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

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

Coupon

	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
0%	0.500	1.839	1.800	0	0	0.715	0	0.432	0.900	0.500	0.878	0.215	0.313
0.01%-0.99%	3.704	2.641	0.751	0.757	0	0	0	0	0	0	0	0.356	0
1%-1.99%	0	0.200	0	0.581	0	1.461	0	0.250	0	0	0.159	0	0
2%-2.99%	0	0.622	0.704	0.161	1.747	0.088	0	1.554	0.875	1.084	0.098	0	0
3%-3.99%	0	0.910	0.950	0	0	0	0.125	0	0.250	0.787	0.346	0	0
4%-4.99%	0	0.400	0	0	0.298	0.550	0	0.621	0.650	0	0.132	0.150	0
5%-5.99%	0.280	1.654	0	0.493	0.104	0.122	0.253	0	0.876	0.406	0.441	0.363	0.212
6%-6.99%	0.233	0.805	0.385	0.141	0.443	0.189	0.045	0.394	0	0.060	0	0.036	0.204
7%-7.99%	0	0.500	0.151	0	0.081	0	0	0.009	0	0.048	0.023	0	0
8% and higher	0.129	0	0.015	0.033	0.127	0.110	0.029	0	0.130	0.116	0.009	0.020	0
Floater	0	0	0.020	0	0	0	3.499	0	0	0	0.050	0	0
Total	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	0.729
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	1.800	2	1.147	5	2.278	6	0.528	3	3.953	14	8.092	23	7.592	21	18.71%
0.01%-0.99%	1.508	2	0	0	0	0	0.356	1	0.356	1	8.209	5	4.505	4	1.68%
1%-1.99%	0.581	2	1.711	4	0.159	1	0	0	1.870	5	2.651	8	2.651	8	8.85%
2%-2.99%	2.612	5	1.642	5	2.057	6	0	0	3.699	11	6.933	18	6.933	18	17.50%
3%-3.99%	0.950	2	0.125	1	1.383	4	0	0	1.508	5	3.368	9	3.368	9	7.14%
4%-4.99%	0.298	1	1.171	2	0.782	3	0.150	1	2.103	6	2.801	8	2.801	8	9.95%
5%-5.99%	0.597	6	0.374	4	1.723	14	0.575	7	2.673	25	5.204	36	4.924	34	12.65%
6%-6.99%	0.969	6	0.629	7	0.060	1	0.240	2	0.929	10	2.937	22	2.704	20	4.40%
7%-7.99%	0.233	4	0.009	1	0.071	2	0	0	0.080	3	0.813	8	0.813	8	0.38%
8% and higher	0.174	4	0.139	2	0.254	8	0.020	1	0.413	11	0.716	16	0.587	15	1.95%
Floater	0.020	1	3.499	1	0.050	1	0	0	3.549	2	3.569	3	3.569	3	16.79%
Total	9.742	35	10.446	32	8.817	46	1.870	15	21.133	93	45.293	156	40.447	148	100.00%
Premium
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
19.99% and lower	0.129	0.986	0.321	0	0.200	0.088	0	0	0.250	0	0.477	0	0.023
20%-29.99%	0.130	4.909	1.734	0.508	0.127	0.484	3.544	0.558	0.951	0.887	0.593	0.621	0
30-39.99%	0.500	1.658	2.701	1.484	2.288	2.009	0.175	1.851	1.754	0.614	0.927	0.100	0.516
40% and higher	0.103	1.342	0	0.141	0.154	0.326	0.202	0.419	0.536	0.877	0	0.229	0.189
NA	3.984	0.677	0.020	0.033	0.032	0.328	0.029	0.432	0.190	0.623	0.138	0.191	0
Total	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	0.729
	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	0.521	2	0.088	1	0.728	5	0.023	1	0.839	7	2.475	12	2.346	11	3.97%
20%-29.99%	2.369	12	4.587	5	2.431	10	0.621	3	7.639	18	15.048	39	14.918	38	36.15%
30-39.99%	6.472	14	4.035	13	3.295	16	0.616	3	7.946	32	16.575	52	16.075	50	37.60%
40% and higher	0.295	4	0.947	9	1.413	4	0.418	6	2.778	19	4.519	27	4.416	26	13.14%
NA	0.085	3	0.789	4	0.951	11	0.191	2	1.931	17	6.676	26	2.692	23	9.14%
Total	9.742	35	10.446	32	8.817	46	1.870	15	21.133	93	45.293	156	40.447	148	100.00%
Upsized?
