Analysis of high yield issuance for 12 months through January 2008

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

Yield

	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008
5%-5.99%	0	0	0.184	0	0	0	0	0	0.198	0	0	0
6%-6.99%	1.327	1.498	0.749	4.401	1.547	0	0	0	0	0	0	0
7%-7.99%	5.575	4.912	2.460	10.138	7.437	0	0	0.750	1.657	0.176	0.500	0.600
8%-8.99%	3.248	7.003	1.096	0.360	1.917	0.225	0	2.276	2.953	2.472	0	0
9%-9.99%	2.811	2.710	2.191	2.691	5.080	2.039	1.500	0.750	0.707	0.312	0.550	0
10%-10.99%	0.173	0.810	2.308	1.840	3.558	0.372	0.026	2.078	8.312	1.980	0.456	6.585
11% and higher	0.614	0.632	1.402	0.708	2.856	0.417	0.546	2.670	6.667	6.281	0.207	0
Floater	1.116	1.839	1.655	4.952	2.232	0	0	0.105	0.150	0	0.195	0
NA	0	0	0	0	0	0	0	0.041	0	0	0	0
Total	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
5%-5.99%	0.184	1	0	0	0.198	1	0	0	0	0	0.383	2	0.00%
6%-6.99%	6.698	16	0	0	0	0	0	0	0	0	9.522	23	0.00%
7%-7.99%	20.035	39	0.750	2	2.334	7	0.600	1	0.600	1	34.205	80	8.35%
8%-8.99%	3.373	12	2.501	5	5.424	10	0	0	0	0	21.549	42	0.00%
9%-9.99%	9.962	25	4.289	7	1.569	5	0	0	0	0	21.342	54	0.00%
10%-10.99%	7.707	18	2.476	7	10.748	12	6.585	3	6.585	3	28.498	45	91.65%
11% and higher	4.966	11	3.632	11	13.156	24	0	0	0	0	23.002	51	0.00%
Floater	8.839	29	0.105	1	0.345	3	0	0	0	0	12.243	41	0.00%
NA	0	0	0.041	1	0	0	0	0	0	0	0.041	1	0.00%
Total	61.764	151	13.794	34	33.776	62	7.185	4	7.185	4	150.785	339	100.00%
Versus Talk
	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008
Lower	1.079	0.800	1.085	0	0	0	0	0	0	0.601	0	0
Low end	6.677	1.525	3.374	9.648	1.724	0.200	0	0	1.180	0.575	0.456	0
Middle	3.904	6.370	5.973	9.951	8.751	0.394	2.071	3.178	11.276	0.387	0.546	0.600
High end	1.748	2.238	1.614	2.277	6.941	0.150	0	0	3.061	2.321	0.550	0
Higher	0	6.500	0	0	3.966	2.114	0	0	0.640	1.105	0	0
NA	1.456	1.970	0	3.215	3.246	0.196	0	5.491	4.488	6.233	0.356	6.585
Total	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Lower	1.085	5	0	0	0.601	3	0	0	0	0	3.565	16	0.00%
Low end	14.747	42	0.200	1	2.211	5	0	0	0	0	25.359	70	0.00%
Middle	24.674	53	5.643	12	12.210	20	0.600	1	0.600	1	53.401	114	8.35%
High end	10.832	20	0.150	1	5.932	9	0	0	0	0	20.900	39	0.00%
Higher	3.966	8	2.114	5	1.745	6	0	0	0	0	14.325	22	0.00%
NA	6.461	23	5.687	15	11.077	19	6.585	3	6.585	3	33.235	78	91.65%
Total	61.764	151	13.794	34	33.776	62	7.185	4	7.185	4	150.785	339	100.00%
Upsized?
	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008
Yes	4.951	2.457	2.634	8.325	3.403	0	0.165	3.009	10.781	1.488	0.550	0.600
No	8.772	14.113	5.425	16.536	15.924	2.856	0.406	5.660	7.952	9.434	1.151	0
Downsized	1.140	2.833	3.987	0.230	5.300	0.197	1.500	0	1.911	0.300	0.207	6.585
Total	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	14.362	34	3.174	7	12.819	13	0.600	1	0.600	1	38.362	76	8.35%
No	37.886	104	8.923	24	18.538	43	0	0	0	0	88.232	227	0.00%
Downsized	9.517	13	1.697	3	2.419	6	6.585	3	6.585	3	24.191	36	91.65%
Total	61.764	151	13.794	34	33.776	62	7.185	4	7.185	4	150.785	339	100.00%
Quick Sale?
	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008
Yes	3.580	4.158	1.490	10.239	5.530	0	0.165	3.089	3.806	3.633	0	0
