Analysis of non-U.S. market convertibles issuance for 13 months through January 2011

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

Coupon

	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
0%	0	0	0	0.579	0	0	0	0.500	1.839	1.800	0	0	0.655
0.01%-0.99%	0.395	0	0	0	0	5.854	0	3.704	2.641	0.751	0.757	0	0
1%-1.99%	0.501	0	1.795	0	0	0	0.498	0	0.200	0	0.581	0	1.461
2%-2.99%	0.724	0.103	0.963	0	0.500	0.155	0	0	0.622	0.704	0.161	1.747	0.088
3%-3.99%	0.423	0.318	0.198	0.942	0	0	0	0	0.910	0.950	0	0	0
4%-4.99%	0.880	0.305	1.312	0.616	0	0	0	0	0.400	0	0	0.298	0.550
5%-5.99%	0.429	0.978	0.149	0.135	0	0.083	0.171	0.280	1.654	0	0.493	0.104	0.112
6%-6.99%	0	0	0.449	0.425	0.062	0.303	0.072	0.233	0.805	0.385	0.141	0.443	0.170
7%-7.99%	0	0.268	0.222	0.075	0.059	0	0.118	0	0.500	0.151	0	0.081	0
8% and higher	0	0.144	0.155	0	0	0.040	0	0.129	0	0.015	0.033	0.127	0.110
Floater	0	0.017	0	0	0	0.679	0	0	0	0.020	0	0	0
NA	0	0	0.031	0	0	0	0.147	0	0	0	0	0	0
Total	3.352	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.147
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0	0	0.579	2	2.339	7	1.800	2	0.655	2	0.655	2	5.373	13	5.373	13	20.81%
0.01%-0.99%	0.395	1	5.854	1	6.345	2	1.508	2	0	0	0	0	14.102	6	13.707	5	0.00%
1%-1.99%	2.296	6	0	0	0.698	2	0.581	2	1.461	3	1.461	3	5.036	13	4.535	11	46.43%
2%-2.99%	1.790	6	0.655	2	0.622	2	2.612	5	0.088	1	0.088	1	5.767	16	5.043	15	2.80%
3%-3.99%	0.939	4	0.942	2	0.910	2	0.950	2	0	0	0	0	3.742	10	3.319	8	0.00%
4%-4.99%	2.496	8	0.616	1	0.400	1	0.298	1	0.550	1	0.550	1	4.360	12	3.481	9	17.48%
5%-5.99%	1.556	9	0.218	4	2.105	7	0.597	6	0.112	2	0.112	2	4.590	28	4.161	25	3.56%
6%-6.99%	0.449	4	0.790	9	1.111	7	0.969	6	0.170	3	0.170	3	3.489	29	3.489	29	5.40%
7%-7.99%	0.490	3	0.134	2	0.618	3	0.233	4	0	0	0	0	1.475	12	1.475	12	0.00%
8% and higher	0.299	3	0.040	1	0.129	1	0.174	4	0.110	1	0.110	1	0.752	10	0.752	10	3.50%
Floater	0.017	1	0.679	4	0	0	0.020	1	0	0	0	0	0.716	6	0.716	6	0.00%
NA	0.031	1	0	0	0.147	1	0	0	0	0	0	0	0.178	2	0.178	2	0.00%
Total	10.759	46	10.506	28	15.426	35	9.742	35	3.147	13	3.147	13	49.580	157	46.228	145	100.00%
Premium
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
19.99% and lower	0.200	0.491	0	0.075	0	0.155	0.075	0.129	0.986	0.321	0	0.200	0.088
20%-29.99%	0.750	0.249	1.874	0.325	0	0.234	0.498	0.130	4.909	1.734	0.508	0.127	0.484
30-39.99%	2.402	1.357	3.241	2.250	0.524	0.192	0.161	0.500	1.658	2.701	1.484	2.288	2.009
40% and higher	0	0	0.054	0	0.059	0	0.030	0.103	1.342	0	0.141	0.154	0.237
NA	0	0.036	0.105	0.122	0.038	6.533	0.243	3.984	0.677	0.020	0.033	0.032	0.328
Total	3.352	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.147
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0.691	4	0.230	2	1.190	4	0.521	2	0.088	1	0.088	1	2.720	13	2.520	12	2.80%
20%-29.99%	2.873	14	0.559	3	5.538	10	2.369	12	0.484	1	0.484	1	11.823	40	11.074	37	15.38%
30-39.99%	7.000	23	2.967	14	2.318	8	6.472	14	2.009	6	2.009	6	20.765	65	18.363	57	63.84%
40% and higher	0.054	1	0.059	1	1.475	5	0.295	4	0.237	4	0.237	4	2.121	15	2.121	15	7.53%
NA	0.141	4	6.693	8	4.904	8	0.085	3	0.328	1	0.328	1	12.151	24	12.151	24	10.42%
Total	10.759	46	10.506	28	15.426	35	9.742	35	3.147	13	3.147	13	49.580	157	46.228	145	100.00%
Upsized?
