Analysis of convertibles issuance for 13 months through January 2014

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

Coupon

	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
0%	0	0	0	0	0	0	0	0	0	0.047	1.825	0	0
0.01%-0.99%	0	0	1.150	0.850	2.583	0.350	0	0.650	0	1.875	0.375	0.259	0
1%-1.99%	0.580	0.850	0.400	0.403	0.810	1.401	0.150	0.834	1.200	2.175	3.667	1.051	0
2%-2.99%	0.673	0.700	0.766	0	0.172	0.250	0	0.850	0	0.230	0.150	2.758	0.425
3%-3.99%	0.645	0.481	0.086	0	0.345	0.305	0.610	0.546	0.270	0	0.745	0.983	0.230
4%-4.99%	0	0.812	0.401	0	0.250	0.400	0.624	0	0.069	1.524	0.205	0.487	0.150
5%-5.99%	0.150	0.115	0.485	0.598	0	0.640	0.100	0	0.806	0.110	0.172	0.100	0
6%-6.99%	2.375	0	0.226	0	0	1.580	0	0	0	0.140	0.495	0	0
7%-7.99%	0	0.675	0	0.090	0	0	0	0	0.165	0	0	0	0
8% and higher	0	0	0.001	0	0	0.038	0.005	0	0.129	0	0.058	0	0
NA	0.005	0	0	0	0.020	0	0	0.167	0	0	0	0	0
Total	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.805
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0	0	0	0	0	0	1.872	3	0	0	0	0	1.872	3	1.872	3	0.00%
0.01%-0.99%	1.150	1	3.783	8	0.650	1	2.509	4	0	0	0	0	8.092	14	8.092	14	0.00%
1%-1.99%	1.830	5	2.613	8	2.184	8	6.894	14	0	0	0	0	13.521	35	12.941	33	0.00%
2%-2.99%	2.139	7	0.422	2	0.850	3	3.138	12	0.425	2	0.425	2	6.975	26	6.302	23	52.80%
3%-3.99%	1.213	7	0.650	3	1.426	6	1.728	7	0.230	1	0.230	1	5.247	24	4.602	21	28.57%
4%-4.99%	1.214	4	0.650	2	0.693	5	2.216	9	0.150	1	0.150	1	4.923	21	4.923	21	18.63%
5%-5.99%	0.750	4	1.238	5	0.906	4	0.383	3	0	0	0	0	3.277	16	3.127	15	0.00%
6%-6.99%	2.601	4	1.580	3	0	0	0.635	4	0	0	0	0	4.816	11	2.441	9	0.00%
7%-7.99%	0.675	1	0.090	1	0.165	1	0	0	0	0	0	0	0.930	3	0.930	3	0.00%
8% and higher	0.001	1	0.038	1	0.135	2	0.058	1	0	0	0	0	0.231	5	0.231	5	0.00%
NA	0.005	1	0.020	1	0.167	1	0	0	0	0	0	0	0.193	3	0.187	2	0.00%
Total	11.579	35	11.084	34	7.177	31	19.431	57	0.805	4	0.805	4	50.075	161	45.647	149	100.00%
Premium
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
19.99% and lower	0	0.640	0.625	1.115	0.250	1.714	0.606	0	0	0.162	0.230	0.864	0.230
20%-29.99%	2.700	1.319	0.200	0.422	0	0.945	0.475	0.259	0.926	2.078	0.860	1.857	0
30-39.99%	1.228	1.675	1.337	0.403	2.317	2.018	0.404	1.372	1.419	1.978	3.303	1.672	0.400
40-49.99%	0.265	0	1.351	0	0	0.287	0	1.250	0	1.550	2.050	1.144	0.175
50% and higher	0.230	0	0	0	1.593	0	0	0	0.129	0.199	1.250	0	0
NA	0.005	0	0.002	0	0.020	0	0.005	0.167	0.165	0.135	0	0.100	0
Total	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.805
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	1.265	4	3.079	9	0.606	2	1.256	7	0.230	1	0.230	1	6.435	23	6.435	23	28.57%
20%-29.99%	4.219	9	1.367	4	1.660	9	4.795	12	0	0	0	0	12.042	34	9.342	30	0.00%
30-39.99%	4.241	15	4.738	16	3.194	14	6.952	21	0.400	2	0.400	2	19.525	68	18.297	63	49.69%
40-49.99%	1.616	3	0.287	1	1.250	2	4.744	12	0.175	1	0.175	1	8.072	19	7.808	18	21.74%
50% and higher	0.230	1	1.593	3	0.129	1	1.449	2	0	0	0	0	3.400	7	3.171	6	0.00%
NA	0.008	3	0.020	1	0.337	3	0.235	3	0	0	0	0	0.600	10	0.595	9	0.00%
Total	11.579	35	11.084	34	7.177	31	19.431	57	0.805	4	0.805	4	50.075	161	45.647	149	100.00%
Upsized?
