Analysis of high yield issuance for 12 months through October 2009

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

Yield

	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
6%-6.99%	0	0	0	0	0	0	0	0	0	0	0.750	0
7%-7.99%	0	0	0	0	0	0	1.529	0	0	0.684	2.572	3.764
8%-8.99%	0	0	0	0	0	3.134	4.599	0.688	1.965	5.201	4.710	7.220
9%-9.99%	0	0	0	1.806	0	2.728	2.721	3.762	1.827	1.559	4.112	3.730
10%-10.99%	0	0	1.416	0.715	0	0.748	2.954	3.893	2.331	1.128	1.035	1.756
11%-11.99%	0.160	0	2.613	0.390	0.840	1.145	7.428	2.787	1.568	0.958	2.136	1.835
12% and higher	0	0.613	0.845	1.011	1.314	1.718	4.919	4.628	4.840	1.052	4.413	1.398
NA	0.330	0	0	0	0	0	0	0.253	0	0	0.647	0
Total	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	19.703
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
6%-6.99%	0	0	0	0	0.750	1	0	0	0.750	1	0.750	1	0.61%
7%-7.99%	0	0	1.529	3	3.256	7	3.764	6	8.549	16	8.549	16	6.91%
8%-8.99%	0	0	8.422	15	11.876	28	7.220	16	27.519	59	27.519	59	22.23%
9%-9.99%	1.806	4	9.211	19	7.498	20	3.730	10	22.244	53	22.244	53	17.97%
10%-10.99%	2.131	4	7.595	18	4.494	10	1.756	6	15.976	38	15.976	38	12.91%
11%-11.99%	3.843	8	11.359	20	4.663	13	1.835	5	21.700	46	21.860	47	17.53%
12% and higher	3.170	9	11.267	31	10.305	27	1.398	7	26.140	74	26.753	76	21.11%
NA	0	0	0.253	1	0.647	2	0	0	0.900	3	1.230	4	0.73%
Total	10.950	25	49.635	107	43.489	108	19.703	50	123.778	290	124.880	294	100.00%
Versus Talk
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Lower	0	0	0	0	0	0	0.336	0.148	0.292	0.980	2.438	2.005
Low end	0	0	2.411	0.478	0	2.909	6.667	4.550	5.279	1.742	5.816	6.851
Middle	0	0.613	2.463	2.512	1.632	5.975	15.551	5.969	3.168	4.791	8.778	4.626
High end	0	0	0	0.516	0.337	0	1.597	3.110	0.297	2.352	2.021	3.037
Higher	0	0	0	0	0.185	0	0	2.076	2.255	0.147	0	0.834
NA	0.490	0	0	0.415	0	0.589	0	0.158	1.240	0.570	1.322	2.350
Total	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	19.703
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Lower	0	0	0.484	2	3.710	8	2.005	4	6.199	14	6.199	14	5.01%
Low end	2.888	6	14.125	32	12.837	31	6.851	16	36.703	85	36.703	85	29.65%
Middle	6.608	14	27.496	52	16.737	36	4.626	14	55.466	116	56.079	118	44.81%
High end	0.854	3	4.707	12	4.671	10	3.037	8	13.268	33	13.268	33	10.72%
Higher	0.185	1	2.076	6	2.402	8	0.834	3	5.498	18	5.498	18	4.44%
NA	0.415	1	0.747	3	3.132	15	2.350	5	6.644	24	7.134	26	5.37%
Total	10.950	25	49.635	107	43.489	108	19.703	50	123.778	290	124.880	294	100.00%
Upsized?
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Yes	0	0	4.874	2.644	0.818	7.971	12.792	8.851	4.582	6.199	10.717	7.683
No	0.490	0.613	0	1.278	0.699	1.503	11.359	6.617	7.185	4.383	9.659	12.020
Downsized	0	0	0	0	0.638	0	0	0.543	0.764	0	0	0
Total	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	19.703
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	8.336	17	29.615	58	21.498	51	7.683	20	67.131	146	67.131	146	54.24%
No	1.977	6	19.478	48	21.227	54	12.020	30	54.702	138	55.805	142	44.19%
Downsized	0.638	2	0.543	1	0.764	3	0	0	1.944	6	1.944	6	1.57%
Total	10.950	25	49.635	107	43.489	108	19.703	50	123.778	290	124.880	294	100.00%
Quick Sale?
