Analysis of non-U.S. market convertibles issuance for 13 months through April 2014

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

Coupon

	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
0%	0.200	0.920	0	0.100	0.650	0.505	0.768	1.139	1.702	1.793	0.162	1.178	1.587
0.01%-0.99%	0	0.361	0	0	0	0.579	0.339	5.070	0.136	0.290	0.800	0.687	0.451
1%-1.99%	0	1.606	0	0.582	0	1.411	0.339	0.902	0	0.238	0.206	0.764	0.451
2%-2.99%	0	0.462	0.357	0	0	0.200	1.494	0.335	0	0.200	0.167	0.309	0
3%-3.99%	0	0.452	0	0.175	0	0.724	0	1.671	0	0.742	0.402	0	0
4%-4.99%	0.045	0	0.948	0	0	0.160	0.584	0.983	0	0.548	0	0	0.727
5%-5.99%	0.603	0	1.719	0.073	0.034	0	0.082	0.277	0	0	0.071	0	0.204
6%-6.99%	0.100	0.419	0	0.300	0.110	0.161	0.191	1.738	0	0.150	0.058	0	0
7%-7.99%	0.030	0.535	0	0	0.017	0	0	0.005	0	0	0	0	0
8% and higher	1.500	0.003	0.055	0.089	0	0	0	0	0	0.039	0	0.010	0
Floater	0	0	0	0.030	0	0	0	1.612	0	0	0	0	0.333
NA	0	0	0	0	0.107	0	0.482	0	0	0	0.024	0	0.002
Total	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	2.948	3.755
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	1.120	3	1.255	4	3.609	13	3.133	8	1.587	4	4.720	12	10.704	32	10.504	31	37.49%
0.01%-0.99%	0.361	2	0.579	1	5.545	4	1.777	4	0.451	2	2.228	6	8.713	13	8.713	13	17.70%
1%-1.99%	1.606	4	1.993	7	1.241	3	1.209	4	0.451	2	1.660	6	6.499	20	6.499	20	13.18%
2%-2.99%	0.819	3	0.200	1	1.829	4	0.676	3	0	0	0.676	3	3.524	11	3.524	11	5.37%
3%-3.99%	0.452	1	0.899	4	1.671	4	1.144	5	0	0	1.144	5	4.166	14	4.166	14	9.09%
4%-4.99%	0.994	3	0.160	1	1.567	6	0.548	1	0.727	3	1.275	4	3.996	14	3.951	13	10.13%
5%-5.99%	2.322	5	0.107	2	0.359	5	0.071	1	0.204	4	0.275	5	3.063	17	2.460	14	2.18%
6%-6.99%	0.519	4	0.571	6	1.929	5	0.208	3	0	0	0.208	3	3.227	18	3.127	17	1.65%
7%-7.99%	0.565	2	0.017	1	0.005	1	0	0	0	0	0	0	0.587	4	0.557	3	0.00%
8% and higher	1.558	3	0.089	2	0	0	0.049	2	0	0	0.049	2	1.696	7	0.196	6	0.39%
Floater	0	0	0.030	1	1.612	1	0	0	0.333	1	0.333	1	1.974	3	1.974	3	2.64%
NA	0	0	0.107	1	0.482	1	0.024	1	0.002	1	0.025	2	0.615	4	0.615	4	0.20%
Total	10.316	30	6.008	31	19.849	47	8.836	32	3.755	17	12.591	49	48.764	157	46.285	149	100.00%
Premium
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
19.99% and lower	0	0	0.105	0.200	0	0.030	0.482	0.019	0	0	0	0	0.053
20%-29.99%	0	0.354	0.414	0.643	0.110	0	0	2.345	0.136	0.550	0.511	0.055	0.630
30-39.99%	0.346	3.403	0.818	0.465	0.051	3.205	2.585	4.489	0	2.561	1.355	2.500	1.763
40% and higher	0.248	0.865	0.055	0.011	0	0	0.650	0.031	0	0.750	0	0	0.368
NA	1.885	0.135	1.688	0.030	0.757	0.505	0.561	6.848	1.702	0.139	0.024	0.393	0.942
Total	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	2.948	3.755
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0.105	1	0.230	3	0.502	2	0	0	0.053	2	0.053	2	0.889	8	0.889	8	0.42%
20%-29.99%	0.768	5	0.753	5	2.481	4	1.115	8	0.630	3	1.745	11	5.747	25	5.747	25	13.86%
30-39.99%	4.567	12	3.721	17	7.074	22	6.416	18	1.763	6	8.179	24	23.542	75	23.196	72	64.96%
40% and higher	1.168	4	0.011	1	0.681	3	0.750	1	0.368	2	1.118	3	2.979	11	2.731	10	8.88%
NA	3.708	8	1.292	5	9.112	16	0.555	5	0.942	4	1.497	9	15.608	38	13.723	34	11.89%
Total	10.316	30	6.008	31	19.849	47	8.836	32	3.755	17	12.591	49	48.764	157	46.285	149	100.00%
Upsized?
