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

Total year-to-date issuance: $58.168 billion in 137 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

	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
0%	0	0	0.974	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0	0.575	5.000	0	1.600	2.750	1.100	0	0	0.620	0.550	0.355
1%-1.99%	0.095	0.968	0	0.400	5.150	1.425	2.150	0	0	0.180	0.300	3.875
2%-2.99%	2.746	0.345	0	0.926	0	1.505	0.845	0.300	0.240	0.746	0.405	0.776
3%-3.99%	0.998	0.600	0	0.880	0.144	0.280	2.334	0.713	1.022	1.113	0.774	2.440
4%-4.99%	0.350	0	0	0.550	0.058	0.345	1.575	1.443	0.632	0.375	0.357	1.170
5%-5.99%	0.615	0.500	0	0.291	0	0.144	0.300	0	0.075	0.230	0	0
6% and higher	1.245	0	0.365	0.238	0.148	0.089	0.575	0	0.144	0	0.783	0.212
Floater	2.000	0	0	0	0	0	0.713	0	0	2.500	0	0
Total	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.828
	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	0.974	1	1.67%
0.01%-0.99%	5.575	3	5.450	5	0.620	3	0.905	3	12.550	14	12.550	14	21.58%
1%-1.99%	1.367	3	8.725	8	0.180	1	4.175	5	14.447	17	14.543	18	24.84%
2%-2.99%	1.271	5	2.349	9	1.286	5	1.181	6	6.088	25	8.834	30	10.47%
3%-3.99%	1.480	5	2.757	9	2.848	11	3.214	11	10.299	36	11.296	37	17.71%
4%-4.99%	0.550	2	1.978	5	2.451	7	1.527	6	6.505	20	6.855	22	11.18%
5%-5.99%	0.791	2	0.443	2	0.305	2	0	0	1.539	6	2.154	10	2.65%
6% and higher	0.603	4	0.812	5	0.144	1	0.994	5	2.553	15	3.798	17	4.38%
Floater	0	0	0.713	2	2.500	1	0	0	3.212	3	5.213	4	5.52%
Total	12.612	25	23.227	45	10.333	31	11.996	36	58.168	137	66.216	153	100.00%
Premium
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
19.99% and lower	1.600	0.575	5.000	0	6.091	0.395	2.544	0.149	0.302	3.105	0.982	0.180
20%-29.99%	5.229	2.188	0	2.044	0.865	1.024	4.959	2.007	1.571	2.340	0.986	5.330
30-39.99%	1.218	0.225	0.974	0.700	0.144	4.619	1.522	0	0.240	0.201	1.200	2.037
40-49.99%	0	0	0.165	0.291	0	0	0.565	0.300	0	0	0	1.225
50% and higher	0	0	0.200	0.250	0	0.500	0	0	0	0.118	0	0.056
Total	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.828
	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	1.162	4	19.324	29	20.924	30	33.22%
20%-29.99%	4.232	13	6.848	15	5.917	20	6.316	15	23.312	63	28.541	75	40.08%
30-39.99%	1.899	5	6.285	13	0.441	2	3.237	13	11.862	33	13.081	36	20.39%
40-49.99%	0.456	2	0.565	1	0.300	1	1.225	3	2.546	7	2.546	7	4.38%
50% and higher	0.450	2	0.500	1	0.118	1	0.056	1	1.124	5	1.124	5	1.93%
Total	12.612	25	23.227	45	10.333	31	11.996	36	58.168	137	66.216	153	100.00%
Quick Sale?
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Yes	3.885	2.143	6.339	2.893	6.865	6.424	9.217	2.456	1.969	5.534	3.168	8.741
No	4.163	0.845	0	0.392	0.234	0.114	0.374	0	0.144	0.230	0	0.087
Total	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.828
	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	9.960	29	11.909	34	55.749	123	59.633	133	95.84%
No	1.237	4	0.722	6	0.374	2	0.087	2	2.420	14	6.583	20	4.16%
Total	12.612	25	23.227	45	10.333	31	11.996	36	58.168	137	66.216	153	100.00%
Upsized?
