Total issuance: $9.696 billion in 38 deals
Columns are amounts in billions of dollars, count of deals and percentage by dollar value.
Yield
| Less than 6% | 0.200 | 1 | 2.06%
|
| 6%-6.99% | 3.046 | 9 | 31.42%
|
| 7%-7.99% | 2.845 | 10 | 29.34%
|
| 8%-8.99% | 1.130 | 4 | 11.65%
|
| 9%-9.99% | 0.415 | 2 | 4.28%
|
| 10%-10.99% | 0.740 | 3 | 7.63%
|
| 11% and higher | 0.305 | 4 | 3.13%
|
| Floater | 1.015 | 5 | 10.47%
|
| Total | 9.696 | 38
|
|
|
|
|
| Pricing versus talk
|
|
|
| Lower | 0.074 | 1 | 0.76%
|
| Low end | 1.263 | 3 | 13.03%
|
| Middle | 4.794 | 15 | 49.44%
|
| High end | 1.675 | 7 | 17.28%
|
| Higher | 0.971 | 6 | 10.02%
|
| NA | 0.919 | 6 | 9.47%
|
| Total | 9.696 | 38
|
|
|
|
|
| Upsized?
|
|
|
| Yes | 2.854 | 8 | 29.43%
|
| No | 6.403 | 28 | 66.04%
|
| Downsized | 0.439 | 2 | 4.53%
|
| Total | 9.696 | 38
|
|
|
|
|
| Quick sale?
|
|
|
| Yes | 2.931 | 12 | 30.23%
|
| No | 6.789 | 27 | 70.03%
|
| Total | 9.696 | 38
|
|
|
|
|
| Add on?
|
|
|
| Yes | 0.506 | 4 | 5.22%
|
| No | 9.189 | 34 | 94.78%
|
| Total | 9.696 | 38
|
|
|
|
|
| Zero coupon?
|
|
|
| Yes | 0.040 | 1 | 0.41%
|
| No | 9.655 | 37 | 99.59%
|
| Total | 9.696 | 38
|
|
|
|
|
| Seniority
|
|
|
| Senior secured | 1.305 | 7 | 13.46%
|
| Senior | 6.365 | 24 | 65.64%
|
| Senior sub | 2.026 | 7 | 20.90%
|
| Total | 9.696 | 38
|
|
|
| Moody's rating
|
|
|
| Ba1 | 0.693 | 1 | 7.15%
|
| Ba2 | 0.149 | 1 | 1.54%
|
| Ba3 | 1.597 | 4 | 16.47%
|
| B1 | 1.578 | 6 | 16.28%
|
| B2 | 1.901 | 8 | 19.60%
|
| B3 | 1.832 | 8 | 18.90%
|
| Caa1 | 0.775 | 4 | 7.99%
|
| Caa2 | 0.600 | 3 | 6.19%
|
| Caa3 | 0.380 | 1 | 3.92%
|
| NR | 0.190 | 2 | 1.96%
|
| Total | 9.696 | 38
|
|
|
|
|
| Use of proceeds
|
|
|
| Acquisition | 0.345 | 3 | 3.56%
|
| Capex | 0.130 | 1 | 1.34%
|
| Dividend/recap | 0.280 | 2 | 2.88%
|
| GCP | 0.693 | 1 | 7.15%
|
| LBO | 0.885 | 6 | 9.13%
|
| Refinance/tender for notes | 2.636 | 8 | 27.19%
|
| Repay bank debt | 2.711 | 9 | 27.96%
|
| Other refinance | 1.175 | 4 | 12.12%
|
| Other/Multiple | 0.840 | 4 | 8.67%
|
| Total | 9.696 | 38
|
|
|
|
|
| Industry sector (by SIC code)
|
|
|
| Oil and gas (13xx) | 0.597 | 3 | 6.15%
|
| Construction (15xx) | 0.349 | 2 | 3.60%
|
| Manufacturing (2xxx, 3xxx) | 2.660 | 11 | 27.43%
|
| Transportation (4xxx) | 0.849 | 2 | 8.75%
|
| Communications (48xx) | 0.074 | 1 | 0.76%
|
| Electric, gas, sanitary services (49xx) | 0.800 | 2 | 8.25%
|
| Wholesale, retail (5xxx) | 0.833 | 6 | 8.59%
|
| Finance, insurance, real estate (6xxx) | 0.250 | 1 | 2.58%
|
| Services (7xxx) | 3.285 | 10 | 33.88%
|
| Total | 9.696 | 38
|
|
|
| Home country of issuer
|
|
|
| Argentina | 0.150 | 1 | 1.55%
|
| Canada | 0.755 | 3 | 7.79%
|
| Hong Kong | 1.093 | 2 | 11.28%
|
| U.S. | 7.697 | 32 | 79.39%
|
| Total | 9.696 | 38
|
|
|
|
|
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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