Analysis of convertibles issuance for May

Total: $14.555 billion in 59 deals priced in May

Amount ($ mlns) Number

Regular convertibles 14,139.78 48

Investment bank synthetics 414.79 11

Total 14,554.57 59

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 millions of dollars, count of deals, percentage of total in dollars.

Coupon

Floater	2,175.00	2	15.38%
0%	1,155.00	5	8.17%
1%-1.99%	2,435.00	8	17.22%
2%-2.99%	2,700.29	9	19.10%
3%-3.99%	1,635.00	7	11.56%
4%-4.99%	1,284.49	7	9.08%
5%-5.99%	475.00	2	3.36%
6%-6.99%	580.00	3	4.10%
7%-7.99%	725.00	2	5.13%
8%-8.99%	975.00	3	6.90%
Total	14,139.78	48
Initial Conversion Premium
10%-19.99%	500.00	1	3.54%
20%-29.99%	1,000.00	4	7.07%
30%-35.99%	1,982.50	9	14.02%
35%-39.99%	1,475.00	4	10.43%
40%-44.99%	1,375.00	5	9.72%
45%-49.99%	1,699.99	5	12.02%
50%-59.99%	1,375.29	5	9.73%
60%-69.99%	1,067.00	7	7.55%
70%-79.99%	2,125.00	2	15.03%
80%-89.99%	360.00	1	2.55%
90%-99.99%	450.00	2	3.18%
100% and higher	730.00	3	5.16%
Total	14,139.78	48
Quick sale?
Yes	12,789.79	45	90.45%
No	1,349.99	3	9.55%
Total	14,139.78	48
Upsized?
Yes	4,827.00	17	34.14%
No	9,312.78	31	65.86%
Total	14,139.78	48
Rank
Senior	10,119.78	29	71.57%
Notes	945.00	3	6.68%
Senior subordinated	320.00	2	2.26%
Subordinated	2,455.00	13	17.36%
Junior subordinated	300.00	1	2.12%
Total	14,139.78	48
Putable?
Yes	8,292.28	23	58.65%
No	5,847.50	25	41.35%
Total	14,139.78	48
Contingent Conversion?
Yes	9,297.28	28	65.75%
No	4,842.50	20	34.25%
Total	14,139.78	48
Mandatory?
Yes	575.00	1	4.07%
No	13,564.78	47	95.93%
Total	14,139.78	48
Versus talk
Yield lower, premium middle	125.00	1	0.88%
Yield low end, premium high end, higher	4,782.50	17	33.82%
Yield low end, premium middle	175.00	1	1.24%
Yield middle, premium high end, higher	1,825.00	4	12.91%
Yield middle, premium middle	845.29	4	5.98%
Yield middle, premium towards low end, low end	1,055.00	4	7.46%
Yield towards high end, premium low end	230.00	1	1.63%
Yield high end	500.00	1	3.54%
Yield high end, premium middle	2,560.00	4	18.10%
Yield high end, premium low end	456.99	3	3.23%
NA	1,585.00	8	11.21%
Total	14,139.78	48
Use of proceeds
GCP	7,650.00	26	54.10%
Redeem convertibles	500.00	1	3.54%
Repay debt	3,524.79	12	24.93%
Repay debt and other uses	839.99	5	5.94%
Others	1,625.00	4	11.49%
Total	14,139.78	48
Industry sector (by SIC code)
Mining (1xxx)	132.00	1	0.93%
Oil and gas (13xx)	150.00	1	1.06%
Manufacturing (2xxx, 3xxx)	5,345.29	18	37.80%
Transportation (4xxx)	575.00	3	4.07%
Communications (48xx)	600.00	4	4.24%
Electric, gas and sanitary (49xx)	1,850.00	4	13.08%
Wholesale trade (5xxx)	232.50	2	1.64%
Finance, insurance, real estate (6xxx)	3,834.99	7	27.12%
Services (7xxx)	1,270.00	7	8.98%
Health services (8xxx)	150.00	1	1.06%
Total	14,139.78	48

Criteria

* The tables include all 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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