Total issuance: $12.364 billion in 41 deals
Columns are amounts in billions of dollars, count of deals and percentage by dollar value.
Yield
| 6%-6.99% | 1.449 | 8 | 11.72%
|
| 7%-7.99% | 3.682 | 10 | 29.78%
|
| 8%-8.99% | 3.627 | 10 | 29.33%
|
| 9%-9.99% | 1.752 | 6 | 14.17%
|
| 10%-10.99% | 0.472 | 3 | 3.82%
|
| 11% and higher | 0.150 | 1 | 1.21%
|
| Floater | 1.233 | 3 | 9.97%
|
| Total | 12.364 | 41
|
|
|
|
|
| Pricing versus talk
|
|
|
| Lower | 0.920 | 3 | 7.44%
|
| Low end | 2.008 | 6 | 16.24%
|
| Middle | 3.192 | 11 | 25.82%
|
| High end | 3.535 | 10 | 28.59%
|
| Higher | 2.115 | 5 | 17.11%
|
| NA | 0.593 | 6 | 4.80%
|
| Total | 12.364 | 41
|
|
|
|
|
| Upsized?
|
|
|
| Yes | 2.516 | 8 | 20.35%
|
| No | 9.249 | 32 | 74.80%
|
| Downsized | 0.600 | 1 | 4.85%
|
| Total | 12.364 | 41
|
|
|
|
|
| Quick sale?
|
|
|
| Yes | 3.393 | 16 | 27.45%
|
| No | 8.971 | 25 | 72.55%
|
| Total | 12.364 | 41
|
|
|
|
|
| Add on?
|
|
|
| Yes | 1.382 | 9 | 11.18%
|
| No | 10.982 | 32 | 88.82%
|
| Total | 12.364 | 41
|
|
|
|
|
| Zero coupon?
|
|
|
| No | 12.364 | 41 | 100.00%
|
| Total | 12.364 | 41
|
|
|
|
|
| Seniority
|
|
|
| Senior secured | 0.527 | 4 | 4.26%
|
| Senior | 8.279 | 24 | 66.96%
|
| Senior sub | 3.558 | 13 | 28.77%
|
| Total | 12.364 | 41
|
|
|
| Moody's rating
|
|
|
| Ba2 | 0.596 | 2 | 4.82%
|
| Ba3 | 0.824 | 4 | 6.66%
|
| B1 | 4.693 | 8 | 37.95%
|
| B2 | 1.280 | 8 | 10.35%
|
| B3 | 2.915 | 10 | 23.58%
|
| Caa1 | 1.894 | 7 | 15.32%
|
| Caa2 | 0.083 | 1 | 0.67%
|
| NR | 0.080 | 1 | 0.64%
|
| Total | 12.364 | 41
|
|
|
|
|
| Use of proceeds
|
|
|
| Acquisition | 1.235 | 3 | 9.99%
|
| GCP | 0.227 | 3 | 1.83%
|
| LBO | 4.283 | 11 | 34.64%
|
| Refinance/tender for notes | 2.300 | 9 | 18.60%
|
| Repay bank debt | 0.531 | 4 | 4.29%
|
| Refinance | 1.610 | 3 | 13.02%
|
| Other/Multiple | 2.179 | 8 | 17.63%
|
| Total | 12.364 | 41
|
|
|
|
|
| Industry sector (by SIC code)
|
|
|
| Mining (1xxx) | 0.304 | 2 | 2.46%
|
| Manufacturing (2xxx, 3xxx) | 4.578 | 13 | 37.02%
|
| Transportation (4xxx) | 0.333 | 2 | 2.70%
|
| Communications (48xx) | 3.826 | 8 | 30.94%
|
| Electric, gas, sanitary services (49xx) | 0.100 | 1 | 0.81%
|
| Wholesale (5xxx) | 1.323 | 8 | 10.70%
|
| Finance, insurance, real estate (6xxx) | 0.150 | 1 | 1.21%
|
| Services (7xxx) | 1.751 | 6 | 14.16%
|
| Total | 12.364 | 41
|
|
|
|
|
| Home country of issuer
|
|
|
| Brazil | 0.420 | 1 | 3.40%
|
| Canada | 1.400 | 1 | 11.32%
|
| Korea | 0.497 | 1 | 4.02%
|
| Russia | 0.603 | 2 | 4.88%
|
| U.K. | 0.600 | 1 | 4.85%
|
| U.S. | 8.178 | 29 | 66.14%
|
| Other | 0.666 | 6 | 5.38%
|
| Total | 12.364 | 41
|
|
|
|
|
|
|
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.
* 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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