Analysis of high yield issuance for 13 months through September 2012

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

Yield

	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
4.99% and lower	0	1.250	0	0	1.299	1.500	0	0.350	2.600	1.493	3.416	4.495	4.709
5%-5.99%	0.497	0	2.491	1.527	3.355	9.501	11.671	0.963	4.250	0.957	3.857	9.478	13.146
6%-6.99%	0.844	2.750	8.220	0.158	3.724	3.478	6.056	6.701	1.515	1.991	5.608	4.811	14.379
7%-7.99%	1.750	0.200	4.968	1.200	4.495	8.769	7.696	5.195	1.136	0.847	2.364	7.442	5.530
8%-8.99%	2.000	1.500	2.395	0	4.822	5.687	1.543	2.925	1.981	2.223	3.217	0.625	5.754
9%-9.99%	0.250	0.448	3.752	0.253	3.166	5.734	3.777	3.536	4.440	0.568	2.563	1.200	3.095
10%-10.99%	0.186	1.942	0.335	0.190	0.867	0.989	0.825	1.149	3.085	1.490	1.761	0.350	1.531
11%-11.99%	0	0.375	1.000	0.285	0.125	0.350	0	1.400	0.611	0	0.172	1.420	0.300
12% and higher	0.496	0.147	0.413	0.217	1.525	3.330	1.327	0.674	0.566	0	0.613	0.045	0.145
NA	0	0.497	0.715	0	0.690	0.034	1.250	0.533	3.000	0.550	0.051	0	0.457
Total	6.023	9.110	24.288	3.830	24.069	39.372	34.146	23.425	23.184	10.119	23.623	29.867	49.047
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
4.99% and lower	1.250	1	2.799	3	4.443	6	12.621	19	19.863	28	21.113	29	21.113	29	7.74%
5%-5.99%	4.018	4	24.527	34	6.170	11	26.482	35	57.179	80	61.694	85	61.197	84	22.26%
6%-6.99%	11.128	15	13.258	27	10.208	23	24.798	47	48.265	97	60.237	114	59.393	112	18.79%
7%-7.99%	6.368	14	20.960	46	7.178	20	15.336	33	43.473	99	51.592	117	49.841	113	16.93%
8%-8.99%	3.895	6	12.053	29	7.128	20	9.596	23	28.777	72	34.671	81	32.671	78	11.20%
9%-9.99%	4.453	6	12.677	24	8.544	18	6.858	15	28.079	57	32.782	64	32.532	63	10.93%
10%-10.99%	2.467	5	2.681	11	5.724	15	3.643	8	12.047	34	14.700	40	14.514	39	4.69%
11%-11.99%	1.660	4	0.475	2	2.011	5	1.892	6	4.378	13	6.038	17	6.038	17	1.70%
12% and higher	0.778	4	6.183	19	1.240	6	0.803	6	8.228	31	9.501	37	9.005	35	3.20%
NA	1.212	3	1.974	5	4.083	6	0.508	9	6.565	20	7.777	23	7.777	23	2.56%
Total	37.228	62	97.587	200	56.729	130	102.538	201	256.854	531	300.105	607	294.082	593	100.00%
Versus Talk
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Lower	0	0	0	0	0	0.384	0	0.208	0	0	3.700	0.950	0.200
Low end	3.440	3.575	7.606	0	10.864	13.196	12.001	9.913	8.317	5.166	8.335	12.202	23.191
Middle	2.433	4.218	10.988	2.581	9.773	19.203	14.647	8.391	5.160	2.040	8.565	11.356	16.932
High end	0.150	0.819	2.770	0.348	0.785	1.029	4.395	0.909	4.296	0	1.424	3.950	7.151
Higher	0	0	0.217	0.250	0.813	2.250	0	1.198	0.725	0	0.226	0.750	0
NA	0	0.497	2.706	0.651	1.834	3.310	3.102	2.806	4.685	2.914	1.375	0.659	1.573
Total	6.023	9.110	24.288	3.830	24.069	39.372	34.146	23.425	23.184	10.119	23.623	29.867	49.047
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0	0	0.384	1	0.208	1	4.850	6	5.442	8	5.442	8	5.442	8	2.12%
Low end	11.181	17	36.061	73	23.396	45	43.727	84	103.184	202	117.806	227	114.366	219	40.17%
Middle	17.787	20	43.624	72	15.591	37	36.853	59	96.067	168	116.287	193	113.854	188	37.40%
High end	3.938	11	6.210	19	5.205	14	12.525	24	23.940	57	28.028	69	27.878	68	9.32%
