Analysis of high yield issuance for 12 months through June 2008

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

Yield

	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008
Less than 7%	0	0	0	0.198	0	0	0	0	0	0	0	0
7%-7.99%	0	0	0.750	1.657	0.176	0.500	0.600	0	0.375	0.924	6.644	0.600
8%-8.99%	0.225	0	2.276	2.953	2.472	0	0	0	0	2.573	3.049	4.598
9%-9.99%	2.039	1.500	0.750	0.707	0.312	0.550	0	0.424	0	1.998	0.953	1.216
10%-10.99%	0.372	0.026	2.078	8.312	1.980	0.456	6.585	0	0	0.219	2.403	0.904
11%-11.99%	0.417	0.546	2.116	5.577	5.507	0	0	0.200	0.500	0.100	0.904	6.478
12% and higher	0	0	0.554	1.090	0.774	0.207	0	0.296	0.953	1.924	0.549	1.996
Floater	0	0	0.105	0.150	0	0.195	0	0	0	0	0	0
NA	0	0	0.041	0	0	0	0	0	0	0.743	0.195	0
Total	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	15.793
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Less than 7%	0	0	0.198	1	0	0	0	0	0	0	0.198	1	0.00%
7%-7.99%	0.750	2	2.334	7	0.975	2	8.168	18	9.143	20	12.227	29	18.70%
8%-8.99%	2.501	5	5.424	10	0	0	10.220	23	10.220	23	18.145	38	20.90%
9%-9.99%	4.289	7	1.569	5	0.424	2	4.167	11	4.591	13	10.450	25	9.39%
10%-10.99%	2.476	7	10.748	12	6.585	3	3.526	11	10.111	14	23.334	33	20.67%
11%-11.99%	3.078	7	11.084	16	0.700	2	7.483	8	8.183	10	22.345	33	16.73%
12% and higher	0.554	4	2.072	8	1.249	4	4.471	13	5.720	17	8.346	29	11.71%
Floater	0.105	1	0.345	3	0	0	0	0	0	0	0.450	4	0.00%
NA	0.041	1	0	0	0	0	0.938	3	0.938	3	0.979	4	1.92%
Total	13.794	34	33.776	62	9.933	13	38.972	87	48.905	100	96.475	196	100.00%
Versus Talk
	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008
Lower	0	0	0	0	0.601	0	0	0	0	0	0	0
Low end	0.200	0	0	1.180	0.575	0.456	0	0	0.413	1.117	1.932	0.375
Middle	0.394	2.071	3.178	11.276	0.387	0.546	0.600	0.599	0.500	5.082	6.137	3.181
High end	0.150	0	0	3.061	2.321	0.550	0	0	0.375	0.448	2.321	1.359
Higher	2.114	0	0	0.640	1.105	0	0	0.225	0.540	0	0.296	0.250
NA	0.196	0	5.491	4.488	6.233	0.356	6.585	0.096	0	1.835	4.011	10.628
Total	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	15.793
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Lower	0	0	0.601	3	0	0	0	0	0	0	0.601	3	0.00%
Low end	0.200	1	2.211	5	0.413	1	3.425	10	3.838	11	6.249	17	7.85%
Middle	5.643	12	12.210	20	1.699	5	14.399	31	16.098	36	33.951	68	32.92%
High end	0.150	1	5.932	9	0.375	1	4.128	10	4.503	11	10.585	21	9.21%
Higher	2.114	5	1.745	6	0.765	2	0.546	2	1.311	4	5.170	15	2.68%
NA	5.687	15	11.077	19	6.681	4	16.475	34	23.156	38	39.920	72	47.35%
Total	13.794	34	33.776	62	9.933	13	38.972	87	48.905	100	96.475	196	100.00%
Upsized?
	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008
Yes	0	0.165	3.009	10.781	1.488	0.550	0.600	0	0.375	1.895	5.219	1.864
No	2.856	0.406	5.660	7.952	9.434	1.151	0	0.297	1.040	6.487	9.478	12.660
Downsized	0.197	1.500	0	1.911	0.300	0.207	6.585	0.624	0.413	0.100	0	1.269
Total	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	15.793
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	3.174	7	12.819	13	0.975	2	8.978	23	9.953	25	25.946	45	20.35%
No	8.923	24	18.538	43	1.336	4	28.625	59	29.962	63	57.422	130	61.27%
Downsized	1.697	3	2.419	6	7.622	7	1.369	5	8.991	12	13.107	21	18.38%
Total	13.794	34	33.776	62	9.933	13	38.972	87	48.905	100	96.475	196	100.00%
Quick Sale?
