Analysis of high yield issuance for 13 months through January 2013

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

Yield

	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
3.99% and lower	0.400	1.300	0.500	1.600	2.765	0	1.000	0	2.600	0.500	0	0.996	0.743
4%-4.99%	9.408	2.272	4.850	6.650	10.887	0	0	0.071	2.243	0	1.098	1.747	1.954
5%-5.99%	5.467	7.645	10.528	7.187	11.173	1.236	5.334	2.362	10.521	5.921	8.244	5.390	3.353
6%-6.99%	4.228	3.339	7.700	2.289	10.604	4.759	3.963	3.547	10.599	10.648	7.941	6.235	8.565
7%-7.99%	6.733	2.015	5.973	2.206	3.687	4.689	2.579	1.933	10.595	3.777	2.101	3.675	5.308
8%-8.99%	2.039	1.568	1.543	1.575	2.553	0.419	3.488	3.985	6.146	3.753	3.645	2.379	0.103
9%-9.99%	0.651	1.952	0.774	0.162	2.280	1.620	1.023	1.160	2.215	0.050	0.764	0.396	1.095
10%-10.99%	0.950	0.622	1.604	0	0.867	0.200	1.073	0.467	0.675	0	0.176	1.434	0
11% and higher	0.785	1.450	0.650	0.051	1.075	0.472	0	0.248	1.296	1.025	0.457	0.110	1.322
Floater	0	0	0	0	0	0	0.375	0.175	0	0.404	0.300	0	0
NA	0.833	0.014	0.394	1.036	0.282	0.229	0.208	0.005	0	0.182	0.947	0.050	0
Total	31.494	22.178	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.443
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
3.99% and lower	2.200	4	4.365	7	3.600	4	1.496	2	0.743	1	0.743	1	12.404	18	12.004	17	3.31%
4%-4.99%	16.530	30	17.537	30	2.314	3	2.846	6	1.954	3	1.954	3	41.182	72	31.774	54	8.71%
5%-5.99%	23.639	44	19.595	37	18.217	33	19.554	41	3.353	8	3.353	8	84.359	163	78.892	151	14.94%
6%-6.99%	15.267	31	17.652	33	18.109	40	24.825	38	8.565	13	8.565	13	84.418	155	80.190	148	38.16%
7%-7.99%	14.722	31	10.582	31	15.106	24	9.553	20	5.308	12	5.308	12	55.271	118	48.538	103	23.65%
8%-8.99%	5.150	15	4.547	15	13.618	26	9.777	23	0.103	1	0.103	1	33.195	80	31.156	74	0.46%
9%-9.99%	3.377	8	4.062	13	4.398	14	1.209	6	1.095	3	1.095	3	14.142	44	13.491	42	4.88%
10%-10.99%	3.176	6	1.067	4	2.214	7	1.611	5	0	0	0	0	8.068	22	7.118	21	0.00%
11% and higher	2.885	6	1.599	5	1.544	3	1.592	6	1.322	1	1.322	1	8.941	21	8.156	20	5.89%
Floater	0	0	0	0	0.550	2	0.704	2	0	0	0	0	1.254	4	1.254	4	0.00%
NA	1.242	15	1.546	16	0.213	5	1.179	5	0	0	0	0	4.181	41	3.348	35	0.00%
Total	88.190	190	82.553	191	79.885	161	74.346	154	22.443	42	22.443	42	347.416	738	315.922	669	100.00%
Versus Talk
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Lower	0.650	0	1.900	1.000	3.806	0	0.921	0	2.993	0	0	1.296	0.450
Low end	15.518	9.032	14.337	10.866	13.951	0.900	9.587	2.579	6.662	10.474	11.392	11.572	12.952
Middle	10.130	9.283	13.104	6.304	18.625	8.167	5.029	5.810	29.776	8.042	9.208	7.215	6.832
High end	3.252	2.728	2.869	1.163	4.416	4.162	2.240	1.441	3.992	5.575	2.825	1.476	1.865
Higher	0	0.797	0	0.594	1.000	0	0	0.250	0	0	0.246	0	0
NA	1.945	0.339	2.307	2.829	4.376	0.394	1.265	3.872	3.467	2.170	2.002	0.852	0.344
Total	31.494	22.178	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.443
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	2.550	5	4.806	8	3.915	5	1.296	2	0.450	1	0.450	1	13.017	21	12.367	19	2.01%
Low end	38.887	74	25.717	57	18.828	42	33.437	65	12.952	23	12.952	23	129.822	261	114.304	233	57.71%
Middle	32.517	57	33.095	61	40.616	64	24.465	47	6.832	11	6.832	11	137.525	240	127.395	221	30.44%
High end	8.848	20	9.742	22	7.672	20	9.876	20	1.865	5	1.865	5	38.004	87	34.752	79	8.31%
Higher	0.797	2	1.594	3	0.250	1	0.246	1	0	0	0	0	2.888	7	2.888	7	0.00%
