Analysis of convertibles issuance for 13 months through May 2014

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

Coupon

	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
0%	0	0	0	0	0	0.047	1.825	0	0	0.690	0	1.250	0
0.01%-0.99%	2.583	0.350	0	0.650	0	1.875	0.375	0.259	0	1.380	0.403	0	0
1%-1.99%	0.810	1.401	0.150	0.834	1.200	2.175	3.667	1.051	0	1.265	1.240	0	0
2%-2.99%	0.172	0.250	0	0.850	0	0.230	0.150	2.758	0.451	1.350	0.877	0	1.202
3%-3.99%	0.345	0.305	0.610	0.546	0.270	0	0.745	0.983	0.230	1.095	0.465	0.150	1.645
4%-4.99%	0.250	0.400	0.624	0	0.069	1.524	0.205	0.487	0.150	0.850	0.370	0.391	0
5%-5.99%	0	0.640	0.100	0	0.806	0.110	0.172	0.100	0	0	0.652	0.185	0.968
6%-6.99%	0	1.580	0	0	0	0.140	0.495	0	0	0	0	0.287	0.200
7%-7.99%	0	0	0	0	0.165	0	0	0	0	0	0	0	0
8% and higher	0	0.038	0.005	0	0.129	0	0.058	0	0	0.090	0	0.021	0.060
Floater	0	0	0	0	0	0	0	0	0	0	0	0.016	0
NA	0.020	0	0	0.167	0	0	0	0	0	0	0	0	0.025
Total	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.720	4.006	2.300	4.100
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0	0	1.872	3	0.690	1	1.250	1	1.940	2	3.812	5	3.812	5	10.80%
0.01%-0.99%	0.650	1	2.509	4	1.783	2	0	0	1.783	2	7.873	14	5.292	8	9.93%
1%-1.99%	2.184	8	6.894	14	2.505	4	0	0	2.505	4	13.794	33	12.984	31	13.95%
2%-2.99%	0.850	3	3.138	12	2.679	8	1.202	5	3.881	13	8.291	30	8.119	29	21.61%
3%-3.99%	1.426	6	1.728	7	1.790	6	1.795	3	3.584	9	7.388	25	7.043	24	19.96%
4%-4.99%	0.693	5	2.216	9	1.370	5	0.391	1	1.761	6	5.320	22	5.070	21	9.81%
5%-5.99%	0.906	4	0.383	3	0.652	4	1.153	4	1.804	8	3.734	17	3.734	17	10.05%
6%-6.99%	0	0	0.635	4	0	0	0.487	3	0.487	3	2.703	10	2.703	10	2.71%
7%-7.99%	0.165	1	0	0	0	0	0	0	0	0	0.165	1	0.165	1	0.00%
8% and higher	0.135	2	0.058	1	0.090	2	0.081	2	0.171	4	0.401	8	0.401	8	0.95%
Floater	0	0	0	0	0	0	0.016	1	0.016	1	0.016	1	0.016	1	0.09%
NA	0.167	1	0	0	0	0	0.025	1	0.025	1	0.212	3	0.192	2	0.14%
Total	7.177	31	19.431	57	11.558	32	6.400	21	17.958	53	53.710	169	49.530	157	100.00%
Premium
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
19.99% and lower	0.250	1.714	0.606	0	0	0.162	0.230	0.864	0.230	0.300	0.144	0.412	0.160
20%-29.99%	0	0.945	0.475	0.259	0.926	2.078	0.860	1.857	0	1.716	1.674	0.438	3.115
30-39.99%	2.317	2.018	0.404	1.372	1.419	1.978	3.303	1.672	0.400	0.945	1.268	0	0.325
40-49.99%	0	0.287	0	1.250	0	1.550	2.050	1.144	0.201	2.300	0.550	0	0.200
50% and higher	1.593	0	0	0	0.129	0.199	1.250	0	0	0.709	0.370	1.250	0.275
NA	0.020	0	0.005	0.167	0.165	0.135	0	0.100	0	0.750	0	0.201	0.025
Total	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.720	4.006	2.300	4.100
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0.606	2	1.256	7	0.674	3	0.572	4	1.245	7	5.070	22	4.820	21	6.93%
20%-29.99%	1.660	9	4.795	12	3.390	11	3.553	9	6.942	20	14.343	43	14.343	43	38.66%
30-39.99%	3.194	14	6.952	21	2.613	10	0.325	2	2.938	12	17.420	62	15.103	55	16.36%
40-49.99%	1.250	2	4.744	12	3.051	4	0.200	1	3.251	5	9.533	20	9.533	20	18.10%
50% and higher	0.129	1	1.449	2	1.079	3	1.525	2	2.604	5	5.775	11	4.183	8	14.50%
NA	0.337	3	0.235	3	0.750	1	0.226	3	0.976	4	1.569	11	1.549	10	5.43%
Total	7.177	31	19.431	57	11.558	32	6.400	21	17.958	53	53.710	169	49.530	157	100.00%
Upsized?
