Analysis of convertibles issuance for April

Total: $8.172 billion in 26 deals priced in April

Amount ($ mlns) Number

Regular convertibles 7,857.50 14

Investment bank synthetics 314.17 12

Total 8,171.67 26

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 millions of dollars, count of deals, percentage of total in dollars.

Coupon

Floater	3,000.00	1	38.18%
0%	1,250.00	2	15.91%
1%-1.99%	605.00	2	7.70%
2%-2.99%	1,657.50	4	21.09%
3%-3.99%	750.00	2	9.55%
4%-4.99%	175.00	1	2.23%
5%-5.99%	75.00	1	0.95%
6%-6.99%	345.00	1	4.39%
Total	7,857.50	14
Initial Conversion Premium
20%-22.99%	345.00	1	4.39%
25%-29.99%	175.00	1	2.23%
35%-39.99%	105.00	1	1.34%
40%-44.99%	810.00	4	10.31%
60%-69.99%	850.00	2	10.82%
70%-79.99%	1,822.50	2	23.19%
80%-89.99%	250.00	1	3.18%
90%-99.99%	500.00	1	6.36%
110%-119.99%	3,000.00	1	38.18%
Total	7,857.50	14
Overnight sale?
Yes	7,427.50	12	94.53%
No	430.00	2	5.47%
Total	7,857.50	14
Upsized?
Yes	1,677.50	4	21.35%
No	6,180.00	10	78.65%
Total	7,857.50	14
Rank
Senior	6,922.50	8	88.10%
Senior sub	85.00	1	1.08%
Subordinated	330.00	3	4.20%
Preferred	520.00	2	6.62%
Total	7,857.50	14
Putable?
Yes	5,672.50	6	72.19%
No	2,185.00	8	27.81%
Total	7,857.50	14
Contingent Conversion?
Yes	6,922.50	8	88.10%
No	935.00	6	11.90%
Total	7,857.50	14
Mandatory?
Yes	345.00	1	4.39%
No	7,512.50	13	95.61%
Total	7,857.50	14
Versus talk
Yield low end, premium higher	175.00	1	2.23%
Yield low end, premium high end	570.00	3	7.25%
Yield middle, premium high end	85.00	1	1.08%
Yield middle, premium middle	1,322.50	1	16.83%
Yield middle, premium low end	105.00	1	1.34%
Yield towards high end, premium high end	100.00	1	1.27%
Yield high end, premium middle	3,250.00	2	41.36%
NA	2,250.00	4	28.64%
Total	7,857.50	14	100.00%
Use of proceeds
Acquisition	175.00	1	2.23%
Buy back stock	100.00	1	1.27%
GCP	6,177.50	6	78.62%
Redeem convertibles	650.00	2	8.27%
Repay debt	680.00	3	8.65%
Repay debt and other uses	75.00	1	0.95%
Total	7,857.50	14
Industry sector (by SIC code)
Oil and gas (13xx)	250.00	1	3.18%
Manufacturing (2xxx, 3xxx)	330.00	3	4.20%
Transportation (4xxx)	675.00	2	8.59%
Electric, gas and sanitary (49xx)	345.00	1	4.39%
Finance, insurance, real estate (6xxx)	3,000.00	1	38.18%
Services (7xxx)	3,157.50	5	40.18%
Health services (8xxx)	100.00	1	1.27%
Total	7,857.50	14

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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