Analysis of investment grade issuance for 12 months through March 2009

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Spread

	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
Less than 75 bps	1.998	1.247	5.983	0	1.244	0.999	0	0	0	0.997	2.501	1.000
75	3.986	3.991	2.491	2.997	0	1.749	0	0	3.750	22.217	3.996	20.969
100	0.311	0.250	1.598	0	3.987	0	0.999	0	7.277	12.426	0	1.998
125	0	4.886	0.025	0	0.849	0	3.989	0	1.998	7.485	0	2.000
150	3.434	15.189	1.202	2.038	0.398	0	0	0	4.256	0	1.496	0
175	16.048	17.977	2.144	4.041	1.396	0	0	9.745	15.897	0.498	7.991	2.396
200	16.027	10.421	5.445	1.118	0.997	1.345	0	4.981	16.233	0.764	4.440	6.333
225	12.635	20.166	7.302	1.991	3.096	0.750	0	0	0	0.298	11.228	4.063
250	8.961	3.290	9.468	1.888	3.267	1.398	0	0	0	1.246	0.597	3.738
275	5.079	7.416	1.198	2.047	1.645	0.997	0.799	2.998	0	8.743	3.049	4.570
300	16.228	8.020	0.898	5.042	0.749	6.088	0	0	2.000	6.930	0.897	6.574
325 bps and higher	8.526	9.681	8.372	5.398	8.794	2.404	18.851	23.898	15.075	44.308	36.284	36.571
Floater	13.873	18.486	7.112	7.270	6.675	5.169	0	2.645	31.997	21.905	22.656	33.630
NA	5.032	12.679	10.000	0.077	0.475	4.718	2.995	2.357	7.482	8.211	2.268	11.058
Total	112.138	133.699	63.240	33.907	33.572	25.618	27.633	46.624	105.964	136.029	97.401	134.897
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Less than 75 bps	9.228	5	2.243	2	0	0	4.497	4	4.497	4	15.969	11	1.22%
75	10.469	4	4.746	2	3.750	1	47.182	19	47.182	19	66.147	26	12.81%
100	2.159	4	3.987	1	8.276	5	14.424	4	14.424	4	28.846	14	3.92%
125	4.911	8	0.849	1	5.986	2	9.485	3	9.485	3	21.231	14	2.58%
150	19.825	25	2.436	4	4.256	4	1.496	2	1.496	2	28.012	35	0.41%
175	36.169	32	5.437	10	25.642	11	10.884	9	10.884	9	78.132	62	2.95%
200	31.893	35	3.460	8	21.213	7	11.537	12	11.537	12	68.104	62	3.13%
225	40.103	48	5.837	12	0	0	15.588	16	15.588	16	61.528	76	4.23%
250	21.720	23	6.553	12	0	0	5.582	12	5.582	12	33.854	47	1.52%
275	13.692	24	4.689	9	3.797	2	16.362	14	16.362	14	38.541	49	4.44%
300	25.146	19	11.879	22	2.000	1	14.401	14	14.401	14	53.426	56	3.91%
325 bps and higher	26.581	35	16.597	18	57.824	79	117.161	140	117.161	140	218.161	272	31.81%
Floater	39.471	63	19.114	41	34.642	54	78.191	74	78.191	74	171.417	232	21.23%
NA	27.710	47	5.271	16	12.834	32	21.537	30	21.537	30	67.352	125	5.85%
Total	309.076	372	93.097	158	180.221	198	368.327	353	368.327	353	950.721	1081	100.00%
Tenor
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
Less than 1.5 years	4.187	2.968	0.775	1.420	1.780	1.450	0.100	0.145	2.942	4.623	4.000	1.000
1.5 to 2 years	0.578	12.719	4.175	1.400	2.825	1.300	0	3.449	22.645	9.706	8.390	22.197
2.25 to 4.75 years	5.553	7.301	6.879	1.200	4.503	6.377	7.037	14.984	61.554	54.422	23.629	43.767
5	42.081	28.541	16.730	14.226	13.280	5.025	3.834	10.155	4.785	17.573	17.254	17.447
5.25 to 9.75	7.060	5.973	2.166	4.735	0.924	2.520	4.141	4.777	5.611	4.139	3.488	5.368
10	39.930	41.240	18.242	10.278	6.995	6.136	9.298	8.418	2.346	26.479	27.483	24.649
10.25 to 20	0.796	3.761	1.593	0	0.997	0.850	0.749	2.328	2.847	4.427	3.990	1.994
25 and longer	11.954	28.696	9.182	0.648	2.269	1.959	2.475	2.368	3.233	14.660	9.168	11.477
Perpetual/NA	0	2.500	3.500	0	0	0	0	0	0	0	0	6.997
Total	112.138	133.699	63.240	33.907	33.572	25.618	27.633	46.624	105.964	136.029	97.401	134.897
