Analysis of convertibles issuance for 12 months through June 2009

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

Coupon

	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
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%	0.805	0	0	0	0	0	0	0	0	0	0	0
2%-2.99%	0	0.375	0.175	0	0	0	0	0	0	0	1.000	0.863
3%-3.99%	0.660	1.430	1.025	0	0	0	0.517	0	0	0.374	2.670	0
4%-4.99%	0.538	0.240	0	0	0	0	0	0	0.490	2.405	1.058	0.814
5%-5.99%	0.345	0.060	0	0	0	0	0	0	0.845	1.066	0.818	1.188
6%-6.99%	0	0.172	0	0	0	0	0	0	0.652	0	0	0.636
7%-7.99%	0.550	0	0	0	0	0	0	0.025	0	0	0.292	0.140
8% and higher	0.635	0	0	0	0	0	0.252	0	0.625	0.541	0.984	0.317
Total	3.533	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.956
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	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%	0.805	1	0	0	0	0	0	0	0	0	0.805	1	0.00%
2%-2.99%	0.550	2	0	0	0	0	1.863	3	1.863	3	2.413	5	10.03%
3%-3.99%	3.115	6	0	0	0.517	1	3.044	7	3.561	8	6.676	14	19.17%
4%-4.99%	0.778	3	0	0	0.490	2	4.276	12	4.766	14	5.544	17	25.66%
5%-5.99%	0.405	2	0	0	0.845	2	3.072	11	3.917	13	4.322	15	21.09%
6%-6.99%	0.172	1	0	0	0.652	2	0.636	4	1.289	6	1.461	7	6.94%
7%-7.99%	0.550	1	0	0	0.025	1	0.432	3	0.458	4	1.008	5	2.47%
8% and higher	0.635	2	0	0	0.877	5	1.842	9	2.719	14	3.354	16	14.64%
Total	7.010	18	0	0	3.407	13	15.166	49	18.573	62	25.583	80	100.00%
Premium
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
19.99% and lower	0.575	0	0	0	0	0	0	0.025	0.700	0.225	1.365	1.376
20%-29.99%	1.693	1.040	0.750	0	0	0	0.769	0	1.258	3.361	3.474	1.165
30-39.99%	0.745	0.375	0.450	0	0	0	0	0	0.645	0.800	1.985	1.415
40-49.99%	0.460	0.690	0	0	0	0	0	0	0	0	0	0
50% and higher	0	0.172	0	0	0	0	0	0	0.005	0	0	0
NA	0.060	0	0	0	0	0	0	0	0.005	0	0	0
Total	3.533	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.956
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	0.575	1	0	0	0.725	3	2.966	14	3.691	17	4.266	18	19.87%
20%-29.99%	3.483	9	0	0	2.027	6	7.999	27	10.026	33	13.509	42	53.98%
30-39.99%	1.570	4	0	0	0.645	2	4.200	8	4.845	10	6.415	14	26.09%
40-49.99%	1.150	2	0	0	0	0	0	0	0	0	1.150	2	0.00%
50% and higher	0.172	1	0	0	0.005	1	0	0	0.005	1	0.177	2	0.03%
NA	0.060	1	0	0	0.005	1	0	0	0.005	1	0.065	2	0.03%
Total	7.010	18	0	0	3.407	13	15.166	49	18.573	62	25.583	80	100.00%
Quick Sale?
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Yes	2.348	2.218	1.200	0	0	0	0.252	0	2.438	4.386	5.891	3.956
No	1.185	0.060	0	0	0	0	0.517	0.025	0.175	0	0.932	0
Total	3.533	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.956
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	5.766	14	0	0	2.689	8	14.233	47	16.923	55	22.688	69	91.12%
No	1.245	4	0	0	0.718	5	0.932	2	1.650	7	2.895	11	8.88%
Total	7.010	18	0	0	3.407	13	15.166	49	18.573	62	25.583	80	100.00%
Upsized?
