Analysis of convertibles issuance for 13 months through January 2011

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Coupon

	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
0%	0	0	0	0	0	1.250	0	0	0	2.070	0	0	0
0.01%-0.99%	0.575	0	0	0	0	0	0	0	0	0	0	0	0
1%-1.99%	0	0	0.575	0	0	0	2.500	1.000	0	0	0.350	0	0
2%-2.99%	0	0	0.748	0.277	0.345	0.870	0	0.550	0.115	0.883	0.955	0.184	0.936
3%-3.99%	0.930	0.150	1.292	0	0.690	0.153	0	0.400	0.770	0.692	0.815	1.074	0
4%-4.99%	0	0.490	1.970	1.435	0	0.125	0	0	0.302	0	5.550	0	0.200
5%-5.99%	0	0	0	0.787	1.103	0	0.125	0.100	0.150	0.287	0	0	0.772
6%-6.99%	0.115	0.161	0.010	0	0	0	1.265	0	0.990	0	0.150	0.530	0.250
7%-7.99%	0.230	0	0.575	0	0.106	0	0	0	0.396	0	0.300	0.310	0.150
8% and higher	0	0	0	0.510	0	1.150	0.900	0	0.032	0	0	0.739	0.006
NA/Other	0	0.209	0	1.150	0	0	0	0	0	0.284	0	0	0
Total	1.850	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.314
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0	0	1.250	1	0	0	2.070	1	0	0	0	0	3.320	2	3.320	2	0.00%
0.01%-0.99%	0.575	1	0	0	0	0	0	0	0	0	0	0	0.575	1	0	0	0.00%
1%-1.99%	0.575	1	0	0	3.500	3	0.350	1	0	0	0	0	4.425	5	4.425	5	0.00%
2%-2.99%	0.748	2	1.492	4	0.665	2	2.022	8	0.936	2	0.936	2	5.862	18	5.862	18	40.45%
3%-3.99%	2.372	7	0.843	2	1.170	4	2.581	10	0	0	0	0	6.967	23	6.037	21	0.00%
4%-4.99%	2.460	8	1.560	3	0.302	2	5.550	2	0.200	1	0.200	1	10.072	16	10.072	16	8.64%
5%-5.99%	0	0	1.890	5	0.375	3	0.287	1	0.772	2	0.772	2	3.324	11	3.324	11	33.36%
6%-6.99%	0.286	3	0	0	2.255	3	0.680	4	0.250	1	0.250	1	3.471	11	3.356	10	10.80%
7%-7.99%	0.805	3	0.106	2	0.396	1	0.610	3	0.150	2	0.150	2	2.068	11	1.838	9	6.48%
8% and higher	0	0	1.660	3	0.931	2	0.739	2	0.006	1	0.006	1	3.337	8	3.337	8	0.26%
NA/Other	0.209	1	1.150	1	0	0	0.284	1	0	0	0	0	1.643	3	1.643	3	0.00%
Total	8.030	26	9.951	21	9.596	20	15.174	33	2.314	9	2.314	9	45.065	109	43.215	103	100.00%
Premium
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
19.99% and lower	0.115	0	0.342	0	0.032	0.153	0.900	0.400	0	0	0.275	0.150	0.822
20%-29.99%	0.985	0.801	2.672	2.567	0.075	2.145	1.390	1.100	1.651	0.738	6.120	2.247	0.846
30-39.99%	0	0	2.155	0.277	0.345	1.250	2.500	0.550	1.074	1.125	1.290	0.430	0
40% and higher	0	0	0	0.165	0.690	0	0	0	0.032	0	0.435	0	0.640
NA	0.750	0.209	0	1.150	1.103	0	0	0	0	2.354	0	0.010	0.006
Total	1.850	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.314
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0.457	2	0.185	2	1.300	2	0.425	2	0.822	3	0.822	3	3.189	11	3.074	10	35.52%
20%-29.99%	4.458	17	4.787	11	4.141	9	9.104	15	0.846	3	0.846	3	23.337	55	22.352	51	36.56%
30-39.99%	2.155	5	1.871	3	4.124	8	2.845	12	0	0	0	0	10.996	28	10.996	28	0.00%
40% and higher	0	0	0.855	2	0.032	1	0.435	1	0.640	2	0.640	2	1.961	6	1.961	6	27.66%
NA	0.959	2	2.252	3	0	0	2.364	3	0.006	1	0.006	1	5.581	9	4.831	8	0.26%
Total	8.030	26	9.951	21	9.596	20	15.174	33	2.314	9	2.314	9	45.065	109	43.215	103	100.00%
Quick Sale?
