Total issuance: $35.474 billion in 147 deals
Columns are amounts in billions of dollars, count of deals and percentage by dollar value.
Yield
| 5%-5.99% | 0.452 | 2 | 1.28%
|
| 6%-6.99% | 5.355 | 21 | 15.10%
|
| 7%-7.99% | 9.133 | 36 | 25.75%
|
| 8%-8.99% | 10.055 | 34 | 28.34%
|
| 9%-9.99% | 4.808 | 25 | 13.55%
|
| 10%-10.99% | 3.244 | 13 | 9.15%
|
| 11% and higher | 2.427 | 16 | 6.84%
|
| Total | 35.474 | 147
|
|
|
|
|
| Pricing versus talk
|
|
|
| Lower | 4.597 | 17 | 12.96%
|
| Low end | 14.177 | 55 | 39.97%
|
| Middle | 9.685 | 32 | 27.30%
|
| High end | 2.712 | 13 | 7.64%
|
| Higher | 2.089 | 9 | 5.89%
|
| NA | 2.214 | 21 | 6.24%
|
| Total | 35.474 | 147
|
|
|
| Use of proceeds
|
|
|
| Acquisition | 1.913 | 9 | 5.39%
|
| Capex | 0.796 | 3 | 2.24%
|
| Chapter 11 exit | 1.250 | 1 | 3.52%
|
| GCP | 2.201 | 6 | 6.21%
|
| LBO | 3.928 | 17 | 11.07%
|
| Refinance/tender for notes | 8.917 | 34 | 25.13%
|
| Repay bank debt | 4.752 | 23 | 13.40%
|
| Repay bank debt plus | 2.237 | 10 | 6.31%
|
| Other refinance | 6.347 | 28 | 17.89%
|
| Other | 3.131 | 16 | 8.82%
|
| Total | 35.474 | 147
|
|
|
|
|
| Moody's rating
|
|
|
| Ba1 | 0.953 | 4 | 2.69%
|
| Ba2 | 3.006 | 11 | 8.47%
|
| Ba3 | 5.640 | 19 | 15.90%
|
| B1 | 2.415 | 10 | 6.81%
|
| B2 | 9.983 | 41 | 28.14%
|
| B3 | 9.046 | 40 | 25.50%
|
| Caa1 | 2.831 | 12 | 7.98%
|
| Caa2 | 0.670 | 3 | 1.89%
|
| NR | 0.931 | 7 | 2.62%
|
| Total | 35.474 | 147
|
|
|
|
|
| Upsized?
|
|
|
| Yes | 17.984 | 62 | 50.70%
|
| No | 16.003 | 80 | 45.11%
|
| Downsized | 1.487 | 5 | 4.19%
|
| Total | 35.474 | 147
|
|
|
|
|
| Add on?
|
|
|
| Yes | 2.175 | 22 | 6.13%
|
| No | 33.299 | 125 | 93.87%
|
| Total | 35.474 | 147
|
|
|
|
|
| Zero coupon?
|
|
|
| Yes | 1.739 | 9 | 4.90%
|
| No | 33.735 | 138 | 95.10%
|
| Total | 35.474 | 147
|
|
|
|
|
| Quick sale?
|
|
|
| Yes | 13.457 | 56 | 37.93%
|
| No | 22.017 | 91 | 62.06%
|
| Total | 35.474 | 147
|
|
|
|
|
| Seniority
|
|
|
| Senior secured | 5.028 | 21 | 14.17%
|
| Senior | 19.795 | 76 | 55.80%
|
| Senior sub | 10.196 | 47 | 28.74%
|
| Others | 0.455 | 3 | 1.28%
|
| Total | 35.474 | 147
|
|
|
|
|
| Industry sector (by SIC code)
|
|
|
| Agriculture (0xxx) | 0.415 | 2 | 1.17%
|
| Mining (1xxx) | 0.535 | 2 | 1.51%
|
| Oil and gas (13xx) | 1.574 | 7 | 4.44%
|
| Construction (15xx) | 0.415 | 2 | 1.17%
|
| Manufacturing (2xxx, 3xxx) | 12.246 | 56 | 34.52%
|
| Transportation (4xxx) | 1.594 | 6 | 4.49%
|
| Communications (48xx) | 5.819 | 20 | 16.40%
|
| Electric, gas, sanitary services (49xx) | 2.942 | 8 | 8.29%
|
| Wholesale (5xxx) | 2.341 | 13 | 6.60%
|
| Finance, insurance, real estate (6xxx) | 1.550 | 9 | 4.37%
|
| Services (7xxx) | 4.324 | 15 | 12.19%
|
| Health services (8xxx) | 1.717 | 7 | 4.84%
|
| Total | 35.474 | 147
|
|
|
|
|
|
|
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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