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Less than 1.5 years	7.929	20	4.650	16	3.187	11	9.623	9	9.623	9	25.389	56	2.61%
1.5 to 2 years	17.472	28	5.525	16	26.093	25	40.293	34	40.293	34	89.383	103	10.93%
2.25 to 4.75 years	19.730	36	12.081	15	83.575	67	121.817	83	121.817	83	237.203	201	33.07%
5	87.353	83	32.531	45	18.774	27	52.275	60	52.275	60	190.932	215	14.19%
5.25 to 9.75	15.200	22	8.180	12	14.529	26	12.994	24	12.994	24	50.900	84	3.53%
10	99.412	110	23.409	36	20.062	24	78.611	93	78.611	93	221.494	263	21.34%
10.25 to 20	6.151	11	1.847	3	5.924	8	10.411	15	10.411	15	24.334	37	2.82%
25 and longer	49.832	59	4.876	15	8.077	10	35.304	32	35.304	32	98.088	116	9.60%
Perpetual/NA	6.000	3	0	0	0	0	6.997	3	6.997	3	12.997	6	1.90%
Total	309.076	372	93.097	158	180.221	198	368.327	353	368.327	353	950.721	1081	100.00%
Upsized?
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
Yes	8.651	20.414	4.246	4.593	5.291	0.798	5.298	13.391	7.986	9.684	37.988	12.953
No	103.487	113.285	58.994	29.315	28.282	24.820	22.335	33.233	97.977	126.345	59.413	121.645
Downsized	0	0	0	0	0	0	0	0	0	0	0	0.299
Total	112.138	133.699	63.240	33.907	33.572	25.618	27.633	46.624	105.964	136.029	97.401	134.897
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	33.311	34	10.681	23	26.676	22	60.625	63	60.625	63	131.292	142	16.46%
No	275.765	338	82.416	135	153.545	176	307.403	289	307.403	289	819.130	938	83.46%
Downsized	0	0	0	0	0	0	0.299	1	0.299	1	0.299	1	0.08%
Total	309.076	372	93.097	158	180.221	198	368.327	353	368.327	353	950.721	1081	100.00%
Moody's Rating
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
Aaa	27.829	13.730	15.416	6.714	6.711	7.323	6.338	19.468	86.169	74.051	24.983	69.218
Aa1	3.311	9.348	2.313	3.250	1.169	0	0.799	2.998	2.735	0	20.869	5.996
Aa2	16.602	13.353	2.853	3.497	2.747	0	1.995	0	0	0.995	5.990	13.487
Aa3	21.628	21.536	1.319	0.800	10.495	5.681	0	0	2.222	8.939	3.743	4.730
A1	4.134	14.964	3.049	3.288	0.698	0.299	4.970	0.250	0.848	9.139	9.332	12.748
A2	13.945	22.520	3.449	4.442	2.043	5.039	5.425	7.941	8.818	13.060	11.568	7.483
A3	9.513	10.125	10.162	2.104	3.296	2.831	6.689	1.843	0	5.435	2.543	6.283
Baa1	4.715	2.991	10.009	4.392	3.697	2.097	0.268	9.677	1.025	7.615	10.878	4.414
Baa2	4.787	15.462	11.428	2.675	2.219	0.850	0.749	4.448	2.447	15.141	3.657	7.478
Baa3	3.926	8.161	3.095	2.745	0.499	1.498	0.400	0	1.700	1.654	3.837	2.779
Ba1	0	0.298	0	0	0	0	0	0	0	0	0	0
Ba3	0	0	0.148	0	0	0	0	0	0	0	0	0.281
NR	1.748	1.210	0	0	0	0	0	0	0	0	0	0
Total	112.138	133.699	63.240	33.907	33.572	25.618	27.633	46.624	105.964	136.029	97.401	134.897
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Aaa	56.975	60	20.749	31	111.976	101	168.252	110	168.252	110	357.952	302	45.68%
Aa1	14.971	13	4.419	4	6.532	3	26.864	14	26.864	14	52.787	34	7.29%
Aa2	32.809	25	6.244	5	1.995	1	20.473	10	20.473	10	61.520	41	5.56%
Aa3	44.483	39	16.976	22	2.222	3	17.412	14	17.412	14	81.093	78	4.73%
A1	22.146	23	4.286	6	6.068	7	31.219	32	31.219	32	63.719	68	8.48%
A2	39.914	55	11.524	23	22.184	34	32.111	48	32.111	48	105.732	160	8.72%
A3	29.800	43	8.231	24	8.532	15	14.261	28	14.261	28	60.823	110	3.87%
Baa1	17.715	32	10.186	20	10.970	15	22.907	36	22.907	36	61.776	103	6.22%
