Analysis of convertibles issuance for 13 months through March 2011

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

Coupon

	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
0%	0	0	0	1.250	0	0	0	2.070	0	0	0	0	0
0.01%-0.99%	0	0	0	0	0	0	0	0	0	0	0	0	0.786
1%-1.99%	0.575	0	0	0	2.500	1.000	0	0	0.350	0	0	0.287	0
2%-2.99%	0.748	0.277	0.345	0.870	0	0.550	0.115	0.883	0.955	0.184	1.016	0	0.680
3%-3.99%	1.292	0	0.690	0.153	0	0.400	0.770	0.692	0.815	1.074	0	0	2.777
4%-4.99%	1.970	1.435	0	0.125	0	0	0.302	0	5.550	0	0.230	0	0.601
5%-5.99%	0	0.787	1.103	0	0.125	0.100	0.150	0.287	0	0	0.772	0.456	4.120
6%-6.99%	0.010	0	0	0	1.265	0	0.990	0	0.150	0.530	0.287	0.259	0.719
7%-7.99%	0.575	0	0.106	0	0	0	0.396	0	0.300	0.310	0.150	0.086	0.265
8% and higher	0	0.510	0	1.150	0.900	0	0.032	0	0	0.739	0	0	0.060
NA/Other	0	1.150	0	0	0	0	0	0.284	0	0	0	0	0
Total	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.008
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	1.250	1	0	0	2.070	1	0	0	0	0	3.320	2	3.320	2	0.00%
0.01%-0.99%	0	0	0	0	0	0	0.786	1	0.786	1	0.786	1	0.786	1	5.80%
1%-1.99%	0	0	3.500	3	0.350	1	0.287	1	0.287	1	4.713	6	4.138	5	2.12%
2%-2.99%	1.492	4	0.665	2	2.022	8	1.696	5	1.696	5	6.622	21	5.875	19	12.51%
3%-3.99%	0.843	2	1.170	4	2.581	10	2.777	6	2.777	6	8.664	26	7.372	22	20.49%
4%-4.99%	1.560	3	0.302	2	5.550	2	0.831	4	0.831	4	10.213	18	8.243	11	6.13%
5%-5.99%	1.890	5	0.375	3	0.287	1	5.348	9	5.348	9	7.901	18	7.901	18	39.46%
6%-6.99%	0	0	2.255	3	0.680	4	1.265	3	1.265	3	4.210	11	4.200	10	9.33%
7%-7.99%	0.106	2	0.396	1	0.610	3	0.501	5	0.501	5	2.189	12	1.614	11	3.70%
8% and higher	1.660	3	0.931	2	0.739	2	0.060	1	0.060	1	3.391	8	3.391	8	0.44%
NA/Other	1.150	1	0	0	0.284	1	0	0	0	0	1.434	2	1.434	2	0.00%
Total	9.951	21	9.596	20	15.174	33	13.552	35	13.552	35	53.442	125	48.273	109	100.00%
Premium
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
19.99% and lower	0.342	0	0.032	0.153	0.900	0.400	0	0	0.275	0.150	0.822	0.172	0.555
20%-29.99%	2.672	2.567	0.075	2.145	1.390	1.100	1.651	0.738	6.120	2.247	0.913	0.812	5.351
30-39.99%	2.155	0.277	0.345	1.250	2.500	0.550	1.074	1.125	1.290	0.430	0	0.103	3.849
40% and higher	0	0.165	0.690	0	0	0	0.032	0	0.435	0	0.720	0	0.253
NA	0	1.150	1.103	0	0	0	0	2.354	0	0.010	0	0	0
Total	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.008
	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	0.185	2	1.300	2	0.425	2	1.550	8	1.550	8	3.802	15	3.459	14	11.44%
20%-29.99%	4.787	11	4.141	9	9.104	15	7.077	14	7.077	14	27.782	59	25.110	49	52.22%
30-39.99%	1.871	3	4.124	8	2.845	12	3.952	10	3.952	10	14.948	38	12.793	33	29.16%
40% and higher	0.855	2	0.032	1	0.435	1	0.973	3	0.973	3	2.294	7	2.294	7	7.18%
NA	2.252	3	0	0	2.364	3	0	0	0	0	4.616	6	4.616	6	0.00%
Total	9.951	21	9.596	20	15.174	33	13.552	35	13.552	35	53.442	125	48.273	109	100.00%
Quick Sale?
