Total issuance: $2.536 billion in 15 deals
Columns are amounts in billions of dollars, count of deals and percentage by dollar value.
Yield
| 6%-6.99% | 0.672 | 3 | 26.51%
|
| 7%-7.99% | 0.368 | 2 | 14.51%
|
| 8%-8.99% | 0.175 | 1 | 6.90%
|
| 9%-9.99% | 0.299 | 2 | 11.80%
|
| 10%-10.99% | 0.123 | 1 | 4.87%
|
| 11% and higher | 0.750 | 5 | 29.56%
|
| Floater | 0.148 | 1 | 5.85%
|
| Total | 2.536 | 15
|
|
|
|
|
| Pricing versus talk
|
|
|
| Low end | 0.848 | 5 | 33.42%
|
| Middle | 0.492 | 2 | 19.41%
|
| High end | 0.781 | 4 | 30.82%
|
| Higher | 0.285 | 2 | 11.24%
|
| NA | 0.130 | 2 | 5.11%
|
| Total | 2.536 | 15
|
|
|
|
|
| Upsized?
|
|
|
| Yes | 0.350 | 2 | 13.80%
|
| No | 1.194 | 7 | 47.09%
|
| Downsized | 0.992 | 6 | 39.11%
|
| Total | 2.536 | 15
|
|
|
|
|
| Quick sale?
|
|
|
| Yes | 0.497 | 2 | 19.60%
|
| No | 2.039 | 13 | 80.40%
|
| Total | 2.536 | 15
|
|
|
|
|
| Add on?
|
|
|
| No | 2.536 | 15 | 100.00%
|
| Total | 2.536 | 15
|
|
|
|
|
| Zero coupon?
|
|
|
| Yes | 0.030 | 1 | 1.17%
|
| No | 2.506 | 14 | 98.83%
|
| Total | 2.536 | 15
|
|
|
|
|
| Seniority
|
|
|
| Senior secured | 0.148 | 1 | 5.85%
|
| Senior | 2.288 | 13 | 90.21%
|
| Senior sub | 0.100 | 1 | 3.94%
|
| Total | 2.536 | 15
|
|
|
| Moody's rating
|
|
|
| Ba1 | 0.297 | 1 | 11.72%
|
| Ba2 | 0.200 | 1 | 7.89%
|
| Ba3 | 0.350 | 2 | 13.80%
|
| B1 | 0.563 | 3 | 22.20%
|
| B2 | 0.315 | 1 | 12.42%
|
| B3 | 0.508 | 4 | 20.04%
|
| Caa1 | 0.123 | 1 | 4.87%
|
| NR | 0.179 | 2 | 7.06%
|
| Total | 2.536 | 15
|
|
|
|
|
| Use of proceeds
|
|
|
| Acquisition | 1.108 | 6 | 43.70%
|
| LBO | 0.030 | 1 | 1.17%
|
| Refinance/tender for notes | 0.349 | 2 | 13.77%
|
| Repay bank debt | 0.297 | 1 | 11.72%
|
| Other refinance | 0.260 | 2 | 10.25%
|
| Other/Multiple | 0.491 | 3 | 19.38%
|
| Total | 2.536 | 15
|
|
|
|
|
| Industry sector (by SIC code)
|
|
|
| Agriculture (0xxx) | 0.195 | 1 | 7.69%
|
| Mining (1xxx) | 0.150 | 1 | 5.92%
|
| Oil and gas (13xx) | 0.123 | 1 | 4.87%
|
| Construction (15xx) | 0.297 | 1 | 11.72%
|
| Manufacturing (2xxx, 3xxx) | 0.583 | 4 | 22.97%
|
| Electric, gas, sanitary services (49xx) | 0.200 | 1 | 7.89%
|
| Wholesale, retail (5xxx) | 0.415 | 2 | 16.37%
|
| Finance, insurance, real estate (6xxx) | 0.350 | 2 | 13.80%
|
| Services (7xxx) | 0.223 | 2 | 8.78%
|
| Total | 2.536 | 15
|
|
|
| Home country of issuer
|
|
|
| Brazil | 0.149 | 1 | 5.89%
|
| Hong Kong | 0.195 | 1 | 7.69%
|
| U.S. | 2.192 | 13 | 86.42%
|
| Total | 2.536 | 15
|
|
|
|
|
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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