No	11.283	15.245	10.556	14.851	19.098	3.053	1.906	5.580	16.839	7.589	1.908	7.185
Total	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	17.259	43	3.254	8	7.439	18	0	0	0	0	35.690	92	0.00%
No	44.505	108	10.540	26	26.336	44	7.185	4	7.185	4	115.096	247	100.00%
Total	61.764	151	13.794	34	33.776	62	7.185	4	7.185	4	150.785	339	100.00%
Seniority
	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008
mortgage	0	0	0	0.675	0.675	0	0	0	0	0	0	0
senior secured	2.489	1.065	0.681	2.791	1.932	1.250	0.546	0.216	1.000	0.691	0.456	0
secured	0	0	0	0	0	0	0	0	0.220	0	0	0
senior	9.315	16.228	9.466	18.809	19.203	1.382	1.526	7.012	18.947	8.783	1.452	7.185
senior subordinated	1.960	2.111	1.899	1.566	2.818	0.322	0	1.441	0.478	1.748	0	0
subordinated	1.098	0	0	1.249	0	0.100	0	0	0	0	0	0
Total	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
mortgage	1.350	3	0	0	0	0	0	0	0	0	1.350	3	0.00%
senior secured	5.404	22	2.011	5	2.147	7	0	0	0	0	13.118	45	0.00%
secured	0	0	0	0	0.220	1	0	0	0	0	0.220	1	0.00%
senior	47.478	105	9.919	22	29.182	47	7.185	4	7.185	4	119.307	236	100.00%
senior subordinated	6.283	18	1.763	6	2.226	7	0	0	0	0	14.343	47	0.00%
subordinated	1.249	3	0.100	1	0	0	0	0	0	0	2.448	7	0.00%
Total	61.764	151	13.794	34	33.776	62	7.185	4	7.185	4	150.785	339	100.00%
Moody's Rating
	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008
Ba1	1.446	0.498	0.384	4.346	1.774	0	0	0.500	0	0.500	0	0
Ba2	0.078	2.835	0	2.595	1.156	0	0	0.492	0.700	0.051	0.500	0.600
Ba3	1.575	1.758	0.330	0.700	3.383	1.450	0	0.379	0.261	1.510	0.148	0
B1	2.087	1.130	1.099	5.867	3.639	0.616	1.500	0	2.220	1.017	0	0
B2	2.307	6.876	0.391	2.475	1.109	0.225	0	0.656	0.575	0.586	0.663	0
B3	3.241	4.441	1.191	1.898	6.034	0	0.406	3.078	11.613	4.819	0.550	6.585
Caa1	1.057	0.947	5.273	3.544	5.924	0.247	0	1.052	2.080	2.190	0.046	0
Caa2	1.900	0.720	0.859	1.290	1.125	0.317	0	0	1.767	0.100	0	0
NR	1.173	0.198	2.519	2.376	0.483	0.199	0.165	2.513	1.428	0.450	0	0
Total	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Ba1	6.504	16	0.500	1	0.500	1	0	0	0	0	9.448	22	0.00%
Ba2	3.751	10	0.492	1	1.251	3	0.600	1	0.600	1	9.006	23	8.35%
Ba3	4.413	11	1.828	4	1.919	5	0	0	0	0	11.493	29	0.00%
B1	10.605	22	2.116	3	3.237	5	0	0	0	0	19.176	41	0.00%
B2	3.975	12	0.881	2	1.825	7	0	0	0	0	15.864	36	0.00%
B3	9.124	20	3.485	9	16.982	18	6.585	3	6.585	3	43.858	69	91.65%
Caa1	14.741	36	1.299	4	4.317	10	0	0	0	0	22.360	57	0.00%
Caa2	3.274	7	0.317	1	1.867	6	0	0	0	0	8.077	21	0.00%
NR	5.378	17	2.876	9	1.878	7	0	0	0	0	11.503	41	0.00%
Total	61.764	151	13.794	34	33.776	62	7.185	4	7.185	4	150.785	339	100.00%
Use of Proceeds
	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008
Acquisition	1.465	6.923	1.406	2.751	3.939	0.097	0.381	0.111	0.854	0.810	0	0
Capex	0	0.689	0.295	1.123	0.925	0	0	0.244	0	0.264	0	0
Dividend/recap	0.167	0.446	1.380	0.148	0.681	0	0	0.129	0	0	0	0
GCP	3.201	0	0	4.894	1.291	0	0.165	0.532	0.197	0.899	0.500	0
LBO	3.215	3.932	6.127	3.160	6.635	0.317	1.500	3.652	14.835	6.247	0	6.335
Redeem notes	0.855	2.233	0.730	5.020	2.841	0	0	0.520	0	0.250	0	0
Refinance	1.336	2.433	0.824	2.443	1.849	1.573	0	2.556	1.029	0.426	0.356	0.850