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Yes	5.170	3.874	1.141	3.548	4.790	2.050	2.724	4.129	8.120	2.837	1.722	0.449	10.008
No	0	0.285	1.103	0	0	0	0.032	0.088	0	0	0.734	0.640	0
Total	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.008
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	8.564	18	9.564	19	15.086	32	12.178	29	12.178	29	50.562	114	45.392	98	89.86%
No	1.387	3	0.032	1	0.088	1	1.373	6	1.373	6	2.881	11	2.881	11	10.13%
Total	9.951	21	9.596	20	15.174	33	13.552	35	13.552	35	53.442	125	48.273	109	100.00%
Upsized?
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Yes	2.465	3.372	1.035	0	0	0.550	0.300	1.433	1.225	0.959	1.622	0.180	2.295
No	2.705	0.786	1.209	3.548	4.790	1.500	2.456	2.784	6.895	1.628	0.834	0.908	7.713
Downsized	0	0	0	0	0	0	0	0	0	0.250	0	0	0
Total	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.008
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.407	8	0.850	3	3.617	11	4.097	11	4.097	11	15.436	40	12.971	33	30.23%
No	5.544	13	8.746	17	11.307	21	9.455	24	9.455	24	37.756	84	35.051	75	69.77%
Downsized	0	0	0	0	0.250	1	0	0	0	0	0.250	1	0.250	1	0.00%
Total	9.951	21	9.596	20	15.174	33	13.552	35	13.552	35	53.442	125	48.273	109	100.00%
Seniority
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
senior secured	0	0.165	0	0	0	0	0	0	0	0	0	0	0
senior	3.880	3.449	1.141	2.398	3.525	1.650	2.756	3.645	2.270	2.827	2.168	0.650	7.122
senior subordinated	0	0.200	0	0	0	0.400	0	0	0	0	0	0	0
subordinated	0.715	0.345	0	1.150	0	0	0	0	0	0	0.287	0	1.667
preferred	0.575	0	1.103	0	1.265	0	0	0.571	5.850	0.010	0	0.439	1.219
Total	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.008
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0.165	1	0	0	0	0	0	0	0	0	0.165	1	0.165	1	0.00%
senior	6.989	15	7.931	18	8.742	27	9.939	28	9.939	28	37.481	102	33.601	88	73.34%
senior subordinated	0.200	1	0.400	1	0	0	0	0	0	0	0.600	2	0.600	2	0.00%
subordinated	1.495	2	0	0	0	0	1.955	3	1.955	3	4.165	6	3.450	5	14.43%
preferred	1.103	2	1.265	1	6.431	6	1.657	4	1.657	4	11.031	14	10.456	13	12.23%
Total	9.951	21	9.596	20	15.174	33	13.552	35	13.552	35	53.442	125	48.273	109	100.00%
Mandatory
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Yes	0.575	0	0	1.150	1.265	0	1.186	2.354	5.000	0.260	0.287	0.525	3.815
No	4.595	4.159	2.244	2.398	3.525	2.050	1.570	1.863	3.120	2.577	2.168	0.564	6.193
Total	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.008
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.150	1	2.451	3	7.614	5	4.628	6	4.628	6	16.417	16	15.842	15	34.15%
No	8.801	20	7.145	17	7.560	28	8.924	29	8.924	29	37.025	109	32.430	94	65.85%
Total	9.951	21	9.596	20	15.174	33	13.552	35	13.552	35	53.442	125	48.273	109	100.00%
Greenshoe Exercised?
