Analysis of convertibles issuance for 2004

Total: $52.842 billion in 444 deals

Amount ($ billions) Number

Regular convertibles 48.457 206

Investment bank synthetics 4.385 238

Total 52.842 444

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%	2.035	7	4.20%
0.01%-0.99%	3.864	10	7.97%
1%-1.99%	6.277	28	12.95%
2%-2.99%	11.327	57	23.37%
3%-3.99%	6.047	37	12.48%
4%-4.99%	4.269	21	8.81%
5%-5.99%	6.657	17	13.74%
6% and higher	7.326	26	15.12%
Floater	0.655	3	1.35%
Total	48.457	206
Initial conversion premium
0%-19.99%	2.676	16	5.53%
20%-29.99%	10.614	35	21.92%
30%-39.99%	18.911	85	39.02%
40%-49.99%	11.305	50	23.32%
50%-59.99%	2.830	9	5.84%
60% and higher	1.500	3	3.09%
NA	0.622	8	1.29%
Total	48.457	206
Quick sale?
Yes	44.008	181	90.82%
No	4.449	25	9.18%
Total	48.457	206
Upsized?
Yes	14.880	73	30.71%
No	33.578	133	69.29%
Total	48.457	206
Rank
Senior secured	0.505	2	1.04%
Senior	29.208	125	60.28%
Senior subordinated	6.387	35	13.18%
Subordinated	3.390	22	7.00%
Preferred	8.967	22	18.51%
Total	48.457	206
Putable?
Yes	27.414	133	56.55%
No	21.043	73	43.43%
Total	48.457	206
Contingent conversion?
Yes	23.077	109	47.62%
No	25.382	97	52.38%
Total	48.457	206
Mandatory?
Yes	5.221	8	10.77%
No	43.236	198	89.23%
Total	48.457	206
Greenshoe exercised?
Yes	37.670	159	77.74%
No	10.787	47	22.26%
Total	48.457	206
Versus talk
Richer	4.080	10	8.42%
Rich end	10.347	34	21.35%
Within	15.811	71	32.63%
Cheap end	10.198	37	21.05%
Cheaper	0.935	3	1.93%
Other, NA	7.085	51	14.63%
Total	48.457	206
Use of proceeds
Acquisition	4.777	19	9.86%
Capex	1.169	8	2.41%
GCP	16.046	74	33.11%
Redeem convertibles	5.231	18	10.80%
Repay/refinance debt	7.248	33	14.95%
Repay bank debt	2.733	14	5.64%
Repay bank debt plus	0.885	7	1.83%
Other	10.367	33	21.39%
Total	48.457	206
Industry sector (by SIC code)
Mining (1xxx)	3.297	8	6.80%
Oil and gas (13xx)	1.198	8	2.47%
Construction (15xx)	0.475	3	0.98%
Manufacturing (2xxx, 3xxx)	8.307	52	17.14%
Pharmaceuticals (2834-6)	7.198	24	14.85%
Transportation (4xxx)	1.564	8	3.23%
Communications (48xx)	3.553	11	7.33%
Electric, gas, sanitary services (49xx)	1.634	5	3.37%
Wholesale (5xxx)	3.650	16	7.53%
Finance, insurance, real estate (6xxx)	10.615	36	21.90%
Services (7xxx)	6.966	35	14.37%
Total	48.457	206

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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