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Yes	0	0.515	0	0	0.127	0.086	0.029	0.336	0.345	0.236	0	0	0
No	4.846	9.057	4.777	2.165	2.673	3.148	3.922	2.453	3.336	2.765	2.135	1.141	0.416
Downsized	0	0	0	0	0	0	0	0.471	0	0	0	0	0.313
Total	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	0.729
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.127	1	0.451	4	0.580	5	0	0	1.032	9	1.674	12	1.674	12	4.88%
No	9.615	34	9.523	27	8.237	41	1.557	14	19.317	82	42.835	142	37.989	134	91.41%
Downsized	0	0	0.471	1	0	0	0.313	1	0.784	2	0.784	2	0.784	2	3.71%
Total	9.742	35	10.446	32	8.817	46	1.870	15	21.133	93	45.293	156	40.447	148	100.00%
Seniority
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
senior secured	0	0	0	0	0	0	0	0	0.125	0	0	0	0
secured	0	0	0	0	0	0.088	0	0	0	0	0	0	0
senior	4.743	8.883	4.777	2.133	2.800	2.846	3.669	3.190	3.431	2.801	2.112	1.042	0.438
subordinated	0.103	0.689	0	0.033	0	0.241	0.282	0.070	0.125	0.200	0.023	0.099	0.291
preferred	0	0	0	0	0	0.060	0	0	0	0	0	0	0
Total	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	0.729
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0	0	0	0	0.125	1	0	0	0.125	1	0.125	1	0.125	1	0.59%
secured	0	0	0.088	1	0	0	0	0	0.088	1	0.088	1	0.088	1	0.42%
senior	9.709	34	9.705	21	8.343	39	1.480	11	19.528	71	42.863	130	38.120	123	92.41%
subordinated	0.033	1	0.593	9	0.349	6	0.390	4	1.332	19	2.157	23	2.054	22	6.30%
preferred	0	0	0.060	1	0	0	0	0	0.060	1	0.060	1	0.060	1	0.28%
Total	9.742	35	10.446	32	8.817	46	1.870	15	21.133	93	45.293	156	40.447	148	100.00%
Mandatory
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
No	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	0.729
Total	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	0.729
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
No	9.742	35	10.446	32	8.817	46	1.870	15	21.133	93	45.293	156	40.447	148	100.00%
Total	9.742	35	10.446	32	8.817	46	1.870	15	21.133	93	45.293	156	40.447	148	100.00%
Greenshoe Exercised?
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Yes	0.233	3.829	0.391	1.376	0.298	1.248	0.154	0.884	0.187	1.218	0.182	0.346	0
No	4.613	5.743	4.385	0.789	2.502	1.986	3.797	2.377	3.494	1.783	1.953	0.795	0.729
Total	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	0.729
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.065	8	2.286	11	1.588	12	0.346	3	4.220	26	10.347	44	10.114	42	19.97%
No	7.677	27	8.160	21	7.229	34	1.524	12	16.913	67	34.945	112	30.332	106	80.03%
Total	9.742	35	10.446	32	8.817	46	1.870	15	21.133	93	45.293	156	40.447	148	100.00%
Versus Talk
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Richer	0	0	0.180	0	0.298	0	0	0	0	0	0	0	0
Rich end	0	0	0	0	0.247	1.243	0.125	0.808	0.600	0	0	0	0
Within	0.500	1.209	0.980	0.191	1.500	0	0	1.092	0.125	0.284	0.291	0.356	0
Cheap end	0	1.179	0.650	0.918	0	0	0	0.283	0	0.787	0	0.265	0.313
NA	4.346	7.184	2.967	1.056	0.756	1.992	3.826	1.077	2.956	1.929	1.844	0.520	0.416
Total	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	0.729
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.478	2	0	0	0	0	0	0	0	0	0.478	2	0.478	2	0.00%
