Analysis of high yield issuance for 12 months through May 2009

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

Yield

	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
7%-7.99%	0.600	0	0	0	0	0	0	0	0	0	0	1.529
8%-8.99%	4.999	0	0.280	0.197	0	0	0	0	0	0	3.134	4.599
9%-9.99%	1.867	2.613	0	0	0.700	0	0	0	1.806	0	2.728	2.721
10%-10.99%	0.904	3.600	0	5.059	0.750	0	0	1.416	0.715	0	0.748	2.954
11%-11.99%	6.478	2.118	0.600	2.645	0	0.160	0	2.613	0.390	0.840	1.145	7.428
12% and higher	2.308	0.898	0.798	0.124	0.698	0	0.613	0.845	1.011	1.314	1.718	4.919
NA	0	0	0	0	0	0.330	0	0	0	0	0	0
Total	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
7%-7.99%	0	0	0	0	0	0	1.529	3	1.529	3	2.129	5	3.43%
8%-8.99%	0.477	2	0	0	0	0	7.734	14	7.734	14	13.209	27	17.35%
9%-9.99%	2.613	4	0.700	1	1.806	4	5.449	11	7.255	15	12.434	23	16.28%
10%-10.99%	8.659	9	0.750	1	2.131	4	3.702	8	5.833	12	16.147	27	13.09%
11%-11.99%	5.363	7	0.160	1	3.843	8	8.573	13	12.416	21	24.418	34	27.85%
12% and higher	1.820	6	1.311	3	3.170	9	6.637	15	9.807	24	15.248	39	22.00%
NA	0	0	0.330	1	0	0	0	0	0	0	0.330	1	0.00%
Total	18.932	28	3.251	7	10.950	25	33.624	64	44.575	89	83.914	156	100.00%
Versus Talk
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
Lower	0	0	0	0	0	0	0	0	0	0	0	0.336
Low end	0.375	0	0.280	0	0	0	0	2.411	0.478	0	2.909	6.667
Middle	4.232	2.120	0	0.691	0	0	0.613	2.463	2.512	1.632	5.975	15.551
High end	1.671	0	0	0	0.698	0	0	0	0.516	0.337	0	1.597
Higher	0.250	0.736	0.146	0	0	0	0	0	0	0.185	0	0
NA	10.628	6.373	1.252	7.334	1.450	0.490	0	0	0.415	0	0.589	0
Total	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Lower	0	0	0	0	0	0	0.336	1	0.336	1	0.336	1	0.75%
Low end	0.280	1	0	0	2.888	6	9.576	19	12.464	25	13.119	27	27.96%
Middle	2.812	5	0.613	2	6.608	14	21.527	37	28.135	51	35.791	68	63.12%
High end	0	0	0.698	1	0.854	3	1.597	5	2.450	8	4.820	13	5.50%
Higher	0.882	4	0	0	0.185	1	0	0	0.185	1	1.317	6	0.42%
NA	14.959	18	1.940	4	0.415	1	0.589	2	1.005	3	28.532	41	2.25%
Total	18.932	28	3.251	7	10.950	25	33.624	64	44.575	89	83.914	156	100.00%
Upsized?
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
Yes	2.915	0.700	0.280	0	0	0	0	4.874	2.644	0.818	7.971	12.792
No	12.972	7.623	1.398	7.532	2.148	0.490	0.613	0	1.278	0.699	1.503	11.359
Downsized	1.269	0.906	0	0.494	0	0	0	0	0	0.638	0	0
Total	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0.980	2	0	0	8.336	17	20.763	38	29.099	55	32.993	63	65.28%
No	16.552	21	3.251	7	1.977	6	12.861	26	14.839	32	47.614	82	33.29%
Downsized	1.400	5	0	0	0.638	2	0	0	0.638	2	3.307	11	1.43%
Total	18.932	28	3.251	7	10.950	25	33.624	64	44.575	89	83.914	156	100.00%
Quick Sale?
