Analysis of high yield issuance for 13 months through June 2012

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

Yield

	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
5.99% and lower	0	1.000	0	0.497	1.250	3.966	1.527	4.654	11.001	11.671	1.313	6.850	2.450
6%-6.99%	1.700	5.100	0	0.844	2.750	8.220	0.158	3.724	3.478	6.056	6.601	1.515	1.991
7%-7.99%	8.131	3.550	0.102	1.750	0.200	4.968	1.200	4.495	8.769	7.663	5.195	1.136	0.847
8%-8.99%	1.837	2.558	0	2.000	1.500	2.395	0	4.822	5.687	1.293	2.925	1.981	2.223
9%-9.99%	0.644	1.685	0.253	0.250	0.448	3.752	0.253	3.166	5.734	3.777	3.536	4.440	0.568
10%-10.99%	2.355	1.281	0	0.186	1.942	0.335	0.190	0.867	0.989	0.825	1.149	3.177	1.490
11%-11.99%	0.524	0.815	0.395	0	0.375	1.000	0.285	0.125	0.350	0	1.400	0.611	0
12% and higher	0.907	1.980	0.512	0.496	0.147	0.413	0.217	1.525	3.330	1.327	0.674	0.566	0
Floater	0.200	0	0	0	0	0	0	0	0	0	0	0	1.000
NA	0	0	0	0	0.497	0.715	0	0.690	0	1.283	0.633	3.000	0.824
Total	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.896	23.425	23.276	11.393
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
5.99% and lower	1.497	2	6.743	7	27.326	37	10.613	17	37.939	54	46.178	63	46.178	63	24.41%
6%-6.99%	5.944	7	11.128	15	13.258	27	10.108	22	23.366	49	42.139	75	40.439	71	15.04%
7%-7.99%	5.402	9	6.368	14	20.927	45	7.178	20	28.105	65	48.006	101	39.875	88	18.09%
8%-8.99%	4.558	8	3.895	6	11.803	28	7.128	20	18.931	48	29.221	66	27.384	62	12.18%
9%-9.99%	2.188	7	4.453	6	12.677	24	8.544	18	21.221	42	28.506	58	27.862	55	13.66%
10%-10.99%	1.467	3	2.467	5	2.681	11	5.815	16	8.496	27	14.786	43	12.430	35	5.47%
11%-11.99%	1.210	5	1.660	4	0.475	2	2.011	5	2.486	7	5.880	19	5.356	16	1.60%
12% and higher	2.988	11	0.778	4	6.183	19	1.240	6	7.423	25	12.096	43	11.189	40	4.77%
Floater	0	0	0	0	0	0	1.000	1	1.000	1	1.200	2	1.000	1	0.64%
NA	0	0	1.212	3	1.973	5	4.457	8	6.430	13	7.642	16	7.642	16	4.14%
Total	25.255	52	38.703	64	97.303	198	58.094	133	155.397	331	235.653	486	219.355	447	100.00%
Versus Talk
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Lower	0	0.157	0	0	0	0	0	0	0.384	0	0.208	0	0
Low end	2.399	3.450	0	3.440	3.575	7.606	0	10.864	13.196	12.001	9.913	8.317	5.166
Middle	4.550	7.081	0.534	2.433	4.218	10.988	2.581	9.773	19.203	14.647	8.391	5.252	2.040
High end	6.549	5.300	0.373	0.150	0.819	2.770	0.348	0.785	1.029	4.395	0.909	4.296	0
Higher	1.390	0.747	0	0	0	0.217	0.250	0.813	2.250	0	1.198	0.725	0
NA	1.409	1.234	0.355	0	0.497	4.181	0.651	1.834	3.276	2.852	2.806	4.685	4.187
Total	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.896	23.425	23.276	11.393
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.157	1	0	0	0.384	1	0.208	1	0.592	2	0.749	3	0.749	3	0.38%
Low end	6.890	15	11.181	17	36.061	73	23.396	45	59.457	118	79.928	154	77.529	150	38.26%
Middle	10.048	24	17.787	20	43.624	72	15.683	38	59.306	110	91.692	164	87.141	154	38.16%
High end	5.824	5	3.938	11	6.210	19	5.205	14	11.415	33	27.725	63	21.176	49	7.35%
Higher	0.747	1	0.467	2	3.063	3	1.923	6	4.986	9	7.590	15	6.200	12	3.21%
