Analysis of convertibles issuance for year to date through October

Total: $28.546 billion in 381 deals

Amount ($ billions) Number

Regular convertibles 23.738 89

Investment bank synthetics 4.808 292

Total 28.546 381

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

	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
0%	0.300	0.130	0	0	0	0	0	0	0	0
0.01%-0.99%	0.055	0	0	0	0	0	0	0	0	0
1%-1.99%	0.494	0.460	0.225	0	0.350	0	0.150	0	0.160	0
2%-2.99%	0	0.680	0.330	0.112	0	1.095	0.725	0.906	0.250	0.225
3%-3.99%	0	0.271	1.165	0	0.307	0.620	0.975	0.855	0.715	0.362
4%-4.99%	0.240	0.182	0	0.750	0	0.388	0	0	0.300	0
5%-5.99%	0.050	0.388	0.102	0.460	0	0	0	0.115	0.146	0.525
6% and higher	0.899	0.105	0.867	0	0.287	2.805	0.045	0.087	0.200	0.318
Floater	0	0	0.060	0	0	0	0	2.500	0	0
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.895	4.463	1.771	1.431
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
0%	0.430	2	0	0	0	0	0	0	0.430	2	1.81%
0.01%-0.99%	0.055	1	0	0	0	0	0	0	0.055	1	0.23%
1%-1.99%	1.179	6	0.350	1	0.310	2	0	0	1.839	9	7.75%
2%-2.99%	1.010	5	1.207	3	1.881	7	0.225	1	4.323	16	18.21%
3%-3.99%	1.436	6	0.927	5	2.545	11	0.362	2	5.271	24	22.20%
4%-4.99%	0.422	3	1.138	4	0.300	1	0	0	1.860	8	7.84%
5%-5.99%	0.540	5	0.460	1	0.261	3	0.525	1	1.786	10	7.52%
6% and higher	1.871	7	3.092	4	0.332	4	0.318	1	5.614	17	23.65%
Floater	0.060	1	0	0	2.500	1	0	0	2.560	2	10.78%
Total	7.003	36	7.174	18	8.129	29	1.431	5	23.738	89	100.00%
Premium
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
10	0	0.163	0.020	0	0.350	0.920	0.520	0.087	0.135	0.272
20	1.119	0.633	1.052	0.750	0.345	3.892	0.500	3.501	0.510	0.461
30	0.494	1.290	1.095	0.572	0.250	0	0.875	0.875	1.126	0.698
40	0.300	0	0.550	0	0	0	0	0	0	0
50	0.125	0	0	0	0	0	0	0	0	0
NA	0	0.130	0.032	0	0	0.095	0	0	0	0
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.895	4.463	1.771	1.431
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
10	0.183	4	1.270	2	0.742	6	0.272	2	2.467	14	10.39%
20	2.805	13	4.987	11	4.511	11	0.461	2	12.764	37	53.77%
30	2.879	13	0.822	3	2.876	12	0.698	2	7.275	30	30.65%
40	0.850	3	0	0	0	0	0	0	0.850	3	3.58%
50	0.125	1	0	0	0	0	0	0	0.125	1	0.53%
NA	0.162	2	0.095	2	0	0	0	0	0.257	4	1.08%
Total	7.003	36	7.174	18	8.129	29	1.431	6	23.738	89	100.00%
Quick Sale?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Yes	0.819	1.741	1.672	0.572	0.600	2.592	1.745	3.746	1.646	1.113
No	1.219	0.475	1.077	0.750	0.345	2.315	0.150	0.717	0.125	0.318
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.895	4.463	1.771	1.431
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Yes	4.232	24	3.765	11	7.137	24	1.113	4	16.247	63	68.44%
No	2.771	12	3.410	7	0.992	5	0.318	2	7.491	26	31.56%
Total	7.003	36	7.174	18	8.129	29	1.431	6	23.738	89	100.00%
Upsized?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Yes	0.440	0.125	1.075	0	0.287	0.787	0.600	0.087	0.275	0
No	1.548	2.091	1.674	1.210	0.657	4.120	1.295	4.376	1.496	1.194
Downsized	0.050	0	0	0.112	0	0	0	0	0	0.236
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.895	4.463	1.771	1.431
