Published on 11/4/2002 in the Prospect News High Yield Daily.
Analysis of year-to-date high-yield issuance through end of October
Total issuance: $47,796.88 million in 201 deals.
Columns are amounts in millions of dollars, count of deals and percentage of total dollar amount.
Yield
<8% | 3,595.66 | 11 | 7.52%
|
8%-8.99% | 12,522.40 | 45 | 26.20%
|
9%-9.99% | 13,219.26 | 55 | 27.66%
|
10%-10.99% | 8,354.74 | 39 | 17.48%
|
11%-11.99% | 5,124.34 | 22 | 10.72%
|
12%-12.99% | 3,535.37 | 17 | 7.40%
|
>=13% | 1,445.10 | 12 | 3.02%
|
Total | $47,796.88 | 201 |
|
|
|
|
|
Use of proceeds
|
|
|
Acquisition | 1,312.84 | 8 | 2.75%
|
Acquisitions and other uses | 2,427.09 | 10 | 5.08%
|
Capital expenditures | 1,133.29 | 4 | 2.37%
|
Chapter 11 exit | 500.00 | 2 | 1.05%
|
General corporate purposes | 922.80 | 3 | 1.93%
|
LBOs | 3,744.93 | 15 | 7.84%
|
Recapitalization | 1,071.85 | 3 | 2.24%
|
Refinance/repay notes | 2,118.29 | 7 | 4.43%
|
Other refi (may include bank debt) | 5,093.46 | 20 | 10.66%
|
Repay bank debt | 15,057.32 | 66 | 31.50%
|
Repay bank debt and other uses | 9,426.34 | 39 | 19.72%
|
Tender for notes | 1,447.39 | 8 | 3.03%
|
Others, multiple uses | 3,541.28 | 16 | 7.41%
|
| $47,796.88 | 201 |
|
|
|
|
|
Moody's rating
|
|
|
Ba1 | 2,386.44 | 7 | 4.99%
|
Ba2 | 4,220.35 | 14 | 8.83%
|
Ba3 | 6,809.62 | 29 | 14.25%
|
B1 | 6,305.26 | 26 | 13.19%
|
B2 | 15,975.41 | 64 | 33.42%
|
B3 | 10,421.41 | 51 | 21.80%
|
Caa1 | 1,127.61 | 3 | 2.36%
|
Caa3 | 172.26 | 1 | 0.36%
|
NR | 378.51 | 6 | 0.79%
|
Total | $47,796.88 | 201 |
|
|
|
|
|
Upsized?
|
|
|
Yes | 19,977.84 | 69 | 41.80%
|
No | 24,587.64 | 118 | 51.44%
|
Downsized | 3,231.40 | 14 | 6.76%
|
| $47,796.88 | 201 |
|
|
|
|
|
Add ons?
|
|
|
Yes | 3,596.12 | 27 | 7.52%
|
No | 44,200.76 | 174 | 92.48%
|
| $47,796.88 | 201 |
|
|
|
|
|
Seniority
|
|
|
First mortgage | 987.09 | 3 | 2.07%
|
Second mortgage | 1,193.33 | 2 | 2.50%
|
Mortgage | 394.99 | 2 | 0.83%
|
Bonds | 99.04 | 1 | 0.21%
|
Senior secured | 4,688.50 | 20 | 9.81%
|
Sr sec 2nd priority | 333.53 | 2 | 0.70%
|
Senior secured | 22,406.00 | 88 | 46.88%
|
Senior sub | 17,121.91 | 80 | 35.82%
|
Subordinated | 572.49 | 3 | 1.20%
|
| $47,796.88 | 201 |
|
|
|
|
|
Industry sector (by SIC code)
|
|
|
Oil and gas (13xx) | 3,874.46 | 17 | 8.11%
|
Builders (15xx) | 1,545.88 | 8 | 3.23%
|
Manufacturing (2xxx, 3xxx) | 19,783.30 | 75 | 41.39%
|
Transportation (4xxx) | 2,454.68 | 11 | 5.14%
|
Communications (48xx) | 5,083.23 | 20 | 10.64%
|
Retail (5xxx) | 3,491.78 | 17 | 7.31%
|
Finance, insurance, real estate (6xxx) | 1,866.34 | 8 | 3.90%
|
Services (7xxx) | 7,093.12 | 30 | 14.84%
|
Health (8xxx) | 2,169.93 | 11 | 4.54%
|
Others | 434.16 | 4 | 0.91%
|
Total | $47,796.88 | 201 |
|
|
|
|
|
|
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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