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Yes	4.136	2.869	2.139	1.677	1.958	1.255	0.670	0.726	1.404	5.468	2.355	3.178	0.400
No	0.293	0.765	1.377	0.090	2.223	3.709	0.819	2.322	1.236	0.633	5.338	2.329	0.405
Downsized	0	0	0	0.172	0	0	0	0	0	0	0	0.132	0
Total	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.805
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	9.143	26	4.890	14	2.800	14	11.000	25	0.400	2	0.400	2	28.233	81	24.098	71	49.69%
No	2.435	9	6.022	19	4.377	17	8.299	31	0.405	2	0.405	2	21.538	78	21.245	76	50.31%
Downsized	0	0	0.172	1	0	0	0.132	1	0	0	0	0	0.304	2	0.304	2	0.00%
Total	11.579	35	11.084	34	7.177	31	19.431	57	0.805	4	0.805	4	50.075	161	45.647	149	100.00%
Seniority
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
senior	2.048	2.717	3.002	1.768	4.160	3.039	1.484	2.881	2.475	4.191	7.692	5.218	0.805
senior subordinated	0.125	0	0.086	0	0	0	0	0	0	0.750	0	0	0
subordinated	2.250	0	0	0	0	0.980	0	0	0	0	0	0	0
preferred	0.005	0.916	0.427	0.172	0.020	0.945	0.005	0.167	0	1.159	0	0.420	0
preference	0	0	0	0	0	0	0	0	0.165	0	0	0	0
Total	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.805
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior	7.768	25	8.966	28	6.839	28	17.102	49	0.805	4	0.805	4	41.481	134	39.432	125	100.00%
senior subordinated	0.211	2	0	0	0	0	0.750	2	0	0	0	0	0.961	4	0.836	3	0.00%
subordinated	2.250	1	0.980	2	0	0	0	0	0	0	0	0	3.230	3	0.980	2	0.00%
preferred	1.349	7	1.137	4	0.172	2	1.579	6	0	0	0	0	4.238	19	4.233	18	0.00%
preference	0	0	0	0	0.165	1	0	0	0	0	0	0	0.165	1	0.165	1	0.00%
Total	11.579	35	11.084	34	7.177	31	19.431	57	0.805	4	0.805	4	50.075	161	45.647	149	100.00%
Mandatory
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Yes	2.250	0.675	0	0.172	0	1.580	0	0	0.652	0.978	0.495	0	0
No	2.179	2.959	3.516	1.768	4.180	3.384	1.489	3.047	1.987	5.123	7.197	5.638	0.805
Total	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.805
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.925	2	1.752	4	0.652	2	1.472	3	0	0	0	0	6.803	11	4.553	10	0.00%
No	8.654	33	9.331	30	6.524	29	17.958	54	0.805	4	0.805	4	43.273	150	41.094	139	100.00%
Total	11.579	35	11.084	34	7.177	31	19.431	57	0.805	4	0.805	4	50.075	161	45.647	149	100.00%
Greenshoe Exercised?
