Analysis of convertibles issuance for 13 months through April 2014

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

Coupon

	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
0%	0	0	0	0	0	0	0.047	1.825	0	0	0.690	0	1.250
0.01%-0.99%	0.850	2.583	0.350	0	0.650	0	1.875	0.375	0.259	0	1.380	0.403	0
1%-1.99%	0.403	0.810	1.401	0.150	0.834	1.200	2.175	3.667	1.051	0	1.265	1.240	0
2%-2.99%	0	0.172	0.250	0	0.850	0	0.230	0.150	2.758	0.451	1.350	0.877	0
3%-3.99%	0	0.345	0.305	0.610	0.546	0.270	0	0.745	0.983	0.230	1.095	0.465	0.150
4%-4.99%	0	0.250	0.400	0.624	0	0.069	1.524	0.205	0.487	0.150	0.850	0.370	0.391
5%-5.99%	0.598	0	0.640	0.100	0	0.806	0.110	0.172	0.100	0	0	0.652	0.185
6%-6.99%	0	0	1.580	0	0	0	0.140	0.495	0	0	0	0	0.287
7%-7.99%	0.090	0	0	0	0	0.165	0	0	0	0	0	0	0
8% and higher	0	0	0.038	0.005	0	0.129	0	0.058	0	0	0.090	0	0.018
Floater	0	0	0	0	0	0	0	0	0	0	0	0	0.016
NA	0	0.020	0	0	0.167	0	0	0	0	0	0	0	0
Total	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.720	4.006	2.298
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0	0	0	0	1.872	3	0.690	1	1.250	1	1.940	2	3.812	5	3.812	5	14.00%
0.01%-0.99%	3.783	8	0.650	1	2.509	4	1.783	2	0	0	1.783	2	8.723	15	7.873	14	12.87%
1%-1.99%	2.613	8	2.184	8	6.894	14	2.505	4	0	0	2.505	4	14.196	34	13.794	33	18.08%
2%-2.99%	0.422	2	0.850	3	3.138	12	2.679	8	0	0	2.679	8	7.089	25	7.089	25	19.34%
3%-3.99%	0.650	3	1.426	6	1.728	7	1.790	6	0.150	1	1.940	7	5.744	23	5.744	23	14.00%
4%-4.99%	0.650	2	0.693	5	2.216	9	1.370	5	0.391	1	1.761	6	5.320	22	5.320	22	12.71%
5%-5.99%	1.238	5	0.906	4	0.383	3	0.652	4	0.185	1	0.837	5	3.364	17	2.767	14	6.04%
6%-6.99%	1.580	3	0	0	0.635	4	0	0	0.287	1	0.287	1	2.502	8	2.502	8	2.07%
7%-7.99%	0.090	1	0.165	1	0	0	0	0	0	0	0	0	0.255	2	0.165	1	0.00%
8% and higher	0.038	1	0.135	2	0.058	1	0.090	2	0.018	1	0.108	3	0.338	7	0.338	7	0.78%
Floater	0	0	0	0	0	0	0	0	0.016	1	0.016	1	0.016	1	0.016	1	0.12%
NA	0.020	1	0.167	1	0	0	0	0	0	0	0	0	0.187	2	0.187	2	0.00%
Total	11.084	34	7.177	31	19.431	57	11.558	32	2.298	7	13.855	39	51.547	161	49.607	155	100.00%
Premium
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
19.99% and lower	1.115	0.250	1.714	0.606	0	0	0.162	0.230	0.864	0.230	0.300	0.144	0.409
20%-29.99%	0.422	0	0.945	0.475	0.259	0.926	2.078	0.860	1.857	0	1.716	1.674	0.438
30-39.99%	0.403	2.317	2.018	0.404	1.372	1.419	1.978	3.303	1.672	0.400	0.945	1.268	0
40-49.99%	0	0	0.287	0	1.250	0	1.550	2.050	1.144	0.201	2.300	0.550	0
50% and higher	0	1.593	0	0	0	0.129	0.199	1.250	0	0	0.709	0.370	1.250
NA	0	0.020	0	0.005	0.167	0.165	0.135	0	0.100	0	0.750	0	0.201
Total	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.720	4.006	2.298
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	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	0.409	2	1.083	5	6.023	23	4.908	20	7.82%
