Analysis of convertibles issuance for 13 months through November 2013

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

Coupon

	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
0%	0	0	0	0	0	0	0	0	0	0	0	0.047	1.825
0.01%-0.99%	0	0	0	0	1.150	0.850	2.583	0.350	0	0.650	0	1.875	0.375
1%-1.99%	0	0.650	0.580	0.850	0.400	0.403	0.810	1.401	0.150	0.834	1.200	2.175	3.467
2%-2.99%	0.230	1.730	0.673	0.700	0.766	0	0.172	0.250	0	0.850	0	0.230	0.130
3%-3.99%	0.315	0	0.645	0.481	0.086	0	0.345	0.305	0.610	0.546	0.270	0	0.745
4%-4.99%	0.040	0	0	0.812	0.401	0	0.250	0.400	0.624	0	0.069	1.524	0.190
5%-5.99%	0.205	0.195	0.150	0.115	0.485	0.598	0	0.640	0.100	0	0.806	0.110	0.150
6%-6.99%	0	0	2.375	0	0.226	0	0	1.580	0	0	0	0.140	0.435
7%-7.99%	0.225	0.094	0	0.675	0	0.090	0	0	0	0	0.165	0	0
8% and higher	0	0.024	0	0	0.001	0	0	0.038	0.005	0	0.129	0	0.058
NA	0	0	0.005	0	0	0	0.020	0	0	0.167	0	0	0
Total	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.375
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0	0	0	0	0	0	1.872	3	1.872	3	1.872	3	1.872	3	4.32%
0.01%-0.99%	1.150	1	3.783	8	0.650	1	2.250	3	7.833	13	7.833	13	7.833	13	16.70%
1%-1.99%	1.830	5	2.613	8	2.184	8	5.643	11	12.270	32	12.920	34	12.920	34	28.33%
2%-2.99%	2.139	7	0.422	2	0.850	3	0.360	2	3.772	14	5.732	17	5.502	16	8.71%
3%-3.99%	1.213	7	0.650	3	1.426	6	0.745	3	4.034	19	4.349	21	4.034	19	9.31%
4%-4.99%	1.214	4	0.650	2	0.693	5	1.714	7	4.271	18	4.311	19	4.271	18	9.86%
5%-5.99%	0.750	4	1.238	5	0.906	4	0.260	2	3.155	15	3.554	18	3.349	16	7.28%
6%-6.99%	2.601	4	1.580	3	0	0	0.575	4	4.756	11	4.756	11	4.756	11	10.98%
7%-7.99%	0.675	1	0.090	1	0.165	1	0	0	0.930	3	1.249	6	1.024	5	2.15%
8% and higher	0.001	1	0.038	1	0.135	2	0.058	1	0.231	5	0.255	6	0.255	6	0.53%
NA	0.005	1	0.020	1	0.167	1	0	0	0.193	3	0.193	3	0.193	3	0.45%
Total	11.579	35	11.084	34	7.177	31	13.476	36	43.315	136	47.022	151	46.007	144	100.00%
Premium
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
19.99% and lower	0.040	0.264	0	0.640	0.625	1.115	0.250	1.714	0.606	0	0	0.162	0.207
20%-29.99%	0.400	0.190	2.700	1.319	0.200	0.422	0	0.945	0.475	0.259	0.926	2.078	0.800
30-39.99%	0	2.215	1.228	1.675	1.337	0.403	2.317	2.018	0.404	1.372	1.419	1.978	3.067
40-49.99%	0.200	0	0.265	0	1.351	0	0	0.287	0	1.250	0	1.550	2.050
50% and higher	0.225	0	0.230	0	0	0	1.593	0	0	0	0.129	0.199	1.250
NA	0.150	0.024	0.005	0	0.002	0	0.020	0	0.005	0.167	0.165	0.135	0
Total	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.375
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	1.265	4	3.079	9	0.606	2	0.369	4	5.318	19	5.622	22	5.582	21	12.28%
20%-29.99%	4.219	9	1.367	4	1.660	9	2.877	7	10.124	29	10.714	33	10.314	30	23.37%
30-39.99%	4.241	15	4.738	16	3.194	14	5.045	13	17.218	58	19.433	62	19.433	62	39.75%
40-49.99%	1.616	3	0.287	1	1.250	2	3.600	8	6.754	14	6.954	15	6.754	14	15.59%
50% and higher	0.230	1	1.593	3	0.129	1	1.449	2	3.400	7	3.625	8	3.400	7	7.85%
NA	0.008	3	0.020	1	0.337	3	0.135	2	0.500	9	0.674	11	0.524	10	1.15%
Total	11.579	35	11.084	34	7.177	31	13.476	36	43.315	136	47.022	151	46.007	144	100.00%
Upsized?
