Analysis of convertibles issuance for 13 months through March 2014

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

Coupon

	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
0%	0	0	0	0	0	0	0	0.047	1.825	0	0	0.690	0
0.01%-0.99%	1.150	0.850	2.583	0.350	0	0.650	0	1.875	0.375	0.259	0	0.800	0.403
1%-1.99%	0.400	0.403	0.810	1.401	0.150	0.834	1.200	2.175	3.667	1.051	0	1.545	1.240
2%-2.99%	0.766	0	0.172	0.250	0	0.850	0	0.230	0.150	2.758	0.451	1.350	0.877
3%-3.99%	0.086	0	0.345	0.305	0.610	0.546	0.270	0	0.745	0.983	0.230	1.095	0.465
4%-4.99%	0.401	0	0.250	0.400	0.624	0	0.069	1.524	0.205	0.487	0.150	0.850	0.370
5%-5.99%	0.485	0.598	0	0.640	0.100	0	0.806	0.110	0.172	0.100	0	0	0.632
6%-6.99%	0.226	0	0	1.580	0	0	0	0.140	0.495	0	0	0	0
7%-7.99%	0	0.090	0	0	0	0	0.165	0	0	0	0	0	0
8% and higher	0.001	0	0	0.038	0.005	0	0.129	0	0.058	0	0	0.090	0
NA	0	0	0.020	0	0	0.167	0	0	0	0	0	0	0
Total	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.420	3.987
	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	6.14%
0.01%-0.99%	3.783	8	0.650	1	2.509	4	1.203	2	1.203	2	9.293	16	8.143	15	10.70%
1%-1.99%	2.613	8	2.184	8	6.894	14	2.785	4	2.785	4	14.876	35	14.476	34	24.78%
2%-2.99%	0.422	2	0.850	3	3.138	12	2.679	8	2.679	8	7.855	27	7.089	25	23.84%
3%-3.99%	0.650	3	1.426	6	1.728	7	1.790	6	1.790	6	5.680	23	5.593	22	15.93%
4%-4.99%	0.650	2	0.693	5	2.216	9	1.370	5	1.370	5	5.330	23	4.929	21	12.19%
5%-5.99%	1.238	5	0.906	4	0.383	3	0.632	4	0.632	4	3.644	18	3.159	16	5.62%
6%-6.99%	1.580	3	0	0	0.635	4	0	0	0	0	2.441	9	2.215	7	0.00%
7%-7.99%	0.090	1	0.165	1	0	0	0	0	0	0	0.255	2	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	0.320	6	0.80%
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	11.238	32	11.238	32	52.446	166	48.930	154	100.00%
Premium
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
19.99% and lower	0.625	1.115	0.250	1.714	0.606	0	0	0.162	0.230	0.864	0.230	0.300	0.144
20%-29.99%	0.200	0.422	0	0.945	0.475	0.259	0.926	2.078	0.860	1.857	0	1.716	1.655
30-39.99%	1.337	0.403	2.317	2.018	0.404	1.372	1.419	1.978	3.303	1.672	0.400	0.945	1.268
40-49.99%	1.351	0	0	0.287	0	1.250	0	1.550	2.050	1.144	0.201	2.000	0.550
50% and higher	0	0	1.593	0	0	0	0.129	0.199	1.250	0	0	0.709	0.370
NA	0.002	0	0.020	0	0.005	0.167	0.165	0.135	0	0.100	0	0.750	0
Total	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.420	3.987
	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	0.674	3	0.674	3	6.239	23	5.614	21	6.00%
20%-29.99%	1.367	4	1.660	9	4.795	12	3.370	11	3.370	11	11.393	37	11.193	36	29.99%
30-39.99%	4.738	16	3.194	14	6.952	21	2.613	10	2.613	10	18.835	66	17.498	61	23.25%
40-49.99%	0.287	1	1.250	2	4.744	12	2.751	4	2.751	4	10.384	21	9.033	19	24.48%
50% and higher	1.593	3	0.129	1	1.449	2	1.079	3	1.079	3	4.250	9	4.250	9	9.60%
NA	0.020	1	0.337	3	0.235	3	0.750	1	0.750	1	1.345	10	1.342	8	6.67%
Total	11.084	34	7.177	31	19.431	57	11.238	32	11.238	32	52.446	166	48.930	154	100.00%
Upsized?