Repay bank debt	2.076	1.333	0.300	2.148	2.590	0.372	0	0.750	0.761	0.137	0.550	0
Multiple/Other/NA	2.548	1.414	0.985	3.404	3.875	0.694	0.026	0.175	2.970	2.189	0.502	0
Total	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	8.096	15	0.589	3	1.664	4	0	0	0	0	18.737	33	0.00%
Capex	2.343	6	0.244	2	0.264	2	0	0	0	0	3.540	13	0.00%
Dividend/recap	2.209	10	0.129	1	0	0	0	0	0	0	2.950	14	0.00%
GCP	6.185	13	0.697	3	1.596	4	0	0	0	0	11.679	28	0.00%
LBO	15.922	37	5.469	8	21.082	26	6.335	2	6.335	2	55.955	90	88.17%
Redeem notes	8.591	21	0.520	1	0.250	1	0	0	0	0	12.449	31	0.00%
Refinance	5.116	12	4.130	7	1.810	7	0.850	2	0.850	2	15.675	42	11.83%
Repay bank debt	5.038	13	1.122	4	1.448	4	0	0	0	0	11.018	33	0.00%
Multiple/Other/NA	8.265	24	0.895	5	5.661	14	0	0	0	0	18.783	55	0.00%
Total	61.764	151	13.794	34	33.776	62	7.185	4	7.185	4	150.785	339	100.00%
Industry Sector (by SIC code)
	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008
Agriculture (0xxx)	0	0	0	0.250	0.325	0	0	0	0	0	0	0
Mining (1xxx)	0.078	6.000	0	0.997	0.175	0	0	0	0	0.235	0	0
Oil and gas (13xx)	1.431	1.184	1.100	0.550	2.670	0.150	0	0.361	0.123	1.416	0.550	0.850
Construction (15xx)	0.150	0	0.300	0.200	0	0.394	0	0	0.197	0	0	0
Manufacturing (2xxx, 3xxx)	2.666	5.211	2.436	6.338	3.688	0.517	1.665	2.973	2.870	2.647	0.956	0
Transportation (4xxx)	0	0.389	0.794	1.295	0.632	0	0.381	0.150	0.220	0.051	0.046	0
Communications (48xx)	4.375	2.250	0.675	1.791	0.671	0.447	0.026	1.156	0	0.915	0	0
Electric, gas, sanitary services (49xx)	0.750	0.914	0.359	6.099	4.629	1.348	0	0.925	10.478	3.658	0	0
Wholesale (5xxx)	1.917	1.561	1.410	2.136	3.746	0	0	0	0.729	0	0.148	0
Finance, insurance, real estate (6xxx)	1.546	0.675	4.427	2.914	1.600	0.100	0	1.532	3.126	1.450	0	0
Services (7xxx)	1.235	0.603	0.105	2.263	1.418	0.097	0	1.571	1.603	0.713	0.207	6.335
Health services (8xxx)	0.716	0.617	0.440	0.257	5.073	0	0	0	1.300	0.137	0	0
Total	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.575	2	0	0	0	0	0	0	0	0	0.575	2	0.00%
Mining (1xxx)	1.172	2	0	0	0.235	1	0	0	0	0	7.485	7	0.00%
Oil and gas (13xx)	4.320	11	0.511	3	2.089	6	0.850	2	0.850	2	10.385	31	11.83%
Construction (15xx)	0.500	2	0.394	1	0.197	1	0	0	0	0	1.241	5	0.00%
Manufacturing (2xxx, 3xxx)	12.462	33	5.155	9	6.473	16	0	0	0	0	31.968	85	0.00%
Transportation (4xxx)	2.721	12	0.531	2	0.317	3	0	0	0	0	3.959	19	0.00%
Communications (48xx)	3.137	12	1.629	5	0.915	1	0	0	0	0	12.306	29	0.00%
Electric, gas, sanitary services (49xx)	11.088	21	2.273	4	14.136	11	0	0	0	0	29.161	39	0.00%
Wholesale (5xxx)	7.292	16	0	0	0.877	4	0	0	0	0	11.647	34	0.00%
Finance, insurance, real estate (6xxx)	8.941	20	1.632	4	4.576	7	0	0	0	0	17.369	37	0.00%
Services (7xxx)	3.786	11	1.668	6	2.524	9	6.335	2	6.335	2	16.150	34	88.17%
Health services (8xxx)	5.769	9	0	0	1.437	3	0	0	0	0	8.539	17	0.00%
Total	61.764	151	13.794	34	33.776	62	7.185	4	7.185	4	150.785	339	100.00%

Criteria

• The tables include all underwritten 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.

• Best efforts and non-underwritten deals are excluded as are remarketings.

© 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.