Higher	0.467	2	3.063	3	1.923	6	0.976	2	5.962	11	6.429	13	6.429	13	2.32%
NA	3.855	12	8.246	32	10.405	27	3.607	26	22.258	85	26.113	97	26.113	97	8.67%
Total	37.228	62	97.587	200	56.729	130	102.538	201	256.854	531	300.105	607	294.082	593	100.00%
Upsized?
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Yes	1.345	5.968	12.757	2.517	8.651	19.037	14.162	5.940	6.886	3.260	12.830	19.428	28.039
No	4.230	3.142	9.296	1.313	13.853	20.335	19.357	12.560	15.475	6.859	10.278	10.139	18.675
Downsized	0.448	0	2.235	0	1.565	0	0.627	4.925	0.823	0	0.516	0.300	2.334
Total	6.023	9.110	24.288	3.830	24.069	39.372	34.146	23.425	23.184	10.119	23.623	29.867	49.047
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	21.242	22	41.851	75	16.087	36	60.297	96	118.235	207	140.821	233	139.476	229	46.03%
No	13.751	35	53.544	118	34.894	86	39.091	96	127.530	300	145.512	344	141.281	335	49.65%
Downsized	2.235	5	2.192	7	5.748	8	3.149	9	11.089	24	13.772	30	13.324	29	4.32%
Total	37.228	62	97.587	200	56.729	130	102.538	201	256.854	531	300.105	607	294.082	593	100.00%
Quick Sale?
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Yes	5.325	5.050	19.437	3.173	16.019	28.537	24.365	13.287	9.000	6.248	16.142	25.781	32.718
No	0.698	4.060	4.851	0.657	8.051	10.835	9.781	10.138	14.184	3.872	7.481	4.087	16.329
Total	6.023	9.110	24.288	3.830	24.069	39.372	34.146	23.425	23.184	10.119	23.623	29.867	49.047
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	27.659	42	68.921	128	28.535	68	74.641	144	172.097	340	205.081	394	199.756	382	67.00%
No	9.569	20	28.666	72	28.194	62	27.897	57	84.757	191	95.024	213	94.325	211	33.00%
Total	37.228	62	97.587	200	56.729	130	102.538	201	256.854	531	300.105	607	294.082	593	100.00%
Seniority
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
mortgage	0	0	0	0	0	0	0	0	0	0.088	0	0	0
senior secured	0.496	1.718	2.280	0.427	5.694	7.147	4.495	7.069	5.558	3.450	2.863	6.533	9.748
secured	0	0	0	0	0	0	0	0.244	0	0.126	0	0	0.250
senior	4.977	7.392	21.728	3.403	17.875	29.376	29.326	15.013	17.626	5.932	19.675	20.784	37.376
senior subordinated	0.550	0	0	0	0.500	2.849	0.325	0	0	0.198	1.086	2.550	0.923
subordinated	0	0	0.280	0	0	0	0	1.100	0	0.325	0	0	0.750
Total	6.023	9.110	24.288	3.830	24.069	39.372	34.146	23.425	23.184	10.119	23.623	29.867	49.047
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0	0	0	0	0.088	1	0	0	0.088	1	0.088	1	0.088	1	0.03%
senior secured	4.426	8	17.336	42	16.076	40	19.144	35	52.556	117	57.477	127	56.981	125	20.46%
secured	0	0	0	0	0.370	3	0.250	1	0.620	4	0.620	4	0.620	4	0.24%
senior	32.522	53	76.577	152	38.572	82	77.835	148	192.984	382	230.483	445	225.506	435	75.13%
senior subordinated	0	0	3.674	6	0.198	1	4.559	15	8.432	22	8.982	24	8.432	22	3.28%
subordinated	0.280	1	0	0	1.425	3	0.750	2	2.175	5	2.455	6	2.455	6	0.85%
Total	37.228	62	97.587	200	56.729	130	102.538	201	256.854	531	300.105	607	294.082	593	100.00%
Moody's Rating
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Ba1	1.747	1.747	5.891	1.527	2.902	2.995	2.196	1.695	1.250	1.951	0.500	1.300	2.817
Ba2	0.394	0	2.021	1.457	3.800	1.396	5.941	1.774	2.400	1.365	1.823	4.053	4.711
Ba3	0.150	2.350	2.450	0.154	3.965	7.678	2.025	2.069	1.475	0.663	1.468	3.543	3.188
