Analysis of convertibles issuance for 13 months through February 2014

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

Coupon

	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
0%	0	0	0	0	0	0	0	0	0.047	1.825	0	0	0.690
0.01%-0.99%	0	1.150	0.850	2.583	0.350	0	0.650	0	1.875	0.375	0.259	0	0.800
1%-1.99%	0.850	0.400	0.403	0.810	1.401	0.150	0.834	1.200	2.175	3.667	1.051	0	1.545
2%-2.99%	0.700	0.766	0	0.172	0.250	0	0.850	0	0.230	0.150	2.758	0.451	1.350
3%-3.99%	0.481	0.086	0	0.345	0.305	0.610	0.546	0.270	0	0.745	0.983	0.230	1.095
4%-4.99%	0.812	0.401	0	0.250	0.400	0.624	0	0.069	1.524	0.205	0.487	0.150	0.800
5%-5.99%	0.115	0.485	0.598	0	0.640	0.100	0	0.806	0.110	0.172	0.100	0	0
6%-6.99%	0	0.226	0	0	1.580	0	0	0	0.140	0.495	0	0	0
7%-7.99%	0.675	0	0.090	0	0	0	0	0.165	0	0	0	0	0
8% and higher	0	0.001	0	0	0.038	0.005	0	0.129	0	0.058	0	0	0.090
NA	0	0	0	0.020	0	0	0.167	0	0	0	0	0	0
Total	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.370
	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	1.872	3	0.690	1	0.690	1	2.562	4	2.562	4	9.58%
0.01%-0.99%	3.783	8	0.650	1	2.509	4	0.800	1	0.800	1	8.892	15	8.892	15	11.11%
1%-1.99%	2.613	8	2.184	8	6.894	14	1.545	2	1.545	2	14.486	35	13.636	33	21.46%
2%-2.99%	0.422	2	0.850	3	3.138	12	1.801	4	1.801	4	7.678	25	6.978	23	25.01%
3%-3.99%	0.650	3	1.426	6	1.728	7	1.325	3	1.325	3	5.697	23	5.215	20	18.40%
4%-4.99%	0.650	2	0.693	5	2.216	9	0.950	4	0.950	4	5.723	24	4.910	22	13.19%
5%-5.99%	1.238	5	0.906	4	0.383	3	0	0	0	0	3.127	15	3.012	14	0.00%
6%-6.99%	1.580	3	0	0	0.635	4	0	0	0	0	2.441	9	2.441	9	0.00%
7%-7.99%	0.090	1	0.165	1	0	0	0	0	0	0	0.930	3	0.255	2	0.00%
8% and higher	0.038	1	0.135	2	0.058	1	0.090	2	0.090	2	0.321	7	0.321	7	1.25%
NA	0.020	1	0.167	1	0	0	0	0	0	0	0.187	2	0.187	2	0.00%
Total	11.084	34	7.177	31	19.431	57	7.201	17	7.201	17	52.043	162	48.409	151	100.00%
Premium
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
19.99% and lower	0.640	0.625	1.115	0.250	1.714	0.606	0	0	0.162	0.230	0.864	0.230	0.300
20%-29.99%	1.319	0.200	0.422	0	0.945	0.475	0.259	0.926	2.078	0.860	1.857	0	1.716
30-39.99%	1.675	1.337	0.403	2.317	2.018	0.404	1.372	1.419	1.978	3.303	1.672	0.400	0.895
40-49.99%	0	1.351	0	0	0.287	0	1.250	0	1.550	2.050	1.144	0.201	2.000
50% and higher	0	0	0	1.593	0	0	0	0.129	0.199	1.250	0	0	0.709
NA	0	0.002	0	0.020	0	0.005	0.167	0.165	0.135	0	0.100	0	0.750
Total	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.370
	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	3.079	9	0.606	2	1.256	7	0.530	2	0.530	2	6.735	24	6.095	22	7.36%
20%-29.99%	1.367	4	1.660	9	4.795	12	1.716	4	1.716	4	11.057	34	9.738	30	23.83%
30-39.99%	4.738	16	3.194	14	6.952	21	1.295	5	1.295	5	19.192	66	17.517	61	17.98%
40-49.99%	0.287	1	1.250	2	4.744	12	2.201	3	2.201	3	9.834	20	9.834	20	30.57%
50% and higher	1.593	3	0.129	1	1.449	2	0.709	2	0.709	2	3.881	8	3.881	8	9.84%
NA	0.020	1	0.337	3	0.235	3	0.750	1	0.750	1	1.345	10	1.345	10	10.42%
Total	11.084	34	7.177	31	19.431	57	7.201	17	7.201	17	52.043	162	48.409	151	100.00%
Upsized?
