Analysis of high yield issuance through May

Total issuance: $52,236.60 in 186 deals

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

Yield

5%-5.99%	524.47	2	1.00%
6%-6.99%	3,468.71	13	6.64%
7%-7.99%	9,450.65	37	18.09%
8%-8.99%	11,307.88	39	21.65%
9%-9.99%	12,941.65	35	24.78%
10%-10.99%	6,892.34	24	13.19%
11%-11.99%	4,096.69	18	7.84%
Over 12%	3,359.47	16	6.43%
Floater	194.75	2	0.37%
Total	52,236.60	186
Pricing versus talk
Lower	4,444.30	18	8.51%
Low end	17,287.75	50	33.10%
Middle	13,547.20	42	25.93%
High end	5,733.52	18	10.98%
Higher	4,443.33	15	8.51%
NA	6,780.51	43	12.98%
Total	52,236.60	186
Use of proceeds
Acquisition	4,462.68	18	8.54%
Construction, capex	147.08	2	0.28%
Chapter 11 exit	649.09	2	1.24%
GCP	2,642.44	12	5.06%
LBO	3,671.88	9	7.03%
Refinance	11,497.71	24	22.01%
Recapitalization	600.00	3	1.15%
Refinance notes	6,503.49	26	12.45%
Repay bank debt	11,400.86	45	21.83%
Repay bank debt plus others	3,797.02	15	7.27%
Repay other debt	3,228.89	15	6.18%
Other	3,332.08	13	6.38%
No proceeds	303.38	2	0.58%
Total	52,236.60	186
Moody's rating
Ba1	2,265.71	11	4.34%
Ba2	5,371.53	18	10.28%
Ba3	6,022.76	22	11.53%
B1	10,873.47	28	20.82%
B2	12,929.03	47	24.75%
B3	9,386.41	44	17.97%
Caa1	760.20	6	1.46%
Caa2	147.60	1	0.28%
NR	4,479.88	9	8.58%
Total	52,236.60	186
Upsized?
Yes	26,158.58	76	50.08%
No	24,540.62	104	46.98%
Downsized	1,537.39	6	2.94%
Total	52,236.60	186
Add ons?
Yes	3,790.50	32	7.26%
No	48,446.10	154	92.74%
Total	52,236.60	186
Seniority
Mortgage	467.82	2	0.90%
Senior secured	9,442.01	31	18.08%
Senior	29,814.76	102	57.08%
Senior sub	9,786.55	46	18.74%
Others	2,725.47	5	5.22%
Total	52,236.60	186
Industry sector (by SIC code)
Agriculture (0xxx)	875.00	2	1.68%
Mining (1xxx)	1,150.00	2	2.20%
Oil and gas (13xx)	6,081.81	13	11.64%
Construction (15xx)	1,522.28	11	2.91%
Manufacturing (2xxx, 3xxx)	20,980.78	78	40.16%
Transportation (4xxx)	1,915.46	8	3.67%
Communications (48xx)	3,761.84	12	7.20%
Electric, gas, sanitary services (49xx)	3,266.03	7	6.25%
Wholesale (5xxx)	3,245.16	15	6.21%
Finance, insurance, real estate (6xxx)	2,001.09	9	3.83%
Services (7xxx)	6,612.14	25	12.66%
Health services (8xxx)	825.00	4	1.58%
Total	52,236.60	186

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.

* 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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