Published on 4/1/2003 in the Prospect News High Yield Daily.
Analysis of March high yield issuance
Total issuance: $7,450.48 in 33 deals
Columns are amounts in millions of dollars, count of deals and percentage by dollar value.
Yield
| Floater | 99.75 | 1 | 1.34%
|
| 6%-6.99% | 650.00 | 1 | 8.72%
|
| 7%-7.99% | 1,127.44 | 6 | 15.13%
|
| 8%-8.99% | 1,798.49 | 6 | 24.14%
|
| 9%-9.99% | 609.32 | 3 | 8.18%
|
| 10%-10.99% | 644.85 | 3 | 8.66%
|
| 11%-11.99% | 1,045.91 | 6 | 14.04%
|
| Over 12% | 1,474.72 | 7 | 19.79%
|
| Total | 7,450.48 | 33 |
|
|
|
|
|
| Pricing versus talk |
|
|
|
| Lower | 891.65 | 4 | 11.97%
|
| Low end | 2,945.75 | 10 | 39.54%
|
| Middle | 1,702.22 | 9 | 22.85%
|
| High end | 629.17 | 2 | 8.44%
|
| Higher | 842.14 | 4 | 11.30%
|
| NA | 439.55 | 4 | 5.90%
|
| Total | 7,450.48 | 33 |
|
|
|
| Use of proceeds |
|
|
|
| Acquisition | 721.01 | 3 | 9.68%
|
| GCP | 792.56 | 3 | 10.64%
|
| LBO | 750.00 | 2 | 10.07%
|
| Refinance | 1,802.82 | 6 | 24.20%
|
| Refinance notes | 851.79 | 4 | 11.43%
|
| Repay bank debt | 927.29 | 6 | 12.45%
|
| Repay bank debt plus | 367.37 | 3 | 4.93%
|
| Other refinance | 934.27 | 4 | 12.54%
|
| No proceeds | 303.38 | 2 | 4.07%
|
| Total | 7,450.48 | 33 |
|
|
|
|
|
| Moody's rating |
|
|
|
| Ba1 | 746.28 | 4 | 10.02%
|
| Ba2 | 768.53 | 3 | 10.32%
|
| Ba3 | 1,107.50 | 3 | 14.86%
|
| B1 | 1,146.33 | 4 | 15.39%
|
| B2 | 1,594.74 | 7 | 21.40%
|
| B3 | 1,791.42 | 9 | 24.04%
|
| Caa1 | 139.67 | 2 | 1.87%
|
| NR | 156.00 | 1 | 2.09%
|
| Total | 7,450.48 | 33 |
|
|
|
|
|
| Upsized? |
|
|
|
| Yes | 3,582.05 | 13 | 48.08%
|
| No | 3,768.68 | 19 | 50.58%
|
| Downsized | 99.75 | 1 | 1.34%
|
| Total | 7,450.48 | 33 |
|
|
|
|
|
| Add ons? |
|
|
|
| Yes | 318.78 | 3 | 4.28%
|
| No | 7,131.70 | 30 | 95.72%
|
| Total | 7,450.48 | 33 |
|
|
|
|
|
| Quick Sale? |
|
|
|
| Yes | 1,851.71 | 11 | 24.85%
|
| No | 5,598.77 | 22 | 75.15%
|
| Total | 7,450.48 | 33 |
|
|
|
|
|
| Seniority |
|
|
|
| Mortgage | 467.82 | 2 | 6.28%
|
| Senior secured | 547.79 | 5 | 7.35%
|
| Senior | 5,114.66 | 19 | 68.65%
|
| Senior sub | 1,164.20 | 6 | 15.63%
|
| Debentures | 156.00 | 1 | 2.09%
|
| Total | 7,450.48 | 33 |
|
|
|
|
|
| Industry sector (by SIC code) |
|
|
|
| Oil and gas (13xx) | 1,050.15 | 4 | 14.10%
|
| Construction (15xx) | 370.16 | 2 | 4.97%
|
| Manufacturing (2xxx, 3xxx) | 1,632.77 | 10 | 21.91%
|
| Transportation (4xxx) | 444.48 | 2 | 5.97%
|
| Communications (48xx) | 499.67 | 3 | 6.71%
|
| Wholesale (5xxx) | 90.10 | 1 | 1.21%
|
| Finance, insurance, real estate (6xxx) | 150.00 | 1 | 2.01%
|
| Services (7xxx) | 1,813.14 | 7 | 24.34%
|
| Health services (8xxx) | 275.00 | 1 | 3.69%
|
| Others | 1,125.00 | 2 | 15.10%
|
| Total | 7,450.48 | 33 |
|
|
|
|
|
|
|
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.
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