Published on 7/2/2003 in the Prospect News High Yield Daily.
High yield issuance analysis for year to date through June
Total: $69,285.35 billion in 248 deals.
Columns are dollars in millions, count of deals, percentage of total.
Yield
| 5%-5.99% | 974.35 | 5 | 1.41%
|
| 6%-6.99% | 6,694.56 | 22 | 9.66%
|
| 7%-7.99% | 12,472.45 | 47 | 18.00%
|
| 8%-8.99% | 14,240.47 | 49 | 20.55%
|
| 9%-9.99% | 16,377.63 | 47 | 23.64%
|
| 10%-10.99% | 9,163.44 | 33 | 13.23%
|
| 11%-11.99% | 4,674.45 | 21 | 6.75%
|
| Over 12% | 4,395.26 | 21 | 6.34%
|
| Floater | 292.75 | 3 | 0.42%
|
| Total | 69,285.35 | 248 |
|
|
|
|
|
| Pricing versus talk
|
|
|
| Lower | 6,570.28 | 25 | 9.48%
|
| Low end | 25,792.00 | 77 | 37.23%
|
| Middle | 16,679.00 | 53 | 24.07%
|
| High end | 6,320.37 | 22 | 9.12%
|
| Higher | 5,421.93 | 19 | 7.83%
|
| NA | 8,501.74 | 52 | 12.27%
|
| Total | 69,285.35 | 248 |
|
|
|
|
|
| Use of proceeds
|
|
|
| Acquisition | 5,600.68 | 24 | 8.08%
|
| Construction, capex | 447.08 | 3 | 0.65%
|
| Chapter 11 exit | 649.09 | 2 | 0.94%
|
| GCP | 3,635.22 | 16 | 5.25%
|
| LBO | 4,181.88 | 11 | 6.04%
|
| Refinance | 13,196.96 | 31 | 19.05%
|
| Recapitalization | 600.00 | 3 | 0.87%
|
| Refinance notes | 8,653.49 | 37 | 12.49%
|
| Repay bank debt | 15,975.86 | 56 | 23.06%
|
| Repay bank debt plus others | 5,629.01 | 21 | 8.12%
|
| Repay other debt | 5,953.03 | 24 | 8.59%
|
| Other | 4,459.67 | 18 | 6.44%
|
| No proceeds | 303.38 | 2 | 0.44%
|
| Total | 69,285.35 | 248 |
|
|
|
|
|
| Moody's rating
|
|
|
| Ba1 | 3,958.24 | 18 | 5.71%
|
| Ba2 | 7,047.51 | 22 | 10.17%
|
| Ba3 | 7,802.76 | 28 | 11.26%
|
| B1 | 14,101.76 | 37 | 20.35%
|
| B2 | 16,219.04 | 63 | 23.41%
|
| B3 | 12,493.35 | 57 | 18.03%
|
| Caa1 | 1,885.20 | 9 | 2.72%
|
| Caa2 | 147.60 | 1 | 0.21%
|
| NR | 5,629.88 | 13 | 8.13%
|
| Total | 69,285.35 | 248 |
|
|
|
|
|
| Upsized?
|
|
|
| Yes | 34,257.21 | 102 | 49.44%
|
| No | 32,250.70 | 135 | 46.55%
|
| Downsized | 2,777.43 | 11 | 4.01%
|
| Total | 69,285.35 | 248 |
|
|
|
|
|
| Add ons?
|
|
|
| Yes | 3,893.00 | 33 | 5.62%
|
| No | 65,392.35 | 215 | 94.38%
|
| Total | 69,285.35 | 248 |
|
|
|
|
|
| Seniority
|
|
|
| Mortgage | 467.82 | 2 | 0.68%
|
| Senior secured | 13,281.11 | 44 | 19.17%
|
| Senior | 39,994.32 | 136 | 57.72%
|
| Senior subordinated | 12,716.64 | 60 | 18.35%
|
| Subordinated | 2,825.47 | 6 | 4.08%
|
| Total | 69,285.35 | 248 |
|
|
|
|
|
| Industry sector (by SIC code)
|
|
|
| Agriculture (0xxx) | 875.00 | 2 | 1.26%
|
| Mining (1xxx) | 1,850.00 | 3 | 2.67%
|
| Oil and gas (13xx) | 7,002.79 | 16 | 10.11%
|
| Construction (15xx) | 1,822.28 | 13 | 2.63%
|
| Manufacturing (2xxx, 3xxx) | 28,176.55 | 106 | 40.67%
|
| Transportation (4xxx) | 2,295.46 | 10 | 3.31%
|
| Communications (48xx) | 5,311.84 | 17 | 7.67%
|
| Electric, gas, sanitary (49xx) | 6,487.83 | 14 | 9.36%
|
| Wholesale (5xxx) | 4,515.41 | 21 | 6.52%
|
| Finance, insurance, real estate (6xxx) | 2,451.09 | 11 | 3.54%
|
| Services (7xxx) | 7,522.09 | 30 | 10.86%
|
| Health services (8xxx) | 975.00 | 5 | 1.41%
|
| Total | 69,285.35 | 248 |
|
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