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Yes	0.655	1.069	4.136	2.869	2.139	1.677	1.958	1.255	0.670	0.726	1.404	5.468	2.320
No	0.210	1.623	0.293	0.765	1.377	0.090	2.223	3.709	0.819	2.322	1.236	0.633	5.055
Downsized	0.150	0	0	0	0	0.172	0	0	0	0	0	0	0
Total	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.375
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	9.143	26	4.890	14	2.800	14	7.787	16	24.621	70	26.345	77	25.689	74	56.84%
No	2.435	9	6.022	19	4.377	17	5.688	20	18.522	65	20.355	72	20.145	69	42.76%
Downsized	0	0	0.172	1	0	0	0	0	0.172	1	0.323	2	0.172	1	0.40%
Total	11.579	35	11.084	34	7.177	31	13.476	36	43.315	136	47.022	151	46.007	144	100.00%
Seniority
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
senior secured	0	0.025	0	0	0	0	0	0	0	0	0	0	0
senior	1.015	2.643	2.048	2.717	3.002	1.768	4.160	3.039	1.484	2.881	2.475	4.191	7.375
senior subordinated	0	0	0.125	0	0.086	0	0	0	0	0	0	0.750	0
subordinated	0	0	2.250	0	0	0	0	0.980	0	0	0	0	0
preferred	0	0.024	0.005	0.916	0.427	0.172	0.020	0.945	0.005	0.167	0	1.159	0
preference	0	0	0	0	0	0	0	0	0	0	0.165	0	0
Total	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.375
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0	0	0	0	0	0	0	0	0	0	0.025	1	0.025	1	0.00%
senior	7.768	25	8.966	28	6.839	28	11.566	30	35.141	111	38.799	124	37.784	117	81.13%
senior subordinated	0.211	2	0	0	0	0	0.750	2	0.961	4	0.961	4	0.961	4	2.22%
subordinated	2.250	1	0.980	2	0	0	0	0	3.230	3	3.230	3	3.230	3	7.46%
preferred	1.349	7	1.137	4	0.172	2	1.159	4	3.818	17	3.842	18	3.842	18	8.81%
preference	0	0	0	0	0.165	1	0	0	0.165	1	0.165	1	0.165	1	0.38%
Total	11.579	35	11.084	34	7.177	31	13.476	36	43.315	136	47.022	151	46.007	144	100.00%
Mandatory
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Yes	0	0	2.250	0.675	0	0.172	0	1.580	0	0	0.652	0.978	0.435
No	1.015	2.692	2.179	2.959	3.516	1.768	4.180	3.384	1.489	3.047	1.987	5.123	6.940
Total	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.375
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.925	2	1.752	4	0.652	2	1.413	3	6.742	11	6.742	11	6.742	11	15.57%
No	8.654	33	9.331	30	6.524	29	12.063	33	36.573	125	40.280	140	39.265	133	84.43%
Total	11.579	35	11.084	34	7.177	31	13.476	36	43.315	136	47.022	151	46.007	144	100.00%
Greenshoe Exercised?
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Yes	0.600	2.449	1.498	2.434	3.204	1.090	2.455	2.400	1.259	2.731	2.152	5.645	2.757
No	0.415	0.243	2.930	1.200	0.312	0.850	1.725	2.563	0.230	0.317	0.487	0.456	4.617
Total	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.375
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	7.136	24	5.945	22	6.142	25	8.402	21	27.626	92	30.675	101	30.075	97	63.78%
No	4.443	11	5.138	12	1.035	6	5.073	15	15.689	44	16.347	50	15.932	47	36.22%
Total	11.579	35	11.084	34	7.177	31	13.476	36	43.315	136	47.022	151	46.007	144	100.00%
Versus Talk
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Richer	0.150	0	1.006	0.300	0	0	0.310	0	0	0	0	0.075	1.155
Rich end	0.430	0	0.580	1.779	0.850	0.575	1.975	0.905	0.103	0.788	0.150	4.258	1.825
Within	0	2.449	2.712	1.440	1.004	0.250	0.645	1.348	0.885	1.009	1.161	1.288	2.917
Cheap end	0.340	0.195	0.125	0	1.235	1.115	0.250	2.673	0.200	0	1.329	0.299	0.323
Cheaper	0	0	0	0.115	0	0	0.980	0	0.295	0	0	0	0
Other/NA	0.095	0.049	0.005	0	0.427	0	0.020	0.038	0.005	1.251	0	0.182	1.155
Total	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.375
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	1.306	6	0.310	1	0	0	1.230	5	2.846	12	2.996	13	2.846	12	6.57%
Rich end	3.209	9	3.455	11	1.042	4	6.082	8	13.788	32	14.218	34	13.788	32	31.83%
Within	5.156	11	2.243	7	3.054	13	4.205	11	14.659	42	17.107	47	17.107	47	33.84%
