Analysis of high yield issuance for 13 months through May 2014

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

Yield

	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
3.99% and lower	2.765	0	1.000	0	2.600	0.500	0	0.996	0.743	1.500	1.500	0	1.500
4%-4.99%	10.887	0	0	0.071	2.243	0	1.098	1.747	1.954	2.588	3.288	5.496	3.492
5%-5.99%	11.173	1.236	5.334	2.362	10.521	5.921	8.244	5.390	3.353	6.215	10.120	6.590	15.597
6%-6.99%	10.604	4.759	3.963	3.547	10.599	10.648	7.941	6.235	8.565	1.990	9.127	12.950	7.750
7%-7.99%	3.687	4.689	2.579	1.933	10.595	3.777	2.101	3.675	5.314	0.380	1.355	8.433	3.924
8%-8.99%	2.553	0.419	3.488	3.985	6.146	3.753	3.645	2.379	0.103	0.880	1.979	1.661	2.719
9%-9.99%	2.280	1.620	1.023	1.160	2.215	0.050	0.764	0.396	1.095	0.175	1.249	1.845	0.198
10%-10.99%	0.867	0.200	1.073	0.467	0.675	0	0.176	1.434	0	0.907	0.821	0.999	0.494
11% and higher	1.075	0.472	0	0.248	1.296	1.025	0.457	0.110	1.322	0.150	0.596	0.250	0.554
Floater	0	0	0.375	0.175	0	0	0.300	0	0	0	0	1.500	0
NA	0.282	0.229	0.208	0.005	0	0.182	0.947	0.050	0.075	0.101	1.120	0.014	0.773
Total	46.174	13.623	19.042	13.952	46.890	25.857	25.672	22.412	22.525	14.886	31.156	39.738	37.000
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
3.99% and lower	3.600	4	1.496	2	3.743	4	1.500	2	5.243	6	13.104	16	10.339	12	3.61%
4%-4.99%	2.314	3	2.846	6	7.830	14	8.987	11	16.818	25	32.865	54	21.977	34	11.57%
5%-5.99%	18.217	33	19.554	41	19.687	38	22.188	38	41.875	76	92.055	175	80.882	155	28.82%
6%-6.99%	18.109	40	24.825	38	19.682	39	20.699	30	40.382	69	98.678	174	88.074	152	27.79%
7%-7.99%	15.106	24	9.553	20	7.050	20	12.358	19	19.408	39	52.443	106	48.756	93	13.36%
8%-8.99%	13.618	26	9.777	23	2.962	7	4.380	12	7.342	19	33.709	80	31.156	70	5.05%
9%-9.99%	4.398	14	1.209	6	2.519	8	2.043	5	4.562	13	14.070	45	11.790	39	3.14%
10%-10.99%	2.214	7	1.611	5	1.729	6	1.492	3	3.221	9	8.113	25	7.246	22	2.22%
11% and higher	1.544	3	1.592	6	2.068	4	0.804	3	2.872	7	7.554	20	6.479	18	1.98%
Floater	0.550	2	0.300	1	0	0	1.500	1	1.500	1	2.350	4	2.350	4	1.03%
NA	0.213	5	1.179	5	1.296	4	0.787	5	2.083	9	3.986	25	3.704	23	1.43%
Total	79.885	161	73.941	153	68.567	144	76.737	129	145.304	273	358.927	724	312.753	622	100.00%
Versus Talk
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Lower	3.806	0	0.921	0	2.993	0	0	1.296	0.450	0	0	2.800	0.400
Low end	13.951	0.900	9.587	2.579	6.662	10.474	11.392	11.572	12.958	9.394	18.058	7.025	17.100
Middle	18.625	8.167	5.029	5.810	29.776	8.042	9.208	7.215	6.832	4.382	8.332	24.171	11.854
High end	4.416	4.162	2.240	1.441	3.992	5.575	2.825	1.476	1.865	0.755	3.168	3.592	6.460
Higher	1.000	0	0	0.250	0	0	0.246	0	0	0.175	0	0	0.348
NA	4.376	0.394	1.265	3.872	3.467	1.766	2.002	0.852	0.419	0.180	1.598	2.150	0.838
Total	46.174	13.623	19.042	13.952	46.890	25.857	25.672	22.412	22.525	14.886	31.156	39.738	37.000
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	3.915	5	1.296	2	0.450	1	3.200	2	3.650	3	12.667	16	8.861	10	2.51%
Low end	18.828	42	33.437	65	40.411	78	24.126	43	64.536	121	131.653	266	117.702	231	44.41%
Middle	40.616	64	24.465	47	19.547	36	36.025	47	55.571	83	147.444	242	128.819	207	38.24%
High end	7.672	20	9.876	20	5.788	18	10.052	19	15.840	37	41.967	97	37.551	89	10.90%
Higher	0.250	1	0.246	1	0.175	1	0.348	1	0.523	2	2.019	6	1.019	4	0.36%
NA	8.603	29	4.620	18	2.197	10	2.988	17	5.184	27	23.177	97	18.801	81	3.57%
Total	79.885	161	73.941	153	68.567	144	76.737	129	145.304	273	358.927	724	312.753	622	100.00%
Upsized?
