Analysis of high yield issuance for 2004 through November

Total issuance: $127.708 billion in 513 deals

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

Yield

Less than 6%	6.244	22	4.89%
6%-6.99%	23.724	79	18.58%
7%-7.99%	25.873	94	20.26%
8%-8.99%	25.058	91	19.62%
9%-9.99%	18.623	78	14.58%
10%-10.99%	9.705	42	7.60%
11% and higher	8.325	60	6.52%
Floater	10.154	47	7.95%
Total	127.708	513
Pricing versus talk
Lower	7.576	30	5.93%
Low end	39.677	148	31.07%
Middle	31.869	123	24.95%
High end	18.447	66	14.44%
Higher	21.434	81	16.78%
NA	8.704	65	6.82%
Total	127.708	513
Upsized?
Yes	38.670	131	30.28%
No	78.561	342	61.52%
Downsized	10.476	40	8.20%
Total	127.708	513
Quick sale?
Yes	46.655	179	36.53%
No	81.053	334	63.47%
Total	127.708	513
Add on?
Yes	6.700	47	5.25%
No	121.007	466	94.75%
Total	127.708	513
Zero coupon?
Yes	4.879	32	3.84%
No	122.827	481	96.18%
Total	127.708	513
Seniority
Mortgage	2.413	8	1.89%
Senior secured	20.382	84	15.96%
Senior	73.038	290	57.19%
Senior sub	31.115	127	24.36%
Other	0.760	4	0.59%
Total	127.708	513
Moody's rating
Ba1	6.695	25	5.24%
Ba2	11.302	39	8.85%
Ba3	17.141	55	13.42%
B1	14.317	50	11.21%
B2	24.522	99	19.20%
B3	31.798	133	24.90%
Caa1	14.816	78	11.60%
Caa2	2.318	15	1.81%
Caa3	0.135	1	0.11%
NR	4.664	18	3.65%
Total	127.708	513
Use of proceeds
Acquisition	9.759	44	7.64%
Capex	0.908	5	0.71%
Chapter 11 exit	0.704	4	0.55%
GCP	4.134	15	3.24%
LBO	16.416	63	12.85%
Refinance/tender for notes	25.060	97	19.62%
Repay bank debt	14.920	53	11.68%
Repay bank debt plus	6.706	30	5.25%
Refinance	23.684	105	18.55%
Other/Multiple	25.417	97	19.90%
Total	127.708	513
Industry sector (by SIC code)
Agriculture (0xxx)	1.025	5	0.80%
Mining (1xxx)	2.230	8	1.75%
Oil and gas (13xx)	7.345	31	5.75%
Construction (15xx)	2.790	15	2.18%
Manufacturing (2xxx, 3xxx)	44.468	196	34.82%
Transportation (4xxx)	2.403	14	1.88%
Communications (48xx)	24.408	74	19.11%
Electric, gas, sanitary services (49xx)	9.255	29	7.25%
Wholesale (5xxx)	6.846	40	5.36%
Finance, insurance, real estate (6xxx)	6.821	27	5.34%
Services (7xxx)	20.116	74	15.75%
Total	127.708	513
Home country of issuer
Argentina	0.201	2	0.16%
Australia	0.199	1	0.16%
Bahamas	0.180	1	0.14%
Brazil	2.535	9	1.99%
Canada	9.703	34	7.60%
Chile	0.399	1	0.31%
Colombia	0.169	1	0.13%
France	0.626	1	0.49%
Germany	2.355	5	1.84%
Guatemala	0.050	1	0.04%
Hong Kong	0.150	1	0.12%
Indonesia	0.474	2	0.37%
Ireland	1.150	2	0.90%
Israel	0.190	1	0.15%
Korea	0.696	3	0.55%
Malaysia	0.250	1	0.20%
Mexico	0.312	2	0.24%
Netherlands	0.434	3	0.34%
Philippines	0.109	1	0.09%
Russia	2.250	5	1.76%
Singapore	0.715	2	0.56%
Sweden	0.250	1	0.20%
Turkey	0.374	2	0.29%
U.K.	1.547	6	1.21%
U.S.	101.994	423	79.87%
Ukraine	0.135	1	0.11%
Venezuela	0.260	1	0.20%
Total	127.708	513

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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