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Yes	0	0.168	3.562	2.911	1.344	8.069	16.063	10.296	8.112	6.293	11.814	7.420
No	0.490	0.445	1.312	1.011	0.811	1.404	8.088	5.715	4.419	4.289	8.562	12.283
Total	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	19.703
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	7.817	17	34.429	69	26.219	55	7.420	21	75.885	162	76.053	163	61.31%
No	3.134	8	15.207	38	17.270	53	12.283	29	47.893	128	48.827	131	38.69%
Total	10.950	25	49.635	107	43.489	108	19.703	50	123.778	290	124.880	294	100.00%
Seniority
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
mortgage	0	0	0	0	0	0	0	0	0	0	0	0.884
senior secured	0	0	0	0.560	0.325	3.368	12.100	7.117	3.120	2.405	9.167	5.909
senior	0.490	0.613	4.874	2.972	1.830	5.698	10.760	8.265	9.411	7.305	10.304	12.017
senior subordinated	0	0	0	0.390	0	0.408	1.292	0.630	0	0.873	0.905	0.349
subordinated	0	0	0	0	0	0	0	0	0	0	0	0.544
Total	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	19.703
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
mortgage	0	0	0	0	0	0	0.884	2	0.884	2	0.884	2	0.71%
senior secured	0.885	3	22.584	37	14.692	42	5.909	17	44.070	99	44.070	99	35.60%
senior	9.676	21	24.722	61	27.020	61	12.017	27	73.434	170	74.537	174	59.33%
senior subordinated	0.390	1	2.329	9	1.777	5	0.349	2	4.845	17	4.845	17	3.91%
subordinated	0	0	0	0	0	0	0.544	2	0.544	2	0.544	2	0.44%
Total	10.950	25	49.635	107	43.489	108	19.703	50	123.778	290	124.880	294	100.00%
Moody's Rating
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Ba1	0	0	0.465	0	0	2.056	0.948	0.584	0.300	0.833	0.750	2.283
Ba2	0	0	0	0.256	0.185	0.551	2.977	0.677	1.744	1.672	3.059	1.729
Ba3	0	0.445	0.951	1.644	0.315	3.710	7.756	3.902	0.676	2.927	2.955	0.816
B1	0	0	1.767	1.461	1.140	1.614	6.352	4.070	1.943	1.843	4.234	7.503
B2	0	0.168	0	0.300	0.189	0.292	2.532	4.188	3.145	1.413	5.988	2.441
B3	0	0	1.394	0.260	0.325	0.592	1.082	2.091	2.108	0.838	0.709	2.760
Caa1	0.490	0	0.297	0	0	0.461	0.902	0.500	1.895	0.181	2.219	0.725
Caa2	0	0	0	0	0	0	0	0	0	0.250	0.463	0.410
NR	0	0	0	0	0	0.197	1.603	0	0.720	0.626	0	1.036
Total	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	19.703
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Ba1	0.465	1	3.588	8	1.883	5	2.283	4	8.218	18	8.218	18	6.64%
Ba2	0.442	2	4.205	8	6.475	14	1.729	2	12.850	26	12.850	26	10.38%
Ba3	2.910	5	15.367	26	6.558	19	0.816	3	25.650	53	26.095	54	20.72%
B1	4.369	9	12.036	26	8.019	21	7.503	17	31.927	73	31.927	73	25.79%
B2	0.489	2	7.012	19	10.546	22	2.441	10	20.487	53	20.655	54	16.55%
B3	1.979	5	3.765	13	3.654	12	2.760	7	12.158	37	12.158	37	9.82%
Caa1	0.297	1	1.863	3	4.296	8	0.725	2	7.181	14	7.671	16	5.80%
Caa2	0	0	0	0	0.713	2	0.410	2	1.123	4	1.123	4	0.91%
NR	0	0	1.800	4	1.346	5	1.036	3	4.183	12	4.183	12	3.38%
Total	10.950	25	49.635	107	43.489	108	19.703	50	123.778	290	124.880	294	100.00%
Use of Proceeds
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Acquisition	0	0	0	0	0	0	0	0	1.116	0.147	0.491	1.707
Capex	0	0	0	0	0	0	0	0	0	0.684	0	0
Dividend/recap	0	0	0	0	0	0	0	0	0	0	0.413	0
GCP	0	0.445	1.603	0.478	0.988	2.934	3.655	3.688	2.377	3.265	5.021	3.156
LBO	0.490	0	0	0	0	0	0	0	0	0	0	0
No proceeds	0	0	0	0	0	0	0	0	0	0	0.480	0
Redeem notes	0	0	0	0	0.315	1.725	0.697	0.146	0.300	1.415	3.839	2.093