	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008
Yes	0	0.165	3.089	3.806	3.633	0	0	0	0.875	1.393	8.336	9.776
No	3.053	1.906	5.580	16.839	7.589	1.908	7.185	0.920	0.953	7.089	6.361	6.017
Total	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	15.793
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	3.254	8	7.439	18	0.875	2	19.505	33	20.380	35	31.073	61.000	41.67%
No	10.540	26	26.336	44	9.058	11	19.467	54	28.525	65	65.402	135	58.33%
Total	13.794	34	33.776	62	9.933	13	38.972	87	48.905	100	96.475	196	100.00%
Seniority
	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008
senior secured	1.250	0.546	0.216	1.000	0.691	0.456	0	0.522	0.913	1.362	1.632	1.119
secured	0	0	0	0.220	0	0	0	0	0	0	0	0
senior	1.382	1.526	7.012	18.947	8.783	1.452	7.185	0.399	0.915	7.120	11.465	13.774
senior subordinated	0.322	0	1.441	0.478	1.748	0	0	0	0	0	1.600	0.900
subordinated	0.100	0	0	0	0	0	0	0	0	0	0	0
Total	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	15.793
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
senior secured	2.011	5	2.147	7	1.435	5	4.114	8	5.548	13	9.707	25	11.34%
secured	0	0	0.220	1	0	0	0	0	0	0	0.220	1	0.00%
senior	9.919	22	29.182	47	8.499	8	32.359	71	40.858	79	79.959	148	83.54%
senior subordinated	1.763	6	2.226	7	0	0	2.500	8	2.500	8	6.489	21	5.11%
subordinated	0.100	1	0	0	0	0	0	0	0	0	0.100	1	0.00%
Total	13.794	34	33.776	62	9.933	13	38.972	87	48.905	100	96.475	196	100.00%
Moody's Rating
	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008
Ba1	0	0	0.500	0	0.500	0	0	0	0	0.394	1.142	0.199
Ba2	0	0	0.492	0.700	0.051	0.500	0.600	0.225	0.375	2.619	1.099	1.169
Ba3	1.450	0	0.379	0.261	1.510	0.148	0	0.199	0	1.600	5.293	1.269
B1	0.616	1.500	0	2.220	1.017	0	0	0	0.413	2.112	2.818	0.694
B2	0.225	0	0.656	0.575	0.586	0.663	0	0.200	0	0.499	0.275	0.904
B3	0	0.406	3.078	11.613	4.819	0.550	6.585	0.297	1.040	0.559	2.771	3.086
Caa1	0.247	0	1.052	2.080	2.190	0.046	0	0	0	0.498	1.053	1.325
Caa2	0.317	0	0	1.767	0.100	0	0	0	0	0	0	6.161
NR	0.199	0.165	2.513	1.428	0.450	0	0	0	0	0.201	0.246	0.987
Total	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	15.793
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Ba1	0.500	1	0.500	1	0	0	1.735	6	1.735	6	2.735	8	3.55%
Ba2	0.492	1	1.251	3	1.200	3	4.888	13	6.088	16	7.830	20	12.45%
Ba3	1.828	4	1.919	5	0.199	1	8.161	13	8.360	14	12.107	23	17.09%
B1	2.116	3	3.237	5	0.413	1	5.624	12	6.037	13	11.390	21	12.34%
B2	0.881	2	1.825	7	0.200	1	1.678	9	1.878	10	4.584	19	3.84%
B3	3.485	9	16.982	18	7.921	7	6.416	15	14.338	22	34.805	49	29.32%
Caa1	1.299	4	4.317	10	0	0	2.876	10	2.876	10	8.492	24	5.88%
Caa2	0.317	1	1.867	6	0	0	6.161	5	6.161	5	8.345	12	12.60%
NR	2.876	9	1.878	7	0	0	1.433	4	1.433	4	6.188	20	2.93%
Total	13.794	34	33.776	62	9.933	13	38.972	87	48.905	100	96.475	196	100.00%
Use of Proceeds
	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008
Acquisition	0.097	0.381	0.111	0.854	0.810	0	0	0.295	0.540	0.319	0	0.600
Capex	0	0	0.244	0	0.264	0	0	0	0	0.372	0	0
Dividend/recap	0	0	0.129	0	0	0	0	0	0	0	0	0
GCP	0	0.165	0.532	0.197	0.899	0.500	0	0	0	3.195	4.415	1.189
