Total issuance: $126.601 billion in 457 deals
Columns are amounts in billions of dollars, count of deals and percentage by dollar value.
Yield
| 5%-5.99% | 2.37 | 7 | 1.87%
|
| 6%-6.99% | 14.58 | 46 | 11.52%
|
| 7%-7.99% | 24.34 | 88 | 19.23%
|
| 8%-8.99% | 27.29 | 95 | 21.56%
|
| 9%-9.99% | 25.41 | 83 | 20.07%
|
| 10%-10.99% | 18.26 | 68 | 14.43%
|
| 11%-11.99% | 6.97 | 33 | 5.50%
|
| Over 12% | 5.32 | 28 | 4.20%
|
| Floater | 2.06 | 9 | 1.62%
|
| Total | 126.60 | 457
|
|
|
|
|
| Pricing versus talk
|
|
|
| Lower | 11.67 | 40 | 9.22%
|
| Low end | 44.61 | 140 | 35.24%
|
| Middle | 28.63 | 92 | 22.61%
|
| High end | 12.52 | 49 | 9.89%
|
| Higher | 16.82 | 55 | 13.29%
|
| NA | 12.35 | 81 | 9.76%
|
| Total | 126.60 | 457
|
|
|
| Use of proceeds
|
|
|
| Acquisition | 8.37 | 39 | 6.61%
|
| Construction, capex | 1.05 | 7 | 0.83%
|
| Chapter 11 exit | 0.65 | 2 | 0.51%
|
| GCP | 6.46 | 22 | 5.10%
|
| LBO | 9.24 | 28 | 7.30%
|
| Redeem/refinance/tender for notes | 22.30 | 80 | 17.61%
|
| Repay bank debt | 25.23 | 93 | 19.93%
|
| Repay bank debt plus others | 8.44 | 33 | 6.67%
|
| Other repay debt, refinance | 36.14 | 111 | 28.55%
|
| Other, multiple uses | 8.73 | 42 | 6.90%
|
| Total | 126.60 | 457
|
|
|
|
|
| Moody's rating
|
|
|
| Ba1 | 5.12 | 22 | 4.04%
|
| Ba2 | 10.94 | 37 | 8.64%
|
| Ba3 | 17.49 | 58 | 13.81%
|
| B1 | 18.69 | 55 | 14.76%
|
| B2 | 31.07 | 117 | 24.54%
|
| B3 | 30.01 | 126 | 23.70%
|
| Caa1 | 4.67 | 21 | 3.69%
|
| Caa2 | 1.40 | 4 | 1.10%
|
| NR | 7.22 | 17 | 5.71%
|
| Total | 126.60 | 457
|
|
|
|
|
| Upsized?
|
|
|
| Yes | 60.11 | 175 | 47.48%
|
| No | 58.94 | 254 | 46.56%
|
| Downsized | 7.55 | 28 | 5.96%
|
| Total | 126.60 | 457
|
|
|
|
|
| Add ons?
|
|
|
| Yes | 8.29 | 63 | 6.55%
|
| No | 118.31 | 394 | 93.45%
|
| Total | 126.60 | 457
|
|
|
|
|
| Seniority
|
|
|
| Mortgage | 0.82 | 3 | 0.65%
|
| Senior secured | 22.63 | 78 | 17.88%
|
| Senior | 74.72 | 246 | 59.02%
|
| Senior sub | 27.69 | 126 | 21.87%
|
| Others | 0.74 | 4 | 0.59%
|
| Total | 126.60 | 457
|
|
|
|
|
| Industry sector (by SIC code)
|
|
|
| Agriculture (0xxx) | 1.43 | 5 | 1.13%
|
| Mining (1xxx) | 2.51 | 5 | 1.98%
|
| Oil and gas (13xx) | 8.66 | 25 | 6.84%
|
| Construction (15xx) | 2.59 | 18 | 2.05%
|
| Manufacturing (2xxx, 3xxx) | 47.82 | 191 | 37.77%
|
| Transportation (4xxx) | 3.30 | 15 | 2.60%
|
| Communications (48xx) | 18.23 | 43 | 14.40%
|
| Electric, gas, sanitary services (49xx) | 14.87 | 34 | 11.74%
|
| Wholesale (5xxx) | 6.76 | 34 | 5.34%
|
| Finance, insurance, real estate (6xxx) | 3.30 | 17 | 2.61%
|
| Services (7xxx) | 13.55 | 54 | 10.70%
|
| Health services (8xxx) | 3.59 | 16 | 2.84%
|
| Total | 126.60 | 457
|
|
|
|
|
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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