Analysis of high yield issuance for year to date and 12 months through March

Total issuance: $31.557 billion in 83 deals

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

Yield

	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Less than 6%	0	0	0.298	0.150	0	0.895	0	0	0	0.209	0	0
6%-6.99%	0.695	0.672	3.612	1.991	2.314	1.873	0.400	1.350	1.074	1.415	1.346	4.194
7%-7.99%	1.027	0.368	3.173	0.675	1.250	2.401	0.621	2.637	2.175	7.216	1.674	1.299
8%-8.99%	0.798	0.175	1.260	1.225	1.148	2.821	0.600	1.619	2.845	4.668	0.369	1.750
9%-9.99%	1.068	0.299	0.979	1.900	1.493	0.993	0	1.019	1.123	0.699	0.672	0.382
10%-10.99%	0.471	0.123	0.916	1.151	0.076	0.837	0.443	1.301	1.764	0.440	0.682	1.130
11% and higher	0.817	0.750	0.522	0.270	0.119	0.521	0.043	1.446	1.936	1.009	0.300	0.953
Floater	0.705	0.148	1.858	0.548	0.682	1.123	1.014	0.588	1.672	0.200	0.650	0.300
Total	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Less than 6%	0.298	1	1.046	3	0	0	0.209	1	0.209	1	1.553	5	0.66%
6%-6.99%	4.980	15	6.178	21	2.824	10	6.955	17	6.955	17	20.936	63	22.04%
7%-7.99%	4.568	18	4.326	20	5.433	15	10.189	20	10.189	20	24.515	73	32.29%
8%-8.99%	2.234	10	5.194	16	5.064	13	6.787	16	6.787	16	19.279	55	21.51%
9%-9.99%	2.346	12	4.386	11	2.142	9	1.753	7	1.753	7	10.627	39	5.56%
10%-10.99%	1.510	8	2.065	6	3.508	13	2.252	8	2.252	8	9.335	35	7.14%
11% and higher	2.089	14	0.910	6	3.426	21	2.262	10	2.262	10	8.686	51	7.17%
Floater	2.711	12	2.354	12	3.274	15	1.150	4	1.150	4	9.490	43	3.64%
Total	20.736	90	26.458	95	25.669	96	31.557	83	31.557	83	104.420	364	100.00%
Versus Talk
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Lower	0	0	0.548	0.200	0	0.824	0	0	1.244	0.300	0	0
Low end	0.640	0.848	1.458	4.591	2.103	0.853	0	1.075	4.651	4.947	1.714	0.798
Middle	1.068	0.492	4.376	2.126	3.266	3.899	1.865	2.832	3.112	7.492	2.900	3.544
High end	1.717	0.781	2.466	0	0.721	1.517	0.301	3.761	0.957	2.223	0.150	3.879
Higher	1.976	0.285	1.912	0	0.289	3.572	0.266	1.350	1.142	0.684	0	0.840
NA	0.180	0.130	1.857	0.993	0.702	0.801	0.688	0.942	1.483	0.209	0.930	0.946
Total	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Lower	0.548	3	1.024	4	1.244	3	0.300	1	0.300	1	3.116	11	0.95%
Low end	2.945	15	7.548	23	5.726	12	7.460	18	7.460	18	23.678	68	23.64%
Middle	5.936	21	9.291	29	7.809	30	13.936	33	13.936	33	36.972	113	44.16%
High end	4.965	18	2.238	9	5.018	20	6.252	15	6.252	15	18.474	62	19.81%
Higher	4.173	16	3.861	15	2.758	12	1.524	6	1.524	6	12.317	49	4.83%
NA	2.167	17	2.496	15	3.113	19	2.085	10	2.085	10	9.863	61	6.61%
Total	20.736	90	26.458	95	25.669	96	31.557	83	31.557	83	104.420	364	100.00%
Upsized?