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Yes	21.169	4.007	8.600	6.516	19.894	14.700	7.193	6.122	5.492	8.906	12.294	22.786	14.953
No	23.445	8.315	9.147	6.235	21.050	10.882	16.635	15.994	11.543	5.725	17.907	16.602	21.699
Downsized	1.560	1.301	1.295	1.201	5.946	0.275	1.845	0.297	5.490	0.255	0.955	0.350	0.348
Total	46.174	13.623	19.042	13.952	46.890	25.857	25.672	22.412	22.525	14.886	31.156	39.738	37.000
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	35.010	55	28.014	48	26.692	46	37.739	50	64.431	96	152.632	247	131.462	207	44.34%
No	36.432	93	43.510	99	35.174	89	38.301	77	73.476	166	185.178	439	161.733	381	50.57%
Downsized	8.442	13	2.417	6	6.700	9	0.698	2	7.398	11	21.117	38	19.557	34	5.09%
Total	79.885	161	73.941	153	68.567	144	76.737	129	145.304	273	358.927	724	312.753	622	100.00%
Quick Sale?
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Yes	28.195	5.573	11.851	9.031	21.219	20.288	19.182	14.438	8.955	7.340	18.545	13.794	26.257
No	17.979	8.049	7.191	4.921	25.671	5.569	6.490	7.975	13.569	7.545	12.611	25.944	10.742
Total	46.174	13.623	19.042	13.952	46.890	25.857	25.672	22.412	22.525	14.886	31.156	39.738	37.000
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	42.102	93	53.908	105	34.841	74	40.051	74	74.892	148	204.670	426	176.476	365	51.54%
No	37.783	68	20.033	48	33.726	70	36.686	55	70.412	125	154.256	298	136.277	257	48.46%
Total	79.885	161	73.941	153	68.567	144	76.737	129	145.304	273	358.927	724	312.753	622	100.00%
Seniority
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
mortgage	0	0	0	0	0	0.610	0.898	0	0	0	0.062	0	0
senior secured	8.666	1.498	3.880	0.834	4.171	5.471	2.994	2.602	2.482	4.313	6.786	10.192	7.828
secured	0.336	0	0	0.209	0	0	0.512	0	0	0	0.213	0	0
senior	34.947	10.504	15.154	12.903	41.391	18.614	19.268	16.228	17.957	10.048	24.080	27.782	26.591
senior subordinated	1.475	0.623	0.008	0.005	1.240	1.000	0	1.600	0.335	0.375	0	1.264	0.348
subordinated	0.750	0.999	0	0	0.088	0.162	2.000	1.982	1.750	0.150	0.015	0.500	2.232
Total	46.174	13.623	19.042	13.952	46.890	25.857	25.672	22.412	22.525	14.886	31.156	39.738	37.000
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0	0	1.508	3	0.062	1	0	0	0.062	1	1.570	4	1.570	4	0.04%
senior secured	8.886	25	11.066	29	13.582	25	18.021	26	31.603	51	61.718	134	53.053	111	21.75%
secured	0.209	1	0.512	1	0.213	1	0	0	0.213	1	1.270	6	0.934	3	0.15%
senior	69.448	129	54.110	113	52.085	112	54.373	95	106.458	207	275.467	545	240.520	473	73.27%
senior subordinated	1.253	5	2.600	4	0.710	2	1.611	6	2.321	8	8.273	24	6.798	21	1.60%
subordinated	0.088	1	4.144	3	1.915	3	2.732	2	4.648	5	10.628	11	9.878	10	3.20%
Total	79.885	161	73.941	153	68.567	144	76.737	129	145.304	273	358.927	724	312.753	622	100.00%
Moody's Rating
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Ba1	2.103	0.392	0.591	1.053	7.576	1.000	1.800	1.200	1.800	0.950	0	0.300	2.650
Ba2	0.826	1.849	0.900	0.750	7.654	3.959	3.655	2.682	0.510	0.750	2.475	0.300	6.433
Ba3	12.077	0.701	1.168	2.106	3.598	6.188	3.453	1.797	0.350	2.901	9.305	11.835	7.490
B1	5.988	4.419	4.222	1.301	10.393	3.283	3.534	6.576	3.685	4.949	3.363	8.312	4.000
