Analysis of convertibles issuance for 2004 through October

Total: $42.461 billion in 343 deals through October

Amount ($ billions) Number

Regular convertibles 38.808 165

Investment bank synthetics 3.653 178

Total 42.461 343

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%	2.010	7	5.18%
0.01%-0.99%	3.489	8	8.99%
1%-1.99%	4.847	22	12.49%
2%-2.99%	9.202	45	23.71%
3%-3.99%	5.576	33	14.37%
4%-4.99%	3.711	18	9.56%
5%-5.99%	2.438	9	6.28%
6% and higher	6.880	20	17.72%
Floater	0.655	3	1.69%
Total	38.808	165
Initial conversion premium
0%-19.99%	1.517	11	3.91%
20%-29.99%	9.299	28	23.96%
30%-39.99%	14.349	72	36.97%
40%-49.99%	8.917	37	22.96%
50%-59.99%	2.830	9	7.28%
60% and higher	1.500	3	3.87%
NA	0.395	5	1.02%
Total	38.808	165
Quick sale?
Yes	34.854	145	89.81%
No	3.954	20	10.19%
Total	38.808	165
Upsized?
Yes	11.123	54	28.66%
No	27.685	111	71.34%
Total	38.808	165
Rank
Senior secured	0.490	1	1.26%
Senior	24.560	103	63.29%
Senior subordinated	5.633	29	14.51%
Subordinated	2.172	15	5.60%
Preferred	5.954	17	15.34%
Total	38.808	165
Putable?
Yes	23.899	113	61.60%
No	14.909	52	38.42%
Total	38.808	165
Contingent conversion?
Yes	20.472	96	52.76%
No	18.337	69	47.25%
Total	38.808	165
Mandatory?
Yes	5.221	8	13.45%
No	33.587	157	86.55%
Total	38.808	165
Greenshoe exercised?
Yes	31.311	125	80.66%
No	7.497	40	19.32%
Total	38.808	165
Versus talk
Richer	0.928	6	2.39%
Rich end	9.630	29	24.82%
Within	12.663	59	32.63%
Cheap end	9.642	34	24.85%
Cheaper	0.755	2	1.95%
Other, NA	5.189	35	13.36%
Total	38.808	165
Use of proceeds
Acquisition	4.328	15	11.15%
Capex	0.994	7	2.56%
GCP	14.300	60	36.85%
Redeem convertibles	3.739	14	9.64%
Repay/refinance debt	5.642	27	14.54%
Repay bank debt	2.123	11	5.47%
Repay bank debt plus	0.885	7	2.28%
Other	6.797	24	17.51%
Total	38.808	165
Industry sector (by SIC code)
Mining (1xxx)	3.257	8	8.39%
Oil and gas (13xx)	0.998	7	2.57%
Construction (15xx)	0.475	3	1.22%
Manufacturing (2xxx, 3xxx)	7.524	39	19.39%
Pharmaceuticals (2834-6)	5.529	21	14.25%
Transportation (4xxx)	1.074	5	2.77%
Communications (48xx)	2.046	8	5.27%
Electric, gas, sanitary services (49xx)	1.347	4	3.47%
Wholesale (5xxx)	3.310	13	8.53%
Finance, insurance, real estate (6xxx)	7.512	28	19.36%
Services (7xxx)	5.736	29	14.78%
Total	38.808	165

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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