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Yes	4.343	3.994	1.067	2.750	4.790	0.950	2.724	2.059	7.135	1.927	2.305	0.908	5.092
No	0.827	0.165	1.177	0.798	0	1.100	0.032	2.158	0.985	0.910	0.150	0.180	4.916
Total	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.008
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	7.810	14	8.464	17	11.121	25	8.306	25	8.306	25	40.044	93	35.701	81	61.29%
No	2.141	7	1.131	3	4.053	8	5.246	10	5.246	10	13.399	32	12.571	28	38.71%
Total	9.951	21	9.596	20	15.174	33	13.552	35	13.552	35	53.442	125	48.273	109	100.00%
Versus Talk
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Richer	0.717	0.345	0	0	0	0	0.115	0.345	0.135	0	0	0	0.345
Rich end	0.750	1.495	0	0	3.765	0	1.092	0.287	6.070	0.824	0.287	0.190	1.176
Within	3.237	0.165	0.765	2.750	0	1.550	0.951	1.142	0.900	1.539	1.201	0	3.986
Cheap end	0.115	0.719	0.345	0.125	0.125	0.500	0	0	0.715	0.130	0.620	0	0.150
Cheaper	0.240	0	0	0.520	0	0	0	0	0	0	0	0	0.901
Other/NA	0.110	1.435	1.134	0.153	0.900	0	0.598	2.442	0.300	0.344	0.347	0.899	3.450
Total	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.008
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.345	1	0.115	1	0.480	2	0.345	2	0.345	2	2.002	8	1.285	6	2.55%
Rich end	1.495	2	4.857	6	7.181	9	1.653	7	1.653	7	15.936	26	15.186	24	12.20%
Within	3.680	6	2.501	6	3.582	10	5.186	12	5.186	12	18.187	42	14.949	34	38.27%
Cheap end	1.189	5	0.625	3	0.845	5	0.770	2	0.770	2	3.544	16	3.429	15	5.68%
Cheaper	0.520	1	0	0	0	0	0.901	2	0.901	2	1.661	4	1.421	3	6.65%
Other/NA	2.722	6	1.498	4	3.086	7	4.696	10	4.696	10	12.112	29	12.002	27	34.65%
Total	9.951	21	9.596	20	15.174	33	13.552	35	13.552	35	53.442	125	48.273	109	100.00%
Use of Proceeds
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Acquisition	0.375	0	0	1.150	0	0	0	0	0	0	0	0	1.034
Capex	0	0	0	0	2.290	0.550	0.170	0	0.185	0.080	0.620	0.103	0.175
GCP	0.637	1.737	0.377	0	0	1.000	1.113	3.134	1.360	0.768	0.330	0.352	2.600
No proceeds	0	0	0	0	0	0	0	0	0	0	0	0	3.315
Redeem convertibles	0	0	0	0.153	0	0	0.032	0.450	0	0.729	0	0	0
Refinance	3.157	1.515	1.177	0	0	0.400	0.302	0.287	0.485	0.230	0.338	0.345	0.995
Multiple/Other/NA	1.000	0.906	0.690	2.245	2.500	0.100	1.139	0.345	6.090	1.030	1.168	0.287	1.889
Total	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.008
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	1.150	1	0	0	0	0	1.034	3	1.034	3	2.559	5	2.184	4	7.63%
Capex	0	0	3.010	5	0.265	3	0.898	3	0.898	3	4.173	11	4.173	11	6.63%
GCP	2.114	5	2.113	5	5.262	14	3.283	10	3.283	10	13.409	38	12.771	34	24.23%