LBO	0.317	1.500	3.652	14.835	6.247	0	6.335	0.225	0	0	0	0
Redeem notes	0	0	0.520	0	0.250	0	0	0	0	0	0	0
Refinance	1.573	0	2.556	1.029	0.426	0.356	0.850	0.200	0.788	2.199	4.934	11.336
Repay bank debt	0.372	0	0.750	0.761	0.137	0.550	0	0.200	0.500	0	2.057	2.293
Multiple/Other/NA	0.694	0.026	0.175	2.970	2.189	0.502	0	0	0	2.397	3.291	0.375
Total	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	15.793
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.589	3	1.664	4	0.835	3	0.919	3	1.754	6	4.006	13	3.59%
Capex	0.244	2	0.264	2	0	0	0.372	2	0.372	2	0.880	6	0.76%
Dividend/recap	0.129	1	0	0	0	0	0	0	0	0	0.129	1	0.00%
GCP	0.697	3	1.596	4	0	0	8.799	19	8.799	19	11.093	26	17.99%
LBO	5.469	8	21.082	26	6.560	3	0	0	6.560	3	33.111	37	13.41%
Redeem notes	0.520	1	0.250	1	0	0	0	0	0	0	0.770	2	0.00%
Refinance	4.130	7	1.810	7	1.838	5	18.469	38	20.307	43	26.247	57	41.52%
Repay bank debt	1.122	4	1.448	4	0.700	2	4.350	13	5.050	15	7.620	23	10.33%
Multiple/Other/NA	0.895	5	5.661	14	0	0	6.063	12	6.063	12	12.619	31	12.40%
Total	13.794	34	33.776	62	9.933	13	38.972	87	48.905	100	96.475	196	100.00%
Industry Sector (by SIC code)
	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0.296	0
Mining (1xxx)	0	0	0	0	0.235	0	0	0	0	0	0	0.199
Oil and gas (13xx)	0.150	0	0.361	0.123	1.416	0.550	0.850	0.400	0	0.279	3.948	1.015
Construction (15xx)	0.394	0	0	0.197	0	0	0	0	0	0.201	0.594	0
Manufacturing (2xxx, 3xxx)	0.517	1.665	2.973	2.870	2.647	0.956	0	0.520	0.788	3.985	3.038	2.277
Transportation (4xxx)	0	0.381	0.150	0.220	0.051	0.046	0	0	0	0	0.275	0.694
Communications (48xx)	0.447	0.026	1.156	0	0.915	0	0	0	1.040	2.448	3.117	9.212
Electric, gas, sanitary services (49xx)	1.348	0	0.925	10.478	3.658	0	0	0	0	0.939	1.628	0.500
Wholesale (5xxx)	0	0	0	0.729	0	0.148	0	0	0	0.204	0.296	0.856
Finance, insurance, real estate (6xxx)	0.100	0	1.532	3.126	1.450	0	0	0	0	0	0.500	0
Services (7xxx)	0.097	0	1.571	1.603	0.713	0.207	6.335	0	0	0.426	0	1.040
Health services (8xxx)	0	0	0	1.300	0.137	0	0	0	0	0	1.006	0
Total	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	15.793
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0.296	1	0.296	1	0.296	1	0.61%
Mining (1xxx)	0	0	0.235	1	0	0	0.199	2	0.199	2	0.434	3	0.41%
Oil and gas (13xx)	0.511	3	2.089	6	1.250	4	5.242	13	6.492	17	9.092	26	13.27%
Construction (15xx)	0.394	1	0.197	1	0	0	0.795	2	0.795	2	1.386	4	1.63%
Manufacturing (2xxx, 3xxx)	5.155	9	6.473	16	1.308	5	9.299	23	10.608	28	22.235	53	21.69%
Transportation (4xxx)	0.531	2	0.317	3	0	0	0.969	3	0.969	3	1.817	8	1.98%
Communications (48xx)	1.629	5	0.915	1	1.040	2	14.776	19	15.816	21	18.360	27	32.34%
Electric, gas, sanitary services (49xx)	2.273	4	14.136	11	0	0	3.067	10	3.067	10	19.476	25	6.27%
Wholesale (5xxx)	0	0	0.877	4	0	0	1.356	5	1.356	5	2.233	9	2.77%
Finance, insurance, real estate (6xxx)	1.632	4	4.576	7	0	0	0.500	1	0.500	1	6.708	12	1.02%
Services (7xxx)	1.668	6	2.524	9	6.335	2	1.466	5	7.801	7	11.993	22	15.95%
Health services (8xxx)	0	0	1.437	3	0	0	1.006	3	1.006	3	2.443	6	2.06%
Total	13.794	34	33.776	62	9.933	13	38.972	87	48.905	100	96.475	196	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.