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Yes	0.380	0.412	1.693	1.133	0	0.155	0	0	0.515	0	0	0.127	0.075
No	2.972	1.721	3.581	1.639	0.621	6.959	1.008	4.846	9.057	4.777	2.165	2.673	3.072
Total	3.352	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.147
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.485	6	1.287	3	0.515	2	0.127	1	0.075	1	0.075	1	4.490	13	4.110	12	2.38%
No	8.274	40	9.219	25	14.911	33	9.615	34	3.072	12	3.072	12	45.090	144	42.118	133	97.62%
Total	10.759	46	10.506	28	15.426	35	9.742	35	3.147	13	3.147	13	49.580	157	46.228	145	100.00%
Seniority
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
secured	0	0	0	0	0	0	0	0	0	0	0	0	0.088
senior	3.308	1.914	5.106	2.342	0.538	6.049	0.839	4.743	8.883	4.777	2.133	2.800	2.836
subordinated	0.044	0.219	0.168	0.430	0.083	1.065	0.169	0.103	0.689	0	0.033	0	0.222
Total	3.352	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.147
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
secured	0	0	0	0	0	0	0	0	0.088	1	0.088	1	0.088	1	0.088	1	2.80%
senior	10.328	40	8.929	14	14.465	30	9.709	34	2.836	8	2.836	8	46.268	126	42.960	115	90.12%
subordinated	0.431	6	1.577	14	0.961	5	0.033	1	0.222	4	0.222	4	3.224	30	3.180	29	7.05%
Total	10.759	46	10.506	28	15.426	35	9.742	35	3.147	13	3.147	13	49.580	157	46.228	145	100.00%
Mandatory
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
No	3.352	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.147
Total	3.352	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.147
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
No	10.759	46	10.506	28	15.426	35	9.742	35	3.147	13	3.147	13	49.580	157	46.228	145	100.00%
Total	10.759	46	10.506	28	15.426	35	9.742	35	3.147	13	3.147	13	49.580	157	46.228	145	100.00%
Greenshoe Exercised?
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Yes	1.461	0.451	2.570	0	0	0.260	0.617	0.233	3.829	0.391	1.376	0.298	1.034
No	1.890	1.682	2.705	2.772	0.621	6.854	0.391	4.613	5.743	4.385	0.789	2.502	2.112
Total	3.352	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.147
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.482	14	0.260	3	4.679	13	2.065	8	1.034	2	1.034	2	12.521	40	11.060	37	32.86%
No	6.277	32	10.246	25	10.747	22	7.677	27	2.112	11	2.112	11	37.058	117	35.168	108	67.11%
Total	10.759	46	10.506	28	15.426	35	9.742	35	3.147	13	3.147	13	49.580	157	46.228	145	100.00%
Versus Talk
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Richer	0	0	0	0	0	0	0	0	0	0.180	0	0.298	0
Rich end	0.724	0	1.261	0	0	0	0	0	0	0	0	0.247	1.243
Within	0.816	1.035	0.950	0.914	0	0.155	0	0.500	1.209	0.980	0.191	1.500	0
Cheap end	0	0	1.622	1.186	0	0	0.089	0	1.179	0.650	0.918	0	0
NA	1.812	1.098	1.441	0.671	0.621	6.959	0.919	4.346	7.184	2.967	1.056	0.756	1.904
Total	3.352	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.147
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	0	0	0	0	0.478	2	0	0	0	0	0.478	2	0.478	2	0.00%
Rich end	1.985	6	0	0	0	0	0.247	1	1.243	3	1.243	3	3.475	10	2.750	9	39.50%
