WEEKLY UPDATE
It was another week of heavy issuance as March so far is keeping up with the rapid pace set in the first two months of the year. The bias was toward lower-rated borrowers as over $6.5 billion of triple-B rated deals and $3 billion of high-yield deals. Not surprisingly, the weighted average rating has dropped sharply from the beginning of the year. The average deal size however has ticked up and is close to an annual high given the growing instances of billion dollar issues. This week saw such deals from Verizon, Citigroup and TXU Energy.
Analysis by CreditSights, Inc., an independent online credit research platform. Call (212) 340-3888 or visit www.CreditSights.com for more information.
