Analysis of high yield issuance for fourth quarter 2004

Total issuance: $38.591 billion in 160 deals

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

Yield

Less than 6%	3.527	12	9.14%
6%-6.99%	11.650	33	30.19%
7%-7.99%	7.284	27	18.87%
8%-8.99%	4.606	18	11.94%
9%-9.99%	4.077	22	10.57%
10%-10.99%	1.380	10	3.58%
11% and higher	1.651	19	4.27%
Floater	4.417	19	11.44%
Total	38.591	160
Pricing versus talk
Lower	3.106	13	8.05%
Low end	18.063	60	46.81%
Middle	8.870	37	22.98%
High end	5.217	21	13.52%
Higher	1.169	9	3.03%
NA	2.166	20	5.61%
Total	38.591	160
Upsized?
Yes	13.610	45	35.27%
No	22.814	108	59.12%
Downsized	2.167	7	5.62%
Total	38.591	160
Quick sale?
Yes	12.224	54	31.68%
No	26.366	106	68.32%
Total	38.591	160
Add on?
Yes	2.316	17	6.00%
No	36.274	143	94.00%
Total	38.591	160
Zero coupon?
Yes	2.264	16	5.87%
No	36.325	144	94.13%
Total	38.591	160
Seniority
Mortgage	1.905	4	4.94%
Senior secured	6.783	33	17.58%
Senior	21.675	87	56.17%
Senior sub	7.541	33	19.54%
Other	0.686	3	1.78%
Total	38.591	160
Moody's rating
Ba1	1.600	7	4.15%
Ba2	3.847	14	9.97%
Ba3	7.284	22	18.87%
B1	4.280	13	11.09%
B2	6.023	23	15.61%
B3	8.050	34	20.86%
Caa1	3.711	23	9.62%
Caa2	2.258	14	5.85%
Ca	0.450	1	1.17%
NR	1.089	9	2.82%
Total	38.591	160
Use of proceeds
Acquisition	1.085	5	2.81%
Chapter 11 exit	0.458	3	1.19%
GCP	1.625	7	4.21%
LBO	5.220	18	13.53%
Refinance/tender for notes	3.929	16	10.18%
Repay bank debt	5.250	21	13.60%
Repay bank debt plus	2.830	11	7.33%
Refinance	5.070	26	13.14%
Other/Multiple	13.124	53	34.01%
Total	38.591	160
Industry sector (by SIC code)
Agriculture (0xxx)	0.483	3	1.25%
Mining (1xxx)	1.234	4	3.20%
Oil and gas (13xx)	1.641	7	4.25%
Construction (15xx)	1.490	7	3.86%
Manufacturing (2xxx, 3xxx)	14.130	62	36.62%
Transportation (4xxx)	0.988	6	2.56%
Communications (48xx)	7.133	26	18.48%
Electric, gas, sanitary services (49xx)	3.203	10	8.30%
Wholesale (5xxx)	2.041	10	5.29%
Finance, insurance, real estate (6xxx)	2.132	8	5.53%
Services (7xxx)	4.115	17	10.66%
Total	38.591	160
Home country of issuer
Canada	3.551	12	9.20%
Ireland	1.150	2	2.98%
Korea	0.750	3	1.94%
Russia	0.599	2	1.55%
Singapore	0.715	2	1.85%
U.S.	28.636	125	74.20%
Other	3.190	14	8.27%
Total	38.591	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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