Total issuance: $7.762 billion in 21 deals
Columns are amounts in billions of dollars, count of deals and percentage by dollar value.
Yield
| Less than 6% | 0.150 | 1 | 1.93%
|
| 6%-6.99% | 1.991 | 5 | 25.65%
|
| 7%-7.99% | 0.675 | 4 | 8.70%
|
| 8%-8.99% | 1.225 | 5 | 15.78%
|
| 9%-9.99% | 1.900 | 2 | 24.48%
|
| 10%-10.99% | 1.151 | 2 | 14.83%
|
| 11% and higher | 0.270 | 1 | 3.48%
|
| Floater | 0.400 | 1 | 5.15%
|
| Total | 7.762 | 21 |
|
|
|
|
|
| Pricing versus talk |
|
|
|
| Lower | 0.200 | 1 | 2.58%
|
| Low end | 4.591 | 10 | 59.15%
|
| Middle | 2.126 | 6 | 27.39%
|
| NA | 0.845 | 4 | 10.89%
|
| Total | 7.762 | 21 |
|
|
|
|
|
| Upsized? |
|
|
|
| Yes | 5.395 | 11 | 69.51%
|
| No | 2.367 | 10 | 30.49%
|
| Total | 7.762 | 21 |
|
|
|
|
|
| Quick sale? |
|
|
|
| Yes | 2.391 | 5 | 30.80%
|
| No | 5.371 | 16 | 69.20%
|
| Total | 7.762 | 21 |
|
|
|
|
|
| Add on? |
|
|
|
| Yes | 0.075 | 2 | 0.97%
|
| No | 7.687 | 19 | 99.03%
|
| Total | 7.762 | 21 |
|
|
|
|
|
| Zero coupon? |
|
|
|
| No | 7.762 | 21 | 100.00%
|
| Total | 7.762 | 21 |
|
|
|
|
|
| Seniority |
|
|
|
| Senior secured | 0.425 | 3 | 5.48%
|
| Senior | 5.076 | 15 | 65.40%
|
| Senior sub | 2.261 | 3 | 29.13%
|
| Total | 7.762 | 21 |
|
|
|
| Moody's rating |
|
|
|
| Ba1 | 0.550 | 3 | 7.09%
|
| Ba2 | 1.050 | 4 | 13.53%
|
| Ba3 | 0.991 | 1 | 12.77%
|
| B1 | 0.820 | 3 | 10.56%
|
| B2 | 0.250 | 1 | 3.22%
|
| B3 | 2.850 | 6 | 36.72%
|
| Caa1 | 1.151 | 2 | 14.83%
|
| NR | 0.100 | 1 | 1.29%
|
| Total | 7.762 | 21 |
|
|
|
|
|
| Use of proceeds |
|
|
|
| Acquisition | 1.416 | 3 | 18.24%
|
| GCP | 0.050 | 1 | 0.64%
|
| LBO | 3.300 | 4 | 42.52%
|
| Refinance/tender for notes | 0.450 | 2 | 5.80%
|
| Repay bank debt | 0.151 | 1 | 1.95%
|
| Other refinance | 0.520 | 3 | 6.70%
|
| Other/Multiple | 1.875 | 7 | 24.15%
|
| Total | 7.762 | 21 |
|
|
|
|
|
| Industry sector (by SIC code) |
|
|
|
| Agriculture (0xxx) | 0.100 | 1 | 1.29%
|
| Oil and gas (13xx) | 0.225 | 1 | 2.90%
|
| Construction (15xx) | 0.050 | 1 | 0.64%
|
| Manufacturing (2xxx, 3xxx) | 2.391 | 7 | 30.80%
|
| Communications (48xx) | 0.721 | 3 | 9.29%
|
| Wholesale (5xxx) | 0.025 | 1 | 0.32%
|
| Finance, insurance, real estate (6xxx) | 0.500 | 1 | 6.44%
|
| Services (7xxx) | 3.550 | 5 | 45.74%
|
| Health services (8xxx) | 0.200 | 1 | 2.58%
|
| Total | 7.762 | 21 |
|
|
|
| Home country of issuer |
|
|
|
| Brazil | 0.650 | 2 | 8.37%
|
| U.S. | 5.891 | 13 | 75.90%
|
| Other | 1.221 | 6 | 15.74%
|
| Total | 7.762 | 21 |
|
|
|
|
|
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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