Analysis of convertibles issuance for year to date and 12 months through September

Total year-to-date issuance: $46.025 billion in 101 deals

All data below excludes deals issued by investment banks and exchangeable for another company's stock.

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

Coupon

	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
0%	0.046	0.068	0	0	0.974	0	0	0	0	0	0	0
0.01%-0.99%	0	0	0	0.575	5.000	0	1.600	2.750	1.100	0	0	0.575
1%-1.99%	0	0.250	0.095	0.968	0	0.400	5.150	1.425	2.150	0	0	0.180
2%-2.99%	0.225	0.690	2.746	0.345	0	0.926	0	1.505	0.845	0.300	0.240	0.746
3%-3.99%	0.398	1.415	0.998	0.600	0	0.880	0.144	0.280	2.334	0.710	1.022	1.068
4%-4.99%	0	0.361	0.350	0	0	0.550	0.058	0.345	1.575	1.443	0.632	0.350
5%-5.99%	0.525	0.950	0.615	0.500	0	0.291	0	0.144	0.300	0	0.075	0.200
6% and higher	0.318	0.773	1.245	0	0.365	0.238	0.148	0.089	0.575	0	0.144	0
Floater	0	2.000	2.000	0	0	0	0	0	0.713	0	0	2.500
Total	1.511	6.508	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.453	2.113	5.619
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
0%	0.114	2	0.974	1	0	0	0	0	0.974	1	1.088	3	2.12%
0.01%-0.99%	0	0	5.575	3	5.450	5	0.575	3	11.600	11	11.600	11	25.20%
1%-1.99%	0.345	2	1.367	3	8.725	8	0.180	1	10.273	12	10.617	14	22.32%
2%-2.99%	3.661	7	1.271	5	2.349	9	1.286	5	4.907	19	8.568	26	10.66%
3%-3.99%	2.810	5	1.480	5	2.757	9	2.800	11	7.037	25	9.847	30	15.29%
4%-4.99%	0.711	4	0.550	2	1.978	5	2.426	7	4.953	14	5.665	18	10.76%
5%-5.99%	2.090	8	0.791	2	0.443	2	0.275	2	1.509	6	3.599	14	3.28%
6% and higher	2.336	7	0.603	4	0.812	5	0.144	1	1.559	10	3.895	17	3.38%
Floater	4.000	2	0	0	0.713	2	2.500	1	3.212	3	7.213	5	6.98%
Total	16.067	37	12.612	25	23.227	45	10.186	31	46.025	101	62.092	138	100.00%
Premium
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
19.99% and lower	0.307	0	1.600	0.575	5.000	0	6.091	0.395	2.544	0.149	0.302	3.105
20%-29.99%	0.461	3.910	5.229	2.188	0	2.044	0.865	1.024	4.959	2.004	1.571	2.195
30-39.99%	0.698	2.530	1.218	0.225	0.974	0.700	0.144	4.619	1.522	0	0.240	0.201
40-49.99%	0	0	0	0	0.165	0.291	0	0	0.565	0.300	0	0
50% and higher	0	0	0	0	0.200	0.250	0	0.500	0	0	0	0.118
NA	0.046	0.068	0	0	0	0	0	0	0	0	0	0
Total	1.511	6.508	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.453	2.113	5.619
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	1.907	3	5.575	3	9.030	15	3.557	7	18.162	25	20.069	28	39.46%
20%-29.99%	9.600	24	4.232	13	6.848	15	5.769	20	16.848	48	26.449	72	36.61%
30-39.99%	4.446	8	1.899	5	6.285	13	0.441	2	8.625	20	13.071	28	18.74%
40-49.99%	0	0	0.456	2	0.565	1	0.300	1	1.321	4	1.321	4	2.87%
50% and higher	0	0	0.450	2	0.500	1	0.118	1	1.068	4	1.068	4	2.32%
NA	0.114	2	0	0	0	0	0	0	0	0	0.114	2	0.00%
Total	16.067	37	12.612	25	23.227	45	10.186	31	46.025	101	62.092	138	100.00%
Quick Sale?
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Yes	1.147	5.816	3.885	2.143	6.339	2.893	6.865	6.424	9.217	2.453	1.969	5.419
No	0.364	0.692	4.163	0.845	0	0.392	0.234	0.114	0.374	0	0.144	0.200
Total	1.511	6.508	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.453	2.113	5.619
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	10.848	25	11.375	21	22.505	39	9.842	29	43.722	89	54.570	114	95.00%
No	5.219	12	1.237	4	0.722	6	0.344	2	2.303	12	7.521	24	5.00%
Total	16.067	37	12.612	25	23.227	45	10.186	31	46.025	101	62.092	138	100.00%
Upsized?
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Yes	0	1.265	2.226	0.600	0	0.846	1.600	0.350	1.910	0	0.642	0.150
No	1.275	5.243	5.822	2.388	6.339	2.148	5.499	6.188	7.473	2.453	1.471	5.469
Downsized	0.236	0	0	0	0	0.291	0	0	0.207	0	0	0