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Yes	1.958	1.255	0.670	0.726	1.404	5.468	2.355	3.178	0.400	4.735	2.199	0	2.975
No	2.223	3.709	0.819	2.322	1.236	0.633	5.338	2.329	0.431	1.985	1.808	2.300	1.125
Downsized	0	0	0	0	0	0	0	0.132	0	0	0	0	0
Total	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.720	4.006	2.300	4.100
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.800	14	11.000	25	7.334	20	2.975	6	10.309	26	27.321	75	25.363	69	57.41%
No	4.377	17	8.299	31	4.224	12	3.425	15	7.649	27	26.257	93	24.035	87	42.59%
Downsized	0	0	0.132	1	0	0	0	0	0	0	0.132	1	0.132	1	0.00%
Total	7.177	31	19.431	57	11.558	32	6.400	21	17.958	53	53.710	169	49.530	157	100.00%
Seniority
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
senior	4.160	3.039	1.484	2.881	2.475	4.191	7.692	5.218	0.831	5.951	3.862	2.079	3.310
senior subordinated	0	0	0	0	0	0.750	0	0	0	0	0	0	0
subordinated	0	0.980	0	0	0	0	0	0	0	0.750	0.144	0	0.060
preferred	0.020	0.945	0.005	0.167	0	1.159	0	0.420	0	0.019	0	0.222	0.730
preference	0	0	0	0	0.165	0	0	0	0	0	0	0	0
Total	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.720	4.006	2.300	4.100
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior	6.839	28	17.102	49	10.644	29	5.389	14	16.033	43	47.173	143	43.013	132	89.28%
senior subordinated	0	0	0.750	2	0	0	0	0	0	0	0.750	2	0.750	2	0.00%
subordinated	0	0	0	0	0.894	2	0.060	1	0.954	3	1.934	5	1.934	5	5.31%
preferred	0.172	2	1.579	6	0.019	1	0.952	6	0.971	7	3.688	18	3.668	17	5.41%
preference	0.165	1	0	0	0	0	0	0	0	0	0.165	1	0.165	1	0.00%
Total	7.177	31	19.431	57	11.558	32	6.400	21	17.958	53	53.710	169	49.530	157	100.00%
Mandatory
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Yes	0	1.580	0	0	0.652	0.978	0.495	0	0	0	0	0.287	0.927
No	4.180	3.384	1.489	3.047	1.987	5.123	7.197	5.638	0.831	6.720	4.006	2.013	3.172
Total	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.720	4.006	2.300	4.100
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.652	2	1.472	3	0	0	1.215	4	1.215	4	4.920	12	4.920	12	6.77%
No	6.524	29	17.958	54	11.558	32	5.185	17	16.743	49	48.790	157	44.610	145	93.23%
Total	7.177	31	19.431	57	11.558	32	6.400	21	17.958	53	53.710	169	49.530	157	100.00%
Greenshoe Exercised?
