Analysis of convertibles issuance for July

Total: $2.181 billion in 34 deals

Amount ($ billions) Number

Regular convertibles 1.858 8

Investment bank synthetics 0.323 26

Total 2.181 34

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%-1.99%	0.150	1	8.07%
2%-2.99%	0.725	2	39.02%
3%-3.99%	0.945	4	50.86%
6% and higher	0.038	1	2.05%
Total	1.858	8
Initial conversion premium
Less than 20%	0.513	3	27.61%
20%-29.99%	0.485	2	26.10%
30%-39.99%	0.860	3	46.29%
Total	1.858	8
Quick sale?
Yes	1.708	7	91.93%
No	0.150	1	8.07%
Total	1.858	8
Upsized?
Yes	0.600	1	32.29%
No	1.258	7	67.71%
Total	1.858	8
Rank
Senior	1.623	6	87.35%
Senior subordinated	0.235	2	12.65%
Total	1.858	8
Contingent conversion?
Yes	1.000	2	53.82%
No	0.858	6	46.18%
Total	1.858	8
Mandatory?
No	1.858	8	100.00%
Total	1.858	8
Greenshoe exercised?
Yes	0.475	2	25.57%
No	1.383	6	74.43%
Total	1.858	8
Versus talk
Rich end	0.150	1	8.07%
Within	1.195	4	64.32%
Other, NA	0.513	3	27.61%
Total	1.858	8
Use of proceeds
Acquisition	0.600	1	32.29%
GCP	0.763	3	41.07%
Refinance	0.345	3	18.57%
Multiple/Other	0.150	1	8.07%
Total	1.858	8
Industry sector (by SIC code)
Oil and gas (13xx)	0.325	1	17.49%
Manufacturing (2xxx, 3xxx)	0.873	4	46.99%
Wholesale (5xxx)	0.110	1	5.92%
Health services (8xxx)	0.550	2	29.60%
Total	1.858	8

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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