Analysis of investment grade issuance through January 2008

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Spread

	10/2007	11/2007	12/2007	1/2008
Less than 75 bps	3.547	0.995	0	11.222
75	10.738	0	0	0
100	15.188	1.399	0.500	0.145
125	13.121	8.034	0.499	5.341
150	10.851	5.086	4.992	11.443
6/1900	4.836	11.359	10.811	6.770
200	3.577	12.219	8.580	12.559
225 bps and higher	4.769	8.433	18.123	13.470
NA/floater	10.830	7.101	11.472	49.668
Total	77.457	54.625	54.977	110.619
	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Less than 75 bps	4.542	3	11.222	5	11.222	5	15.764	8	10.15%
75	10.738	5	0	0	0	0	10.738	5	0.00%
100	17.087	18	0.145	1	0.145	1	17.231	19	0.13%
125	21.654	31	5.341	6	5.341	6	26.995	37	4.83%
150	20.930	35	11.443	10	11.443	10	32.373	45	10.34%
175	27.006	27	6.770	4	6.770	4	33.776	31	6.12%
200	24.376	31	12.559	16	12.559	16	36.936	47	11.35%
225 bps and higher	31.325	37	13.470	11	13.470	11	44.794	48	12.18%
NA/floater	29.403	69	49.668	45	49.668	45	79.071	114	44.90%
Total	187.059	256	110.619	98	110.619	98	297.678	354	100.00%
Tenor
	10/2007	11/2007	12/2007	1/2008
Less than 2	0.140	1.275	2.500	4.810
2	5.649	3.059	0.346	6.800
2.5 to 4.75 years	1.944	0.924	4.273	21.650
5	29.671	9.016	6.420	31.946
5.25 to 9.75	1.395	3.744	1.669	3.245
10	13.983	22.328	17.748	18.224
10.25 to 15	6.540	0.797	3.863	2.895
25 and longer	12.498	13.482	13.865	13.544
Perpetual/NA	5.637	0	4.293	7.504
Total	77.457	54.625	54.977	110.619
	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Less than 2	3.915	8	4.810	11	4.810	11	8.725	19	4.35%
2	9.054	17	6.800	7	6.800	7	15.854	24	6.15%
2.5 to 4.75 years	7.141	19	21.650	17	21.650	17	28.791	36	19.57%
5	45.107	48	31.946	18	31.946	18	77.053	66	28.88%
5.25 to 9.75	6.808	19	3.245	2	3.245	2	10.053	21	2.93%
10	54.059	63	18.224	15	18.224	15	72.283	78	16.47%
10.25 to 15	11.200	15	2.895	5	2.895	5	14.095	20	2.62%
25 and longer	39.845	56	13.544	14	13.544	14	53.389	70	12.24%
Perpetual/NA	9.930	11	7.504	9	7.504	9	17.434	20	6.78%
Total	187.059	256	110.619	98	110.619	98	297.678	354	100.00%
Upsized?
	10/2007	11/2007	12/2007	1/2008
Yes	6.485	6.884	3.999	10.723
No	70.972	45.644	50.578	99.646
Downsized	0	2.097	0.400	0.250
Total	77.457	54.625	54.977	110.619
	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	17.369	21	10.723	15	10.723	15	28.092	36	9.69%
No	167.194	231	99.646	82	99.646	82	266.840	313	90.08%
Downsized	2.496	4	0.250	1	0.250	1	2.746	5	0.23%
Total	187.059	256	110.619	98	110.619	98	297.678	354	100.00%
Moody's Rating
	10/2007	11/2007	12/2007	1/2008
Aaa	6.635	8.904	0.203	32.054
Aa1	12.135	3.475	8.387	22.488
Aa2	4.303	11.682	8.553	13.692
Aa3	11.936	1.800	2.739	9.914
A1	6.991	6.124	9.906	9.225
A2	5.339	6.418	9.730	15.602
A3	5.665	5.124	3.012	0.699
Baa1	7.791	4.328	1.897	1.750
