Analysis of convertibles issuance for 12 months through November 2009

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Coupon

	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
0%	0	0	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0	0	0	0	0	0	0	0	0	0	0	0
1%-1.99%	0	0	0	0	0	0	0	0	0	0	0	0
2%-2.99%	0	0	0	0	0	1.000	0.863	0	0	0	0	0
3%-3.99%	0	0.517	0	0	0.374	2.670	0	2.570	0	0.360	1.240	0.259
4%-4.99%	0	0	0	0.490	2.405	1.058	0.814	0	0.403	1.015	0.575	5.091
5%-5.99%	0	0	0	0.845	1.066	0.818	1.248	0.410	0	0.420	0.415	0.105
6%-6.99%	0	0	0	0.652	0	0	0.636	0.942	0	0.460	0.365	0
7%-7.99%	0	0	0.025	0	0	0.292	0.140	0	0	0.745	0.593	0
8% and higher	0	0.252	0	0.625	0.541	0.984	0.317	0	0.060	0.140	0	0
Total	0	0.769	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.455
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
0%	0	0	0	0	0	0	0	0	0	0	0	0	0.00%
0.01%-0.99%	0	0	0	0	0	0	0	0	0	0	0	0	0.00%
1%-1.99%	0	0	0	0	0	0	0	0	0	0	0	0	0.00%
2%-2.99%	0	0	1.863	3	0	0	0	0	1.863	3	1.863	3	5.35%
3%-3.99%	0.517	1	3.044	7	2.930	4	1.499	4	7.990	16	7.990	16	22.96%
4%-4.99%	0.490	2	4.276	12	1.417	6	5.666	11	11.850	31	11.850	31	34.05%
5%-5.99%	0.845	2	3.132	11	0.831	6	0.520	4	5.327	23	5.327	23	15.31%
6%-6.99%	0.652	2	0.636	4	1.402	3	0.365	2	3.055	11	3.055	11	8.78%
7%-7.99%	0.025	1	0.432	3	0.745	2	0.593	2	1.796	8	1.796	8	5.16%
8% and higher	0.877	5	1.842	9	0.200	2	0	0	2.919	16	2.919	16	8.38%
Total	3.407	13	15.226	49	7.525	23	8.643	23	34.800	108	34.800	108	100.00%
Premium
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
19.99% and lower	0	0	0.025	0.700	0.225	1.365	1.376	0.942	0	0	0.293	1.567
20%-29.99%	0	0.769	0	1.258	3.361	3.474	1.202	2.580	0.172	1.927	1.155	3.047
30-39.99%	0	0	0	0.645	0.800	1.985	1.438	0.400	0.230	1.212	1.740	0.735
40% and higher	0	0	0	0.005	0	0	0	0	0	0	0	0
NA	0	0	0	0.005	0	0	0	0	0.060	0	0	0.105
Total	0	0.769	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.455
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	0.725	3	2.966	14	0.942	2	1.861	4	6.493	23	6.493	23	18.66%
20%-29.99%	2.027	6	8.037	27	4.681	13	4.202	9	18.947	55	18.947	55	54.45%
30-39.99%	0.645	2	4.223	8	1.843	7	2.475	9	9.185	26	9.185	26	26.39%
40% and higher	0.005	1	0	0	0	0	0	0	0.005	1	0.005	1	0.01%
NA	0.005	1	0	0	0.060	1	0.105	1	0.170	3	0.170	3	0.49%
Total	3.407	13	15.226	49	7.525	23	8.643	23	34.800	108	34.800	108	100.00%
Quick Sale?
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Yes	0	0.252	0	2.438	4.386	5.891	4.016	3.922	0.463	3.140	3.188	5.350
No	0	0.517	0.025	0.175	0	0.932	0	0	0	0	0	0.105
Total	0	0.769	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.455
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	2.689	8	14.293	47	7.525	23	8.538	22	33.045	100	33.045	100	94.96%
No	0.718	5	0.932	2	0	0	0.105	1	1.755	8	1.755	8	5.04%
Total	3.407	13	15.226	49	7.525	23	8.643	23	34.800	108	34.800	108	100.00%
Upsized?