NA	1.589	6	5.329	14	7.962	30	11.679	29	19.641	59	27.968	87	26.559	79	12.64%
Total	25.255	52	38.703	64	97.303	198	58.094	133	155.397	331	235.653	486	219.355	447	100.00%
Upsized?
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Yes	2.652	11.172	0	1.345	5.968	12.757	2.517	8.651	19.037	13.912	5.940	6.978	3.260
No	13.646	6.246	1.262	4.230	3.142	10.771	1.313	13.853	20.301	19.357	12.560	15.475	8.133
Downsized	0	0.551	0	0.448	0	2.235	0	1.565	0	0.627	4.925	0.823	0
Total	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.896	23.425	23.276	11.393
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	12.517	17	21.242	22	41.601	74	16.178	37	57.779	111	94.189	156	91.537	150	37.18%
No	11.739	31	15.226	37	53.510	117	36.168	88	89.678	205	130.289	306	116.643	273	57.71%
Downsized	0.999	4	2.235	5	2.192	7	5.748	8	7.940	15	11.174	24	11.174	24	5.11%
Total	25.255	52	38.703	64	97.303	198	58.094	133	155.397	331	235.653	486	219.355	447	100.00%
Quick Sale?
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Yes	3.863	10.510	0.241	5.325	5.050	20.911	3.173	16.019	28.537	24.365	13.287	9.092	6.521
No	12.435	7.459	1.021	0.698	4.060	4.851	0.657	8.051	10.801	9.531	10.138	14.184	4.872
Total	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.896	23.425	23.276	11.393
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	16.076	28	29.134	44	68.921	128	28.901	70	97.821	198	146.894	283	143.031	270	62.95%
No	9.179	24	9.569	20	28.382	70	29.194	63	57.576	133	88.759	203	76.323	177	37.05%
Total	25.255	52	38.703	64	97.303	198	58.094	133	155.397	331	235.653	486	219.355	447	100.00%
Seniority
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
mortgage	0	0	0	0	0	0	0	0	0	0	0	0	0.088
senior secured	1.763	7.454	0.373	0.496	1.718	2.280	0.427	5.694	7.113	4.495	7.069	5.649	3.450
secured	0.231	0	0.102	0	0	0	0	0	0	0	0.244	0	0.126
senior	14.054	10.515	0.587	4.977	7.392	23.203	3.403	17.875	29.376	29.076	15.513	17.626	7.206
senior subordinated	0.250	0	0	0.550	0	0	0	0.500	2.849	0.325	0	0	0.198
subordinated	0	0	0.200	0	0	0.280	0	0	0	0	0.600	0	0.325
Total	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.896	23.425	23.276	11.393
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0	0	0	0	0	0	0.088	1	0.088	1	0.088	1	0.088	1	0.06%
senior secured	8.323	15	4.426	8	17.302	41	16.168	41	33.469	82	47.981	113	46.218	105	21.54%
secured	0.102	1	0	0	0	0	0.370	3	0.370	3	0.703	7	0.472	4	0.24%
senior	16.079	33	33.997	55	76.327	151	40.345	85	116.673	236	180.803	351	166.749	324	75.08%
senior subordinated	0.550	2	0	0	3.674	6	0.198	1	3.872	7	4.673	10	4.423	9	2.49%
subordinated	0.200	1	0.280	1	0	0	0.925	2	0.925	2	1.405	4	1.405	4	0.60%
Total	25.255	52	38.703	64	97.303	198	58.094	133	155.397	331	235.653	486	219.355	447	100.00%
Moody's Rating
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Ba1	1.100	0.400	0	1.747	1.747	5.891	1.527	2.902	2.995	2.196	1.695	1.250	1.951
Ba2	0.450	5.407	0	0.394	0	2.021	1.457	3.800	1.396	5.941	1.774	2.400	1.365
Ba3	0.900	2.689	0.102	0.150	2.350	2.450	0.154	3.965	7.678	2.025	2.069	1.475	0.414