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Yes	0.060	1.415	0.750	0	0	0	0.517	0	1.438	4.156	4.404	1.614
No	3.473	0.863	0.450	0	0	0	0.252	0.025	1.175	0.230	2.420	2.342
Total	3.533	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.956
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	2.225	7	0	0	1.955	5	10.173	28	12.128	33	14.353	40	65.30%
No	4.785	11	0	0	1.452	8	4.992	21	6.444	29	11.230	40	34.70%
Total	7.010	18	0	0	3.407	13	15.166	49	18.573	62	25.583	80	100.00%
Seniority
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
senior	2.923	2.278	1.200	0	0	0	0.517	0	1.913	4.386	5.749	2.954
senior subordinated	0.550	0	0	0	0	0	0	0.025	0.250	0	0.787	0
subordinated	0	0	0	0	0	0	0	0	0.450	0	0	0.374
preferred	0.060	0	0	0	0	0	0.252	0	0	0	0.287	0.629
Total	3.533	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.956
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
senior	6.401	16	0	0	2.430	9	13.088	41	15.518	50	21.919	66	83.55%
senior subordinated	0.550	1	0	0	0.275	2	0.787	2	1.062	4	1.613	5	5.72%
subordinated	0	0	0	0	0.450	1	0.374	1	0.824	2	0.824	2	4.44%
preferred	0.060	1	0	0	0.252	1	0.916	5	1.168	6	1.228	7	6.29%
Total	7.010	18	0	0	3.407	13	15.166	49	18.573	62	25.583	80	100.00%
Mandatory
	7/2008	8/2008	9/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Yes	0.575	0	0	0	0	0.615	0	0.925	0.172
No	2.958	2.278	1.200	0.769	0.025	1.998	4.386	5.899	3.784
Total	3.533	2.278	1.200	0.769	0.025	2.612	4.386	6.824	3.956
	Q3/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0.575	1	0.615	2	1.097	4	1.712	6	2.288	7	9.22%
No	6.435	17	2.792	11	14.068	45	16.860	56	23.295	73	90.78%
Total	7.010	18	3.407	13	15.166	49	18.573	62	25.583	80	100.00%
Greenshoe Exercised?
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Yes	2.723	2.038	0.750	0	0	0	0.769	0	1.802	4.161	5.674	2.731
No	0.810	0.240	0.450	0	0	0	0	0.025	0.810	0.225	1.150	1.225
Total	3.533	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.956
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	5.511	13	0	0	2.572	8	12.566	38	15.138	46	20.648	59	81.51%
No	1.500	5	0	0	0.835	5	2.600	11	3.435	16	4.935	21	18.49%
Total	7.010	18	0	0	3.407	13	15.166	49	18.573	62	25.583	80	100.00%
Versus Talk
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Richer	0	0	0	0	0	0	0	0	0.345	0	0.965	0.150
Rich end	0	0.375	0.450	0	0	0	0.517	0	1.690	0.455	1.573	0.427
Within	1.550	0.930	0	0	0	0	0	0	0	1.313	2.251	1.285
Cheap end	0.338	0.913	0.575	0	0	0	0	0	0.403	0.863	0.733	2.036
Cheaper	0	0	0	0	0	0	0	0	0	0.956	0.545	0.058
Other/NA	1.645	0.060	0.175	0	0	0	0.252	0.025	0.175	0.800	0.757	0
Total	3.533	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.956
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Richer	0	0	0	0	0.345	1	1.115	3	1.460	4	1.460	4	7.86%
Rich end	0.825	2	0	0	2.208	6	2.455	9	4.663	15	5.488	17	25.11%
Within	2.480	5	0	0	0	0	4.849	17	4.849	17	7.329	22	26.11%
Cheap end	1.826	5	0	0	0.403	1	3.631	11	4.034	12	5.859	17	21.72%
