Analysis of high yield issuance for 2004 through October

Total issuance: $112.025 billion in 457 deals

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

Yield

Less than 6%	3.960	15	3.53%
6%-6.99%	17.776	62	15.87%
7%-7.99%	22.332	81	19.93%
8%-8.99%	23.800	87	21.24%
9%-9.99%	17.598	72	15.71%
10%-10.99%	9.114	38	8.14%
11% and higher	8.278	58	7.40%
Floater	9.168	44	8.18%
Total	112.025	457
Pricing versus talk
Lower	6.551	26	5.85%
Low end	30.150	121	26.91%
Middle	28.493	109	25.43%
High end	17.207	63	15.36%
Higher	21.250	79	18.97%
NA	8.374	59	7.47%
Total	112.025	457
Upsized?
Yes	31.064	109	27.73%
No	70.885	309	63.28%
Downsized	10.076	39	8.99%
Total	112.025	457
Quick sale?
Yes	40.315	153	35.99%
No	71.710	304	64.01%
Total	112.025	457
Add on?
Yes	5.172	36	4.62%
No	106.853	421	95.38%
Total	112.025	457
Zero coupon?
Yes	4.364	29	3.87%
No	107.660	428	96.10%
Total	112.025	457
Seniority
Mortgage	0.508	4	0.45%
Senior secured	17.690	73	15.79%
Senior	65.397	262	58.38%
Senior sub	27.930	116	24.93%
Subordinated	0.500	2	0.45%
Total	112.025	457
Moody's rating
Ba1	5.769	22	5.15%
Ba2	8.969	30	8.01%
Ba3	12.640	43	11.28%
B1	13.623	47	12.16%
B2	21.717	91	19.39%
B3	29.296	123	26.15%
Caa1	12.891	68	11.51%
Caa2	2.172	13	1.94%
Caa3	0.135	1	0.12%
NR	4.813	19	4.29%
Total	112.025	457
Use of proceeds
Acquisition	9.224	41	8.23%
Capex	0.908	5	0.81%
Chapter 11 exit	0.704	4	0.63%
GCP	3.814	13	3.40%
LBO	15.451	59	13.79%
Refinance/tender for notes	23.427	91	20.91%
Repay bank debt	12.290	44	10.97%
Repay bank debt plus	5.113	24	4.56%
Refinance	22.377	99	19.97%
Other/Multiple	18.716	77	16.71%
Total	112.025	457
Industry sector (by SIC code)
Agriculture (0xxx)	1.025	5	0.92%
Mining (1xxx)	1.931	7	1.72%
Oil and gas (13xx)	7.345	31	6.56%
Construction (15xx)	2.489	13	2.22%
Manufacturing (2xxx, 3xxx)	38.108	172	34.02%
Transportation (4xxx)	1.527	9	1.36%
Communications (48xx)	20.104	61	17.95%
Electric, gas, sanitary services (49xx)	8.587	25	7.67%
Wholesale (5xxx)	6.846	40	6.11%
Finance, insurance, real estate (6xxx)	5.871	25	5.24%
Services (7xxx)	18.191	69	16.24%
Total	112.025	457
Home country of issuer
Argentina	0.201	2	0.18%
Brazil	2.684	10	2.40%
Canada	6.860	26	6.12%
Chile	0.399	1	0.36%
France	0.626	1	0.56%
Germany	2.355	5	2.10%
Guatemala	0.050	1	0.04%
Hong Kong	0.150	1	0.13%
Indonesia	0.474	2	0.42%
Israel	0.190	1	0.17%
Korea	0.696	3	0.62%
Malaysia	0.250	1	0.22%
Mexico	0.312	2	0.28%
Netherlands	0.434	3	0.39%
Philippines	0.109	1	0.10%
Russia	2.301	5	2.05%
Turkey	0.374	2	0.33%
U.K.	1.246	5	1.11%
U.S.	91.918	383	82.05%
Ukraine	0.135	1	0.12%
Venezuela	0.260	1	0.23%
Total	112.025	457

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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