Analysis of high yield issuance for 12 months through September 2009

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

Yield

	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
6%-6.99%	0	0	0	0	0	0	0	0	0	0	0	0.750
7%-7.99%	0	0	0	0	0	0	0	1.529	0	0	0.684	2.572
8%-8.99%	0	0	0	0	0	0	3.134	4.599	0.688	1.965	5.201	4.710
9%-9.99%	0.700	0	0	0	1.806	0	2.728	2.721	3.762	1.827	1.559	4.112
10%-10.99%	0.750	0	0	1.416	0.715	0	0.748	2.954	3.893	2.331	1.128	1.035
11%-11.99%	0	0.160	0	2.613	0.390	0.840	1.145	7.428	2.787	1.568	0.958	2.136
12% and higher	0.698	0	0.613	0.845	1.011	1.314	1.718	4.919	4.628	4.840	1.052	4.413
NA	0	0.330	0	0	0	0	0	0	0.253	0	0	0.647
Total	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
6%-6.99%	0	0	0	0	0	0	0.750	1	0.750	1	0.750	1	0.72%
7%-7.99%	0	0	0	0	1.529	3	3.256	7	4.785	10	4.785	10	4.60%
8%-8.99%	0	0	0	0	8.422	15	11.876	28	20.298	43	20.298	43	19.50%
9%-9.99%	0.700	1	1.806	4	9.211	19	7.498	20	18.515	43	19.215	44	17.79%
10%-10.99%	0.750	1	2.131	4	7.595	18	4.494	10	14.220	32	14.970	33	13.66%
11%-11.99%	0.160	1	3.843	8	11.359	20	4.663	13	19.865	41	20.025	42	19.09%
12% and higher	1.311	3	3.170	9	11.267	31	10.305	27	24.742	67	26.053	70	23.76%
NA	0.330	1	0	0	0.253	1	0.647	2	0.900	3	1.230	4	0.86%
Total	3.251	7	10.950	25	49.635	107	43.489	108	104.075	240	107.326	247	100.00%
Versus Talk
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Lower	0	0	0	0	0	0	0	0.336	0.148	0.292	0.980	2.438
Low end	0	0	0	2.411	0.478	0	2.909	6.667	4.550	5.279	1.742	5.816
Middle	0	0	0.613	2.463	2.512	1.632	5.975	15.551	5.969	3.168	4.791	8.778
High end	0.698	0	0	0	0.516	0.337	0	1.597	3.110	0.297	2.352	2.021
Higher	0	0	0	0	0	0.185	0	0	2.076	2.255	0.147	0
NA	1.450	0.490	0	0	0.415	0	0.589	0	0.158	1.240	0.570	1.322
Total	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Lower	0	0	0	0	0.484	2	3.710	8	4.194	10	4.194	10.000	4.03%
Low end	0	0	2.888	6	14.125	32	12.837	31	29.851	69	29.851	69	28.68%
Middle	0.613	2	6.608	14	27.496	52	16.737	36	50.840	102	51.453	104	48.85%
High end	0.698	1	0.854	3	4.707	12	4.671	10	10.231	25	10.930	26	9.83%
Higher	0	0	0.185	1	2.076	6	2.402	8	4.664	15	4.664	15	4.48%
NA	1.940	4	0.415	1	0.747	3	3.132	15	4.294	19	6.234	23	4.13%
Total	3.251	7	10.950	25	49.635	107	43.489	108	104.075	240	107.326	247	100.00%
Upsized?
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Yes	0	0	0	4.874	2.644	0.818	7.971	12.792	8.851	4.582	6.199	10.717
No	2.148	0.490	0.613	0	1.278	0.699	1.503	11.359	6.617	7.185	4.383	9.659
Downsized	0	0	0	0	0	0.638	0	0	0.543	0.764	0	0
Total	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	8.336	17	29.615	58	21.498	51	59.448	126	59.448	126	57.12%
No	3.251	7	1.977	6	19.478	48	21.227	54	42.682	108	45.933	115	41.01%
Downsized	0	0	0.638	2	0.543	1	0.764	3	1.944	6	1.944	6	1.87%
Total	3.251	7	10.950	25	49.635	107	43.489	108	104.075	240	107.326	247	100.00%
Quick Sale?
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Yes	0.698	0	0.168	3.562	2.911	1.344	8.069	16.063	10.296	8.112	6.293	11.814