Baa2	10.411	4.885	6.629	3.842
Baa3	4.281	0.250	3.920	1.101
Ba1	0.713	0	0	0.250
Ba2	1.257	0.389	0	0
NR	0	1.248	0	0
Total	77.457	54.625	54.977	110.619
	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Aaa	15.741	23	32.054	24	32.054	24	47.795	47	28.98%
Aa1	23.997	15	22.488	8	22.488	8	46.485	23	20.33%
Aa2	24.538	24	13.692	11	13.692	11	38.231	35	12.38%
Aa3	16.475	21	9.914	11	9.914	11	26.389	32	8.96%
A1	23.020	25	9.225	6	9.225	6	32.245	31	8.34%
A2	21.487	33	15.602	21	15.602	21	37.089	54	14.10%
A3	13.801	33	0.699	2	0.699	2	14.501	35	0.63%
Baa1	14.016	26	1.750	3	1.750	3	15.767	29	1.58%
Baa2	21.925	32	3.842	8	3.842	8	25.767	40	3.47%
Baa3	8.451	18	1.101	3	1.101	3	9.552	21	1.00%
Ba1	0.713	2	0.250	1	0.250	1	0.963	3	0.23%
Ba2	1.646	3	0	0	0	0	1.646	3	0.00%
NR	1.248	1	0	0	0	0	1.248	1	0.00%
Total	187.059	256	110.619	98	110.619	98	297.678	354	100.00%
Floater
	10/2007	11/2007	12/2007	1/2008
Yes	5.490	5.175	9.215	37.352
No	71.967	49.450	45.762	73.267
Total	77.457	54.625	54.977	110.619
	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	19.880	35	37.352	31	37.352	31	57.233	66	33.77%
No	167.179	221	73.267	67	73.267	67	240.445	288	66.23%
Total	187.059	256	110.619	98	110.619	98	297.678	354	100.00%
Industry Sector (by SIC code)
	10/2007	11/2007	12/2007	1/2008
Mining (1xxx)	0	0.498	1.224	0
Oil and gas (13xx)	4.156	1.497	5.495	1.949
Manufacturing (2xxx, 3xxx)	13.616	11.969	10.966	5.921
Transportation (4xxx)	2.244	0	0.806	5.031
Communications (48xx)	2.106	0	4.187	3.992
Electric, gas, sanitary services (49xx)	3.891	3.665	0.647	4.596
Wholesale (5xxx)	7.084	1.781	0.593	6.221
Finance, insurance, real estate (6xxx)	41.224	32.330	31.059	81.599
Services (7xxx)	3.136	2.885	0	0.923
Health services (8xxx)	0	0	0	0.387
Total	77.457	54.625	54.977	110.619
	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	1.722	5	0	0	0	0	1.722	5	0.00%
Oil and gas (13xx)	11.148	13	1.949	4	1.949	4	13.097	17	1.76%
Manufacturing (2xxx, 3xxx)	36.551	57	5.921	8	5.921	8	42.472	65	5.35%
Transportation (4xxx)	3.050	8	5.031	5	5.031	5	8.080	13	4.55%
Communications (48xx)	6.294	9	3.992	3	3.992	3	10.286	12	3.61%
Electric, gas, sanitary services (49xx)	8.203	25	4.596	12	4.596	12	12.799	37	4.15%
Wholesale (5xxx)	9.458	15	6.221	6	6.221	6	15.679	21	5.62%
Finance, insurance, real estate (6xxx)	104.613	116	81.599	56	81.599	56	186.212	172	73.77%
Services (7xxx)	6.021	8	0.923	2	0.923	2	6.944	10	0.83%
Health services (8xxx)	0	0	0.387	2	0.387	2	0.387	2	0.35%
Total	187.059	256	110.619	98	110.619	98	297.678	354	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 $75 million are included. All other MTNs are excluded.

• Deals rated investment-grade by either Standard & Poor's or Moody's Investors Service 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.