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Yes	0	0.517	0	1.438	4.156	4.404	1.614	2.711	0	2.397	1.485	4.442
No	0	0.252	0.025	1.175	0.230	2.420	2.402	1.212	0.463	0.743	1.703	1.012
Total	0	0.769	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.455
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	1.955	5	10.173	28	5.108	12	5.928	10	23.164	55	23.164	55	66.56%
No	1.452	8	5.053	21	2.417	11	2.715	13	11.636	53	11.636	53	33.44%
Total	3.407	13	15.226	49	7.525	23	8.643	23	34.800	108	34.800	108	100.00%
Seniority
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
senior	0	0.517	0	1.913	4.386	5.749	3.014	1.922	0.403	2.655	2.638	4.520
senior subordinated	0	0	0.025	0.250	0	0.787	0	0	0	0	0.550	0.935
subordinated	0	0	0	0.450	0	0	0.374	2.000	0.060	0	0	0
preferred	0	0.252	0	0	0	0.287	0.629	0	0	0.485	0	0
Total	0	0.769	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.455
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
senior	2.43	9.000	13.148	41.000	4.98	19.000	7.158	21.000	27.716	90.000	27.716	90	79.64%
senior subordinated	0.275	2.000	0.787	2.000	0	0	1.485	2.000	2.547	6.000	2.547	6	7.32%
subordinated	0.45	1.000	0.374	1.000	2.06	2.000	0	0	2.884	4.000	2.884	4	8.29%
preferred	0.252	1.000	0.916	5.000	0.485	2.000	0	0	1.653	8.000	1.653	8	4.75%
Total	3.407	13.000	15.226	49.000	7.525	23.000	8.643	23.000	34.8	108.000	34.8	108	100.00%
Mandatory
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Yes	0	0	0	0.615	0	0.925	0.172	0.942	0	0	0.300	0
No	0	0.769	0.025	1.998	4.386	5.899	3.844	2.981	0.463	3.140	2.888	5.455
Total	0	0.769	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.455
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0.615	2	1.097	4	0.942	2	0.300	1	2.954	9	2.954	9	8.49%
No	2.792	11	14.128	45	6.583	21	8.342	22	31.846	99	31.846	99	91.51%
Total	3.407	13	15.226	49	7.525	23	8.643	23	34.800	108	34.800	108	100.00%
Greenshoe Exercised?
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Yes	0	0.769	0	1.802	4.161	5.674	3.191	2.981	0.403	2.550	1.170	5.250
No	0	0	0.025	0.810	0.225	1.150	0.825	0.942	0.060	0.590	2.018	0.205
Total	0	0.769	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.455
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	2.572	8	13.026	41	5.933	18	6.420	15	27.950	82	27.950	82	80.32%
No	0.835	5	2.200	8	1.592	5	2.223	8	6.850	26	6.850	26	19.68%
Total	3.407	13	15.226	49	7.525	23	8.643	23	34.800	108	34.800	108	100.00%
Versus Talk
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Richer	0	0	0	0.345	0	0.965	0.172	0	0.403	0.860	0	0.103
Rich end	0	0.517	0	1.690	0.455	1.573	0.427	0.400	0	0.645	1.240	0.273
Within	0	0	0	0	1.313	2.251	1.285	2.272	0	1.090	0.745	4.341
Cheap end	0	0	0	0.403	0.863	0.733	2.074	1.112	0	0.200	0.910	0.632
Cheaper	0	0	0	0	0.956	0.545	0.058	0.138	0	0	0	0
NA	0	0.252	0.025	0.175	0.800	0.757	0	0	0.060	0.345	0.293	0.105
Total	0	0.769	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.455
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Richer	0.345	1	1.137	3	1.262	4	0.103	1	2.849	9	2.849	9	8.19%
Rich end	2.208	6	2.455	9	1.045	5	1.512	7	7.220	27	7.220	27	20.75%
Within	0	0	4.849	17	3.362	7	5.086	8	13.297	32	13.297	32	38.21%
Cheap end	0.403	1	3.669	11	1.312	4	1.542	5	6.925	21	6.925	21	19.90%
