Analysis of high yield issuance through September

Total issuance: $103,189.44 in 361 deals

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

Yield

5%-5.99%	2,372.89	7	2.30%
6%-6.99%	10,509.06	31	10.18%
7%-7.99%	16,869.74	60	16.35%
8%-8.99%	22,256.93	76	21.57%
9%-9.99%	22,381.47	68	21.69%
10%-10.99%	15,835.68	59	15.35%
11%-11.99%	6,408.43	29	6.21%
Over 12%	4,500.26	22	4.36%
Floater	2,054.99	9	1.99%
Total	103,189.44	361
Pricing versus talk
Lower	8,396.28	29	8.14%
Low end	35,609.57	103	34.51%
Middle	22,420.90	72	21.73%
High end	10,716.07	40	10.38%
Higher	15,255.76	49	14.78%
NA	10,790.87	68	10.46%
Total	103,189.44	361
Use of proceeds
Acquisition	7,102.74	33	6.88%
Construction, capex	650.83	5	0.63%
Chapter 11 exit	649.09	2	0.63%
GCP	4,998.05	17	4.84%
LBO	6,641.41	18	6.44%
Redeem/refinance/tender for notes	15,366.04	56	14.89%
Repay bank debt	21,764.71	77	21.09%
Repay bank debt plus others	9,799.00	32	9.50%
Other repay debt, refinance	29,438.52	90	28.53%
Other, multiple uses	6,779.07	31	6.57%
Total	103,189.44	361
Moody's rating
Ba1	5,061.27	21	4.90%
Ba2	8,500.35	28	8.24%
Ba3	13,092.84	42	12.69%
B1	17,102.52	48	16.57%
B2	23,943.28	91	23.20%
B3	22,920.44	96	22.21%
Caa1	2,734.03	14	2.65%
Caa2	1,247.60	3	1.21%
NR	8,587.12	18	8.32%
Total	103,189.44	361
Upsized?
Yes	49,794.06	137	48.25%
No	46,734.40	198	45.29%
Downsized	6,660.98	26	6.46%
Total	103,189.44	361
Add ons?
Yes	7,054.40	51	6.84%
No	96,135.05	310	93.16%
Total	103,189.44	361
Seniority
Mortgage	817.82	3	0.79%
Senior secured	20,213.20	67	19.59%
Senior	61,033.97	193	59.15%
Senior sub	20,398.98	94	19.77%
Others	725.47	4	0.70%
Total	103,189.44	361
Industry sector (by SIC code)
Agriculture (0xxx)	1,240.00	4	1.20%
Mining (1xxx)	2,145.16	4	2.08%
Oil and gas (13xx)	8,008.74	21	7.76%
Construction (15xx)	2,179.03	16	2.11%
Manufacturing (2xxx, 3xxx)	39,462.98	153	38.24%
Transportation (4xxx)	2,445.46	11	2.37%
Communications (48xx)	14,180.85	32	13.74%
Electric, gas, sanitary services (49xx)	13,352.30	29	12.94%
Wholesale (5xxx)	5,308.81	26	5.14%
Finance, insurance, real estate (6xxx)	2,451.09	11	2.38%
Services (7xxx)	10,087.78	43	9.78%
Health services (8xxx)	2,327.25	11	2.26%
Total	103,189.44	361

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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