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Yes	2.139	1.677	1.958	1.255	0.670	0.726	1.404	5.468	2.355	3.178	0.400	4.435	2.179
No	1.377	0.090	2.223	3.709	0.819	2.322	1.236	0.633	5.338	2.329	0.431	1.985	1.808
Downsized	0	0.172	0	0	0	0	0	0	0	0.132	0	0	0
Total	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.420	3.987
	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	7.014	20	7.014	20	27.843	81	25.704	73	62.41%
No	6.022	19	4.377	17	8.299	31	4.224	12	4.224	12	24.299	83	22.922	79	37.59%
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	11.238	32	11.238	32	52.446	166	48.930	154	100.00%
Seniority
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
senior	3.002	1.768	4.160	3.039	1.484	2.881	2.475	4.191	7.692	5.218	0.831	5.651	3.843
senior subordinated	0.086	0	0	0	0	0	0	0.750	0	0	0	0	0
subordinated	0	0	0	0.980	0	0	0	0	0	0	0	0.750	0.144
preferred	0.427	0.172	0.020	0.945	0.005	0.167	0	1.159	0	0.420	0	0.019	0
preference	0	0	0	0	0	0	0.165	0	0	0	0	0	0
Total	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.420	3.987
	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	10.325	29	10.325	29	46.235	141	43.232	134	91.88%
senior subordinated	0	0	0	0	0.750	2	0	0	0	0	0.836	3	0.750	2	0.00%
subordinated	0.980	2	0	0	0	0	0.894	2	0.894	2	1.874	4	1.874	4	7.96%
preferred	1.137	4	0.172	2	1.579	6	0.019	1	0.019	1	3.336	17	2.908	13	0.17%
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	11.238	32	11.238	32	52.446	166	48.930	154	100.00%
Mandatory
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Yes	0	0.172	0	1.580	0	0	0.652	0.978	0.495	0	0	0	0
No	3.516	1.768	4.180	3.384	1.489	3.047	1.987	5.123	7.197	5.638	0.831	6.420	3.987
Total	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.420	3.987
	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	3.877	9	3.877	9	0.00%
No	9.331	30	6.524	29	17.958	54	11.238	32	11.238	32	48.568	157	45.052	145	100.00%
Total	11.084	34	7.177	31	19.431	57	11.238	32	11.238	32	52.446	166	48.930	154	100.00%
Greenshoe Exercised?
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Yes	3.204	1.090	2.455	2.400	1.259	2.731	2.152	5.645	5.200	4.266	0.831	3.670	2.537
No	0.312	0.850	1.725	2.563	0.230	0.317	0.487	0.456	2.493	1.372	0	2.750	1.450
Total	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.420	3.987
	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	7.038	25	7.038	25	37.440	123	34.236	115	62.63%
No	5.138	12	1.035	6	4.320	14	4.200	7	4.200	7	15.006	43	14.693	39	37.37%
Total	11.084	34	7.177	31	19.431	57	11.238	32	11.238	32	52.446	166	48.930	154	100.00%
Versus Talk
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Richer	0	0	0.310	0	0	0	0	0.075	1.155	0.395	0	0.345	0
Rich end	0.850	0.575	1.975	0.905	0.103	0.788	0.150	4.258	1.825	0.201	0.201	3.361	0.130
Within	1.004	0.250	0.645	1.348	0.885	1.009	1.161	1.288	3.212	3.404	0.380	1.050	1.747
Cheap end	1.235	1.115	0.250	2.673	0.200	0	1.329	0.299	0.345	0.905	0	1.645	0.870
Cheaper	0	0	0.980	0	0.295	0	0	0	0	0.345	0	0	0
NA/Other	0.427	0	0.020	0.038	0.005	1.251	0	0.182	1.155	0.388	0.250	0.019	1.240
Total	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.420	3.987
	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	2.280	9	2.280	9	3.07%
Rich end	3.455	11	1.042	4	6.284	10	3.692	8	3.692	8	15.322	35	14.472	33	32.85%
Within	2.243	7	3.054	13	7.904	20	3.177	11	3.177	11	17.382	55	16.378	51	28.27%
Cheap end	4.038	12	1.529	6	1.549	10	2.515	6	2.515	6	10.866	36	9.631	34	22.38%
