Analysis of February high yield issuance

Total issuance: $10.964 billion in 50 deals

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

Yield

Less than 6%	0.224	1	2.04%
6%-6.99%	2.084	7	19.00%
7%-7.99%	2.697	13	24.60%
8%-8.99%	2.431	9	22.17%
9%-9.99%	1.106	8	10.09%
10%-10.99%	1.225	5	11.18%
11% and higher	0.682	4	6.22%
Floater	0.515	3	0.047
Total	10.964	50
Pricing versus talk
Low end	2.536	14	23.13%
Middle	2.296	8	20.94%
High end	2.574	12	23.48%
Higher	3.332	13	30.39%
NA	0.225	3	2.05%
Total	10.964	50
Upsized?
Yes	3.047	12	27.79%
No	6.066	30	55.33%
Downsized	1.850	8	16.88%
Total	10.964	50
Quick Sale?
Yes	5.512	23	50.28%
No	5.452	27	49.72%
Total	10.964	50
Add On?
Yes	0.657	5	5.99%
No	10.307	45	94.01%
Total	10.964	50
Zero coupon?
Yes	0.533	3	4.87%
No	10.430	47	95.13%
Total	10.964	50
Seniority
Senior secured	2.115	6	19.29%
Senior	5.003	26	45.63%
Senior sub	3.845	18	35.07%
Total	10.964	50
Moody's rating
Ba1	0.374	2	3.41%
Ba2	0.149	1	1.36%
Ba3	1.400	5	12.77%
B1	1.000	4	9.12%
B2	2.576	13	23.50%
B3	3.579	15	32.65%
Caa1	1.497	7	13.66%
Caa2	0.050	1	0.46%
NR	0.339	2	3.09%
Total	10.964	50
Use of proceeds
Acquisition	0.551	3	5.03%
Capex	0.125	1	1.14%
LBO	0.375	2	3.42%
Refinance/tender for notes	4.503	18	41.07%
Repay bank debt	1.706	6	15.56%
Repay bank debt plus	0.344	2	3.14%
Other refinance	1.936	9	17.66%
Other	1.423	9	12.98%
Total	10.964	50
Industry sector (by SIC code)
Oil and gas (13xx)	0.275	2	2.51%
Construction (15xx)	0.297	2	2.71%
Manufacturing (2xxx, 3xxx)	4.181	20	38.13%
Transportation (4xxx)	0.150	1	1.37%
Communications (48xx)	1.701	5	15.51%
Electric, gas, sanitary services (49xx)	0.681	2	6.22%
Wholesale (5xxx)	0.951	6	8.67%
Finance, insurance, real estate (6xxx)	0.350	2	3.19%
Services (7xxx)	2.272	8	20.73%
Health services (8xxx)	0.105	2	0.96%
Total	10.964	50
Home country of issuer
Brazil	0.149	1	1.36%
Canada	1.285	4	11.72%
Guatemala	0.050	1	0.46%
Indonesia	0.125	1	1.14%
Israel	0.190	1	1.73%
U.K.	0.666	2	6.07%
U.S.	8.499	40	77.52%
Total	10.964	50

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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