Rich end	0.247	1	2.175	6	0.600	1	0	0	2.775	7	3.022	8	3.022	8	13.13%
Within	2.671	6	1.092	2	0.701	4	0.356	1	2.149	7	6.529	17	6.029	15	10.17%
Cheap end	1.568	3	0.283	1	0.787	1	0.578	3	1.648	5	4.395	9	4.395	9	7.80%
NA	4.779	23	6.895	23	6.729	40	0.936	11	14.560	74	30.870	120	26.523	114	68.90%
Total	9.742	35	10.446	32	8.817	46	1.870	15	21.133	93	45.293	156	40.447	148	100.00%
Use of Proceeds
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Acquisition	0	0.089	0	0.161	0	0.052	0.029	0	0.589	0.165	0.080	0.110	0.306
Capex	0.130	1.000	0.800	0.230	0.200	0.660	0	0.050	0.125	0.500	0	0.356	0
GCP	3.936	4.754	1.118	0.960	2.198	0.853	0	1.489	0.839	1.935	0.416	0.321	0.023
Redeem convertibles	0	0	0	0	0	0	0	0.471	0	0	0.283	0	0.313
Refinance	0	2.172	0.180	0.757	0.276	0.599	0	0	0.186	0.099	0.228	0.079	0
Multiple/Other/NA	0.780	1.556	2.679	0.057	0.126	1.071	3.922	1.250	1.942	0.302	1.128	0.276	0.087
Total	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	0.729
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.161	1	0.081	2	0.834	5	0.416	5	1.331	12	1.581	14	1.581	14	6.30%
Capex	1.230	4	0.710	3	0.625	2	0.356	1	1.691	6	4.052	13	3.922	12	8.00%
GCP	4.276	16	2.342	8	3.190	13	0.344	3	5.876	24	18.842	52	14.906	49	27.80%
Redeem convertibles	0	0	0.471	1	0.283	1	0.313	1	1.067	3	1.067	3	1.067	3	5.05%
Refinance	1.213	4	0.599	3	0.514	6	0.079	1	1.192	10	4.577	17	4.577	17	5.64%
Multiple/Other/NA	2.862	10	6.242	15	3.371	19	0.362	4	9.975	38	15.173	57	14.393	53	47.20%
Total	9.742	35	10.446	32	8.817	46	1.870	15	21.133	93	45.293	156	40.447	148	100.00%
Industry Sector (by SIC code)
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0.261	0	0.050	0	0
Mining (1xxx)	0	0	0.300	0.230	0.298	0.660	0	0.050	0	0	0	0	0
Oil and gas (13xx)	0	0	0.650	0	1.609	0.686	0.202	0	0.214	0.099	0.080	0	0.102
Construction (15xx)	0	0.089	0.015	0.757	0	0.328	0	0.283	0	0	0.636	0	0
Manufacturing (2xxx, 3xxx)	0.500	3.177	3.114	0	0.247	0.655	3.499	1.402	1.325	0.736	0.270	0.571	0.516
Pharmaceuticals (2834-6)	0	0.350	0	0	0	0	0.045	0	0	0.010	0.037	0	0
Transportation (4xxx)	0.280	0	0.020	0.141	0	0	0.125	0.532	0.036	0.060	0	0.150	0.087
Communications (48xx)	0	2.139	0	0	0	0	0	0	0	0	0.069	0	0
Electric, gas, sanitary services (49xx)	0.233	0	0	0.191	0.149	0	0	0	0.150	0	0	0	0
Wholesale (5xxx)	0	0.350	0	0	0.045	0.052	0	0.468	0	0	0	0	0
Finance, insurance, real estate (6xxx)	3.833	2.287	0.391	0.685	0.421	0.796	0.080	0.525	1.195	2.096	0.861	0.420	0.023
Services (7xxx)	0	0	0.287	0.161	0.032	0.058	0	0	0.500	0	0	0	0
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0	0.132	0	0
Sovereign (8888)	0	1.179	0	0	0	0	0	0	0	0	0	0	0
Total	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	0.729
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.311	2	0	0	0.311	2	0.311	2	0.311	2	1.47%
Mining (1xxx)	0.828	3	0.710	3	0	0	0	0	0.710	3	1.538	6	1.538	6	3.36%
Oil and gas (13xx)	2.259	4	0.888	5	0.393	5	0.102	1	1.383	11	3.642	15	3.642	15	6.54%
Construction (15xx)	0.771	2	0.612	2	0.636	1	0	0	1.247	3	2.108	6	2.108	6	5.90%
