Published on 11/3/2003 in the Prospect News High Yield Daily.
Analysis of October high yield issuance
Total issuance: $11,149.40 million in 43 deals
Columns are amounts in millions of dollars, count of deals and percentage by dollar value.
Yield
| 6%-6.99% | 2,176.25 | 8 | 19.52%
|
| 7%-7.99% | 3,621.92 | 10 | 32.49%
|
| 8%-8.99% | 2,267.85 | 8 | 20.34%
|
| 9%-9.99% | 1,630.98 | 8 | 14.63%
|
| 10%-10.99% | 618.70 | 3 | 5.55%
|
| 11% and higher | 833.70 | 6 | 7.48%
|
| Total | 11,149.40 | 43
|
|
|
|
|
| Pricing versus talk
|
|
|
| Lower | 2,315.00 | 8 | 20.76%
|
| Low end | 3,731.92 | 14 | 33.47%
|
| Middle | 3,300.48 | 10 | 29.60%
|
| High end | 261.75 | 2 | 2.35%
|
| Higher | 700.00 | 2 | 6.28%
|
| NA | 840.25 | 7 | 7.54%
|
| Total | 11,149.40 | 43
|
|
|
| Use of proceeds
|
|
|
| Acquisition | 912.85 | 4 | 8.19%
|
| Capex | 200.00 | 1 | 1.79%
|
| GCP | 715.00 | 2 | 6.41%
|
| LBO | 1,455.00 | 4 | 13.05%
|
| Refinance/tender for notes | 3,586.25 | 11 | 32.17%
|
| Repay bank debt | 921.92 | 5 | 8.27%
|
| Repay bank debt plus | 785.00 | 4 | 7.04%
|
| Other refinance | 2,282.23 | 9 | 20.47%
|
| Other | 291.15 | 3 | 2.61%
|
| Total | 11,149.40 | 43
|
|
|
|
|
| Moody's rating
|
|
|
| Ba2 | 715.00 | 3 | 6.41%
|
| Ba3 | 2,878.70 | 9 | 25.82%
|
| B1 | 1,140.00 | 4 | 10.22%
|
| B2 | 3,490.85 | 12 | 31.31%
|
| B3 | 2,120.65 | 11 | 19.02%
|
| Caa1 | 764.20 | 3 | 6.85%
|
| NR | 40.00 | 1 | 0.36%
|
| Total | 11,149.40 | 43
|
|
|
|
|
| Upsized?
|
|
|
| Yes | 5,839.35 | 20 | 52.37%
|
| No | 4,423.30 | 21 | 39.67%
|
| Downsized | 886.75 | 2 | 7.95%
|
| Total | 11,149.40 | 43
|
|
|
|
|
| Add on?
|
|
|
| Yes | 324.10 | 4 | 2.91%
|
| No | 10,825.30 | 39 | 97.09%
|
| Total | 11,149.40 | 43
|
|
|
|
|
| Zero coupon?
|
|
|
| Yes | 40.00 | 1 | 0.36%
|
| No | 11,109.40 | 42 | 99.64%
|
| Total | 11,149.40 | 43
|
|
|
|
|
| Quick sale?
|
|
|
| Yes | 3,306.25 | 11 | 29.65%
|
| No | 7,843.15 | 32 | 70.35%
|
| Total | 11,149.40 | 43
|
|
|
|
|
| Seniority
|
|
|
| Senior secured | 1,330.65 | 7 | 11.93%
|
| Senior | 5,543.30 | 19 | 49.72%
|
| Senior sub | 3,876.25 | 15 | 34.77%
|
| Notes | 399.20 | 2 | 3.58%
|
| Total | 11,149.40 | 43
|
|
|
|
|
| Industry sector (by SIC code)
|
|
|
| Oil and gas (13xx) | 449.20 | 3 | 4.03%
|
| Construction (15xx) | 215.00 | 1 | 1.93%
|
| Manufacturing (2xxx, 3xxx) | 3,767.03 | 16 | 33.79%
|
| Communications (48xx) | 2,111.92 | 6 | 18.94%
|
| Wholesale (5xxx) | 961.25 | 5 | 8.62%
|
| Finance, insurance, real estate (6xxx) | 350.00 | 2 | 3.14%
|
| Services (7xxx) | 2,660.00 | 7 | 23.86%
|
| Health services (8xxx) | 635.00 | 3 | 5.70%
|
| Total | 11,149.40 | 43
|
|
|
|
|
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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