B1	3.750	0.400	0	2.300	2.148	4.267	0	4.111	6.263	9.248	3.970	5.957	1.870
B2	2.121	0.815	0	0.250	0.223	0.168	0.035	1.026	7.895	3.756	5.845	2.694	0.665
B3	3.860	4.635	0	1.134	1.866	3.345	0.217	3.503	6.133	2.965	5.481	2.763	1.608
Caa1	2.271	2.734	0.768	0	0.775	0.867	0.440	2.417	3.997	3.237	1.623	2.347	1.048
Caa2	1.276	0.078	0.139	0	0	0.245	0	0.594	0.582	0.492	0	0.626	0
Caa3	0	0	0	0	0	0	0	0	0.831	0	0	0	0
NR	0.570	0.811	0.253	0.048	0	6.509	0	1.750	1.569	4.036	0.968	3.763	2.472
Total	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.896	23.425	23.276	11.393
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	2.147	4	9.165	9	8.093	16	4.895	7	12.988	23	25.400	38	24.300	36	8.36%
Ba2	5.802	6	3.477	9	11.138	18	5.539	13	16.676	31	26.405	47	25.955	46	10.73%
Ba3	2.941	5	4.954	8	13.668	26	3.958	10	17.626	36	26.422	51	25.522	49	11.34%
B1	2.700	5	6.415	10	19.622	34	11.798	21	31.420	55	44.285	75	40.535	70	20.22%
B2	1.065	5	0.426	3	12.677	28	9.203	19	21.881	47	25.493	63	23.372	55	14.08%
B3	5.769	12	5.428	11	12.600	30	9.853	26	22.453	56	37.511	90	33.650	79	14.45%
Caa1	3.503	7	2.082	6	9.651	22	5.019	17	14.670	39	22.526	58	20.255	52	9.44%
Caa2	0.217	2	0.245	1	1.667	6	0.626	2	2.293	8	4.030	14	2.755	11	1.48%
Caa3	0	0	0	0	0.831	2	0	0	0.831	2	0.831	2	0.831	2	0.53%
NR	1.112	6	6.509	7	7.355	16	7.203	18	14.558	34	22.749	48	22.179	47	9.37%
Total	25.255	52	38.703	64	97.303	198	58.094	133	155.397	331	235.653	486	219.355	447	100.00%
Use of Proceeds
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Acquisition	4.122	0.121	0	2.936	0.596	3.793	0.210	2.946	2.580	1.266	2.111	1.700	1.010
Capex	0.500	0	0.373	0	0	0.991	0	0.300	0	0.636	0	1.679	0
Dividend/recap	0.100	0	0	0	0	1.000	0	0	2.413	0.316	0.275	0.580	0
GCP	1.205	1.436	0.102	1.444	1.700	7.811	1.179	3.289	3.841	5.232	2.485	9.038	1.952
LBO	1.636	2.092	0.395	0	2.093	0.168	0.440	0.730	0.741	0.600	2.958	0.325	0.250
No proceeds	0	0	0	0	0	0	0	0.775	0.384	0	0	0	0
Redeem notes	1.028	8.730	0	0.150	2.350	2.225	0	2.146	5.189	9.362	3.771	0.926	0.665
Refinance	1.570	1.001	0	0.843	0	1.777	0	1.111	5.576	3.371	4.024	1.583	2.073
Repay bank debt	1.302	1.175	0	0.400	0.223	4.147	0.257	5.477	10.652	7.859	2.348	3.723	1.758
Multiple/Other/NA	4.835	3.414	0.392	0.250	2.147	3.851	1.744	7.295	7.962	5.254	5.454	3.722	3.685
Total	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.896	23.425	23.276	11.393
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	3.057	6	4.599	7	6.791	13	4.821	10	11.612	23	23.390	44	19.267	36	7.47%
Capex	0.373	1	0.991	1	0.936	3	1.679	2	2.614	5	4.478	8	3.978	7	1.68%
Dividend/recap	0	0	1.000	1	2.729	5	0.855	4	3.584	9	4.684	11	4.584	10	2.31%
GCP	2.982	8	10.689	16	12.362	29	13.475	27	25.837	56	40.713	83	39.508	80	16.63%
LBO	2.487	7	2.701	5	2.071	4	3.533	5	5.603	9	12.428	25	10.792	21	3.61%
No proceeds	0	0	0	0	1.159	2	0	0	1.159	2	1.159	2	1.159	2	0.75%
Redeem notes	8.881	8	4.575	7	16.698	32	5.362	11	22.060	43	36.544	60	35.516	58	14.20%
Refinance	1.843	6	1.777	4	10.058	20	7.680	18	17.738	38	22.928	52	21.358	48	11.41%
