Analysis of high yield issuance for year to date through April

Total issuance: $36.723 billion in 145 deals

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

Yield

Less than 6%	0.696	3	1.90%
6%-6.99%	8.087	30	22.02%
7%-7.99%	9.721	31	26.47%
8%-8.99%	5.926	20	16.14%
9%-9.99%	5.046	22	13.74%
10%-10.99%	1.933	9	5.26%
11% and higher	1.432	13	3.90%
Floater	3.882	17	10.57%
Total	36.723	145
Pricing versus talk
Lower	1.469	6	4.00%
Low end	7.497	26	20.41%
Middle	11.460	42	31.21%
High end	7.962	29	21.68%
Higher	6.181	24	16.83%
NA	2.154	18	5.87%
Total	36.723	145
Upsized?
Yes	9.340	30	25.43%
No	24.475	102	66.65%
Downsized	2.908	13	7.92%
Total	36.723	145
Quick sale?
Yes	10.799	47	29.41%
No	25.924	98	70.59%
Total	36.723	145
Add on?
Yes	2.373	18	6.46%
No	34.350	127	93.54%
Total	36.723	145
Zero coupon?
Yes	0.645	4	1.76%
No	36.077	141	98.24%
Total	36.723	145
Seniority
Senior secured	3.432	20	9.35%
Senior	24.604	92	67.00%
Senior sub	8.687	33	23.66%
Total	36.723	145
Moody's rating
Ba1	1.387	4	3.78%
Ba2	1.575	6	4.29%
Ba3	4.975	17	13.55%
B1	7.946	20	21.64%
B2	5.881	27	16.01%
B3	8.946	38	24.36%
Caa1	3.953	18	10.76%
Caa2	1.356	9	3.69%
Caa3	0.380	1	1.03%
NR	0.325	5	0.89%
Total	36.723	145
Use of proceeds
Acquisition	3.021	12	8.23%
Capex	0.553	3	1.51%
Dividend/recap	2.890	19	7.87%
GCP	2.397	8	6.53%
LBO	7.990	28	21.76%
Refinance/tender for notes	8.284	29	22.56%
Repay bank debt	4.750	21	12.93%
Other refinance	3.170	10	8.63%
Other/Multiple	3.668	15	9.99%
Total	36.723	145
Industry sector (by SIC code)
Agriculture (0xxx)	0.223	1	0.61%
Mining (1xxx)	0.304	2	0.83%
Construction (15xx)	1.789	9	4.87%
Manufacturing (2xxx, 3xxx)	0.994	4	2.71%
Pharmaceuticals (2834-6)	10.889	43	29.65%
Transportation (4xxx)	2.167	9	5.90%
Communications (48xx)	6.132	19	16.70%
Electric, gas, sanitary services (49xx)	1.000	4	2.72%
Wholesale, retail (5xxx)	3.439	20	9.37%
Finance, insurance, real estate (6xxx)	1.527	6	4.16%
Services (7xxx)	8.260	28	22.49%
Total	36.723	145
Home country of issuer
Argentina	0.150	1	0.41%
Brazil	0.420	1	1.15%
Canada	2.216	5	6.03%
Hong Kong	1.218	3	3.32%
Mexico	0.702	4	1.91%
Russia	0.903	3	2.46%
U.S.	28.585	118	77.84%
Other	2.528	10	6.88%
Total	36.723	145

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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