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Yes	0	0.465	0	0	0	1.148	1.972	1.612	0	0	0	0.697	0.401
No	2.479	4.292	3.080	1.338	0.918	2.593	2.308	12.121	1.838	4.000	1.889	2.251	3.354
Downsized	0	0	0	0.011	0	0	0	0	0	0	0	0	0
Total	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	2.948	3.755
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.465	1	1.148	2	3.583	5	0.697	1	0.401	2	1.097	3	6.293	11	6.293	11	8.71%
No	9.851	29	4.849	28	16.266	42	8.140	31	3.354	15	11.494	46	42.460	145	39.981	137	91.29%
Downsized	0	0	0.011	1	0	0	0	0	0	0	0	0	0.011	1	0.011	1	0.00%
Total	10.316	30	6.008	31	19.849	47	8.836	32	3.755	17	12.591	49	48.764	157	46.285	149	100.00%
Seniority
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
secured	0	0	0	0	0	0	0	0.005	0	0	0	0	0
senior	2.434	4.668	1.392	1.243	0.918	3.740	4.067	12.003	1.838	4.000	1.858	2.948	3.422
subordinated	0.045	0.089	1.688	0.107	0	0	0.212	0.112	0	0	0.031	0	0
preference	0	0	0	0	0	0	0	1.612	0	0	0	0	0.333
Total	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	2.948	3.755
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
secured	0	0	0	0	0.005	1.000	0	0	0	0	0	0	0.005	1.000	0.005	1.000	0.00%
senior	8.494	26	5.901	29	17.909	39	8.805	31	3.422	16	12.228	47	44.531	141	42.097	134	97.12%
subordinated	1.822	4	0.107	2	0.324	6	0.031	1	0	0	0.031	1	2.284	13	2.238	12	0.25%
preference	0	0	0	0	1.612	1	0	0	0.333	1	0.333	1	1.944	2	1.944	2	2.64%
Total	10.316	30	6.008	31	19.849	47	8.836	32	3.755	17	12.591	49	48.764	157	46.285	149	100.00%
Mandatory
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Yes	0	0	1.688	0	0	0	0	4.149	0	0	0	0	0.333
No	2.479	4.757	1.392	1.350	0.918	3.740	4.279	9.584	1.838	4.000	1.889	2.948	3.422
Total	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	2.948	3.755
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.688	1	0	0	4.149	3	0	0	0.333	1	0.333	1	6.169	5	6.169	5	2.64%
No	8.628	29	6.008	31	15.701	44	8.836	32	3.422	16	12.259	48	42.595	152	40.116	144	97.36%
Total	10.316	30	6.008	31	19.849	47	8.836	32	3.755	17	12.591	49	48.764	157	46.285	149	100.00%
Greenshoe Exercised?
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Yes	0.045	0	0.904	0.518	0	1.232	0.503	0.754	0	0.789	0.257	0	0.833
No	2.434	4.757	2.175	0.832	0.918	2.508	3.776	12.978	1.838	3.211	1.632	2.948	2.922
Total	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	2.948	3.755
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.950	4	1.750	6	1.257	8	1.046	7	0.833	5	1.879	12	5.835	30	5.790	29	14.92%
No	9.366	26	4.258	25	18.592	39	7.791	25	2.922	12	10.713	37	42.929	127	40.495	120	85.08%
Total	10.316	30	6.008	31	19.849	47	8.836	32	3.755	17	12.591	49	48.764	157	46.285	149	100.00%
Versus Talk
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Richer	1.500	0	0	0.227	0	0	0	0	0	0	0	0.697	0
Rich end	0	1.198	0.818	0	0	1.209	2.521	4.647	0.136	0.643	0.687	0	0.852
Within	0	0	0.357	0	0	0.297	0.339	2.894	0	0.200	0.167	1.294	0.151
Cheap end	0.100	0	0.130	0.078	0	0.453	0	0.792	0	0.990	0.402	0.045	0.758
NA	0.879	3.559	1.774	1.044	0.918	1.781	1.419	5.399	1.702	2.167	0.634	0.912	1.995
Total	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	2.948	3.755
