Analysis of convertibles issuance for 13 months through September 2010

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

Coupon

	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
0%	0	0	0	0	0	0	0	0	0	1.250	0	0	0
0.01%-0.99%	0	0	0	0	0.575	0	0	0	0	0	0	0	0
1%-1.99%	0	0	0	0	0	0	0.575	0	0	0	2.500	1.000	0
2%-2.99%	0	0	0	0.400	0	0	0.748	0.277	0.345	0.870	0	0.550	0.115
3%-3.99%	0.360	1.240	0.259	0	0.930	0.150	1.292	0	0.690	0.153	0	0.400	0.725
4%-4.99%	1.015	0.575	4.631	0.990	0	0.490	1.970	1.411	0	0.125	0	0	0.280
5%-5.99%	0.420	0.415	0.565	0.225	0	0	0	0.787	1.103	0	0.125	0.100	0.150
6%-6.99%	0.460	0.365	0	0	0.115	0.161	0.010	0	0	0	1.270	0	0.964
7%-7.99%	0.745	0.593	0.020	3.660	0.230	0	0.575	0	0.106	0	0	0	0.403
8% and higher	0.140	0	0	0.006	0	0	0	0.510	0	1.150	0.900	0	0.032
NA/Other	0	0	0	19.290	0	0.209	0	1.150	0	0	0	0	0
Total	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.795	2.050	2.668
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0	0	0	0	1.250	1	0	0	1.250	1	1.250	1	1.250	1	4.55%
0.01%-0.99%	0	0	0.575	1	0	0	0	0	0.575	1	0.575	1	0.575	1	2.09%
1%-1.99%	0	0	0.575	1	0	0	3.500	3	4.075	4	4.075	4	4.075	4	6.38%
2%-2.99%	0.400	1	0.748	2	1.492	4	0.665	2	2.904	8	3.304	9	3.304	9	5.18%
3%-3.99%	1.499	4	2.372	7	0.843	2	1.125	4	4.341	13	6.199	18	5.839	17	9.71%
4%-4.99%	6.196	14	2.460	8	1.536	3	0.280	2	4.276	13	11.487	31	10.472	27	17.99%
5%-5.99%	1.205	7	0	0	1.890	5	0.375	3	2.265	8	3.890	18	3.470	15	6.09%
6%-6.99%	0.365	2	0.286	3	0	0	2.234	3	2.520	6	3.345	9	2.885	8	5.24%
7%-7.99%	4.273	6	0.805	3	0.106	2	0.403	1	1.314	6	6.332	14	5.587	12	9.92%
8% and higher	0.006	1	0	0	1.660	3	0.931	2	2.591	5	2.738	7	2.598	6	4.29%
NA/Other	19.290	1	0.209	1	1.150	1	0	0	1.359	2	20.649	3	20.649	3	32.34%
Total	33.234	36	8.030	26	9.927	21	9.513	20	27.470	67	63.843	115	60.703	103	100.00%
Premium
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
19.99% and lower	0	0.293	1.567	0.050	0.115	0	0.342	0	0.032	0.153	0.900	0.400	0
20%-29.99%	1.927	1.155	3.047	4.140	0.985	0.801	2.672	2.543	0.075	2.145	1.395	1.100	1.457
30-39.99%	1.212	1.740	0.735	1.032	0	0	2.155	0.277	0.345	1.250	2.500	0.550	0.475
40% and higher	0	0	0	0.006	0	0	0	0.165	0.690	0	0	0	0.032
NA	0	0	0.125	19.342	0.750	0.209	0	1.150	1.103	0	0	0	0.705
Total	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.795	2.050	2.668
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	1.911	5	0.457	2	0.185	2	1.300	2	1.942	6	3.853	11	3.853	11	6.04%
20%-29.99%	8.342	14	4.458	17	4.763	11	3.952	8	13.174	36	23.444	57	21.516	50	36.72%
30-39.99%	3.507	12	2.155	5	1.871	3	3.525	6	7.551	14	12.271	31	11.059	26	19.22%
40% and higher	0.006	1	0	0	0.855	2	0.032	1	0.887	3	0.893	4	0.893	4	1.40%
NA	19.467	4	0.959	2	2.252	3	0.705	3	3.916	8	23.383	12	23.383	12	36.63%
Total	33.234	36	8.030	26	9.927	21	9.513	20	27.470	67	63.843	115	60.703	103	100.00%
Quick Sale?
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Yes	3.140	3.188	5.370	24.512	1.850	1.010	5.170	3.874	1.141	3.548	4.795	2.050	2.637
No	0	0	0.105	0.058	0	0	0	0.261	1.103	0	0	0	0.032
Total	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.795	2.050	2.668
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	33.070	33	8.030	26	8.564	18	9.482	19	26.075	63	62.285	108	59.145	96	97.56%
No	0.163	3	0	0	1.363	3	0.032	1	1.395	4	1.558	7	1.558	7	2.44%
Total	33.234	36	8.030	26	9.927	21	9.513	20	27.470	67	63.843	115	60.703	103	100.00%
Upsized?
