Total issuance: $9.210 billion in 32 deals
Columns are amounts in billions of dollars, count of deals and percentage by dollar value.
Yield
| 6%-6.99% | 0.982 | 4 | 10.66%
|
| 7%-7.99% | 2.979 | 10 | 32.34%
|
| 8%-8.99% | 1.504 | 6 | 16.33%
|
| 9%-9.99% | 2.495 | 6 | 27.09%
|
| 10%-10.99% | 0.385 | 2 | 4.18%
|
| 11% and higher | 0.465 | 3 | 5.05%
|
| Floater | 0.400 | 1 | 4.34%
|
| Total | 9.210 | 32
|
|
|
|
|
| Pricing versus talk
|
|
|
| Low end | 1.968 | 7 | 21.36%
|
| Middle | 3.439 | 10 | 37.33%
|
| High end | 0.910 | 3 | 9.88%
|
| Higher | 1.355 | 2 | 14.71%
|
| NA | 1.540 | 10 | 16.72%
|
| Total | 9.210 | 32
|
|
|
|
|
| Upsized?
|
|
|
| Yes | 2.560 | 11 | 27.79%
|
| No | 5.485 | 19 | 59.56%
|
| Downsized | 1.165 | 2 | 12.65%
|
| Total | 9.210 | 32
|
|
|
|
|
| Quick sale?
|
|
|
| Yes | 2.443 | 11 | 26.53%
|
| No | 6.767 | 21 | 73.47%
|
| Total | 9.210 | 32
|
|
|
|
|
| Add on?
|
|
|
| Yes | 0.368 | 3 | 3.99%
|
| No | 8.843 | 29 | 96.01%
|
| Total | 9.210 | 32
|
|
|
|
|
| Zero coupon?
|
|
|
| No | 9.210 | 32 | 100.00%
|
| Total | 9.210 | 32
|
|
|
|
|
| Seniority
|
|
|
| Senior secured | 0.859 | 5 | 9.32%
|
| Senior | 5.759 | 20 | 62.53%
|
| Senior sub | 2.593 | 7 | 28.15%
|
| Total | 9.210 | 32
|
|
|
| Moody's rating
|
|
|
| Ba1 | 0.197 | 1 | 2.14%
|
| Ba2 | 1.955 | 6 | 21.23%
|
| Ba3 | 1.304 | 5 | 14.16%
|
| B1 | 1.511 | 3 | 16.41%
|
| B2 | 1.456 | 7 | 15.81%
|
| B3 | 2.434 | 8 | 26.43%
|
| Caa1 | 0.178 | 1 | 1.93%
|
| NR | 0.174 | 1 | 1.89%
|
| Total | 9.210 | 32
|
|
|
|
|
| Use of proceeds
|
|
|
| Acquisition | 1.678 | 4 | 18.22%
|
| Capex | 0.201 | 1 | 2.18%
|
| Chapter 11 exit | 0.125 | 1 | 1.36%
|
| LBO | 2.420 | 5 | 26.27%
|
| Refinance/tender for notes | 0.922 | 4 | 10.01%
|
| Repay bank debt | 0.847 | 3 | 9.20%
|
| Repay bank debt plus | 0.200 | 1 | 2.17%
|
| Refinance | 1.150 | 7 | 12.49%
|
| Other/Multiple | 1.668 | 6 | 18.11%
|
| Total | 9.210 | 32
|
|
|
|
|
| Industry sector (by SIC code)
|
|
|
| Mining (1xxx) | 0.300 | 1 | 3.26%
|
| Oil and gas (13xx) | 0.627 | 3 | 6.81%
|
| Construction (15xx) | 0.197 | 1 | 2.14%
|
| Manufacturing (2xxx, 3xxx) | 2.796 | 10 | 30.36%
|
| Transportation (4xxx) | 0.250 | 1 | 2.71%
|
| Communications (48xx) | 1.776 | 6 | 19.28%
|
| Wholesale (5xxx) | 1.601 | 5 | 17.38%
|
| Finance, insurance, real estate (6xxx) | 0.600 | 1 | 6.51%
|
| Services (7xxx) | 1.063 | 4 | 11.54%
|
| Total | 9.210 | 32
|
|
|
|
|
| Home country of issuer
|
|
|
| Canada | 1.200 | 2 | 13.03%
|
| Korea | 0.196 | 1 | 2.13%
|
| Malaysia | 0.250 | 1 | 2.71%
|
| Mexico | 0.162 | 1 | 1.76%
|
| Philippines | 0.109 | 1 | 1.18%
|
| Russia | 0.201 | 1 | 2.18%
|
| Turkey | 0.174 | 1 | 1.89%
|
| U.S. | 6.783 | 23 | 73.65%
|
| Ukraine | 0.135 | 1 | 1.47%
|
| Total | 9.210 | 32
|
|
|
|
|
|
|
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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