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	1.500	1	0.227	1	0	0	0.697	1	0	0	0.697	1	2.424	3	0.924	2	5.54%
Rich end	2.016	4	1.209	5	7.304	13	1.330	3	0.852	2	2.182	5	12.711	27	12.711	27	17.33%
Within	0.357	2	0.297	2	3.233	5	1.661	5	0.151	1	1.812	6	5.699	15	5.699	15	14.39%
Cheap end	0.230	2	0.531	2	0.792	2	1.436	5	0.758	2	2.194	7	3.748	13	3.648	12	17.43%
NA	6.212	21	3.743	21	8.520	27	3.713	18	1.995	12	5.707	30	24.183	99	23.304	93	45.33%
Total	10.316	30	6.008	31	19.849	47	8.836	32	3.755	17	12.591	49	48.764	157	46.285	149	100.00%
Use of Proceeds
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Acquisition	0.294	0.506	0	0.092	0	0.024	0.104	0	0	0	0.024	1.006	0.027
Capex	0.200	0.074	0	0	0	0	0.250	0.060	0	0.200	0.071	0	0.593
GCP	1.500	0.610	1.719	0.278	0	1.887	0.010	5.248	0.136	2.028	1.195	0.200	1.109
No proceeds	0.290	0	0	0	0	0	0	0	0	0	0	0	0
Redeem convertibles	0	0	0.818	0.087	0.360	0.642	0.547	1.807	0	0.150	0.155	0.730	0
Refinance	0.100	0.970	0.235	0.267	0.034	0.530	0.552	0.822	0	0	0.413	0	0
Multiple/Other/NA	0.095	2.597	0.307	0.625	0.524	0.656	2.817	5.796	1.702	1.621	0.031	1.012	2.026
Total	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	2.948	3.755
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.800	3	0.116	3	0.104	1	1.030	3	0.027	1	1.057	4	2.076	11	1.783	9	8.39%
Capex	0.275	2	0	0	0.310	3	0.271	2	0.593	4	0.864	6	1.448	11	1.248	10	6.86%
GCP	3.829	6	2.165	9	5.394	11	3.424	10	1.109	4	4.533	14	15.921	40	14.421	39	36.00%
No proceeds	0.290	1	0	0	0	0	0	0	0	0	0	0	0.290	1	0	0	0.00%
Redeem convertibles	0.818	1	1.090	4	2.354	5	1.035	4	0	0	1.035	4	5.297	14	5.297	14	8.22%
Refinance	1.305	5	0.831	6	1.374	8	0.413	2	0	0	0.413	2	3.922	21	3.822	20	3.28%
Multiple/Other/NA	2.999	12	1.806	9	10.315	19	2.664	11	2.026	8	4.690	19	19.809	59	19.715	57	37.25%
Total	10.316	30	6.008	31	19.849	47	8.836	32	3.755	17	12.591	49	48.764	157	46.285	149	100.00%
Industry Sector (by SIC code)
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Agriculture (0xxx)	0	0.462	0	0	0	0	0	0	0	0	0	0	0.519
Mining (1xxx)	0.290	0.134	0	0	0	0.160	0	0	0	0	0	0	0
Oil and gas (13xx)	0.100	0.541	0	0	0	0	0.108	0.150	0	0	0	0	0
Construction (15xx)	0	0	0	0	0	0	0.141	0.905	0	0.100	0	0.564	0.346
Manufacturing (2xxx, 3xxx)	0	1.149	2.506	0.189	0.650	0.790	0.305	0.272	0.768	1.042	0.024	0.912	0.084
Pharmaceuticals (2834-6)	0	0	0	0	0	0.120	0	0	0	0	0	0.730	0
Transportation (4xxx)	0	0.624	0	0	0	0.505	0.329	0.135	0	0.200	0.246	0	0.568
Communications (48xx)	0	0	0	0	0	0	0	1.738	0.136	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0.110	0	0.982	0	0	0.793	0.552	0	0.025
Wholesale (5xxx)	0	0	0	0.087	0	0.656	0	0	0.634	0.838	0	0	0.002
Finance, insurance, real estate (6xxx)	1.843	1.847	0.574	0.419	0.051	1.485	1.086	9.305	0.300	0.750	0.912	0	1.531
Services (7xxx)	0.200	0	0	0.368	0.107	0	0.783	0	0	0.277	0.155	0.045	0.681
Health services (8xxx)	0.045	0	0	0.285	0	0.024	0.547	0.005	0	0	0	0.697	0
Sovereign (8888)	0	0	0	0	0	0	0	1.222	0	0	0	0	0
Total	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	2.948	3.755
