Published on 5/1/2003 in the Prospect News High Yield Daily.
Analysis of April high yield issuance
Total issuance: $9,010.02 in 35 deals
Columns are amounts in millions of dollars, count of deals and percentage by dollar value.
Yield
| 6%-6.99% | 635.96 | 3 | 7.06%
|
| 7%-7.99% | 2,180.17 | 9 | 24.20%
|
| 8%-8.99% | 2,249.02 | 10 | 24.96%
|
| 9%-9.99% | 2,002.00 | 5 | 22.22%
|
| 10%-10.99% | 1,209.85 | 5 | 13.43%
|
| 11%-11.99% | 175.00 | 1 | 1.94%
|
| Over 12% | 558.01 | 2 | 6.19%
|
| Total | 9,010.02 | 35 |
|
|
|
|
|
| Pricing versus talk
|
|
|
| Lower | 1,366.23 | 6 | 15.16%
|
| Low end | 4,455.35 | 13 | 49.45%
|
| Middle | 1,209.00 | 4 | 13.42%
|
| Higher | 558.01 | 2 | 6.19%
|
| NA | 1,421.43 | 10 | 15.78%
|
| Total | 9,010.02 | 35 |
|
|
|
| Use of proceeds
|
|
|
| Acquisition | 1,383.20 | 4 | 15.35%
|
| Refinance | 547.96 | 3 | 6.08%
|
| Refinance notes | 630.00 | 2 | 6.99%
|
| Repay bank debt | 3,027.12 | 13 | 33.60%
|
| Repay bank debt plus | 805.28 | 4 | 8.94%
|
| Other refinance | 1,779.24 | 6 | 19.75%
|
| Tender | 537.23 | 2 | 5.96%
|
| NA | 300.00 | 1 | 3.33%
|
| Total | 9,010.02 | 35 |
|
|
|
|
|
| Moody's rating
|
|
|
| Ba1 | 344.96 | 3 | 3.83%
|
| Ba2 | 549.71 | 2 | 6.10%
|
| Ba3 | 821.23 | 2 | 9.11%
|
| B1 | 2,392.38 | 7 | 26.55%
|
| B2 | 2,864.14 | 12 | 31.79%
|
| B3 | 1,272.56 | 7 | 14.12%
|
| NR | 765.06 | 2 | 8.49%
|
| Total | 9,010.02 | 35 |
|
|
|
|
|
| Upsized?
|
|
|
| Yes | 6,137.37 | 20 | 68.12%
|
| No | 2,501.42 | 14 | 27.76%
|
| Downsized | 371.23 | 1 | 4.12%
|
| Total | 9,010.02 | 35 |
|
|
|
|
|
| Add on?
|
|
|
| Yes | 1,242.65 | 10 | 13.79%
|
| No | 7,767.37 | 25 | 86.21%
|
| Total | 9,010.02 | 35 |
|
|
|
|
|
| Quick Sale?
|
|
|
| Yes | 4,047.64 | 21 | 44.92%
|
| No | 4,962.38 | 14 | 55.08%
|
| Total | 9,010.02 | 35 |
|
|
|
|
|
| Seniority
|
|
|
| Senior secured | 1,766.56 | 5 | 19.61%
|
| Senior | 5,945.26 | 23 | 65.98%
|
| Senior sub | 948.20 | 6 | 10.52%
|
| Notes | 350.00 | 1 | 3.88%
|
| Total | 9,010.02 | 35 |
|
|
|
|
|
| Industry sector (by SIC code)
|
|
|
| Oil and gas (13xx) | 400.00 | 1 | 4.44%
|
| Construction (15xx) | 234.48 | 2 | 2.60%
|
| Manufacturing (2xxx, 3xxx) | 4,186.13 | 18 | 46.46%
|
| Transportation (4xxx) | 312.00 | 1 | 3.46%
|
| Communications (48xx) | 1,435.00 | 3 | 15.93%
|
| Electric, gas and sanitary (49xx) | 450.00 | 1 | 4.99%
|
| Wholesale (5xxx) | 389.52 | 2 | 4.32%
|
| Finance, insurance, real estate (6xxx) | 485.67 | 3 | 5.39%
|
| Services (7xxx) | 1,117.23 | 4 | 12.40%
|
| Total | 9,010.02 | 35 |
|
|
|
|
|
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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