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Yes	2.226	0.600	0	0.846	1.600	0.350	1.910	0	0.642	0.150	0.506	1.193
No	5.822	2.388	6.339	2.148	5.499	6.188	7.473	2.456	1.471	5.614	2.662	7.635
Downsized	0	0	0	0.291	0	0	0.207	0	0	0	0	0
Total	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.828
	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	1.699	8	7.797	22	10.023	27	13.40%
No	10.874	19	19.160	37	9.541	29	10.297	28	49.873	113	55.695	124	85.74%
Downsized	0.291	1	0.207	1	0	0	0	0	0.498	2	0.498	2	0.86%
Total	12.612	25	23.227	45	10.333	31	11.996	36	58.168	137	66.216	153	100.00%
Seniority
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
senior secured	0	0	0	0	0	0	0	0	0	0	0.403	0
senior	5.345	1.887	6.139	2.134	6.841	5.699	7.392	1.869	2.113	4.883	2.276	7.526
senior subordinated	0.331	0.375	0	0.441	0	0.360	0.874	0.300	0	0.471	0.110	0.325
subordinated	1.850	0.225	0.200	0.200	0.144	0.465	0.450	0.138	0	0.180	0	0.200
preferred	0.522	0.500	0	0.511	0.115	0.014	0.875	0.149	0	0.230	0.380	0.777
Total	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.828
	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	0.403	1	0.403	1	0.403	1	0.69%
senior	10.160	15	19.931	32	8.865	24	9.802	27	48.758	98	54.103	106	83.82%
senior subordinated	0.816	4	1.234	5	0.771	3	0.435	3	3.256	15	3.587	18	5.60%
subordinated	0.625	3	1.059	4	0.318	2	0.200	1	2.201	10	4.051	12	3.78%
preferred	1.011	3	1.003	4	0.380	2	1.157	4	3.550	13	4.073	16	6.10%
Total	12.612	25	23.227	45	10.333	31	11.996	36	58.168	137	66.216	153	100.00%
Mandatory
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Yes	1.245	0.500	0	0	0	0	0.875	0	0	0.230	0	0
No	6.803	2.487	6.339	3.285	7.099	6.538	8.716	2.456	2.113	5.534	3.168	8.828
Total	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.828
	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	2.850	6	2.76%
No	12.112	24	22.353	43	10.103	30	11.996	36	56.564	133	63.367	147	97.24%
Total	12.612	25	23.227	45	10.333	31	11.996	36	58.168	137	66.216	153	100.00%
Greenshoe Exercised?
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Yes	4.298	2.263	1.339	2.576	6.766	4.523	7.428	1.430	1.493	2.745	2.918	6.816
No	3.750	0.725	5.000	0.709	0.333	2.015	2.163	1.026	0.620	3.019	0.250	2.012
Total	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.828
	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	5.668	22	9.734	27	40.296	101	44.594	111	69.28%
No	6.434	7	4.511	11	4.665	9	2.262	9	17.872	36	21.622	42	30.72%
Total	12.612	25	23.227	45	10.333	31	11.996	36	58.168	137	66.216	153	100.00%
Versus Talk
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Richer	0.210	0	0	0	0	0	0	0	0	0	0	0
Rich end	0.958	0.500	0.165	0.472	0	0.350	0	0	0	0.280	0.357	1.176
Within	3.558	2.112	5.000	1.085	2.615	2.860	5.691	1.164	1.002	2.115	1.458	6.610
Cheap end	0.973	0.375	0.200	1.260	2.950	2.894	1.800	0.725	0.219	3.170	0.787	1.005
Cheaper	0	0	0	0.200	1.444	0.345	2.100	0.568	0.892	0.200	0.250	0
NA, other	2.350	0	0.974	0.268	0.091	0.089	0	0	0	0	0.315	0.037
Total	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.828
	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	1.533	9	3.300	16	4.258	19	5.67%
Within	8.197	11	11.166	27	4.281	17	8.068	16	31.712	71	35.270	77	54.52%
Cheap end	1.835	6	7.643	6	4.113	8	1.792	7	15.384	27	16.357	30	26.45%
Cheaper	0.200	1	3.889	7	1.660	4	0.250	1	5.998	13	5.998	13	10.31%
