Analysis of convertibles issuance for 2004 through August

Total: $36.973 billion in 267 deals through August

Amount ($ billions) Number

Regular convertibles 34.509 140

Investment bank synthetics 2.464 127

Total 36.973 267

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%	0.859	4	2.49%
0.01%-0.99%	3.490	8	10.11%
1%-1.99%	4.487	18	13.00%
2%-2.99%	8.333	41	24.15%
3%-3.99%	5.034	29	14.59%
4%-4.99%	3.260	14	9.45%
5%-5.99%	2.195	6	6.36%
6% and higher	6.196	17	17.94%
Floater	0.655	3	1.90%
Total	34.509	140
Initial conversion premium
0%-19.99%	0.808	8	2.35%
20%-29.99%	9.096	25	26.35%
30%-39.99%	11.945	57	34.62%
40%-49.99%	8.080	34	23.40%
50%-59.99%	2.830	9	8.20%
60% and higher	1.500	3	4.35%
NA	0.249	4	0.72%
Total	34.509	140
Quick sale?
Yes	31.061	126	90.01%
No	3.448	14	9.99%
Total	34.509	140
Upsized?
Yes	9.895	44	28.67%
No	24.614	96	71.33%
Total	34.509	140
Rank
Senior secured	0.490	1	1.42%
Senior	22.051	89	63.90%
Senior subordinated	4.508	24	13.06%
Subordinated	1.737	12	5.03%
Preferred	5.723	14	16.58%
Total	34.509	140
Putable?
Yes	21.417	100	62.04%
No	13.092	40	37.94%
Total	34.509	140
Contingent conversion?
Yes	19.574	91	56.71%
No	14.936	49	43.28%
Total	34.509	140
Mandatory?
Yes	5.221	8	15.13%
No	29.288	132	84.87%
Total	34.509	140
Greenshoe exercised?
Yes	29.021	110	84.10%
No	5.488	30	15.90%
Total	34.509	140
Versus talk
Richer	0.610	4	1.77%
Rich end	9.052	25	26.23%
Within	11.641	54	33.73%
Cheap end	8.243	27	23.89%
Cheaper	0.690	1	2.00%
Other, NA	4.273	29	12.38%
Total	34.509	140
Use of proceeds
Acquisition	3.393	11	9.83%
Capex	0.754	5	2.18%
GCP	12.653	50	36.66%
Redeem convertibles	2.748	10	7.96%
Repay/refinance debt	5.642	27	16.35%
Repay bank debt	2.013	10	5.83%
Repay bank debt plus	0.735	6	2.13%
Other	6.572	21	19.04%
Total	34.509	140
Industry sector (by SIC code)
Mining (1xxx)	3.158	7	9.15%
Oil and gas (13xx)	0.663	4	1.92%
Construction (15xx)	0.475	3	1.38%
Manufacturing (2xxx, 3xxx)	5.478	31	32.57%
Pharmaceuticals (2834-6)	5.761	17	32.57%
Transportation (4xxx)	1.074	5	3.11%
Communications (48xx)	1.816	7	5.26%
Electric, gas, sanitary services (49xx)	0.739	3	2.14%
Wholesale (5xxx)	3.303	13	9.57%
Finance, insurance, real estate (6xxx)	6.836	24	19.81%
Services (7xxx)	5.207	26	15.09%
Total	34.509	140

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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