Analysis of convertibles issuance for year to date through November

Total: $89.217 billion in 377 deals priced through November

Amount ($ mlns) Number

Regular convertibles 85,464.30 260

Investment bank synthetics 3,752.27 117

Total 89,216.57 377

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

0%	9,048.75	25	10.59%
0.01%-0.99%	4,751.25	6	5.56%
1%-1.99%	11,084.25	28	12.97%
2%-2.99%	13,404.06	42	15.68%
3%-3.99%	12,792.95	45	14.97%
4%-4.99%	8,527.44	43	9.98%
5%-5.99%	4,081.15	29	4.78%
6%-6.99%	7,275.86	13	8.51%
7% and higher	5,453.08	18	6.38%
Floater	9,045.50	11	10.58%
Total	85,464.30	260
Initial conversion premium
Less than 10%	55.00	1	0.06%
10%-19.99%	2,586.62	13	3.03%
20%-29.99%	12,791.05	58	14.97%
30%-39.99%	24,219.23	74	28.34%
40%-49.99%	14,372.92	53	16.82%
50%-59.99%	13,263.89	25	15.52%
60%-69.99%	6,468.00	17	7.57%
70-99.99%	7,407.58	13	8.67%
100% and higher	4,300.00	6	5.03%
Total	85,464.30	260
Greenshoe exercised?
Yes	62,368.48	193	72.98%
No	23,095.82	67	27.02%
Total	85,464.30	260
Upsized?
Yes	32,111.78	82	37.57%
No	52,546.52	172	61.48%
Downsized	806.00	6	0.94%
Total	85,464.30	260
Rank
Senior	62,218.22	142	72.80%
Senior sub	4,660.75	27	5.45%
Subordinated	14,300.20	75	16.73%
Preferred	4,285.12	16	5.01%
Total	85,464.30	260
Putable?
Yes	60,487.11	147	70.77%
No	24,977.19	113	29.23%
Total	85,464.30	260
Contingent conversion?
Yes	41,049.32	123	48.03%
No	44,414.97	137	51.97%
Total	85,464.30	260
Mandatory?
Yes	5,224.12	15	6.11%
No	80,240.18	245	93.89%
Total	85,464.30	260
Versus talk
Richer	8,531.25	20	9.98%
Rich end	10,604.45	41	12.41%
Within	32,683.43	86	38.24%
Cheap end	16,047.16	47	18.78%
Cheaper	4,787.94	18	5.60%
Other, NA	12,810.08	48	14.99%
Total	85,464.30	260
Use of proceeds
Acquisition	1,858.05	9	2.17%
Capex	1,605.00	5	1.88%
GCP	32,233.27	97	37.72%
Redeem convertibles	11,456.28	31	13.40%
Repay bank debt	4,962.04	18	5.81%
Repay bank debt plus others	2,496.84	16	2.92%
Other repay debt, refinance	16,974.75	45	19.86%
Others, multiple uses	13,878.07	39	16.24%
Total	85,464.30	260
Industry sector (by SIC code)
Mining (1xxx)	1,643.28	7	1.92%
Oil and gas (13xx)	4,285.00	9	5.01%
Construction (15xx)	395.00	2	0.46%
Manufacturing (2xxx, 3xxx)	26,636.16	88	31.17%
Chips, electronic components (367x)	10,702.50	18	12.52%
Transportation (4xxx)	3,489.97	18	4.08%
Communications (48xx)	4,099.50	14	4.80%
Electric, gas, sanitary services (49xx)	5,945.50	15	6.96%
Wholesale trade (5xxx)	2,009.80	14	2.35%
Finance, insurance, real estate (6xxx)	12,458.84	26	14.58%
Services (7xxx)	12,108.75	41	14.17%
Health services (8xxx)	1,690.00	8	1.98%
Total	85,464.30	260

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.