Within	2.801	7	1.069	4	1.709	4	2.671	6	0	0	0	0	8.249	21	7.433	18	0.00%
Cheap end	1.622	5	1.186	2	1.268	2	1.568	3	0	0	0	0	5.644	12	5.644	12	0.00%
NA	4.351	28	8.251	22	12.449	29	4.779	23	1.904	10	1.904	10	31.734	112	29.923	104	60.50%
Total	10.759	46	10.506	28	15.426	35	9.742	35	3.147	13	3.147	13	49.580	157	46.228	145	100.00%
Use of Proceeds
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Acquisition	0	0	0	0.380	0	0	0.089	0	0.089	0	0.161	0	0.052
Capex	0.142	0.017	0.100	0	0	0	0.498	0.130	1.000	0.800	0.230	0.200	0.660
GCP	1.749	0.220	1.565	0.719	0.062	0.403	0.096	3.936	4.754	1.118	0.960	2.198	0.774
Refinance	0.715	0.554	0.878	0.343	0.059	0.040	0	0	2.172	0.180	0.757	0.276	0.590
Multiple/Other/NA	0.745	1.341	2.732	1.330	0.500	6.671	0.324	0.780	1.556	2.679	0.057	0.126	1.071
Total	3.352	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.147
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0.380	2	0.178	2	0.161	1	0.052	1	0.052	1	0.771	6	0.771	6	1.65%
Capex	0.259	3	0	0	1.629	4	1.230	4	0.660	2	0.660	2	3.778	13	3.636	12	20.97%
GCP	3.535	12	1.184	10	8.786	13	4.276	16	0.774	3	0.774	3	18.555	54	16.806	49	24.59%
Refinance	2.147	10	0.442	5	2.172	3	1.213	4	0.590	3	0.590	3	6.564	25	5.849	23	18.75%
Multiple/Other/NA	4.818	21	8.500	11	2.660	13	2.862	10	1.071	4	1.071	4	19.911	59	19.166	55	34.03%
Total	10.759	46	10.506	28	15.426	35	9.742	35	3.147	13	3.147	13	49.580	157	46.228	145	100.00%
Industry Sector (by SIC code)
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Agriculture (0xxx)	0	0.305	0.348	0	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0.630	0.266	1.021	0	0	0	0	0	0	0.300	0.230	0.298	0.660
Oil and gas (13xx)	0	0	0.154	0.325	0.059	0.123	0.311	0	0	0.650	0	1.609	0.665
Construction (15xx)	0.200	0	0	0	0	0	0	0	0.089	0.015	0.757	0	0.328
Manufacturing (2xxx, 3xxx)	0.357	0.412	0.287	0.105	0.524	0.194	0	0.500	3.177	3.114	0	0.247	0.655
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0	0	0.350	0	0	0	0
Transportation (4xxx)	0	0.125	0.677	0.616	0	0.048	0	0.280	0	0.020	0.141	0	0
Communications (48xx)	0.320	0	0	0.062	0	0	0	0	2.139	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0.219	0.077	0	0	0	0	0.233	0	0	0.191	0.149	0
Wholesale (5xxx)	0	0	0	0.050	0	0	0.528	0	0.350	0	0	0.045	0.052
Finance, insurance, real estate (6xxx)	1.450	0.488	2.420	1.540	0.038	6.749	0.169	3.833	2.287	0.391	0.685	0.421	0.736
Services (7xxx)	0.395	0.318	0.291	0.075	0	0	0	0	0	0.287	0.161	0.032	0.050
Sovereign (8888)	0	0	0	0	0	0	0	0	1.179	0	0	0	0
Total	3.352	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.147
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.652	3	0	0	0	0	0	0	0	0	0	0	0.652	3	0.652	3	0.00%
Mining (1xxx)	1.917	6	0	0	0	0	0.828	3	0.660	2	0.660	2	3.404	11	2.775	9	20.97%
Oil and gas (13xx)	0.154	2	0.507	4	0.311	3	2.259	4	0.665	4	0.665	4	3.895	17	3.895	17	21.13%
Construction (15xx)	0.200	1	0	0	0.089	1	0.771	2	0.328	1	0.328	1	1.389	5	1.189	4	10.42%
Manufacturing (2xxx, 3xxx)	1.056	5	0.823	5	3.677	10	3.360	6	0.655	2	0.655	2	9.572	28	9.215	27	20.81%