B1	2.300	2.148	4.267	0	4.111	6.263	9.248	3.970	5.957	1.870	6.523	6.655	12.726
B2	0.250	0.223	0.168	0.035	1.026	7.895	3.756	5.845	2.694	0.665	3.595	4.832	6.159
B3	1.134	1.866	3.345	0.217	3.503	6.133	2.965	5.481	2.672	1.608	3.836	5.090	5.493
Caa1	0	0.775	0.867	0.440	2.417	4.031	3.502	1.623	2.347	1.048	3.493	1.597	6.182
Caa2	0	0	0.245	0	0.594	0.582	0.492	0	0.626	0	0.300	0.350	3.643
Caa3	0	0	0	0	0	0.831	0	0	0	0	0	0.864	0.460
NR	0.048	0	5.035	0	1.750	1.569	4.021	0.968	3.763	0.950	2.085	1.584	3.669
Total	6.023	9.110	24.288	3.830	24.069	39.372	34.146	23.425	23.184	10.119	23.623	29.867	49.047
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	9.165	9	8.093	16	4.895	7	4.617	11	17.605	34	28.516	46	26.770	43	6.85%
Ba2	3.477	9	11.138	18	5.539	13	10.588	18	27.264	49	31.136	59	30.741	58	10.61%
Ba3	4.954	8	13.668	26	4.207	11	8.198	16	26.073	53	31.178	62	31.027	61	10.15%
B1	6.415	10	19.622	34	11.798	21	25.904	33	57.323	88	66.039	102	63.739	98	22.32%
B2	0.426	3	12.677	28	9.203	19	14.586	32	36.466	79	37.143	83	36.893	82	14.20%
B3	5.428	11	12.600	30	9.762	25	14.419	28	36.780	83	43.342	97	42.208	94	14.32%
Caa1	2.082	6	9.950	24	5.019	17	11.272	24	26.241	65	28.323	71	28.323	71	10.22%
Caa2	0.245	1	1.667	6	0.626	2	4.293	9	6.586	17	6.831	18	6.831	18	2.56%
Caa3	0	0	0.831	2	0	0	1.323	4	2.155	6	2.155	6	2.155	6	0.84%
NR	5.035	5	7.340	16	5.681	15	7.339	26	20.360	57	25.442	63	25.394	62	7.93%
Total	37.228	62	97.587	200	56.729	130	102.538	201	256.854	531	300.105	607	294.082	593	100.00%
Use of Proceeds
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Acquisition	2.936	0.596	3.793	0.210	2.946	2.580	1.266	2.111	1.700	1.010	2.796	2.700	3.225
Capex	0	0	0.991	0	0.300	0	0.636	0	1.679	0	0	0.450	0
Dividend/recap	0	0	1.000	0	0	2.413	0.316	0.275	0.580	0	0	0.305	0.436
GCP	1.444	1.700	7.811	1.179	3.289	3.875	5.232	2.985	8.946	2.201	3.624	4.972	8.765
LBO	0	2.093	0.168	0.440	0.730	0.741	0.600	2.958	0.325	0.250	0	0	0.490
No proceeds	0	0	0	0	0.775	0.384	0	0	0	0	0.051	0	0
Redeem notes	0.150	2.350	2.225	0	2.146	5.489	9.362	3.771	0.926	0.665	5.532	3.075	6.837
Refinance	0.843	0	1.777	0	1.111	5.576	3.621	4.024	1.583	2.073	1.712	2.873	5.775
Repay bank debt	0.400	0.223	4.147	0.257	5.477	10.652	7.859	2.348	3.723	1.758	3.464	7.073	9.456
Multiple/Other/NA	0.250	2.147	2.376	1.744	7.295	7.662	5.254	4.954	3.722	2.163	6.444	8.419	14.062
Total	6.023	9.110	24.288	3.830	24.069	39.372	34.146	23.425	23.184	10.119	23.623	29.867	49.047
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	4.599	7	6.791	13	4.821	10	8.721	17	20.333	40	27.868	52	24.932	47	7.92%
Capex	0.991	1	0.936	3	1.679	2	0.450	1	3.064	6	4.055	7	4.055	7	1.19%
Dividend/recap	1.000	1	2.729	5	0.855	4	0.742	3	4.325	12	5.325	13	5.325	13	1.68%
GCP	10.689	16	12.396	30	14.132	28	17.361	36	43.889	94	56.023	114	54.579	110	17.09%
LBO	2.701	5	2.071	4	3.533	5	0.490	1	6.093	10	8.795	15	8.795	15	2.37%
No proceeds	0	0	1.159	2	0	0	0.051	6	1.210	8	1.210	8	1.210	8	0.47%
Redeem notes	4.575	7	16.998	33	5.362	11	15.444	29	37.804	73	42.529	81	42.379	80	14.72%
Refinance	1.777	4	10.308	21	7.680	18	10.361	25	28.349	64	30.968	70	30.126	68	11.04%
