Total: $2.616 billion in 10 deals priced in December
Amount ($ mlns) Number
Regular convertibles 2,450.00 6
Investment bank synthetic deals 166.01 4
Total 2,616.01 10
Note: Investment bank synthetic 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 millions of dollars, count of deals, percentage of total in dollars.
Coupon
| <2% | 460.00 | 1 | 18.78%
|
| 2%-2.99% | 490.00 | 2 | 20.00%
|
| 4%-4.99% | 100.00 | 1 | 4.08%
|
| 7%-7.99% | 1,400.00 | 2 | 57.14%
|
| Total | 2,450.00 | 6
|
|
|
|
|
| Initial Conversion Premium
|
|
|
| 20%-24.99% | 1,400.00 | 2 | 57.14%
|
| 25%-29.99% | 300.00 | 1 | 12.24%
|
| 30%-34.99% | 190.00 | 1 | 7.76%
|
| 35%-39.99% | 460.00 | 1 | 18.78%
|
| 40%-44.99% | 100.00 | 1 | 4.08%
|
| Total | 2,450.00 | 6
|
|
|
|
|
| Putable?
|
|
|
| Yes | 100.00 | 1 | 4.08%
|
| No | 2,350.00 | 5 | 95.92%
|
| Total | 2,450.00 | 6
|
|
|
| Contingent Conversion?
|
|
|
| Yes | 100.00 | 1 | 4.08%
|
| No | 2,350.00 | 5 | 95.92%
|
| Total | 2,450.00 | 6
|
|
|
|
|
| Mandatory?
|
|
|
| Yes | 1,400.00 | 2 | 57.14%
|
| No | 1,050.00 | 4 | 42.86%
|
| Total | 2,450.00 | 6
|
|
|
|
|
| Versus talk
|
|
|
| Yield high end, premium low end | 190.00 | 1 | 7.76%
|
| Yield higher, premium towards high end | 100.00 | 1 | 4.08%
|
| Yield middle, premium high end | 460.00 | 1 | 18.78%
|
| Yield low end, premium high end | 1,400.00 | 2 | 57.14%
|
| Yield low end, premium higher | 300.00 | 1 | 12.24%
|
| Total | 2,450.00 | 6
|
|
|
|
|
| Rank
|
|
|
| Senior | 1,900.00 | 3 | 77.55%
|
| Notes | 300.00 | 1 | 12.24%
|
| Subordinated | 250.00 | 2 | 10.20%
|
| Total | 2,450.00 | 6
|
|
|
|
|
| Use of proceeds
|
|
|
| Acquisitions and other uses | 1,550.00 | 2 | 63.27%
|
| Repay debt | 290.00 | 2 | 11.84%
|
| Repay debt, other uses | 150.00 | 1 | 6.12%
|
| Multiple | 460.00 | 1 | 18.78%
|
| 2,450.00 | 6
|
|
|
| Industry sector (by SIC code)
|
|
|
| Manufacturing (2xxx, 3xxx) | 1,840.00 | 4 | 75.10%
|
| Finance, insurance, real estate (6xxx) | 150.00 | 1 | 6.12%
|
| Services (7xxx) | 460.00 | 1 | 18.78%
|
| Total | 2,450.00 | 6
|
|
|
|
|
|
|
Criteria
* The tables include all 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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