Analysis of March high yield issuance

Total issuance: $16.653 billion in 67 deals

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

Yield

Less than 6%	1.098	5	6.60%
6%-6.99%	4.032	16	24.21%
7%-7.99%	1.848	7	11.09%
8%-8.99%	3.435	12	20.63%
9%-9.99%	2.175	8	13.06%
10%-10.99%	0.462	3	2.78%
11% and higher	0.724	7	4.34%
Floater	2.879	9	0.1729
Total	16.653	67
Pricing versus talk
Lower	0.660	4	3.96%
Low end	4.308	19	25.87%
Middle	4.072	15	24.46%
High end	3.855	12	23.15%
Higher	2.462	11	14.78%
NA	1.296	6	7.78%
Total	16.653	67
Upsized?
Yes	3.913	12	23.50%
No	11.395	51	68.43%
Downsized	1.345	4	8.08%
Total	16.653	67
Quick sale?
Yes	7.603	28	45.66%
No	9.049	39	54.34%
Total	16.653	67
Add on?
Yes	0.347	2	2.09%
No	16.305	65	97.91%
Total	16.653	67
Zero coupon?
Yes	0.524	3	3.14%
No	16.129	64	96.85%
Total	16.653	67
Seniority
Senior secured	4.249	17	25.51%
Senior	9.290	34	55.79%
Senior sub	3.114	16	18.70%
Total	16.653	67
Moody's rating
Ba1	1.520	6	9.13%
Ba2	1.300	7	7.80%
Ba3	2.396	9	14.39%
B1	1.722	7	10.34%
B2	2.476	11	14.87%
B3	2.900	11	17.42%
Caa1	2.413	10	14.49%
Caa2	0.130	1	0.78%
NR	1.795	5	10.78%
Total	16.653	67
Use of proceeds
Acquisition	0.400	2	2.40%
Capex	0.124	1	0.74%
GCP	0.589	2	3.54%
LBO	1.470	6	8.83%
Refinance/tender for notes	2.836	10	17.03%
Repay bank debt	2.255	8	13.54%
Repay bank debt plus	1.482	7	8.90%
Other refinance	6.554	25	39.36%
Other	0.943	6	5.67%
Total	16.653	67
Industry sector (by SIC code)
Mining (1xxx)	0.350	2	2.10%
Oil and gas (13xx)	0.523	3	3.14%
Construction (15xx)	0.425	3	2.55%
Manufacturing (2xxx, 3xxx)	5.455	24	32.76%
Transportation (4xxx)	0.124	1	0.74%
Communications (48xx)	3.214	8	19.30%
Electric, gas, sanitary services (49xx)	2.430	6	14.59%
Wholesale (5xxx)	0.894	6	5.37%
Finance, insurance, real estate (6xxx)	0.948	5	5.70%
Services (7xxx)	1.984	7	11.91%
Health services (8xxx)	0.305	2	1.83%
Total	16.653	67
Home country of issuer
Canada	0.250	1	1.50%
Chile	0.399	1	2.40%
Korea	0.200	1	1.20%
U.S.	15.803	64	94.90%
Total	16.653	67

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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