Repay bank debt	4.628	10	23.989	48	7.829	23	19.993	33	51.811	104	56.839	115	56.439	114	20.17%
Multiple/Other/NA	6.268	11	20.211	41	10.839	29	28.924	50	59.973	120	66.491	132	66.241	131	23.35%
Total	37.228	62	97.587	200	56.729	130	102.538	201	256.854	531	300.105	607	294.082	593	100.00%
Industry Sector (by SIC code)
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Agriculture (0xxx)	0	0	0	0	0.815	0	0	0	0	0	0.322	0	0.325
Mining (1xxx)	0	1.500	3.100	0	0.125	0.200	3.365	0.300	3.929	0.740	0	0.260	2.145
Oil and gas (13xx)	0.448	1.750	5.897	0.300	2.660	7.608	4.755	6.616	4.736	0.800	1.905	4.121	3.657
Construction (15xx)	0	0	0	0	0.300	0.345	0.850	0.350	0.030	0	1.347	0.182	1.397
Manufacturing (2xxx, 3xxx)	2.529	3.392	3.005	1.954	6.195	6.242	8.473	5.360	3.842	1.385	5.870	4.025	18.477
Transportation (4xxx)	0.400	0	0	0	0	0.514	0.375	0.244	0.834	0.214	0	0	1.651
Communications (48xx)	0	1.000	6.217	0.690	4.949	5.941	1.023	2.502	2.962	1.650	3.373	6.388	6.296
Electric, gas, sanitary services (49xx)	1.747	0.448	1.426	0	0.400	1.792	0.938	0	0.250	0.775	0.800	0.864	2.688
Wholesale (5xxx)	0.150	0	0.868	0.440	2.001	2.417	0.866	2.501	2.185	1.161	2.257	1.800	2.488
Finance, insurance, real estate (6xxx)	0	0.497	0.700	0.134	3.036	5.695	5.058	2.646	2.761	2.174	4.976	5.566	5.948
Services (7xxx)	0.250	0.375	0.300	0.312	3.588	5.271	6.552	1.735	1.332	0.500	1.225	3.062	2.900
Health services (8xxx)	0.500	0.147	2.775	0	0	3.347	1.891	1.173	0.325	0.720	1.550	3.600	1.075
Total	6.023	9.110	24.288	3.830	24.069	39.372	34.146	23.425	23.184	10.119	23.623	29.867	49.047
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0.815	2	0	0	0.647	2	1.462	4	1.462	4	1.462	4	0.57%
Mining (1xxx)	4.600	3	3.690	8	4.969	8	2.405	5	11.063	21	15.663	24	15.663	24	4.31%
Oil and gas (13xx)	7.947	16	15.023	27	12.151	18	9.683	18	36.858	63	45.252	81	44.805	79	14.35%
Construction (15xx)	0	0	1.495	4	0.380	2	2.925	10	4.800	16	4.800	16	4.800	16	1.87%
Manufacturing (2xxx, 3xxx)	8.351	14	20.910	49	10.587	25	28.372	48	59.869	122	70.749	141	68.220	136	23.31%
Transportation (4xxx)	0	0	0.889	4	1.292	7	1.651	4	3.831	15	4.231	16	3.831	15	1.49%
Communications (48xx)	7.907	8	11.913	22	7.113	12	16.056	25	35.082	59	42.989	67	42.989	67	13.66%
Electric, gas, sanitary services (49xx)	1.874	4	3.130	8	1.025	3	4.352	8	8.506	19	12.127	26	10.380	23	3.31%
Wholesale (5xxx)	1.308	4	5.284	14	5.846	16	6.545	16	17.675	46	19.133	51	18.983	50	6.88%
Finance, insurance, real estate (6xxx)	1.331	5	13.790	25	7.581	20	16.491	41	37.862	86	39.193	91	39.193	91	14.74%
Services (7xxx)	0.987	4	15.411	27	3.567	12	7.187	17	26.165	56	27.402	61	27.152	60	10.19%
Health services (8xxx)	2.922	4	5.238	10	2.218	7	6.225	7	13.681	24	17.104	29	16.604	28	5.33%
Total	37.228	62	97.587	200	56.729	130	102.538	201	256.854	531	300.105	607	294.082	593	100.00%

Criteria

• The tables include all underwritten 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.

• 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.

• Best efforts and non-underwritten deals are excluded as are remarketings.

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