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Yes	1.498	2.434	3.204	1.090	2.455	2.400	1.259	2.731	2.152	5.645	5.200	4.266	0.630
No	2.930	1.200	0.312	0.850	1.725	2.563	0.230	0.317	0.487	0.456	2.493	1.372	0.175
Total	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.805
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	7.136	24	5.945	22	6.142	25	15.111	43	0.630	3	0.630	3	34.964	117	33.466	110	78.26%
No	4.443	11	5.138	12	1.035	6	4.320	14	0.175	1	0.175	1	15.111	44	12.181	39	21.74%
Total	11.579	35	11.084	34	7.177	31	19.431	57	0.805	4	0.805	4	50.075	161	45.647	149	100.00%
Versus Talk
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Richer	1.006	0.300	0	0	0.310	0	0	0	0	0.075	1.155	0.395	0
Rich end	0.580	1.779	0.850	0.575	1.975	0.905	0.103	0.788	0.150	4.258	1.825	0.201	0.175
Within	2.712	1.440	1.004	0.250	0.645	1.348	0.885	1.009	1.161	1.288	3.212	3.404	0.380
Cheap end	0.125	0	1.235	1.115	0.250	2.673	0.200	0	1.329	0.299	0.345	0.905	0
Cheaper	0	0.115	0	0	0.980	0	0.295	0	0	0	0	0.345	0
NA/Other	0.005	0	0.427	0	0.020	0.038	0.005	1.251	0	0.182	1.155	0.388	0.250
Total	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.805
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	1.306	6	0.310	1	0	0	1.625	7	0	0	0	0	3.241	14	2.235	9	0.00%
Rich end	3.209	9	3.455	11	1.042	4	6.284	10	0.175	1	0.175	1	14.164	35	13.584	33	21.74%
Within	5.156	11	2.243	7	3.054	13	7.904	20	0.380	2	0.380	2	18.738	53	16.025	50	47.20%
Cheap end	1.360	3	4.038	12	1.529	6	1.549	10	0	0	0	0	8.476	31	8.351	30	0.00%
Cheaper	0.115	1	0.980	1	0.295	1	0.345	1	0	0	0	0	1.736	4	1.736	4	0.00%
NA/Other	0.433	5	0.058	2	1.256	7	1.724	9	0.250	1	0.250	1	3.721	24	3.716	23	31.06%
Total	11.579	35	11.084	34	7.177	31	19.431	57	0.805	4	0.805	4	50.075	161	45.647	149	100.00%
Use of Proceeds
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Acquisition	0	0	0.225	0	0.300	0.772	0.103	0	0.800	0	0	0	0.425
Capex	0.275	0	0	0	0	0	0.100	0	0.250	0	0.400	0	0
GCP	0.760	1.452	2.404	0.250	1.472	2.536	0.125	1.434	1.310	3.366	3.572	2.015	0.150
Redeem convertibles	0.615	0.600	0	0	0.345	0.287	0.100	0	0	0	0.750	0.345	0
Refinance	2.250	1.032	0.403	0.850	0.660	0.822	0.905	0.259	0.150	0	0.440	1.405	0.230
Multiple/Other/NA	0.528	0.550	0.485	0.840	1.403	0.545	0.155	1.355	0.129	2.735	2.530	1.873	0
Total	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.805
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.225	1	1.073	3	0.903	3	0	0	0.425	2	0.425	2	2.626	9	2.626	9	52.80%
Capex	0.275	2	0	0	0.350	2	0.400	1	0	0	0	0	1.025	5	0.750	3	0.00%
GCP	4.617	16	4.259	15	2.870	12	8.953	32	0.150	1	0.150	1	20.848	76	20.087	72	18.63%
