Analysis of high yield issuance for 2004 through August

Total issuance: $95.357 billion in 384 deals

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

Yield

Less than 6%	2.520	10	2.65%
6%-6.99%	15.715	55	16.48%
7%-7.99%	18.515	70	19.42%
8%-8.99%	21.961	78	23.03%
9%-9.99%	13.787	56	14.46%
10%-10.99%	7.494	30	7.86%
11% and higher	7.502	49	7.87%
Floater	7.864	36	8.25%
Total	95.357	384
Pricing versus talk
Lower	4.033	18	4.23%
Low end	25.871	99	27.13%
Middle	25.436	93	26.68%
High end	12.469	49	13.08%
Higher	20.691	75	21.70%
NA	6.857	50	7.19%
Total	95.357	384
Upsized?
Yes	27.564	95	28.91%
No	58.287	253	61.12%
Downsized	9.507	36	9.97%
Total	95.357	384
Quick sale?
Yes	33.977	132	35.63%
No	61.380	252	64.37%
Total	95.357	384
Add on?
Yes	3.745	30	3.93%
No	91.612	354	96.07%
Total	95.357	384
Zero coupon?
Yes	2.869	20	3.02%
No	92.487	364	96.99%
Total	95.357	384
Seniority
Mortgage	0.508	4	0.53%
Senior secured	15.142	62	15.88%
Senior	54.359	211	57.01%
Senior sub	25.049	106	26.27%
Subordinated	0.300	1	0.31%
Total	95.357	384
Moody's rating
Ba1	4.391	17	4.60%
Ba2	7.868	27	8.25%
Ba3	10.914	38	11.44%
B1	12.107	39	12.70%
B2	19.292	80	20.23%
B3	26.134	110	27.41%
Caa1	9.581	48	10.76%
Caa2	1.287	8	1.35%
Caa3	0.135	1	0.14%
NR	3.649	16	3.12%
Total	95.357	384
Use of proceeds
Acquisition	8.485	37	8.90%
Capex	0.908	5	0.95%
Chapter 11 exit	0.479	3	0.50%
GCP	2.652	9	2.78%
LBO	12.828	46	13.45%
Refinance/tender for notes	20.839	82	21.85%
Repay bank debt	10.387	38	10.89%
Repay bank debt plus	4.026	20	4.22%
Refinance	20.053	84	21.03%
Other/Multiple	14.699	60	15.42%
Total	95.357	384
Industry sector (by SIC code)
Agriculture (0xxx)	0.453	2	0.47%
Mining (1xxx)	1.645	6	1.72%
Oil and gas (13xx)	5.906	25	6.19%
Construction (15xx)	1.993	11	2.09%
Manufacturing (2xxx, 3xxx)	4.537	19	4.76%
Transportation (4xxx)	32.483	146	34.06%
Communications (48xx)	1.527	9	1.60%
Electric, gas, sanitary services (49xx)	16.526	48	17.33%
Wholesale (5xxx)	7.324	22	7.68%
Finance, insurance, real estate (6xxx)	6.332	33	6.64%
Services (7xxx)	16.634	63	17.44%
Total	95.357	384
Home country of issuer
Argentina	0.101	1	0.11%
Bermuda	0.100	1	0.11%
Brazil	1.694	7	1.78%
Canada	5.761	21	6.04%
Chile	0.399	1	0.42%
France	0.626	1	0.66%
Germany	1.843	3	1.93%
Guatemala	0.050	1	0.05%
Hong Kong	0.150	1	0.16%
Indonesia	0.474	2	0.50%
Israel	0.190	1	0.20%
Korea	0.696	3	0.73%
Malaysia	0.250	1	0.26%
Mexico	0.162	1	0.17%
Netherlands	0.149	1	0.16%
Philippines	0.109	1	0.11%
Russia	2.001	4	2.10%
Turkey	0.174	1	0.18%
U.K.	1.146	4	1.20%
U.S.	79.146	327	83.00%
Ukraine	0.135	1	0.14%
Total	95.357	384

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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