Published on 8/1/2003 in the Prospect News Convertibles Daily.
Analysis of convertibles issuance for July
Total: $10.449 billion in 54 deals priced in July
Amount ($ mlns) Number
Regular convertibles 10,270.99 44
Investment bank synthetics 227.69 10
Total 10,498.68 54
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 | 715.00 | 3 | 6.96%
|
| 0% | 1,790.00 | 4 | 17.43%
|
| 0%-1.99% | 3,155.00 | 9 | 30.72%
|
| 2%-2.99% | 948.75 | 3 | 9.24%
|
| 3%-3.99% | 2,011.23 | 10 | 19.58%
|
| 4%-4.99% | 949.00 | 8 | 9.24%
|
| 5%-5.99% | 555.00 | 5 | 5.40%
|
| 6% and higher | 72.00 | 1 | 0.70%
|
| Total | 75.01 | 1 | 0.73%
|
| 10,270.99 | 44 | 100.00%
|
|
|
| Initial Conversion Premium
|
|
|
| 10%-19.99% | 542.75 | 4 | 5.28%
|
| 20%-29.99% | 1,290.00 | 9 | 12.56%
|
| 30%-39.99% | 3,097.01 | 16 | 30.15%
|
| 40%-49.99% | 1,660.00 | 7 | 16.16%
|
| 50%-59.99% | 2,256.23 | 5 | 21.97%
|
| 60%-69.99% | 925.00 | 2 | 9.01%
|
| 70%-79.99% | 500.00 | 1 | 4.87%
|
| Total | 10,270.99 | 44
|
|
|
|
|
| Quick sale?
|
|
|
| Yes | 8,754.76 | 36 | 85.24%
|
| No | 1,516.23 | 8 | 14.76%
|
| Total | 10,270.99 | 44
|
|
|
|
|
| Upsized?
|
|
|
| Yes | 1,510.75 | 8 | 14.71%
|
| No | 8,294.01 | 32 | 80.75%
|
| Downsized | 466.23 | 4 | 4.54%
|
| Total | 10,270.99 | 44
|
|
|
|
|
| Rank
|
|
|
| Senior | 5,241.99 | 20 | 51.04%
|
| Notes | 915.00 | 4 | 8.91%
|
| Senior sub | 1,404.00 | 6 | 13.67%
|
| Subordinated | 2,560.00 | 13 | 24.92%
|
| Preferred | 150.00 | 1 | 1.46%
|
| Total | 10,270.99 | 44
|
|
|
|
|
| Putable?
|
|
|
| Yes | 8,046.24 | 31 | 78.34%
|
| No | 2,224.75 | 13 | 21.66%
|
| Total | 10,270.99 | 44
|
|
|
| Contingent Conversion?
|
|
|
| Yes | 4,000.01 | 20 | 38.94%
|
| No | 6,270.98 | 24 | 61.06%
|
| Total | 10,270.99 | 44
|
|
|
|
|
| Mandatory?
|
|
|
| Yes | 150.00 | 1 | 1.46%
|
| No | 10,120.99 | 43 | 98.54%
|
| Total | 10,270.99 | 44
|
|
|
|
|
| Versus talk
|
|
|
| Yield low end, premium high end | 275.00 | 2 | 2.68%
|
| Yield low end, premium middle | 250.00 | 1 | 2.43%
|
| Yield low end, premium towards low end | 373.75 | 1 | 3.64%
|
| Yield middle, premium high end | 475.00 | 2 | 4.62%
|
| Yield middle, premium middle | 865.00 | 3 | 8.42%
|
| Yield middle, premium low end | 700.00 | 3 | 6.82%
|
| Yield high end, towards high end, premium middle | 1,940.00 | 4 | 18.89%
|
| Yield high end, premium low end, lower | 3,651.24 | 18 | 35.55%
|
| Yield higher, premium low end, lower | 310.00 | 2 | 3.02%
|
| Yield higher, premium high end | 72.00 | 1 | 0.70%
|
| NA | 1,359.00 | 7 | 13.23%
|
| Total | 10,270.99 | 44
|
|
|
|
|
| Use of proceeds
|
|
|
| Acquisition | 65.00 | 1 | 0.63%
|
| GCP | 2,692.01 | 14 | 26.21%
|
| Redeem convertibles | 3,060.00 | 6 | 29.79%
|
| Repay debt | 1,400.00 | 7 | 13.63%
|
| Repay debt and other uses | 485.00 | 4 | 4.72%
|
| Others | 2,568.98 | 12 | 25.01%
|
| Total | 10,270.99 | 44
|
|
|
| Industry sector (by SIC code)
|
|
|
| Mining (1xxx) | 75.00 | 1 | 0.73%
|
| Construction (15xx) | 125.00 | 1 | 1.22%
|
| Manufacturing (2xxx, 3xxx) | 5,156.00 | 18 | 50.20%
|
| Transportation (4xxx) | 375.01 | 3 | 3.65%
|
| Communications (48xx) | 973.75 | 4 | 9.48%
|
| Electric, gas and sanitary (49xx) | 1,041.23 | 4 | 10.14%
|
| Wholesale trade (5xxx) | 175.00 | 2 | 1.70%
|
| Finance, insurance, real estate (6xxx) | 410.00 | 2 | 3.99%
|
| Services (7xxx) | 1,315.00 | 7 | 12.80%
|
| Health services (8xxx) | 625.00 | 2 | 6.09%
|
| Total | 10,270.99 | 44
|
|
|
|
|
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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