Cheaper	0	0	1.558	5	0.138	1	0	0	1.696	6	1.696	6	4.87%
NA	0.452	5	1.558	4	0.405	2	0.398	2	2.812	13	2.812	13	8.08%
Total	3.407	13	15.226	49	7.525	23	8.643	23	34.800	108	34.800	108	100.00%
Use of Proceeds
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Acquisition	0	0.517	0	0	0	0	0	0	0	0	0	1.035
Capex	0	0	0	0.010	0	0	0	0	0.230	0	0	0.105
GCP	0	0	0	1.613	1.490	3.177	0.932	1.180	0	0.460	1.605	3.438
Refinance	0	0	0	0.990	1.899	3.071	2.538	0.743	0.172	1.725	1.383	0.273
Multiple/Other/NA	0	0.252	0.025	0	0.996	0.575	0.546	2.000	0.060	0.955	0.200	0.604
Total	0	0.769	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.455
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.517	1	0	0	0	0	1.035	2	1.552	3	1.552	3	4.46%
Capex	0.010	2	0	0	0.230	1	0.105	1	0.345	4	0.345	4	0.99%
GCP	1.613	5	5.600	18	1.640	5	5.043	8	13.895	36	13.895	36	39.93%
Refinance	0.990	3	7.508	24	2.640	11	1.655	8	12.794	46	12.794	46	36.76%
Multiple/Other/NA	0.277	2	2.118	7	3.015	6	0.804	4	6.213	19	6.213	19	17.85%
Total	3.407	13	15.226	49	7.525	23	8.643	23	34.800	108	34.800	108	100.00%
Industry Sector (by SIC code)
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0.800	0
Mining (1xxx)	0	0.517	0	0	0	0.733	0.863	0.942	0	0.165	0	0.172
Oil and gas (13xx)	0	0.252	0	0	0	0	0.431	0	0	0.330	0.075	0
Construction (15xx)	0	0	0	0	0	0.500	0.115	0	0	0	0	0.100
Manufacturing (2xxx, 3xxx)	0	0	0	2.603	2.496	1.913	0.890	2.138	0	0.458	0.650	3.339
Pharmaceuticals (2834-6)	0	0	0.025	0	0	0.500	0.300	0	0.230	0	0	0
Transportation (4xxx)	0	0	0	0	0	0.172	0.201	0	0	0.460	0.415	0.460
Communications (48xx)	0	0	0	0	0.500	0	0.431	0	0	0	0	0.935
Electric, gas, sanitary services (49xx)	0	0	0	0.010	0	1.038	0.497	0	0	0	0	0
Wholesale (5xxx)	0	0	0	0	0	0.235	0.115	0	0	0.172	0	0
Finance, insurance, real estate (6xxx)	0	0	0	0	1.390	0.576	0.172	0.170	0.233	0.250	0.903	0.172
Services (7xxx)	0	0	0	0	0	1.158	0	0.672	0	0.560	0.345	0.276
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0.745	0	0
Total	0	0.769	0.025	2.612	4.386	6.824	4.016	3.922	0.463	3.140	3.188	5.455
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0.800	2	0.800	2	0.800	2	2.30%
Mining (1xxx)	0.517	1	1.595	2	1.107	3	0.172	1	3.392	7	3.392	7	9.75%
Oil and gas (13xx)	0.252	1	0.431	2	0.330	2	0.075	1	1.088	6	1.088	6	3.13%
Construction (15xx)	0	0	0.615	2	0	0	0.100	1	0.715	3	0.715	3	2.05%
Manufacturing (2xxx, 3xxx)	2.603	8	5.299	15	2.595	4	3.989	6	14.486	33	14.486	33	41.63%
Pharmaceuticals (2834-6)	0.025	1	0.800	2	0.230	1	0	0	1.055	4	1.055	4	3.03%
Transportation (4xxx)	0	0	0.374	3	0.460	1	0.875	3	1.709	7	1.709	7	4.91%
Communications (48xx)	0	0	0.931	3	0	0	0.935	1	1.866	4	1.866	4	5.36%
Electric, gas, sanitary services (49xx)	0.010	2	1.535	5	0	0	0	0	1.545	7	1.545	7	4.44%
Wholesale (5xxx)	0	0	0.350	3	0.172	1	0	0	0.522	4	0.522	4	1.50%
Finance, insurance, real estate (6xxx)	0	0	2.138	8	0.652	4	1.075	5	3.866	17	3.866	17	11.11%
Services (7xxx)	0	0	1.158	4	1.232	5	0.621	3	3.011	12	3.011	12	8.65%
Health services (8xxx)	0	0	0	0	0.745	2	0	0	0.745	2	0.745	2	2.14%
Total	3.407	13	15.226	49	7.525	23	8.643	23	34.800	108	34.800	108	100.00%

Criteria

• The tables include all underwritten 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. Structured products 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.