Analysis of high yield issuance for year to date through June

Total issuance: $52.078 billion in 209 deals

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

Yield

Less than 6%	0.994	4	1.91%
6%-6.99%	13.365	47	25.67%
7%-7.99%	13.262	44	25.47%
8%-8.99%	7.362	26	14.14%
9%-9.99%	6.325	29	12.14%
10%-10.99%	2.973	15	5.71%
11% and higher	2.664	22	5.12%
Floater	6.128	26	11.77%
Total	52.078	209
Pricing versus talk
Lower	2.017	9	3.87%
Low end	9.802	38	18.82%
Middle	16.329	58	31.35%
High end	11.210	39	21.53%
Higher	8.378	32	16.09%
NA	4.341	33	8.34%
Total	52.078	209
Upsized?
Yes	12.904	41	24.78%
No	34.783	147	66.79%
Downsized	4.391	21	8.43%
Total	52.078	209
Quick sale?
Yes	18.427	71	35.38%
No	33.650	138	64.62%
Total	52.078	209
Add on?
Yes	3.641	27	6.99%
No	48.436	182	93.01%
Total	52.078	209
Zero coupon?
Yes	0.675	5	1.31%
No	51.402	204	98.70%
Total	52.078	209
Seniority
Senior secured	6.192	32	11.89%
Senior	35.839	139	68.82%
Senior sub	10.047	38	19.29%
Total	52.078	209
Moody's rating
Ba1	2.431	8	4.67%
Ba2	4.112	14	7.90%
Ba3	7.849	27	15.07%
B1	10.313	30	19.80%
B2	7.118	33	13.67%
B3	11.914	53	22.88%
Caa1	4.370	22	8.39%
Caa2	1.601	10	3.08%
Caa3	0.380	1	0.73%
NR	1.988	11	3.82%
Total	52.078	209
Use of proceeds
Acquisition	4.854	22	9.32%
Capex	0.553	3	1.06%
Dividend/recap	2.890	19	5.55%
GCP	2.960	11	5.68%
LBO	8.815	35	16.93%
Refinance/tender for notes	11.118	39	21.35%
Repay bank debt	6.378	30	12.25%
Other refinance	7.810	24	15.00%
Other/Multiple	6.699	26	12.86%
Total	52.078	209
Industry sector (by SIC code)
Agriculture (0xxx)	0.643	3	1.23%
Mining (1xxx)	1.054	4	2.02%
Oil and gas (13xx)	2.826	13	5.43%
Construction (15xx)	2.087	9	4.01%
Manufacturing (2xxx, 3xxx)	15.158	64	29.10%
Transportation (4xxx)	2.401	11	4.61%
Communications (48xx)	9.852	27	18.92%
Electric, gas, sanitary services (49xx)	1.901	8	3.65%
Wholesale, retail (5xxx)	3.854	22	7.40%
Finance, insurance, real estate (6xxx)	2.105	11	4.04%
Services (7xxx)	10.198	37	19.58%
Total	52.078	209
Home country of issuer
Canada	2.466	6	4.73%
Hong Kong	1.413	4	2.71%
Korea	0.988	3	1.90%
Russia	0.903	3	1.73%
U.S.	41.308	171	79.32%
Other	4.999	22	9.61%
Total	52.078	209

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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