Analysis of high yield issuance for 2004 through July

Total issuance: $86.077 billion in 348 deals

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

Yield

Less than 6%	2.520	10	2.93%
6%-6.99%	14.340	52	16.66%
7%-7.99%	17.865	67	20.75%
8%-8.99%	19.128	68	22.22%
9%-9.99%	12.409	51	14.42%
10%-10.99%	6.365	26	7.39%
11% and higher	6.438	43	7.48%
Floater	7.011	31	8.14%
Total	86.077	348
Pricing versus talk
Lower	3.643	16	4.23%
Low end	22.694	90	26.36%
Middle	23.046	83	26.77%
High end	11.594	45	13.47%
Higher	18.336	65	21.30%
NA	6.764	49	7.86%
Total	86.077	348
Upsized?
Yes	24.966	87	29.00%
No	51.960	227	60.36%
Downsized	9.151	34	10.63%
Total	86.077	348
Quick sale?
Yes	31.742	126	36.88%
No	54.335	222	63.12%
Total	86.077	348
Add on?
Yes	3.653	29	4.24%
No	82.424	319	95.76%
Total	86.077	348
Zero coupon?
Yes	2.534	17	2.95%
No	83.542	331	97.05%
Total	86.077	348
Seniority
Mortgage	0.508	4	0.59%
Senior secured	14.314	57	16.62%
Senior	49.367	192	57.35%
Senior sub	21.589	94	25.08%
Subordinated	0.300	1	0.35%
Total	86.077	348
Moody's rating
Ba1	3.841	16	4.46%
Ba2	7.568	26	8.79%
Ba3	9.729	34	11.30%
B1	10.459	34	12.15%
B2	17.913	73	20.81%
B3	23.458	100	27.25%
Caa1	7.962	39	9.25%
Caa2	1.287	8	1.50%
Caa3	0.135	1	0.16%
NR	3.724	17	4.32%
Total	86.077	348
Use of proceeds
Acquisition	7.497	32	8.71%
Capex	0.908	5	1.06%
Chapter 11 exit	0.479	3	0.56%
GCP	2.152	8	2.50%
LBO	9.978	35	11.59%
Refinance/tender for notes	18.827	76	21.87%
Repay bank debt	9.837	37	11.43%
Repay bank debt plus	4.026	20	4.68%
Refinance	18.531	77	21.53%
Other/Multiple	13.842	55	16.09%
Total	86.077	348
Industry sector (by SIC code)
Agriculture (0xxx)	0.153	1	0.18%
Mining (1xxx)	1.645	6	1.91%
Oil and gas (13xx)	5.308	22	6.17%
Construction (15xx)	1.993	11	2.32%
Manufacturing (2xxx, 3xxx)	28.418	130	33.01%
Transportation (4xxx)	1.527	9	1.77%
Communications (48xx)	15.164	45	17.62%
Electric, gas, sanitary services (49xx)	7.324	22	8.51%
Wholesale (5xxx)	6.332	33	7.36%
Finance, insurance, real estate (6xxx)	4.445	18	5.16%
Services (7xxx)	10.377	38	12.06%
Health services (8xxx)	3.393	13	3.94%
Total	86.077	348
Home country of issuer
Argentina	0.101	1	0.12%
Bermuda	0.100	1	0.12%
Brazil	1.694	7	1.97%
Canada	4.938	17	5.74%
Chile	0.399	1	0.46%
France	0.626	1	0.73%
Germany	1.843	3	2.14%
Guatemala	0.050	1	0.06%
Hong Kong	0.150	1	0.17%
Indonesia	0.474	2	0.55%
Israel	0.190	1	0.22%
Korea	0.696	3	0.81%
Malaysia	0.250	1	0.29%
Mexico	0.162	1	0.19%
Netherlands	0.149	1	0.17%
Philippines	0.109	1	0.13%
Russia	2.001	4	2.32%
Turkey	0.174	1	0.20%
U.K.	1.146	4	1.33%
U.S.	70.689	295	82.12%
Ukraine	0.135	1	0.16%
Total	86.077	348

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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