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

Total: $16.425 billion in 153 deals

Amount ($ billions) Number

Regular convertibles 12.467 25

Investment bank synthetics 3.958 128

Total 16.425 153

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

	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
0%	0	0	0	0	0.010	0	0.046	0.068	0	0	0.974	0
0.01%-0.99%	0	0	0	0	0	0	0	0	0	0.575	5.000	0
1%-1.99%	0	0.350	0	0.150	0	0.160	0	0.250	0.095	0.968	0	0.400
2%-2.99%	0.112	0	1.095	0.725	0.906	0.250	0.225	0.690	2.746	0.345	0	0.926
3%-3.99%	0	0.307	0.620	1.075	0.855	0.715	0.398	1.415	0.998	0.600	0	0.830
4%-4.99%	0.750	0	0.388	0	0	0.300	0	0.361	0.350	0	0	0.500
5%-5.99%	0.460	0	0	0	0.115	0.146	0.525	0.950	0.615	0.500	0	0.291
6% and higher	0	0.287	2.805	0.045	0.087	0.219	0.318	0.773	1.245	0	0.340	0.218
Floater	0	0	0	0	2.500	0	0	2.000	2.000	0	0	0
Total	1.322	0.945	4.907	1.995	4.473	1.790	1.511	6.508	8.048	2.987	6.314	3.165
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
0%	0	0	0.010	1	0.114	2	0.974	1	0.974	1	1.098	4	7.81%
0.01%-0.99%	0	0	0	0	0	0	5.575	3	5.575	3	5.575	3	44.72%
1%-1.99%	0.350	1	0.310	2	0.345	2	1.367	3	1.367	3	2.373	8	10.96%
2%-2.99%	1.207	3	1.881	7	3.661	7	1.271	5	1.271	5	8.021	22	10.19%
3%-3.99%	0.927	5	2.645	11	2.810	5	1.430	5	1.430	5	7.812	26	11.47%
4%-4.99%	1.138	4	0.300	1	0.711	4	0.500	2	0.500	2	2.649	11	4.01%
5%-5.99%	0.460	1	0.261	3	2.090	8	0.791	2	0.791	2	3.602	14	6.34%
6% and higher	3.092	4	0.351	4	2.336	7	0.558	4	0.558	4	6.338	19	4.47%
Floater	0	0	2.500	1	4.000	2	0	0	0	0	6.500	3	0.00%
Total	7.174	18	8.258	30	16.067	37	12.467	25	12.467	25	43.966	110	100.00%
Premium
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
19.99% and lower	0	0.350	0.920	0.520	0.087	0.135	0.307	0	1.600	0.575	5.000	0
20%-29.99%	0.750	0.345	3.892	0.500	3.501	0.529	0.461	3.910	5.229	2.188	0	1.974
30-39.99%	0.572	0.250	0	0.975	0.875	1.126	0.698	2.530	1.218	0.225	0.974	0.700
40-49.99%	0	0	0	0	0	0	0	0	0	0	0.165	0.291
50% and higher	0	0	0	0	0	0	0	0	0	0	0.175	0.200
NA	0	0	0.095	0	0.010	0	0.046	0.068	0	0	0	0
Total	1.322	0.945	4.907	1.995	4.473	1.790	1.511	6.508	8.048	2.987	6.314	3.165
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	1.270	2	0.742	6	1.907	3	5.575	3	5.575	3	9.494	14	44.72%
20%-29.99%	4.987	11	4.530	11	9.600	24	4.162	13	4.162	13	23.279	59	33.38%
30-39.99%	0.822	3	2.976	12	4.446	8	1.899	5	1.899	5	10.144	28	15.23%
40-49.99%	0	0	0	0	0	0	0.456	2	0.456	2	0.456	2	3.66%
50% and higher	0	0	0	0	0	0	0.375	2	0.375	2	0.375	2	3.00%
NA	0.095	2	0.010	1	0.114	2	0	0	0	0	0.219	5	0.00%
Total	7.174	18	8.258	30	16.067	37	12.467	25	12.467	25	43.966	110	100.00%
Quick Sale?
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Yes	0.572	0.600	2.592	1.845	3.746	1.646	1.147	5.816	3.885	2.143	6.314	2.773
No	0.750	0.345	2.315	0.150	0.727	0.144	0.364	0.692	4.163	0.845	0	0.392
Total	1.322	0.945	4.907	1.995	4.473	1.790	1.511	6.508	8.048	2.987	6.314	3.165
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	3.765	11	7.237	24	10.848	25	11.230	21	11.230	21	33.080	81	90.08%
No	3.410	7	1.021	6	5.219	12	1.237	4	1.237	4	10.886	29	9.92%
Total	7.174	18	8.258	30	16.067	37	12.467	25	12.467	25	43.966	110	100.00%
Upsized?
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Yes	0	0.287	0.787	0.700	0.087	0.275	0	1.265	2.226	0.600	0	0.846
No	1.210	0.657	4.120	1.295	4.386	1.515	1.275	5.243	5.822	2.388	6.314	2.028
Downsized	0.112	0	0	0	0	0	0.236	0	0	0	0	0.291
