Analysis of high yield issuance for 12 months through March 2008

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

Yield

	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Less than 7%	0.933	4.401	1.547	0	0	0	0.198	0	0	0	0	0
7%-7.99%	2.460	10.138	7.437	0	0	0.750	1.657	0.176	0.500	0.600	0	0.375
8%-8.99%	1.096	0.360	1.917	0.225	0	2.276	2.953	2.472	0	0	0	0
9%-9.99%	2.191	2.691	5.080	2.039	1.500	0.750	0.707	0.312	0.550	0	0.424	0
10%-10.99%	2.308	1.840	3.558	0.372	0.026	2.078	8.312	1.980	0.456	6.585	0	0
11%-11.99%	0.543	0.113	2.441	0.417	0.546	2.116	5.577	5.507	0	0	0.200	0.500
12% and higher	0.859	0.595	0.415	0	0	0.554	1.090	0.774	0.207	0	0.296	0.953
Floater	1.655	4.952	2.232	0	0	0.105	0.150	0	0.195	0	0	0
NA	0	0	0	0	0	0.041	0	0	0	0	0	0
Total	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Less than 7%	6.882	17	0	0	0.198	1	0	0	0	0	7.081	18	0.00%
7%-7.99%	20.035	39	0.750	2	2.334	7	0.975	2	0.975	2	24.094	50	9.82%
8%-8.99%	3.373	12	2.501	5	5.424	10	0	0	0	0	11.299	27	0.00%
9%-9.99%	9.962	25	4.289	7	1.569	5	0.424	2	0.424	2	16.245	39	4.27%
10%-10.99%	7.707	18	2.476	7	10.748	12	6.585	3	6.585	3	27.515	40	66.29%
11%-11.99%	3.097	7	3.078	7	11.084	16	0.700	2	0.700	2	17.960	32	7.05%
12% and higher	1.869	4	0.554	4	2.072	8	1.249	4	1.249	4	5.744	20.000	12.57%
Floater	8.839	29	0.105	1	0.345	3	0	0	0	0	9.289	33	0.00%
NA	0	0	0.041	1	0	0	0	0	0	0	0.041	1	0.00%
Total	61.764	151	13.794	34	33.776	62	9.933	13	9.933	13	119.267	260	100.00%
Versus Talk
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Lower	1.085	0	0	0	0	0	0	0.601	0	0	0	0
Low end	3.374	9.648	1.724	0.200	0	0	1.180	0.575	0.456	0	0	0.413
Middle	5.973	9.951	8.751	0.394	2.071	3.178	11.276	0.387	0.546	0.600	0.599	0.500
High end	1.614	2.277	6.941	0.150	0	0	3.061	2.321	0.550	0	0	0.375
Higher	0	0	3.966	2.114	0	0	0.640	1.105	0	0	0.225	0.540
NA	0	3.215	3.246	0.196	0	5.491	4.488	6.233	0.356	6.585	0.096	0
Total	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Lower	1.085	5	0	0	0.601	3	0	0	0	0	1.686	8	0.00%
Low end	14.747	42	0.200	1	2.211	5	0.413	1	0.413	1	17.571	49	4.16%
Middle	24.674	53	5.643	12	12.210	20	1.699	5	1.699	5	44.226	90	17.10%
High end	10.832	20	0.150	1	5.932	9	0.375	1	0.375	1	17.288	31	3.78%
Higher	3.966	8	2.114	5	1.745	6	0.765	2	0.765	2	8.590	21	7.70%
NA	6.461	23	5.687	15	11.077	19	6.681	4	6.681	4	29.906	61	67.26%
Total	61.764	151	13.794	34	33.776	62	9.933	13	9.933	13	119.267	260	100.00%
Upsized?
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Yes	2.634	8.325	3.403	0	0.165	3.009	10.781	1.488	0.550	0.600	0	0.375
No	5.425	16.536	15.924	2.856	0.406	5.660	7.952	9.434	1.151	0	0.297	1.040
Downsized	3.987	0.230	5.300	0.197	1.500	0	1.911	0.300	0.207	6.585	0.624	0.413
Total	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	14.362	34	3.174	7	12.819	13	0.975	2	0.975	2	31.330	56	9.82%
No	37.886	104	8.923	24	18.538	43	1.336	4	1.336	4	66.683	175	13.45%
Downsized	9.517	13	1.697	3	2.419	6	7.622	7	7.622	7	21.254	29	76.73%
Total	61.764	151	13.794	34	33.776	62	9.933	13	9.933	13	119.267	260	100.00%
Quick Sale?