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Yes	2.397	1.485	4.463	20.172	1.103	0	2.465	3.348	1.035	0	0	0.550	0.280
No	0.743	1.703	1.012	4.398	0.748	1.010	2.705	0.786	1.209	3.548	4.795	1.500	2.388
Total	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.795	2.050	2.668
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	26.120	16	3.567	10	4.383	8	0.830	3	8.781	21	37.298	45	34.901	37	58.42%
No	7.114	20	4.462	16	5.544	13	8.683	17	18.689	46	26.545	70	25.802	66	41.58%
Total	33.234	36	8.030	26	9.927	21	9.513	20	27.470	67	63.843	115	60.703	103	100.00%
Seniority
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
senior secured	0	0	0	0	0	0	0	0.165	0	0	0	0	0
senior	2.655	2.638	4.520	4.698	1.792	0.860	3.880	3.425	1.141	2.398	3.525	1.650	2.668
senior subordinated	0	0.550	0.935	0.172	0	0.150	0	0.200	0	0	0	0.400	0
subordinated	0	0	0	0.300	0.058	0	0.715	0.345	0	1.150	0	0	0
preferred	0.485	0	0.020	19.400	0	0	0.575	0	1.103	0	1.270	0	0
Total	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.795	2.050	2.668
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0	0	0	0	0.165	1	0	0	0.165	1	0.165	1	0.165	1	0.26%
senior	11.856	28	6.532	22	6.965	15	7.843	18	21.340	55	35.851	93	33.196	83	56.15%
senior subordinated	1.657	3	0.150	1	0.200	1	0.400	1	0.750	3	2.408	6	2.408	6	3.77%
subordinated	0.300	2	0.772	2	1.495	2	0	0	2.268	4	2.567	6	2.567	6	4.02%
preferred	19.420	3	0.575	1	1.103	2	1.270	1	2.947	4	22.852	9	22.367	7	35.79%
Total	33.234	36	8.030	26	9.927	21	9.513	20	27.470	67	63.843	115	60.703	103	100.00%
Mandatory
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Yes	0	0.300	0	22.790	0.058	0	0.575	0	0	1.150	1.270	0	1.192
No	3.140	2.888	5.475	1.781	1.792	1.010	4.595	4.135	2.244	2.398	3.525	2.050	1.476
Total	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.795	2.050	2.668
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	23.090	3	0.632	2	1.150	1	2.462	3	4.244	6	27.334	9	27.334	9	42.81%
No	10.144	33	7.397	24	8.777	20	7.051	17	23.226	61	36.509	106	33.369	94	57.19%
Total	33.234	36	8.030	26	9.927	21	9.513	20	27.470	67	63.843	115	60.703	103	100.00%
Greenshoe Exercised?
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Yes	2.550	1.170	5.270	1.573	1.100	0.520	4.343	3.709	1.067	2.750	4.795	0.950	2.162
No	0.590	2.018	0.205	22.998	0.750	0.490	0.827	0.426	1.177	0.798	0	1.100	0.506
Total	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.795	2.050	2.668
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	8.012	22	5.962	20	7.525	13	7.907	14	21.394	47	31.956	79	29.406	69	50.05%
No	25.221	14	2.067	6	2.402	8	1.607	6	6.076	20	31.887	36	31.297	34	49.95%
Total	33.234	36	8.030	26	9.927	21	9.513	20	27.470	67	63.843	115	60.703	103	100.00%
Versus Talk
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Richer	0.860	0	0.103	0	0	0	0.717	0.345	0	0	0	0	0.115
Rich end	0.645	1.240	0.273	3.610	0.058	0	0.750	1.495	0	0	3.770	0	1.069
Within	1.090	0.745	4.341	0.902	0.922	0.150	3.237	0.165	0.765	2.750	0	1.550	0.900
Cheap end	0.200	0.910	0.632	0	0.295	0.490	0.115	0.719	0.345	0.125	0.125	0.500	0
Cheaper	0	0	0	0	0.575	0	0.240	0	0	0.520	0	0	0
NA/Other	0.345	0.293	0.125	20.058	0	0.370	0.110	1.411	1.134	0.153	0.900	0	0.584
Total	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.795	2.050	2.668
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.103	1	0.717	2	0.345	1	0.115	1	1.177	4	2.141	7	1.281	5	3.35%
Rich end	5.122	9	0.807	3	1.495	2	4.839	6	7.142	11	12.909	24	12.264	20	20.22%
Within	5.989	12	4.310	11	3.680	6	2.450	6	10.440	23	17.519	39	16.429	35	27.44%
Cheap end	1.542	5	0.900	4	1.189	5	0.625	3	2.714	12	4.456	18	4.256	17	6.98%
Cheaper	0	0	0.815	2	0.520	1	0	0	1.335	3	1.335	3	1.335	3	2.09%
