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

Total year-to-date issuance: $49.140 billion in 115 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

	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
0%	0.068	0	0	0.974	0	0	0	0	0	0	0	0
0.01%-0.99%	0	0	0.575	5.000	0	1.600	2.750	1.100	0	0	0.620	0.500
1%-1.99%	0.250	0.095	0.968	0	0.400	5.150	1.425	2.150	0	0	0.180	0.250
2%-2.99%	0.690	2.746	0.345	0	0.926	0	1.505	0.845	0.300	0.240	0.746	0.360
3%-3.99%	1.415	0.998	0.600	0	0.880	0.144	0.280	2.334	0.710	1.022	1.113	0.774
4%-4.99%	0.361	0.350	0	0	0.550	0.058	0.345	1.575	1.443	0.632	0.375	0.357
5%-5.99%	0.950	0.615	0.500	0	0.291	0	0.144	0.300	0	0.075	0.230	0
6% and higher	0.773	1.245	0	0.365	0.238	0.148	0.089	0.575	0	0.144	0	0.730
Floater	2.000	2.000	0	0	0	0	0	0.713	0	0	2.500	0
Total	6.508	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.453	2.113	5.764	2.970
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
0%	0.974	1	0	0	0	0	0	0	0.974	1	1.042	2	1.98%
0.01%-0.99%	5.575	3	5.450	5	0.620	3	0.500	2	12.145	13	12.145	13	24.72%
1%-1.99%	1.367	3	8.725	8	0.180	1	0.250	1	10.523	13	10.867	15	21.41%
2%-2.99%	1.271	5	2.349	9	1.286	5	0.360	2	5.267	21	8.703	27	10.72%
3%-3.99%	1.480	5	2.757	9	2.845	11	0.774	4	7.856	29	10.269	32	15.99%
4%-4.99%	0.550	2	1.978	5	2.451	7	0.357	3	5.335	17	6.047	21	10.86%
5%-5.99%	0.791	2	0.443	2	0.305	2	0	0	1.539	6	3.104	13	3.13%
6% and higher	0.603	4	0.812	5	0.144	1	0.730	2	2.288	12	4.307	17	4.66%
Floater	0	0	0.713	2	2.500	1	0	0	3.212	3	7.213	5	6.54%
Total	12.612	25	23.227	45	10.331	31	2.970	14	49.140	115	63.696	145	100.00%
Premium
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
19.99% and lower	0	1.600	0.575	5.000	0	6.091	0.395	2.544	0.149	0.302	3.105	0.929
20%-29.99%	3.910	5.229	2.188	0	2.044	0.865	1.024	4.959	2.004	1.571	2.340	0.986
30-39.99%	2.530	1.218	0.225	0.974	0.700	0.144	4.619	1.522	0	0.240	0.201	1.055
40-49.99%	0	0	0	0.165	0.291	0	0	0.565	0.300	0	0	0
50% and higher	0	0	0	0.200	0.250	0	0.500	0	0	0	0.118	0
NA	0.068	0	0	0	0	0	0	0	0	0	0	0
Total	6.508	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.453	2.113	5.764	2.970
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	5.575	3	9.030	15	3.557	7	0.929	3	19.091	28	20.691	29	38.85%
20%-29.99%	4.232	13	6.848	15	5.914	20	0.986	5	17.979	53	27.118	75	36.59%
30-39.99%	1.899	5	6.285	13	0.441	2	1.055	6	9.680	26	13.429	32	19.70%
40-49.99%	0.456	2	0.565	1	0.300	1	0	0	1.321	4	1.321	4	2.69%
50% and higher	0.450	2	0.500	1	0.118	1	0	0	1.068	4	1.068	4	2.17%
NA	0	0	0	0	0	0	0	0	0	0	0.068	1	0.00%
Total	12.612	25	23.227	45	10.331	31	2.970	14	49.140	115	63.696	145	100.00%
Quick Sale?
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Yes	5.816	3.885	2.143	6.339	2.893	6.865	6.424	9.217	2.453	1.969	5.534	2.970
No	0.692	4.163	0.845	0	0.392	0.234	0.114	0.374	0	0.144	0.230	0
Total	6.508	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.453	2.113	5.764	2.970
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	11.375	21	22.505	39	9.957	29	2.970	14	46.808	103	56.508	124	95.25%
No	1.237	4	0.722	6	0.374	2	0	0	2.333	12	7.188	21	4.75%
Total	12.612	25	23.227	45	10.331	31	2.970	14	49.140	115	63.696	145	100.00%
Upsized?
