Analysis of high yield issuance for second quarter

Total issuance: $20.811 billion in 89 deals

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

Yield

Less than 6%	0.298	1	1.43%
6%-6.99%	4.980	15	23.93%
7%-7.99%	4.568	18	21.95%
8%-8.99%	2.234	10	10.73%
9%-9.99%	2.346	12	11.27%
10%-10.99%	1.510	8	7.26%
11% and higher	2.049	13	9.85%
Floater	2.826	12	13.58%
Total	20.811	89
Pricing versus talk
Lower	0.548	3	2.63%
Low end	2.945	15	14.15%
Middle	5.936	21	28.52%
High end	4.965	18	23.86%
Higher	4.173	16	20.05%
NA	2.242	16	10.78%
Total	20.811	89
Upsized?
Yes	4.419	15	21.24%
No	13.740	59	66.02%
Downsized	2.652	15	12.74%
Total	20.811	89
Quick sale?
Yes	8.794	28	42.25%
No	12.018	61	57.75%
Total	20.811	89
Add on?
Yes	1.425	11	6.85%
No	19.387	78	93.15%
Total	20.811	89
Zero coupon?
Yes	0.030	1	0.14%
No	20.782	88	99.86%
Total	20.811	89
Seniority
Senior secured	3.721	17	17.88%
Senior	15.258	64	73.32%
Senior sub	1.832	8	8.80%
Total	20.811	89
Moody's rating
Ba1	1.241	5	5.96%
Ba2	2.537	8	12.19%
Ba3	4.157	14	19.97%
B1	2.693	12	12.94%
B2	2.831	12	13.60%
B3	4.529	24	21.76%
Caa1	0.717	6	3.44%
Caa2	0.442	2	2.13%
NR	1.665	6	7.99%
Total	20.811	89
Use of proceeds
Acquisition	3.124	15	15.01%
Dividend/recap	0.125	1	0.60%
GCP	0.863	4	4.15%
LBO	2.242	14	10.77%
Refinance/tender for notes	4.153	15	19.95%
Repay bank debt	2.110	12	10.14%
Other refinance	4.640	14	22.30%
Other/Multiple	3.554	14	17.08%
Total	20.811	89
Industry sector (by SIC code)
Agriculture (0xxx)	0.420	2	2.02%
Mining (1xxx)	0.750	2	3.60%
Oil and gas (13xx)	2.229	10	10.71%
Construction (15xx)	1.093	5	5.25%
Manufacturing (2xxx, 3xxx)	5.741	28	27.58%
Transportation (4xxx)	0.694	3	3.34%
Communications (48xx)	4.395	12	21.12%
Electric, gas, sanitary services (49xx)	0.901	4	4.33%
Wholesale, retail (5xxx)	0.830	3	3.99%
Finance, insurance, real estate (6xxx)	1.225	8	5.89%
Services (7xxx)	2.534	12	12.17%
Total	20.811	89
Home country of issuer
Indonesia	0.848	2	4.08%
Korea	0.491	2	2.36%
Mexico	0.658	2	3.16%
U.S.	16.598	71	79.76%
Other	2.214	12	10.64%
Total	20.811	89

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.

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