Analysis of high yield issuance for 2004 through February

Total issuance: $26.641 billion in 106 deals

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

Yield

Less than 6%	1.422	5	5.33%
6%-6.99%	5.752	16	21.59%
7%-7.99%	6.827	27	25.63%
8%-8.99%	5.688	23	21.35%
9%-9.99%	2.387	14	8.96%
10%-10.99%	1.308	6	4.91%
11% and higher	1.628	10	6.11%
Floater	1.630	5	6.12%
Total	26.641	106
Pricing versus talk
Lower	2.353	9	8.83%
Low end	7.401	32	27.78%
Middle	4.809	18	18.05%
High end	4.467	17	16.77%
Higher	5.870	20	22.04%
NA	1.741	10	6.53%
Total	26.641	106
Upsized?
Yes	10.296	39	38.65%
No	13.431	56	50.42%
Downsized	2.914	11	10.94%
Total	26.641	106
Quick sale?
Yes	14.916	53	55.99%
No	11.725	53	44.01%
Total	26.641	106
Add on?
Yes	1.863	11	6.99%
No	24.777	95	93.01%
Total	26.641	106
Zero coupon?
Yes	1.560	9	5.87%
No	25.080	97	94.14%
Total	26.641	106
Seniority
Mortgage	0.158	1	0.59%
Senior secured	4.284	12	16.08%
Senior	15.158	60	56.90%
Senior sub	7.041	33	26.43%
Total	26.641	106
Moody's rating
Ba1	1.171	5	4.40%
Ba2	1.043	3	3.92%
Ba3	2.225	7	8.35%
B1	2.873	8	10.79%
B2	6.764	27	25.39%
B3	7.702	31	28.91%
Caa1	3.110	15	11.67%
Caa2	1.027	6	3.86%
Caa3	0.135	1	0.51%
NR	0.589	3	2.21%
Total	26.641	106
Use of proceeds
Acquisition	1.375	7	5.16%
Capex	0.283	2	1.06%
GCP	0.933	3	3.50%
LBO	1.050	5	3.94%
Refinance/tender for notes	7.662	30	28.76%
Repay bank debt	3.662	13	13.74%
Repay bank debt plus	1.356	6	5.09%
Refinance	4.936	18	18.53%
Other	5.383	22	20.21%
Total	26.641	106
Industry sector (by SIC code)
Agriculture (0xxx)	0.153	1	0.57%
Mining (1xxx)	0.845	2	3.17%
Oil and gas (13xx)	0.625	3	2.35%
Construction (15xx)	0.895	5	3.36%
Manufacturing (2xxx, 3xxx)	7.874	38	29.56%
Transportation (4xxx)	0.439	2	1.65%
Communications (48xx)	5.861	17	22.00%
Electric, gas, sanitary services (49xx)	2.061	6	7.74%
Wholesale (5xxx)	1.440	9	5.40%
Finance, insurance, real estate (6xxx)	1.050	4	3.94%
Services (7xxx)	5.294	17	19.87%
Health services (8xxx)	0.105	2	0.39%
Total	26.641	106
Home country of issuer
Brazil	1.694	7	6.36%
Canada	1.685	5	6.32%
Guatemala	0.050	1	0.19%
Hong Kong	0.150	1	0.56%
Indonesia	0.474	2	1.78%
Israel	0.190	1	0.71%
Russia	0.350	1	1.31%
U.K.	1.041	3	3.91%
U.S.	21.007	85	78.85%
Total	26.641	106

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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