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Yes	1.265	2.226	0.600	0	0.846	1.600	0.350	1.910	0	0.642	0.150	0.506
No	5.243	5.822	2.388	6.339	2.148	5.499	6.188	7.473	2.453	1.471	5.614	2.465
Downsized	0	0	0	0	0.291	0	0	0.207	0	0	0	0
Total	6.508	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.453	2.113	5.764	2.970
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	1.446	5	3.860	7	0.792	2	0.506	2	6.604	16	10.095	22	13.44%
No	10.874	19	19.160	37	9.539	29	2.465	12	42.038	97	53.103	121	85.55%
Downsized	0.291	1	0.207	1	0	0	0	0	0.498	2	0.498	2	1.01%
Total	12.612	25	23.227	45	10.331	31	2.970	14	49.140	115	63.696	145	100.00%
Seniority
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
senior secured	0	0	0	0	0	0	0	0	0	0	0	0.350
senior	4.398	5.345	1.887	6.139	2.134	6.841	5.699	7.392	1.869	2.113	4.883	2.131
senior subordinated	0.761	0.331	0.375	0	0.441	0	0.360	0.874	0.300	0	0.471	0.110
subordinated	0.450	1.850	0.225	0.200	0.200	0.144	0.465	0.450	0.135	0	0.180	0
preferred	0.898	0.522	0.500	0	0.511	0.115	0.014	0.875	0.149	0	0.230	0.380
Total	6.508	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.453	2.113	5.764	2.970
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
senior secured	0	0	0	0	0	0	0.350	1	0.350	1	0.350	1	71.00%
senior	10.160	15	19.931	32	8.865	24	2.131	11	41.088	82	50.830	96	83.61%
senior subordinated	0.816	4	1.234	5	0.771	3	0.110	1	2.930	13	4.023	20	5.96%
subordinated	0.625	3	1.059	4	0.315	2	0	0	1.999	9	4.299	12	4.07%
preferred	1.011	3	1.003	4	0.380	2	0.380	1	2.773	10	4.194	16	5.64%
Total	12.612	25	23.227	45	10.331	31	2.970	14	49.140	115	63.696	145	100.00%
Mandatory
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Yes	0.692	1.245	0.500	0	0	0	0	0.875	0	0	0.230	0
No	5.816	6.803	2.487	6.339	3.285	7.099	6.538	8.716	2.453	2.113	5.534	2.970
Total	6.508	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.453	2.113	5.764	2.970
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	0.500	1	0.875	2	0.230	1	0	0	1.605	4	3.541	9	3.27%
No	12.112	24	22.353	43	10.101	30	2.970	14	47.536	111	60.155	136	96.74%
Total	12.612	25	23.227	45	10.331	31	2.970	14	49.140	115	63.696	145	100.00%
Greenshoe Exercised?
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Yes	3.540	4.298	2.263	1.339	2.576	6.766	4.523	7.428	1.427	1.493	2.745	1.510
No	2.968	3.750	0.725	5.000	0.709	0.333	2.015	2.163	1.026	0.620	3.019	1.460
Total	6.508	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.453	2.113	5.764	2.970
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	6.178	18	18.717	34	5.665	22	1.510	8	32.070	82	39.908	101	65.26%
No	6.434	7	4.511	11	4.665	9	1.460	6	17.070	33	23.788	44	34.74%
Total	12.612	25	23.227	45	10.331	31	2.970	14	49.140	115	63.696	145	100.00%
Versus Talk
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Richer	0	0.210	0	0	0	0	0	0	0	0	0	0
Rich end	0.173	0.958	0.500	0.165	0.472	0	0.350	0	0	0	0.280	0.342
Within	3.010	3.558	2.112	5.000	1.085	2.615	2.860	5.691	1.161	1.002	2.115	1.356
Cheap end	1.991	0.973	0.375	0.200	1.260	2.950	2.894	1.800	0.725	0.219	3.170	0.738
Cheaper	1.265	0	0	0	0.200	1.444	0.345	2.100	0.568	0.892	0.200	0.250
NA, other	0.068	2.350	0	0.974	0.268	0.091	0.089	0	0	0	0	0.285
Total	6.508	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.453	2.113	5.764	2.970
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Richer	0	0	0	0	0	0	0	0	0	0	0.210	1	0.00%
Rich end	1.137	4	0.350	1	0.280	2	0.342	3	2.109	10	3.240	14	4.29%
Within	8.197	11	11.166	27	4.278	17	1.356	5	24.997	60	31.565	71	50.87%