Cheaper	0	0	0	0	0	0	1.558	5	1.558	5	1.558	5	8.39%
Other/NA	1.880	6	0	0	0.452	5	1.558	4	2.009	9	3.889	15	10.82%
Total	7.010	18	0	0	3.407	13	15.166	49	18.573	62	25.583	80	100.00%
Use of Proceeds
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Acquisition	0.345	0	0	0	0	0	0.517	0	0	0	0	0
Capex	0.138	0	0	0	0	0	0	0	0.010	0	0	0
GCP	0	0.240	0	0	0	0	0	0	1.613	1.490	3.177	0.887
Refinance	1.525	0.863	1.025	0	0	0	0	0	0.990	1.899	3.071	2.522
Multiple/Other/NA	1.525	1.175	0.175	0	0	0	0.252	0.025	0	0.996	0.575	0.546
Total	3.533	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.956
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.345	1	0	0	0.517	1	0	0	0.517	1	0.863	2	2.78%
Capex	0.138	1	0	0	0.010	2	0	0	0.010	2	0.148	3	0.05%
GCP	0.240	1	0	0	1.613	5	5.555	18	7.167	23	7.407	24	38.59%
Refinance	3.413	7	0	0	0.990	3	7.494	24	8.483	27	11.896	34	45.67%
Multiple/Other/NA	2.875	8	0	0	0.277	2	2.118	7	2.395	9	5.269	17	12.90%
Total	7.010	18	0	0	3.407	13	15.166	49	18.573	62	25.583	80	100.00%
Industry Sector (by SIC code)
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Agriculture (0xxx)	0.345	0	0	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0	0.690	0	0	0	0	0.517	0	0	0	0.733	0.863
Oil and gas (13xx)	0	0	0	0	0	0	0.252	0	0	0	0	0.431
Construction (15xx)	0	0	0	0	0	0	0	0	0	0	0.500	0.115
Manufacturing (2xxx, 3xxx)	0.538	0.412	0.450	0	0	0	0	0	2.603	2.496	1.913	0.868
Pharmaceuticals (2834-6)	0	0.060	0.575	0	0	0	0	0.025	0	0	0.500	0.300
Transportation (4xxx)	0	0	0	0	0	0	0	0	0	0	0.172	0.201
Communications (48xx)	0.550	0	0	0	0	0	0	0	0	0.500	0	0.431
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0.010	0	1.038	0.475
Wholesale (5xxx)	0.200	0.375	0	0	0	0	0	0	0	0	0.235	0.100
Finance, insurance, real estate (6xxx)	1.095	0.740	0	0	0	0	0	0	0	1.390	0.576	0.172
Services (7xxx)	0.805	0	0.175	0	0	0	0	0	0	0	1.158	0
Total	3.533	2.278	1.200	0	0	0	0.769	0.025	2.612	4.386	6.824	3.956
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.345	1	0	0	0	0	0	0	0	0	0.345	1	0.00%
Mining (1xxx)	0.690	1	0	0	0.517	1	1.595	2	2.112	3	2.803	4	11.37%
Oil and gas (13xx)	0	0	0	0	0.252	1	0.431	2	0.683	3	0.683	3	3.68%
Construction (15xx)	0	0	0	0	0	0	0.615	2	0.615	2	0.615	2	3.31%
Manufacturing (2xxx, 3xxx)	1.401	5	0	0	2.603	8	5.276	15	7.879	23	9.279	28	42.42%
Pharmaceuticals (2834-6)	0.635	2	0	0	0.025	1	0.800	2	0.825	3	1.460	5	4.44%
Transportation (4xxx)	0	0	0	0	0	0	0.374	3	0.374	3	0.374	3	2.01%
Communications (48xx)	0.550	1	0	0	0	0	0.931	3	0.931	3	1.481	4	5.01%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.010	2	1.512	5	1.522	7	1.522	7	8.19%
Wholesale (5xxx)	0.575	2	0	0	0	0	0.335	3	0.335	3	0.910	5	1.80%
Finance, insurance, real estate (6xxx)	1.835	4	0	0	0	0	2.138	8	2.138	8	3.973	12	11.51%
Services (7xxx)	0.980	2	0	0	0	0	1.158	4	1.158	4	2.138	6	6.23%
Total	7.010	18	0	0	3.407	13	15.166	49	18.573	62	25.583	80	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.