NA	4.590	32	7.599	40	8.603	29	5.024	19	0.344	2	0.344	2	26.161	122	24.216	110	1.53%
Total	88.190	190	82.553	191	79.885	161	74.346	154	22.443	42	22.443	42	347.416	738	315.922	669	100.00%
Upsized?
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Yes	13.081	7.173	17.160	9.762	21.169	4.007	8.600	6.516	19.894	14.700	7.193	6.122	5.492
No	17.459	14.355	16.393	12.144	23.445	8.315	9.147	6.235	21.050	11.286	16.635	15.994	11.461
Downsized	0.955	0.650	0.964	0.850	1.560	1.301	1.295	1.201	5.946	0.275	1.845	0.297	5.490
Total	31.494	22.178	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.443
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	37.414	60	34.939	66	35.010	55	28.014	48	5.492	10	5.492	10	140.869	239	127.788	218	24.47%
No	48.207	125	43.903	115	36.432	93	43.915	100	11.461	27	11.461	27	183.918	460	166.459	414	51.07%
Downsized	2.569	5	3.711	10	8.442	13	2.417	6	5.490	5	5.490	5	22.629	39	21.674	37	24.46%
Total	88.190	190	82.553	191	79.885	161	74.346	154	22.443	42	22.443	42	347.416	738	315.922	669	100.00%
Quick Sale?
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Yes	20.301	17.586	18.960	16.517	28.195	5.573	11.851	9.031	21.219	20.692	19.182	14.438	8.949
No	11.194	4.592	15.557	6.239	17.979	8.049	7.191	4.921	25.671	5.569	6.490	7.975	13.494
Total	31.494	22.178	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.443
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	56.846	133	50.285	120	42.102	93	54.312	106	8.949	19	8.949	19	212.495	471	192.194	424	39.87%
No	31.343	57	32.268	71	37.783	68	20.033	48	13.494	23	13.494	23	134.921	267	123.727	245	60.13%
Total	88.190	190	82.553	191	79.885	161	74.346	154	22.443	42	22.443	42	347.416	738	315.922	669	100.00%
Seniority
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
mortgage	0	0	0	0	0	0	0	0	0	0.610	0.898	0	0
senior secured	6.231	5.192	5.974	3.146	8.666	1.498	3.880	0.834	4.171	5.471	2.994	2.602	2.482
secured	0	0	0.157	0.914	0.336	0	0	0.209	0	0	0.512	0	0
senior	22.537	16.972	27.000	18.691	34.947	10.504	15.154	12.903	41.391	19.018	19.268	16.228	17.876
senior subordinated	2.376	0.014	0.762	0.005	1.475	0.623	0.008	0.005	1.240	1.000	0	1.600	0.335
subordinated	0.350	0	0.625	0	0.750	0.999	0	0	0.088	0.162	2.000	1.982	1.750
Total	31.494	22.178	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.443
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0	0	0	0	0	0	1.508	3	0	0	0	0	1.508	3	1.508	3	0.00%
senior secured	17.397	29	13.309	38	8.886	25	11.066	29	2.482	7	2.482	7	53.140	128	46.909	119	11.06%
secured	0.157	1	1.250	7	0.209	1	0.512	1	0	0	0	0	2.128	10	2.128	10	0.00%
senior	66.509	143	64.142	133	69.448	129	54.515	114	17.876	33	17.876	33	272.490	552	249.953	500	79.65%
senior subordinated	3.152	14	2.103	11	1.253	5	2.600	4	0.335	1	0.335	1	9.444	35	7.068	28	1.49%
subordinated	0.975	3	1.749	2	0.088	1	4.144	3	1.750	1	1.750	1	8.705	10	8.355	9	7.80%
Total	88.190	190	82.553	191	79.885	161	74.346	154	22.443	42	22.443	42	347.416	738	315.922	669	100.00%
Moody's Rating
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Ba1	0	3.094	2.126	1.850	2.103	0.392	0.591	1.053	7.576	1.000	1.800	1.200	1.800
Ba2	5.455	0.579	3.500	4.400	0.826	1.849	0.900	0.750	7.654	3.959	3.655	2.682	0.510
Ba3	8.965	4.373	5.175	3.918	12.077	0.701	1.168	2.106	3.598	6.188	3.453	1.797	0.350
B1	6.155	4.444	9.795	2.620	5.988	4.419	4.222	1.301	10.393	3.283	3.534	6.576	3.685