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Yes	0.856	0.350	3.214	5.395	2.349	4.795	0.575	1.374	1.593	4.683	1.449	4.228
No	3.557	1.194	8.914	2.515	3.801	5.212	2.029	7.924	8.344	9.739	3.979	4.870
Downsized	1.169	0.992	0.491	0	0.931	1.459	0.516	0.662	2.652	1.434	0.265	0.910
Total	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	4.419	15	12.539	34	3.542	11	10.360	24	10.360	24	30.861	84	32.83%
No	13.665	60	11.529	54	18.297	75	18.588	51	18.588	51	62.079	240	58.90%
Downsized	2.652	15	2.390	7	3.830	10	2.609	8	2.609	8	11.480	40	8.27%
Total	20.736	90	26.458	95	25.669	96	31.557	83	31.557	83	104.420	364	100.00%
Quick Sale?
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Yes	1.166	0.497	7.131	2.391	4.013	2.125	1.290	1.264	1.020	5.357	2.666	5.090
No	4.416	2.039	5.488	5.519	3.068	9.341	1.830	8.696	11.568	10.499	3.028	4.918
Total	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	8.794	28	8.529	31	3.575	17	13.112	33	13.112	33	34.010	109	41.55%
No	11.943	62	17.929	64	22.094	79	18.444	50	18.444	50	70.410	255	58.45%
Total	20.736	90	26.458	95	25.669	96	31.557	83	31.557	83	104.420	364	100.00%
Add on?
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Yes	0.156	0	1.269	0.075	1.151	0.455	0.418	0.110	0.144	1.105	0.282	0.196
No	5.426	2.536	11.350	7.835	5.930	11.012	2.702	9.850	12.444	14.750	5.412	9.812
Total	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	1.425	11	1.681	14	0.672	8	1.583	7	1.583	7	5.361	40	5.02%
No	19.312	79	24.777	81	24.996	88	29.974	76	29.974	76	99.058	324	94.98%
Total	20.736	90	26.458	95	25.669	96	31.557	83	31.557	83	104.420	364	100.00%
Seniority
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
mortgage	0	0	0	0	0	0	0	0	0	0.209	0	0.819
senior secured	0.961	0.148	2.651	0.425	0.537	0.596	0.210	0.165	2.200	0.267	0.719	0.637
secured	0	0	0	0	0.090	0	0	0	0	0	0	0.100
senior	4.148	2.288	8.707	5.224	4.541	7.556	2.609	8.307	7.960	13.759	4.359	6.702
senior subordinated	0.472	0.100	1.260	2.261	1.913	2.814	0.301	1.487	2.429	1.621	0.564	1.750
subordinated	0	0	0	0	0	0.500	0	0	0	0	0.052	0
Total	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
mortgage	0	0	0	0	0	0	1.029	4	1.029	4	1.029	4	3.26%
senior secured	3.761	18	1.558	10	2.575	14	1.623	6	1.623	6	9.517	48	5.14%
secured	0	0	0.090	1	0	0	0.100	1	0.100	1	0.190	2	0.32%
senior	15.143	64	17.322	59	18.876	65	24.819	59	24.819	59	76.159	247	78.65%
senior subordinated	1.832	8	6.988	24	4.218	17	3.934	12	3.934	12	16.972	61	12.47%
subordinated	0	0	0.500	1	0	0	0.052	1	0.052	1	0.552	2	0.16%
Total	20.736	90	26.458	95	25.669	96	31.557	83	31.557	83	104.420	364	100.00%
Moody's Rating
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Ba1	0.197	0.297	0.747	0.550	0.295	0.600	0	1.600	0	0.709	0.300	0.848