Refinance	0	0.168	3.271	1.512	0.325	2.381	8.554	8.284	4.910	3.101	2.130	2.476
Repay bank debt	0	0	0	1.932	0.526	2.432	10.253	3.219	3.362	1.422	6.779	4.302
Multiple/Other/NA	0	0	0	0	0	0	0.991	0.673	0.465	0.548	1.223	5.969
Total	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	19.703
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	0	0	1.754	6	1.707	3	3.461	9	3.461	9	2.80%
Capex	0	0	0	0	0.684	2	0	0	0.684	2	0.684	2	0.55%
Dividend/recap	0	0	0	0	0.413	1	0	0	0.413	1	0.413	1	0.33%
GCP	3.069	7	10.278	27	10.663	22	3.156	11	27.167	67	27.611	68	21.95%
LBO	0	0	0	0	0	0	0	0	0	0	0.490	2	0.00%
No proceeds	0	0	0	0	0.480	1	0	0	0.480	1	0.480	1	0.39%
Redeem notes	0.315	1	2.569	6	5.554	13	2.093	5	10.531	25	10.531	25	8.51%
Refinance	5.108	10	19.220	37	10.142	27	2.476	8	36.945	82	37.113	83	29.85%
Repay bank debt	2.458	7	15.904	34	11.563	29	4.302	12	34.228	82	34.228	82	27.65%
Multiple/Other/NA	0	0	1.665	3	2.236	7	5.969	11	9.870	21	9.870	21	7.97%
Total	10.950	25	49.635	107	43.489	108	19.703	50	123.778	290	124.880	294	100.00%
Industry Sector (by SIC code)
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Agriculture (0xxx)	0	0	0	0	0.325	0.665	0	0	0	0.348	0.309	0
Mining (1xxx)	0	0	0	0	0	0	4.012	0	0.585	0	0	1.780
Oil and gas (13xx)	0	0	1.498	1.376	0.337	0.393	1.294	1.746	0.409	0.424	0.987	0.730
Construction (15xx)	0	0	0	0	0	0.815	0	0	0.440	0	0.730	1.262
Manufacturing (2xxx, 3xxx)	0	0	0.762	0.751	0	1.331	5.910	3.718	3.329	3.686	6.525	7.919
Transportation (4xxx)	0	0.168	0	0	0.189	0	0	1.160	0.467	0.956	1.962	1.075
Communications (48xx)	0	0	2.410	0.757	0.300	2.058	2.280	1.904	2.542	3.828	4.736	2.493
Electric, gas, sanitary services (49xx)	0	0.445	0	0.478	0.503	0	2.727	1.221	0.175	0.292	0.250	1.239
Wholesale (5xxx)	0	0	0.203	0.260	0.185	1.817	0.758	1.980	1.588	0.098	1.924	0.538
Finance, insurance, real estate (6xxx)	0	0	0	0.300	0	0	0	0.436	0.282	0	0.946	0.544
Services (7xxx)	0.490	0	0	0	0.315	0.481	5.933	2.207	1.822	0.636	2.008	1.875
Health services (8xxx)	0	0	0	0	0	1.912	1.237	1.640	0.893	0.315	0	0.246
Total	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	19.703
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.325	1	0.665	1	0.657	2	0	0	1.647	4	1.647	4	1.33%
Mining (1xxx)	0	0	4.012	3	0.585	1	1.780	4	6.377	8	6.377	8	5.15%
Oil and gas (13xx)	3.212	6	3.433	12	1.819	7	0.730	3	9.195	28	9.195	28	7.43%
Construction (15xx)	0	0	0.815	3	1.170	5	1.262	2	3.247	10	3.247	10	2.62%
Manufacturing (2xxx, 3xxx)	1.514	3	10.959	32	13.539	33	7.919	19	33.931	87	33.931	87	27.41%
Transportation (4xxx)	0.189	1	1.160	3	3.384	9	1.075	3	5.808	16	5.976	17	4.69%
Communications (48xx)	3.468	7	6.242	12	11.106	17	2.493	5	23.308	41	23.308	41	18.83%
Electric, gas, sanitary services (49xx)	0.980	2	3.948	7	0.717	4	1.239	1	6.885	14	7.329	15	5.56%
Wholesale (5xxx)	0.648	3	4.555	9	3.609	9	0.538	2	9.350	23	9.350	23	7.55%
Finance, insurance, real estate (6xxx)	0.300	1	0.436	1	1.228	4	0.544	2	2.508	8	2.508	8	2.03%
Services (7xxx)	0.315	1	8.622	17	4.466	12	1.875	8	15.278	38	15.768	40	12.34%
Health services (8xxx)	0	0	4.789	7	1.208	5	0.246	1	6.244	13	6.244	13	5.04%
Total	10.950	25	49.635	107	43.489	108	19.703	50	123.778	290	124.880	294	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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