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Yes	1.490	10.239	5.530	0	0.165	3.089	3.806	3.633	0	0	0	0.875
No	10.556	14.851	19.098	3.053	1.906	5.580	16.839	7.589	1.908	7.185	0.920	0.953
Total	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	17.259	43	3.254	8	7.439	18	0.875	2	0.875	2	28.827	71	8.81%
No	44.505	108	10.540	26	26.336	44	9.058	11	9.058	11	90.440	189	91.19%
Total	61.764	151	13.794	34	33.776	62	9.933	13	9.933	13	119.267	260	100.00%
Seniority
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
mortgage	0	0.675	0.675	0	0	0	0	0	0	0	0	0
senior secured	0.681	2.791	1.932	1.250	0.546	0.216	1.000	0.691	0.456	0	0.522	0.913
secured	0	0	0	0	0	0	0.220	0	0	0	0	0
senior	9.466	18.809	19.203	1.382	1.526	7.012	18.947	8.783	1.452	7.185	0.399	0.915
senior subordinated	1.899	1.566	2.818	0.322	0	1.441	0.478	1.748	0	0	0	0
subordinated	0	1.249	0	0.100	0	0	0	0	0	0	0	0
Total	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
mortgage	1.350	3	0	0	0	0	0	0	0	0	1.350	3	0.00%
senior secured	5.404	22	2.011	5	2.147	7	1.435	5	1.435	5	10.998	39	14.45%
secured	0	0	0	0	0.220	1	0	0	0	0	0.220	1	0.00%
senior	47.478	105	9.919	22	29.182	47	8.499	8	8.499	8	95.078	182	85.56%
senior subordinated	6.283	18	1.763	6	2.226	7	0	0	0	0	10.272	31	0.00%
subordinated	1.249	3	0.100	1	0	0	0	0	0	0	1.349	4	0.00%
Total	61.764	151	13.794	34	33.776	62	9.933	13	9.933	13	119.267	260	100.00%
Moody's Rating
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Ba1	0.384	4.346	1.774	0	0	0.500	0	0.500	0	0	0	0
Ba2	0	2.595	1.156	0	0	0.492	0.700	0.051	0.500	0.600	0.225	0.375
Ba3	0.330	0.700	3.383	1.450	0	0.379	0.261	1.510	0.148	0	0.199	0
B1	1.099	5.867	3.639	0.616	1.500	0	2.220	1.017	0	0	0	0.413
B2	0.391	2.475	1.109	0.225	0	0.656	0.575	0.586	0.663	0	0.200	0
B3	1.191	1.898	6.034	0	0.406	3.078	11.613	4.819	0.550	6.585	0.297	1.040
Caa1	5.273	3.544	5.924	0.247	0	1.052	2.080	2.190	0.046	0	0	0
Caa2	0.859	1.290	1.125	0.317	0	0	1.767	0.100	0	0	0	0
NR	2.519	2.376	0.483	0.199	0.165	2.513	1.428	0.450	0	0	0	0
Total	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Ba1	6.504	16	0.500	1	0.500	1	0	0	0	0	7.504	18	0.00%
Ba2	3.751	10	0.492	1	1.251	3	1.200	3	1.200	3	6.693	17	12.08%
Ba3	4.413	11	1.828	4	1.919	5	0.199	1	0.199	1	8.359	21	2.00%
B1	10.605	22	2.116	3	3.237	5	0.413	1	0.413	1	16.372	31	4.16%
B2	3.975	12	0.881	2	1.825	7	0.200	1	0.200	1	6.881	22	2.01%
B3	9.124	20	3.485	9	16.982	18	7.921	7	7.921	7	37.512	54	79.74%
Caa1	14.741	36	1.299	4	4.317	10	0	0	0	0	20.356	50	0.00%
Caa2	3.274	7	0.317	1	1.867	6	0	0	0	0	5.457	14	0.00%
NR	5.378	17	2.876	9	1.878	7	0	0	0	0	10.132	33	0.00%
Total	61.764	151	13.794	34	33.776	62	9.933	13	9.933	13	119.267	260	100.00%
Use of Proceeds
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Acquisition	1.406	2.751	3.939	0.097	0.381	0.111	0.854	0.810	0	0	0.295	0.540
Capex	0.295	1.123	0.925	0	0	0.244	0	0.264	0	0	0	0
Dividend/recap	1.380	0.148	0.681	0	0	0.129	0	0	0	0	0	0
GCP	0	4.894	1.291	0	0.165	0.532	0.197	0.899	0.500	0	0	0
LBO	6.127	3.160	6.635	0.317	1.500	3.652	14.835	6.247	0	6.335	0.225	0