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Yes	1.850	1.010	5.170	3.874	1.141	3.548	4.790	2.050	2.724	4.129	8.120	2.837	1.612
No	0	0	0	0.285	1.103	0	0	0	0.032	0.088	0	0	0.702
Total	1.850	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.314
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	8.030	26	8.564	18	9.564	19	15.086	32	1.612	5	1.612	5	42.855	100	41.005	94	69.66%
No	0	0	1.387	3	0.032	1	0.088	1	0.702	4	0.702	4	2.209	9	2.209	9	30.34%
Total	8.030	26	9.951	21	9.596	20	15.174	33	2.314	9	2.314	9	45.065	109	43.215	103	100.00%
Upsized?
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Yes	1.103	0	2.465	3.372	1.035	0	0	0.550	0.300	1.433	1.225	0.959	1.512
No	0.748	1.010	2.705	0.786	1.209	3.548	4.790	1.500	2.456	2.784	6.895	1.628	0.802
Downsized	0	0	0	0	0	0	0	0	0	0	0	0.250	0
Total	1.850	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.314
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.567	10	4.407	8	0.850	3	3.617	11	1.512	4	1.512	4	13.954	36	12.851	33	65.34%
No	4.462	16	5.544	13	8.746	17	11.307	21	0.802	5	0.802	5	30.861	72	30.113	69	34.66%
Downsized	0	0	0	0	0	0	0.250	1	0	0	0	0	0.250	1	0.250	1	0.00%
Total	8.030	26	9.951	21	9.596	20	15.174	33	2.314	9	2.314	9	45.065	109	43.215	103	100.00%
Seniority
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
senior secured	0	0	0	0.165	0	0	0	0	0	0	0	0	0
senior	1.792	0.860	3.880	3.449	1.141	2.398	3.525	1.650	2.756	3.645	2.270	2.827	2.064
senior subordinated	0	0.150	0	0.200	0	0	0	0.400	0	0	0	0	0
subordinated	0.058	0	0.715	0.345	0	1.150	0	0	0	0	0	0	0.250
preferred	0	0	0.575	0	1.103	0	1.265	0	0	0.571	5.850	0.010	0
Total	1.850	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.314
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0	0	0.165	1	0	0	0	0	0	0	0	0	0.165	1	0.165	1	0.00%
senior	6.532	22	6.989	15	7.931	18	8.742	27	2.064	8	2.064	8	32.258	90	30.466	85	89.20%
senior subordinated	0.150	1	0.200	1	0.400	1	0	0	0	0	0	0	0.750	3	0.750	3	0.00%
subordinated	0.772	2	1.495	2	0	0	0	0	0.250	1	0.250	1	2.518	5	2.460	4	10.80%
preferred	0.575	1	1.103	2	1.265	1	6.431	6	0	0	0	0	9.374	10	9.374	10	0.00%
Total	8.030	26	9.951	21	9.596	20	15.174	33	2.314	9	2.314	9	45.065	109	43.215	103	100.00%
Mandatory
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Yes	0.058	0	0.575	0	0	1.150	1.265	0	1.186	2.070	5.000	0.260	0.250
No	1.792	1.010	4.595	4.159	2.244	2.398	3.525	2.050	1.570	2.147	3.120	2.577	2.064
Total	1.850	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.314
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.632	2	1.150	1	2.451	3	7.330	4	0.250	1	0.250	1	11.813	11	11.756	10	10.80%
No	7.397	24	8.801	20	7.145	17	7.844	29	2.064	8	2.064	8	33.252	98	31.459	93	89.20%
Total	8.030	26	9.951	21	9.596	20	15.174	33	2.314	9	2.314	9	45.065	109	43.215	103	100.00%
Greenshoe Exercised?
