Analysis of high yield issuance for 2004

Total issuance: $142.378 billion in 575 deals

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

Yield

Less than 6%	6.752	24	4.75%
6%-6.99%	28.767	91	20.20%
7%-7.99%	27.946	103	19.63%
8%-8.99%	26.907	99	18.90%
9%-9.99%	20.132	85	14.14%
10%-10.99%	10.033	45	7.05%
11% and higher	9.217	70	6.48%
Floater	12.625	58	8.87%
Total	142.378	575
Pricing versus talk
Lower	8.164	34	5.73%
Low end	46.061	169	32.35%
Middle	36.024	138	25.30%
High end	20.875	77	14.66%
Higher	22.034	85	15.48%
NA	9.220	72	6.48%
Total	142.378	575
Upsized?
Yes	42.431	144	29.80%
No	87.874	386	61.72%
Downsized	12.073	45	8.48%
Total	142.378	575
Quick sale?
Yes	51.124	199	35.91%
No	91.254	376	64.09%
Total	142.378	575
Add on?
Yes	7.165	51	5.03%
No	135.214	524	94.97%
Total	142.378	575
Zero coupon?
Yes	6.118	41	4.34%
No	136.258	534	95.70%
Total	142.378	575
Seniority
Mortgage	2.413	8	1.69%
Senior secured	22.870	97	16.06%
Senior	81.782	322	57.44%
Senior sub	34.204	143	24.02%
Other	1.110	5	0.78%
Total	142.378	575
Moody's rating
Ba1	7.287	27	5.12%
Ba2	11.976	42	8.41%
Ba3	19.338	62	13.58%
B1	16.817	54	11.81%
B2	26.315	108	18.48%
B3	34.768	147	24.42%
Caa1	15.880	84	11.15%
Caa2	4.045	24	2.84%
Caa3	0.135	1	0.09%
Ca	0.450	1	0.32%
NR	5.367	25	3.77%
Total	142.378	575
Use of proceeds
Acquisition	10.184	45	7.15%
Capex	0.908	5	0.64%
Chapter 11 exit	0.936	6	0.66%
GCP	5.130	18	3.60%
LBO	18.996	70	13.34%
Refinance/tender for notes	26.808	105	18.83%
Repay bank debt	16.342	61	11.48%
Repay bank debt plus	6.856	31	4.82%
Refinance	26.043	114	18.29%
Other/Multiple	30.176	120	21.19%
Total	142.378	575
Industry sector (by SIC code)
Agriculture (0xxx)	1.185	6	0.83%
Mining (1xxx)	2.904	10	2.04%
Oil and gas (13xx)	8.289	34	5.82%
Construction (15xx)	3.582	18	2.52%
Manufacturing (2xxx, 3xxx)	49.686	221	34.90%
Transportation (4xxx)	2.515	15	1.77%
Communications (48xx)	25.651	80	18.02%
Electric, gas, sanitary services (49xx)	11.305	33	7.94%
Wholesale (5xxx)	8.657	47	6.08%
Finance, insurance, real estate (6xxx)	7.019	28	4.93%
Services (7xxx)	21.585	83	15.16%
Total	142.378	575
Home country of issuer
Brazil	2.535	9	1.78%
Canada	9.993	36	7.02%
Germany	2.355	5	1.65%
Ireland	1.150	2	0.81%
Korea	1.446	6	1.02%
Russia	2.250	5	1.58%
U.K.	1.547	6	1.09%
U.S.	114.576	477	80.47%
Other	6.526	29	4.58%
Total	142.378	575

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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