Analysis of convertibles issuance for year to date through February

Total: $12.424 billion in 84 deals

Amount ($ billions) Number

Regular convertibles 9.255 12

Investment bank synthetics 3.169 72

Total 12.424 84

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 2/2006

0%	0	0.928
0.01%-0.99%	0.575	5.000
1%-1.99%	0.968	0
2%-2.99%	0.345	0
3%-3.99%	0.600	0
5%-5.99%	0.500	0
6%-6.99%	0	0.340
Total	2.987	6.268
	Q1/2006	Count	Total	Count	Share
0%	0.928	1	0.928	1	10.03%
0.01%-0.99%	5.575	3	5.575	3	60.24%
1%-1.99%	0.968	2	0.968	2	10.46%
2%-2.99%	0.345	1	0.345	1	3.73%
3%-3.99%	0.600	2	0.600	2	6.48%
5%-5.99%	0.500	1	0.500	1	5.40%
6%-6.99%	0.340	2	0.340	2	3.67%
Total	9.255	12	9.255	12	100.00%
Premium
	1/2006	2/2006
19.99% and lower	0.575	5.000
20%-29.99%	2.188	0
30-39.99%	0.225	0.928
40-49.99%	0	0.165
60-69.99%	0	0.175
Total	2.987	6.268
	Q1/2006	Count	Total	Count	Share
19.99% and lower	5.575	3	5.575	3	60.24%
20%-29.99%	2.188	5	2.188	5	23.64%
30-39.99%	1.153	2	1.153	2	12.46%
40-49.99%	0.165	1	0.165	1	1.78%
60-69.99%	0.175	1	0.175	1	1.89%
Total	9.255	12	9.255	12	100.00%
Quick Sale?
	1/2006	2/2006
Yes	2.143	6.268
No	0.845	0
Total	2.987	6.268
	Q1/2006	Count	Total	Count	Share
Yes	8.410	10	8.410	10	90.87%
No	0.845	2	0.845	2	9.13%
Total	9.255	12	9.255	12	100.00%
Upsized?
	1/2006	2/2006
Yes	0.600	0
No	2.388	6.268
Total	2.987	6.268
	Q1/2006	Count	Total	Count	Share
Yes	0.600	2	0.600	2	6.48%
No	8.655	10	8.655	10	93.52%
Total	9.255	12	9.255	12	100.00%
Seniority
	1/2006	2/2006
senior	1.887	6.093
senior subordinated	0.375	0
subordinated	0.225	0.175
preferred	0.500	0
Total	2.987	6.268
	Q1/2006	Count	Total	Count	Share
senior	7.980	8	7.980	8	86.22%
senior subordinated	0.375	1	0.375	1	4.05%
subordinated	0.400	2	0.400	2	4.32%
preferred	0.500	1	0.500	1	5.40%
Total	9.255	12	9.255	12	100.00%
Contingent Conversion
	1/2006	2/2006
Yes	0.720	5.340
No	2.268	0.928
Total	2.987	6.268
	Q1/2006	Count	Total	Count	Share
Yes	6.060	7	6.060	7	65.48%
No	3.195	5	3.195	5	34.52%
Total	9.255	12	9.255	12	100.00%
Mandatory
	1/2006	2/2006
Yes	0.500	0
No	2.487	6.268
Total	2.987	6.268
	Q1/2006	Count	Total	Count	Share
Yes	0.500	1	0.500	1	5.40%
No	8.755	11	8.755	11	94.60%
Total	9.255	12	9.255	12	100.00%
Greenshoe Exercised?
	1/2006	2/2006
Yes	2.263	0.165
No	0.725	6.103
Total	2.987	6.268
	Q1/2006	Count	Total	Count	Share
Yes	2.428	6	2.428	6	26.23%
No	6.828	6	6.828	6	73.78%
Total	9.255	12	9.255	12	100.00%
Versus Talk
	1/2006	2/2006
Rich end	0.500	0.165
Within	2.112	5.000
Cheap end	0.375	0.175
NA	0	0.928
Total	2.987	6.268
	Q1/2006	Count	Total	Count	Share
Rich end	0.665	2	0.665	2	7.19%
Within	7.112	7	7.112	7	76.84%
Cheap end	0.550	2	0.550	2	5.94%
NA	0.928	1	0.928	1	10.03%
Total	9.255	12	9.255	12	100.00%
Use of Proceeds
	1/2006	2/2006
Acquisition	0.845	0
GCP	0.375	0.165
Redeem convertibles	0	1.103
Repay debt	1.768	0
Multiple/Other/NA	0	5.000
Total	2.987	6.268
	Q1/2006	Count	Total	Count	Share
Acquisition	0.845	2	0.845	2	9.13%
GCP	0.540	3	0.540	3	5.83%
Redeem convertibles	1.103	2	1.103	2	11.92%
Repay debt	1.768	3	1.768	3	19.10%
Multiple/Other/NA	5.000	2	5.000	2	54.02%
Total	9.255	12	9.255	12	100.00%
Industry Sector (by SIC code)
	1/2006	2/2006
Manufacturing (2xxx, 3xxx)	0.720	0.928
Pharmaceuticals (2833-6)	1.393	5.000
Electric, gas, sanitary services (49xx)	0.500	0
Wholesale (5xxx)	0.375	0.165
Services (7xxx)	0	0.175
Total	2.987	6.268
	Q1/2006	Count	Total	Count	Share
Manufacturing (2xxx, 3xxx)	1.648	4	1.648	4	17.81%
Pharmaceuticals (2833-6)	6.393	4	6.393	4	69.08%
Electric, gas, sanitary services (49xx)	0.500	1	0.500	1	5.40%
Wholesale (5xxx)	0.540	2	0.540	2	5.83%
Services (7xxx)	0.175	1	0.175	1	1.89%
Total	9.255	12	9.255	12	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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