B2	1.777	4.843	2.700	1.750	5.605	1.432	3.654	0.849	1.996	2.143	1.988	2.326	1.298
B3	2.920	2.089	3.747	1.474	8.663	1.566	3.355	1.248	8.194	2.215	3.180	3.815	1.321
Caa1	3.711	1.934	2.704	2.238	6.489	1.100	3.619	5.462	3.610	2.529	1.350	1.514	3.926
Caa2	1.538	0.615	0	1.050	2.551	2.011	0.737	0	2.654	2.885	1.800	2.100	1.385
Caa3	0	0	3.975	0	0	0	0	0.248	0	0	0	0.147	0
NR	0.974	0.209	0.794	3.456	1.873	0.153	0.797	0.936	1.215	2.059	4.912	0.256	8.168
Total	31.494	22.178	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.443
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	5.220	11	4.345	7	9.221	11	4.000	7	1.800	2	1.800	2	24.586	38	24.586	38	8.02%
Ba2	9.534	18	7.075	8	9.304	13	10.296	15	0.510	1	0.510	1	36.718	55	31.263	44	2.27%
Ba3	18.512	31	16.696	28	6.871	12	11.438	16	0.350	1	0.350	1	53.867	88	44.903	73	1.56%
B1	20.394	30	13.026	23	15.916	23	13.393	21	3.685	8	3.685	8	66.414	105	60.259	96	16.42%
B2	9.319	22	8.787	22	6.499	18	6.456	19	1.298	4	1.298	4	32.359	85	30.583	79	5.78%
B3	8.755	25	11.703	32	12.797	29	9.211	28	1.321	3	1.321	3	43.787	117	40.867	108	5.89%
Caa1	8.349	19	9.827	28	12.690	29	5.393	17	3.926	11	3.926	11	40.184	104	36.473	98	17.49%
Caa2	2.153	6	5.611	15	3.390	8	6.786	15	1.385	4	1.385	4	19.325	48	17.787	45	6.17%
Caa3	3.975	4	0	0	0.248	1	0.147	1	0	0	0	0	4.370	6	4.370	6	0.00%
NR	1.978	24	5.483	28	2.948	17	7.227	15	8.168	8	8.168	8	25.805	92	24.830	82	36.40%
Total	88.190	190	82.553	191	79.885	161	74.346	154	22.443	42	22.443	42	347.416	738	315.922	669	100.00%
Use of Proceeds
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Acquisition	1.798	1.933	0	2.550	4.075	4.642	2.742	0.453	7.743	0.849	2.601	4.194	9.984
Capex	1.500	0	0.543	2.532	0.425	0	0	0	0	0	1.000	0	0
Dividend/recap	0.421	0.793	0.300	1.300	1.614	1.055	2.275	2.914	0.767	0.990	0.504	0.717	0.103
Exit financing	0	0	0	0	0.420	0	0	0	0	0	0	0	0
GCP	7.069	3.777	1.748	5.835	4.084	0.671	2.193	2.017	10.564	1.369	6.742	9.264	2.048
LBO	1.200	0	3.889	0	0.350	0.850	0.575	1.825	1.575	2.678	0	0	0.525
No proceeds	0.016	0.014	0.012	0.005	0	0.013	0.008	0.005	0	5.638	0	0	1.322
Redeem notes	6.983	7.159	11.726	3.146	10.131	2.311	1.700	3.447	3.639	4.399	4.163	1.360	1.360
Refinance	3.857	0	4.675	0.650	9.028	0.744	3.595	0.335	5.421	2.785	4.433	1.747	0.300
Repay bank debt	3.850	6.877	9.339	4.332	9.873	2.345	3.640	1.510	2.721	3.717	2.128	1.679	2.977
Multiple/Other/NA	4.801	1.625	2.284	2.407	6.174	0.990	2.314	1.445	14.460	3.837	4.102	3.451	3.824
Total	31.494	22.178	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.443
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	3.731	8	11.267	16	10.938	15	7.644	19	9.984	12	9.984	12	43.565	70	41.767	66	44.49%
Capex	2.043	3	2.957	9	0	0	1.000	1	0	0	0	0	6.000	13	4.500	12	0.00%
Dividend/recap	1.514	6	3.969	11	5.957	13	2.211	8	0.103	1	0.103	1	13.754	39	13.333	38	0.46%
Exit financing	0	0	0.420	1	0	0	0	0	0	0	0	0	0.420	1	0.420	1	0.00%
GCP	12.594	34	10.591	32	14.774	28	17.374	30	2.048	8	2.048	8	57.381	132	50.312	113	9.13%
LBO	5.089	4	1.200	5	3.975	6	2.678	6	0.525	1	0.525	1	13.467	22	12.267	20	2.34%
No proceeds	0.042	10	0.019	6	0.013	4	5.638	5	1.322	1	1.322	1	7.034	26	7.018	22	5.89%
Redeem notes	25.868	46	15.588	34	8.786	21	9.922	20	1.360	4	1.360	4	61.524	125	54.541	112	6.06%
Refinance	8.532	16	10.422	20	9.351	18	8.964	21	0.300	1	0.300	1	37.569	76	33.712	70	1.34%