Ba2	0	0.200	2.337	1.050	1.220	2.295	0.400	0.494	0.199	1.694	1.198	2.895
Ba3	1.283	0.350	2.524	0.991	0.994	2.465	0.349	0.197	1.440	1.815	1.372	1.100
B1	0.325	0.563	1.805	0.820	0.704	1.727	0.647	2.379	4.926	5.247	0	0
B2	1.593	0.315	0.963	0.250	1.626	2.242	0.780	1.670	1.185	2.070	0.470	2.560
B3	1.561	0.508	2.460	2.850	1.150	1.326	0.467	2.033	1.934	1.541	1.494	1.146
Caa1	0.300	0.123	0.293	1.151	1.015	0.472	0.367	0.844	1.104	2.779	0	0.587
Caa2	0.197	0	0.245	0	0.076	0	0	0.423	0.672	0	0	0.336
Ca	0	0	0	0	0	0.150	0	0	0	0	0	0
NR	0.125	0.179	1.245	0.248	0	0.190	0.110	0.320	1.128	0	0.859	0.536
Total	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Ba1	1.241	5	1.445	5	1.600	4	1.857	6	1.857	6	6.143	20	5.88%
Ba2	2.537	8	4.564	15	1.093	4	5.787	14	5.787	14	13.982	41	18.34%
Ba3	4.157	14	4.450	12	1.986	7	4.287	10	4.287	10	14.880	43	13.58%
B1	2.693	12	3.251	15	7.953	20	5.247	7	5.247	7	19.144	54	16.63%
B2	2.871	13	4.118	15	3.635	16	5.101	15	5.101	15	15.725	59	16.16%
B3	4.529	24	5.326	17	4.434	17	4.180	15	4.180	15	18.469	73	13.25%
Caa1	0.717	6	2.638	10	2.316	13	3.366	8	3.366	8	9.037	37	10.67%
Caa2	0.442	2	0.076	1	1.094	7	0.336	1	0.336	1	1.949	11	1.06%
Ca	0	0	0.150	1	0	0	0	0	0	0	0.150	1	0.00%
NR	1.549	6	0.438	4	1.557	8	1.396	7	1.396	7	4.941	25	4.42%
Total	20.736	90	26.458	95	25.669	96	31.557	83	31.557	83	104.420	364	100.00%
Use of Proceeds
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Acquisition	1.291	1.108	0.724	1.416	0	2.319	1.082	0.794	0.465	7.785	0.150	2.396
Capex	0	0	0.040	0	0.076	0.075	0	0.150	0.600	0.248	0.420	0.725
Chapter 11 exit	0	0	0	0	0	0	0	0	0.850	0	0	0
Dividend/recap	0.125	0	0	0.148	0.729	0.349	0.150	0.183	0.546	0	0.052	0.336
GCP	0.300	0	0.323	0.050	0.491	0.600	0.134	0.060	0.901	0	0.200	1.178
LBO	1.542	0.030	0.795	3.300	0.765	2.038	0.460	2.642	3.602	0.684	1.405	0.525
Redeem notes	1.319	0.349	2.484	0.450	0.811	2.919	0.175	2.173	1.975	2.693	0.324	2.299
Refinance	0	0.260	4.380	0.520	1.025	0.264	0.200	0.635	2.076	1.027	0.969	0.350
Repay bank debt	0.482	0.297	1.331	0.151	1.544	0.400	0.210	1.063	0.688	1.968	1.726	0.799
Multiple/Other/NA	0.522	0.491	2.540	1.875	1.640	2.504	0.709	2.260	0.886	1.450	0.447	1.400
Total	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	3.124	15	3.735	10	2.341	12	10.330	16	10.330	16	19.531	53	32.73%
Capex	0.040	1	0.151	2	0.750	3	1.394	7	1.394	7	2.335	13	4.42%
Chapter 11 exit	0	0	0	0	0.850	1	0	0	0	0	0.850	1	0.00%
Dividend/recap	0.125	1	1.227	7	0.879	4	0.388	2	0.388	2	2.619	14	1.23%
GCP	0.623	3	1.141	4	1.094	6	1.378	5	1.378	5	4.236	18	4.37%
LBO	2.367	15	6.103	13	6.704	21	2.614	10	2.614	10	17.787	59	8.28%
Redeem notes	4.153	15	4.180	15	4.322	11	5.316	12	5.316	12	17.971	53	16.85%