Cheap end	1.360	3	4.038	12	1.529	6	0.622	5	7.549	26	8.084	29	7.744	27	17.43%
Cheaper	0.115	1	0.980	1	0.295	1	0	0	1.391	3	1.391	3	1.391	3	3.21%
Other/NA	0.433	5	0.058	2	1.256	7	1.337	7	3.084	21	3.227	25	3.132	23	7.12%
Total	11.579	35	11.084	34	7.177	31	13.476	36	43.315	136	47.022	151	46.007	144	100.00%
Use of Proceeds
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Acquisition	0	0	0	0	0.225	0	0.300	0.772	0.103	0	0.800	0	0
Capex	0	1.380	0.275	0	0	0	0	0	0.100	0	0.250	0	0.400
GCP	0.230	0.409	0.760	1.452	2.404	0.250	1.472	2.536	0.125	1.434	1.310	3.366	3.470
Redeem convertibles	0	0.460	0.615	0.600	0	0	0.345	0.287	0.100	0	0	0	0.750
Refinance	0.405	0.024	2.250	1.032	0.403	0.850	0.660	0.822	0.905	0.259	0.150	0.025	0.425
Multiple/Other/NA	0.380	0.419	0.528	0.550	0.485	0.840	1.403	0.545	0.155	1.355	0.129	2.710	2.330
Total	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.375
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.225	1	1.073	3	0.903	3	0	0	2.201	7	2.201	7	2.201	7	5.08%
Capex	0.275	2	0	0	0.350	2	0.400	1	1.025	5	2.405	6	2.405	6	2.36%
GCP	4.617	16	4.259	15	2.870	12	6.836	21	18.581	64	19.220	68	18.990	67	42.90%
Redeem convertibles	1.215	4	0.632	2	0.100	1	0.750	2	2.697	9	3.158	10	3.158	10	6.23%
Refinance	3.684	6	2.332	5	1.314	5	0.450	4	7.780	20	8.209	24	7.804	21	17.96%
Multiple/Other/NA	1.563	6	2.788	9	1.639	8	5.040	8	11.031	31	11.830	36	11.450	33	25.47%
Total	11.579	35	11.084	34	7.177	31	13.476	36	43.315	136	47.022	151	46.007	144	100.00%
Industry Sector (by SIC code)
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Mining (1xxx)	0	0	0.415	0.675	0	0	0.345	0	0	0.259	0	0	0
Oil and gas (13xx)	0	1.403	0	0.125	0.225	0	0	0.345	0.100	0	0.129	0	0.400
Construction (15xx)	0	0	0.230	0	0.086	0	0.268	0	0	0	0	0.230	0.110
Manufacturing (2xxx, 3xxx)	0.605	0.485	2.375	0.957	0.716	0.403	1.110	0.038	0.100	0.938	0.270	1.699	1.950
Pharmaceuticals (2834-6)	0	0	0.884	0	0	0.090	0.270	0.132	0.130	0.167	0.869	0.797	0.880
Transportation (4xxx)	0	0.350	0.350	0	0	0	0	0	0	0	0	0	0.230
Communications (48xx)	0	0	0	0	0	1.022	0	0	0	0	0.400	1.978	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0.980	0	0	0.487	0	0
Wholesale (5xxx)	0	0	0	0	0	0	0	0.610	0	0	0.250	0.075	0
Finance, insurance, real estate (6xxx)	0.295	0.264	0	1.877	1.137	0.425	0.172	1.718	0.905	0.100	0.234	0.350	0.738
Services (7xxx)	0.115	0.190	0	0	1.351	0	2.015	1.141	0.103	1.584	0	0.973	3.067
Health services (8xxx)	0	0	0.175	0	0	0	0	0	0.150	0	0	0	0
Total	1.015	2.692	4.429	3.634	3.516	1.940	4.180	4.964	1.489	3.047	2.640	6.101	7.375
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	1.090	3	0.345	1	0.259	1	0	0	1.694	5	1.694	5	1.694	5	3.91%
Oil and gas (13xx)	0.350	2	0.345	1	0.229	2	0.400	1	1.324	6	2.728	8	2.728	8	3.06%
Construction (15xx)	0.316	2	0.268	1	0	0	0.340	2	0.924	5	0.924	5	0.924	5	2.13%
Manufacturing (2xxx, 3xxx)	4.048	8	1.550	5	1.308	6	3.649	6	10.555	25	11.645	30	11.040	27	24.37%
Pharmaceuticals (2834-6)	0.884	5	0.492	4	1.166	6	1.677	6	4.219	21	4.219	21	4.219	21	9.74%
Transportation (4xxx)	0.350	1	0	0	0	0	0.230	1	0.580	2	0.930	3	0.930	3	1.34%
Communications (48xx)	0	0	1.022	2	0.400	1	1.978	2	3.400	5	3.400	5	3.400	5	7.85%
Electric, gas, sanitary services (49xx)	0	0	0.980	2	0.487	1	0	0	1.468	3	1.468	3	1.468	3	3.39%
Wholesale (5xxx)	0	0	0.610	2	0.250	1	0.075	1	0.935	4	0.935	4	0.935	4	2.16%
Finance, insurance, real estate (6xxx)	3.015	11	2.316	8	1.240	6	1.087	10	7.657	35	8.216	40	7.921	37	17.68%
Services (7xxx)	1.351	2	3.155	8	1.687	6	4.040	7	10.234	23	10.539	25	10.424	24	23.63%
Health services (8xxx)	0.175	1	0	0	0.150	1	0	0	0.325	2	0.325	2	0.325	2	0.75%
Total	11.579	35	11.084	34	7.177	31	13.476	36	43.315	136	47.022	151	46.007	144	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.