Cheaper	0.980	1	0.295	1	0.345	1	0	0	0	0	1.621	3	1.621	3	0.00%
NA/Other	0.058	2	1.256	7	1.724	9	1.509	6	1.509	6	4.975	28	4.548	24	13.42%
Total	11.084	34	7.177	31	19.431	57	11.238	32	11.238	32	52.446	166	48.930	154	100.00%
Use of Proceeds
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Acquisition	0.225	0	0.300	0.772	0.103	0	0.800	0	0	0	0.451	0	0
Capex	0	0	0	0	0.100	0	0.250	0	0.400	0	0	2.000	0
GCP	2.404	0.250	1.472	2.536	0.125	1.434	1.310	3.366	3.572	2.015	0.150	1.630	1.322
Redeem convertibles	0	0	0.345	0.287	0.100	0	0	0	0.750	0.345	0	0	0.370
Refinance	0.403	0.850	0.660	0.822	0.905	0.259	0.150	0	0.440	1.405	0.230	0	0.894
Multiple/Other/NA	0.485	0.840	1.403	0.545	0.155	1.355	0.129	2.735	2.530	1.873	0	2.790	1.401
Total	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.420	3.987
	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	2.427	8	4.01%
Capex	0	0	0.350	2	0.400	1	2.000	2	2.000	2	2.750	5	2.750	5	17.80%
GCP	4.259	15	2.870	12	8.953	32	3.102	13	3.102	13	21.587	79	19.184	72	27.60%
Redeem convertibles	0.632	2	0.100	1	1.095	3	0.370	1	0.370	1	2.197	7	2.197	7	3.29%
Refinance	2.332	5	1.314	5	1.845	6	1.124	4	1.124	4	7.018	22	6.615	20	10.00%
Multiple/Other/NA	2.788	9	1.639	8	7.138	15	4.191	10	4.191	10	16.241	44	15.756	42	37.29%
Total	11.084	34	7.177	31	19.431	57	11.238	32	11.238	32	52.446	166	48.930	154	100.00%
Industry Sector (by SIC code)
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Mining (1xxx)	0	0	0.345	0	0	0.259	0	0	0	0.345	0	0	0
Oil and gas (13xx)	0.225	0	0	0.345	0.100	0	0.129	0	0.400	0	0	0.750	0.172
Construction (15xx)	0.086	0	0.268	0	0	0	0	0.230	0.125	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.716	0.403	1.110	0.038	0.100	0.938	0.270	1.699	2.195	2.510	0.351	2.495	0.759
Pharmaceuticals (2834-6)	0	0.090	0.270	0.132	0.130	0.167	0.869	0.797	0.900	0.235	0.250	0.519	0
Transportation (4xxx)	0	0	0	0	0	0	0	0	0.230	0	0	0.400	0
Communications (48xx)	0	1.022	0	0	0	0	0.400	1.978	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0.980	0	0	0.487	0	0	0	0	0.345	0
Wholesale (5xxx)	0	0	0	0.610	0	0	0.250	0.075	0	0	0	1.150	1.240
Finance, insurance, real estate (6xxx)	1.137	0.425	0.172	1.718	0.905	0.100	0.234	0.350	0.775	1.166	0.230	0.071	0.769
Services (7xxx)	1.351	0	2.015	1.141	0.103	1.584	0	0.973	3.067	1.381	0	0.690	1.046
Health services (8xxx)	0	0	0	0	0.150	0	0	0	0	0	0	0	0
Total	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.420	3.987
	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	0.949	3	0.949	3	0.00%
Oil and gas (13xx)	0.345	1	0.229	2	0.400	1	0.922	2	0.922	2	2.122	7	1.897	6	8.20%
Construction (15xx)	0.268	1	0	0	0.355	2	0	0	0	0	0.709	4	0.623	3	0.00%
Manufacturing (2xxx, 3xxx)	1.550	5	1.308	6	6.404	14	3.605	9	3.605	9	13.584	36	12.867	34	32.08%
Pharmaceuticals (2834-6)	0.492	4	1.166	6	1.932	8	0.769	4	0.769	4	4.360	22	4.360	22	6.84%
Transportation (4xxx)	0	0	0	0	0.230	1	0.400	1	0.400	1	0.630	2	0.630	2	3.56%
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	3.07%
Wholesale (5xxx)	0.610	2	0.250	1	0.075	1	2.390	3	2.390	3	3.325	7	3.325	7	21.27%
Finance, insurance, real estate (6xxx)	2.316	8	1.240	6	2.291	16	1.070	7	1.070	7	8.054	43	6.916	37	9.52%
Services (7xxx)	3.155	8	1.687	6	5.421	11	1.736	5	1.736	5	13.351	32	12.000	30	15.45%
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	11.238	32	11.238	32	52.446	166	48.930	154	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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