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Yes	1.640	8	1.075	4	0.962	4	0	0	3.676	16	15.49%
No	5.313	27	5.988	13	7.167	25	1.194	5	19.663	70	82.83%
Downsized	0.050	1	0.112	1	0	0	0.236	1	0.399	3	1.68%
Total	7.003	36	7.174	18	8.129	29	1.431	6	23.738	89	100.00%
Seniority
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
senior	1.529	1.396	1.487	0.112	0.945	1.558	1.645	3.893	0.971	0.669
senior subordinated	0.144	0.330	0.325	0	0	1.069	0.250	0.225	0.125	0
subordinated	0	0	0	0	0	0.210	0	0.230	0.375	0
preferred	0.365	0.490	0.937	1.210	0	2.070	0	0.115	0.300	0.761
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.895	4.463	1.771	1.431
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
senior	4.412	20	2.615	11	6.509	20	0.669	4	14.206	55	59.84%
senior subordinated	0.799	6	1.069	2	0.600	4	0	0	2.469	12	10.40%
subordinated	0	0	0.210	2	0.605	3	0	0	0.815	5	3.43%
preferred	1.792	10	3.280	3	0.415	2	0.761	2	6.248	17	26.32%
Total	7.003	36	7.174	18	8.129	29	1.431	6	23.738	89	100.00%
Contingent Conversion
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Yes	0.144	0.761	0.765	0	0.600	2.502	1.100	0.881	0.435	0.669
No	1.894	1.455	1.984	1.322	0.345	2.405	0.795	3.582	1.336	0.761
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.895	4.463	1.771	1.431
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Yes	1.670	8	3.103	8	2.416	9	0.669	4	7.858	29	33.10%
No	5.333	28	4.072	10	5.713	20	0.761	2	15.880	60	66.90%
Total	7.003	36	7.174	18	8.129	29	1.431	6	23.738	89	100.00%
Mandatory
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Yes	0.125	0.388	0.847	0	0.287	2.080	0	0.115	0	0.236
No	1.913	1.829	1.902	1.322	0.657	2.827	1.895	4.348	1.771	1.194
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.895	4.463	1.771	1.431
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Yes	1.360	5	2.368	3	0.115	1	0.236	1	4.079	10	17.18%
No	5.644	31	4.807	15	8.014	28	1.194	5	19.659	79	82.82%
Total	7.003	36	7.174	18	8.129	29	1.431	6	23.738	89	100.00%
Greenshoe Exercised?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Yes	0.619	1.106	1.094	0.572	0.058	4.162	0.745	1.231	1.061	0.172
No	1.419	1.110	1.655	0.750	0.887	0.745	1.150	3.232	0.710	1.258
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.895	4.463	1.771	1.431
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Yes	2.819	16	4.792	11	3.037	16	0.172	1	10.821	44	45.59%
No	4.184	20	2.383	7	5.092	13	1.258	5	12.917	45	54.41%
Total	7.003	36	7.174	18	8.129	29	1.431	6	23.738	89	100.00%
Versus Talk
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Richer	0	0.287	0	0	0	0	0	0	0	0
Rich end	0.974	0.225	0.060	0	0	0.149	0.150	0	0.701	0.525
Within	0.150	0.890	1.547	0	0	2.070	1.225	3.042	0.560	0.461
Cheap end	0.475	0.271	0.440	1.322	0.537	1.768	0	1.121	0.250	0.19
Cheaper	0	0.310	0.650	0	0	0	0	0.300	0.125	0
NA/Other	0.439	0.233	0.052	0	0.407	0.920	0.520	0	0.135	0.255
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.895	4.463	1.771	1.431
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Richer	0.287	1	0	0	0	0	0	0	0.287	1	1.21%
