Analysis of high yield issuance for 12 months through November 2009

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

Yield

	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
6%-6.99%	0	0	0	0	0	0	0	0	0	0.750	0	0
7%-7.99%	0	0	0	0	0	1.529	0	0	0.684	2.572	4.114	1.935
8%-8.99%	0	0	0	0	3.134	4.599	0.688	1.965	5.201	4.710	7.220	6.979
9%-9.99%	0	0	1.806	0	2.728	2.721	3.762	1.827	1.559	4.112	3.730	2.782
10%-10.99%	0	1.416	0.715	0	0.748	2.954	3.893	2.331	1.128	1.035	1.756	2.201
11%-11.99%	0	2.613	0.390	0.840	1.145	7.428	2.787	1.568	0.958	2.136	1.835	0.450
12% and higher	0.613	0.845	1.011	1.314	1.718	4.919	4.628	4.840	1.052	4.413	1.398	3.976
NA	0	0	0	0	0	0	0.253	0	0	0.647	0	0.240
Total	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.562
	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	0.53%
7%-7.99%	0	0	1.529	3	3.256	7	6.050	11	10.834	21	10.834	21	7.59%
8%-8.99%	0	0	8.422	15	11.876	28	14.199	36	34.498	79	34.498	79	24.18%
9%-9.99%	1.806	4	9.211	19	7.498	20	6.511	19	25.026	62	25.026	62	17.54%
10%-10.99%	2.131	4	7.595	18	4.494	10	3.957	14	18.177	46	18.177	46	12.74%
11%-11.99%	3.843	8	11.359	20	4.663	13	2.285	6	22.150	47	22.150	47	15.52%
12% and higher	3.170	9	11.267	31	10.305	27	5.373	15	30.116	82	30.729	84	21.10%
NA	0	0	0.253	1	0.647	2	0.240	1	1.140	4	1.140	4	0.80%
Total	10.950	25	49.635	107	43.489	108	38.615	102	142.690	342	143.303	344	100.00%
Versus Talk
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Lower	0	0	0	0	0	0.336	0.148	0.292	0.980	2.438	2.005	0.372
Low end	0	2.411	0.478	0	2.909	6.667	4.550	5.279	1.742	5.816	6.851	4.747
Middle	0.613	2.463	2.512	1.632	5.975	15.551	5.969	3.168	4.791	8.778	4.626	10.272
High end	0	0	0.516	0.337	0	1.597	3.110	0.297	2.352	2.021	3.037	0.896
Higher	0	0	0	0.185	0	0	2.076	2.255	0.147	0	0.834	0.412
NA	0	0	0.415	0	0.589	0	0.158	1.240	0.570	1.322	2.700	1.863
Total	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.562
	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	2.378	5	6.572	15	6.572	15	4.61%
Low end	2.888	6	14.125	32	12.837	31	11.598	29	41.449	98	41.449	98	29.05%
Middle	6.608	14	27.496	52	16.737	36	14.898	41	65.738	143	66.351	145	46.07%
High end	0.854	3	4.707	12	4.671	10	3.933	10	14.164	35	14.164	35	9.93%
Higher	0.185	1	2.076	6	2.402	8	1.246	4	5.910	19	5.910	19	4.14%
NA	0.415	1	0.747	3	3.132	15	4.562	13	8.857	32	8.857	32	6.21%
Total	10.950	25	49.635	107	43.489	108	38.615	102	142.690	342	143.303	344	100.00%
Upsized?
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Yes	0	4.874	2.644	0.818	7.971	12.792	8.851	4.582	6.199	10.717	7.683	8.610
No	0.613	0	1.278	0.699	1.503	11.359	6.617	7.185	4.383	9.659	12.370	9.764
Downsized	0	0	0	0.638	0	0	0.543	0.764	0	0	0	0.188
Total	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.562
	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	16.293	37	75.742	163	75.742	163	53.08%
No	1.977	6	19.478	48	21.227	54	22.134	64	64.817	172	65.429	174	45.43%
Downsized	0.638	2	0.543	1	0.764	3	0.188	1	2.132	7	2.132	7	1.49%
Total	10.950	25	49.635	107	43.489	108	38.615	102	142.690	342	143.303	344	100.00%
Quick Sale?
