Analysis of convertibles issuance for January

Total: $6.501 billion in 9 deals priced in January

Amount ($ mlns) Number

Regular convertibles 6,441.25 7

Investment bank exchangeables 59.50 2

Total 6,500.75 9

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 millions of dollars, count of deals, percentage of total in dollars.

Coupon

0%	500.00	1	7.76%
2%-2.99%	3,550.00	2	55.11%
4%-4.99%	1,500.00	1	23.29%
5%-5.99%	143.75	1	2.23%
6%-6.99%	345.00	1	5.36%
8%-8.99%	402.50	1	6.25%
Total	6,441.25	7
Initial conversion premium
20%-24.99%	747.50	2	11.60%
25%-29.99%	1,643.75	2	25.52%
30%-34.99%	3,000.00	1	46.57%
40%-44.99%	1,050.00	2	16.30%
Total	6,441.25	7
Greenshoe exercised?
Yes	5,391.25	5	83.70%
No	1,050.00	2	16.30%
Total	6,441.25	7
Upsized?
Yes	6,297.50	6	97.77%
Downsized	143.75	1	2.23%
Total	6,441.25	7
Rank
Senior	5,402.50	4	83.87%
Subordinated	895.00	2	13.89%
Preferred	143.75	1	2.23%
Total	6,441.25	7
Moody's ratings
Baa1	402.50	1	6.25%
Baa3	500.00	1	7.76%
Ba2	4,500.00	2	69.86%
B1	143.75	1	2.23%
B2	550.00	1	8.54%
NR	345.00	1	5.36%
Total	6,441.25	7
Putable?
Yes	5,000.00	3	77.62%
No	1,441.25	4	22.38%
Total	6,441.25	7
Contingent Conversion?
Yes	500.00	1	7.76%
No	5,941.25	6	92.24%
Total	6,441.25	7
Mandatory?
Yes	747.50	2	11.60%
No	5,693.75	5	88.40%
Total	6,441.25	7
Versus talk
Yield high end, premium low end	500.00	1	7.76%
Yield middle, premium middle	402.50	1	6.25%
Yield low end, premium higher	345.00	1	5.36%
Yield low end, premium high end	1,500.00	1	23.29%
Yield lower, premium high end	3,693.75	3	57.35%
Total	6,441.25	7
Use of proceeds
Acquisitions	345.00	1	5.36%
Buy back shares, GCP	500.00	1	7.76%
General corporate purposes	550.00	1	8.54%
Repay debt and other uses	5,046.25	4	78.34%
	6,441.25	7
Industry sector (by SIC code)
Mining (1xxx)	143.75	1	2.23%
Manufacturing (2xxx, 3xxx)	5,550.00	4	86.16%
Electric, gas, sanitary services (49xx)	402.50	1	6.25%
Finance, insurance, real estate (6xxx)	345.00	1	5.36%
Total	6,441.25	7

Criteria

* The tables include all 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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