20%-29.99%	1.367	4	1.660	9	4.795	12	3.390	11	0.438	2	3.827	13	11.650	38	11.228	36	27.62%
30-39.99%	4.738	16	3.194	14	6.952	21	2.613	10	0	0	2.613	10	17.498	61	17.095	60	18.86%
40-49.99%	0.287	1	1.250	2	4.744	12	3.051	4	0	0	3.051	4	9.332	19	9.332	19	22.02%
50% and higher	1.593	3	0.129	1	1.449	2	1.079	3	1.250	1	2.329	4	5.501	10	5.501	10	16.81%
NA	0.020	1	0.337	3	0.235	3	0.750	1	0.201	2	0.951	3	1.544	10	1.544	10	6.86%
Total	11.084	34	7.177	31	19.431	57	11.558	32	2.298	7	13.855	39	51.547	161	49.607	155	100.00%
Upsized?
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Yes	1.677	1.958	1.255	0.670	0.726	1.404	5.468	2.355	3.178	0.400	4.735	2.199	0
No	0.090	2.223	3.709	0.819	2.322	1.236	0.633	5.338	2.329	0.431	1.985	1.808	2.298
Downsized	0.172	0	0	0	0	0	0	0	0.132	0	0	0	0
Total	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.720	4.006	2.298
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.890	14	2.800	14	11.000	25	7.334	20	0	0	7.334	20	26.023	73	24.346	69	52.93%
No	6.022	19	4.377	17	8.299	31	4.224	12	2.298	7	6.522	19	25.219	86	25.129	85	47.07%
Downsized	0.172	1	0	0	0.132	1	0	0	0	0	0	0	0.304	2	0.132	1	0.00%
Total	11.084	34	7.177	31	19.431	57	11.558	32	2.298	7	13.855	39	51.547	161	49.607	155	100.00%
Seniority
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
senior	1.768	4.160	3.039	1.484	2.881	2.475	4.191	7.692	5.218	0.831	5.951	3.862	2.078
senior subordinated	0	0	0	0	0	0	0.750	0	0	0	0	0	0
subordinated	0	0	0.980	0	0	0	0	0	0	0	0.750	0.144	0
preferred	0.172	0.020	0.945	0.005	0.167	0	1.159	0	0.420	0	0.019	0	0.219
preference	0	0	0	0	0	0.165	0	0	0	0	0	0	0
Total	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.720	4.006	2.298
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior	8.966	28	6.839	28	17.102	49	10.644	29	2.078	4	12.722	33	45.630	138	43.862	133	91.82%
senior subordinated	0	0	0	0	0.750	2	0	0	0	0	0	0	0.750	2	0.750	2	0.00%
subordinated	0.980	2	0	0	0	0	0.894	2	0	0	0.894	2	1.874	4	1.874	4	6.45%
preferred	1.137	4	0.172	2	1.579	6	0.019	1	0.219	3	0.239	4	3.128	16	2.955	15	1.73%
preference	0	0	0.165	1	0	0	0	0	0	0	0	0	0.165	1	0.165	1	0.00%
Total	11.084	34	7.177	31	19.431	57	11.558	32	2.298	7	13.855	39	51.547	161	49.607	155	100.00%
Mandatory
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Yes	0.172	0	1.580	0	0	0.652	0.978	0.495	0	0	0	0	0.287
No	1.768	4.180	3.384	1.489	3.047	1.987	5.123	7.197	5.638	0.831	6.720	4.006	2.010
Total	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.720	4.006	2.298
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.752	4	0.652	2	1.472	3	0	0	0.287	1	0.287	1	4.165	10	3.993	9	2.07%
No	9.331	30	6.524	29	17.958	54	11.558	32	2.010	6	13.568	38	47.382	151	45.614	146	97.93%
Total	11.084	34	7.177	31	19.431	57	11.558	32	2.298	7	13.855	39	51.547	161	49.607	155	100.00%
Greenshoe Exercised?
