Analysis of convertibles issuance for 13 months through February 2012

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

Coupon

	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
0%	0	0	0	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0	0.904	0	0.450	0	0.632	0	0	0	0	0	0	0
1%-1.99%	0.287	0	0	0.450	0.350	0.690	0	0	0.650	0.250	0	0	0.450
2%-2.99%	0	0.710	0	1.150	0.719	0.350	0	0.155	0.690	0	0	0	0
3%-3.99%	0	2.936	0	0.275	0.374	0.585	0	0	0	1.032	0	0.150	0
4%-4.99%	0	0.625	0	0.205	0	0.810	0	0	0	0	0	0	0
5%-5.99%	0.483	4.120	0.236	0	0	0.135	0	0	0	0.149	0.200	0	0
6%-6.99%	0.259	0.719	0.075	0.120	0	0	0	0	0.002	0	0	0.250	0
7%-7.99%	0.086	0.367	0.020	0	0	0	0	0	0	0	0.050	0	0
8% and higher	0	0.060	0.978	0	0.155	0	0	0	0	0	0	0	0
Total	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.450
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.00%
0.01%-0.99%	0.450	1	0.632	1	0	0	0	0	0	0	1.986	3	1.986	3	0.00%
1%-1.99%	0.800	3	0.690	2	0.900	3	0.450	2	0.450	2	3.127	11	2.840	10	52.94%
2%-2.99%	1.869	5	0.505	3	0.690	1	0	0	0	0	3.774	12	3.774	12	0.00%
3%-3.99%	0.649	4	0.585	4	1.032	3	0.150	1	0.150	1	5.352	19	5.352	19	17.65%
4%-4.99%	0.205	2	0.810	3	0	0	0	0	0	0	1.641	8	1.641	8	0.00%
5%-5.99%	0.236	2	0.135	1	0.349	2	0	0	0	0	5.323	12	4.840	9	0.00%
6%-6.99%	0.195	2	0	0	0.002	1	0.250	1	0.250	1	1.425	6	1.166	5	29.41%
7%-7.99%	0.020	1	0	0	0.050	1	0	0	0	0	0.524	6	0.438	5	0.00%
8% and higher	1.133	2	0	0	0	0	0	0	0	0	1.193	3	1.193	3	0.00%
Total	5.557	22	3.358	14	3.023	11	0.850	4	0.850	4	24.345	80	23.230	74	100.00%
Premium
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
19.99% and lower	0.172	0.657	0.225	0.270	0.120	0	0	0	0	0	0	0	0
20%-29.99%	0.840	5.520	1.064	1.061	0.546	1.400	0	0	0.250	0.149	0.250	0.400	0
30-39.99%	0.103	4.011	0	1.320	0.702	1.802	0	0.155	1.090	1.282	0	0	0.450
40% and higher	0	0.253	0	0	0.230	0	0	0	0	0	0	0	0
NA	0	0	0.020	0	0	0	0	0	0.002	0	0	0	0
Total	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.450
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0.615	5	0	0	0	0	0	0	0	0	1.445	11	1.272	10	0.00%
20%-29.99%	2.671	8	1.400	6	0.649	4	0.400	2	0.400	2	11.479	32	10.640	28	47.06%
30-39.99%	2.022	7	1.958	8	2.372	6	0.450	2	0.450	2	10.916	33	10.812	32	52.94%
40% and higher	0.230	1	0	0	0	0	0	0	0	0	0.483	2	0.483	2	0.00%
NA	0.020	1	0	0	0.002	1	0	0	0	0	0.022	2	0.022	2	0.00%
Total	5.557	22	3.358	14	3.023	11	0.850	4	0.850	4	24.345	80	23.230	74	100.00%
Quick Sale?
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Yes	0.449	10.442	0.331	2.651	1.598	3.103	0	0.155	0.250	1.282	0.250	0.400	0.450
No	0.667	0	0.978	0	0	0.100	0	0	1.092	0.149	0	0	0
Total	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.450
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.580	21	3.258	13	1.782	7	0.850	4	0.850	4	21.360	71	20.911	68	100.00%
No	0.978	1	0.100	1	1.241	4	0	0	0	0	2.985	9	2.318	6	0.00%
Total	5.557	22	3.358	14	3.023	11	0.850	4	0.850	4	24.345	80	23.230	74	100.00%
Upsized?
