Analysis of convertibles issuance for 13 months through August 2013

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

Coupon

	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
0%	0	0	0	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0	0.430	0	0	0	0	0	1.150	0.850	2.583	0.350	0	0.650
1%-1.99%	0.300	0.626	0.397	0	0.650	0.580	0.850	0.400	0.403	0.810	1.401	0.150	0.834
2%-2.99%	0.501	0	1.500	0.230	1.730	0.673	0.700	0.766	0	0.172	0.250	0	0.800
3%-3.99%	0	0.278	0	0.315	0	0.645	0.481	0.086	0	0.345	0.305	0.610	0.546
4%-4.99%	0.287	0.275	0.588	0.040	0	0	0.812	0.401	0	0.250	0.400	0.624	0
5%-5.99%	0.196	0.991	0	0.205	0.195	0.150	0.115	0.485	0.598	0	0.640	0.100	0
6%-6.99%	0.414	0.090	0.115	0	0	2.375	0	0.226	0	0	1.580	0	0
7%-7.99%	0.050	0.215	0	0.225	0.094	0	0.675	0	0.090	0	0	0	0
8% and higher	0	0	0.010	0	0.024	0	0	0.001	0	0	0.038	0.005	0
NA	0	0	0.060	0	0	0.005	0	0	0	0.020	0	0	0.167
Total	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	2.998
	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	0.00%
0.01%-0.99%	0	0	1.150	1	3.783	8	0.650	1	5.582	10	6.013	12	6.013	12	20.56%
1%-1.99%	1.046	3	1.830	5	2.613	8	0.984	5	5.427	18	7.400	24	7.100	23	19.99%
2%-2.99%	3.460	4	2.139	7	0.422	2	0.800	3	3.362	12	7.323	18	6.822	16	12.38%
3%-3.99%	0.315	2	1.213	7	0.650	3	1.156	4	3.019	14	3.611	18	3.611	18	11.12%
4%-4.99%	0.628	4	1.214	4	0.650	2	0.624	4	2.488	10	3.679	17	3.391	16	9.16%
5%-5.99%	0.400	3	0.750	4	1.238	5	0.100	1	2.088	10	3.674	17	3.478	16	7.69%
6%-6.99%	0.115	1	2.601	4	1.580	3	0	0	4.181	7	4.800	10	4.386	9	15.40%
7%-7.99%	0.319	3	0.675	1	0.090	1	0	0	0.765	2	1.349	8	1.299	7	2.82%
8% and higher	0.034	2	0.001	1	0.038	1	0.005	1	0.044	3	0.078	5	0.078	5	0.16%
NA	0.060	1	0.005	1	0.020	1	0.167	1	0.193	3	0.253	4	0.253	4	0.71%
Total	6.377	23	11.579	35	11.084	34	4.487	20	27.150	89	38.180	133	36.431	126	100.00%
Premium
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
19.99% and lower	0.610	0.445	0.228	0.040	0.264	0	0.640	0.625	1.115	0.250	1.714	0.606	0
20%-29.99%	0.637	1.216	1.615	0.400	0.190	2.700	1.319	0.200	0.422	0	0.945	0.475	0.259
30-39.99%	0.501	0.777	0.070	0	2.215	1.228	1.675	1.337	0.403	2.317	2.018	0.404	1.372
40% and higher	0	0.466	0.687	0.425	0	0.495	0	1.351	0	1.593	0.287	0	1.200
NA	0	0	0.070	0.150	0.024	0.005	0	0.002	0	0.020	0	0.005	0.167
Total	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	2.998
	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	0.532	4	1.265	4	3.079	9	0.606	2	4.949	15	6.536	24	5.926	22	18.23%
20%-29.99%	2.205	6	4.219	9	1.367	4	0.734	5	6.320	18	10.378	32	9.741	29	23.28%
30-39.99%	2.285	5	4.241	15	4.738	16	1.775	9	10.754	40	14.318	50	13.816	48	39.61%
40% and higher	1.112	4	1.846	4	1.880	4	1.200	2	4.927	10	6.504	17	6.504	17	18.14%
NA	0.243	4	0.008	3	0.020	1	0.172	2	0.200	6	0.444	10	0.444	10	0.74%
Total	6.377	23	11.579	35	11.084	34	4.487	20	27.150	89	38.180	133	36.431	126	100.00%
Upsized?
