Analysis of convertibles issuance for 2004 through November

Total: $46.631 billion in 390 deals through November

Amount ($ billions) Number

Regular convertibles 42.526 185

Investment bank synthetics 4.105 205

Total 46.631 390

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%	2.035	7	4.78%
0.01%-0.99%	3.464	8	8.15%
1%-1.99%	5.347	24	12.57%
2%-2.99%	10.018	50	23.55%
3%-3.99%	5.921	35	13.92%
4%-4.99%	4.079	20	9.59%
5%-5.99%	3.861	14	9.08%
6% and higher	7.151	24	16.81%
Floater	0.655	3	1.54%
Total	42.531	185
Initial conversion premium
0%-19.99%	2.665	16	6.27%
20%-29.99%	10.066	32	23.66%
30%-39.99%	14.881	75	34.97%
40%-49.99%	9.967	42	23.43%
50%-59.99%	2.830	9	6.66%
60% and higher	1.500	3	3.53%
NA	0.622	8	1.46%
Total	42.531	185
Quick sale?
Yes	38.189	161	89.79%
No	4.343	24	10.21%
Total	42.531	185
Upsized?
Yes	12.516	61	29.43%
No	30.016	124	70.57%
Total	42.531	185
Rank
Senior secured	0.505	2	1.19%
Senior	27.110	113	63.74%
Senior subordinated	6.132	33	14.42%
Subordinated	2.492	18	5.86%
Preferred	6.292	19	14.79%
Total	42.531	185
Putable?
Yes	25.120	121	59.07%
No	17.411	64	40.94%
Total	42.531	185
Contingent conversion?
Yes	20.942	99	49.24%
No	21.590	86	50.76%
Total	42.531	185
Mandatory?
Yes	5.221	8	12.28%
No	37.310	177	87.72%
Total	42.531	185
Greenshoe exercised?
Yes	34.174	139	80.34%
No	8.358	46	19.65%
Total	42.531	185
Versus talk
Richer	1.153	7	2.71%
Rich end	9.630	29	22.64%
Within	14.510	65	34.12%
Cheap end	9.998	36	23.51%
Cheaper	0.935	3	2.20%
Other, NA	6.305	45	14.81%
Total	42.531	185
Use of proceeds
Acquisition	4.662	18	10.96%
Capex	1.129	8	2.65%
GCP	15.119	66	35.55%
Redeem convertibles	4.682	16	11.01%
Repay/refinance debt	6.261	29	14.72%
Repay bank debt	2.708	14	6.37%
Repay bank debt plus	0.885	7	2.08%
Other	7.086	27	16.66%
Total	42.531	185
Industry sector (by SIC code)
Mining (1xxx)	3.257	8	7.66%
Oil and gas (13xx)	1.198	8	2.82%
Construction (15xx)	0.475	3	1.12%
Manufacturing (2xxx, 3xxx)	7.406	46	17.41%
Pharmaceuticals (2834-6)	6.750	22	15.87%
Transportation (4xxx)	1.299	6	3.05%
Communications (48xx)	3.528	11	8.30%
Electric, gas, sanitary services (49xx)	1.347	4	3.17%
Wholesale (5xxx)	3.525	15	8.29%
Finance, insurance, real estate (6xxx)	7.580	31	17.82%
Services (7xxx)	6.166	31	14.50%
Total	42.531	185

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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