Published on 7/1/2003 in the Prospect News High Yield Daily.
High yield issuance analysis for June
Total: $17,048.75 billion in 62 deals.
Columns are dollars in millions, count of deals, percentage of total.
Yield
| 5%-5.99% | 449.88 | 3 | 2.64%
|
| 6%-6.99% | 3,225.85 | 9 | 18.92%
|
| 7%-7.99% | 3,021.80 | 10 | 17.72%
|
| 8%-8.99% | 2,932.59 | 10 | 17.20%
|
| 9%-9.99% | 3,435.98 | 12 | 20.15%
|
| 10%-10.99% | 2,271.10 | 9 | 13.32%
|
| 11%-11.99% | 577.76 | 3 | 3.39%
|
| Over 12% | 1,035.79 | 5 | 6.08%
|
| Floater | 98.00 | 1 | 0.6%
|
| Total | 17,048.75 | 62
|
|
|
| Pricing versus talk
|
|
|
| Lower | 2,125.98 | 7 | 12.47%
|
| Low end | 8,504.29 | 27 | 49.88%
|
| Middle | 3,131.80 | 11 | 18.37%
|
| High end | 586.85 | 4 | 3.44%
|
| Higher | 978.60 | 4 | 5.74%
|
| NA | 1,721.23 | 9 | 10.10%
|
| Total | 17,048.75 | 62
|
|
|
| Use of proceeds
|
|
|
| Acquisition | 1,138.00 | 6 | 6.67%
|
| Construction, capex | 300.00 | 1 | 1.76%
|
| GCP | 992.78 | 4 | 5.82%
|
| LBO | 510.00 | 2 | 2.99%
|
| Refinance | 1,699.25 | 7 | 9.97%
|
| Refinance notes | 2,150.00 | 11 | 12.61%
|
| Repay bank debt | 4,575.00 | 11 | 26.83%
|
| Repay bank debt plus others | 1,831.99 | 6 | 10.75%
|
| Repay other debt | 2,724.14 | 9 | 15.98%
|
| Other | 1,127.59 | 5 | 6.61%
|
| Total | 17,048.75 | 62
|
|
|
| Moody's rating
|
|
|
| Ba1 | 1,692.53 | 7 | 9.93%
|
| Ba2 | 1,675.98 | 4 | 9.83%
|
| Ba3 | 1,780.00 | 6 | 10.44%
|
| B1 | 3,228.29 | 9 | 18.94%
|
| B2 | 3,290.01 | 16 | 19.30%
|
| B3 | 3,106.94 | 13 | 18.22%
|
| Caa1 | 1,125.00 | 3 | 6.60%
|
| NR | 1,150.00 | 4 | 6.75%
|
| Total | 17,048.75 | 62
|
|
|
| Upsized?
|
|
|
| Yes | 8,098.63 | 26 | 47.50%
|
| No | 7,710.08 | 31 | 45.22%
|
| Downsized | 1,240.04 | 5 | 7.27%
|
| Total | 17,048.75 | 62
|
|
|
| Add ons?
|
|
|
|
|
| Yes | 102.5 | 1 | 0.60%
|
| No | 16,946.25 | 61 | 99.40%
|
| Total | 17,048.75 | 62
|
|
|
| Seniority
|
|
|
| Senior secured | 3,839.10 | 13 | 22.52%
|
| Senior | 10,179.56 | 34 | 59.71%
|
| Senior subordinated | 2,930.09 | 14 | 17.19%
|
| Subordinated | 100.00 | 1 | 0.59%
|
| Total | 17,048.75 | 62
|
|
|
|
|
| Industry sector (by SIC code)
|
|
|
| Mining (1xxx) | 700.00 | 1 | 4.11%
|
| Oil and gas (13xx) | 920.98 | 3 | 5.40%
|
| Construction (15xx) | 300.00 | 2 | 1.76%
|
| Manufacturing (2xxx, 3xxx) | 7,195.77 | 28 | 42.21%
|
| Transportation (4xxx) | 380.00 | 2 | 2.23%
|
| Communications (48xx) | 1,550.00 | 5 | 9.09%
|
| Electric, gas, sanitary (49xx) | 3221.80 | 7 | 18.90%
|
| Wholesale (5xxx) | 1,270.25 | 6 | 7.45%
|
| Finance, insurance, real estate (6xxx) | 450.00 | 2 | 2.64%
|
| Services (7xxx) | 909.95 | 5 | 5.34%
|
| Health services (8xxx) | 150.00 | 1 | 0.88%
|
| Total | 17,048.75 | 62
|
|
|
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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