Analysis of February High Yield Issuance

Total issuance: $4,194 million in 21 deals

All amounts in million of dollars

Yield

<9% 1245.20 29.69%

9%-9.99% 970.60 23.14%

10%-10.99% 1369.28 32.65%

11%-11.99% 249.61 5.95%

>=12% 359.62 8.57%

Total 4194.31

Moody's Rating

Ba1 496.85 11.85%

Ba3 556.50 13.27%

B1 1087.81 25.94%

B2 1491.71 35.57%

B3 561.45 13.39%

Total 4194.31

Use of Proceeds

Repay bank debt 2121.21 50.57%

Repay bank debt and others 1216.63 29.01%

Acquisitions 120.05 2.86%

Recapitalization or LBO 736.42 17.56%

Total 4194.31

Sector (By SIC Code)

Oil and gas (13xx) 486.68 11.60%

Manufacturing (2xxx, 3xxx) 1769.80 42.20%

Communications (48xx) 761.52 18.16%

Finance, insurance, real estate (6xxx) 125.00 2.98%

Services (7xxx) 851.31 20.30%

Health services (8xxx) 200.00 4.77%

Total 4194.31

Upsized?

Yes 1781.10 42.46%

No 2413.21 57.54%

Total 4194.31

Add ons?

Yes 601.28 14.34%

No 3593.02 85.66%

Total 4194.31

* 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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