Analysis of high yield issuance for November

Total issuance: $16.181 billion in 58 deals

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

Yield

Less than 6%	2.284	7	14.12%
6%-6.99%	5.948	17	36.76%
7%-7.99%	3.541	13	21.89%
8%-8.99%	1.609	5	9.94%
9%-9.99%	1.025	6	6.33%
10%-10.99%	0.592	4	3.66%
11% and higher	0.196	3	1.21%
Floater	0.986	3	6.09%
Total	16.181	58
Pricing versus talk
Lower	1.025	4	6.33%
Low end	9.526	27	58.87%
Middle	3.377	14	20.87%
High end	1.389	4	8.59%
Higher	0.183	2	1.13%
NA	0.681	7	4.21%
Total	16.181	58
Upsized?
Yes	7.957	23	49.17%
No	7.825	34	48.36%
Downsized	0.400	1	2.47%
Total	16.181	58
Quick sale?
Yes	6.340	26	39.18%
No	9.841	32	60.82%
Total	16.181	58
Add on?
Yes	1.528	11	9.45%
No	14.653	47	90.55%
Total	16.181	58
Zero coupon?
Yes	0.515	3	3.19%
No	15.665	55	96.81%
Total	16.181	58
Seniority
Mortgage	1.905	4	11.77%
Senior secured	2.816	12	17.40%
Senior	8.139	30	50.30%
Senior sub	3.185	11	19.68%
Other	0.136	1	0.84%
Total	16.181	58
Moody's rating
Ba1	0.335	2	2.07%
Ba2	2.925	10	18.08%
Ba3	4.501	12	27.82%
B1	0.694	3	4.29%
B2	2.805	8	17.33%
B3	2.852	11	17.62%
Caa1	1.924	10	11.89%
Caa2	0.145	2	0.90%
Total	16.181	58
Use of proceeds
Acquisition	0.535	3	3.31%
GCP	0.320	2	1.98%
LBO	0.965	4	5.96%
Refinance/tender for notes	1.633	6	10.09%
Repay bank debt	2.629	9	16.25%
Repay bank debt plus	1.593	6	9.84%
Refinance	1.307	6	8.08%
Other/Multiple	7.200	22	44.49%
Total	16.181	58
Industry sector (by SIC code)
Mining (1xxx)	0.299	1	1.84%
Construction (15xx)	0.450	3	2.78%
Manufacturing (2xxx, 3xxx)	6.360	24	39.30%
Transportation (4xxx)	0.876	5	5.41%
Communications (48xx)	4.305	13	26.60%
Electric, gas, sanitary services (49xx)	0.668	4	4.13%
Finance, insurance, real estate (6xxx)	1.300	3	8.03%
Services (7xxx)	1.925	5	11.90%
Total	16.181	58
Home country of issuer
Australia	0.199	1	1.23%
Bahamas	0.180	1	1.11%
Canada	2.843	8	17.57%
Colombia	0.169	1	1.05%
Ireland	1.150	2	7.11%
Russia	0.299	1	1.84%
Singapore	0.715	2	4.42%
Sweden	0.250	1	1.54%
U.K.	0.301	1	1.86%
U.S.	10.076	40	62.27%
Total	16.181	58

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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