NA, other	1.242	3	0.179	4	0	0	0.352	3	1.773	10	4.123	13	3.05%
Total	12.612	25	23.227	45	10.333	31	11.996	36	58.168	137	66.216	153	100.00%
Use of Proceeds
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Acquisition	0.100	0.845	0	0.200	0.058	0	1.514	0	0	0	0.300	0.125
Capex	0.204	0	0	0	0	0	0	0	0	0.230	0.487	0.037
GCP	3.031	0.375	0.165	1.143	0.448	4.688	2.600	0.438	0.700	2.500	0.356	2.931
No proceeds	0	0	0	0	0	0	0	0.726	0	0	0	0
Redeem convertibles	0	0	1.174	0.850	0.144	0.275	0.317	0	0	0.118	0	0
Refinance	2.502	1.768	0	0.912	0	0.260	1.410	0.568	1.163	1.376	0.380	0.730
Multiple/Other/NA	2.210	0	5.000	0.180	6.450	1.315	3.750	0.725	0.250	1.540	1.645	5.005
Total	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.828
	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	0.425	2	3.041	9	3.141	10	5.23%
Capex	0	0	0	0	0.230	1	0.524	3	0.754	4	0.959	6	1.30%
GCP	1.683	7	7.735	15	3.638	5	3.287	11	16.344	38	19.375	44	28.10%
No proceeds	0	0	0	0	0.726	1	0	0	0.726	1	0.726	1	1.25%
Redeem convertibles	2.024	5	0.736	4	0.118	1	0	0	2.878	10	2.878	10	4.95%
Refinance	2.679	7	1.670	7	3.107	13	1.109	4	8.565	31	11.068	36	14.72%
Multiple/Other/NA	5.180	3	11.515	15	2.514	10	6.649	16	25.859	44	28.069	46	44.46%
Total	12.612	25	23.227	45	10.333	31	11.996	36	58.168	137	66.216	153	100.00%
Industry Sector (by SIC code)
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Mining (1xxx)	0	0	0	0	0	0	0	0	0	0	0.085	0
Oil and gas (13xx)	0.113	0	0	0	0	2.750	0.575	0	0	0	0.300	0.037
Construction (15xx)	0	0	0	0	0.144	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	2.726	0.720	0.974	0.948	4.758	2.400	2.281	0.300	0.075	0.471	0.477	5.271
Pharmaceuticals (2834-6)	0.115	1.393	5.000	0.573	2.083	0.625	1.500	0.138	0	0.118	0.250	0.306
Transportation (4xxx)	0.302	0	0	0	0	0	0	0.726	0	0.230	0	0.250
Communications (48xx)	0	0	0	0.374	0	0.324	0.335	0	0	0	0.403	0
Electric, gas, sanitary services (49xx)	0.500	0.500	0	0.200	0	0	0	0	0	0	0	0
Wholesale (5xxx)	1.097	0.375	0.165	0.220	0	0	0.287	0	0.144	0.180	0.300	0.200
Finance, insurance, real estate (6xxx)	3.195	0	0	0.741	0.115	0.014	1.800	1.292	1.654	4.420	1.227	2.505
Services (7xxx)	0	0	0.200	0.230	0	0.175	2.812	0	0.240	0.345	0	0.259
Health services (8xxx)	0	0	0	0	0	0.250	0	0	0	0	0.127	0
Total	8.048	2.987	6.339	3.285	7.099	6.538	9.590	2.456	2.113	5.764	3.168	8.828
	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	0.15%
Oil and gas (13xx)	0	0	3.325	2	0	0	0.337	2	3.662	4	3.775	5	6.30%
Construction (15xx)	0	0	0.144	1	0	0	0	0	0.144	1	0.144	1	0.25%
Manufacturing (2xxx, 3xxx)	2.642	9	9.438	18	0.846	4	5.748	12	18.674	43	21.401	48	32.10%
Pharmaceuticals (2834-6)	6.965	6	4.208	9	0.256	2	0.556	3	11.985	20	12.100	21	20.60%
Transportation (4xxx)	0	0	0	0	0.956	2	0.250	1	1.206	3	1.508	5	2.07%
Communications (48xx)	0.374	1	0.659	3	0	0	0.403	1	1.435	5	1.435	5	2.47%
Electric, gas, sanitary services (49xx)	0.700	2	0	0	0	0	0	0	0.700	2	1.200	3	1.20%
Wholesale (5xxx)	0.760	3	0.287	1	0.324	2	0.500	2	1.871	8	2.969	10	3.22%
Finance, insurance, real estate (6xxx)	0.741	2	1.928	4	7.366	18	3.732	12	13.768	36	16.963	40	23.67%
Services (7xxx)	0.430	2	2.987	6	0.585	3	0.259	1	4.261	12	4.261	12	7.33%
Health services (8xxx)	0	0	0.250	1	0	0	0.127	1	0.377	2	0.377	2	0.65%
Total	12.612	25	23.227	45	10.333	31	11.996	36	58.168	137	66.216	153	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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