Analysis of convertibles issuance for 13 months through May 2013

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

Coupon

	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
0%	0	0	0	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0	0	0	0	0.430	0	0	0	0	0	1.150	0.850	2.525
1%-1.99%	0.725	0.275	0.253	0.300	0.626	0.397	0	0.650	0.580	0.850	0.400	0.403	0.810
2%-2.99%	0.150	0.370	0	0.501	0	1.500	0.230	1.730	0.673	0.700	0.766	0	0.172
3%-3.99%	0	0.400	0	0	0.278	0	0.315	0	0.645	0.481	0.086	0	0.300
4%-4.99%	0	0.105	0	0.287	0.275	0.588	0.040	0	0	0.812	0.401	0	0.220
5%-5.99%	1.305	0.130	0.086	0.196	0.991	0	0.205	0.195	0.150	0.115	0.485	0.598	0
6%-6.99%	0.270	0.032	0	0.414	0.090	0.115	0	0	2.375	0	0.226	0	0
7%-7.99%	0.019	1.145	0.115	0.050	0.215	0	0.225	0.094	0	0.675	0	0.090	0
8% and higher	0	0.074	0	0	0	0.010	0	0.024	0	0	0.001	0	0
NA	0	0.017	0	0	0	0.060	0	0	0.005	0	0	0	0.020
Total	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.048
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	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%	0.430	2	0	0	1.150	1	3.375	7	4.525	8	4.955	10	4.955	10	25.76%
1%-1.99%	1.179	4	1.046	3	1.830	5	1.212	3	3.042	8	6.269	18	5.543	16	17.32%
2%-2.99%	0.501	2	3.460	4	2.139	7	0.172	1	2.312	8	6.793	16	6.643	15	13.16%
3%-3.99%	0.278	2	0.315	2	1.213	7	0.300	1	1.513	8	2.505	13	2.505	13	8.61%
4%-4.99%	0.562	3	0.628	4	1.214	4	0.220	1	1.434	5	2.730	13	2.730	13	8.16%
5%-5.99%	1.273	5	0.400	3	0.750	4	0.598	3	1.347	7	4.455	18	3.150	16	7.67%
6%-6.99%	0.504	2	0.115	1	2.601	4	0	0	2.601	4	3.522	10	3.252	8	14.81%
7%-7.99%	0.380	4	0.319	3	0.675	1	0.090	1	0.765	2	2.628	12	2.609	11	4.36%
8% and higher	0	0	0.034	2	0.001	1	0	0	0.001	1	0.109	4	0.109	4	0.01%
NA	0	0	0.060	1	0.005	1	0.020	1	0.025	2	0.103	4	0.103	4	0.14%
Total	5.107	24	6.377	23	11.579	35	5.987	18	17.566	53	34.068	118	31.599	110	100.00%
Premium
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
19.99% and lower	1.105	0.119	0	0.610	0.445	0.228	0.040	0.264	0	0.640	0.625	1.115	0.220
20%-29.99%	1.070	0.380	0.201	0.637	1.216	1.615	0.400	0.190	2.700	1.319	0.200	0.422	0
30-39.99%	0	2.032	0	0.501	0.777	0.070	0	2.215	1.228	1.675	1.337	0.403	2.277
40% and higher	0.225	0	0.253	0	0.466	0.687	0.425	0	0.495	0	1.351	0	1.530
NA	0.069	0.017	0	0	0	0.070	0.150	0.024	0.005	0	0.002	0	0.020
Total	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.048
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	1.055	5	0.532	4	1.265	4	1.335	4	2.600	8	5.411	22	4.306	19	14.80%
20%-29.99%	2.054	10	2.205	6	4.219	9	0.422	2	4.641	11	10.351	31	9.280	29	26.42%
30-39.99%	1.279	5	2.285	5	4.241	15	2.680	8	6.921	23	12.517	38	12.517	38	39.40%
40% and higher	0.719	4	1.112	4	1.846	4	1.530	3	3.376	7	5.433	16	5.208	15	19.22%
NA	0	0	0.243	4	0.008	3	0.020	1	0.028	4	0.358	11	0.289	9	0.16%
Total	5.107	24	6.377	23	11.579	35	5.987	18	17.566	53	34.068	118	31.599	110	100.00%
Upsized?
