Total issuance: $5.457 billion in 25 deals
Columns are amounts in billions of dollars, count of deals and percentage by dollar value.
Yield
| 6%-6.99% | 0.695 | 2 | 12.74%
|
| 7%-7.99% | 1.027 | 5 | 18.82%
|
| 8%-8.99% | 0.798 | 4 | 14.63%
|
| 9%-9.99% | 1.068 | 5 | 19.57%
|
| 10%-10.99% | 0.471 | 2 | 8.63%
|
| 11% and higher | 0.817 | 4 | 14.99%
|
| Floater | 0.580 | 3 | 10.63%
|
| Total | 5.457 | 25
|
|
|
|
|
| Pricing versus talk
|
|
|
| Low end | 0.640 | 3 | 11.73%
|
| Middle | 1.068 | 5 | 19.57%
|
| High end | 1.717 | 8 | 31.47%
|
| Higher | 1.976 | 8 | 36.21%
|
| NA | 0.056 | 1 | 1.02%
|
| Total | 5.457 | 25
|
|
|
|
|
| Upsized?
|
|
|
| Yes | 0.856 | 4 | 15.68%
|
| No | 3.432 | 14 | 62.90%
|
| Downsized | 1.169 | 7 | 21.42%
|
| Total | 5.457 | 25
|
|
|
|
|
| Quick sale?
|
|
|
| Yes | 1.166 | 4 | 21.36%
|
| No | 4.291 | 21 | 78.64%
|
| Total | 5.457 | 25
|
|
|
|
|
| Add on?
|
|
|
| Yes | 0.156 | 2 | 2.86%
|
| No | 5.301 | 23 | 97.14%
|
| Total | 5.457 | 25
|
|
|
|
|
| Zero coupon?
|
|
|
| No | 5.457 | 25 | 100.00%
|
| Total | 5.457 | 25
|
|
|
|
|
| Seniority
|
|
|
| Senior secured | 0.961 | 5 | 17.61%
|
| Senior | 4.023 | 17 | 73.73%
|
| Senior sub | 0.472 | 3 | 8.66%
|
| Total | 5.457 | 25
|
|
|
| Moody's rating
|
|
|
| Ba1 | 0.197 | 1 | 3.62%
|
| Ba3 | 1.283 | 4 | 23.51%
|
| B1 | 0.325 | 2 | 5.96%
|
| B2 | 1.593 | 6 | 29.20%
|
| B3 | 1.561 | 9 | 28.60%
|
| Caa1 | 0.300 | 2 | 5.50%
|
| Caa2 | 0.197 | 1 | 3.62%
|
| Total | 5.457 | 25
|
|
|
|
|
| Use of proceeds
|
|
|
| Acquisition | 1.291 | 5 | 23.66%
|
| Dividend/recap | 0.125 | 1 | 2.29%
|
| GCP | 0.300 | 1 | 5.50%
|
| LBO | 1.417 | 7 | 25.97%
|
| Refinance/tender for notes | 1.319 | 5 | 24.17%
|
| Repay bank debt | 0.482 | 3 | 8.84%
|
| Other/Multiple | 0.522 | 3 | 9.58%
|
| Total | 5.457 | 25
|
|
|
|
|
|
|
| Industry sector (by SIC code)
|
|
|
| Oil and gas (13xx) | 1.193 | 6 | 21.86%
|
| Manufacturing (2xxx, 3xxx) | 1.471 | 7 | 26.97%
|
| Transportation (4xxx) | 0.460 | 1 | 8.43%
|
| Communications (48xx) | 0.675 | 4 | 12.37%
|
| Wholesale, retail (5xxx) | 0.415 | 1 | 7.61%
|
| Finance, insurance, real estate (6xxx) | 0.647 | 3 | 11.85%
|
| Services (7xxx) | 0.596 | 3 | 10.92%
|
| Total | 5.457 | 25
|
|
|
| Home country of issuer
|
|
|
| Canada | 0.060 | 1 | 1.11%
|
| France | 0.165 | 1 | 3.02%
|
| Kazakhstan | 0.197 | 1 | 3.62%
|
| Mexico | 0.460 | 1 | 8.43%
|
| Russia | 0.300 | 1 | 5.50%
|
| Turkey | 0.223 | 1 | 4.09%
|
| U.S. | 3.876 | 18 | 71.02%
|
| Ukraine | 0.175 | 1 | 3.21%
|
| Total | 5.457 | 25
|
|
|
|
|
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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