Analysis of high yield issuance for 2004 third quarter

Total issuance: $27.395 billion in 101 deals

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

Yield

Less than 6%	0.705	2	2.57%
6%-6.99%	3.759	10	13.72%
7%-7.99%	5.776	19	21.09%
8%-8.99%	5.027	20	18.35%
9%-9.99%	6.141	18	22.42%
10%-10.99%	2.648	11	9.67%
11% and higher	1.741	12	6.35%
Floater	1.597	9	5.83%
Total	27.395	101
Pricing versus talk
Lower	1.415	5	5.17%
Low end	7.272	26	26.54%
Middle	7.547	28	27.55%
High end	5.123	15	18.70%
Higher	3.859	13	14.09%
NA	2.180	14	7.96%
Total	27.395	101
Upsized?
Yes	6.765	24	24.69%
No	18.735	71	68.39%
Downsized	1.895	6	6.92%
Total	27.395	101
Quick sale?
Yes	9.601	30	35.05%
No	17.794	71	64.95%
Total	27.395	101
Add on?
Yes	1.563	8	5.71%
No	25.831	93	94.29%
Total	27.395	101
Zero coupon?
Yes	1.320	8	4.82%
No	26.075	93	95.18%
Total	27.395	101
Seniority
Senior secured	2.755	13	10.06%
Senior	16.973	65	61.96%
Senior sub	7.666	23	27.98%
Total	27.395	101
Moody's rating
Ba1	1.452	4	5.30%
Ba2	3.107	9	11.34%
Ba3	3.630	11	13.25%
B1	3.589	10	13.10%
B2	3.835	19	14.00%
B3	6.019	22	21.97%
Caa1	4.310	22	15.73%
Caa2	0.500	2	1.82%
NR	0.953	2	3.48%
Total	27.395	101
Use of proceeds
Acquisition	3.280	12	11.97%
Capex	0.201	1	0.73%
Chapter 11 exit	0.125	1	0.46%
GCP	1.352	3	4.94%
LBO	6.218	22	22.70%
Refinance/tender for notes	4.973	17	18.15%
Repay bank debt	2.102	6	7.67%
Repay bank debt plus	0.200	1	0.73%
Refinance	3.591	18	13.10%
Other/Multiple	5.351	20	19.54%
Total	27.395	101
Industry sector (by SIC code)
Agriculture (0xxx)	0.550	2	2.01%
Mining (1xxx)	0.300	1	1.10%
Oil and gas (13xx)	1.967	8	7.18%
Construction (15xx)	0.445	2	1.62%
Manufacturing (2xxx, 3xxx)	9.934	39	36.26%
Transportation (4xxx)	0.250	1	0.91%
Communications (48xx)	5.130	15	18.73%
Electric, gas, sanitary services (49xx)	0.779	1	2.84%
Wholesale (5xxx)	1.884	9	6.88%
Finance, insurance, real estate (6xxx)	1.392	4	5.08%
Services (7xxx)	4.763	19	17.39%
Total	27.395	101
Home country of issuer
Brazil	0.792	2	0.0289
Canada	2.704	9	9.87%
Germany	0.513	2	1.87%
Korea	0.196	1	0.72%
Malaysia	0.250	1	0.91%
Mexico	0.312	2	1.14%
Philippines	0.109	1	0.40%
Russia	0.201	1	0.73%
Turkey	0.174	1	0.64%
U.S.	22.009	80	80.34%
Ukraine	0.135	1	0.49%
Total	27.395	101

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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