Analysis of convertibles issuance for fourth quarter 2003

Total: $17,376 billion in 94 deals priced in fourth quarter

Amount ($ mlns) Number

Regular convertibles 16,850 59

Investment bank synthetics 526 35

Total 17,376 94

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%	1,300.00	4	7.71%
0.01%-0.99%	1,000.00	4	5.93%
1%-1.99%	4,108.75	10	24.38%
2%-2.99%	1,586.12	9	9.41%
3%-3.99%	1,621.25	8	9.62%
4%-4.99%	3,235.75	9	19.20%
5%-5.99%	1,526.00	9	9.06%
7% and higher	982.50	3	5.83%
Floater	1,490.00	3	8.84%
Total	16,850.37	59
Initial conversion premium
10%-19.99%	586.12	2	3.48%
20%-29.99%	2,861.75	17	16.98%
30%-39.99%	5,175.00	18	30.71%
40%-49.99%	3,977.50	15	23.60%
50%-59.99%	4,250.00	7	25.22%
Total	16,850.37	59
Quick sale?
Yes	14,629.50	51	86.82%
No	2,220.87	8	13.18%
Total	16,850.37	59
Upsized?
Yes	3,944.75	19	23.41%
No	12,905.62	40	76.59%
Total	16,850.37	59
Rank
Senior	11,005.00	30	65.31%
Senior sub	1,716.25	10	10.19%
Subordinated	2,247.00	12	13.34%
Preferred	1,882.12	7	11.17%
Total	16,850.37	59
Putable?
Yes	11,298.25	39	67.05%
No	5,552.12	20	32.95%
Total	16,850.37	59
Contingent conversion?
Yes	10,107.00	33	59.98%
No	6,743.37	26	40.02%
Total	16,850.37	59
Mandatory?
Yes	1,723.62	5	10.23%
No	15,126.75	54	89.77%
Total	16,850.37	59
Greenshoe exercised?
Yes	11,638.00	41	69.07%
No	5,212.37	18	30.93%
Total	16,850.37	59
Versus talk
Richer	175.00	1	1.04%
Rich end	6,506.12	11	38.61%
Within	2,672.00	10	15.86%
Cheap end	2,777.25	18	16.48%
Cheaper	3,173.75	12	18.83%
Other, NA	1,546.25	7	9.18%
Total	16,850.37	59
Use of proceeds
Acquisition	670.00	3	3.98%
Capex	455.00	2	2.70%
GCP	4,850.00	14	28.78%
Redeem convertibles	4,043.75	13	24.00%
Repay debt	3,454.25	15	20.50%
Repay debt and other uses	921.25	6	5.47%
Others, multiple uses	2,456.12	6	14.58%
Total	16,850.37	59
Industry sector (by SIC code)
Mining (1xxx)	230.00	1	1.36%
Oil and gas (13xx)	1,675.00	3	9.94%
Construction (15xx)	270.00	1	1.60%
Manufacturing (2xxx, 3xxx)	6,847.12	24	40.63%
Semiconductors, electronic components (367x)	850.00	3	5.04%
Transportation (4xxx)	447.00	3	2.65%
Electric, gas, sanitary services (49xx)	1,355.00	4	8.04%
Wholesale trade (5xxx)	230.00	2	1.36%
Finance, insurance, real estate (6xxx)	2,788.75	5	16.55%
Services (7xxx)	2,042.50	12	12.12%
Health services (8xxx)	115.00	1	0.68%
Total	16,850.37	59

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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