Total	1.511	6.508	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.453	2.113	5.619
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	3.491	6	1.446	5	3.860	7	0.792	2	6.098	14	9.589	20	13.25%
No	12.340	30	10.874	19	19.160	37	9.394	29	39.428	85	51.768	115	85.67%
Downsized	0.236	1	0.291	1	0.207	1	0	0	0.498	2	0.734	3	1.08%
Total	16.067	37	12.612	25	23.227	45	10.186	31	46.025	101	62.092	138	100.00%
Seniority
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
senior	0.750	4.398	5.345	1.887	6.139	2.134	6.841	5.699	7.392	1.869	2.113	4.768
senior subordinated	0	0.761	0.331	0.375	0	0.441	0	0.360	0.874	0.300	0	0.471
subordinated	0	0.450	1.850	0.225	0.200	0.200	0.144	0.465	0.450	0.135	0	0.180
preferred	0.761	0.898	0.522	0.500	0	0.511	0.115	0.014	0.875	0.149	0	0.200
Total	1.511	6.508	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.453	2.113	5.619
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
senior	10.493	19	10.160	15	19.931	32	8.750	24	38.842	71	49.334	90	84.39%
senior subordinated	1.092	7	0.816	4	1.234	5	0.771	3	2.821	12	3.913	19	6.13%
subordinated	2.300	3	0.625	3	1.059	4	0.315	2	1.999	9	4.299	12	4.34%
preferred	2.182	8	1.011	3	1.003	4	0.349	2	2.364	9	4.546	17	5.14%
Total	16.067	37	12.612	25	23.227	45	10.186	31	46.025	101	62.092	138	100.00%
Contingent Conversion
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Yes	0.623	2.480	1.241	1.095	5.365	1.530	6.651	5.125	7.483	1.578	1.654	2.601
No	0.889	4.028	6.807	1.893	0.974	1.755	0.448	1.413	2.107	0.875	0.459	3.018
Total	1.511	6.508	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.453	2.113	5.619
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	4.343	13	7.990	14	19.259	26	5.833	22	33.082	62	37.426	75	71.88%
No	11.724	24	4.622	11	3.968	19	4.353	9	12.942	39	24.666	63	28.12%
Total	16.067	37	12.612	25	23.227	45	10.186	31	46.025	101	62.092	138	100.00%
Mandatory
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Yes	0.282	0.692	1.245	0.500	0	0	0	0	0.875	0	0	0.200
No	1.230	5.816	6.803	2.487	6.339	3.285	7.099	6.538	8.716	2.453	2.113	5.419
Total	1.511	6.508	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.453	2.113	5.619
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	2.218	7	0.500	1	0.875	2	0.200	1	1.575	4	3.793	11	3.42%
No	13.849	30	12.112	24	22.353	43	9.986	30	44.450	97	58.299	127	96.58%
Total	16.067	37	12.612	25	23.227	45	10.186	31	46.025	101	62.092	138	100.00%
Greenshoe Exercised?
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Yes	0.398	3.540	4.298	2.263	1.339	2.576	6.766	4.523	7.428	1.427	1.493	1.625
No	1.114	2.968	3.750	0.725	5.000	0.709	0.333	2.015	2.163	1.026	0.620	3.994
Total	1.511	6.508	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.453	2.113	5.619
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	8.235	21	6.178	18	18.717	34	4.545	17	29.439	69	37.675	90	63.96%
No	7.832	16	6.434	7	4.511	11	5.641	14	16.585	32	24.417	48	36.03%
Total	16.067	37	12.612	25	23.227	45	10.186	31	46.025	101	62.092	138	100.00%
Versus Talk
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Richer	0	0	0.210	0	0	0	0	0	0	0	0	0
Rich end	0.525	0.173	0.958	0.500	0.165	0.472	0	0.350	0	0	0	0.280
Within	0.461	3.010	3.558	2.112	5.000	1.085	2.615	2.860	5.691	1.161	1.002	2.040
Cheap end	0.225	1.991	0.973	0.375	0.200	1.260	2.950	2.894	1.800	0.725	0.219	3.125
Cheaper	0	1.265	0	0	0	0.200	1.444	0.345	2.100	0.568	0.892	0.175
NA	0.300	0.068	2.350	0	0.974	0.268	0.091	0.089	0	0	0	0
Total	1.511	6.508	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.453	2.113	5.619
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Richer	0.210	1	0	0	0	0	0	0	0	0	0.210	1	0.00%