No	1.450	0.490	0.445	1.312	1.011	0.811	1.404	8.088	5.715	4.419	4.289	8.562
Total	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0.866	2	7.817	17	34.429	69	26.219	55	68.465	141	69.331	143	65.78%
No	2.385	5	3.134	8	15.207	38	17.270	53	35.610	99	37.995	104	34.22%
Total	3.251	7	10.950	25	49.635	107	43.489	108	104.075	240	107.326	247	100.00%
Seniority
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
senior secured	0.698	0	0	0	0.560	0.325	3.368	12.100	7.117	3.120	2.405	9.167
senior	1.450	0.490	0.613	4.874	2.972	1.830	5.698	10.760	8.265	9.411	7.305	10.304
senior subordinated	0	0	0	0	0.390	0	0.408	1.292	0.630	0	0.873	0.905
Total	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
senior secured	0.698	1	0.885	3	22.584	37	14.692	42	38.161	82	38.859	83	36.67%
senior	2.553	6	9.676	21	24.722	61	27.020	61	61.418	143	63.970	149	59.01%
senior subordinated	0	0	0.390	1	2.329	9	1.777	5	4.496	15	4.496	15	4.32%
Total	3.251	7	10.950	25	49.635	107	43.489	108	104.075	240	107.326	247	100.00%
Moody's Rating
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Ba1	0.698	0	0	0.465	0	0	2.056	0.948	0.584	0.300	0.833	0.750
Ba2	0	0	0	0	0.256	0.185	0.551	2.977	0.677	1.744	1.672	3.059
Ba3	0	0	0.445	0.951	1.644	0.315	3.710	7.756	3.902	0.676	2.927	2.955
B1	0	0	0	1.767	1.461	1.140	1.614	6.352	4.070	1.943	1.843	4.234
B2	0	0	0.168	0	0.300	0.189	0.292	2.532	4.188	3.145	1.413	5.988
B3	0	0	0	1.394	0.260	0.325	0.592	1.082	2.091	2.108	0.838	0.709
Caa1	1.450	0.490	0	0.297	0	0	0.461	0.902	0.500	1.895	0.181	2.219
Caa2	0	0	0	0	0	0	0	0	0	0	0.250	0.463
NR	0	0	0	0	0	0	0.197	1.603	0	0.720	0.626	0
Total	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Ba1	0.698	1	0.465	1	3.588	8	1.883	5	5.936	14	6.634	15	5.70%
Ba2	0	0	0.442	2	4.205	8	6.475	14	11.121	24	11.121	24	10.69%
Ba3	0.445	1	2.910	5	15.367	26	6.558	19	24.835	50	25.279	51	23.86%
B1	0	0	4.369	9	12.036	26	8.019	21	24.424	56	24.424	56	23.47%
B2	0.168	1	0.489	2	7.012	19	10.546	22	18.046	43	18.214	44	17.34%
B3	0	0	1.979	5	3.765	13	3.654	12	9.398	30	9.398	30	9.03%
Caa1	1.940	4	0.297	1	1.863	3	4.296	8	6.456	12	8.396	16	6.20%
Caa2	0	0	0	0	0	0	0.713	2	0.713	2	0.713	2	0.69%
NR	0	0	0	0	1.800	4	1.346	5	3.146	9	3.146	9	3.02%
Total	3.251	7	10.950	25	49.635	107	43.489	108	104.075	240	107.326	247	100.00%
Use of Proceeds
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Acquisition	0	0	0	0	0	0	0	0	0	1.116	0.147	0.491
Capex	0	0	0	0	0	0	0	0	0	0	0.684	0
Dividend/recap	0	0	0	0	0	0	0	0	0	0	0	0.413
GCP	0	0	0.445	1.603	0.478	0.988	2.934	3.655	3.688	2.377	3.265	5.021
LBO	1.450	0.490	0	0	0	0	0	0	0	0	0	0
No proceeds	0	0	0	0	0	0	0	0	0	0	0	0.480
Redeem notes	0	0	0	0	0	0.315	1.725	0.697	0.146	0.300	1.415	3.839
Refinance	0	0	0.168	3.271	1.512	0.325	2.381	8.554	8.284	4.910	3.394	2.577
Repay bank debt	0	0	0	0	1.932	0.526	2.432	10.253	3.219	3.362	1.129	6.332
Multiple/Other/NA	0.698	0	0	0	0	0	0	0.991	0.673	0.465	0.548	1.223