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Yes	1.002	0.931	0.862	0.655	1.069	4.136	2.869	2.139	1.677	1.958	1.255	0.670	0.726
No	0.747	1.973	1.808	0.210	1.623	0.293	0.765	1.377	0.090	2.223	3.709	0.819	2.272
Downsized	0	0	0	0.150	0	0	0	0	0.172	0	0	0	0
Total	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	2.998
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.586	11	9.143	26	4.890	14	1.396	8	15.429	48	19.948	68	18.946	65	56.83%
No	3.641	11	2.435	9	6.022	19	3.091	12	11.548	40	17.910	63	17.162	59	42.53%
Downsized	0.150	1	0	0	0.172	1	0	0	0.172	1	0.323	2	0.323	2	0.63%
Total	6.377	23	11.579	35	11.084	34	4.487	20	27.150	89	38.180	133	36.431	126	100.00%
Seniority
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
senior secured	0	0	0	0	0.025	0	0	0	0	0	0	0	0
senior	1.749	2.597	2.135	1.015	2.643	2.048	2.717	3.002	1.768	4.160	3.039	1.484	2.830
senior subordinated	0	0.058	0.360	0	0	0.125	0	0.086	0	0	0	0	0
subordinated	0	0	0	0	0	2.250	0	0	0	0	0.980	0	0
preferred	0	0.250	0.175	0	0.024	0.005	0.916	0.427	0.172	0.020	0.945	0.005	0.167
Total	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	2.998
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0.025	1	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	4.314	18	21.049	71	31.188	106	29.439	99	77.53%
senior subordinated	0.360	2	0.211	2	0	0	0	0	0.211	2	0.629	5	0.629	5	0.78%
subordinated	0	0	2.250	1	0.980	2	0	0	3.230	3	3.230	3	3.230	3	11.90%
preferred	0.199	3	1.349	7	1.137	4	0.172	2	2.659	13	3.108	18	3.108	18	9.79%
Total	6.377	23	11.579	35	11.084	34	4.487	20	27.150	89	38.180	133	36.431	126	100.00%
Mandatory
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Yes	0	0.861	0.060	0	0	2.250	0.675	0	0.172	0	1.580	0	0
No	1.749	2.044	2.610	1.015	2.692	2.179	2.959	3.516	1.768	4.180	3.384	1.489	2.998
Total	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	2.998
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.060	1	2.925	2	1.752	4	0	0	4.678	6	5.598	9	5.598	9	17.23%
No	6.317	22	8.654	33	9.331	30	4.487	20	22.472	83	32.582	124	30.833	117	82.77%
Total	6.377	23	11.579	35	11.084	34	4.487	20	27.150	89	38.180	133	36.431	126	100.00%
Greenshoe Exercised?
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Yes	1.302	1.709	2.600	0.600	2.449	1.498	2.434	3.204	1.090	2.455	2.400	1.259	2.131
No	0.447	1.196	0.070	0.415	0.243	2.930	1.200	0.312	0.850	1.725	2.563	0.230	0.867
Total	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	2.998
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	5.649	15	7.136	24	5.945	22	3.389	14	16.471	60	25.130	88	23.829	84	60.67%
No	0.728	8	4.443	11	5.138	12	1.097	6	10.679	29	13.050	45	12.602	42	39.33%
Total	6.377	23	11.579	35	11.084	34	4.487	20	27.150	89	38.180	133	36.431	126	100.00%
Versus Talk
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Richer	0.300	0.730	0	0.150	0	1.006	0.300	0	0	0.310	0	0	0
Rich end	0.300	0.220	0.687	0.430	0	0.580	1.779	0.850	0.575	1.975	0.905	0.103	0.788
Within	0.397	0.530	0	0	2.449	2.712	1.440	1.004	0.250	0.645	1.348	0.885	0.959
Cheap end	0.287	0.569	0.343	0.340	0.195	0.125	0	1.235	1.115	0.250	2.673	0.200	0
Cheaper	0	0.630	0	0	0	0	0.115	0	0	0.980	0	0.295	0
NA/Other	0.464	0.225	1.640	0.095	0.049	0.005	0	0.427	0	0.020	0.038	0.005	1.251
Total	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	2.998
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.150	1	1.306	6	0.310	1	0	0	1.616	7	2.796	11	2.496	10	5.95%
Rich end	1.117	4	3.209	9	3.455	11	0.891	3	7.555	23	9.192	29	8.892	28	27.83%
Within	2.449	5	5.156	11	2.243	7	1.844	7	9.243	25	12.619	35	12.222	33	34.04%
Cheap end	0.878	5	1.360	3	4.038	12	0.200	2	5.598	17	7.332	28	7.045	27	20.62%
