Analysis of convertibles issuance for 2005

Total: $43.931 billion in 468 deals

Amount ($ billions) Number

Regular convertibles 38.303 118

Investment bank synthetics 5.628 350

Total 43.931 468

Note: Investment bank deals are offerings issued by an investment bank and linked to or exchangeable for the stock of another company.

All data below excludes these investment bank deals (but includes investment bank offerings convertible into their own stock).

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

Coupon

	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
0%	0.300	0.130	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0.055	0	0	0	0	0	0	0	0	0	0	0
1%-1.99%	0.494	0.460	0.225	0	0.350	0	0.150	0	0.160	0	0.250	0.109
2%-2.99%	0	0.680	0.330	0.112	0	1.095	0.725	0.906	0.250	0.225	0.690	2.686
3%-3.99%	0	0.271	1.165	0	0.307	0.620	1.075	0.855	0.715	0.398	1.415	0.998
4%-4.99%	0.240	0.182	0	0.750	0	0.388	0	0	0.300	0	0.361	0.350
5%-5.99%	0.050	0.388	0.102	0.460	0	0	0	0.115	0.146	0.525	0.950	0.585
6% and higher	0.899	0.105	0.867	0	0.287	2.805	0.045	0.087	0.219	0.318	0.773	1.245
Floater	0	0	0.060	0	0	0	0	2.500	0	0	2.000	2.000
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.995	4.463	1.790	1.466	6.440	7.972
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	2005	Count	Share
0%	0.430	2	0	0	0	0	0	0	0.430	2	1.12%
0.01%-0.99%	0.055	1	0	0	0	0	0	0	0.055	1	0.14%
1%-1.99%	1.179	6	0.350	1	0.310	2	0.359	2	2.198	11	5.74%
2%-2.99%	1.010	5	1.207	3	1.881	7	3.601	7	7.699	22	20.10%
3%-3.99%	1.436	6	0.927	5	2.645	11	2.810	5	7.818	27	20.41%
4%-4.99%	0.422	3	1.138	4	0.300	1	0.711	4	2.571	12	6.71%
5%-5.99%	0.540	5	0.460	1	0.261	3	2.059	8	3.320	17	8.67%
6% and higher	1.871	7	3.092	4	0.351	4	2.336	7	7.651	22	19.98%
Floater	0.060	1	0	0	2.500	1	4.000	2	6.560	4	17.13%
Total	7.003	36	7.174	18	8.248	29	15.877	35	38.303	118	100.00%
Premium
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
19.99% and lower	0	0.163	0.020	0	0.350	0.920	0.520	0.087	0.135	0.307	0	1.600
20%-29.99%	1.119	0.633	1.052	0.750	0.345	3.892	0.500	3.501	0.529	0.461	3.910	5.154
30-39.99%	0.494	1.290	1.095	0.572	0.250	0	0.975	0.875	1.126	0.698	2.530	1.218
40-49.99%	0.300	0	0.550	0	0	0	0	0	0	0	0	0
50-59.99%	0.125	0	0	0	0	0	0	0	0	0	0	0
NA	0	0.130	0.032	0	0	0.095	0	0	0	0	0	0
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.995	4.463	1.790	1.466	6.440	7.972
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	2005	Count	Share
19.99% and lower	0.183	4	1.270	2	0.742	6	1.907	3	4.102	15	10.71%
20%-29.99%	2.805	13	4.987	11	4.530	11	9.524	24	21.846	59	57.03%
30-39.99%	2.879	13	0.822	3	2.976	12	4.446	8	11.124	36	29.04%
40-49.99%	0.850	3	0	0	0	0	0	0	0.850	3	2.22%
50-59.99%	0.125	1	0	0	0	0	0	0	0.125	1	0.33%
NA	0.162	2	0.095	2	0	0	0	0	0.257	4	0.67%
Total	7.003	36	7.174	18	8.248	29	15.877	35	38.303	118	100.00%
Quick Sale?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Yes	0.819	1.741	1.672	0.572	0.600	2.592	1.845	3.746	1.646	1.147	5.816	3.808
No	1.219	0.475	1.077	0.750	0.345	2.315	0.150	0.717	0.144	0.318	0.623	4.163
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.995	4.463	1.790	1.466	6.440	7.972
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	2005	Count	Share
Yes	4.232	24	3.765	11	7.237	24	10.772	25	26.007	84	67.90%
No	2.771	12	3.410	7	1.011	5	5.105	10	12.297	34	32.10%
Total	7.003	36	7.174	18	8.248	29	15.877	35	38.303	118	100.00%
Upsized?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Yes	0.440	0.125	1.075	0	0.287	0.787	0.700	0.087	0.275	0	1.265	2.196