No proceeds	0	0	0	0	0	0	3.315	1	3.315	1	3.315	1	3.315	1	24.46%
Redeem convertibles	0.153	1	0.032	1	1.179	2	0	0	0	0	1.364	4	1.364	4	0.00%
Refinance	2.692	6	0.703	3	1.002	4	1.677	7	1.677	7	9.232	28	6.075	20	12.37%
Multiple/Other/NA	3.841	8	3.739	6	7.465	10	3.345	11	3.345	11	19.390	38	18.390	35	24.68%
Total	9.951	21	9.596	20	15.174	33	13.552	35	13.552	35	53.442	125	48.273	109	100.00%
Industry Sector (by SIC code)
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Mining (1xxx)	0.115	0	0	0	0	0	0.959	0	0	0	0	0.283	0.230
Oil and gas (13xx)	0.010	0	1.103	0	1.265	0.550	0.172	0.287	0.485	0	0	0	0
Construction (15xx)	0	0.277	0.075	0	0	0	0	0	0.435	0	0.100	0.086	0
Manufacturing (2xxx, 3xxx)	1.515	0.165	0.690	0.520	0	1.400	0.115	0.438	6.110	0.704	0	0	3.543
Pharmaceuticals (2834-6)	0	0	0.345	0	2.500	0.100	0.400	0.450	0	0	0.850	0	0
Transportation (4xxx)	0	0.242	0	0	0.125	0	0	0	0	0.330	0	0	0.075
Communications (48xx)	0	0	0	0	0	0	0.201	0	0	0.729	0	0	0.172
Electric, gas, sanitary services (49xx)	0	0	0	1.150	0	0	0.396	0	0	0.010	0	0	0
Wholesale (5xxx)	0.115	0	0	0	0	0	0	0.345	0.115	0.500	0	0	0
Finance, insurance, real estate (6xxx)	2.092	2.125	0.032	0.278	0.900	0	0.350	2.696	0.800	0.380	0.822	0.460	5.279
Services (7xxx)	1.323	1.350	0	1.600	0	0	0.162	0	0.175	0.184	0.683	0.259	0.648
Non-operating (9995)	0	0	0	0	0	0	0	0	0	0	0	0	0.060
Total	5.170	4.159	2.244	3.548	4.790	2.050	2.756	4.217	8.120	2.837	2.455	1.089	10.008
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0	0	0.959	2	0	0	0.513	3	0.513	3	1.588	6	1.473	5	3.79%
Oil and gas (13xx)	1.103	2	1.988	3	0.772	4	0	0	0	0	3.873	10	3.862	9	0.00%
Construction (15xx)	0.351	2	0	0	0.435	1	0.186	2	0.186	2	0.973	5	0.973	5	1.37%
Manufacturing (2xxx, 3xxx)	1.375	3	1.515	3	7.252	11	3.543	8	3.543	8	15.200	29	13.685	25	26.14%
Pharmaceuticals (2834-6)	0.345	1	3.000	4	0.450	1	0.850	2	0.850	2	4.645	8	4.645	8	6.27%
Transportation (4xxx)	0.242	1	0.125	1	0.330	2	0.075	1	0.075	1	0.772	5	0.772	5	0.55%
Communications (48xx)	0	0	0.201	1	0.729	1	0.172	1	0.172	1	1.103	3	1.103	3	1.27%
Electric, gas, sanitary services (49xx)	1.150	1	0.396	1	0.010	1	0	0	0	0	1.556	3	1.556	3	0.00%
Wholesale (5xxx)	0	0	0	0	0.960	3	0	0	0	0	1.075	4	0.960	3	0.00%
Finance, insurance, real estate (6xxx)	2.435	7	1.250	3	3.876	7	6.561	12	6.561	12	16.214	35	14.122	29	48.41%
Services (7xxx)	2.950	4	0.162	2	0.359	2	1.590	5	1.590	5	6.383	16	5.061	13	11.73%
Non-operating (9995)	0	0	0	0	0	0	0.060	1	0.060	1	0.060	1	0.060	1	0.44%
Total	9.951	21	9.596	20	15.174	33	13.552	35	13.552	35	53.442	125	48.273	109	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.