Analysis of March High Yield Issuance

Total issuance: $7,432 million in 33 deals.

All amounts in millions of dollars.

Yield

<8% 725.00 9.76%

8%-8.99% 1,982.48 26.68%

9%-9.99% 2,248.76 30.26%

10%-10.99% 1,232.38 16.58%

11%-11.99% 884.95 11.91%

>=12% 358.13 4.82%

Total 7,431.69

Use of proceeds

Acquisition 553.07 7.44%

Repay bank debt 3,902.54 52.51%

Refinancing (may include bank debt) 1,247.91 16.79%

Repay bank debt and other uses 929.63 12.51%

Others 798.55 10.75%

7,431.69

Moody's rating

Ba1 350.00 4.71%

Ba2 809.77 10.90%

Ba3 545.80 7.34%

B1 772.18 10.39%

B2 3,221.22 43.34%

B3 1,558.86 20.98%

Caa1 173.86 2.34%

Total 7,431.69

Upsized?

Yes 4,409.82 59.34%

No 2,869.06 38.61%

Downsized 152.81 2.06%

7,431.69

Add ons?

Yes 485.58 6.53%

No 6,946.11 93.47%

7,431.69

Seniority

First mortgage 175.83 2.37%

Senior 2,477.89 33.34%

Senior secured 1,294.21 17.41%

Senior subordinated 3,483.76 46.88%

7,431.69

Industry sector (by SIC code)

Oil and gas (13xx) 300.00 4.04%

Builders (15xx) 249.15 3.35%

Manufacturing (2xxx, 3xxx) 3,979.31 53.55%

Air transportation (45xx) 298.55 4.02%

Communications (48xx) 725.00 9.76%

Automotive dealers (55xx) 300.00 4.04%

Services (7xxx) 1,105.83 14.88%

Health (8xxx) 473.86 6.38%

7,431.69

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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