No	1.548	2.091	1.674	1.210	0.657	4.120	1.295	4.376	1.515	1.230	5.175	5.776
Downsized	0.050	0	0	0.112	0	0	0	0	0	0.236	0	0
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.995	4.463	1.790	1.466	6.440	7.972
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	2005	Count	Share
Yes	1.640	8	1.075	4	1.062	4	3.461	6	7.237	22	18.89%
No	5.313	27	5.988	13	7.186	25	12.180	28	30.667	93	80.06%
Downsized	0.050	1	0.112	1	0	0	0.236	1	0.399	3	1.04%
Total	7.003	36	7.174	18	8.248	29	15.877	35	38.303	118	100.00%
Seniority
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
senior	1.529	1.396	1.487	0.112	0.945	1.558	1.745	3.893	0.990	0.705	4.330	5.285
senior subordinated	0.144	0.330	0.325	0	0	1.069	0.250	0.225	0.125	0	0.761	0.345
subordinated	0	0	0	0	0	0.210	0	0.230	0.375	0	0.450	1.850
preferred	0.365	0.490	0.937	1.210	0	2.070	0	0.115	0.300	0.761	0.898	0.492
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.995	4.463	1.790	1.466	6.440	7.972
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	2005	Count	Share
senior	4.412	20	2.615	11	6.628	20	10.319	17	23.974	68	62.59%
senior subordinated	0.799	6	1.069	2	0.600	4	1.106	7	3.575	19	9.33%
subordinated	0	0	0.210	2	0.605	3	2.300	3	3.115	8	8.13%
preferred	1.792	10	3.280	3	0.415	2	2.152	8	7.639	23	19.94%
Total	7.003	36	7.174	18	8.248	29	15.877	35	38.303	118	100.00%
Contingent Conversion
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Yes	0.144	0.761	0.765	0	0.600	2.502	1.350	1.231	0.435	0.623	2.405	1.080
No	1.894	1.455	1.984	1.322	0.345	2.405	0.645	3.232	1.355	0.843	4.035	6.892
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.995	4.463	1.790	1.466	6.440	7.972
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	2005	Count	Share
Yes	1.670	8	3.103	8	3.016	11	4.107	11	11.896	38	31.06%
No	5.333	28	4.072	10	5.232	18	11.770	24	26.407	80	68.94%
Total	7.003	36	7.174	18	8.248	29	15.877	35	38.303	118	100.00%
Mandatory
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Yes	0.125	0.388	0.847	0	0.287	2.080	0	0.115	0	0.236	0.623	1.245
No	1.913	1.829	1.902	1.322	0.657	2.827	1.995	4.348	1.790	1.230	5.816	6.727
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.995	4.463	1.790	1.466	6.440	7.972
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	2005	Count	Share
Yes	1.360	5	2.368	3	0.115	1	2.105	5	5.947	14	15.53%
No	5.644	31	4.807	15	8.133	28	13.773	30	32.356	104	84.47%
Total	7.003	36	7.174	18	8.248	29	15.877	35	38.303	118	100.00%
Greenshoe Exercised?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Yes	0.619	1.106	1.094	0.572	0.058	4.162	1.445	1.231	1.205	0.398	3.540	3.635
No	1.419	1.110	1.655	0.750	0.887	0.745	0.550	3.232	0.585	1.068	2.900	4.338
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.995	4.463	1.790	1.466	6.440	7.972
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	2005	Count	Share
Yes	2.819	16	4.792	11	3.881	18	7.572	20	19.064	65	49.77%
No	4.184	20	2.383	7	4.367	11	8.306	15	19.239	53	50.23%
Total	7.003	36	7.174	18	8.248	29	15.877	35	38.303	118	100.00%
Versus Talk
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Cheaper	0	0.310	0.650	0	0	0	0	0.300	0.125	0	1.265	0
Cheap end	0.475	0.271	0.440	1.322	0.537	1.768	0	1.121	0.250	0.225	1.991	0.882
Within	0.150	0.890	1.547	0	0	2.070	1.325	3.042	0.579	0.461	3.010	3.571
Rich end	0.974	0.225	0.060	0	0	0.149	0.150	0	0.701	0.525	0.173	0.958
Richer	0	0.287	0	0	0	0	0	0	0	0	0	0.210
NA/Other	0.439	0.233	0.052	0	0.407	0.920	0.520	0	0.135	0.255	0	2.350