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Yes	1.090	2.455	2.400	1.259	2.731	2.152	5.645	5.200	4.266	0.831	5.970	3.056	0.287
No	0.850	1.725	2.563	0.230	0.317	0.487	0.456	2.493	1.372	0	0.750	0.950	2.010
Total	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.720	4.006	2.298
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	5.945	22	6.142	25	15.111	43	9.858	29	0.287	1	10.145	30	37.343	120	36.253	115	73.22%
No	5.138	12	1.035	6	4.320	14	1.700	3	2.010	6	3.710	9	14.203	41	13.353	40	26.78%
Total	11.084	34	7.177	31	19.431	57	11.558	32	2.298	7	13.855	39	51.547	161	49.607	155	100.00%
Versus Talk
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Richer	0	0.310	0	0	0	0	0.075	1.155	0.395	0	0.345	0	0
Rich end	0.575	1.975	0.905	0.103	0.788	0.150	4.258	1.825	0.201	0.201	3.661	0.149	0.287
Within	0.250	0.645	1.348	0.885	1.009	1.161	1.288	3.212	3.404	0.380	1.050	1.747	1.641
Cheap end	1.115	0.250	2.673	0.200	0	1.329	0.299	0.345	0.905	0	1.645	0.870	0.150
Cheaper	0	0.980	0	0.295	0	0	0	0	0.345	0	0	0	0
NA/Other	0	0.020	0.038	0.005	1.251	0	0.182	1.155	0.388	0.250	0.019	1.240	0.219
Total	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.720	4.006	2.298
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.310	1	0	0	1.625	7	0.345	1	0	0	0.345	1	2.280	9	2.280	9	2.49%
Rich end	3.455	11	1.042	4	6.284	10	4.011	8	0.287	1	4.299	9	15.079	34	14.504	32	31.03%
Within	2.243	7	3.054	13	7.904	20	3.177	11	1.641	2	4.818	13	18.019	53	17.769	52	34.77%
Cheap end	4.038	12	1.529	6	1.549	10	2.515	6	0.150	1	2.665	7	9.781	35	8.666	32	19.23%
Cheaper	0.980	1	0.295	1	0.345	1	0	0	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	0.219	3	1.729	9	4.767	27	4.767	27	12.47%
Total	11.084	34	7.177	31	19.431	57	11.558	32	2.298	7	13.855	39	51.547	161	49.607	155	100.00%
Use of Proceeds
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Acquisition	0	0.300	0.772	0.103	0	0.800	0	0	0	0.451	0	0	0
Capex	0	0	0	0.100	0	0.250	0	0.400	0	0	2.300	0	0
GCP	0.250	1.472	2.536	0.125	1.434	1.310	3.366	3.572	2.015	0.150	1.630	1.322	0.639
Redeem convertibles	0	0.345	0.287	0.100	0	0	0	0.750	0.345	0	0	0.370	0
Refinance	0.850	0.660	0.822	0.905	0.259	0.150	0	0.440	1.405	0.230	0	0.894	0
Multiple/Other/NA	0.840	1.403	0.545	0.155	1.355	0.129	2.735	2.530	1.873	0	2.790	1.420	1.659
Total	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.720	4.006	2.298
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	1.073	3	0.903	3	0	0	0.451	2	0	0	0.451	2	2.427	8	2.427	8	3.26%
Capex	0	0	0.350	2	0.400	1	2.300	2	0	0	2.300	2	3.050	5	3.050	5	16.60%
GCP	4.259	15	2.870	12	8.953	32	3.102	13	0.639	4	3.741	17	19.822	76	19.572	75	27.00%
Redeem convertibles	0.632	2	0.100	1	1.095	3	0.370	1	0	0	0.370	1	2.197	7	2.197	7	2.67%
