Analysis of high yield issuance for February

Total issuance: $21.871 billion in 83 deals

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

Yield

Less than 6%	0.496	2	2.27%
6%-6.99%	4.345	19	19.87%
7%-7.99%	5.849	16	26.74%
8%-8.99%	4.298	13	19.65%
9%-9.99%	3.563	15	16.29%
10%-10.99%	0.723	4	3.30%
11% and higher	0.310	5	1.42%
Floater	2.287	9	10.46%
Total	21.871	83
Pricing versus talk
Lower	1.395	5	6.38%
Low end	5.893	21	26.95%
Middle	5.598	22	25.60%
High end	4.570	14	20.90%
Higher	3.234	10	14.78%
NA	1.180	11	5.40%
Total	21.871	83
Upsized?
Yes	5.631	18	25.75%
No	14.640	60	66.94%
Downsized	1.600	5	7.32%
Total	21.871	83
Quick sale?
Yes	6.702	31	30.65%
No	15.169	52	69.35%
Total	21.871	83
Add on?
Yes	1.711	12	7.82%
No	20.160	71	92.18%
Total	21.871	83
Zero coupon?
Yes	0.605	3	2.77%
No	21.265	80	97.23%
Total	21.871	83
Seniority
Senior secured	1.166	8	5.33%
Senior	14.216	51	65.00%
Senior sub	6.489	24	29.67%
Total	21.871	83
Moody's rating
Ba1	0.496	2	2.27%
Ba2	1.426	5	6.52%
Ba3	2.095	9	9.58%
B1	6.043	12	27.63%
B2	2.387	13	10.91%
B3	5.853	22	26.76%
Caa1	2.878	12	13.16%
Caa2	0.559	5	2.56%
NR	0.135	3	0.61%
Total	21.871	83
Use of proceeds
Acquisition	1.385	4	6.33%
Capex	0.423	2	1.94%
Dividend/recap	2.485	16	11.36%
GCP	1.403	6	6.42%
LBO	5.988	16	27.38%
Refinance/tender for notes	4.329	16	19.79%
Repay bank debt	1.557	9	7.12%
Other refinance	1.995	6	9.12%
Other/Multiple	2.306	8	10.54%
Total	21.871	83
Industry sector (by SIC code)
Agriculture (0xxx)	0.223	1	1.02%
Mining (1xxx)	0.304	2	1.39%
Construction (15xx)	0.645	2	2.95%
Manufacturing (2xxx, 3xxx)	6.158	24	28.15%
Pharmaceuticals (2834-6)	0.600	1	2.74%
Transportation (4xxx)	0.859	6	3.93%
Communications (48xx)	5.383	14	24.61%
Electric, gas, sanitary services (49xx)	0.200	2	0.91%
Wholesale, retail (5xxx)	2.191	13	10.02%
Finance, insurance, real estate (6xxx)	0.630	2	2.88%
Services (7xxx)	4.679	16	21.39%
Total	21.871	83
Home country of issuer
Brazil	0.420	1	1.92%
Canada	1.400	1	6.40%
Korea	0.497	1	2.27%
Russia	0.603	2	2.76%
U.K.	0.600	1	2.74%
U.S.	17.313	69	79.16%
Other	1.038	8	4.73%
Total	21.871	83

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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