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Yes	0.207	2.333	0.978	0.820	0.546	1.320	0	0	0	1.090	0	0.250	0.450
No	0.908	8.110	0.331	1.831	1.052	1.883	0	0.155	1.342	0.149	0.200	0.150	0
Downsized	0	0	0	0	0	0	0	0	0	0.192	0.050	0	0
Total	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.450
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.344	5	1.320	6	1.090	3	0.700	3	0.700	3	7.993	24	7.786	23	82.35%
No	3.213	17	2.038	8	1.691	6	0.150	1	0.150	1	16.110	54	15.202	49	17.65%
Downsized	0	0	0	0	0.242	2	0	0	0	0	0.242	2	0.242	2	0.00%
Total	5.557	22	3.358	14	3.023	11	0.850	4	0.850	4	24.345	80	23.230	74	100.00%
Seniority
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
senior	0.650	7.476	0.225	2.651	1.442	2.953	0	0.155	1.340	1.431	0.250	0.400	0.450
senior subordinated	0	0	0	0	0	0.250	0	0	0	0	0	0	0
subordinated	0	1.667	1.064	0	0	0	0	0	0	0	0	0	0
preferred	0.466	1.299	0.020	0	0.155	0	0	0	0.002	0	0	0	0
Total	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.450
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior	4.318	18	3.108	13	3.021	10	0.850	4	0.850	4	19.422	67	18.772	63	100.00%
senior subordinated	0	0	0.250	1	0	0	0	0	0	0	0.250	1	0.250	1	0.00%
subordinated	1.064	2	0	0	0	0	0	0	0	0	2.731	4	2.731	4	0.00%
preferred	0.175	2	0	0	0.002	1	0	0	0	0	1.942	8	1.476	6	0.00%
Total	5.557	22	3.358	14	3.023	11	0.850	4	0.850	4	24.345	80	23.230	74	100.00%
Mandatory
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Yes	0.552	3.815	0.978	0	0	0	0	0	0	0	0	0	0
No	0.564	6.627	0.331	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.450
Total	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.450
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.978	1	0	0	0	0	0	0	0	0	5.345	6	4.793	3	0.00%
No	4.580	21	3.358	14	3.023	11	0.850	4	0.850	4	19.000	74	18.437	71	100.00%
Total	5.557	22	3.358	14	3.023	11	0.850	4	0.850	4	24.345	80	23.230	74	100.00%
Greenshoe Exercised?
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Yes	1.115	6.972	1.064	2.256	1.598	2.228	0	0.155	0.940	0.740	0.200	0.250	0
No	0	3.470	0.245	0.395	0	0.975	0	0	0.402	0.691	0.050	0.150	0.450
Total	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.450
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.917	16	2.383	10	1.880	5	0.250	1	0.250	1	17.517	58	16.401	52	29.41%
No	0.640	6	0.975	4	1.143	6	0.600	3	0.600	3	6.828	22	6.828	22	70.59%
Total	5.557	22	3.358	14	3.023	11	0.850	4	0.850	4	24.345	80	23.230	74	100.00%
Versus Talk
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Richer	0	0.345	0	0	0	0	0	0	0	0	0	0	0.275
Rich end	0.190	1.206	0.978	1.320	0	1.323	0	0.155	0	0	0	0	0.175
Within	0	4.026	0.086	1.211	1.006	0.670	0	0	0	0.250	0	0	0
Cheap end	0	0.396	0.225	0.120	0.592	0.975	0	0	0.250	0.840	0.050	0.400	0
Cheaper	0	1.019	0	0	0	0	0	0	0	0	0	0	0
NA/Other	0.926	3.450	0.020	0	0	0.235	0	0	1.092	0.341	0.200	0	0
Total	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.450
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	0	0	0	0	0.275	1	0.275	1	0.620	3	0.620	3	32.35%
Rich end	2.297	5	1.478	4	0	0	0.175	1	0.175	1	5.346	16	5.157	14	20.59%
Within	2.303	10	0.670	5	0.250	1	0	0	0	0	7.249	25	7.249	25	0.00%
Cheap end	0.936	6	0.975	3	1.140	4	0.400	2	0.400	2	3.847	18	3.847	18	47.06%
Cheaper	0	0	0	0	0	0	0	0	0	0	1.019	2	1.019	2	0.00%