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Yes	0.945	0.320	0.253	1.002	0.931	0.862	0.655	1.069	4.136	2.869	2.139	1.677	1.927
No	1.524	2.228	0.201	0.747	1.973	1.808	0.210	1.623	0.293	0.765	1.377	0.090	2.120
Downsized	0	0	0	0	0	0	0.150	0	0	0	0	0.172	0
Total	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.048
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.186	10	2.586	11	9.143	26	3.605	10	12.748	36	18.785	62	17.840	59	72.57%
No	2.921	14	3.641	11	2.435	9	2.210	7	4.645	16	14.961	54	13.437	49	26.44%
Downsized	0	0	0.150	1	0	0	0.172	1	0.172	1	0.323	2	0.323	2	0.98%
Total	5.107	24	6.377	23	11.579	35	5.987	18	17.566	53	34.068	118	31.599	110	100.00%
Seniority
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
senior secured	0	0	0	0	0	0	0	0.025	0	0	0	0	0
senior	2.469	2.531	0.454	1.749	2.597	2.135	1.015	2.643	2.048	2.717	3.002	1.768	4.027
senior subordinated	0	0	0	0	0.058	0.360	0	0	0.125	0	0.086	0	0
subordinated	0	0	0	0	0	0	0	0	2.250	0	0	0	0
preferred	0	0.017	0	0	0.250	0.175	0	0.024	0.005	0.916	0.427	0.172	0.020
Total	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.048
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0	0	0.025	1	0	0	0	0	0	0	0.025	1	0.025	1	0.00%
senior	4.800	21	5.793	17	7.768	25	5.795	16	13.563	41	29.156	96	26.687	88	77.21%
senior subordinated	0.058	1	0.360	2	0.211	2	0	0	0.211	2	0.629	5	0.629	5	1.20%
subordinated	0	0	0	0	2.250	1	0	0	2.250	1	2.250	1	2.250	1	12.81%
preferred	0.250	2	0.199	3	1.349	7	0.193	2	1.542	9	2.008	15	2.008	15	8.78%
Total	5.107	24	6.377	23	11.579	35	5.987	18	17.566	53	34.068	118	31.599	110	100.00%
Mandatory
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Yes	0.790	1.100	0.115	0	0.861	0.060	0	0	2.250	0.675	0	0.172	0
No	1.679	1.448	0.339	1.749	2.044	2.610	1.015	2.692	2.179	2.959	3.516	1.768	4.048
Total	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.048
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.976	3	0.060	1	2.925	2	0.172	1	3.098	3	6.023	10	5.233	8	17.64%
No	4.132	21	6.317	22	8.654	33	5.815	17	14.469	50	28.045	108	26.366	102	82.37%
Total	5.107	24	6.377	23	11.579	35	5.987	18	17.566	53	34.068	118	31.599	110	100.00%
Greenshoe Exercised?
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Yes	0.725	1.790	0.454	1.302	1.709	2.600	0.600	2.449	1.498	2.434	3.204	1.090	1.282
No	1.744	0.758	0	0.447	1.196	0.070	0.415	0.243	2.930	1.200	0.312	0.850	2.765
Total	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.048
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.465	16	5.649	15	7.136	24	2.373	9	9.508	33	21.137	70	20.412	68	54.13%
No	1.643	8	0.728	8	4.443	11	3.615	9	8.058	20	12.931	48	11.187	42	45.87%
Total	5.107	24	6.377	23	11.579	35	5.987	18	17.566	53	34.068	118	31.599	110	100.00%
Versus Talk
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Richer	0	0	0	0.300	0.730	0	0.150	0	1.006	0.300	0	0	0.270
Rich end	0.225	1.100	0.115	0.300	0.220	0.687	0.430	0	0.580	1.779	0.850	0.575	1.958
Within	1.605	1.045	0.253	0.397	0.530	0	0	2.449	2.712	1.440	1.004	0.250	0.600
Cheap end	0	0.224	0	0.287	0.569	0.343	0.340	0.195	0.125	0	1.235	1.115	0.220
Cheaper	0.570	0	0	0	0.630	0	0	0	0	0.115	0	0	0.980
NA/Other	0.069	0.179	0.086	0.464	0.225	1.640	0.095	0.049	0.005	0	0.427	0	0.020
Total	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.048
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	1.030	3	0.150	1	1.306	6	0.270	1	1.576	7	2.756	11	2.756	11	8.97%
Rich end	0.635	3	1.117	4	3.209	9	2.533	8	5.742	17	8.818	26	8.593	25	32.69%
Within	1.180	6	2.449	5	5.156	11	0.850	3	6.006	14	12.285	32	10.680	28	34.19%
Cheap end	0.857	6	0.878	5	1.360	3	1.335	4	2.695	7	4.653	21	4.653	21	15.34%