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Yes	2.869	2.139	1.677	1.958	1.255	0.670	0.726	1.404	5.468	2.355	3.178	0.400	4.435
No	0.765	1.377	0.090	2.223	3.709	0.819	2.322	1.236	0.633	5.338	2.329	0.431	1.935
Downsized	0	0	0.172	0	0	0	0	0	0	0	0.132	0	0
Total	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.370
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.890	14	2.800	14	11.000	25	4.835	10	4.835	10	28.532	79	25.663	71	67.14%
No	6.022	19	4.377	17	8.299	31	2.366	7	2.366	7	23.206	81	22.441	78	32.86%
Downsized	0.172	1	0	0	0.132	1	0	0	0	0	0.304	2	0.304	2	0.00%
Total	11.084	34	7.177	31	19.431	57	7.201	17	7.201	17	52.043	162	48.409	151	100.00%
Seniority
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
senior	2.717	3.002	1.768	4.160	3.039	1.484	2.881	2.475	4.191	7.692	5.218	0.831	5.601
senior subordinated	0	0.086	0	0	0	0	0	0	0.750	0	0	0	0
subordinated	0	0	0	0	0.980	0	0	0	0	0	0	0	0.750
preferred	0.916	0.427	0.172	0.020	0.945	0.005	0.167	0	1.159	0	0.420	0	0.019
preference	0	0	0	0	0	0	0	0.165	0	0	0	0	0
Total	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.370
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior	8.966	28	6.839	28	17.102	49	6.432	15	6.432	15	45.059	136	42.342	127	89.32%
senior subordinated	0	0	0	0	0.750	2	0	0	0	0	0.836	3	0.836	3	0.00%
subordinated	0.980	2	0	0	0	0	0.750	1	0.750	1	1.730	3	1.730	3	10.42%
preferred	1.137	4	0.172	2	1.579	6	0.019	1	0.019	1	4.252	19	3.336	17	0.26%
preference	0	0	0.165	1	0	0	0	0	0	0	0.165	1	0.165	1	0.00%
Total	11.084	34	7.177	31	19.431	57	7.201	17	7.201	17	52.043	162	48.409	151	100.00%
Mandatory
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Yes	0.675	0	0.172	0	1.580	0	0	0.652	0.978	0.495	0	0	0
No	2.959	3.516	1.768	4.180	3.384	1.489	3.047	1.987	5.123	7.197	5.638	0.831	6.370
Total	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.370
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.752	4	0.652	2	1.472	3	0	0	0	0	4.553	10	3.877	9	0.00%
No	9.331	30	6.524	29	17.958	54	7.201	17	7.201	17	47.491	152	44.532	142	100.00%
Total	11.084	34	7.177	31	19.431	57	7.201	17	7.201	17	52.043	162	48.409	151	100.00%
Greenshoe Exercised?
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Yes	2.434	3.204	1.090	2.455	2.400	1.259	2.731	2.152	5.645	5.200	4.266	0.831	3.270
No	1.200	0.312	0.850	1.725	2.563	0.230	0.317	0.487	0.456	2.493	1.372	0	3.100
Total	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.370
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	5.945	22	6.142	25	15.111	43	4.101	13	4.101	13	36.937	120	34.503	111	56.95%
No	5.138	12	1.035	6	4.320	14	3.100	4	3.100	4	15.106	42	13.906	40	43.05%
Total	11.084	34	7.177	31	19.431	57	7.201	17	7.201	17	52.043	162	48.409	151	100.00%
Versus Talk
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Richer	0.300	0	0	0.310	0	0	0	0	0.075	1.155	0.395	0	0.345
Rich end	1.779	0.850	0.575	1.975	0.905	0.103	0.788	0.150	4.258	1.825	0.201	0.201	3.311
Within	1.440	1.004	0.250	0.645	1.348	0.885	1.009	1.161	1.288	3.212	3.404	0.380	1.050
Cheap end	0	1.235	1.115	0.250	2.673	0.200	0	1.329	0.299	0.345	0.905	0	1.645
Cheaper	0.115	0	0	0.980	0	0.295	0	0	0	0	0.345	0	0
NA/Other	0	0.427	0	0.020	0.038	0.005	1.251	0	0.182	1.155	0.388	0.250	0.019
Total	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.370
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.310	1	0	0	1.625	7	0.345	1	0.345	1	2.580	10	2.280	9	4.79%
Rich end	3.455	11	1.042	4	6.284	10	3.512	7	3.512	7	16.921	39	15.142	34	48.77%
Within	2.243	7	3.054	13	7.904	20	1.430	4	1.430	4	17.075	52	15.635	48	19.86%
Cheap end	4.038	12	1.529	6	1.549	10	1.645	3	1.645	3	9.996	33	9.996	33	22.84%