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
Yes	9.776	1.363	0	0.322	0.698	0	0.168	3.562	2.911	1.344	8.069	16.063
No	7.380	7.866	1.678	7.704	1.450	0.490	0.445	1.312	1.011	0.811	1.404	8.088
Total	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	1.684	5	0.866	2	7.817	17	24.133	44	31.949	61	44.276	81	71.67%
No	17.248	23	2.385	5	3.134	8	9.492	20	12.626	28	39.639	75	28.33%
Total	18.932	28	3.251	7	10.950	25	33.624	64	44.575	89	83.914	156	100.00%
Seniority
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
senior secured	1.119	0	0.146	0.269	0.698	0	0	0	0.560	0.325	3.368	12.100
senior	15.137	9.105	1.532	5.256	1.450	0.490	0.613	4.874	2.972	1.830	5.698	10.760
senior subordinated	0.900	0.124	0	2.500	0	0	0	0	0.390	0	0.408	1.292
Total	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
senior secured	0.415	3	0.698	1	0.885	3	15.468	19	16.353	22	18.586	28	36.69%
senior	15.893	23	2.553	6	9.676	21	16.457	38	26.133	59	59.716	115	58.63%
senior subordinated	2.624	2	0	0	0.390	1	1.699	7	2.089	8	5.613	13	4.69%
Total	18.932	28	3.251	7	10.950	25	33.624	64	44.575	89	83.914	156	100.00%
Moody's Rating
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
Ba1	1.250	0	0	0	0.698	0	0	0.465	0	0	2.056	0.948
Ba2	1.169	1.488	0	0	0	0	0	0	0.256	0.185	0.551	2.977
Ba3	1.269	0.470	0.530	0.197	0	0	0.445	0.951	1.644	0.315	3.710	7.756
B1	0.694	0	0	0	0	0	0	1.767	1.461	1.140	1.614	6.352
B2	1.216	0.124	0	0.145	0	0	0.168	0	0.300	0.189	0.292	2.532
B3	3.086	2.389	0.146	1.550	0	0	0	1.394	0.260	0.325	0.592	1.082
Caa1	1.325	3.208	0.777	0.494	1.450	0.490	0	0.297	0	0	0.461	0.902
Caa2	6.161	0	0	0	0	0	0	0	0	0	0	0
NR	0.987	1.550	0.225	5.639	0	0	0	0	0	0	0.197	1.603
Total	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Ba1	0	0	0.698	1	0.465	1	3.004	6	3.469	7	5.418	10	7.78%
Ba2	1.488	2	0	0	0.442	2	3.527	6	3.969	8	6.627	13	8.90%
Ba3	1.197	5	0.445	1	2.910	5	11.466	17	14.376	22	17.286	31	32.25%
B1	0	0	0	0	4.369	9	7.966	15	12.335	24	13.029	25	27.67%
B2	0.269	2	0.168	1	0.489	2	2.824	8	3.313	10	4.965	19	7.43%
B3	4.085	5	0	0	1.979	5	1.674	6	3.653	11	10.824	23	8.20%
Caa1	4.479	7	1.940	4	0.297	1	1.363	2	1.660	3	9.404	17	3.72%
Caa2	0	0	0	0	0	0	0	0	0	0	6.161	5	0.00%
NR	7.414	7	0	0	0	0	1.800	4	1.800	4	10.201	13	4.04%
Total	18.932	28	3.251	7	10.950	25	33.624	64	44.575	89	83.914	156	100.00%
Use of Proceeds
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
Acquisition	0.600	0	0	0.494	0	0	0	0	0	0	0	0
Dividend/recap	0	0.300	0	0	0	0	0	0	0	0	0	0
GCP	2.241	0	0	0.197	0	0	0.445	1.603	0.478	0.988	2.934	3.655
LBO	0	4.058	0.777	7.065	1.450	0.490	0	0	0	0	0	0
Redeem notes	0	0	0	0	0	0	0	0	0	0.315	1.725	0.697
Refinance	11.648	1.939	0.651	0	0	0	0.168	3.271	1.512	0.325	2.381	8.554