Pharmaceuticals (2834-6)	0	0	0	0	0.350	1	0	0	0	0	0	0	0.350	1	0.350	1	0.00%
Transportation (4xxx)	0.802	4	0.663	2	0.280	2	0.161	2	0	0	0	0	1.907	10	1.907	10	0.00%
Communications (48xx)	0.320	1	0.062	1	2.139	2	0	0	0	0	0	0	2.521	4	2.201	3	0.00%
Electric, gas, sanitary services (49xx)	0.296	3	0	0	0.233	2	0.341	2	0	0	0	0	0.870	7	0.870	7	0.00%
Wholesale (5xxx)	0	0	0.050	1	0.878	4	0.045	1	0.052	1	0.052	1	1.025	7	1.025	7	1.65%
Finance, insurance, real estate (6xxx)	4.357	18	8.326	14	6.289	9	1.497	11	0.736	2	0.736	2	21.206	54	19.756	48	23.39%
Services (7xxx)	1.005	3	0.075	1	0	0	0.480	4	0.050	1	0.050	1	1.609	9	1.214	8	1.59%
Sovereign (8888)	0	0	0	0	1.179	1	0	0	0	0	0	0	1.179	1	1.179	1	0.00%
Total	10.759	46	10.506	28	15.426	35	9.742	35	3.147	13	3.147	13	49.580	157	46.228	145	100.00%
Currency
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
$	0.580	0.537	2.943	0.707	0.500	0.500	0.222	0.780	3.239	2.820	0.230	1.700	1.315
A$	0	0	0.138	0	0	0.179	0	0	0	0	0	0.127	0
Bt	0	0	0	0	0	0	0	0	0	0	0	0	0.328
C$	0.044	0.506	0.264	0.420	0.083	0.426	0.199	0.103	0.232	0.015	0.248	0.303	0.283
CHF	0.251	0	0	0	0	0.155	0	0	0	0	0	0	0
HK$	0.103	0	0.077	0	0	0	0.498	0.129	0.672	0	0	0	0
NIS	0	0	0	0	0	0	0	0	0	0.081	0	0	0
NOK	0	0	0	0	0	0	0	0	0	0.020	0	0	0
RM	0	0	0	0	0	0	0	0	0	0	0	0	0.088
RMB	0.250	0	0.348	0	0	5.854	0	3.835	0.400	0	0	0	0
S$	0.142	0	0.376	0.062	0	0	0	0	0	0	0.390	0	0
SEK	0	0.017	0.222	0	0	0	0	0	0	0	0	0	0
Y	0.395	0	0	0	0	0	0	0	2.641	0.751	0	0	0
€	1.586	0.754	0.615	0.968	0.038	0	0.089	0	2.388	1.090	0.980	0.670	1.133
£	0	0.318	0.291	0.616	0	0	0	0	0	0	0.317	0	0
Total	3.352	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.147
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	4.060	11	1.707	6	4.241	10	4.750	8	1.315	4	1.315	4	16.073	39	15.493	37	41.79%
A$	0.138	1	0.179	3	0	0	0.127	1	0	0	0	0	0.443	5	0.443	5	0.00%
Bt	0	0	0	0	0	0	0	0	0.328	1	0.328	1	0.328	1	0.328	1	10.42%
C$	0.814	10	0.928	11	0.533	8	0.566	8	0.283	5	0.283	5	3.126	42	3.082	41	8.99%
CHF	0.251	1	0.155	1	0	0	0	0	0	0	0	0	0.406	2	0.155	1	0.00%
HK$	0.180	2	0	0	1.299	5	0	0	0	0	0	0	1.480	7	1.376	6	0.00%
NIS	0	0	0	0	0	0	0.081	1	0	0	0	0	0.081	1	0.081	1	0.00%
NOK	0	0	0	0	0	0	0.020	1	0	0	0	0	0.020	1	0.020	1	0.00%
RM	0	0	0	0	0	0	0	0	0.088	1	0.088	1	0.088	1	0.088	1	2.80%
RMB	0.598	3	5.854	1	4.235	3	0	1	0	0	0	0	10.687	8	10.437	7	0.00%
S$	0.519	3	0.062	1	0	0	0.390	1	0	0	0	0	0.970	5	0.828	4	0.00%
SEK	0.239	2	0	0	0	0	0	0	0	0	0	0	0.239	2	0.239	2	0.00%
Y	0.395	1	0	0	2.641	5	0.751	1	0	0	0	0	3.787	7	3.392	6	0.00%
€	2.955	10	1.006	4	2.476	4	2.740	11	1.133	2	1.133	2	10.310	31	8.724	27	36.00%
£	0.610	2	0.616	1	0	0	0.317	2	0	0	0	0	1.542	5	1.542	5	0.00%
Total	10.759	46	10.506	28	15.426	35	9.742	35	3.147	13	3.147	13	49.580	157	46.228	145	100.00%

Criteria

• The tables include all underwritten offerings reported to Prospect News that are either dollar-denominated and sold under Regulation S or denominated in currencies other than dollars.

• 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.