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.462	1	0	0	0	0	0	0	0.519	1	0.519	1	0.980	2	0.980	2	4.12%
Mining (1xxx)	0.424	2	0.160	1	0	0	0	0	0	0	0	0	0.585	3	0.294	2	0.00%
Oil and gas (13xx)	0.641	4	0	0	0.258	3	0	0	0	0	0	0	0.899	7	0.799	6	0.00%
Construction (15xx)	0	0	0	0	1.046	4	0.664	2	0.346	1	1.010	3	2.056	7	2.056	7	8.02%
Manufacturing (2xxx, 3xxx)	3.655	6	1.629	8	1.345	7	1.978	9	0.084	1	2.061	10	8.691	31	8.691	31	16.37%
Pharmaceuticals (2834-6)	0	0	0.120	1	0	0	0.730	2	0	0	0.730	2	0.850	3	0.850	3	5.80%
Transportation (4xxx)	0.624	2	0.505	1	0.464	4	0.446	2	0.568	3	1.014	5	2.606	12	2.606	12	8.05%
Communications (48xx)	0	0	0	0	1.874	2	0	0	0	0	0	0	1.874	2	1.874	2	0.00%
Electric, gas, sanitary services (49xx)	0	0	0.110	1	0.982	1	1.344	4	0.025	1	1.370	5	2.462	7	2.462	7	10.88%
Wholesale (5xxx)	0	0	0.744	3	0.634	2	0.838	2	0.002	1	0.840	3	2.218	8	2.218	8	6.67%
Finance, insurance, real estate (6xxx)	4.264	13	1.955	10	10.690	18	1.662	6	1.531	6	3.193	12	20.102	53	18.259	49	25.36%
Services (7xxx)	0.200	1	0.476	3	0.783	3	0.477	4	0.681	3	1.159	7	2.617	14	2.417	13	9.20%
Health services (8xxx)	0.045	1	0.310	3	0.551	2	0.697	1	0	0	0.697	1	1.603	7	1.558	6	5.54%
Sovereign (8888)	0	0	0	0	1.222	1	0	0	0	0	0	0	1.222	1	1.222	1	0.00%
Total	10.316	30	6.008	31	19.849	47	8.836	32	3.755	17	12.591	49	48.764	157	46.285	149	100.00%
Currency
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
$	1.920	0.803	0	0.130	0.760	0.320	0.250	0.285	0.300	1.690	0	1.085	1.284
A$	0	0	0	0	0	0	0	1.612	0	0	0	0	0.333
C$	0.294	0.089	0.086	0.373	0.051	0.024	0.316	0.282	0	0	0.129	0	0.068
CHF	0	0.227	0	0	0	0	0	0.547	0	0	0	0	0
DKK	0	0	0	0	0	0	0.010	0	0	0	0	0	0
HK$	0	0.700	0	0.275	0	0.030	0	0.500	0	0.400	0	0.309	0.615
NT$	0	0	0	0	0	0	0.105	0	0	0	0	0	0
RMB	0	0.134	0	0	0	0	0	4.428	0	0	0	0	0
S$	0	0.517	0	0	0	0.642	0.482	0	0	0	0	0	0
SEK	0	0	0	0.011	0	0	0	0	0	0	0.246	0	0
Y	0.200	0	0	0	0	0.505	0.256	0	1.402	0	0	0.293	0
€	0.065	2.288	2.993	0.333	0.107	1.834	2.715	5.677	0.136	1.909	1.347	1.261	1.455
£	0	0	0	0.227	0	0.384	0.145	0.402	0	0	0.167	0	0
Total	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	2.948	3.755
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	2.723	7	1.210	7	0.835	6	2.775	12	1.284	6	4.059	18	8.827	38	6.907	34	32.24%
A$	0	0	0	0	1.612	1	0	0	0.333	1	0.333	1	1.944	2	1.944	2	2.64%
C$	0.469	6	0.448	7	0.598	9	0.129	3	0.068	1	0.197	4	1.711	26	1.418	24	1.56%
CHF	0.227	1	0	0	0.547	1	0	0	0	0	0	0	0.774	2	0.774	2	0.00%
DKK	0	0	0	0	0.010	1	0	0	0	0	0	0	0.010	1	0.010	1	0.00%
HK$	0.700	1	0.305	3	0.500	1	0.709	2	0.615	4	1.324	6	2.829	11	2.829	11	10.52%
NT$	0	0	0	0	0.105	1	0	0	0	0	0	0	0.105	1	0.105	1	0.00%
RMB	0.134	1	0	0	4.428	2	0	0	0	0	0	0	4.562	3	4.562	3	0.00%
S$	0.517	1	0.642	1	0.482	1	0	0	0	0	0	0	1.642	3	1.642	3	0.00%
SEK	0	0	0.011	1	0	0	0.246	1	0	0	0.246	1	0.257	2	0.257	2	1.95%
Y	0.200	1	0.505	1	1.658	5	0.293	1	0	0	0.293	1	2.657	8	2.456	7	2.33%
€	5.346	12	2.275	8	8.528	17	4.517	12	1.455	5	5.972	17	22.120	54	22.056	53	47.43%
£	0	0	0.611	3	0.547	2	0.167	1	0	0	0.167	1	1.325	6	1.325	6	1.33%
Total	10.316	30	6.008	31	19.849	47	8.836	32	3.755	17	12.591	49	48.764	157	46.285	149	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.