Repay bank debt	2.293	1.444	0	0.124	0	0	0	0	1.932	0.526	2.432	10.253
Multiple/Other/NA	0.375	1.488	0.250	0.145	0.698	0	0	0	0	0	0	0.991
Total	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.494	1	0	0	0	0	0	0	0	0	1.094	2	0.00%
Dividend/recap	0.300	1	0	0	0	0	0	0	0	0	0.300	1	0.00%
GCP	0.197	1	0.445	1	3.069	7	6.590	16	9.659	23	12.541	30	21.67%
LBO	11.900	11	1.940	4	0	0	0	0	0	0	13.840	15	0.00%
Redeem notes	0	0	0	0	0.315	1	2.422	5	2.737	6	2.737	6	6.14%
Refinance	2.590	6	0.168	1	5.108	10	10.936	19	16.043	29	30.449	54	35.99%
Repay bank debt	1.568	4	0	0	2.458	7	12.685	23	15.144	30	19.005	41	33.97%
Multiple/Other/NA	1.883	4	0.698	1	0	0	0.991	1	0.991	1	3.948	7	2.22%
Total	18.932	28	3.251	7	10.950	25	33.624	64	44.575	89	83.914	156	100.00%
Industry Sector (by SIC code)
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0.325	0.665	0
Mining (1xxx)	1.250	0	0	0	0	0	0	0	0	0	0	4.012
Oil and gas (13xx)	1.015	0	0	0.197	0	0	0	1.498	1.376	0.337	0.393	1.294
Construction (15xx)	0	0	0	0	0	0	0	0	0	0	0.815	0
Manufacturing (2xxx, 3xxx)	2.277	1.250	0.505	0	1.450	0	0	0.762	0.751	0	1.331	5.910
Transportation (4xxx)	0.694	0	0	0	0	0	0.168	0	0	0.189	0	0
Communications (48xx)	9.524	4.447	0	0	0	0	0	2.410	0.757	0.300	2.058	2.280
Electric, gas, sanitary services (49xx)	0.500	0	0	0.145	0	0	0.445	0	0.478	0.503	0	2.727
Wholesale (5xxx)	0.856	1.958	0.923	0.124	0	0	0	0.203	0.260	0.185	1.817	0.758
Finance, insurance, real estate (6xxx)	0	0	0.250	7.065	0	0	0	0	0.300	0	0	0
Services (7xxx)	1.040	0.300	0	0.494	0.698	0.490	0	0	0	0.315	0.481	5.933
Health services (8xxx)	0	1.274	0	0	0	0	0	0	0	0	1.912	1.237
Total	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.325	1	0.665	1	0.990	2	0.990	2	2.22%
Mining (1xxx)	0	0	0	0	0	0	4.012	3	4.012	3	5.262	5	9.00%
Oil and gas (13xx)	0.197	1	0	0	3.212	6	1.687	7	4.899	13	6.111	17	10.99%
Construction (15xx)	0	0	0	0	0	0	0.815	3	0.815	3	0.815	3	1.83%
Manufacturing (2xxx, 3xxx)	1.755	3	1.450	2	1.514	3	7.241	18	8.755	21	14.237	32	19.64%
Transportation (4xxx)	0	0	0.168	1	0.189	1	0	0	0.189	1	1.051	4	0.42%
Communications (48xx)	4.447	6	0	0	3.468	7	4.338	7	7.806	14	21.776	31	17.51%
Electric, gas, sanitary services (49xx)	0.145	1	0.445	1	0.980	2	2.727	4	3.708	6	4.797	10	8.32%
Wholesale (5xxx)	3.006	9	0	0	0.648	3	2.575	5	3.223	8	7.085	20	7.23%
Finance, insurance, real estate (6xxx)	7.315	4	0	0	0.300	1	0	0	0.300	1	7.615	5	0.67%
Services (7xxx)	0.794	2	1.188	3	0.315	1	6.414	11	6.729	12	9.752	20	15.10%
Health services (8xxx)	1.274	2	0	0	0	0	3.150	5	3.150	5	4.423	7	7.07%
Total	18.932	28	3.251	7	10.950	25	33.624	64	44.575	89	83.914	156	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.