Cheap end	1.835	6	7.643	6	4.113	8	0.738	3	14.329	23	17.293	31	29.16%
Cheaper	0.200	1	3.889	7	1.660	4	0.250	1	5.998	13	7.263	15	12.21%
NA, other	1.242	3	0.179	4	0	0	0.285	2	1.706	9	4.125	13	3.47%
Total	12.612	25	23.227	45	10.331	31	2.970	14	49.140	115	63.696	145	100.00%
Use of Proceeds
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Acquisition	3.715	0.100	0.845	0	0.200	0.058	0	1.514	0	0	0	0.250
Capex	0	0.204	0	0	0	0	0	0	0	0	0.230	0.435
GCP	0.723	3.031	0.375	0.165	1.143	0.448	4.688	2.600	0.435	0.700	2.500	0.327
Redeem convertibles	0.201	0	0	1.174	0.850	0.144	0.275	0.317	0	0	0.118	0
Refinance	1.500	2.502	1.768	0	0.912	0	0.260	1.410	0.568	1.163	1.376	0.380
Multiple/Other/NA	0.368	2.210	0	5.000	0.180	6.450	1.315	3.750	1.451	0.250	1.540	1.579
Total	6.508	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.453	2.113	5.764	2.970
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	1.045	3	1.571	4	0	0	0.250	1	2.866	8	6.681	13	5.83%
Capex	0	0	0	0	0.230	1	0.435	2	0.665	3	0.870	5	1.35%
GCP	1.683	7	7.735	15	3.635	5	0.327	2	13.380	29	17.135	38	27.23%
Redeem convertibles	2.024	5	0.736	4	0.118	1	0	0	2.878	10	3.079	11	5.86%
Refinance	2.679	7	1.670	7	3.107	13	0.380	1	7.835	28	11.838	36	15.94%
Multiple/Other/NA	5.180	3	11.515	15	3.240	11	1.579	8	21.515	37	24.093	42	43.78%
Total	12.612	25	23.227	45	10.331	31	2.970	14	49.140	115	63.696	145	100.00%
Industry Sector (by SIC code)
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Mining (1xxx)	0	0	0	0	0	0	0	0	0	0	0	0.085
Oil and gas (13xx)	1.265	0.113	0	0	0	0	2.750	0.575	0	0	0	0.250
Construction (15xx)	0	0	0	0	0	0.144	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.526	2.726	0.720	0.974	0.948	4.758	2.400	2.281	0.300	0.075	0.471	0.432
Pharmaceuticals (2834-6)	0	0.115	1.393	5.000	0.573	2.083	0.625	1.500	0.135	0	0.118	0.250
Transportation (4xxx)	0	0.302	0	0	0	0	0	0	0.726	0	0.230	0
Communications (48xx)	1.265	0	0	0	0.374	0	0.324	0.335	0	0	0	0.350
Electric, gas, sanitary services (49xx)	0	0.500	0.500	0	0.200	0	0	0	0	0	0	0
Wholesale (5xxx)	0.310	1.097	0.375	0.165	0.220	0	0	0.287	0	0.144	0.180	0.250
Finance, insurance, real estate (6xxx)	2.992	3.195	0	0	0.741	0.115	0.014	1.800	1.292	1.654	4.420	1.227
Services (7xxx)	0.150	0	0	0.200	0.230	0	0.175	2.812	0	0.240	0.345	0
Health services (8xxx)	0	0	0	0	0	0	0.250	0	0	0	0	0.127
Total	6.508	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.453	2.113	5.764	2.720
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	0	0	0	0	0	0	0.085	1	0.085	1	0.085	1	0.17%
Oil and gas (13xx)	0	0	3.325	2	0	0	0.250	1	3.575	3	4.952	6	7.28%
Construction (15xx)	0	0	0.144	1	0	0	0	0	0.144	1	0.144	1	0.29%
Manufacturing (2xxx, 3xxx)	2.642	9	9.438	18	0.846	4	0.432	3	13.358	34	16.611	42	27.18%
Pharmaceuticals (2834-6)	6.965	6	4.208	9	0.253	2	0.250	1	11.677	18	11.792	19	23.76%
Transportation (4xxx)	0	0	0	0	0.956	2	0	0	0.956	2	1.258	4	1.95%
Communications (48xx)	0.374	1	0.659	3	0	0	0.350	1	1.383	5	2.647	6	2.81%
Electric, gas, sanitary services (49xx)	0.700	2	0	0	0	0	0	0	0.700	2	1.200	3	1.42%
Wholesale (5xxx)	0.760	3	0.287	1	0.324	2	0.250	1	1.621	7	3.029	11	3.30%
Finance, insurance, real estate (6xxx)	0.741	2	1.928	4	7.366	18	1.227	5	11.263	29	17.449	38	22.92%
Services (7xxx)	0.430	2	2.987	6	0.585	3	0	0	4.003	11	4.152	12	8.15%
Health services (8xxx)	0	0	0.250	1	0	0	0.127	1	0.377	2	0.377	2	0.77%
Total	12.612	25	23.227	45	10.331	31	2.970	14	49.140	115	63.696	145	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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