Refinance	4.640	14	1.809	9	2.912	13	2.347	7	2.347	7	11.707	43	7.44%
Repay bank debt	2.110	12	2.095	12	1.961	11	4.493	14	4.493	14	10.660	49	14.24%
Multiple/Other/NA	3.554	14	6.019	23	3.854	14	3.297	10	3.297	10	16.724	61	10.45%
Total	20.736	90	26.458	95	25.669	96	31.557	83	31.557	83	104.420	364	100.00%
Industry Sector (by SIC code)
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Agriculture (0xxx)	0	0.195	0.225	0.100	0	0	0	0	0.195	0.300	0.150	0
Mining (1xxx)	0	0.150	0.600	0	0	0	0.150	0	1.430	0	0.400	0
Oil and gas (13xx)	1.193	0.123	0.913	0.225	0.594	1.450	0.175	1.264	0.150	1.365	0	1.050
Construction (15xx)	0	0.297	0.796	0.050	0.795	0.372	0	0	0.201	0	0.300	0.298
Manufacturing (2xxx, 3xxx)	1.596	0.583	3.687	2.539	1.922	1.431	0.778	4.818	1.196	2.686	1.358	3.031
Transportation (4xxx)	0.460	0	0.234	0	0	0.075	0	0	0	0	0.300	0.200
Communications (48xx)	0.675	0	3.720	0.721	0.991	0.499	0.134	0.848	1.881	3.357	0.382	0.868
Electric, gas, sanitary services (49xx)	0	0.200	0.461	0	0.715	0.174	0.650	0.642	1.632	4.034	0.449	1.299
Wholesale (5xxx)	0.415	0.415	0	0.025	0.367	3.782	0	0.586	1.049	0.550	0.650	0.685
Finance, insurance, real estate (6xxx)	0.647	0.350	0.229	0.500	0.064	1.581	0.446	1.050	1.172	0.500	0.996	0
Services (7xxx)	0.596	0.193	1.535	3.550	1.483	1.480	0.787	0.538	3.485	2.716	0.709	2.575
Health services (8xxx)	0	0.030	0.220	0.200	0.150	0.622	0	0.215	0.199	0.347	0	0
Total	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.420	2	0.100	1	0.195	2	0.450	2	0.450	2	1.165	7	1.43%
Mining (1xxx)	0.750	2	0	0	1.580	5	0.400	1	0.400	1	2.730	8	1.27%
Oil and gas (13xx)	2.229	10	2.269	7	1.589	6	2.415	6	2.415	6	8.502	29	7.65%
Construction (15xx)	1.093	5	1.217	7	0.201	1	0.598	2	0.598	2	3.109	15	1.89%
Manufacturing (2xxx, 3xxx)	5.866	29	5.892	22	6.792	23	7.075	21	7.075	21	25.624	95	22.42%
Transportation (4xxx)	0.694	3	0.075	1	0	0	0.500	2	0.500	2	1.269	6	1.58%
Communications (48xx)	4.395	12	2.211	9	2.862	11	4.608	13	4.608	13	14.076	45	14.60%
Electric, gas, sanitary services (49xx)	0.661	3	0.889	5	2.923	9	5.783	10	5.783	10	10.256	27	18.33%
Wholesale (5xxx)	0.830	3	4.174	14	1.635	8	1.885	5	1.885	5	8.523	30	5.97%
Finance, insurance, real estate (6xxx)	1.225	8	2.145	8	2.668	12	1.496	2	1.496	2	7.534	30	4.74%
Services (7xxx)	2.324	11	6.513	16	4.810	17	6.000	17	6.000	17	19.646	61	19.01%
Health services (8xxx)	0.250	2	0.972	5	0.414	2	0.347	2	0.347	2	1.983	11	1.10%
Total	20.736	90	26.458	95	25.669	96	31.557	83	31.557	83	104.420	364	100.00%

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.

• Best efforts and non-underwritten deals are excluded as are remarketings.

© 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.