Analysis of convertibles issuance for 13 months through September 2011

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

Coupon

	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	9/2011
0%	0	2.070	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0	0	0	0	0	0	0.904	0	0.450	0	0.632	0
1%-1.99%	0	0	0.350	0	0	0.287	0	0	0.450	0.350	0.690	0
2%-2.99%	0.115	0.883	0.955	0.184	1.016	0	0.710	0	1.150	0.719	0.350	0.155
3%-3.99%	0.770	0.692	0.815	1.074	0	0	2.936	0	0.275	0.374	0.585	0
4%-4.99%	0.302	0	5.550	0	0.230	0	0.625	0	0.205	0	0.810	0
5%-5.99%	0.150	0.287	0	0	0.772	0.483	4.120	0.236	0	0	0.135	0
6%-6.99%	0.990	0	0.150	0.530	0.287	0.259	0.719	0.075	0.120	0	0	0
7%-7.99%	0.396	0	0.300	0.310	0.150	0.086	0.367	0.020	0	0	0	0
8% and higher	0.032	0	0	0.739	0	0	0.060	0.978	0	0.155	0	0
NA/Other	0	0.284	0	0	0	0	0	0	0	0	0	0
Total	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0.155
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	2.070	1	0	0	0	0	0	0	0	0	2.070	1	2.070	1	0.00%
0.01%-0.99%	0	0	0.904	1	0.450	1	0.632	1	1.986	3	1.986	3	1.986	3	8.66%
1%-1.99%	0.350	1	0.287	1	0.800	3	0.690	2	1.778	6	2.127	7	2.127	7	7.75%
2%-2.99%	2.022	8	1.726	5	1.869	5	0.505	3	4.100	13	6.237	22	6.122	21	17.88%
3%-3.99%	2.581	10	2.936	7	0.649	4	0.585	4	4.170	15	7.521	28	6.751	25	18.19%
4%-4.99%	5.550	2	0.856	4	0.205	2	0.810	3	1.871	9	7.723	13	7.421	11	8.16%
5%-5.99%	0.287	1	5.375	9	0.236	2	0.135	1	5.746	12	6.184	14	6.034	13	25.06%
6%-6.99%	0.680	4	1.265	3	0.195	2	0	0	1.460	5	3.130	11	2.140	9	6.37%
7%-7.99%	0.610	3	0.604	6	0.020	1	0	0	0.624	7	1.630	11	1.234	10	2.72%
8% and higher	0.739	2	0.060	1	1.133	2	0	0	1.193	3	1.964	6	1.932	5	5.20%
NA/Other	0.284	1	0	0	0	0	0	0	0	0	0.284	1	0.284	1	0.00%
Total	15.174	33	14.013	37	5.557	22	3.358	14	22.928	73	40.858	117	38.102	106	100.00%
Premium
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	9/2011
19.99% and lower	0	0	0.275	0.150	0.822	0.172	0.657	0.225	0.270	0.120	0	0
20%-29.99%	1.651	0.738	6.120	2.247	0.913	0.840	5.520	1.064	1.061	0.546	1.400	0
30-39.99%	1.074	1.125	1.290	0.430	0	0.103	4.011	0	1.320	0.702	1.802	0.155
40% and higher	0.032	0	0.435	0	0.720	0	0.253	0	0	0.230	0	0
NA	0	2.354	0	0.010	0	0	0	0.020	0	0	0	0
Total	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0.155
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0.425	2	1.652	9	0.615	5	0	0	2.267	14	2.692	16	2.692	16	9.89%
20%-29.99%	9.104	15	7.273	15	2.671	8	1.400	6	11.344	29	22.099	49	20.448	44	49.48%
30-39.99%	2.845	12	4.115	10	2.022	7	1.958	8	8.094	25	12.013	42	10.940	37	35.30%
40% and higher	0.435	1	0.973	3	0.230	1	0	0	1.203	4	1.670	6	1.638	5	5.25%
NA	2.364	3	0	0	0.020	1	0	0	0.020	1	2.384	4	2.384	4	0.09%
Total	15.174	33	14.013	37	5.557	22	3.358	14	22.928	73	40.858	117	38.102	106	100.00%
Quick Sale?
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	9/2011
Yes	2.724	4.129	8.120	2.837	1.722	0.449	10.442	0.331	2.651	1.598	3.103	0.155
No	0.032	0.088	0	0	0.734	0.667	0	0.978	0	0	0.100	0
Total	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0.155
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	15.086	32	12.613	31	4.580	21	3.258	13	20.450	65	38.260	107	35.536	97	89.19%
No	0.088	1	1.401	6	0.978	1	0.100	1	2.478	8	2.598	10	2.566	9	10.81%
Total	15.174	33	14.013	37	5.557	22	3.358	14	22.928	73	40.858	117	38.102	106	100.00%
Upsized?
