Analysis of convertibles issuance for 13 months through March 2012

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Coupon

	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
0%	0	0	0	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0.904	0	0.450	0	0.632	0	0	0	0	0	0	0	0
1%-1.99%	0	0	0.450	0.350	0.690	0	0	0.650	0.250	0	0	0.500	1.685
2%-2.99%	0.710	0	1.150	0.719	0.350	0	0.155	0.690	0	0	0	0	0.225
3%-3.99%	2.936	0	0.275	0.374	0.585	0	0	0	1.032	0	0.150	0	0.200
4%-4.99%	0.625	0	0.205	0	0.810	0	0	0	0	0	0	0	0.163
5%-5.99%	4.120	0.236	0	0	0.135	0	0	0	0.149	0.200	0	0	0.127
6%-6.99%	0.719	0.075	0.120	0	0	0	0	0.002	0	0	0.250	0	0.150
7%-7.99%	0.367	0.020	0	0	0	0	0	0	0	0.050	0	0	0.086
8% and higher	0.060	0.978	0	0.155	0	0	0	0	0	0	0	0	0
Total	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.00%
0.01%-0.99%	0.450	1	0.632	1	0	0	0	0	0	0	1.986	3	1.986	3	0.00%
1%-1.99%	0.800	3	0.690	2	0.900	3	2.185	4	2.185	4	4.575	12	4.575	12	61.81%
2%-2.99%	1.869	5	0.505	3	0.690	1	0.225	1	0.225	1	3.999	13	3.289	10	6.36%
3%-3.99%	0.649	4	0.585	4	1.032	3	0.350	2	0.350	2	5.552	20	2.616	13	9.90%
4%-4.99%	0.205	2	0.810	3	0	0	0.163	1	0.163	1	1.804	9	1.178	6	4.61%
5%-5.99%	0.236	2	0.135	1	0.349	2	0.127	1	0.127	1	4.967	10	0.847	6	3.59%
6%-6.99%	0.195	2	0	0	0.002	1	0.400	2	0.400	2	1.316	6	0.597	5	11.32%
7%-7.99%	0.020	1	0	0	0.050	1	0.086	1	0.086	1	0.524	6	0.156	3	2.43%
8% and higher	1.133	2	0	0	0	0	0	0	0	0	1.193	3	1.133	2	0.00%
Total	5.557	22	3.358	14	3.023	11	3.535	12	3.535	12	25.915	82	15.473	59	100.00%
Premium
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
19.99% and lower	0.657	0.225	0.270	0.120	0	0	0	0	0	0	0	0	0.289
20%-29.99%	5.520	1.064	1.061	0.546	1.400	0	0	0.250	0.149	0.250	0.400	0	0.236
30-39.99%	4.011	0	1.320	0.702	1.802	0	0.155	1.090	1.282	0	0	0.500	0.890
40% and higher	0.253	0	0	0.230	0	0	0	0	0	0	0	0	1.220
NA	0	0.020	0	0	0	0	0	0.002	0	0	0	0	0
Total	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0.615	5	0	0	0	0	0.289	2	0.289	2	1.562	12	0.904	7	8.18%
20%-29.99%	2.671	8	1.400	6	0.649	4	0.636	4	0.636	4	10.876	30	5.356	22	17.99%
30-39.99%	2.022	7	1.958	8	2.372	6	1.390	4	1.390	4	11.752	34	7.741	25	39.32%
40% and higher	0.230	1	0	0	0	0	1.220	2	1.220	2	1.703	4	1.450	3	34.51%
NA	0.020	1	0	0	0.002	1	0	0	0	0	0.022	2	0.022	2	0.00%
Total	5.557	22	3.358	14	3.023	11	3.535	12	3.535	12	25.915	82	15.473	59	100.00%
Quick Sale?
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Yes	10.442	0.331	2.651	1.598	3.103	0	0.155	0.250	1.282	0.250	0.400	0.500	1.290
No	0	0.978	0	0	0.100	0	0	1.092	0.149	0	0	0	1.345
Total	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.580	21	3.258	13	1.782	7	2.190	9	2.190	9	22.251	73	11.809	50	61.95%
No	0.978	1	0.100	1	1.241	4	1.345	3	1.345	3	3.663	9	3.663	9	38.05%
Total	5.557	22	3.358	14	3.023	11	3.535	12	3.535	12	25.915	82	15.473	59	100.00%
Upsized?