Redeem notes	0.730	5.020	2.841	0	0	0.520	0	0.250	0	0	0	0
Refinance	0.824	2.443	1.849	1.573	0	2.556	1.029	0.426	0.356	0.850	0.200	0.788
Repay bank debt	0.300	2.148	2.590	0.372	0	0.750	0.761	0.137	0.550	0	0.200	0.500
Multiple/Other/NA	0.985	3.404	3.875	0.694	0.026	0.175	2.970	2.189	0.502	0	0	0
Total	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	8.096	15	0.589	3	1.664	4	0.835	3	0.835	3	11.183	25	8.41%
Capex	2.343	6	0.244	2	0.264	2	0	0	0	0	2.851	10	0.00%
Dividend/recap	2.209	10	0.129	1	0	0	0	0	0	0	2.337	11	0.00%
GCP	6.185	13	0.697	3	1.596	4	0	0	0	0	8.478	20	0.00%
LBO	15.922	37	5.469	8	21.082	26	6.560	3	6.560	3	49.033	74	66.04%
Redeem notes	8.591	21	0.520	1	0.250	1	0	0	0	0	9.361	23	0.00%
Refinance	5.116	12	4.130	7	1.810	7	1.838	5	1.838	5	12.894	31	18.50%
Repay bank debt	5.038	13	1.122	4	1.448	4	0.700	2	0.700	2	8.309	23	7.05%
Multiple/Other/NA	8.265	24	0.895	5	5.661	14	0	0	0	0	14.821	43	0.00%
Total	61.764	151	13.794	34	33.776	62	9.933	13	9.933	13	119.267	260	100.00%
Industry Sector (by SIC code)
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Agriculture (0xxx)	0	0.250	0.325	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0	0.997	0.175	0	0	0	0	0.235	0	0	0	0
Oil and gas (13xx)	1.100	0.550	2.670	0.150	0	0.361	0.123	1.416	0.550	0.850	0.400	0
Construction (15xx)	0.300	0.200	0	0.394	0	0	0.197	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	2.436	6.338	3.688	0.517	1.665	2.973	2.870	2.647	0.956	0	0.295	0.788
Transportation (4xxx)	0.794	1.295	0.632	0	0.381	0.150	0.220	0.051	0.046	0	0	0
Communications (48xx)	0.675	1.791	0.671	0.447	0.026	1.156	0	0.915	0	0	0	1.040
Electric, gas, sanitary services (49xx)	0.359	6.099	4.629	1.348	0	0.925	10.478	3.658	0	0	0	0
Wholesale (5xxx)	1.410	2.136	3.746	0	0	0	0.729	0	0.148	0	0.225	0
Finance, insurance, real estate (6xxx)	4.427	2.914	1.600	0.100	0	1.532	3.126	1.450	0	0	0	0
Services (7xxx)	0.105	2.263	1.418	0.097	0	1.571	1.603	0.713	0.207	6.335	0	0
Health services (8xxx)	0.440	0.257	5.073	0	0	0	1.300	0.137	0	0	0	0
Total	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.575	2	0	0	0	0	0	0	0	0	0.575	2	0.00%
Mining (1xxx)	1.172	2	0	0	0.235	1	0	0	0	0	1.407	3	0.00%
Oil and gas (13xx)	4.320	11	0.511	3	2.089	6	1.250	4	1.250	4	8.170	24	12.58%
Construction (15xx)	0.500	2	0.394	1	0.197	1	0	0	0	0	1.091	4	0.00%
Manufacturing (2xxx, 3xxx)	12.462	33	5.155	9	6.473	16	1.083	4	1.083	4	25.173	62	10.90%
Transportation (4xxx)	2.721	12	0.531	2	0.317	3	0	0	0	0	3.569	17	0.00%
Communications (48xx)	3.137	12	1.629	5	0.915	1	1.040	2	1.040	2	6.721	20	10.47%
Electric, gas, sanitary services (49xx)	11.088	21	2.273	4	14.136	11	0	0	0	0	27.497	36	0.00%
Wholesale (5xxx)	7.292	16	0	0	0.877	4	0.225	1	0.225	1	8.395	21	2.27%
Finance, insurance, real estate (6xxx)	8.941	20	1.632	4	4.576	7	0	0	0	0	15.149	31	0.00%
Services (7xxx)	3.786	11	1.668	6	2.524	9	6.335	2	6.335	2	14.313	28	63.78%
Health services (8xxx)	5.769	9	0	0	1.437	3	0	0	0	0	7.207	12	0.00%
Total	61.764	151	13.794	34	33.776	62	9.933	13	9.933	13	119.267	260	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.