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	9/2011
Yes	0.300	1.433	1.225	0.959	1.622	0.207	2.333	0.978	0.820	0.546	1.320	0
No	2.456	2.784	6.895	1.628	0.834	0.908	8.110	0.331	1.831	1.052	1.883	0.155
Downsized	0	0	0	0.250	0	0	0	0	0	0	0	0
Total	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0.155
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.617	11	4.162	11	2.344	5	1.320	6	7.825	22	11.742	35	11.442	33	34.13%
No	11.307	21	9.852	26	3.213	17	2.038	8	15.103	51	28.866	81	26.410	72	65.87%
Downsized	0.250	1	0	0	0	0	0	0	0	0	0.250	1	0.250	1	0.00%
Total	15.174	33	14.013	37	5.557	22	3.358	14	22.928	73	40.858	117	38.102	106	100.00%
Seniority
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	9/2011
senior	2.756	3.645	2.270	2.597	2.168	0.650	7.476	0.225	2.651	1.442	2.953	0.155
senior subordinated	0	0	0	0	0	0	0	0	0	0	0.250	0
subordinated	0	0	0	0.230	0.287	0	1.667	1.064	0	0	0	0
preferred	0	0.571	5.850	0.010	0	0.466	1.299	0.020	0	0.155	0	0
Total	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0.155
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior	8.512	26	10.294	29	4.318	18	3.108	13	17.720	60	28.988	97	26.232	86	77.29%
senior subordinated	0	0	0	0	0	0	0.250	1	0.250	1	0.250	1	0.250	1	1.09%
subordinated	0.230	1	1.955	3	1.064	2	0	0	3.019	5	3.249	6	3.249	6	13.17%
preferred	6.431	6	1.764	5	0.175	2	0	0	1.940	7	8.371	13	8.371	13	8.46%
Total	15.174	33	14.013	37	5.557	22	3.358	14	22.928	73	40.858	117	38.102	106	100.00%
Mandatory
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	9/2011
Yes	1.186	2.354	5.000	0.490	0.287	0.552	3.815	0.978	0	0	0	0
No	1.570	1.863	3.120	2.347	2.168	0.564	6.627	0.331	2.651	1.598	3.203	0.155
Total	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0.155
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	7.844	6	4.655	6	0.978	1	0	0	5.632	7	14.662	15	13.476	13	24.56%
No	7.330	27	9.358	31	4.580	21	3.358	14	17.296	66	26.196	102	24.626	93	75.44%
Total	15.174	33	14.013	37	5.557	22	3.358	14	22.928	73	40.858	117	38.102	106	100.00%
Greenshoe Exercised?
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	9/2011
Yes	2.724	2.059	7.135	1.927	2.305	1.115	6.972	1.064	2.256	1.598	2.228	0.155
No	0.032	2.158	0.985	0.910	0.150	0	3.470	0.245	0.395	0	0.975	0
Total	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0.155
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	11.121	25	10.393	32	4.917	16	2.383	10	17.693	58	31.538	93	28.814	83	77.17%
No	4.053	8	3.620	5	0.640	6	0.975	4	5.235	15	9.320	24	9.288	23	22.83%
Total	15.174	33	14.013	37	5.557	22	3.358	14	22.928	73	40.858	117	38.102	106	100.00%
Versus Talk
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	9/2011
Richer	0.115	0.345	0.135	0	0	0	0.345	0	0	0	0	0
Rich end	1.092	0.287	6.070	0.824	0.287	0.190	1.206	0.978	1.320	0	1.323	0.155
Within	0.951	1.142	0.900	1.539	1.201	0	4.026	0.086	1.211	1.006	0.670	0
Cheap end	0	0	0.715	0.130	0.620	0	0.396	0.225	0.120	0.592	0.975	0
Cheaper	0	0	0	0	0	0	1.019	0	0	0	0	0
Other/NA	0.598	2.442	0.300	0.344	0.347	0.926	3.450	0.020	0	0	0.235	0
Total	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0.155
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.480	2	0.345	2	0	0	0	0	0.345	2	0.940	5	0.825	4	1.50%
Rich end	7.181	9	1.683	7	2.297	5	1.478	4	5.459	16	13.732	28	12.640	25	23.81%
Within	3.582	10	5.226	12	2.303	10	0.670	5	8.200	27	12.733	41	11.781	37	35.76%
Cheap end	0.845	5	1.016	4	0.936	6	0.975	3	2.928	13	3.773	18	3.773	18	12.77%
Cheaper	0	0	1.019	2	0	0	0	0	1.019	2	1.019	2	1.019	2	4.44%
Other/NA	3.086	7	4.723	10	0.020	1	0.235	2	4.978	13	8.662	23	8.064	20	21.71%