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Yes	0.168	3.562	2.911	1.344	8.069	16.063	10.296	8.112	6.293	11.814	7.420	7.819
No	0.445	1.312	1.011	0.811	1.404	8.088	5.715	4.419	4.289	8.562	12.633	10.743
Total	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.562
	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	15.239	45	83.704	186	83.872	187	58.66%
No	3.134	8	15.207	38	17.270	53	23.376	57	58.986	156	59.431	157	41.34%
Total	10.950	25	49.635	107	43.489	108	38.615	102	142.690	342	143.303	344	100.00%
Seniority
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
mortgage	0	0	0	0	0	0	0	0	0	0	0.884	0
senior secured	0	0	0.560	0.325	3.368	12.100	7.117	3.120	2.405	9.167	5.909	7.822
secured	0	0	0	0	0	0	0	0	0	0	0	0.113
senior	0.613	4.874	2.972	1.830	5.698	10.760	8.265	9.411	7.305	10.304	12.367	10.455
senior subordinated	0	0	0.390	0	0.408	1.292	0.630	0	0.873	0.905	0.349	0.172
subordinated	0	0	0	0	0	0	0	0	0	0	0.544	0
Total	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.562
	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	0.62%
senior secured	0.885	3	22.584	37	14.692	42	13.731	33	51.892	115	51.892	115	36.37%
secured	0	0	0	0	0	0	0.113	1	0.113	1	0.113	1	0.08%
senior	9.676	21	24.722	61	27.020	61	22.822	61	84.239	204	84.852	206	59.04%
senior subordinated	0.390	1	2.329	9	1.777	5	0.522	3	5.018	18	5.018	18	3.52%
subordinated	0	0	0	0	0	0	0.544	2	0.544	2	0.544	2	0.38%
Total	10.950	25	49.635	107	43.489	108	38.615	102	142.690	342	143.303	344	100.00%
Moody's Rating
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Ba1	0	0.465	0	0	2.056	0.948	0.584	0.300	0.833	0.750	2.633	0.690
Ba2	0	0	0.256	0.185	0.551	2.977	0.677	1.744	1.672	3.059	1.729	1.829
Ba3	0.445	0.951	1.644	0.315	3.710	7.756	3.902	0.676	2.927	2.955	0.816	2.055
B1	0	1.767	1.461	1.140	1.614	6.352	4.070	1.943	1.843	4.234	7.503	3.246
B2	0.168	0	0.300	0.189	0.292	2.532	4.188	3.145	1.413	5.988	2.441	2.708
B3	0	1.394	0.260	0.325	0.592	1.082	2.091	2.108	0.838	0.709	2.760	4.587
Caa1	0	0.297	0	0	0.461	0.902	0.500	1.895	0.181	2.219	0.725	2.509
Caa2	0	0	0	0	0	0	0	0	0.250	0.463	0.410	0.197
NR	0	0	0	0	0.197	1.603	0	0.720	0.626	0	1.036	0.741
Total	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.562
	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	3.323	7	9.258	21	9.258	21	6.49%
Ba2	0.442	2	4.205	8	6.475	14	3.558	6	14.679	30	14.679	30	10.29%
Ba3	2.910	5	15.367	26	6.558	19	2.871	9	27.706	59	28.150	60	19.42%
B1	4.369	9	12.036	26	8.019	21	10.749	27	35.173	83	35.173	83	24.65%
B2	0.489	2	7.012	19	10.546	22	5.149	18	23.195	61	23.363	62	16.26%
B3	1.979	5	3.765	13	3.654	12	7.346	18	16.745	48	16.745	48	11.74%
Caa1	0.297	1	1.863	3	4.296	8	3.234	9	9.690	21	9.690	21	6.79%
Caa2	0	0	0	0	0.713	2	0.607	3	1.320	5	1.320	5	0.93%
NR	0	0	1.800	4	1.346	5	1.778	5	4.924	14	4.924	14	3.45%
Total	10.950	25	49.635	107	43.489	108	38.615	102	142.690	342	143.303	344	100.00%
Use of Proceeds
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Acquisition	0	0	0	0	0	0	0	1.116	0.147	0.491	1.707	0.147
Capex	0	0	0	0	0	0	0	0	0.684	0	0	0.145
Dividend/recap	0	0	0	0	0	0	0	0	0	0.413	0	0
GCP	0.445	1.603	0.478	0.988	2.934	3.655	3.688	2.377	3.265	5.021	3.506	2.379
LBO	0	0	0	0	0	0	0	0	0	0	0	1.227
No proceeds	0	0	0	0	0	0	0	0	0	0.480	0	0
Redeem notes	0	0	0	0.315	1.725	0.697	0.146	0.300	1.415	3.839	2.093	3.014