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Yes	1.100	0.520	4.343	3.994	1.067	2.750	4.790	0.950	2.724	2.059	7.135	1.927	1.168
No	0.750	0.490	0.827	0.165	1.177	0.798	0	1.100	0.032	2.158	0.985	0.910	1.146
Total	1.850	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.314
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	5.962	20	7.810	14	8.464	17	11.121	25	1.168	3	1.168	3	34.526	79	33.426	74	50.48%
No	2.067	6	2.141	7	1.131	3	4.053	8	1.146	6	1.146	6	10.539	30	9.789	29	49.52%
Total	8.030	26	9.951	21	9.596	20	15.174	33	2.314	9	2.314	9	45.065	109	43.215	103	100.00%
Versus Talk
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Richer	0	0	0.717	0.345	0	0	0	0	0.115	0.345	0.135	0	0
Rich end	0.058	0	0.750	1.495	0	0	3.765	0	1.092	0.287	6.070	0.824	0.250
Within	0.922	0.150	3.237	0.165	0.765	2.750	0	1.550	0.951	1.142	0.900	1.539	1.171
Cheap end	0.295	0.490	0.115	0.719	0.345	0.125	0.125	0.500	0	0	0.715	0.130	0.540
Cheaper	0.575	0	0.240	0	0	0.520	0	0	0	0	0	0	0
NA	0	0.370	0.110	1.435	1.134	0.153	0.900	0	0.598	2.442	0.300	0.344	0.353
Total	1.850	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.314
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.717	2	0.345	1	0.115	1	0.480	2	0	0	0	0	1.657	6	1.657	6	0.00%
Rich end	0.807	3	1.495	2	4.857	6	7.181	9	0.250	1	0.250	1	14.590	21	14.533	20	10.80%
Within	4.310	11	3.680	6	2.501	6	3.582	10	1.171	3	1.171	3	15.244	36	14.321	34	50.61%
Cheap end	0.900	4	1.189	5	0.625	3	0.845	5	0.540	1	0.540	1	4.099	18	3.804	16	23.34%
Cheaper	0.815	2	0.520	1	0	0	0	0	0	0	0	0	1.335	3	0.760	2	0.00%
NA	0.480	4	2.722	6	1.498	4	3.086	7	0.353	4	0.353	4	8.139	25	8.139	25	15.25%
Total	8.030	26	9.951	21	9.596	20	15.174	33	2.314	9	2.314	9	45.065	109	43.215	103	100.00%
Use of Proceeds
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Acquisition	0	0	0.375	0	0	1.150	0	0	0	0	0	0	0
Capex	0	0	0	0	0	0	2.290	0.550	0.170	0	0.185	0.080	0.540
GCP	0	0.651	0.637	1.737	0.377	0	0	1.000	1.113	3.134	1.360	0.768	0.300
Redeem convertibles	0	0	0	0	0	0.153	0	0	0.032	0.450	0	0.729	0
Refinance	0.172	0	3.157	1.515	1.177	0	0	0.400	0.302	0.287	0.485	0.230	0.300
Multiple/Other/NA	1.677	0.359	1.000	0.906	0.690	2.245	2.500	0.100	1.139	0.345	6.090	1.030	1.174
Total	1.850	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.314
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.375	1	1.150	1	0	0	0	0	0	0	0	0	1.525	2	1.525	2	0.00%
Capex	0	0	0	0	3.010	5	0.265	3	0.540	1	0.540	1	3.815	9	3.815	9	23.34%
GCP	1.288	6	2.114	5	2.113	5	5.262	14	0.300	2	0.300	2	11.077	32	11.077	32	12.96%