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Yes	2.333	0.978	0.820	0.546	1.320	0	0	0	1.090	0	0.250	0.500	0.915
No	8.110	0.331	1.831	1.052	1.883	0	0.155	1.342	0.149	0.200	0.150	0	1.720
Downsized	0	0	0	0	0	0	0	0	0.192	0.050	0	0	0
Total	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.344	5	1.320	6	1.090	3	1.665	5	1.665	5	8.751	25	6.418	19	47.10%
No	3.213	17	2.038	8	1.691	6	1.870	7	1.870	7	16.922	55	8.812	38	52.90%
Downsized	0	0	0	0	0.242	2	0	0	0	0	0.242	2	0.242	2	0.00%
Total	5.557	22	3.358	14	3.023	11	3.535	12	3.535	12	25.915	82	15.473	59	100.00%
Seniority
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
senior	7.476	0.225	2.651	1.442	2.953	0	0.155	1.340	1.431	0.250	0.400	0.500	2.509
senior subordinated	0	0	0	0	0.250	0	0	0	0	0	0	0	0
subordinated	1.667	1.064	0	0	0	0	0	0	0	0	0	0	0
preferred	1.299	0.020	0	0.155	0	0	0	0.002	0	0	0	0	0.127
Total	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior	4.318	18	3.108	13	3.021	10	3.409	11	3.409	11	21.331	70	13.855	52	96.44%
senior subordinated	0	0	0.250	1	0	0	0	0	0	0	0.250	1	0.250	1	0.00%
subordinated	1.064	2	0	0	0	0	0	0	0	0	2.731	4	1.064	2	0.00%
preferred	0.175	2	0	0	0.002	1	0.127	1	0.127	1	1.603	7	0.304	4	3.59%
Total	5.557	22	3.358	14	3.023	11	3.535	12	3.535	12	25.915	82	15.473	59	100.00%
Mandatory
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Yes	3.815	0.978	0	0	0	0	0	0	0	0	0	0	0
No	6.627	0.331	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635
Total	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.978	1	0	0	0	0	0	0	0	0	4.793	3	0.978	1	0.00%
No	4.580	21	3.358	14	3.023	11	3.535	12	3.535	12	21.122	79	14.495	58	100.00%
Total	5.557	22	3.358	14	3.023	11	3.535	12	3.535	12	25.915	82	15.473	59	100.00%
Greenshoe Exercised?
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Yes	6.972	1.064	2.256	1.598	2.228	0	0.155	0.940	0.740	0.200	0.250	0.500	2.060
No	3.470	0.245	0.395	0	0.975	0	0	0.402	0.691	0.050	0.150	0	0.575
Total	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.917	16	2.383	10	1.880	5	2.810	8	2.810	8	18.962	59	11.990	39	79.49%
No	0.640	6	0.975	4	1.143	6	0.725	4	0.725	4	6.953	23	3.483	20	20.51%
Total	5.557	22	3.358	14	3.023	11	3.535	12	3.535	12	25.915	82	15.473	59	100.00%
Versus Talk
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Richer	0.345	0	0	0	0	0	0	0	0	0	0	0.300	0
Rich end	1.206	0.978	1.320	0	1.323	0	0.155	0	0	0	0	0.200	1.771
Within	4.026	0.086	1.211	1.006	0.670	0	0	0	0.250	0	0	0	0
Cheap end	0.396	0.225	0.120	0.592	0.975	0	0	0.250	0.840	0.050	0.400	0	0.289
Cheaper	1.019	0	0	0	0	0	0	0	0	0	0	0	0
Other/NA	3.450	0.020	0	0	0.235	0	0	1.092	0.341	0.200	0	0	0.575
Total	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	0	0	0	0	0.300	1	0.300	1	0.645	3	0.300	1	8.49%
Rich end	2.297	5	1.478	4	0	0	1.971	4	1.971	4	6.953	17	5.747	13	55.76%
Within	2.303	10	0.670	5	0.250	1	0	0	0	0	7.249	25	3.223	16	0.00%
Cheap end	0.936	6	0.975	3	1.140	4	0.689	4	0.689	4	4.136	20	3.740	17	19.49%
Cheaper	0	0	0	0	0	0	0	0	0	0	1.019	2	0	0	0.00%
Other/NA	0.020	1	0.235	2	1.633	6	0.575	3	0.575	3	5.913	15	2.463	12	16.26%
Total	5.557	22	3.358	14	3.023	11	3.535	12	3.535	12	25.915	82	15.473	59	100.00%