Total	1.322	0.945	4.907	1.995	4.473	1.790	1.511	6.508	8.048	2.987	6.314	3.165
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	1.075	4	1.062	4	3.491	6	1.446	5	1.446	5	7.074	19	11.60%
No	5.988	13	7.196	26	12.340	30	10.729	19	10.729	19	36.253	88	86.06%
Downsized	0.112	1	0	0	0.236	1	0.291	1	0.291	1	0.640	3	2.33%
Total	7.174	18	8.258	30	16.067	37	12.467	25	12.467	25	43.966	110	100.00%
Seniority
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
senior	0.112	0.945	1.558	1.745	3.903	0.990	0.750	4.398	5.345	1.887	6.139	2.084
senior subordinated	0	0	1.069	0.250	0.225	0.125	0	0.761	0.331	0.375	0	0.391
subordinated	0	0	0.210	0	0.230	0.375	0	0.450	1.850	0.225	0.175	0.200
preferred	1.210	0	2.070	0	0.115	0.300	0.761	0.898	0.522	0.500	0	0.491
Total	1.322	0.945	4.907	1.995	4.473	1.790	1.511	6.508	8.048	2.987	6.314	3.165
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
senior	2.615	11	6.638	21	10.493	19	10.110	15	10.110	15	29.856	66	81.09%
senior subordinated	1.069	2	0.600	4	1.092	7	0.765	4	0.765	4	3.527	17	6.14%
subordinated	0.210	2	0.605	3	2.300	3	0.600	3	0.600	3	3.715	11	4.81%
preferred	3.280	3	0.415	2	2.182	8	0.991	3	0.991	3	6.868	16	7.95%
Total	7.174	18	8.258	30	16.067	37	12.467	25	12.467	25	43.966	110	100.00%
Contingent Conversion
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Yes	0	0.600	2.502	1.350	1.231	0.435	0.623	2.405	1.241	0.720	5.340	1.480
No	1.322	0.345	2.405	0.645	3.242	1.355	0.889	4.103	6.807	2.268	0.974	1.685
Total	1.322	0.945	4.907	1.995	4.473	1.790	1.511	6.508	8.048	2.987	6.314	3.165
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	3.103	8	3.016	11	4.269	12	7.540	13	7.540	13	17.927	44	60.48%
No	4.072	10	5.242	19	11.799	25	4.927	12	4.927	12	26.039	66	39.52%
Total	7.174	18	8.258	30	16.067	37	12.467	25	12.467	25	43.966	110	100.00%
Mandatory
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Yes	0	0.287	2.080	0	0.125	0	0.282	0.692	1.245	0.500	0	0
No	1.322	0.657	2.827	1.995	4.348	1.790	1.230	5.816	6.803	2.487	6.314	3.165
Total	1.322	0.945	4.907	1.995	4.473	1.790	1.511	6.508	8.048	2.987	6.314	3.165
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	2.368	3	0.125	2	2.218	7	0.500	1	0.500	1	5.211	13	4.01%
No	4.807	15	8.133	28	13.849	30	11.967	24	11.967	24	38.755	97	95.99%
Total	7.174	18	8.258	30	16.067	37	12.467	25	12.467	25	43.966	110	100.00%
Greenshoe Exercised?
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Yes	0.572	0.058	4.162	1.445	1.231	1.205	0.398	3.540	4.298	2.263	1.139	1.656
No	0.750	0.887	0.745	0.550	3.242	0.585	1.114	2.968	3.750	0.725	5.175	1.509
Total	1.322	0.945	4.907	1.995	4.473	1.790	1.511	6.508	8.048	2.987	6.314	3.165
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	4.792	11	3.881	18	8.235	21	5.058	14	5.058	14	21.966	64	40.57%
No	2.383	7	4.377	12	7.832	16	7.409	11	7.409	11	22.000	46	59.43%
Total	7.174	18	8.258	30	16.067	37	12.467	25	12.467	25	43.966	110	100.00%
Versus Talk
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Richer	0	0	0	0	0	0	0	0	0.210	0	0	0
Rich end	0	0	0.149	0.150	0	0.701	0.525	0.173	0.958	0.500	0.165	0.472
Within	0	0	2.070	1.325	3.042	0.579	0.461	3.010	3.558	2.112	5.000	1.065
Cheap end	1.322	0.537	1.768	0	1.121	0.250	0.225	1.991	0.973	0.375	0.175	1.210
Cheaper	0	0	0	0	0.300	0.125	0	1.265	0	0	0	0.200
NA, other	0	0.407	0.920	0.520	0.010	0.135	0.300	0.068	2.350	0	0.974	0.218
Total	1.322	0.945	4.907	1.995	4.473	1.790	1.511	6.508	8.048	2.987	6.314	3.165
