As the high-yield market swells with underwriters and investors, the size of issues is starting to shrink. Bonds with proceeds of $99 million or less have made up 27% of this year's high-yield calendar to date. Last year, only 12.9% of deals were of that size.

Similarly, 29.5% of issues this year have been $100 million to $149 million; in all of last year, 38% of issues were of that size, according to Societe Generale Securities Corp.

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