Use of Proceeds
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Acquisition	1.034	0	0	0	0.767	0	0	0	0.341	0	0	0	0
Capex	0.200	0	0.125	0	0.100	0	0	0	0	0	0	0	0
GCP	2.774	0.181	0.240	0.264	0.160	0	0	0.402	1.090	0.200	0.150	0.500	0.501
No proceeds	3.315	0	0	0	0	0	0	0	0	0	0	0	0
Redeem convertibles	0	0	0.155	0	0.100	0	0	0	0	0	0.250	0	0.200
Refinance	1.090	0.978	0	0	0.250	0	0	0	0	0	0	0	0.163
Multiple/Other/NA	2.029	0.150	2.131	1.334	1.825	0	0.155	0.940	0	0.050	0	0	1.771
Total	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0.767	2	0.341	2	0	0	0	0	2.142	7	1.108	4	0.00%
Capex	0.125	1	0.100	1	0	0	0	0	0	0	0.425	3	0.225	2	0.00%
GCP	0.685	7	0.160	2	1.692	6	1.151	6	1.151	6	6.462	28	3.688	21	32.56%
No proceeds	0	0	0	0	0	0	0	0	0	0	3.315	1	0	0	0.00%
Redeem convertibles	0.155	1	0.100	1	0	0	0.450	2	0.450	2	0.705	4	0.705	4	12.73%
Refinance	0.978	1	0.250	1	0	0	0.163	1	0.163	1	2.480	7	1.390	3	4.61%
Multiple/Other/NA	3.615	12	1.980	7	0.990	3	1.771	3	1.771	3	10.385	32	8.356	25	50.10%
Total	5.557	22	3.358	14	3.023	11	3.535	12	3.535	12	25.915	82	15.473	59	100.00%
Industry Sector (by SIC code)
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Mining (1xxx)	0.230	0	0	0.230	0	0	0	0	0	0	0	0	0
Oil and gas (13xx)	0	0	0	0.155	0.135	0	0	0	0	0	0	0.300	0.200
Construction (15xx)	0	0	0	0	0	0	0	0	0.350	0	0	0	0
Manufacturing (2xxx, 3xxx)	3.845	0	2.175	0.776	1.300	0	0	0	0	0.050	0	0	0.236
Pharmaceuticals (2834-6)	0	0	0.275	0	0	0	0.155	0.650	0.490	0	0.150	0	0.915
Transportation (4xxx)	0.075	0	0	0	0	0	0	0	0	0	0	0	0
Communications (48xx)	0.172	0	0.120	0	0	0	0	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0.978	0	0	0	0	0	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	5.411	0.245	0	0	1.135	0	0	0.002	0	0.200	0.250	0	0.289
Services (7xxx)	0.648	0	0.081	0.120	0.632	0	0	0.690	0.591	0	0	0.200	0.995
Health services (8xxx)	0	0.086	0	0.316	0	0	0	0	0	0	0	0	0
Non-operating (9995)	0.060	0	0	0	0	0	0	0	0	0	0	0	0
Total	10.442	1.309	2.651	1.598	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.230	1	0	0	0	0	0	0	0	0	0.460	2	0.230	1	0.00%
Oil and gas (13xx)	0.155	1	0.135	1	0	0	0.500	2	0.500	2	0.790	4	0.790	4	14.14%
Construction (15xx)	0	0	0	0	0.350	1	0	0	0	0	0.350	1	0.350	1	0.00%
Manufacturing (2xxx, 3xxx)	2.951	9	1.300	7	0.050	1	0.236	2	0.236	2	8.383	28	4.537	19	6.68%
Pharmaceuticals (2834-6)	0.275	2	0.155	1	1.140	3	1.065	3	1.065	3	2.635	9	2.635	9	30.13%
Transportation (4xxx)	0	0	0	0	0	0	0	0	0	0	0.075	1	0	0	0.00%
Communications (48xx)	0.120	1	0	0	0	0	0	0	0	0	0.292	2	0.120	1	0.00%
Electric, gas, sanitary services (49xx)	0.978	1	0	0	0	0	0	0	0	0	0.978	1	0.978	1	0.00%
Finance, insurance, real estate (6xxx)	0.245	3	1.135	4	0.202	2	0.539	3	0.539	3	7.532	20	2.121	12	15.25%
Services (7xxx)	0.201	2	0.632	1	1.281	4	1.195	2	1.195	2	3.957	11	3.309	9	33.80%
Health services (8xxx)	0.403	2	0	0	0	0	0	0	0	0	0.403	2	0.403	2	0.00%
Non-operating (9995)	0	0	0	0	0	0	0	0	0	0	0.060	1	0	0	0.00%
Total	5.557	22	3.358	14	3.023	11	3.535	12	3.535	12	25.915	82	15.473	59	100.00%

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. Structured products 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.