Total	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	0	0	0	0	1.754	6	1.754	6	1.754	6	1.69%
Capex	0	0	0	0	0	0	0.684	2	0.684	2	0.684	2	0.66%
Dividend/recap	0	0	0	0	0	0	0.413	1	0.413	1	0.413	1	0.40%
GCP	0.445	1	3.069	7	10.278	27	10.663	22	24.011	56	24.455	57	23.07%
LBO	1.940	4	0	0	0	0	0	0	0	0	1.940	4	0.00%
No proceeds	0	0	0	0	0	0	0.480	1	0.480	1	0.480	1	0.46%
Redeem notes	0	0	0.315	1	2.569	6	5.554	13	8.437	20	8.437	20	8.11%
Refinance	0.168	1	5.108	10	19.220	37	10.882	29	35.210	76	35.378	77	33.83%
Repay bank debt	0	0	2.458	7	15.904	34	10.823	27	29.185	68	29.185	68	28.04%
Multiple/Other/NA	0.698	1	0	0	1.665	3	2.236	7	3.901	10	4.599	11	3.75%
Total	3.251	7	10.950	25	49.635	107	43.489	108	104.075	240	107.326	247	100.00%
Industry Sector (by SIC code)
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Agriculture (0xxx)	0	0	0	0	0	0.325	0.665	0	0	0	0.348	0.309
Mining (1xxx)	0	0	0	0	0	0	0	4.012	0	0.585	0	0
Oil and gas (13xx)	0	0	0	1.498	1.376	0.337	0.393	1.294	1.746	0.409	0.424	0.987
Construction (15xx)	0	0	0	0	0	0	0.815	0	0	0.440	0	0.730
Manufacturing (2xxx, 3xxx)	1.450	0	0	0.762	0.751	0	1.331	5.910	3.718	3.329	3.686	6.525
Transportation (4xxx)	0	0	0.168	0	0	0.189	0	0	1.160	0.467	0.956	1.962
Communications (48xx)	0	0	0	2.410	0.757	0.300	2.058	2.280	1.904	2.542	3.828	4.736
Electric, gas, sanitary services (49xx)	0	0	0.445	0	0.478	0.503	0	2.727	1.221	0.175	0.292	0.250
Wholesale (5xxx)	0	0	0	0.203	0.260	0.185	1.817	0.758	1.980	1.588	0.098	1.924
Finance, insurance, real estate (6xxx)	0	0	0	0	0.300	0	0	0	0.436	0.282	0	0.946
Services (7xxx)	0.698	0.490	0	0	0	0.315	0.481	5.933	2.207	1.822	0.636	2.008
Health services (8xxx)	0	0	0	0	0	0	1.912	1.237	1.640	0.893	0.315	0
Total	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.325	1	0.665	1	0.657	2	1.647	4	1.647	4	1.58%
Mining (1xxx)	0	0	0	0	4.012	3	0.585	1	4.596	4	4.596	4	4.42%
Oil and gas (13xx)	0	0	3.212	6	3.433	12	1.819	7	8.464	25	8.464	25	8.13%
Construction (15xx)	0	0	0	0	0.815	3	1.170	5	1.985	8	1.985	8	1.91%
Manufacturing (2xxx, 3xxx)	1.450	2	1.514	3	10.959	32	13.539	33	26.012	68	27.462	70	24.99%
Transportation (4xxx)	0.168	1	0.189	1	1.160	3	3.384	9	4.733	13	4.901	14	4.55%
Communications (48xx)	0	0	3.468	7	6.242	12	11.106	17	20.815	36	20.815	36	20.00%
Electric, gas, sanitary services (49xx)	0.445	1	0.980	2	3.948	7	0.717	4	5.646	13	6.090	14	5.42%
Wholesale (5xxx)	0	0	0.648	3	4.555	9	3.609	9	8.812	21	8.812	21	8.47%
Finance, insurance, real estate (6xxx)	0	0	0.300	1	0.436	1	1.228	4	1.963	6	1.963	6	1.89%
Services (7xxx)	1.188	3	0.315	1	8.622	17	4.466	12	13.403	30	14.591	33	12.88%
Health services (8xxx)	0	0	0	0	4.789	7	1.208	5	5.997	12	5.997	12	5.76%
Total	3.251	7	10.950	25	49.635	107	43.489	108	104.075	240	107.326	247	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.

• 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.

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

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