Analysis of high yield issuance through August

Total issuance: $91,780.09 in 323 deals

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

Yield

5%-5.99%	974.35	5	1.06%
6%-6.99%	8,759.06	28	9.54%
7%-7.99%	15,377.99	55	16.76%
8%-8.99%	20,130.51	68	21.93%
9%-9.99%	21,163.09	63	23.06%
10%-10.99%	14,024.88	51	15.28%
11%-11.99%	5,439.47	25	5.93%
Over 12%	4,405.26	21	4.80%
Floater	1,505.49	7	1.64%
Total	91,780.09	323
Pricing versus talk
Lower	7,005.23	26	7.63%
Low end	30,383.76	88	33.10%
Middle	20,158.02	65	21.96%
High end	10,073.06	38	10.98%
Higher	14,630.76	47	15.94%
NA	9,529.27	59	10.38%
Total	91,780.09	323
Use of proceeds
Acquisition	6,506.69	30	7.09%
Construction, capex	500.83	4	0.55%
Chapter 11 exit	649.09	2	0.71%
GCP	3,730.37	15	4.06%
LBO	6,001.41	16	6.54%
Redeem/refinance/tender for notes	11,928.16	48	13.00%
Repay bank debt	19,879.97	71	21.66%
Repay bank debt plus others	6,754.00	25	7.36%
Other repay debt, refinance	29,967.02	86	32.65%
Other, multiple uses	5,862.57	26	6.39%
Total	91,780.09	323
Moody's rating
Ba1	4,062.73	19	4.43%
Ba2	8,092.67	26	8.82%
Ba3	9,799.09	34	10.68%
B1	17,102.52	48	18.63%
B2	21,600.53	84	23.54%
B3	19,477.12	82	21.22%
Caa1	2,360.20	11	2.57%
Caa2	747.60	2	0.81%
NR	8,537.62	17	9.30%
Total	91,780.09	323
Upsized?
Yes	42,675.75	122	46.50%
No	42,703.36	176	46.53%
Downsized	6,400.98	25	6.97%
Total	91,780.09	323
Add ons?
Yes	4,729.48	40	5.15%
No	87,050.62	283	94.85%
Total	91,780.09	323
Seniority
Mortgage	817.82	3	0.89%
Senior secured	18,727.41	59	20.40%
Senior	52,880.79	172	57.62%
Senior sub	18,628.61	85	20.30%
Others	725.47	4	0.79%
Total	91,780.09	323
Industry sector (by SIC code)
Agriculture (0xxx)	875.00	2	0.95%
Mining (1xxx)	2,145.16	4	2.34%
Oil and gas (13xx)	7,526.07	19	8.20%
Construction (15xx)	1,822.28	13	1.99%
Manufacturing (2xxx, 3xxx)	36,343.73	139	39.60%
Transportation (4xxx)	2,445.46	11	2.66%
Communications (48xx)	9,070.85	24	9.88%
Electric, gas, sanitary services (49xx)	12,988.05	26	14.15%
Wholesale (5xxx)	5,206.31	25	5.67%
Finance, insurance, real estate (6xxx)	2,451.09	11	2.67%
Services (7xxx)	9,028.85	39	9.84%
Health services (8xxx)	1,877.25	10	2.05%
Total	91,780.09	323

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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