Rich end	1.259	5	0.149	1	0.851	4	0.525	1	2.785	11	11.73%
Within	2.587	10	2.070	1	4.827	12	0.461	2	9.945	25	41.89%
Cheap end	1.186	8	3.627	10	1.371	6	0.190	1	6.374	25	26.85%
Cheaper	0.960	4	0	0	0.425	2	0	0	1.385	6	5.83%
NA/Other	0.724	8	1.328	6	0.655	5	0.255	2	2.961	21	12.47%
Total	7.003	36	7.174	18	8.129	29	1.431	6	23.738	89	100.00%
Use of Proceeds
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Acquisition	0	0.058	0.397	0.460	0.350	2.070	0.600	0	0	0
GCP	0.494	0.770	1.507	0.112	0.307	0.295	0.770	3.150	0.561	1.176
Redeem convertibles	0.275	0	0.070	0	0	0.920	0	0.345	0	0.172
Refinance	0.240	0.121	0.775	0	0	1.113	0.375	0.555	0.160	0
Repay debt	0	0.762	0	0	0	0	0	0.326	0.225	0
Multiple/Other/NA	1.029	0.505	0	0.750	0.287	0.510	0.150	0.087	0.825	0.082
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.895	4.463	1.771	1.431
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Acquisition	0.455	3	2.880	3	0.600	1	0	0	3.935	7	16.58%
GCP	2.771	14	0.715	6	4.481	11	1.176	4	9.144	35	38.52%
Redeem convertibles	0.345	3	0.920	1	0.345	2	0.172	1	1.782	7	7.51%
Refinance	1.136	5	1.113	3	1.090	6	0	0	3.338	14	14.06%
Repay debt	0.762	4	0	0	0.551	3	0	0	1.313	7	5.53%
Multiple/Other/NA	1.534	7	1.547	5	1.062	6	0.082	1	4.225	19	17.80%
Total	7.003	36	7.174	18	8.129	29	1.431	6	23.738	89	100.00%
Industry Sector (by SIC code)
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Oil and gas (13xx)	0	0	0.300	0.460	0	0	0.325	0	0.386	0
Manufacturing (2xxx, 3xxx)	0.540	0.417	0.282	0	0	0.385	0.895	0.326	0.125	0.398
Pharmaceuticals (2833-6)	0.400	0.355	0.330	0.112	0.350	1.419	0	0.230	0.315	0.082
Transportation (4xxx)	0	0.121	0.250	0	0	0	0	0	0.125	0
Communications (48xx)	0	0	0	0	0	0	0	0.350	0.160	0
Electric, gas, sanitary services (49xx)	0	0.225	0.917	0.750	0	0.650	0	0	0	0
Wholesale (5xxx)	0.125	0	0.150	0	0	0	0.125	0.115	0.150	0
Finance, insurance, real estate (6xxx)	0.829	0.250	0.500	0	0.537	2.453	0	2.917	0.335	0.426
Services (7xxx)	0.144	0.667	0	0	0.058	0	0	0.300	0.175	0.525
Health services (8xxx)	0	0.180	0.020	0	0	0	0.550	0.225	0	0
Total	2.038	2.216	2.749	1.322	0.945	4.907	1.895	4.463	1.771	1.431
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Oil and gas (13xx)	0.300	1	0.460	1	0.711	3	0	0	1.471	5	6.20%
Manufacturing (2xxx, 3xxx)	1.240	8	0.385	3	1.346	6	0.398	2	3.368	19	14.19%
Pharmaceuticals (2833-6)	1.085	8	1.882	5	0.545	2	0.082	1	3.594	16	15.14%
Transportation (4xxx)	0.371	2	0	0	0.125	1	0	0	0.496	3	2.09%
Communications (48xx)	0	0	0	0	0.510	2	0	0	0.510	2	2.15%
Electric, gas, sanitary services (49xx)	1.142	5	1.400	2	0	0	0	0	2.542	7	10.71%
Wholesale (5xxx)	0.275	2	0	0	0.390	3	0	0	0.665	5	2.80%
Finance, insurance, real estate (6xxx)	1.579	4	2.990	6	3.252	6	0.426	2	8.247	18	34.74%
Services (7xxx)	0.812	4	0.058	1	0.475	3	0.525	1	1.869	9	7.87%
Health services (8xxx)	0.200	2	0	0	0.775	3	0	0	0.975	5	4.11%
Total	7.003	36	7.174	18	8.129	29	1.431	6	23.738	89	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.

* 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.