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.995	4.463	1.790	1.466	6.440	7.972
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	2005	Count	Share
Cheaper	0.960	4	0	0	0.425	2	1.265	2	2.650	8	6.92%
Cheap end	1.186	8	3.627	10	1.371	6	3.099	9	9.283	33	24.24%
Within	2.587	10	2.070	1	4.946	12	7.043	13	16.646	36	43.46%
Rich end	1.259	5	0.149	1	0.851	4	1.656	5	3.916	15	10.22%
Richer	0.287	1	0	0	0	0	0.210	1	0.497	2	1.30%
NA/Other	0.724	8	1.328	6	0.655	5	2.604	5	5.311	24	13.87%
Total	7.003	36	7.174	18	8.248	29	15.877	35	38.303	118	100.00%
Use of Proceeds
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Acquisition	0	0.058	0.397	0.460	0.350	2.070	0.700	0	0	0	3.715	0.100
Capex	0	0	0	0	0	0	0	0	0	0	0	0.174
GCP	0.494	0.770	1.507	0.112	0.307	0.295	0.770	3.150	0.561	1.211	0.723	3.031
Redeem convertibles	0.275	0	0.070	0	0	0.920	0	0.345	0	0.172	0.201	0
Refinance	0.240	0.883	0.775	0	0	1.113	0.375	0.881	0.404	0	1.500	2.457
Multiple/Other/NA	1.029	0.505	0	0.750	0.287	0.510	0.150	0.087	0.825	0.082	0.300	2.210
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.995	4.463	1.790	1.466	6.440	7.972
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	2005	Count	Share
Acquisition	0.455	3	2.880	3	0.700	1	3.815	5	7.850	12	20.49%
Capex	0	0	0	0	0	0	0.174	2	0.174	2	0.45%
GCP	2.771	14	0.715	6	4.481	11	4.966	13	12.933	44	33.76%
Redeem convertibles	0.345	3	0.920	1	0.345	2	0.374	2	1.984	8	5.18%
Refinance	1.898	9	1.113	3	1.660	9	3.957	8	8.628	29	22.53%
Multiple/Other/NA	1.534	7	1.547	5	1.062	6	2.592	5	6.735	23	17.58%
Total	7.003	36	7.174	18	8.248	29	15.877	35	38.303	118	100.00%
Industry Sector (by SIC code)
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Oil and gas (13xx)	0	0	0.300	0.460	0	0	0.325	0	0.386	0	1.265	0.083
Manufacturing (2xxx, 3xxx)	0.540	0.417	0.282	0	0	0.385	0.995	0.326	0.125	0.398	0.526	2.680
Pharmaceuticals (2833-6)	0.400	0.355	0.330	0.112	0.350	1.419	0	0.230	0.315	0.082	0	0.115
Transportation (4xxx)	0	0.121	0.250	0	0	0	0	0	0.144	0	0	0.302
Communications (48xx)	0	0	0	0	0	0	0	0.350	0.160	0	1.265	0
Electric, gas, sanitary services (49xx)	0	0.225	0.917	0.750	0	0.650	0	0	0	0	0	0.500
Wholesale (5xxx)	0.125	0	0.150	0	0	0	0.125	0.115	0.150	0	0.310	1.097
Finance, insurance, real estate (6xxx)	0.829	0.250	0.500	0	0.537	2.453	0	2.917	0.335	0.461	2.923	3.195
Services (7xxx)	0.144	0.667	0	0	0.058	0	0	0.300	0.175	0.525	0.150	0
Health services (8xxx)	0	0.180	0.020	0	0	0	0.550	0.225	0	0	0	0
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.995	4.463	1.790	1.466	6.440	7.972
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	2005	Count	Share
Oil and gas (13xx)	0.300	1	0.460	1	0.711	3	1.347	3	2.819	8	7.36%
Manufacturing (2xxx, 3xxx)	1.240	8	0.385	3	1.446	6	3.604	10	6.674	27	17.42%
Pharmaceuticals (2833-6)	1.085	8	1.882	5	0.545	2	0.197	2	3.709	17	9.68%
Transportation (4xxx)	0.371	2	0	0	0.144	1	0.302	2	0.817	5	2.13%
Communications (48xx)	0	0	0	0	0.510	2	1.265	1	1.775	3	4.63%
Electric, gas, sanitary services (49xx)	1.142	5	1.400	2	0	0	0.500	1	3.042	8	7.94%
Wholesale (5xxx)	0.275	2	0	0	0.390	3	1.407	4	2.073	9	5.41%
Finance, insurance, real estate (6xxx)	1.579	4	2.990	6	3.252	6	6.580	10	14.401	26	37.60%
Services (7xxx)	0.812	4	0.058	1	0.475	3	0.675	2	2.019	10	5.27%
Health services (8xxx)	0.200	2	0	0	0.775	3	0	0	0.975	5	2.55%
Total	7.003	36	7.174	18	8.248	29	15.877	35	38.303	118	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.

• 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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