Refinance	2.332	5	1.314	5	1.845	6	1.124	4	0	0	1.124	4	6.615	20	5.765	19	8.11%
Multiple/Other/NA	2.788	9	1.639	8	7.138	15	4.210	10	1.659	3	5.869	13	17.435	45	16.595	41	42.36%
Total	11.084	34	7.177	31	19.431	57	11.558	32	2.298	7	13.855	39	51.547	161	49.607	155	100.00%
Industry Sector (by SIC code)
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Mining (1xxx)	0	0.345	0	0	0.259	0	0	0	0.345	0	0	0	0
Oil and gas (13xx)	0	0	0.345	0.100	0	0.129	0	0.400	0	0	0.750	0.172	0
Construction (15xx)	0	0.268	0	0	0	0	0.230	0.125	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.403	1.110	0.038	0.100	0.938	0.270	1.699	2.195	2.510	0.351	2.795	0.778	0.287
Pharmaceuticals (2834-6)	0.090	0.270	0.132	0.130	0.167	0.869	0.797	0.900	0.235	0.250	0.519	0	0.016
Transportation (4xxx)	0	0	0	0	0	0	0	0.230	0	0	0.400	0	0
Communications (48xx)	1.022	0	0	0	0	0.400	1.978	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0.980	0	0	0.487	0	0	0	0	0.345	0	0
Wholesale (5xxx)	0	0	0.610	0	0	0.250	0.075	0	0	0	1.150	1.240	0
Finance, insurance, real estate (6xxx)	0.425	0.172	1.718	0.905	0.100	0.234	0.350	0.775	1.166	0.230	0.071	0.769	0.594
Services (7xxx)	0	2.015	1.141	0.103	1.584	0	0.973	3.067	1.381	0	0.690	1.046	1.400
Health services (8xxx)	0	0	0	0.150	0	0	0	0	0	0	0	0	0
Total	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.720	4.006	2.298
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	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	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	0	0.922	2	1.897	6	1.897	6	6.65%
Construction (15xx)	0.268	1	0	0	0.355	2	0	0	0	0	0	0	0.623	3	0.623	3	0.00%
Manufacturing (2xxx, 3xxx)	1.550	5	1.308	6	6.404	14	3.925	9	0.287	1	4.212	10	13.475	35	13.072	34	30.40%
Pharmaceuticals (2834-6)	0.492	4	1.166	6	1.932	8	0.769	4	0.016	1	0.786	5	4.376	23	4.286	22	5.67%
Transportation (4xxx)	0	0	0	0	0.230	1	0.400	1	0	0	0.400	1	0.630	2	0.630	2	2.89%
Communications (48xx)	1.022	2	0.400	1	1.978	2	0	0	0	0	0	0	3.400	5	2.377	3	0.00%
Electric, gas, sanitary services (49xx)	0.980	2	0.487	1	0	0	0.345	1	0	0	0.345	1	1.812	4	1.812	4	2.49%
Wholesale (5xxx)	0.610	2	0.250	1	0.075	1	2.390	3	0	0	2.390	3	3.325	7	3.325	7	17.25%
Finance, insurance, real estate (6xxx)	2.316	8	1.240	6	2.291	16	1.070	7	0.594	3	1.664	10	7.510	40	7.085	38	12.01%
Services (7xxx)	3.155	8	1.687	6	5.421	11	1.736	5	1.400	2	3.136	7	13.400	32	13.400	32	22.63%
Health services (8xxx)	0	0	0.150	1	0	0	0	0	0	0	0	0	0.150	1	0.150	1	0.00%
Total	11.084	34	7.177	31	19.431	57	11.558	32	2.298	7	13.855	39	51.547	161	49.607	155	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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