B2	5.605	1.432	3.654	0.849	1.996	2.143	1.988	2.326	1.298	0.950	5.217	0.500	3.915
B3	8.663	1.566	3.355	1.248	8.194	2.215	3.180	3.815	1.321	3.222	4.668	7.212	4.708
Caa1	6.489	1.100	3.619	5.462	3.610	2.529	1.350	1.514	3.926	0.334	2.990	5.848	5.487
Caa2	2.551	2.011	0.737	0	2.654	2.885	1.800	2.100	1.385	0.680	0.646	2.731	0.853
Caa3	0	0	0	0.248	0	0	0	0.147	0	0	0	0.275	0
Ca	0	0	0	0	0	0	0	0	0	0	0	0.850	0
NR	1.873	0.153	0.797	0.936	1.215	1.655	4.912	0.256	8.250	0.150	2.491	1.574	1.464
Total	46.174	13.623	19.042	13.952	46.890	25.857	25.672	22.412	22.525	14.886	31.156	39.738	37.000
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	9.221	11	4.000	7	2.750	5	2.950	4	5.700	9	21.416	31	19.313	28	3.92%
Ba2	9.304	13	10.296	15	3.735	8	6.733	11	10.468	19	32.743	51	31.917	49	7.20%
Ba3	6.871	12	11.438	16	12.556	20	19.325	18	31.881	38	62.968	86	50.891	68	21.94%
B1	15.916	23	13.393	21	11.997	21	12.312	18	24.309	39	64.025	101	58.037	88	16.73%
B2	6.499	18	6.456	19	7.466	18	4.415	10	11.881	28	31.872	84	26.267	71	8.18%
B3	12.797	29	9.211	28	9.211	26	11.920	24	21.131	50	53.368	133	44.706	113	14.54%
Caa1	12.690	29	5.393	17	7.250	21	11.335	17	18.585	38	44.256	106	37.768	87	12.79%
Caa2	3.390	8	6.786	15	2.711	9	3.584	9	6.296	18	21.033	53	18.482	46	4.33%
Caa3	0.248	1	0.147	1	0	0	0.275	1	0.275	1	0.670	3	0.670	3	0.19%
Ca	0	0	0	0	0	0	0.850	1	0.850	1	0.850	1	0.850	1	0.58%
NR	2.948	17	6.822	14	10.891	16	3.038	16	13.928	32	25.726	75	23.852	68	9.59%
Total	79.885	161	73.941	153	68.567	144	76.737	129	145.304	273	358.927	724	312.753	622	100.00%
Use of Proceeds
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Acquisition	4.075	4.642	2.742	0.453	7.743	0.849	2.601	4.194	10.267	0	0.854	12.263	4.433
Capex	0.425	0	0	0	0	0	1.000	0	0.321	0.079	0.213	0.329	2.948
Dividend/recap	1.614	1.055	2.275	2.914	0.767	0.990	0.504	0.717	0.103	0.250	0.077	2.291	0
Exit financing	0.420	0	0	0	0	0	0	0	0	0	0	0	0
GCP	4.084	0.671	2.193	2.017	10.564	1.369	6.742	9.264	2.055	3.300	2.340	2.022	7.385
LBO	0.350	0.850	0.575	2.166	1.575	2.678	0	0	0.525	0.255	1.000	1.050	1.800
No proceeds	0	0.013	0.008	0.005	0	5.638	0	0	1.322	0	0	0.014	0
Redeem notes	10.131	2.311	1.700	3.447	3.639	4.399	4.163	1.360	1.695	4.390	11.734	10.446	6.416
Refinance	9.028	0.744	3.595	0.335	5.421	2.785	4.433	1.747	0.375	4.718	3.760	4.522	2.303
Repay bank debt	9.873	2.345	3.640	1.510	2.721	3.717	2.128	1.679	2.642	1.611	5.140	3.392	5.132
Multiple/Other/NA	6.174	0.990	2.314	1.105	14.460	3.433	4.102	3.451	3.220	0.282	6.037	3.410	6.584
Total	46.174	13.623	19.042	13.952	46.890	25.857	25.672	22.412	22.525	14.886	31.156	39.738	37.000
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	10.938	15	7.644	19	11.121	16	16.696	15	27.817	31	55.117	77	51.042	71	19.14%
Capex	0	0	1.000	1	0.613	3	3.277	5	3.890	8	5.315	11	4.890	9	2.68%
Dividend/recap	5.957	13	2.211	8	0.430	3	2.291	6	2.721	9	13.558	38	11.944	33	1.87%
Exit financing	0	0	0	0	0	0	0	0	0	0	0.420	1	0	0	0.00%
GCP	14.774	28	17.374	30	7.695	25	9.407	20	17.102	45	54.005	123	49.921	108	11.77%
LBO	4.316	7	2.678	6	1.780	3	2.850	4	4.630	7	12.823	25	12.473	23	3.19%