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Yes	2.455	2.400	1.259	2.731	2.152	5.645	5.200	4.266	0.831	5.970	3.056	0.308	3.190
No	1.725	2.563	0.230	0.317	0.487	0.456	2.493	1.372	0	0.750	0.950	1.992	0.910
Total	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.720	4.006	2.300	4.100
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	6.142	25	15.111	43	9.858	29	3.498	8	13.356	37	39.464	122	37.009	114	74.37%
No	1.035	6	4.320	14	1.700	3	2.902	13	4.602	16	14.245	47	12.520	43	25.63%
Total	7.177	31	19.431	57	11.558	32	6.400	21	17.958	53	53.710	169	49.530	157	100.00%
Versus Talk
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Richer	0.310	0	0	0	0	0.075	1.155	0.395	0	0.345	0	0	0.200
Rich end	1.975	0.905	0.103	0.788	0.150	4.258	1.825	0.201	0.201	3.661	0.149	0.287	1.435
Within	0.645	1.348	0.885	1.009	1.161	1.288	3.212	3.404	0.380	1.050	1.747	1.641	1.015
Cheap end	0.250	2.673	0.200	0	1.329	0.299	0.345	0.905	0	1.645	0.870	0.150	1.425
Cheaper	0.980	0	0.295	0	0	0	0	0.345	0	0	0	0	0
NA/Other	0.020	0.038	0.005	1.251	0	0.182	1.155	0.388	0.250	0.019	1.240	0.222	0.025
Total	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.720	4.006	2.300	4.100
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	1.625	7	0.345	1	0.200	1	0.545	2	2.480	10	2.170	9	3.03%
Rich end	1.042	4	6.284	10	4.011	8	1.722	6	5.734	14	15.939	37	13.964	31	31.93%
Within	3.054	13	7.904	20	3.177	11	2.656	7	5.833	18	18.784	57	18.139	55	32.48%
Cheap end	1.529	6	1.549	10	2.515	6	1.575	3	4.090	9	10.091	34	9.841	33	22.78%
Cheaper	0.295	1	0.345	1	0	0	0	0	0	0	1.621	3	0.640	2	0.00%
NA/Other	1.256	7	1.644	8	0.569	2	0.247	4	0.816	6	3.775	23	3.755	22	4.54%
Total	7.177	31	19.431	57	11.558	32	6.400	21	17.958	53	53.710	169	49.530	157	100.00%
Use of Proceeds
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Acquisition	0.300	0.772	0.103	0	0.800	0	0	0	0.451	0	0	0.021	1.127
Capex	0	0	0.100	0	0.250	0	0.400	0	0	2.300	0	0	0
GCP	1.472	2.536	0.125	1.434	1.310	3.366	3.572	2.015	0.150	1.630	1.322	0.639	0.425
Redeem convertibles	0.345	0.287	0.100	0	0	0	0.750	0.345	0	0	0.370	0	0.275
Refinance	0.660	0.822	0.905	0.259	0.150	0	0.440	1.405	0.230	0	0.894	0	0.973
Multiple/Other/NA	1.403	0.545	0.155	1.355	0.129	2.735	2.530	1.873	0	2.790	1.420	1.641	1.300
Total	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.720	4.006	2.300	4.100
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.903	3	0	0	0.451	2	1.148	5	1.599	7	3.575	13	3.275	12	8.90%
Capex	0.350	2	0.400	1	2.300	2	0	0	2.300	2	3.050	5	3.050	5	12.81%
GCP	2.870	12	8.953	32	3.102	13	1.064	8	4.166	21	19.997	79	18.525	73	23.20%