Repay bank debt	20.067	42	16.550	35	7.871	25	7.525	19	2.977	7	2.977	7	54.989	128	51.139	118	13.26%
Multiple/Other/NA	8.710	21	9.571	22	18.219	31	11.390	25	3.824	7	3.824	7	51.713	106	46.912	97	17.04%
Total	88.190	190	82.553	191	79.885	161	74.346	154	22.443	42	22.443	42	347.416	738	315.922	669	100.00%
Industry Sector (by SIC code)
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Agriculture (0xxx)	0.422	0	0	0	0	0	0	0	0.797	0.300	0	0	0
Mining (1xxx)	0.300	0	0.699	1.250	2.860	0.153	0	0.596	1.044	0	0	0.747	0.454
Oil and gas (13xx)	3.687	1.497	5.375	4.791	4.645	1.961	1.378	0.898	6.597	1.890	5.474	1.500	2.156
Construction (15xx)	1.347	0.473	0.400	0.899	0.663	0	0.820	0.300	0.239	0.556	1.457	0.050	0.675
Manufacturing (2xxx, 3xxx)	12.898	5.304	9.018	4.882	9.818	4.171	6.548	2.283	10.001	4.094	5.056	7.621	5.669
Transportation (4xxx)	0.350	0.298	1.100	1.314	1.436	0.225	0.951	0.509	0	0.993	1.462	0.512	0.600
Communications (48xx)	1.600	5.655	9.350	4.411	9.399	0	1.150	2.071	8.151	7.461	3.455	4.250	0.335
Electric, gas, sanitary services (49xx)	2.675	0	0.450	2.612	2.180	1.829	0	0.406	1.640	3.334	2.235	0.110	1.500
Wholesale (5xxx)	2.723	4.412	0.736	1.212	4.324	1.270	2.314	0.626	0.719	3.292	0.784	0.506	0
Finance, insurance, real estate (6xxx)	1.114	1.042	2.674	0.586	5.808	2.094	4.440	1.533	4.380	0.816	3.197	4.163	5.462
Services (7xxx)	3.279	3.350	3.115	0.800	3.140	1.920	1.274	4.729	8.722	3.124	1.852	2.928	1.593
Health services (8xxx)	1.100	0.147	1.600	0	1.900	0	0.168	0	4.600	0.400	0.700	0.026	4.000
Total	31.494	22.178	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.443
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.422	1	0	0	0.797	2	0.300	1	0	0	0	0	1.519	4	1.097	3	0.00%
Mining (1xxx)	0.999	3	4.263	8	1.640	4	0.747	3	0.454	1	0.454	1	8.103	19	7.803	18	2.02%
Oil and gas (13xx)	10.559	18	11.397	28	8.873	21	8.865	21	2.156	5	2.156	5	41.850	93	38.163	87	9.61%
Construction (15xx)	2.219	8	1.562	5	1.359	6	2.063	8	0.675	2	0.675	2	7.878	29	6.532	24	3.01%
Manufacturing (2xxx, 3xxx)	27.220	52	18.870	40	18.833	38	16.771	36	5.669	15	5.669	15	87.363	181	74.465	157	25.26%
Transportation (4xxx)	1.748	6	2.975	12	1.460	4	2.967	8	0.600	1	0.600	1	9.750	31	9.400	30	2.67%
Communications (48xx)	16.605	20	13.810	19	11.372	15	15.166	18	0.335	1	0.335	1	57.288	73	55.688	70	1.49%
Electric, gas, sanitary services (49xx)	3.125	4	6.622	13	2.046	3	5.679	12	1.500	2	1.500	2	18.972	34	16.297	31	6.68%
Wholesale (5xxx)	7.871	15	6.806	18	3.659	9	4.583	14	0	0	0	0	22.919	56	20.196	52	0.00%
Finance, insurance, real estate (6xxx)	4.830	30	8.488	28	10.353	32	8.176	10	5.462	9	5.462	9	37.309	109	36.194	100	24.34%
Services (7xxx)	9.744	25	5.860	17	14.725	24	7.904	19	1.593	4	1.593	4	39.825	89	36.547	79	7.10%
Health services (8xxx)	2.847	8	1.900	3	4.768	3	1.126	4	4.000	2	4.000	2	14.641	20	13.541	18	17.82%
Total	88.190	190	82.553	191	79.885	161	74.346	154	22.443	42	22.443	42	347.416	738	315.922	669	100.00%

Criteria

• The tables include all underwritten dollar-denominated offerings sold in the U.S. as public or Rule 144A deals reported to Prospect News.

• Emerging markets issues are excluded.

• 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.

• 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.

• Best efforts and non-underwritten deals are excluded as are remarketings.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.