NA/Other	0.020	1	0.235	2	1.633	6	0	0	0	0	6.264	16	5.338	12	0.00%
Total	5.557	22	3.358	14	3.023	11	0.850	4	0.850	4	24.345	80	23.230	74	100.00%
Use of Proceeds
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Acquisition	0	1.034	0	0	0	0.767	0	0	0	0.341	0	0	0
Capex	0.103	0.200	0	0.125	0	0.100	0	0	0	0	0	0	0
GCP	0.380	2.774	0.181	0.240	0.264	0.160	0	0	0.402	1.090	0.200	0.150	0.450
No proceeds	0	3.315	0	0	0	0	0	0	0	0	0	0	0
Redeem convertibles	0	0	0	0.155	0	0.100	0	0	0	0	0	0.250	0
Refinance	0.345	1.090	0.978	0	0	0.250	0	0	0	0	0	0	0
Multiple/Other/NA	0.287	2.029	0.150	2.131	1.334	1.825	0	0.155	0.940	0	0.050	0	0
Total	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.450
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0.767	2	0.341	2	0	0	0	0	2.142	7	2.142	7	0.00%
Capex	0.125	1	0.100	1	0	0	0	0	0	0	0.528	4	0.425	3	0.00%
GCP	0.685	7	0.160	2	1.692	6	0.600	3	0.600	3	6.290	27	5.910	25	70.59%
No proceeds	0	0	0	0	0	0	0	0	0	0	3.315	1	3.315	1	0.00%
Redeem convertibles	0.155	1	0.100	1	0	0	0.250	1	0.250	1	0.505	3	0.505	3	29.41%
Refinance	0.978	1	0.250	1	0	0	0	0	0	0	2.663	8	2.317	6	0.00%
Multiple/Other/NA	3.615	12	1.980	7	0.990	3	0	0	0	0	8.902	30	8.614	29	0.00%
Total	5.557	22	3.358	14	3.023	11	0.850	4	0.850	4	24.345	80	23.230	74	100.00%
Industry Sector (by SIC code)
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Mining (1xxx)	0.310	0.230	0	0	0.230	0	0	0	0	0	0	0	0
Oil and gas (13xx)	0	0	0	0	0.155	0.135	0	0	0	0	0	0	0.275
Construction (15xx)	0.086	0	0	0	0	0	0	0	0	0.350	0	0	0
Manufacturing (2xxx, 3xxx)	0	3.845	0	2.175	0.776	1.300	0	0	0	0	0.050	0	0
Pharmaceuticals (2834-6)	0	0	0	0.275	0	0	0	0.155	0.650	0.490	0	0.150	0
Transportation (4xxx)	0	0.075	0	0	0	0	0	0	0	0	0	0	0
Communications (48xx)	0	0.172	0	0.120	0	0	0	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0.978	0	0	0	0	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0.460	5.411	0.245	0	0	1.135	0	0	0.002	0	0.200	0.250	0
Services (7xxx)	0.259	0.648	0	0.081	0.120	0.632	0	0	0.690	0.591	0	0	0.175
Health services (8xxx)	0	0	0.086	0	0.316	0	0	0	0	0	0	0	0
Non-operating (9995)	0	0.060	0	0	0	0	0	0	0	0	0	0	0
Total	1.115	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.450
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.230	1	0	0	0	0	0	0	0	0	0.770	4	0.460	2	0.00%
Oil and gas (13xx)	0.155	1	0.135	1	0	0	0.275	1	0.275	1	0.565	3	0.565	3	32.35%
Construction (15xx)	0	0	0	0	0.350	1	0	0	0	0	0.436	2	0.350	1	0.00%
Manufacturing (2xxx, 3xxx)	2.951	9	1.300	7	0.050	1	0	0	0	0	8.146	26	8.146	26	0.00%
Pharmaceuticals (2834-6)	0.275	2	0.155	1	1.140	3	0.150	1	0.150	1	1.720	7	1.720	7	17.65%
Transportation (4xxx)	0	0	0	0	0	0	0	0	0	0	0.075	1	0.075	1	0.00%
Communications (48xx)	0.120	1	0	0	0	0	0	0	0	0	0.292	2	0.292	2	0.00%
Electric, gas, sanitary services (49xx)	0.978	1	0	0	0	0	0	0	0	0	0.978	1	0.978	1	0.00%
Finance, insurance, real estate (6xxx)	0.245	3	1.135	4	0.202	2	0.250	1	0.250	1	7.703	20	7.243	18	29.41%
Services (7xxx)	0.201	2	0.632	1	1.281	4	0.175	1	0.175	1	3.196	11	2.937	10	20.59%
Health services (8xxx)	0.403	2	0	0	0	0	0	0	0	0	0.403	2	0.403	2	0.00%
Non-operating (9995)	0	0	0	0	0	0	0	0	0	0	0.060	1	0.060	1	0.00%
Total	5.557	22	3.358	14	3.023	11	0.850	4	0.850	4	24.345	80	23.230	74	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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