Cheaper	0	0	0.115	1	0.980	1	0.295	1	1.391	3	2.021	4	2.021	4	5.12%
NA/Other	1.784	8	0.433	5	0.058	2	1.256	7	1.747	14	4.220	26	3.756	24	6.43%
Total	6.377	23	11.579	35	11.084	34	4.487	20	27.150	89	38.180	133	36.431	126	100.00%
Use of Proceeds
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Acquisition	0	0.230	0	0	0	0	0	0.225	0	0.300	0.772	0.103	0
Capex	0	0.250	0.010	0	1.380	0.275	0	0	0	0	0	0.100	0
GCP	0.287	1.655	0	0.230	0.409	0.760	1.452	2.404	0.250	1.472	2.536	0.125	1.384
Redeem convertibles	0.501	0	0.397	0	0.460	0.615	0.600	0	0	0.345	0.287	0.100	0
Refinance	0.300	0.090	0.475	0.405	0.024	2.250	1.032	0.403	0.850	0.660	0.822	0.905	0.259
Multiple/Other/NA	0.660	0.680	1.788	0.380	0.419	0.528	0.550	0.485	0.840	1.403	0.545	0.155	1.355
Total	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	2.998
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0.225	1	1.073	3	0.103	1	1.401	5	1.631	6	1.631	6	5.16%
Capex	1.390	2	0.275	2	0	0	0.100	1	0.375	3	2.015	7	2.015	7	1.38%
GCP	0.639	4	4.617	16	4.259	15	1.509	6	10.385	37	12.966	50	12.678	49	38.25%
Redeem convertibles	0.857	2	1.215	4	0.632	2	0.100	1	1.948	7	3.305	11	2.804	9	7.17%
Refinance	0.903	7	3.684	6	2.332	5	1.164	4	7.181	15	8.474	24	8.174	23	26.45%
Multiple/Other/NA	2.587	8	1.563	6	2.788	9	1.510	7	5.861	22	9.788	35	9.128	32	21.59%
Total	6.377	23	11.579	35	11.084	34	4.487	20	27.150	89	38.180	133	36.431	126	100.00%
Industry Sector (by SIC code)
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Mining (1xxx)	0.414	0	0.397	0	0	0.415	0.675	0	0	0.345	0	0	0.259
Oil and gas (13xx)	0.050	0.150	0.125	0	1.403	0	0.125	0.225	0	0	0.345	0.100	0
Construction (15xx)	0	0.524	0	0	0	0.230	0	0.086	0	0.268	0	0	0
Manufacturing (2xxx, 3xxx)	0.300	0.220	0.070	0.605	0.485	2.375	0.957	0.716	0.403	1.110	0.038	0.100	0.938
Pharmaceuticals (2834-6)	0.489	0.130	0.060	0	0	0.884	0	0	0.090	0.270	0.132	0.130	0.167
Transportation (4xxx)	0.300	0.355	0	0	0.350	0.350	0	0	0	0	0	0	0
Communications (48xx)	0	0.100	0	0	0	0	0	0	1.022	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0.630	0	0	0	0	0	0	0	0	0.980	0	0
Wholesale (5xxx)	0	0.500	0	0	0	0	0	0	0	0	0.610	0	0
Finance, insurance, real estate (6xxx)	0.196	0.115	2.018	0.295	0.264	0	1.877	1.137	0.425	0.172	1.718	0.905	0.100
Services (7xxx)	0	0.180	0	0.115	0.190	0	0	1.351	0	2.015	1.141	0.103	1.534
Health services (8xxx)	0	0	0	0	0	0.175	0	0	0	0	0	0.150	0
Total	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	2.998
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.397	1	1.090	3	0.345	1	0.259	1	1.694	5	2.505	7	2.091	6	6.24%
Oil and gas (13xx)	1.528	4	0.350	2	0.345	1	0.100	1	0.795	4	2.523	10	2.474	9	2.93%
Construction (15xx)	0	0	0.316	2	0.268	1	0	0	0.584	3	1.108	7	1.108	7	2.15%
Manufacturing (2xxx, 3xxx)	1.160	6	4.048	8	1.550	5	1.038	4	6.636	17	8.316	25	8.016	24	24.44%
Pharmaceuticals (2834-6)	0.060	1	0.884	5	0.492	4	0.297	3	1.673	12	2.352	16	1.863	14	6.16%
Transportation (4xxx)	0.350	1	0.350	1	0	0	0	0	0.350	1	1.355	5	1.055	4	1.29%
Communications (48xx)	0	0	0	0	1.022	2	0	0	1.022	2	1.123	3	1.123	3	3.76%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.980	2	0	0	0.980	2	1.611	3	1.611	3	3.61%
Wholesale (5xxx)	0	0	0	0	0.610	2	0	0	0.610	2	1.110	3	1.110	3	2.25%
Finance, insurance, real estate (6xxx)	2.577	8	3.015	11	2.316	8	1.006	4	6.336	23	9.224	33	9.028	32	23.34%
Services (7xxx)	0.305	2	1.351	2	3.155	8	1.637	6	6.144	16	6.629	19	6.629	19	22.63%
Health services (8xxx)	0	0	0.175	1	0	0	0.150	1	0.325	2	0.325	2	0.325	2	1.20%
Total	6.377	23	11.579	35	11.084	34	4.487	20	27.150	89	38.180	133	36.431	126	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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