Cheaper	0.980	1	0.295	1	0.345	1	0	0	0	0	1.736	4	1.621	3	0.00%
NA/Other	0.058	2	1.256	7	1.724	9	0.269	2	0.269	2	3.735	24	3.735	24	3.73%
Total	11.084	34	7.177	31	19.431	57	7.201	17	7.201	17	52.043	162	48.409	151	100.00%
Use of Proceeds
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Acquisition	0	0.225	0	0.300	0.772	0.103	0	0.800	0	0	0	0.451	0
Capex	0	0	0	0	0	0.100	0	0.250	0	0.400	0	0	2.000
GCP	1.452	2.404	0.250	1.472	2.536	0.125	1.434	1.310	3.366	3.572	2.015	0.150	1.580
Redeem convertibles	0.600	0	0	0.345	0.287	0.100	0	0	0	0.750	0.345	0	0
Refinance	1.032	0.403	0.850	0.660	0.822	0.905	0.259	0.150	0	0.440	1.405	0.230	0
Multiple/Other/NA	0.550	0.485	0.840	1.403	0.545	0.155	1.355	0.129	2.735	2.530	1.873	0	2.790
Total	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.370
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	1.073	3	0.903	3	0	0	0.451	2	0.451	2	2.652	9	2.652	9	6.26%
Capex	0	0	0.350	2	0.400	1	2.000	2	2.000	2	2.750	5	2.750	5	27.77%
GCP	4.259	15	2.870	12	8.953	32	1.730	8	1.730	8	21.668	79	20.215	74	24.02%
Redeem convertibles	0.632	2	0.100	1	1.095	3	0	0	0	0	2.428	8	1.827	6	0.00%
Refinance	2.332	5	1.314	5	1.845	6	0.230	1	0.230	1	7.155	22	6.124	19	3.19%
Multiple/Other/NA	2.788	9	1.639	8	7.138	15	2.790	4	2.790	4	15.390	39	14.840	38	38.74%
Total	11.084	34	7.177	31	19.431	57	7.201	17	7.201	17	52.043	162	48.409	151	100.00%
Industry Sector (by SIC code)
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Mining (1xxx)	0.675	0	0	0.345	0	0	0.259	0	0	0	0.345	0	0
Oil and gas (13xx)	0.125	0.225	0	0	0.345	0.100	0	0.129	0	0.400	0	0	0.750
Construction (15xx)	0	0.086	0	0.268	0	0	0	0	0.230	0.125	0	0	0
Manufacturing (2xxx, 3xxx)	0.957	0.716	0.403	1.110	0.038	0.100	0.938	0.270	1.699	2.195	2.510	0.351	2.495
Pharmaceuticals (2834-6)	0	0	0.090	0.270	0.132	0.130	0.167	0.869	0.797	0.900	0.235	0.250	0.519
Transportation (4xxx)	0	0	0	0	0	0	0	0	0	0.230	0	0	0.350
Communications (48xx)	0	0	1.022	0	0	0	0	0.400	1.978	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0.980	0	0	0.487	0	0	0	0	0.345
Wholesale (5xxx)	0	0	0	0	0.610	0	0	0.250	0.075	0	0	0	1.150
Finance, insurance, real estate (6xxx)	1.877	1.137	0.425	0.172	1.718	0.905	0.100	0.234	0.350	0.775	1.166	0.230	0.071
Services (7xxx)	0	1.351	0	2.015	1.141	0.103	1.584	0	0.973	3.067	1.381	0	0.690
Health services (8xxx)	0	0	0	0	0	0.150	0	0	0	0	0	0	0
Total	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.370
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.345	1	0.259	1	0.345	1	0	0	0	0	1.624	4	0.949	3	0.00%
Oil and gas (13xx)	0.345	1	0.229	2	0.400	1	0.750	1	0.750	1	2.074	7	1.949	6	10.42%
Construction (15xx)	0.268	1	0	0	0.355	2	0	0	0	0	0.709	4	0.709	4	0.00%
Manufacturing (2xxx, 3xxx)	1.550	5	1.308	6	6.404	14	2.846	6	2.846	6	13.781	37	12.825	33	39.52%
Pharmaceuticals (2834-6)	0.492	4	1.166	6	1.932	8	0.769	4	0.769	4	4.360	22	4.360	22	10.68%
Transportation (4xxx)	0	0	0	0	0.230	1	0.350	1	0.350	1	0.580	2	0.580	2	4.86%
Communications (48xx)	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)	0.980	2	0.487	1	0	0	0.345	1	0.345	1	1.812	4	1.812	4	4.79%
Wholesale (5xxx)	0.610	2	0.250	1	0.075	1	1.150	1	1.150	1	2.085	5	2.085	5	15.97%
Finance, insurance, real estate (6xxx)	2.316	8	1.240	6	2.291	16	0.301	2	0.301	2	9.162	43	7.285	38	4.18%
Services (7xxx)	3.155	8	1.687	6	5.421	11	0.690	1	0.690	1	12.305	28	12.305	28	9.58%
Health services (8xxx)	0	0	0.150	1	0	0	0	0	0	0	0.150	1	0.150	1	0.00%
Total	11.084	34	7.177	31	19.431	57	7.201	17	7.201	17	52.043	162	48.409	151	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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