No proceeds	0.013	4	5.638	5	1.322	1	0.014	4	1.336	5	7.001	16	7.001	16	0.92%
Redeem notes	8.786	21	9.922	20	17.819	36	16.862	26	34.681	62	65.832	131	55.701	107	23.87%
Refinance	9.351	18	8.964	21	8.854	18	6.825	10	15.678	28	43.766	85	34.738	70	10.79%
Repay bank debt	7.871	25	7.525	19	9.392	23	8.523	20	17.915	43	45.529	112	35.656	93	12.33%
Multiple/Other/NA	17.878	30	10.986	24	9.540	16	9.994	19	19.534	35	55.562	105	49.387	92	13.44%
Total	79.885	161	73.941	153	68.567	144	76.737	129	145.304	273	358.927	724	312.753	622	100.00%
Industry Sector (by SIC code)
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Agriculture (0xxx)	0	0	0	0	0.797	0.300	0	0	0	0	0	0	0
Mining (1xxx)	2.860	0.153	0	0.596	1.044	0	0	0.747	0.454	0.200	1.911	1.600	1.961
Oil and gas (13xx)	4.645	1.961	1.378	0.898	6.597	1.890	5.474	1.500	2.156	0.150	1.100	10.088	4.227
Construction (15xx)	0.663	0	0.820	0.300	0.239	0.556	1.457	0.050	0.675	1.351	0.550	0.574	0.325
Manufacturing (2xxx, 3xxx)	9.818	4.171	6.548	2.283	10.001	4.094	5.056	7.621	5.669	7.090	7.373	3.938	9.465
Transportation (4xxx)	1.436	0.225	0.951	0.509	0	0.993	1.462	0.512	0.600	0.350	1.813	1.925	0.325
Communications (48xx)	9.399	0	1.150	2.071	8.151	7.461	3.455	4.250	0.335	0	1.338	15.171	4.742
Electric, gas, sanitary services (49xx)	2.180	1.829	0	0.406	1.640	3.334	2.235	0.110	1.500	1.286	2.574	1.079	4.356
Wholesale (5xxx)	4.324	1.270	2.314	0.626	0.719	3.292	0.784	0.506	0	0.455	1.130	0	1.625
Finance, insurance, real estate (6xxx)	5.808	2.094	4.440	1.533	4.380	0.412	3.197	4.163	5.543	1.325	3.738	2.147	3.889
Services (7xxx)	3.140	1.920	1.274	4.729	8.722	3.124	1.852	2.928	1.593	2.679	4.167	3.069	4.820
Health services (8xxx)	1.900	0	0.168	0	4.600	0.400	0.700	0.026	4.000	0	5.462	0.148	1.265
Total	46.174	13.623	19.042	13.952	46.890	25.857	25.672	22.412	22.525	14.886	31.156	39.738	37.000
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.797	2	0.300	1	0	0	0	0	0	0	1.097	3	1.097	3	0.00%
Mining (1xxx)	1.640	4	0.747	3	2.566	9	3.561	5	6.126	14	11.526	27	8.666	22	4.22%
Oil and gas (13xx)	8.873	21	8.865	21	3.406	9	14.315	26	17.721	35	42.065	95	37.420	84	12.20%
Construction (15xx)	1.359	6	2.063	8	2.575	8	0.899	4	3.474	12	7.559	28	6.896	26	2.39%
Manufacturing (2xxx, 3xxx)	18.833	38	16.771	36	20.132	42	13.403	27	33.535	69	83.127	172	73.309	149	23.08%
Transportation (4xxx)	1.460	4	2.967	8	2.763	8	2.250	6	5.013	14	11.101	33	9.665	27	3.45%
Communications (48xx)	11.372	15	15.166	18	1.673	5	19.913	11	21.586	16	57.523	62	48.124	49	14.86%
Electric, gas, sanitary services (49xx)	2.046	3	5.679	12	5.360	9	5.434	8	10.794	17	22.528	41	20.348	36	7.43%
Wholesale (5xxx)	3.659	9	4.583	14	1.585	5	1.625	4	3.210	9	17.046	47	12.722	35	2.21%
Finance, insurance, real estate (6xxx)	10.353	32	7.772	9	10.606	21	6.036	19	16.642	40	42.669	102	36.861	89	11.45%
Services (7xxx)	14.725	24	7.904	19	8.439	20	7.889	16	16.327	36	44.016	93	40.876	84	11.24%
Health services (8xxx)	4.768	3	1.126	4	9.462	8	1.413	3	10.875	11	18.669	21	16.769	18	7.48%
Total	79.885	161	73.941	153	68.567	144	76.737	129	145.304	273	358.927	724	312.753	622	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.