Published on 9/2/2003 in the Prospect News Convertibles Daily.
Analysis of convertibles issuance for August
Total: $4.003 billion in 27 deals priced in August
Amount ($ mlns) Number
Regular convertibles 3,872.50 16
Investment bank synthetics 131.14 11
Total 4,003.64 27
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 | 1,000.00 | 1 | 25.82%
|
| 0% | 420.00 | 1 | 10.85%
|
| 2%-2.99% | 100.00 | 1 | 2.58%
|
| 3%-3.99% | 922.50 | 4 | 23.82%
|
| 4%-4.99% | 800.00 | 4 | 20.66%
|
| 5%-5.99% | 630.00 | 5 | 16.27%
|
| Total | 3,872.50 | 16
|
|
|
|
|
| Initial Conversion Premium
|
|
|
| 10%-19.99% | 550.00 | 3 | 14.20%
|
| 20%-29.99% | 530.00 | 5 | 13.69%
|
| 30%-39.99% | 622.50 | 3 | 16.07%
|
| 40%-49.99% | 920.00 | 3 | 23.76%
|
| 50%-59.99% | 1,250.00 | 2 | 32.28%
|
| Total | 3,872.50 | 16
|
|
|
|
|
| Quick sale?
|
|
|
| Yes | 3,627.50 | 13 | 93.67%
|
| No | 245.00 | 3 | 6.33%
|
| Total | 3,872.50 | 16
|
|
|
|
|
| Upsized?
|
|
|
| Yes | 480.00 | 3 | 12.40%
|
| No | 3,312.50 | 12 | 85.54%
|
| Downsized | 80.00 | 1 | 2.07%
|
| Total | 3,872.50 | 16
|
|
|
|
|
| Rank
|
|
|
| Senior | 3,367.50 | 11 | 86.96%
|
| Senior sub | 220.00 | 2 | 5.68%
|
| Subordinated | 285.00 | 3 | 7.36%
|
| Total | 3,872.50 | 16
|
|
|
|
|
| Putable?
|
|
|
| Yes | 3,567.50 | 12 | 92.12%
|
| No | 305.00 | 4 | 7.88%
|
| Total | 3,872.50 | 16
|
|
|
| Contingent Conversion?
|
|
|
| Yes | 3,167.50 | 10 | 81.79%
|
| No | 705.00 | 6 | 18.21%
|
| Total | 3,872.50 | 16
|
|
|
|
|
| Mandatory?
|
|
|
| No | 3,872.50 | 16 | 100.00%
|
| Total | 3,872.50 | 16
|
|
|
|
|
| Greenshoe exercised?
|
|
|
| Yes | 3,492.50 | 13 | 90.19%
|
| No | 380.00 | 3 | 9.81%
|
| Total | 3,872.50 | 16
|
|
|
|
|
| Versus talk
|
|
|
| Yield low end, premium middle | 125.00 | 1 | 3.23%
|
| Yield middle, premium middle | 250.00 | 1 | 6.46%
|
| Yield middle, premium low end | 420.00 | 1 | 10.85%
|
| Yield high end, premium middle | 130.00 | 1 | 3.36%
|
| Yield high end, premium low end, lower | 1,405.00 | 7 | 36.28%
|
| Yield higher, premium low end, lower | 1,512.50 | 4 | 39.06%
|
| NA | 30.00 | 1 | 0.77%
|
| Total | 3,872.50 | 16
|
|
|
|
|
| Use of proceeds
|
|
|
| Acquisition | 250.00 | 1 | 6.46%
|
| GCP | 1,047.50 | 6 | 27.05%
|
| Redeem convertibles | 175.00 | 2 | 4.52%
|
| Repay debt | 1,080.00 | 2 | 27.89%
|
| Repay debt and other uses | 130.00 | 1 | 3.36%
|
| Others, multiple uses | 1,190.00 | 4 | 30.73%
|
| Total | 3,872.50 | 16 |
|
|
|
| Industry sector (by SIC code)
|
|
|
| Manufacturing (2xxx, 3xxx) | 1,902.50 | 9 | 49.13%
|
| Transportation (4xxx) | 375.00 | 2 | 9.68%
|
| Communications (48xx) | 85.00 | 1 | 2.19%
|
| Services (7xxx) | 1,260.00 | 3 | 32.54%
|
| Health services (8xxx) | 250.00 | 1 | 6.46%
|
| Total | 3,872.50 | 16
|
|
|
|
|
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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