Repay bank debt	1.575	5	4.628	10	23.989	48	7.829	23	31.818	71	39.323	91	38.021	86	20.48%
Multiple/Other/NA	4.056	11	7.743	13	20.511	42	12.861	33	33.372	75	50.005	110	45.170	99	21.48%
Total	25.255	52	38.703	64	97.303	198	58.094	133	155.397	331	235.653	486	219.355	447	100.00%
Industry Sector (by SIC code)
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Agriculture (0xxx)	0	0	0	0	0	0	0	0.815	0	0	0	0	0
Mining (1xxx)	3.950	0.750	0	0	1.500	3.100	0	0.125	0.200	3.365	0.300	3.929	0.740
Oil and gas (13xx)	0.802	0.976	0.139	0.448	1.750	5.897	0.300	2.660	7.608	4.755	6.616	4.736	0.800
Construction (15xx)	0	0	0	0	0	0	0	0.300	0.345	0.850	0.350	0.030	0
Manufacturing (2xxx, 3xxx)	3.414	7.119	0.595	2.529	3.392	4.480	1.954	6.195	6.208	8.223	5.360	3.842	1.385
Transportation (4xxx)	0.431	0	0.102	0.400	0	0	0	0	0.514	0.375	0.244	0.834	0.214
Communications (48xx)	4.125	1.462	0	0	1.000	6.217	0.690	4.949	5.941	1.023	2.502	2.962	1.650
Electric, gas, sanitary services (49xx)	1.000	0	0.053	1.747	0.448	1.426	0	0.400	1.792	0.938	0	0.250	0.775
Wholesale (5xxx)	0	1.100	0	0.150	0	0.868	0.440	2.001	2.417	0.866	2.501	2.185	1.161
Finance, insurance, real estate (6xxx)	0	5.064	0	0	0.497	0.700	0.134	3.036	5.695	5.058	2.646	2.853	3.448
Services (7xxx)	1.862	0.948	0.373	0.250	0.375	0.300	0.312	3.588	5.271	6.552	1.735	1.332	0.500
Health services (8xxx)	0.715	0.550	0	0.500	0.147	2.775	0	0	3.347	1.891	1.173	0.325	0.720
Total	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.896	23.425	23.276	11.393
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.815	2	0	0	0.815	2	0.815	2	0.815	2	0.52%
Mining (1xxx)	0.750	1	4.600	3	3.690	8	4.969	8	8.659	16	17.959	26	14.009	20	5.57%
Oil and gas (13xx)	1.563	7	7.947	16	15.023	27	12.151	18	27.175	45	37.487	70	36.685	68	17.49%
Construction (15xx)	0	0	0	0	1.495	4	0.380	2	1.875	6	1.875	6	1.875	6	1.21%
Manufacturing (2xxx, 3xxx)	10.242	21	9.826	16	20.626	47	10.587	25	31.213	72	54.694	119	51.280	109	20.09%
Transportation (4xxx)	0.502	2	0	0	0.889	4	1.292	7	2.181	11	3.113	17	2.683	13	1.40%
Communications (48xx)	1.462	3	7.907	8	11.913	22	7.113	12	19.026	34	32.520	52	28.395	45	12.24%
Electric, gas, sanitary services (49xx)	1.800	4	1.874	4	3.130	8	1.025	3	4.154	11	8.828	20	7.828	19	2.67%
Wholesale (5xxx)	1.250	4	1.308	4	5.284	14	5.846	16	11.130	30	13.688	38	13.688	38	7.16%
Finance, insurance, real estate (6xxx)	5.064	3	1.331	5	13.790	25	8.946	23	22.736	48	29.132	56	29.132	56	14.63%
Services (7xxx)	1.571	4	0.987	4	15.411	27	3.567	12	18.978	39	23.398	54	21.537	47	12.21%
Health services (8xxx)	1.050	3	2.922	4	5.238	10	2.218	7	7.456	17	12.144	26	11.429	24	4.80%
Total	25.255	52	38.703	64	97.303	198	58.094	133	155.397	331	235.653	486	219.355	447	100.00%

Criteria

• The tables include all underwritten 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.

• 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.

• Best efforts and non-underwritten deals are excluded as are remarketings.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.