Redeem convertibles	1.215	4	0.632	2	0.100	1	1.095	3	0	0	0	0	3.042	10	2.428	8	0.00%
Refinance	3.684	6	2.332	5	1.314	5	1.845	6	0.230	1	0.230	1	9.405	23	7.156	22	28.57%
Multiple/Other/NA	1.563	6	2.788	9	1.639	8	7.138	15	0	0	0	0	13.129	38	12.600	35	0.00%
Total	11.579	35	11.084	34	7.177	31	19.431	57	0.805	4	0.805	4	50.075	161	45.647	149	100.00%
Industry Sector (by SIC code)
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Mining (1xxx)	0.415	0.675	0	0	0.345	0	0	0.259	0	0	0	0.345	0
Oil and gas (13xx)	0	0.125	0.225	0	0	0.345	0.100	0	0.129	0	0.400	0	0
Construction (15xx)	0.230	0	0.086	0	0.268	0	0	0	0	0.230	0.125	0	0
Manufacturing (2xxx, 3xxx)	2.375	0.957	0.716	0.403	1.110	0.038	0.100	0.938	0.270	1.699	2.195	2.510	0.325
Pharmaceuticals (2834-6)	0.884	0	0	0.090	0.270	0.132	0.130	0.167	0.869	0.797	0.900	0.235	0.250
Transportation (4xxx)	0.350	0	0	0	0	0	0	0	0	0	0.230	0	0
Communications (48xx)	0	0	0	1.022	0	0	0	0	0.400	1.978	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0.980	0	0	0.487	0	0	0	0
Wholesale (5xxx)	0	0	0	0	0	0.610	0	0	0.250	0.075	0	0	0
Finance, insurance, real estate (6xxx)	0	1.877	1.137	0.425	0.172	1.718	0.905	0.100	0.234	0.350	0.775	1.166	0.230
Services (7xxx)	0	0	1.351	0	2.015	1.141	0.103	1.584	0	0.973	3.067	1.381	0
Health services (8xxx)	0.175	0	0	0	0	0	0.150	0	0	0	0	0	0
Total	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.805
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	1.090	3	0.345	1	0.259	1	0.345	1	0	0	0	0	2.039	6	1.624	4	0.00%
Oil and gas (13xx)	0.350	2	0.345	1	0.229	2	0.400	1	0	0	0	0	1.324	6	1.324	6	0.00%
Construction (15xx)	0.316	2	0.268	1	0	0	0.355	2	0	0	0	0	0.939	5	0.709	4	0.00%
Manufacturing (2xxx, 3xxx)	4.048	8	1.550	5	1.308	6	6.404	14	0.325	2	0.325	2	13.635	35	11.260	33	40.37%
Pharmaceuticals (2834-6)	0.884	5	0.492	4	1.166	6	1.932	8	0.250	1	0.250	1	4.724	24	3.840	19	31.06%
Transportation (4xxx)	0.350	1	0	0	0	0	0.230	1	0	0	0	0	0.580	2	0.230	1	0.00%
Communications (48xx)	0	0	1.022	2	0.400	1	1.978	2	0	0	0	0	3.400	5	3.400	5	0.00%
Electric, gas, sanitary services (49xx)	0	0	0.980	2	0.487	1	0	0	0	0	0	0	1.468	3	1.468	3	0.00%
Wholesale (5xxx)	0	0	0.610	2	0.250	1	0.075	1	0	0	0	0	0.935	4	0.935	4	0.00%
Finance, insurance, real estate (6xxx)	3.015	11	2.316	8	1.240	6	2.291	16	0.230	1	0.230	1	9.091	42	9.091	42	28.57%
Services (7xxx)	1.351	2	3.155	8	1.687	6	5.421	11	0	0	0	0	11.615	27	11.615	27	0.00%
Health services (8xxx)	0.175	1	0	0	0.150	1	0	0	0	0	0	0	0.325	2	0.150	1	0.00%
Total	11.579	35	11.084	34	7.177	31	19.431	57	0.805	4	0.805	4	50.075	161	45.647	149	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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