Analysis of high yield issuance through March

Total issuance: $24,431.58 in 79 deals

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

Yield

Floater	99.75	1	0.41%
6%-6.99%	650.00	1	2.66%
7%-7.99%	2,333.73	11	9.55%
8%-8.99%	4,547.13	12	18.61%
9%-9.99%	8,580.95	21	35.12%
10%-10.99%	3,308.50	11	13.54%
11%-11.99%	2,705.26	12	11.07%
Over 12%	2,206.27	10	9.03%
Total	24,431.58	79
Pricing versus talk
Lower	2,393.07	10	9.79%
Low end	8,957.29	21	36.66%
Middle of lowered	300.00	1	1.23%
Middle	7,117.28	22	29.13%
High end	1,778.52	7	7.28%
Higher	2,235.66	8	9.15%
NA	1,649.76	10	6.75%
Total	24,431.58	79
Use of proceeds
Acquisition	2,150.85	10	8.80%
Construction	120.74	1	0.49%
GCP	1,534.92	7	6.28%
LBO	3,321.88	7	13.60%
Refinance	3,612.82	8	14.79%
Recapitalization	200.00	1	0.82%
Refinance notes	1,636.33	7	6.70%
Repay bank debt	4,019.02	14	16.45%
Repay bank debt plus others	2,388.88	7	9.78%
Other refinance	3,481.20	9	14.25%
Multiple	846.69	3	3.47%
Other	814.89	3	3.34%
No proceeds	303.38	2	1.24%
Total	24,431.58	79
Moody's rating
Ba1	1,196.28	5	4.90%
Ba2	2,264.05	5	9.27%
Ba3	3,437.78	13	14.07%
B1	5,720.34	11	23.41%
B2	4,696.40	18	19.22%
B3	4,950.32	22	20.26%
Caa1	260.41	3	1.07%
NR	1,906.00	2	7.80%
Total	24,431.58	79
Upsized?
Yes	11,944.47	32	48.89%
No	12,037.37	45	49.27%
Downsized	449.75	2	1.84%
Total	24,431.58	79
Add ons?
Yes	1,578.15	12	6.46%
No	22,853.43	67	93.54%
Total	24,431.58	79
Seniority
Mortgage	467.82	2	1.91%
Senior secured	3,318.58	12	13.58%
Senior	13,377.76	43	54.76%
Senior sub	5,361.43	20	21.94%
Others	1,906.00	2	7.80%
Total	24,431.58	79
Industry sector (by SIC code)
Mining (1xxx)	1,150.00	2	4.71%
Oil and gas (13xx)	4,084.29	9	16.72%
Construction (15xx)	812.81	6	3.33%
Manufacturing (2xxx, 3xxx)	9,224.45	30	37.76%
Transportation (4xxx)	444.48	2	1.82%
Communications (48xx)	1,096.51	5	4.49%
Electric, gas, sanitary services (49xx)	1,016.03	4	4.16%
Wholesale (5xxx)	2,170.03	7	8.88%
Services (7xxx)	3,533.00	11	14.46%
Others	900.00	3	3.68%
Total	24,431.58	79

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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