Redeem convertibles	0	0	0.153	1	0.032	1	1.179	2	0	0	0	0	1.364	4	1.364	4	0.00%
Refinance	3.330	9	2.692	6	0.703	3	1.002	4	0.300	2	0.300	2	8.027	24	7.855	23	12.96%
Multiple/Other/NA	3.036	10	3.841	8	3.739	6	7.465	10	1.174	4	1.174	4	19.256	38	17.579	33	50.73%
Total	8.030	26	9.951	21	9.596	20	15.174	33	2.314	9	2.314	9	45.065	109	43.215	103	100.00%
Industry Sector (by SIC code)
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Mining (1xxx)	0	0	0.115	0	0	0	0	0	0.959	0	0	0	0
Oil and gas (13xx)	0.750	0.161	0.010	0	1.103	0	1.265	0.550	0.172	0.287	0.485	0	0
Construction (15xx)	0.058	0	0	0.277	0.075	0	0	0	0	0	0.435	0	0.100
Manufacturing (2xxx, 3xxx)	0	0	1.515	0.165	0.690	0.520	0	1.400	0.115	0.438	6.110	0.704	0
Pharmaceuticals (2834-6)	0	0	0	0	0.345	0	2.500	0.100	0.400	0.450	0	0	0.740
Transportation (4xxx)	0	0	0	0.242	0	0	0.125	0	0	0	0	0.330	0
Communications (48xx)	0	0	0	0	0	0	0	0	0.201	0	0	0.729	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	1.150	0	0	0.396	0	0	0.010	0
Wholesale (5xxx)	0	0	0.115	0	0	0	0	0	0	0.345	0.115	0.500	0
Finance, insurance, real estate (6xxx)	0.468	0.699	2.092	2.125	0.032	0.278	0.900	0	0.350	2.696	0.800	0.380	0.828
Services (7xxx)	0.575	0.150	1.323	1.350	0	1.600	0	0	0.162	0	0.175	0.184	0.646
Total	1.850	1.010	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.314
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.115	1	0	0	0.959	2	0	0	0	0	0	0	1.074	3	1.074	3	0.00%
Oil and gas (13xx)	0.921	3	1.103	2	1.988	3	0.772	4	0	0	0	0	4.784	12	4.034	11	0.00%
Construction (15xx)	0.058	1	0.351	2	0	0	0.435	1	0.100	1	0.100	1	0.944	5	0.886	4	4.32%
Manufacturing (2xxx, 3xxx)	1.515	4	1.375	3	1.515	3	7.252	11	0	0	0	0	11.657	21	11.657	21	0.00%
Pharmaceuticals (2834-6)	0	0	0.345	1	3.000	4	0.450	1	0.740	2	0.740	2	4.535	8	4.535	8	31.98%
Transportation (4xxx)	0	0	0.242	1	0.125	1	0.330	2	0	0	0	0	0.697	4	0.697	4	0.00%
Communications (48xx)	0	0	0	0	0.201	1	0.729	1	0	0	0	0	0.930	2	0.930	2	0.00%
Electric, gas, sanitary services (49xx)	0	0	1.150	1	0.396	1	0.010	1	0	0	0	0	1.556	3	1.556	3	0.00%
Wholesale (5xxx)	0.115	1	0	0	0	0	0.960	3	0	0	0	0	1.075	4	1.075	4	0.00%
Finance, insurance, real estate (6xxx)	3.259	11	2.435	7	1.250	3	3.876	7	0.828	4	0.828	4	11.648	32	11.180	29	35.78%
Services (7xxx)	2.047	5	2.950	4	0.162	2	0.359	2	0.646	2	0.646	2	6.164	15	5.589	14	27.92%
Total	8.030	26	9.951	21	9.596	20	15.174	33	2.314	9	2.314	9	45.065	109	43.215	103	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. Structured products 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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