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Richer	0	0	0	0	0.210	1	0	0	0	0	0.210	1	0.00%
Rich end	0.149	1	0.851	4	1.656	5	1.137	4	1.137	4	3.795	14	9.12%
Within	2.070	1	4.946	12	7.029	13	8.177	11	8.177	11	22.222	37	65.59%
Cheap end	3.627	10	1.371	6	3.189	9	1.760	6	1.760	6	9.947	31	14.12%
Cheaper	0	0	0.425	2	1.265	2	0.200	1	0.200	1	1.890	5	1.60%
NA, other	1.328	6	0.665	6	2.718	7	1.192	3	1.192	3	5.903	22	9.56%
Total	7.174	18	8.258	30	16.067	37	12.467	25	12.467	25	43.966	110	100.00%
Use of Proceeds
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Acquisition	0.460	0.350	2.070	0.700	0	0	0	3.715	0.100	0.845	0	0.200
Capex	0	0	0	0	0	0	0	0	0.204	0	0	0
GCP	0.112	0.307	0.295	0.770	3.150	0.561	1.211	0.723	3.031	0.375	0.165	1.093
Redeem convertibles	0	0	0.920	0	0.345	0	0.172	0.201	0	0	1.149	0.800
Refinance	0	0	1.113	0.375	0.881	0.404	0	1.500	2.502	1.768	0	0.892
Multiple/Other/NA	0.750	0.287	0.510	0.150	0.097	0.825	0.128	0.368	2.210	0	5.000	0.180
Total	1.322	0.945	4.907	1.995	4.473	1.790	1.511	6.508	8.048	2.987	6.314	3.165
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	2.880	3	0.700	1	3.815	5	1.045	3	1.045	3	8.440	12	8.38%
Capex	0	0	0	0	0.204	2	0	0	0	0	0.204	2	0.00%
GCP	0.715	6	4.481	11	4.966	13	1.633	7	1.633	7	11.795	37	13.10%
Redeem convertibles	0.920	1	0.345	2	0.374	2	1.949	5	1.949	5	3.588	10	15.63%
Refinance	1.113	3	1.660	9	4.002	8	2.659	7	2.659	7	9.433	27	21.33%
Multiple/Other/NA	1.547	5	1.072	7	2.706	7	5.180	3	5.180	3	10.505	22	41.55%
Total	7.174	18	8.258	30	16.067	37	12.467	25	12.467	25	43.966	110	100.00%
Industry Sector (by SIC code)
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Oil and gas (13xx)	0.460	0	0	0.325	0	0.386	0	1.265	0.113	0	0	0
Manufacturing (2xxx, 3xxx)	0	0	0.385	0.995	0.326	0.125	0.398	0.526	2.726	0.720	0.974	0.898
Pharmaceuticals (2833-6)	0.112	0.350	1.419	0	0.230	0.315	0.082	0	0.115	1.393	5.000	0.573
Transportation (4xxx)	0	0	0	0	0	0.144	0	0	0.302	0	0	0
Communications (48xx)	0	0	0	0	0.350	0.160	0	1.265	0	0	0	0.374
Electric, gas, sanitary services (49xx)	0.750	0	0.650	0	0	0	0	0	0.500	0.500	0	0.200
Wholesale (5xxx)	0	0	0	0.125	0.115	0.150	0	0.310	1.097	0.375	0.165	0.200
Finance, insurance, real estate (6xxx)	0	0.537	2.453	0	2.927	0.335	0.507	2.992	3.195	0	0	0.691
Services (7xxx)	0	0.058	0	0	0.300	0.175	0.525	0.150	0	0	0.175	0.230
Health services (8xxx)	0	0	0	0.550	0.225	0	0	0	0	0	0	0
Total	1.322	0.945	4.907	1.995	4.473	1.790	1.511	6.508	8.048	2.987	6.314	3.165
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Oil and gas (13xx)	0.460	1	0.711	3	1.377	3	0	0	0	0	2.549	7	0.00%
Manufacturing (2xxx, 3xxx)	0.385	3	1.446	6	3.650	10	2.592	9	2.592	9	8.073	28	20.79%
Pharmaceuticals (2833-6)	1.882	5	0.545	2	0.197	2	6.965	6	6.965	6	9.589	15	55.87%
Transportation (4xxx)	0	0	0.144	1	0.302	2	0	0	0	0	0.446	3	0.00%
Communications (48xx)	0	0	0.510	2	1.265	1	0.374	1	0.374	1	2.149	4	3.00%
Electric, gas, sanitary services (49xx)	1.400	2	0	0	0.500	1	0.700	2	0.700	2	2.600	5	5.61%
Wholesale (5xxx)	0	0	0.390	3	1.407	4	0.740	3	0.740	3	2.538	10	5.94%
Finance, insurance, real estate (6xxx)	2.990	6	3.262	7	6.693	12	0.691	2	0.691	2	13.636	27	5.54%
Services (7xxx)	0.058	1	0.475	3	0.675	2	0.405	2	0.405	2	1.613	8	3.25%
Health services (8xxx)	0	0	0.775	3	0	0	0	0	0	0	0.775	3	0.00%
Total	7.174	18	8.258	30	16.067	37	12.467	25	12.467	25	43.966	110	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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