Rich end	1.656	5	1.137	4	0.350	1	0.280	2	1.767	7	3.423	12	3.84%
Within	7.029	13	8.197	11	11.166	27	4.203	17	23.566	55	30.595	68	51.20%
Cheap end	3.189	9	1.835	6	7.643	6	4.068	8	13.547	20	16.735	29	29.43%
Cheaper	1.265	2	0.200	1	3.889	7	1.635	4	5.723	12	6.988	14	12.43%
NA	2.718	7	1.242	3	0.179	4	0	0	1.421	7	4.140	14	3.09%
Total	16.067	37	12.612	25	23.227	45	10.186	31	46.025	101	62.092	138	100.00%
Use of Proceeds
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Acquisition	0	3.715	0.100	0.845	0	0.200	0.058	0	1.514	0	0	0
Capex	0	0	0.204	0	0	0	0	0	0	0	0	0.200
GCP	1.211	0.723	3.031	0.375	0.165	1.143	0.448	4.688	2.600	0.435	0.700	2.500
No proceeds	0	0	0	0	0	0	0	0	0	0.726	0	0
Redeem convertibles	0.172	0.201	0	0	1.174	0.850	0.144	0.275	0.317	0	0	0.118
Refinance	0	1.500	2.502	1.768	0	0.912	0	0.260	1.410	0.568	1.163	1.306
Multiple/Other/NA	0.128	0.368	2.210	0	5.000	0.180	6.450	1.315	3.750	0.725	0.250	1.495
Total	1.511	6.508	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.453	2.113	5.619
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	3.815	5	1.045	3	1.571	4	0	0	2.616	7	6.431	12	5.68%
Capex	0.204	2	0	0	0	0	0.200	1	0.200	1	0.405	3	0.43%
GCP	4.966	13	1.683	7	7.735	15	3.635	5	13.054	27	18.019	40	28.36%
No proceeds	0	0	0	0	0	0	0.726	1	0.726	1	0.726	1	1.58%
Redeem convertibles	0.374	2	2.024	5	0.736	4	0.118	1	2.878	10	3.252	12	6.25%
Refinance	4.002	8	2.679	7	1.670	7	3.036	13	7.385	27	11.389	35	16.05%
Multiple/Other/NA	2.706	7	5.180	3	11.515	15	2.470	10	19.165	28	21.870	35	41.64%
Total	16.067	37	12.612	25	23.227	45	10.186	31	46.025	101	62.092	138	100.00%
Industry Sector (by SIC code)
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Oil and gas (13xx)	0	1.265	0.113	0	0	0	0	2.750	0.575	0	0	0
Construction (15xx)	0	0	0	0	0	0	0.144	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.398	0.526	2.726	0.720	0.974	0.948	4.758	2.400	2.281	0.300	0.075	0.471
Pharmaceuticals (2834-6)	0.082	0	0.115	1.393	5.000	0.573	2.083	0.625	1.500	0.135	0	0.118
Transportation (4xxx)	0	0	0.302	0	0	0	0	0	0	0.726	0	0.200
Communications (48xx)	0	1.265	0	0	0	0.374	0	0.324	0.335	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0.500	0.500	0	0.200	0	0	0	0	0	0
Wholesale (5xxx)	0	0.310	1.097	0.375	0.165	0.220	0	0	0.287	0	0.144	0.180
Finance, insurance, real estate (6xxx)	0.507	2.992	3.195	0	0	0.741	0.115	0.014	1.800	1.292	1.654	4.349
Services (7xxx)	0.525	0.150	0	0	0.200	0.230	0	0.175	2.812	0	0.240	0.300
Health services (8xxx)	0	0	0	0	0	0	0	0.250	0	0	0	0
Total	1.511	6.508	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.453	2.113	5.619
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Oil and gas (13xx)	1.377	3	0	0	3.325	2	0	0	3.325	2	4.702	5	7.22%
Construction (15xx)	0	0	0	0	0.144	1	0	0	0.144	1	0.144	1	0.31%
Manufacturing (2xxx, 3xxx)	3.650	10	2.642	9	9.438	18	0.846	4	12.927	31	16.576	41	28.09%
Pharmaceuticals (2834-6)	0.197	2	6.965	6	4.208	9	0.253	2	11.427	17	11.624	19	24.83%
Transportation (4xxx)	0.302	2	0	0	0	0	0.926	2	0.926	2	1.228	4	2.01%
Communications (48xx)	1.265	1	0.374	1	0.659	3	0	0	1.032	4	2.297	5	2.24%
Electric, gas, sanitary services (49xx)	0.500	1	0.700	2	0	0	0	0	0.700	2	1.200	3	1.52%
Wholesale (5xxx)	1.407	4	0.760	3	0.287	1	0.324	2	1.371	6	2.779	10	2.98%
Finance, insurance, real estate (6xxx)	6.693	12	0.741	2	1.928	4	7.296	18	9.966	24	16.659	36	21.65%
Services (7xxx)	0.675	2	0.430	2	2.987	6	0.540	3	3.958	11	4.633	13	8.60%
Health services (8xxx)	0	0	0	0	0.250	1	0	0	0.250	1	0.250	1	0.54%
Total	16.067	37	12.612	25	23.227	45	10.186	31	46.025	101	62.092	138	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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