Analysis of high yield issuance for year to date through July

Total issuance: $59.880 billion in 231 deals

Columns are amounts in billions of dollars, count of deals and percentage by dollar value.

Yield

Less than 6%	1.144	5	1.91%
6%-6.99%	14.362	48	23.98%
7%-7.99%	13.937	48	23.27%
8%-8.99%	8.587	31	14.34%
9%-9.99%	8.225	31	13.74%
10%-10.99%	4.124	17	6.89%
11% and higher	2.974	24	4.98%
Floater	6.528	27	10.90%
Total	59.880	231
Pricing versus talk
Lower	2.217	10	3.70%
Low end	14.393	48	24.04%
Middle	18.455	64	30.82%
High end	11.210	39	18.72%
Higher	8.378	32	13.99%
NA	5.226	38	8.73%
Total	59.880	231
Upsized?
Yes	18.299	52	30.56%
No	37.190	158	62.11%
Downsized	4.391	21	7.33%
Total	59.880	231
Quick sale?
Yes	20.818	76	34.77%
No	39.061	155	65.23%
Total	59.880	231
Add on?
Yes	3.716	29	6.21%
No	56.163	202	93.79%
Total	59.880	231
Zero coupon?
Yes	0.675	5	1.13%
No	59.204	226	98.87%
Total	59.880	231
Seniority
Senior secured	6.657	36	11.12%
Senior	40.915	154	68.33%
Senior sub	12.308	41	20.55%
Total	59.880	231
Moody's rating
Ba1	2.981	11	4.98%
Ba2	5.162	18	8.62%
Ba3	8.840	28	14.76%
B1	11.133	33	18.59%
B2	7.408	35	12.37%
B3	14.764	59	24.66%
Caa1	5.521	24	9.22%
Caa2	1.601	10	2.67%
Caa3	0.380	1	0.63%
NR	2.088	12	3.49%
Total	59.880	231
Use of proceeds
Acquisition	6.270	25	10.47%
Capex	0.593	4	0.99%
Dividend/recap	2.890	19	4.83%
GCP	3.010	12	5.03%
LBO	12.115	39	20.23%
Refinance/tender for notes	11.568	41	19.32%
Repay bank debt	8.330	27	13.91%
Other refinance	6.529	31	10.90%
Other/Multiple	8.574	33	14.32%
Total	59.880	231
Industry sector (by SIC code)
Agriculture (0xxx)	0.743	4	1.24%
Mining (1xxx)	1.054	4	1.76%
Oil and gas (13xx)	3.051	14	5.09%
Construction (15xx)	2.137	10	3.57%
Manufacturing (2xxx, 3xxx)	17.549	71	29.31%
Transportation (4xxx)	2.401	11	4.01%
Communications (48xx)	10.573	30	17.66%
Electric, gas, sanitary services (49xx)	1.901	8	3.17%
Wholesale (5xxx)	3.879	23	6.48%
Finance, insurance, real estate (6xxx)	2.605	12	4.35%
Services (7xxx)	9.536	33	15.92%
Health services (8xxx)	4.452	11	7.43%
Total	59.880	231
Home country of issuer
Brazil	1.370	5	2.29%
Canada	2.466	6	4.12%
Hong Kong	1.413	4	2.36%
U.S.	47.239	185	78.89%
Other	7.391	31	12.35%
Total	59.880	231

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.

* Issues maturing in 397 days or less are excluded.

* Convertibles, trust preferreds, capital securities and preferred stock are excluded.

* Fixed-rate medium-term notes with a face value above $100 million are included. All other MTNs are excluded.

* Deals rated investment-grade by either Standard & Poor's or Moody's Investors Service are excluded but deals not rated by both are included.

* Amounts are based on the total sales price (face amount multiplied by the offering price

* Units made up of a bond and a warrant are included; other units are excluded.

* Sovereign issues are excluded.

* Each tranche is counted as a separate deal.

* Passthroughs, collateral trust and equipment trust certificates are included.

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