Redeem convertibles	0.100	1	1.095	3	0.370	1	0.275	1	0.645	2	2.473	8	2.127	7	3.59%
Refinance	1.314	5	1.845	6	1.124	4	0.973	4	2.096	8	6.738	23	6.078	22	11.67%
Multiple/Other/NA	1.639	8	7.138	15	4.210	10	2.941	3	7.151	13	17.877	41	16.474	38	39.82%
Total	7.177	31	19.431	57	11.558	32	6.400	21	17.958	53	53.710	169	49.530	157	100.00%
Industry Sector (by SIC code)
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Mining (1xxx)	0.345	0	0	0.259	0	0	0	0.345	0	0	0	0	0
Oil and gas (13xx)	0	0.345	0.100	0	0.129	0	0.400	0	0	0.750	0.172	0	1.300
Construction (15xx)	0.268	0	0	0	0	0.230	0.125	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	1.110	0.038	0.100	0.938	0.270	1.699	2.195	2.510	0.351	2.795	0.778	0.287	0.688
Pharmaceuticals (2834-6)	0.270	0.132	0.130	0.167	0.869	0.797	0.900	0.235	0.250	0.519	0	0.016	0
Transportation (4xxx)	0	0	0	0	0	0	0.230	0	0	0.400	0	0	0.025
Communications (48xx)	0	0	0	0	0.400	1.978	0	0	0	0	0	0	0.705
Electric, gas, sanitary services (49xx)	0	0.980	0	0	0.487	0	0	0	0	0.345	0	0	0
Wholesale (5xxx)	0	0.610	0	0	0.250	0.075	0	0	0	1.150	1.240	0	0
Finance, insurance, real estate (6xxx)	0.172	1.718	0.905	0.100	0.234	0.350	0.775	1.166	0.230	0.071	0.769	0.597	0.907
Services (7xxx)	2.015	1.141	0.103	1.584	0	0.973	3.067	1.381	0	0.690	1.046	1.400	0.275
Health services (8xxx)	0	0	0.150	0	0	0	0	0	0	0	0	0	0.200
Total	4.180	4.964	1.489	3.047	2.640	6.101	7.692	5.638	0.831	6.720	4.006	2.300	4.100
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.259	1	0.345	1	0	0	0	0	0	0	0.949	3	0.604	2	0.00%
Oil and gas (13xx)	0.229	2	0.400	1	0.922	2	1.300	1	2.223	3	3.197	7	3.197	7	12.38%
Construction (15xx)	0	0	0.355	2	0	0	0	0	0	0	0.623	3	0.355	2	0.00%
Manufacturing (2xxx, 3xxx)	1.308	6	6.404	14	3.925	9	0.975	5	4.899	14	13.759	38	12.649	35	27.28%
Pharmaceuticals (2834-6)	1.166	6	1.932	8	0.769	4	0.016	1	0.786	5	4.286	22	4.016	20	4.38%
Transportation (4xxx)	0	0	0.230	1	0.400	1	0.025	1	0.425	2	0.655	3	0.655	3	2.37%
Communications (48xx)	0.400	1	1.978	2	0	0	0.705	2	0.705	2	3.083	5	3.083	5	3.93%
Electric, gas, sanitary services (49xx)	0.487	1	0	0	0.345	1	0	0	0.345	1	1.812	4	1.812	4	1.92%
Wholesale (5xxx)	0.250	1	0.075	1	2.390	3	0	0	2.390	3	3.325	7	3.325	7	13.31%
Finance, insurance, real estate (6xxx)	1.240	6	2.291	16	1.070	7	1.504	7	2.574	14	7.996	42	7.823	41	14.33%
Services (7xxx)	1.687	6	5.421	11	1.736	5	1.675	3	3.411	8	13.675	33	11.660	29	18.99%
Health services (8xxx)	0.150	1	0	0	0	0	0.200	1	0.200	1	0.350	2	0.350	2	1.11%
Total	7.177	31	19.431	57	11.558	32	6.400	21	17.958	53	53.710	169	49.530	157	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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