Published on 10/1/2003 in the Prospect News High Yield Daily.
Analysis of September high yield issuance
Total issuance: $11,409.35 million in 38 deals
Columns are amounts in millions of dollars, count of deals and percentage by dollar value.
Yield
| 5%-5.99% | 1,398.54 | 2 | 12.26%
|
| 6%-6.99% | 1,750.00 | 3 | 15.34%
|
| 7%-7.99% | 1,491.75 | 5 | 13.07%
|
| 8%-8.99% | 2,126.43 | 8 | 18.64%
|
| 9%-9.99% | 1,218.38 | 5 | 10.68%
|
| 10%-10.99% | 1,810.80 | 8 | 15.87%
|
| 11% and higher | 1,063.96 | 5 | 9.33%
|
| Floater | 549.50 | 2 | 4.82%
|
| Total | 11,409.35 | 38
|
|
|
|
|
| Pricing versus talk
|
|
|
| Lower | 1,391.05 | 3 | 12.19%
|
| Low end | 5,225.80 | 15 | 45.80%
|
| Middle | 2,262.88 | 7 | 19.83%
|
| High end | 643.02 | 2 | 5.64%
|
| Higher | 625.00 | 2 | 5.48%
|
| NA | 1,261.60 | 9 | 11.06%
|
| Total | 11,409.35 | 38
|
|
|
| Use of proceeds
|
|
|
| Acquisition | 596.05 | 3 | 5.22%
|
| Capex | 150.00 | 1 | 1.31%
|
| GCP | 1,267.68 | 2 | 11.11%
|
| LBO | 640.00 | 2 | 5.61%
|
| Refinance/tender for notes | 3,687.88 | 9 | 32.32%
|
| Repay bank debt | 1,884.75 | 6 | 16.52%
|
| Repay bank debt plus | 95.00 | 1 | 0.83%
|
| Other refinance | 2,171.50 | 9 | 19.03%
|
| Other | 916.50 | 5 | 8.03%
|
| Total | 11,409.35 | 38
|
|
|
|
|
| Moody's rating
|
|
|
| Ba1 | 998.54 | 2 | 8.75%
|
| Ba2 | 407.68 | 2 | 3.57%
|
| Ba3 | 3,293.75 | 8 | 28.87%
|
| B2 | 2,342.75 | 7 | 20.53%
|
| B3 | 3,443.32 | 14 | 30.18%
|
| Caa1 | 373.82 | 3 | 3.28%
|
| Caa2 | 500.00 | 1 | 4.38%
|
| NR | 49.50 | 1 | 0.43%
|
| Total | 11,409.35 | 38
|
|
|
|
|
| Upsized?
|
|
|
| Yes | 7,118.32 | 15 | 62.39%
|
| No | 4,031.04 | 22 | 35.33%
|
| Downsized | 260.00 | 1 | 2.28%
|
| Total | 11,409.35 | 38
|
|
|
|
|
| Add on?
|
|
|
| Yes | 2,324.92 | 11 | 20.38%
|
| No | 9,084.43 | 27 | 79.62%
|
| Total | 11,409.35 | 38
|
|
|
|
|
| Zero coupon?
|
|
|
| Yes | 418.46 | 2 | 3.67%
|
| No | 10,990.89 | 36 | 96.33%
|
| Total | 11,409.35 | 38
|
|
|
|
|
| Quick sale?
|
|
|
| Yes | 5,945.87 | 19 | 52.11%
|
| No | 5,463.48 | 19 | 47.89%
|
| Total | 11,409.35 | 38
|
|
|
|
|
| Seniority
|
|
|
| Senior secured | 1,485.80 | 8 | 13.02%
|
| Senior | 8,153.17 | 21 | 71.46%
|
| Senior sub | 1,770.38 | 9 | 15.52%
|
| Total | 11,409.35 | 38
|
|
|
|
|
| Industry sector (by SIC code)
|
|
|
| Agriculture (0xxx) | 365.00 | 2 | 3.20%
|
| Oil and gas (13xx) | 482.68 | 2 | 4.23%
|
| Construction (15xx) | 356.75 | 3 | 3.13%
|
| Manufacturing (2xxx, 3xxx) | 3,119.25 | 14 | 27.34%
|
| Communications (48xx) | 5,110.00 | 8 | 44.79%
|
| Electric, gas and sanitary (49xx) | 364.25 | 3 | 3.19%
|
| Wholesale (5xxx) | 102.50 | 1 | 0.90%
|
| Services (7xxx) | 1,058.93 | 4 | 9.28%
|
| Health services (8xxx) | 450.00 | 1 | 3.94%
|
| Total | 11,409.35 | 38
|
|
|
|
|
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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