Published on 5/2/2003 in the Prospect News Convertibles Daily.
Analysis of convertibles issuance for year to date through April
Total: $25.274 billion in 77 deals priced through April
Amount ($ mlns) Number
Regular convertibles 23,447.52 45
Investment bank synthetics 1,826.20 32
Total 25,273.72 77
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 | 3,850.00 | 4 | 16.42%
|
| 0% | 1,824.99 | 3 | 7.78%
|
| 0.01%-1.99% | 5,052.93 | 8 | 21.55%
|
| 2%-2.99% | 5,847.50 | 10 | 24.94%
|
| 3%-3.99% | 2,477.10 | 4 | 10.56%
|
| 4%-4.99% | 1,225.00 | 4 | 5.22%
|
| 5%-5.99% | 578.75 | 4 | 2.47%
|
| 6%-6.99% | 920.00 | 3 | 3.92%
|
| 7%-7.99% | 1,268.75 | 4 | 5.41%
|
| 8%-8.99% | 402.50 | 1 | 1.72%
|
| Total | 23,447.52 | 45 |
|
|
|
|
|
|
|
| Initial Conversion Premium
|
|
|
| 20%-24.99% | 1,786.25 | 6 | 7.62%
|
| 25%-29.99% | 2,173.75 | 5 | 9.27%
|
| 30%-34.99% | 3,702.10 | 4 | 15.79%
|
| 35%-39.99% | 2,265.00 | 6 | 9.66%
|
| 40%-44.99% | 2,609.18 | 10 | 11.13%
|
| 45%-49.99% | 689.99 | 2 | 2.94%
|
| 50%-59.99% | 2,523.75 | 2 | 10.76%
|
| 60%-69.99% | 850.00 | 2 | 3.63%
|
| 70%-79.99% | 2,697.50 | 4 | 11.50%
|
| 80%-99.99% | 750.00 | 2 | 3.20%
|
| 100%-119.99% | 3,400.00 | 2 | 14.50%
|
| Total | 23,447.52 | 45 |
|
|
|
|
|
| Greenshoe exercised?
|
|
|
| Yes | 14,632.52 | 29 | 62.41%
|
| No | 8,815.00 | 16 | 37.59%
|
| Total | 23,447.52 | 45 |
|
|
|
|
|
| Upsized?
|
|
|
| Yes | 13,293.77 | 23 | 56.70%
|
| No | 10,010.00 | 21 | 42.69%
|
| Downsized | 143.75 | 1 | 0.61%
|
| Total | 23,447.52 | 45 |
|
|
|
|
|
| Rank
|
|
|
| Senior | 18,662.92 | 23 | 79.59%
|
| Notes | 600.00 | 2 | 2.56%
|
| Senior sub | 320.00 | 2 | 1.36%
|
| Subordinated | 2,720.85 | 13 | 11.60%
|
| Preferred | 1,143.75 | 5 | 4.88%
|
| Total | 23,447.52 | 45 |
|
|
|
|
|
| Putable?
|
|
|
| Yes | 16,970.42 | 21 | 72.38%
|
| No | 6,477.10 | 24 | 27.62%
|
| Total | 23,447.52 | 45 |
|
|
|
| Contingent Conversion?
|
|
|
| Yes | 10,893.77 | 21 | 46.46%
|
| No | 12,553.75 | 24 | 53.54%
|
| Total | 23,447.52 | 45 |
|
|
|
|
|
| Mandatory?
|
|
|
| Yes | 1,486.25 | 5 | 6.34%
|
| No | 21,961.27 | 40 | 93.66%
|
| Total | 23,447.52 | 45 |
|
|
|
|
|
| Versus talk
|
|
|
| Yield lower, premium high end | 3,776.25 | 3 | 16.11%
|
| Yield low end, premium higher or high end | 4,538.75 | 12 | 19.36%
|
| Yield low end, premium towards low end | 249.18 | 1 | 1.06%
|
| Yield towards low end, premium middle | 807.50 | 5 | 3.44%
|
| Yield middle, premium higher, high end or towards high end | 2,415.00 | 4 | 10.30%
|
| Yield middle, premium middle | 1,855.00 | 3 | 7.91%
|
| Yield middle, premium low end | 100.00 | 1 | 0.43%
|
| Yield towards high end, premium low end, towards low end | 550.00 | 2 | 2.35%
|
| Yield high end, premium high end | 227.10 | 1 | 0.97%
|
| Yield high end, premium middle | 3,550.00 | 3 | 15.14%
|
| Yield high end, premium towards low end, at low end or lower | 1,279.99 | 4 | 5.46%
|
| Yield higher, premium low end | 1,723.75 | 1 | 7.35%
|
| NA | 2,375.00 | 5 | 10.13%
|
| Grand Total | 23,447.52 | 45 |
|
|
|
|
|
| Use of proceeds
|
|
|
| Acquisition | 750.00 | 3 | 3.20%
|
| Acquisition plus | 143.75 | 1 | 0.61%
|
| Buy back shares | 1,024.99 | 3 | 4.37%
|
| GCP | 9,476.25 | 14 | 40.41%
|
| Redeem cvts | 3,576.28 | 7 | 15.25%
|
| Repay debt | 1,380.00 | 5 | 5.89%
|
| Repay debt plus | 6,856.25 | 10 | 29.24%
|
| Multiple | 115.00 | 1 | 0.49%
|
| Other | 125.00 | 1 | 0.53%
|
| Total | 23,447.52 | 45 |
|
|
|
| Industry sector (by SIC code)
|
|
|
| Mining (1xxx) | 1,195.03 | 4 | 5.10%
|
| Oil and gas (13xx) | 480.00 | 2 | 2.05%
|
| Manufacturing (2xxx, 3xxx) | 9,204.99 | 15 | 39.26%
|
| Transportation (4xxx) | 968.75 | 4 | 4.13%
|
| Communications (48xx) | 1,723.75 | 1 | 7.35%
|
| Electric, gas, sanitary services (49xx) | 1,047.50 | 3 | 4.47%
|
| Wholesale trade (5xxx) | 125.00 | 1 | 0.53%
|
| Finance, insurance, real estate (6xxx) | 4,245.00 | 7 | 18.10%
|
| Services (7xxx) | 4,357.50 | 7 | 18.58%
|
| Health services (8xxx) | 100.00 | 1 | 0.43%
|
| Total | 23,447.52 | 45
|
|
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|
|
|
|
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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