Published on 3/4/2003 in the Prospect News High Yield Daily.
Analysis of high yield issuance through February
Total issuance: $16,981.11 in 46 deals
Columns are amounts in millions of dollars, count of deals and percentage by dollar value.
Yield
| 7%-7.99% | 1,206.29 | 5 | 7.10%
|
| 8%-8.99% | 2,748.64 | 6 | 16.19%
|
| 9%-9.99% | 7,971.62 | 18 | 46.94%
|
| 10%-10.99% | 2,663.65 | 8 | 15.69%
|
| 11%-11.99% | 1,659.35 | 6 | 9.77%
|
| Over 12% | 731.56 | 3 | 4.31%
|
| Total | 16,981.11 | 46 |
|
|
|
|
|
| Pricing versus talk |
|
|
|
| Lower | 1,501.42 | 6 | 8.84%
|
| Low end | 6,011.55 | 11 | 35.40%
|
| Middle of lowered | 300.00 | 1 | 1.77%
|
| Middle | 5,415.06 | 13 | 31.89%
|
| High end | 1,149.35 | 5 | 6.77%
|
| Higher | 1,393.52 | 4 | 8.21%
|
| NA | 1,210.21 | 6 | 7.13%
|
| Total | 16,981.11 | 46 |
|
|
|
| Use of proceeds |
|
|
|
| Acquisition | 1,429.84 | 7 | 8.42%
|
| Construction | 120.74 | 1 | 0.71%
|
| GCP | 742.36 | 4 | 4.37%
|
| LBO | 2,571.88 | 5 | 15.15%
|
| Refinance | 1,810.00 | 2 | 10.66%
|
| Recapitalization | 200.00 | 1 | 1.18%
|
| Refinance notes | 1,034.54 | 4 | 6.09%
|
| Repay bank debt | 3,091.73 | 8 | 18.21%
|
| Repay bank debt plus | 2,021.51 | 4 | 11.90%
|
| Other refinance | 2,296.93 | 4 | 13.53%
|
| Multiple | 846.69 | 3 | 4.99%
|
| Other | 814.89 | 3 | 4.80%
|
| Total | 16,981.11 | 46 |
|
|
|
|
|
| Moody's rating |
|
|
|
| Ba1 | 450.00 | 1 | 2.65%
|
| Ba2 | 1,495.52 | 2 | 8.81%
|
| Ba3 | 2,330.28 | 10 | 13.72%
|
| B1 | 4,574.01 | 7 | 26.94%
|
| B2 | 3,101.66 | 11 | 18.27%
|
| B3 | 3,158.90 | 13 | 18.60%
|
| Caa1 | 120.74 | 1 | 0.71%
|
| NR | 1,750.00 | 1 | 10.31%
|
| Total | 16,981.11 | 46 |
|
|
|
|
|
| Upsized? |
|
|
|
| Yes | 8,362.42 | 19 | 49.25%
|
| No | 8,268.69 | 26 | 48.69%
|
| Downsized | 350.00 | 1 | 2.06%
|
| Total | 16,981.11 | 46 |
|
|
|
|
|
| Add ons? |
|
|
|
| Yes | 1,259.38 | 9 | 7.42%
|
| No | 15,721.73 | 37 | 92.58%
|
| Total | 16,981.11 | 46 |
|
|
|
|
|
| Seniority |
|
|
|
| Senior secured | 2,770.79 | 7 | 16.32%
|
| Senior | 8,263.10 | 24 | 48.66%
|
| Senior sub | 4,197.22 | 14 | 24.72%
|
| Notes | 1,750.00 | 1 | 10.31%
|
| Total | 16,981.11 | 46 |
|
|
|
|
|
| Industry sector (by SIC code)
|
|
|
| Mining (1xxx) | 500.00 | 1 | 2.94%
|
| Oil and gas (13xx) | 3,034.13 | 5 | 17.87%
|
| Construction (15xx) | 442.65 | 4 | 2.61%
|
| Manufacturing (2xxx, 3xxx) | 7,591.68 | 20 | 44.71%
|
| Communications (48xx) | 596.83 | 2 | 3.51%
|
| Electric, gas, sanitary services (49xx) | 1,016.03 | 4 | 5.98%
|
| Wholesale (5xxx) | 2,079.93 | 6 | 12.25%
|
| Services (7xxx) | 1,719.85 | 4 | 10.13%
|
| Total | 16,981.11 | 46 |
|
|
|
|
|
|
|
|
|
Criteria
* The tables include all 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.
© 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.