Manufacturing (2xxx, 3xxx)	3.360	6	5.555	7	2.331	9	1.088	5	8.974	21	16.012	37	15.512	35	42.46%
Pharmaceuticals (2834-6)	0	0	0.045	1	0.047	2	0	0	0.092	3	0.442	4	0.442	4	0.44%
Transportation (4xxx)	0.161	2	0.657	3	0.096	2	0.237	2	0.990	7	1.431	11	1.151	9	4.68%
Communications (48xx)	0	0	0	0	0.069	1	0	0	0.069	1	2.208	3	2.208	3	0.33%
Electric, gas, sanitary services (49xx)	0.341	2	0	0	0.150	1	0	0	0.150	1	0.724	5	0.491	3	0.71%
Wholesale (5xxx)	0.045	1	0.520	3	0	0	0	0	0.520	3	0.915	6	0.915	6	2.46%
Finance, insurance, real estate (6xxx)	1.497	11	1.401	7	4.152	21	0.443	7	5.996	35	13.614	53	9.781	51	28.37%
Services (7xxx)	0.480	4	0.058	1	0.500	1	0	0	0.558	2	1.037	6	1.037	6	2.64%
Health services (8xxx)	0	0	0	0	0.132	1	0	0	0.132	1	0.132	1	0.132	1	0.62%
Sovereign (8888)	0	0	0	0	0	0	0	0	0	0	1.179	1	1.179	1	0.00%
Total	9.742	35	10.446	32	8.817	46	1.870	15	21.133	93	45.293	156	40.447	148	100.00%
Currency
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
$	0.780	3.239	2.820	0.230	1.700	1.375	0.125	0.200	2.450	0.790	0.552	0.365	0
A$	0	0	0	0	0.127	0	0	0	0	0	0.283	0	0
Bt	0	0	0	0	0	0.328	0	0	0	0	0	0	0
C$	0.103	0.232	0.015	0.248	0.303	0.311	0.282	0.070	0.355	0.329	0.064	0.420	0.416
CHF	0	0	0	0	0	0	0	0	0	0	0.159	0	0
HK$	0.129	0.672	0	0	0	0	0	0	0.201	0.800	0	0	0
NIS	0	0	0.081	0	0	0	0	0	0	0	0	0	0
NIS	0	0	0	0	0	0	0	0	0	0	0.009	0	0
NOK	0	0	0.020	0	0	0	0	0	0	0	0	0	0
NT$	0	0	0	0	0	0	0	0	0	0	0.069	0	0
PLN	0	0	0	0	0	0	0	0	0.015	0	0	0	0
RM	0	0	0	0	0	0.088	0	0	0	0	0.096	0	0
RMB	3.835	0.400	0	0	0	0	3.499	0.250	0.150	0	0	0	0
S$	0	0	0	0.390	0	0	0	0.275	0	0	0.098	0	0
SEK	0	0	0	0	0	0	0	0	0	0.010	0	0	0
Y	0	2.641	0.751	0	0	0	0	0.282	0	0	0.636	0.356	0.313
€	0	2.388	1.090	0.980	0.670	1.133	0.045	2.183	0.511	0.787	0.169	0	0
£	0	0	0	0.317	0	0	0	0	0	0.284	0	0	0
Total	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	0.729
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	4.750	8	1.700	8	3.792	14	0.365	3	5.857	25	14.626	41	13.846	37	27.71%
A$	0.127	1	0	0	0.283	1	0	0	0.283	1	0.410	2	0.410	2	1.34%
Bt	0	0	0.328	1	0	0	0	0	0.328	1	0.328	1	0.328	1	1.55%
C$	0.566	8	0.663	10	0.748	14	0.836	10	2.247	34	3.148	47	3.045	46	10.63%
CHF	0	0	0	0	0.159	1	0	0	0.159	1	0.159	1	0.159	1	0.75%
HK$	0	0	0	0	1.001	2	0	0	1.001	2	1.801	6	1.673	5	4.74%
NIS	0.081	1	0	0	0	0	0	0	0	0	0.081	1	0.081	1	0.00%
NIS	0	0	0	0	0.009	1	0	0	0.009	1	0.009	1	0.009	1	0.04%
NOK	0.020	1	0	0	0	0	0	0	0	0	0.020	1	0.020	1	0.00%
NT$	0	0	0	0	0.069	1	0	0	0.069	1	0.069	1	0.069	1	0.33%
PLN	0	0	0	0	0.015	1	0	0	0.015	1	0.015	1	0.015	1	0.07%
RM	0	0	0.088	1	0.096	1	0	0	0.184	2	0.184	2	0.184	2	0.87%
RMB	0	1	3.749	2	0.150	1	0	0	3.899	3	8.134	7	4.299	5	18.45%
S$	0.390	1	0.275	1	0.098	1	0	0	0.373	2	0.762	3	0.762	3	1.77%
SEK	0	0	0	0	0.010	1	0	0	0.010	1	0.010	1	0.010	1	0.05%
Y	0.751	1	0.282	1	0.636	1	0.669	2	1.586	4	4.979	10	4.979	10	7.50%
€	2.740	11	3.362	8	1.467	5	0	0	4.828	13	9.956	27	9.956	27	22.85%
£	0.317	2	0	0	0.284	1	0	0	0.284	1	0.601	3	0.601	3	1.34%
Total	9.742	35	10.446	32	8.817	46	1.870	15	21.133	93	45.293	156	40.447	148	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.