Analysis of convertibles issuance for February

Total: $2.396 billion in 40 deals

Amount ($ billions) Number

Regular convertibles 2.186 13

Investment bank synthetics 0.210 27

Total 2.396 40

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

0%	0.130	1	5.95%
1%-1.99%	0.460	1	21.04%
2%-2.99%	0.650	3	29.73%
3%-3.99%	0.271	2	12.40%
4%-4.99%	0.182	2	8.35%
5%-5.99%	0.388	2	17.73%
6% and higher	0.105	2	4.80%
Total	2.186	13
Initial conversion premium
Less than 20%	0.163	3	7.43%
20%-29.99%	0.633	4	28.98%
30%-39.99%	1.260	5	57.64%
NA	0.130	1	5.95%
Total	2.186	13
Quick sale?
Yes	1.711	10	78.27%
No	0.475	3	21.73%
Total	2.186	13
Upsized?
Yes	0.125	1	5.72%
No	2.061	12	94.28%
Total	2.186	13
Rank
Senior	1.396	7	63.86%
Senior subordinated	0.300	2	13.72%
Preferred	0.490	4	22.42%
Total	2.186	13
Putable?
Yes	1.256	6	57.45%
No	0.930	7	42.55%
Total	2.186	13
Contingent conversion?
Yes	0.610	2	27.90%
No	1.576	11	72.10%
Total	2.186	13
Mandatory?
Yes	0.388	2	17.73%
No	1.798	11	82.28%
Total	2.186	13
Greenshoe exercised?
Yes	0.926	4	42.36%
No	1.260	9	57.64%
Total	2.186	13
Versus talk
Richer	0.287	1	13.15%
Rich end	0.225	2	10.29%
Within	0.860	3	39.34%
Cheap end	0.271	2	12.40%
Cheaper	0.310	2	14.18%
Other, NA	0.233	3	10.64%
Total	2.186	13
Use of proceeds
Acquisition	0.058	1	2.63%
GCP	0.770	3	35.22%
Refinance	0.883	5	40.42%
Multiple/Other	0.475	4	21.73%
Total	2.186	13
Industry sector (by SIC code)
Manufacturing (2xxx, 3xxx)	0.417	2	19.10%
Pharmaceuticals (2834-6)	0.355	3	16.24%
Transportation (4xxx)	0.121	1	5.54%
Electric, gas, sanitary services (49xx)	0.225	2	10.29%
Finance, insurance, real estate (6xxx)	0.250	1	11.44%
Services (7xxx)	0.818	4	37.40%
Total	2.186	13

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.

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