Cheaper	0.630	1	0	0	0.115	1	0.980	1	1.095	2	2.296	4	1.726	3	6.23%
NA/Other	0.775	5	1.784	8	0.433	5	0.020	1	0.453	6	3.260	24	3.191	22	2.58%
Total	5.107	24	6.377	23	11.579	35	5.987	18	17.566	53	34.068	118	31.599	110	100.00%
Use of Proceeds
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Acquisition	0	1.205	0	0	0.230	0	0	0	0	0	0.225	0	0.300
Capex	0.220	0.130	0.115	0	0.250	0.010	0	1.380	0.275	0	0	0	0
GCP	2.030	0.151	0.253	0.287	1.655	0	0.230	0.409	0.760	1.452	2.404	0.250	1.415
Redeem convertibles	0	0	0	0.501	0	0.397	0	0.460	0.615	0.600	0	0	0.300
Refinance	0	0.370	0.086	0.300	0.090	0.475	0.405	0.024	2.250	1.032	0.403	0.850	0.660
Multiple/Other/NA	0.219	0.692	0	0.660	0.680	1.788	0.380	0.419	0.528	0.550	0.485	0.840	1.373
Total	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.048
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.230	1	0	0	0.225	1	0.300	1	0.525	2	1.960	5	1.960	5	2.99%
Capex	0.365	3	1.390	2	0.275	2	0	0	0.275	2	2.380	9	2.160	8	1.57%
GCP	2.195	10	0.639	4	4.617	16	1.665	7	6.282	23	11.297	44	9.267	40	35.76%
Redeem convertibles	0.501	2	0.857	2	1.215	4	0.300	1	1.515	5	2.873	9	2.873	9	8.62%
Refinance	0.476	3	0.903	7	3.684	6	1.510	2	5.194	8	6.944	19	6.944	19	29.57%
Multiple/Other/NA	1.340	5	2.587	8	1.563	6	2.212	7	3.776	13	8.614	32	8.396	29	21.50%
Total	5.107	24	6.377	23	11.579	35	5.987	18	17.566	53	34.068	118	31.599	110	100.00%
Industry Sector (by SIC code)
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Mining (1xxx)	0.220	0.370	0	0.414	0	0.397	0	0	0.415	0.675	0	0	0.300
Oil and gas (13xx)	0	0.400	0.086	0.050	0.150	0.125	0	1.403	0	0.125	0.225	0	0
Construction (15xx)	0.225	0	0.368	0	0.524	0	0	0	0.230	0	0.086	0	0.250
Manufacturing (2xxx, 3xxx)	0.200	1.282	0	0.300	0.220	0.070	0.605	0.485	2.375	0.957	0.716	0.403	1.110
Pharmaceuticals (2834-6)	0.500	0.292	0	0.489	0.130	0.060	0	0	0.884	0	0	0.090	0.240
Transportation (4xxx)	0	0	0	0.300	0.355	0	0	0.350	0.350	0	0	0	0
Communications (48xx)	0	0	0	0	0.100	0	0	0	0	0	0	1.022	0
Electric, gas, sanitary services (49xx)	0.570	0.130	0	0	0.630	0	0	0	0	0	0	0	0
Wholesale (5xxx)	0	0	0	0	0.500	0	0	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0.754	0.074	0	0.196	0.115	2.018	0.295	0.264	0	1.877	1.137	0.425	0.172
Services (7xxx)	0	0	0	0	0.180	0	0.115	0.190	0	0	1.351	0	1.975
Health services (8xxx)	0	0	0	0	0	0	0	0	0.175	0	0	0	0
Total	2.469	2.548	0.454	1.749	2.905	2.670	1.015	2.692	4.429	3.634	3.516	1.940	4.048
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.414	1	0.397	1	1.090	3	0.300	1	1.390	4	2.791	8	2.571	7	7.91%
Oil and gas (13xx)	0.286	3	1.528	4	0.350	2	0	0	0.350	2	2.565	10	2.565	10	1.99%
Construction (15xx)	0.892	6	0	0	0.316	2	0.250	1	0.566	3	1.683	10	1.458	9	3.22%
Manufacturing (2xxx, 3xxx)	0.520	2	1.160	6	4.048	8	1.512	4	5.560	12	8.722	26	8.522	24	31.65%
Pharmaceuticals (2834-6)	0.619	3	0.060	1	0.884	5	0.330	3	1.214	8	2.685	15	2.185	14	6.91%
Transportation (4xxx)	0.655	3	0.350	1	0.350	1	0	0	0.350	1	1.355	5	1.355	5	1.99%
Communications (48xx)	0.100	1	0	0	0	0	1.022	2	1.022	2	1.123	3	1.123	3	5.82%
Electric, gas, sanitary services (49xx)	0.630	1	0	0	0	0	0	0	0	0	1.331	3	0.760	2	0.00%
Wholesale (5xxx)	0.500	1	0	0	0	0	0	0	0	0	0.500	1	0.500	1	0.00%
Finance, insurance, real estate (6xxx)	0.311	2	2.577	8	3.015	11	0.598	3	3.612	14	7.328	27	6.574	25	20.56%
Services (7xxx)	0.180	1	0.305	2	1.351	2	1.975	4	3.326	6	3.811	9	3.811	9	18.93%
Health services (8xxx)	0	0	0	0	0.175	1	0	0	0.175	1	0.175	1	0.175	1	1.00%
Total	5.107	24	6.377	23	11.579	35	5.987	18	17.566	53	34.068	118	31.599	110	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.