Total	15.174	33	14.013	37	5.557	22	3.358	14	22.928	73	40.858	117	38.102	106	100.00%
Use of Proceeds
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	9/2011
Acquisition	0	0	0	0	0	0	1.034	0	0	0	0.767	0
Capex	0.170	0	0.185	0.080	0.620	0.103	0.200	0	0.125	0	0.100	0
GCP	1.113	3.134	1.360	0.768	0.330	0.380	2.774	0.181	0.240	0.264	0.160	0
No proceeds	0	0	0	0	0	0	3.315	0	0	0	0	0
Redeem convertibles	0.032	0.450	0	0.729	0	0	0	0	0.155	0	0.100	0
Refinance	0.302	0.287	0.485	0.230	0.338	0.345	1.090	0.978	0	0	0.250	0
Multiple/Other/NA	1.139	0.345	6.090	1.030	1.168	0.287	2.029	0.150	2.131	1.334	1.825	0.155
Total	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0.155
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	1.034	3	0	0	0.767	2	1.801	5	1.801	5	1.801	5	7.86%
Capex	0.265	3	0.923	3	0.125	1	0.100	1	1.149	5	1.583	9	1.413	8	5.01%
GCP	5.262	14	3.483	11	0.685	7	0.160	2	4.328	20	10.703	38	9.590	34	18.88%
No proceeds	0	0	3.315	1	0	0	0	0	3.315	1	3.315	1	3.315	1	14.46%
Redeem convertibles	1.179	2	0	0	0.155	1	0.100	1	0.255	2	1.466	5	1.435	4	1.11%
Refinance	1.002	4	1.772	8	0.978	1	0.250	1	3.000	10	4.305	16	4.003	14	13.08%
Multiple/Other/NA	7.465	10	3.485	11	3.615	12	1.980	7	9.080	30	17.684	43	16.545	40	39.60%
Total	15.174	33	14.013	37	5.557	22	3.358	14	22.928	73	40.858	117	38.102	106	100.00%
Industry Sector (by SIC code)
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	9/2011
Mining (1xxx)	0.959	0	0	0	0	0.310	0.230	0	0	0.230	0	0
Oil and gas (13xx)	0.172	0.287	0.485	0	0	0	0	0	0	0.155	0.135	0
Construction (15xx)	0	0	0.435	0	0.100	0.086	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.115	0.438	6.110	0.704	0	0	3.845	0	2.175	0.776	1.300	0
Pharmaceuticals (2834-6)	0.400	0.450	0	0	0.850	0	0	0	0.275	0	0	0.155
Transportation (4xxx)	0	0	0	0.330	0	0	0.075	0	0	0	0	0
Communications (48xx)	0.201	0	0	0.729	0	0	0.172	0	0.120	0	0	0
Electric, gas, sanitary services (49xx)	0.396	0	0	0.010	0	0	0	0.978	0	0	0	0
Wholesale (5xxx)	0	0.345	0.115	0.500	0	0	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0.350	2.696	0.800	0.380	0.822	0.460	5.411	0.245	0	0	1.135	0
Services (7xxx)	0.162	0	0.175	0.184	0.683	0.259	0.648	0	0.081	0.120	0.632	0
Health services (8xxx)	0	0	0	0	0	0	0	0.086	0	0.316	0	0
Non-operating (9995)	0	0	0	0	0	0	0.060	0	0	0	0	0
Total	2.756	4.217	8.120	2.837	2.455	1.115	10.442	1.309	2.651	1.598	3.203	0.155
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0	0	0.540	3	0.230	1	0	0	0.770	4	1.730	6	0.770	4	3.36%
Oil and gas (13xx)	0.772	4	0	0	0.155	1	0.135	1	0.290	2	1.235	7	1.063	6	1.26%
Construction (15xx)	0.435	1	0.186	2	0	0	0	0	0.186	2	0.621	3	0.621	3	0.81%
Manufacturing (2xxx, 3xxx)	7.252	11	3.845	9	2.951	9	1.300	7	8.096	25	15.463	37	15.348	36	35.31%
Pharmaceuticals (2834-6)	0.450	1	0.850	2	0.275	2	0.155	1	1.280	5	2.131	7	1.730	6	5.58%
Transportation (4xxx)	0.330	2	0.075	1	0	0	0	0	0.075	1	0.405	3	0.405	3	0.33%
Communications (48xx)	0.729	1	0.172	1	0.120	1	0	0	0.292	2	1.223	4	1.022	3	1.27%
Electric, gas, sanitary services (49xx)	0.010	1	0	0	0.978	1	0	0	0.978	1	1.384	3	0.988	2	4.27%
Wholesale (5xxx)	0.960	3	0	0	0	0	0	0	0	0	0.960	3	0.960	3	0.00%
Finance, insurance, real estate (6xxx)	3.876	7	6.693	13	0.245	3	1.135	4	8.073	20	12.300	29	11.950	27	35.21%
Services (7xxx)	0.359	2	1.590	5	0.201	2	0.632	1	2.423	8	2.944	12	2.782	10	10.57%
Health services (8xxx)	0	0	0	0	0.403	2	0	0	0.403	2	0.403	2	0.403	2	1.76%
Non-operating (9995)	0	0	0.060	1	0	0	0	0	0.060	1	0.060	1	0.060	1	0.26%
Total	15.174	33	14.013	37	5.557	22	3.358	14	22.928	73	40.858	117	38.102	106	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.