Analysis of high yield issuance for year to date through May

Total issuance: $39.259 billion in 160 deals

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

Yield

Less than 6%	0.696	3	1.77%
6%-6.99%	8.759	33	22.31%
7%-7.99%	10.089	33	25.70%
8%-8.99%	6.101	21	15.54%
9%-9.99%	5.346	24	13.62%
10%-10.99%	2.057	10	5.24%
11% and higher	2.182	18	5.57%
Floater	4.030	18	10.27%
Total	39.259	160
Pricing versus talk
Lower	1.469	6	3.74%
Low end	8.344	31	21.25%
Middle	11.952	44	30.44%
High end	8.744	33	22.27%
Higher	6.466	26	16.47%
NA	2.284	20	5.82%
Total	39.259	160
Upsized?
Yes	9.690	32	24.68%
No	25.669	109	65.38%
Downsized	3.900	19	9.93%
Total	39.259	160
Quick sale?
Yes	11.296	49	28.77%
No	27.963	111	71.23%
Total	39.259	160
Add on?
Yes	2.373	18	6.04%
No	36.886	142	93.96%
Total	39.259	160
Zero coupon?
Yes	0.675	5	1.73%
No	38.583	155	98.28%
Total	39.259	160
Seniority
Senior secured	3.581	21	9.12%
Senior	26.892	105	68.50%
Senior sub	8.787	34	22.38%
Total	39.259	160
Moody's rating
Ba1	1.684	5	4.29%
Ba2	1.775	7	4.52%
Ba3	5.325	19	13.56%
B1	8.509	23	21.67%
B2	6.196	28	15.78%
B3	9.455	42	24.08%
Caa1	4.076	19	10.38%
Caa2	1.356	9	3.46%
Caa3	0.380	1	0.97%
NR	0.503	7	1.29%
Total	39.259	160
Use of proceeds
Acquisition	4.130	18	10.52%
Capex	0.553	3	1.41%
Dividend/recap	2.890	19	7.36%
GCP	2.397	8	6.10%
LBO	8.020	29	20.43%
Refinance/tender for notes	8.634	31	21.99%
Repay bank debt	5.047	22	12.85%
Other refinance	3.430	12	8.73%
Other/Multiple	4.159	18	10.60%
Total	39.259	160
Industry sector (by SIC code)
Agriculture (0xxx)	0.418	2	1.06%
Mining (1xxx)	0.454	3	1.16%
Construction (15xx)	1.913	10	4.87%
Manufacturing (2xxx, 3xxx)	1.291	5	3.29%
Pharmaceuticals (2834-6)	11.471	47	29.22%
Transportation (4xxx)	2.167	9	5.52%
Communications (48xx)	6.132	19	15.62%
Electric, gas, sanitary services (49xx)	1.200	5	3.06%
Wholesale, retail (5xxx)	3.854	22	9.82%
Finance, insurance, real estate (6xxx)	1.877	8	4.78%
Services (7xxx)	8.483	30	21.61%
Total	39.259	160
Home country of issuer
Brazil	0.570	2	1.45%
Canada	2.216	5	5.64%
Hong Kong	1.413	4	3.60%
Mexico	0.702	4	1.79%
Russia	0.903	3	2.30%
U.K.	0.600	1	1.53%
U.S.	30.777	131	78.39%
Other	2.078	10	5.29%
Total	39.259	160

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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