Analysis of convertibles issuance for January

Total: $3.107 billion in 32 deals

Amount ($ billions) Number

Regular convertibles 2.725 7

Investment bank synthetics 0.382 25

Total 3.107 32

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

1/2006

0.01%-0.99% 0.500

1%-1.99% 0.875

2%-2.99% 0.300

3%-3.99% 0.550

5%-5.99% 0.500

Total 2.725

	Q1/2006	Count	Total	Count	Share
0.01%-0.99%	0.500	1	0.500	1	18.35%
1%-1.99%	0.875	2	0.875	2	32.11%
2%-2.99%	0.300	1	0.300	1	11.01%
3%-3.99%	0.550	2	0.550	2	20.18%
5%-5.99%	0.500	1	0.500	1	18.35%
Total	2.725	7	2.725	7	100.00%
Premium
	1/2006
19.99% and lower	0.500
20%-29.99%	2.000
30-39.99%	0.225
Total	2.725
	Q1/2006	Count	Total	Count	Share
19.99% and lower	0.500	1	0.500	1	18.35%
20%-29.99%	2.000	5	2.000	5	73.39%
30-39.99%	0.225	1	0.225	1	8.26%
Total	2.725	7	2.725	7	100.00%
Quick Sale?
	1/2006
Yes	1.925
No	0.800
Total	2.725
	Q1/2006	Count	Total	Count	Share
Yes	1.925	5	1.925	5	70.64%
No	0.800	2	0.800	2	29.36%
Total	2.725	7	2.725	7	100.00%
Upsized?
	1/2006
Yes	0.550
No	2.175
Total	2.725
	Q1/2006	Count	Total	Count	Share
Yes	0.550	2	0.550	2	20.18%
No	2.175	5	2.175	5	79.82%
Total	2.725	7	2.725	7	100.00%
Seniority
	1/2006
senior	1.675
senior subordinated	0.325
subordinated	0.225
preferred	0.500
Total	2.725
	Q1/2006	Count	Total	Count	Share
senior	1.675	4	1.675	4	61.47%
senior subordinated	0.325	1	0.325	1	11.93%
subordinated	0.225	1	0.225	1	8.26%
preferred	0.500	1	0.500	1	18.35%
Total	2.725	7	2.725	7	100.00%
Contingent Conversion
	1/2006
Yes	0.650
No	2.075
Total	2.725
	Q1/2006	Count	Total	Count	Share
Yes	0.650	3	0.650	3	23.85%
No	2.075	4	2.075	4	76.15%
Total	2.725	7	2.725	7	100.00%
Mandatory
	1/2006
Yes	0.500
No	2.225
Total	2.725
	Q1/2006	Count	Total	Count	Share
Yes	0.500	1	0.500	1	18.35%
No	2.225	6	2.225	6	81.65%
Total	2.725	7	2.725	7	100.00%
Greenshoe Exercised?
	1/2006
No	2.725
Total	2.725
	Q1/2006	Count	Total	Count	Share
No	2.725	7	2.725	7	100.00%
Total	2.725	7	2.725	7	100.00%
Versus Talk
	1/2006
Rich end	0.500
Within	1.900
Cheap end	0.325
Total	2.725
	Q1/2006	Count	Total	Count	Share
Rich end	0.500	1	0.500	1	18.35%
Within	1.900	5	1.900	5	69.72%
Cheap end	0.325	1	0.325	1	11.93%
Total	2.725	7	2.725	7	100.00%
Use of Proceeds
	1/2006
Acquisition	0.800
GCP	0.350
Repay debt	1.575
Total	2.725
	Q1/2006	Count	Total	Count	Share
Acquisition	0.800	2	0.800	2	29.36%
GCP	0.350	2	0.350	2	12.84%
Repay debt	1.575	3	1.575	3	57.80%
Total	2.725	7	2.725	7	100.00%
Industry Sector (by SIC code)
	1/2006
Manufacturing (2xxx, 3xxx)	0.650
Pharmaceuticals (2833-6)	1.250
Electric, gas, sanitary services (49xx)	0.500
Wholesale (5xxx)	0.325
Total	2.725
	Q1/2006	Count	Total	Count	Share
Manufacturing (2xxx, 3xxx)	0.650	3	0.650	3	23.85%
Pharmaceuticals (2833-6)	1.250	2	1.250	2	45.87%
Electric, gas, sanitary services (49xx)	0.500	1	0.500	1	18.35%
Wholesale (5xxx)	0.325	1	0.325	1	11.93%
Total	2.725	7	2.725	7	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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