Analysis of high yield issuance through October

Total issuance: $114,338.85 in 404 deals

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

Yield

5%-5.99%	2,372.89	7	2.08%
6%-6.99%	12,685.31	39	11.09%
7%-7.99%	20,491.66	70	17.92%
8%-8.99%	24,524.78	84	21.45%
9%-9.99%	24,012.45	76	21.00%
10%-10.99%	16,454.38	62	14.39%
11%-11.99%	6,573.43	31	5.75%
Over 12%	5,168.96	26	4.52%
Floater	2,054.99	9	1.80%
Total	114,338.85	404
Pricing versus talk
Lower	10,711.28	37	9.37%
Low end	39,341.49	117	34.41%
Middle	25,721.38	82	22.50%
High end	10,977.82	42	9.60%
Higher	15,955.76	51	13.95%
NA	11,631.13	75	10.17%
Total	114,338.85	404
Use of proceeds
Acquisition	8,015.59	37	7.01%
Construction, capex	850.83	6	0.74%
Chapter 11 exit	649.09	2	0.57%
GCP	5,713.05	19	5.00%
LBO	8,096.41	22	7.08%
Redeem/refinance/tender for notes	18,952.29	67	16.58%
Repay bank debt	22,686.63	82	19.84%
Repay bank debt plus others	7,634.00	30	6.68%
Other repay debt, refinance	34,670.75	105	30.32%
Other, multiple uses	7,070.22	34	6.18%
Total	114,338.85	404
Moody's rating
Ba1	5,061.27	21	4.43%
Ba2	9,215.35	31	8.06%
Ba3	15,971.54	51	13.97%
B1	18,242.52	52	15.95%
B2	27,434.13	103	23.99%
B3	25,041.10	107	21.90%
Caa1	3,498.23	17	3.06%
Caa2	1,247.60	3	1.09%
NR	8,627.12	19	7.55%
Total	114,338.85	404
Upsized?
Yes	55,633.41	157	48.66%
No	51,157.70	219	44.74%
Downsized	7,547.73	28	6.60%
Total	114,338.85	404
Add ons?
Yes	7,378.50	55	6.45%
No	106,960.35	349	93.55%
Total	114,338.85	404
Seniority
Mortgage	817.82	3	0.72%
Senior secured	21,543.86	74	18.84%
Senior	66,976.47	214	58.58%
Senior sub	24,275.23	109	21.23%
Others	725.47	4	0.63%
Total	114,338.85	404
Industry sector (by SIC code)
Agriculture (0xxx)	1,240.00	4	1.08%
Mining (1xxx)	2,145.16	4	1.88%
Oil and gas (13xx)	8,457.94	24	7.40%
Construction (15xx)	2,394.03	17	2.09%
Manufacturing (2xxx, 3xxx)	43,230.01	169	37.81%
Transportation (4xxx)	2,445.46	11	2.14%
Communications (48xx)	16,292.77	38	14.25%
Electric, gas, sanitary services (49xx)	13,352.30	29	11.68%
Wholesale (5xxx)	6,270.06	31	5.48%
Finance, insurance, real estate (6xxx)	2,801.09	13	2.45%
Services (7xxx)	12,747.78	50	11.15%
Health services (8xxx)	2,962.25	14	2.59%
Total	114,338.85	404

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.