Refinance	0.168	3.271	1.512	0.325	2.381	8.554	8.284	4.910	3.101	2.130	2.476	3.749
Repay bank debt	0	0	1.932	0.526	2.432	10.253	3.219	3.362	1.422	6.779	4.302	2.270
Multiple/Other/NA	0	0	0	0	0	0.991	0.673	0.465	0.548	1.223	5.969	5.632
Total	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.562
	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	1.854	4	3.608	10	3.608	10	2.53%
Capex	0	0	0	0	0.684	2	0.145	2	0.829	4	0.829	4	0.58%
Dividend/recap	0	0	0	0	0.413	1	0	0	0.413	1	0.413	1	0.29%
GCP	3.069	7	10.278	27	10.663	22	5.884	17	29.895	73	30.340	74	20.95%
LBO	0	0	0	0	0	0	1.227	2	1.227	2	1.227	2	0.86%
No proceeds	0	0	0	0	0.480	1	0	0	0.480	1	0.480	1	0.34%
Redeem notes	0.315	1	2.569	6	5.554	13	5.108	14	13.545	34	13.545	34	9.49%
Refinance	5.108	10	19.220	37	10.142	27	6.225	19	40.694	93	40.862	94	28.52%
Repay bank debt	2.458	7	15.904	34	11.563	29	6.572	19	36.497	89	36.497	89	25.58%
Multiple/Other/NA	0	0	1.665	3	2.236	7	11.601	25	15.502	35	15.502	35	10.86%
Total	10.950	25	49.635	107	43.489	108	38.615	102	142.690	342	143.303	344	100.00%
Industry Sector (by SIC code)
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Agriculture (0xxx)	0	0	0	0.325	0.665	0	0	0	0.348	0.309	0	0
Mining (1xxx)	0	0	0	0	0	4.012	0	0.585	0	0	1.780	0.825
Oil and gas (13xx)	0	1.498	1.376	0.337	0.393	1.294	1.746	0.409	0.424	0.987	0.730	1.898
Construction (15xx)	0	0	0	0	0.815	0	0	0.440	0	0.730	1.262	0
Manufacturing (2xxx, 3xxx)	0	0.762	0.751	0	1.331	5.910	3.718	3.329	3.686	6.525	7.919	4.291
Transportation (4xxx)	0.168	0	0	0.189	0	0	1.160	0.467	0.956	1.962	1.075	0.405
Communications (48xx)	0	2.410	0.757	0.300	2.058	2.280	1.904	2.542	3.828	4.736	2.843	6.041
Electric, gas, sanitary services (49xx)	0.445	0	0.478	0.503	0	2.727	1.221	0.175	0.292	0.250	1.239	0.900
Wholesale (5xxx)	0	0.203	0.260	0.185	1.817	0.758	1.980	1.588	0.098	1.924	0.538	1.492
Finance, insurance, real estate (6xxx)	0	0	0.300	0	0	0	0.436	0.282	0	0.946	0.544	0.588
Services (7xxx)	0	0	0	0.315	0.481	5.933	2.207	1.822	0.636	2.008	1.875	1.649
Health services (8xxx)	0	0	0	0	1.912	1.237	1.640	0.893	0.315	0	0.246	0.473
Total	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.562
	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	1.15%
Mining (1xxx)	0	0	4.012	3	0.585	1	2.606	7	7.202	11	7.202	11	5.05%
Oil and gas (13xx)	3.212	6	3.433	12	1.819	7	2.628	8	11.093	33	11.093	33	7.77%
Construction (15xx)	0	0	0.815	3	1.170	5	1.262	2	3.247	10	3.247	10	2.28%
Manufacturing (2xxx, 3xxx)	1.514	3	10.959	32	13.539	33	12.210	34	38.222	102	38.222	102	26.79%
Transportation (4xxx)	0.189	1	1.160	3	3.384	9	1.480	5	6.214	18	6.382	19	4.35%
Communications (48xx)	3.468	7	6.242	12	11.106	17	8.883	15	29.699	51	29.699	51	20.81%
Electric, gas, sanitary services (49xx)	0.980	2	3.948	7	0.717	4	2.139	3	7.785	16	8.229	17	5.46%
Wholesale (5xxx)	0.648	3	4.555	9	3.609	9	2.031	5	10.843	26	10.843	26	7.60%
Finance, insurance, real estate (6xxx)	0.300	1	0.436	1	1.228	4	1.133	4	3.096	10	3.096	10	2.17%
Services (7xxx)	0.315	1	8.622	17	4.466	12	3.524	16	16.927	46	16.927	46	11.86%
Health services (8xxx)	0	0	4.789	7	1.208	5	0.719	3	6.716	15	6.716	15	4.71%
Total	10.950	25	49.635	107	43.489	108	38.615	102	142.690	342	143.303	344	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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