NA/Other	20.476	9	0.480	4	2.698	6	1.484	4	4.662	14	25.483	24	25.138	23	39.91%
Total	33.234	36	8.030	26	9.927	21	9.513	20	27.470	67	63.843	115	60.703	103	100.00%
Use of Proceeds
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Acquisition	0	0	1.035	0.110	0	0	0.375	0	0	1.150	0	0	0
Capex	0	0	0.105	0	0	0	0	0	0	0	2.295	0.550	0.150
GCP	0.460	1.605	3.458	0.555	0	0.651	0.637	1.737	0.377	0	0	1.000	1.067
Redeem convertibles	0	0	0	0	0	0	0	0	0	0.153	0	0	0.032
Refinance	1.725	1.383	0.273	23.440	0.172	0	3.157	1.515	1.177	0	0	0.400	0.280
Multiple/Other/NA	0.955	0.200	0.604	0.466	1.677	0.359	1.000	0.882	0.690	2.245	2.500	0.100	1.139
Total	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.795	2.050	2.668
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	1.145	3	0.375	1	1.150	1	0	0	1.525	2	2.670	5	2.670	5	4.18%
Capex	0.105	1	0	0	0	0	2.995	5	2.995	5	3.100	6	3.100	6	4.86%
GCP	5.618	13	1.288	6	2.114	5	2.067	5	5.470	16	11.548	30	11.088	29	18.09%
Redeem convertibles	0	0	0	0	0.153	1	0.032	1	0.185	2	0.185	2	0.185	2	0.29%
Refinance	25.096	13	3.330	9	2.692	6	0.680	3	6.702	18	33.523	38	31.798	31	52.51%
Multiple/Other/NA	1.270	6	3.036	10	3.817	8	3.739	6	10.593	24	12.818	34	11.863	30	20.08%
Total	33.234	36	8.030	26	9.927	21	9.513	20	27.470	67	63.843	115	60.703	103	100.00%
Industry Sector (by SIC code)
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Agriculture (0xxx)	0	0.8	0	0.46	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0.165	0	0.172	0	0	0	0.115	0	0	0	0	0	0.939
Oil and gas (13xx)	0.330	0.075	0	0.110	0.750	0.161	0.010	0	1.103	0	1.270	0.550	0.150
Construction (15xx)	0	0	0.100	0	0.058	0	0	0.277	0.075	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.458	0.650	3.339	0.522	0	0	1.515	0.165	0.690	0.520	0	1.400	0.115
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0	0	0.345	0	2.500	0.100	0.375
Transportation (4xxx)	0.460	0.415	0.460	0.230	0	0	0	0.242	0	0	0.125	0	0
Communications (48xx)	0	0	0.935	0	0	0	0	0	0	0	0	0	0.175
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0	1.150	0	0	0.403
Wholesale (5xxx)	0.172	0	0	0	0	0	0.115	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0.250	0.903	0.193	22.848	0.468	0.699	2.092	2.101	0.032	0.278	0.900	0	0.350
Services (7xxx)	0.560	0.345	0.276	0.400	0.575	0.150	1.323	1.350	0	1.600	0	0	0.162
Health services (8xxx)	0.745	0	0	0	0	0	0	0	0	0	0	0	0
Total	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.795	2.050	2.668
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	1.260	3	0	0	0	0	0	0	0	0	1.260	3	1.260	3	1.97%
Mining (1xxx)	0.172	1	0.115	1	0	0	0.939	2	1.054	3	1.392	5	1.227	4	2.18%
Oil and gas (13xx)	0.185	2	0.921	3	1.103	2	1.970	3	3.994	8	4.508	12	4.178	10	7.06%
Construction (15xx)	0.100	1	0.058	1	0.351	2	0	0	0.409	3	0.509	4	0.509	4	0.80%
Manufacturing (2xxx, 3xxx)	4.511	10	1.515	4	1.375	3	1.515	3	4.405	10	9.374	22	8.916	20	14.68%
Pharmaceuticals (2834-6)	0	0	0	0	0.345	1	2.975	4	3.320	5	3.320	5	3.320	5	5.20%
Transportation (4xxx)	1.105	4	0	0	0.242	1	0.125	1	0.367	2	1.932	7	1.472	6	3.03%
Communications (48xx)	0.935	1	0	0	0	0	0.175	1	0.175	1	1.110	2	1.110	2	1.74%
Electric, gas, sanitary services (49xx)	0	0	0	0	1.150	1	0.403	1	1.552	2	1.552	2	1.552	2	2.43%
Wholesale (5xxx)	0	0	0.115	1	0	0	0	0	0.115	1	0.287	2	0.115	1	0.45%
Finance, insurance, real estate (6xxx)	23.944	10	3.259	11	2.411	7	1.250	3	6.919	21	31.113	32	30.863	31	48.73%
Services (7xxx)	1.021	4	2.047	5	2.950	4	0.162	2	5.159	11	6.740	17	6.180	15	10.56%
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0	0.745	2	0	0	1.17%
Total	33.234	36	8.030	26	9.927	21	9.513	20	27.470	67	63.843	115	60.703	103	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.