Published on 7/2/2003 in the Prospect News Convertibles Daily.
Analysis of convertibles issuance year to date through end of June
Total: $58,865.02 million in 202 deals priced through end of June
Amount ($ millions) Number
| Regular convertibles: | $56,239.80 | 151
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| Investment bank synthetics: | $2,625.22 | 51
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| Total: | $58,865.02 | 202
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| Note: Investment bank deals are offerings issued by an investment bank
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| and linked to or exchangeable for the stock of another company.
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| All data below excludes these investment bank deals (but includes
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| investment bank offerings convertible into their own stock).
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| Columns are amount in millions of dollars, count of deals, percentage
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| of total in dollars.
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| Coupon
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| Floater | 6,050.00 | 6 | 10.76%
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| 0% | 5,830.99 | 21 | 10.37%
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| 0%-0.99% | 3,891.25 | 4 | 6.92%
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| 1%-1.99% | 5,509.18 | 16 | 9.80%
|
| 2%-2.99% | 10,406.04 | 28 | 18.50%
|
| 3%-3.99% | 7,347.10 | 21 | 13.06%
|
| 4%-4.99% | 4,482.49 | 22 | 7.97%
|
| 5%-5.99% | 1,728.75 | 11 | 3.07%
|
| 6%-6.99% | 6,888.75 | 12 | 12.25%
|
| 7%-7.99% | 2,518.75 | 8 | 4.48%
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| 8% upwards | 1,582.50 | 5 | 2.81%
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| Total | 56,239.80 | 151 |
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| Initial conversion premium
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| 10%-19.99% | 1,100.00 | 4 | 1.96%
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| 20%-29.99% | 8,260.00 | 28 | 14.69%
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| 30%-35.99% | 11,250.85 | 25 | 20.01%
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| 35%-39.99% | 4,660.50 | 14 | 8.29%
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| 40%-44.99% | 5,869.18 | 23 | 10.44%
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| 45%-49.99% | 3,602.49 | 12 | 6.41%
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| 50%-59.99% | 6,649.29 | 14 | 11.82%
|
| 60%-69.99% | 3,780.00 | 13 | 6.72%
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| 70%-79.99% | 5,097.50 | 7 | 9.06%
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| 80%-89.99% | 815.00 | 3 | 1.45%
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| 90%-99.99% | 1,025.00 | 3 | 1.82%
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| 100% and higher | 4,130.00 | 5 | 7.34%
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| Total | 56,239.80 | 151 |
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| Upsized?
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| Upsized | 26,433.02 | 56 | 47.00%
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| No | 29,588.03 | 93 | 52.61%
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| Downsized | 218.75 | 2 | 0.39%
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| Total | 56,239.80 | 151 |
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| Rank
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| Senior | 40,737.70 | 77 | 72.44%
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| Notes | 1,470.00 | 6 | 2.61%
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| Senior subordinated | 2,225.00 | 13 | 3.96%
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| Subordinated | 9,248.35 | 47 | 16.44%
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| Preferred | 2,558.75 | 8 | 4.55%
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| Total | 56,239.80 | 151 |
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|
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| Putable?
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| Yes | 31,285.95 | 74 | 55.63%
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| No | 24,953.85 | 77 | 44.37%
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| Total | 56,239.80 | 151 |
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| Contingent Conversion?
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| Yes | 26,757.30 | 72 | 47.58%
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| No | 29,482.50 | 69 | 52.42%
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| Total | 56,239.80 | 151
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| Mandatory?
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| Yes | 3,775.00 | 11 | 6.71%
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| No | 52,464.80 | 140 | 93.29%
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| Total | 56,239.80 | 151 |
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| Versus talk
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| Yield low end, lower, premium high end, higher | 14,097.50 | 37 | 25.07%
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| Yield low end, lower, premium middle | 2,241.68 | 8 | 3.99%
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| Yield low end, premium lower | 930.00 | 2 | 1.65%
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| Yield middle, premium high end, higher | 3,184.75 | 13 | 5.66%
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| Yield middle, premium middle | 8,935.54 | 14 | 15.89%
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| Yield middle, premium towards low end, low end | 4,150.00 | 13 | 7.38%
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| Yield towards high end, premium high end | 100.00 | 1 | 0.18%
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| Yield towards high end, premium low end, near low end | 780.00 | 3 | 1.39%
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| Yield high end, premium high end, higher | 917.10 | 2 | 1.63%
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| Yield high end, premium middle | 6,715.00 | 9 | 11.94%
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| Yield high end, premium low end, lower | 5,629.49 | 22 | 10.01%
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| Yield higher, premium low end, lower | 2,243.75 | 5 | 3.99%
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| NA | 6,315.00 | 22 | 11.23%
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| Total | 56,239.80 | 151 |
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| Use of proceeds
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|
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| Acquisition | 775.00 | 3 | 1.38%
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| Acquisition plus | 143.75 | 1 | 0.26%
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| Buy back shares | 1,077.49 | 3 | 1.92%
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| GCP | 21,944.25 | 63 | 39.02%
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| Redeem convertibles | 7,243.78 | 19 | 12.88%
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| Repay debt | 6,865.54 | 23 | 12.21%
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| Repay debt and other uses | 9,284.99 | 19 | 16.51%
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| Repay notes | 240.00 | 2 | 0.43%
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| Multiple | 450.00 | 4 | 0.80%
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| Others | 8,215.00 | 14 | 14.61%
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| Total | 56,239.80 | 151 |
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| Industry sector (by SIC code)
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| Mining (1xxx) | 1,327.03 | 5 | 2.36%
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| Oil and gas (13xx) | 3,780.00 | 8 | 6.72%
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| Manufacturing (2xxx, 3xxx) | 23,681.53 | 60 | 42.11%
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| Transportation (4xxx) | 1,918.75 | 9 | 3.41%
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| Communications (48xx) | 2,648.75 | 7 | 4.71%
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| Electric, gas and sanitary (49xx) | 3,997.50 | 10 | 7.11%
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| Wholesale trade (5xxx) | 1,142.50 | 8 | 2.03%
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| Finance, insurance, real estate (6xxx) | 8,734.99 | 17 | 15.53%
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| Services (7xxx) | 8,483.75 | 24 | 15.08%
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| Health services (8xxx) | 525.00 | 3 | 0.93%
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| Total | 56,239.80 | 151 |
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| Criteria
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| * The tables include all dollar-denominated offerings sold in the U.S.
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| as public or Rule 144A deals reported to Prospect News.
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| * Offerings are included in the time period in which they price.
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| * Amounts are based on the total sales price (face amount multiplied by
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| the offering price.
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| * Each tranche is counted as a separate deal.
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| * Bonds are included that convert into the issuer's or another
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| company's stock or the cash equivalent; bonds that convert into other bonds are
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| excluded.
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| * Units made up of a bond and stock are included; units made up of a
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| bond and warrants are excluded.
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| * Preferred issues are included using the same criteria as for bonds.
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