications (48xx)	0	0	0.100	0	0	0	0	0	0	1.022	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0.630	0	0	0	0	0	0	0	0	0.980	0
Wholesale (5xxx)	0	0	0.500	0	0	0	0	0	0	0	0	0.610	0
Finance, insurance, real estate (6xxx)	0	0.196	0.115	2.018	0.295	0.264	0	1.877	1.137	0.425	0.172	1.718	0.905
Services (7xxx)	0	0	0.180	0	0.115	0.190	0	0	1.351	0	2.015	1.141	0.103
Health services (8xxx)	0	0	0	0	0	0	0.175	0	0	0	0	0	0.150
Total	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.135	4.964	1.489
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	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	0	0	1.390	4	2.201	6	2.201	6	5.77%
Oil and gas (13xx)	0.286	3	1.528	4	0.350	2	0.345	1	0.100	1	0.795	4	2.610	11	2.523	10	3.30%
Construction (15xx)	0.892	6	0	0	0.316	2	0.268	1	0	0	0.584	3	1.476	9	1.108	7	2.42%
Manufacturing (2xxx, 3xxx)	0.520	2	1.160	6	4.048	8	1.550	5	0.100	1	5.698	14	7.378	22	7.378	22	23.64%
Pharmaceuticals (2834-6)	0.619	3	0.060	1	0.884	5	0.492	4	0.130	2	1.506	11	2.185	15	2.185	15	6.25%
Transportation (4xxx)	0.655	3	0.350	1	0.350	1	0	0	0	0	0.350	1	1.355	5	1.355	5	1.45%
Communications (48xx)	0.100	1	0	0	0	0	1.022	2	0	0	1.022	2	1.123	3	1.123	3	4.24%
Electric, gas, sanitary services (49xx)	0.630	1	0	0	0	0	0.980	2	0	0	0.980	2	1.611	3	1.611	3	4.07%
Wholesale (5xxx)	0.500	1	0	0	0	0	0.610	2	0	0	0.610	2	1.110	3	1.110	3	2.53%
Finance, insurance, real estate (6xxx)	0.311	2	2.577	8	3.015	11	2.316	8	0.905	3	6.236	22	9.124	32	9.124	32	25.87%
Services (7xxx)	0.180	1	0.305	2	1.351	2	3.155	8	0.103	1	4.610	11	5.095	14	5.095	14	19.12%
Health services (8xxx)	0	0	0	0	0.175	1	0	0	0.150	1	0.325	2	0.325	2	0.325	2	1.35%
Total	5.107	24	6.377	23	11.579	35	11.039	34	1.489	9	24.107	78	35.592	125	35.137	122	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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