Analysis of convertibles issuance for 2004 through September

Total: $39.800 billion in 307 deals through September

Amount ($ billions) Number

Regular convertibles 37.048 152

Investment bank synthetics 2.752 155

Total 39.800 307

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%	1.735	6	4.68%
0.01%-0.99%	3.489	8	9.42%
1%-1.99%	4.642	20	12.53%
2%-2.99%	8.772	43	23.68%
3%-3.99%	5.161	30	13.93%
4%-4.99%	3.392	15	9.16%
5%-5.99%	2.348	8	6.34%
6% and higher	6.854	19	18.50%
Floater	0.655	3	1.77%
Total	37.048	152
Initial conversion premium
0%-19.99%	1.416	9	3.83%
20%-29.99%	9.199	27	24.81%
30%-39.99%	12.964	63	35.00%
40%-49.99%	8.757	36	23.66%
50%-59.99%	2.830	9	7.64%
60% and higher	1.500	3	4.05%
NA	0.380	5	1.02%
Total	37.048	152
Quick sale?
Yes	33.435	136	90.25%
No	3.613	16	9.75%
Total	37.048	152
Upsized?
Yes	10.317	47	27.85%
No	26.731	105	72.15%
Total	37.048	152
Rank
Senior secured	0.490	1	1.32%
Senior	23.560	96	63.59%
Senior subordinated	5.133	26	13.85%
Subordinated	2.142	15	5.78%
Preferred	5.723	14	15.45%
Total	37.048	152
Putable?
Yes	22.829	106	61.61%
No	14.218	46	38.38%
Total	37.048	152
Contingent conversion?
Yes	20.203	94	54.53%
No	16.846	58	45.47%
Total	37.048	152
Mandatory?
Yes	5.221	8	14.09%
No	31.826	144	85.91%
Total	37.048	152
Greenshoe exercised?
Yes	30.051	118	81.11%
No	6.996	34	18.88%
Total	37.048	152
Versus talk
Richer	0.898	6	2.42%
Rich end	9.280	27	25.05%
Within	12.433	57	33.56%
Cheap end	8.983	29	24.25%
Cheaper	0.755	2	2.04%
Other, NA	4.698	31	12.68%
Total	37.048	152
Use of proceeds
Acquisition	3.909	13	10.55%
Capex	3.709	14	10.01%
GCP	0.869	6	2.34%
Redeem convertibles	13.424	53	36.23%
Repay/refinance debt	5.642	27	15.23%
Repay bank debt	2.013	10	5.43%
Repay bank debt plus	0.860	7	2.32%
Other	6.622	22	17.89%
Total	37.048	152
Industry sector (by SIC code)
Mining (1xxx)	3.158	7	8.52%
Oil and gas (13xx)	0.778	5	2.10%
Construction (15xx)	0.475	3	1.28%
Manufacturing (2xxx, 3xxx)	5.747	35	15.51%
Pharmaceuticals (2834-6)	6.590	19	17.79%
Transportation (4xxx)	1.074	5	2.90%
Communications (48xx)	1.816	7	4.90%
Electric, gas, sanitary services (49xx)	1.347	4	3.64%
Wholesale (5xxx)	3.310	13	8.93%
Finance, insurance, real estate (6xxx)	7.393	27	19.95%
Services (7xxx)	5.360	27	14.46%
Total	37.048	152

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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