Analysis of convertibles issuance for 2004 through March

Total: $19.319 billion in 117 deals through March

Amount ($ billions) Number

Regular convertibles 17.693 68

Investment bank synthetics 1.626 49

Total 19.319 117

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 billions of dollars, count of deals, percentage of total in dollars.

Coupon

0%	0.525	2	2.97%
0.01%-0.99%	2.739	6	15.48%
1%-1.99%	2.597	10	14.68%
2%-2.99%	5.169	23	29.22%
3%-3.99%	1.788	10	10.10%
4%-4.99%	1.834	7	10.37%
5%-5.99%	1.100	1	6.22%
6% and higher	1.385	6	7.83%
Floater	0.555	3	3.14%
Total	17.693	68
Initial conversion premium
0%-19.99%	0.270	2	1.53%
20%-29.99%	3.011	10	17.03%
30%-39.99%	6.024	27	34.03%
40%-49.99%	4.427	17	25.03%
50%-59.99%	2.390	7	13.51%
60% and higher	1.400	3	7.92%
NA	0.170	2	0.96%
Total	17.693	68
Quick sale?
Yes	17.497	65	98.90%
No	0.195	3	1.10%
Total	17.693	68
Upsized?
Yes	4.342	21	24.54%
No	13.350	47	75.46%
Total	17.693	68
Rank
Senior secured	0.490	1	2.77%
Senior	11.321	41	63.99%
Senior subordinated	2.072	11	11.71%
Subordinated	1.412	9	7.98%
Preferred	2.397	6	13.55%
Total	17.693	68
Putable?
Yes	11.917	51	67.36%
No	5.775	17	32.64%
Total	17.693	68
Contingent conversion?
Yes	9.899	41	55.96%
No	7.793	27	44.04%
Total	17.693	68
Mandatory?
Yes	1.050	2	5.93%
No	16.643	66	94.07%
Total	17.693	68
Greenshoe exercised?
Yes	11.215	41	63.40%
No	6.477	27	36.61%
Total	17.693	68
Versus talk
Richer	0.610	4	3.45%
Rich end	2.783	10	15.73%
Within	6.365	26	35.97%
Cheap end	6.108	15	34.53%
Other, NA	1.826	13	10.32%
Total	17.693	68
Use of proceeds
Acquisition	0.700	3	3.96%
Capex	0.400	2	2.26%
GCP	5.874	25	33.20%
Redeem convertibles	1.395	5	7.88%
Repay/refinance debt	2.871	13	16.23%
Repay bank debt	1.524	5	8.61%
Repay bank debt plus	0.315	3	1.78%
Other	4.612	12	26.08%
Total	17.693	68
Industry sector (by SIC code)
Mining (1xxx)	2.982	6	16.86%
Oil and gas (13xx)	0.570	4	3.22%
Construction (15xx)	0.120	1	0.68%
Manufacturing (2xxx, 3xxx)	2.815	14	16.96%
Pharmaceuticals (2834)	2.182	7	11.29%
Transportation (4xxx)	1.074	5	6.07%
Communications (48xx)	1.116	5	6.31%
Wholesale (5xxx)	1.383	7	7.81%
Finance, insurance, real estate (6xxx)	2.850	10	16.11%
Services (7xxx)	2.240	7	12.66%
Health services (8xxx)	0.360	2	2.03%
Total	17.693	68

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.