Analysis of high yield issuance for year to date through March

Total issuance: $31.266 billion in 120 deals

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

Yield

Less than 6%	0.696	3	2.23%
6%-6.99%	7.392	28	23.64%
7%-7.99%	8.694	26	27.81%
8%-8.99%	5.128	16	16.40%
9%-9.99%	3.978	17	12.72%
10%-10.99%	1.463	7	4.68%
11% and higher	0.615	9	1.97%
Floater	3.302	14	10.56%
Total	31.266	120
Pricing versus talk
Lower	1.469	6	4.70%
Low end	6.857	23	21.93%
Middle	10.392	37	33.24%
High end	6.245	21	19.97%
Higher	4.205	16	13.45%
NA	2.099	17	6.71%
Total	31.266	120
Upsized?
Yes	8.484	26	27.14%
No	21.043	88	67.30%
Downsized	1.739	6	5.56%
Total	31.266	120
Quick sale?
Yes	9.608	42	30.73%
No	21.658	78	69.27%
Total	31.266	120
Add on?
Yes	2.217	16	7.09%
No	29.050	104	92.91%
Total	31.266	120
Zero coupon?
Yes	0.645	4	2.07%
No	30.620	116	97.93%
Total	31.266	120
Seniority
Senior secured	2.471	15	7.90%
Senior	20.581	75	65.82%
Senior sub	8.215	30	26.27%
Total	31.266	120
Moody's rating
Ba1	1.189	3	3.80%
Ba2	1.575	6	5.04%
Ba3	3.692	13	11.81%
B1	7.621	18	24.37%
B2	4.288	21	13.71%
B3	7.385	29	23.62%
Caa1	3.653	16	11.68%
Caa2	1.159	8	3.71%
Caa3	0.380	1	1.22%
NR	0.325	5	1.03%
Total	31.266	120
Use of proceeds
Acquisition	1.730	7	5.53%
Capex	0.553	3	1.77%
Dividend/recap	2.765	18	8.84%
GCP	2.097	7	6.71%
LBO	6.573	21	21.02%
Refinance/tender for notes	6.966	24	22.28%
Repay bank debt	4.267	18	13.65%
Other refinance	3.170	10	10.14%
Other/Multiple	3.146	12	10.06%
Total	31.266	120
Industry sector (by SIC code)
Agriculture (0xxx)	0.223	1	0.71%
Mining (1xxx)	0.304	2	0.97%
Construction (15xx)	0.597	3	1.91%
Manufacturing (2xxx, 3xxx)	0.994	4	3.18%
Pharmaceuticals (2834-6)	9.417	36	30.12%
Transportation (4xxx)	1.707	8	5.46%
Communications (48xx)	5.457	15	17.45%
Electric, gas, sanitary services (49xx)	1.000	4	3.20%
Wholesale, retail (5xxx)	3.024	19	9.67%
Finance, insurance, real estate (6xxx)	0.880	3	2.81%
Services (7xxx)	7.664	25	24.51%
Total	31.266	120
Home country of issuer
Brazil	0.420	1	1.34%
Canada	2.155	4	6.89%
Hong Kong	1.218	3	3.90%
Korea	0.497	1	1.59%
Russia	0.603	2	1.93%
U.K.	0.600	1	1.92%
U.S.	24.710	100	79.03%
Other	1.063	8	3.40%
Total	31.266	120

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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