Baa2	31.676	43	5.744	14	7.643	15	26.277	42	26.277	42	71.339	114	7.13%
Baa3	15.182	30	4.741	9	2.100	4	8.270	18	8.270	18	30.293	61	2.25%
Ba1	0.298	1	0	0	0	0	0	0	0	0	0.298	1	0.00%
Ba3	0.148	1	0	0	0	0	0.281	1	0.281	1	0.429	2	0.08%
NR	2.959	7	0	0	0	0	0	0	0	0	2.959	7	0.00%
Total	309.076	372	93.097	158	180.221	198	368.327	353	368.327	353	950.721	1081	100.00%
Industry Sector (by SIC code)
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
Mining (1xxx)	0.300	0	5.619	0	0	1.248	0	0	0	0.998	0	3.978
Oil and gas (13xx)	3.945	1.746	4.480	1.882	2.219	2.744	0.991	0.249	2.735	5.530	4.556	5.589
Manufacturing (2xxx, 3xxx)	8.676	35.038	6.374	9.182	2.947	2.832	12.107	11.736	10.349	19.963	54.339	32.976
Transportation (4xxx)	2.191	0.996	0	2.500	0.196	0	1.099	0.703	0.500	1.995	1.298	3.824
Communications (48xx)	5.364	8.494	4.991	1.747	1.499	0	3.207	7.542	0.600	9.456	1.743	5.717
Electric, gas, sanitary services (49xx)	5.478	7.751	8.930	2.215	4.142	4.130	2.898	6.241	4.026	12.415	4.440	9.327
Wholesale (5xxx)	3.143	0.299	1.149	2.044	0	0.350	0	0.599	0.498	4.538	0.699	1.987
Finance, insurance, real estate (6xxx)	78.045	77.577	31.549	14.338	22.271	14.314	7.331	19.554	86.266	80.386	30.327	71.000
Services (7xxx)	4.996	1.647	0.148	0	0.299	0	0	0	0.990	0.750	0	0.499
Health services (8xxx)	0	0.151	0	0	0	0	0	0	0	0	0	0
Total	112.138	133.699	63.240	33.907	33.572	25.618	27.633	46.624	105.964	136.029	97.401	134.897
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	5.919	6	1.248	3	0	0	4.976	6	4.976	6	12.143	15	1.35%
Oil and gas (13xx)	10.171	13	6.845	13	3.976	3	15.675	16	15.675	16	36.667	45	4.26%
Manufacturing (2xxx, 3xxx)	50.087	64	14.960	25	34.191	33	107.277	109	107.277	109	206.516	231	29.13%
Transportation (4xxx)	3.188	8	2.696	4	2.302	5	7.116	12	7.116	12	15.301	29	1.93%
Communications (48xx)	18.850	18	3.246	4	11.349	9	16.916	11	16.916	11	50.361	42	4.59%
Electric, gas, sanitary services (49xx)	22.159	58	10.486	30	13.164	40	26.181	59	26.181	59	71.990	187	7.11%
Wholesale (5xxx)	4.591	6	2.394	4	1.097	2	7.223	13	7.223	13	15.304	25	1.96%
Finance, insurance, real estate (6xxx)	187.171	190	50.924	74	113.152	105	181.713	125	181.713	125	532.959	494	49.33%
Services (7xxx)	6.791	8	0.299	1	0.990	1	1.249	2	1.249	2	9.330	12	0.34%
Health services (8xxx)	0.151	1	0	0	0	0	0	0	0	0	0.151	1	0.00%
Total	309.076	372	93.097	158	180.221	198	368.327	353	368.327	353	950.721	1081	100.00%

Criteria

• U.S. tables include all underwritten dollar-denominated offerings sold in the United States as public or Rule 144A deals reported to Prospect News.

• Convertibles, trust preferreds and preferred stock are excluded.

• Minimum $75 million deal size

• Deals rated investment grade by either Standard & Poor's or Moody's Investors Service are included.

• Offerings are included in the time period in which they price.

• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the bookrunner. For multiple leads, the total value is divided equally among joint bookrunners.

• 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.

• Remarketings are excluded.

• The headquarters location of the parent company is used for the country criteria (i.e. registrations in tax havens and offshore finance subsidiaries are ignored)

© 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.