Analysis of high yield issuance for 2004 through April

Total issuance: $58.352 billion in 231 deals

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

Yield

Less than 6%	2.520	10	4.32%
6%-6.99%	12.791	45	21.92%
7%-7.99%	11.043	42	18.92%
8%-8.99%	14.066	44	24.10%
9%-9.99%	6.832	32	11.71%
10%-10.99%	2.610	14	4.47%
11% and higher	2.951	22	5.06%
Floater	5.539	22	9.49%
Total	58.352	231
Pricing versus talk
Lower	3.588	15	6.15%
Low end	17.388	66	29.80%
Middle	11.782	47	20.19%
High end	9.399	34	16.11%
Higher	12.152	44	20.82%
NA	4.043	25	6.93%
Total	58.352	231
Upsized?
Yes	16.408	57	28.12%
No	36.630	154	62.77%
Downsized	5.314	20	9.11%
Total	58.352	231
Quick sale?
Yes	24.376	93	41.77%
No	33.976	138	58.23%
Total	58.352	231
Add on?
Yes	55.801	214	95.63%
No	2.551	17	4.37%
Total	58.352	231
Zero coupon?
Yes	2.194	13	3.76%
No	56.158	218	96.24%
Total	58.352	231
Seniority
Mortgage	0.388	3	0.66%
Senior secured	12.252	42	20.99%
Senior	32.454	124	55.61%
Senior sub	12.958	61	22.21%
Subordinated	0.300	1	0.51%
Total	58.352	231
Moody's rating
Ba1	2.716	11	4.65%
Ba2	3.773	13	6.47%
Ba3	6.417	23	11.00%
B1	6.396	18	10.96%
B2	13.962	54	23.93%
B3	14.107	62	24.18%
Caa1	6.198	28	10.62%
Caa2	1.287	8	2.21%
Caa3	0.135	1	0.23%
NR	3.360	13	5.76%
Total	58.352	231
Use of proceeds
Acquisition	3.782	17	6.48%
Capex	0.707	4	1.21%
Chapter 11 exit	0.165	1	0.28%
GCP	1.522	5	2.61%
LBO	3.855	16	6.61%
Refinance/tender for notes	12.586	49	21.56%
Repay bank debt	7.745	27	13.27%
Repay bank debt plus	3.716	18	6.37%
Refinance	14.496	57	24.84%
Other	9.778	37	16.76%
Total	58.352	231
Industry sector (by SIC code)
Agriculture (0xxx)	0.153	1	0.26%
Mining (1xxx)	1.195	4	2.05%
Oil and gas (13xx)	2.684	10	4.60%
Construction (15xx)	1.448	9	2.48%
Manufacturing (2xxx, 3xxx)	17.783	81	30.47%
Transportation (4xxx)	1.027	7	1.76%
Communications (48xx)	12.145	34	20.81%
Electric, gas, sanitary services (49xx)	7.056	20	12.09%
Wholesale (5xxx)	3.433	21	5.88%
Finance, insurance, real estate (6xxx)	2.323	10	3.98%
Services (7xxx)	7.790	27	13.35%
Health services (8xxx)	1.316	7	2.26%
Total	58.352	231
Home country of issuer
Argentina	0.101	1	0.17%
Bermuda	0.100	1	0.17%
Brazil	1.694	7	2.90%
Canada	2.466	9	4.23%
Chile	0.399	1	0.68%
Guatemala	0.050	1	0.09%
Hong Kong	0.150	1	0.26%
Indonesia	0.474	2	0.81%
Israel	0.190	1	0.33%
Korea	0.500	2	0.86%
Russia	1.550	2	2.66%
U.K.	1.146	4	1.96%
U.S.	49.532	199	84.88%
Total	58.352	231

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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