Analysis of high yield issuance for 12 months through February 2009

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

Yield

	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
7%-7.99%	0.375	0.924	6.644	0.600	0	0	0	0	0	0	0	0
8%-8.99%	0	2.573	3.049	4.999	0	0.280	0.197	0	0	0	0	0
9%-9.99%	0	1.998	0.953	1.867	2.613	0	0	0.700	0	0	0	1.806
10%-10.99%	0	0.219	2.403	0.904	3.600	0	5.059	0.750	0	0	1.416	0.715
11%-11.99%	0.500	0.100	0.904	6.478	2.118	0.600	2.645	0	0.160	0	2.613	0.390
12% and higher	0.953	1.924	0.549	2.308	0.898	0.798	0.124	0.698	0	0.613	0.845	1.011
NA	0	0.743	0.195	0	0	0	0	0	0.330	0	0	0
Total	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
7%-7.99%	8.168	18	0	0	0	0	0	0	0	0	8.543	19	0.00%
8%-8.99%	10.620	23	0.477	2	0	0	0	0	0	0	11.097	25	0.00%
9%-9.99%	4.818	11	2.613	4	0.700	1	1.806	4	1.806	4	9.936	20	20.53%
10%-10.99%	3.526	11	8.659	9	0.750	1	2.131	4	2.131	4	15.066	25	24.23%
11%-11.99%	7.483	8	5.363	7	0.160	1	3.003	6	3.003	6	16.509	23	34.14%
12% and higher	4.783	13	1.820	6	1.311	3	1.856	4	1.856	4	10.723	28	21.11%
NA	0.938	3	0	0	0.330	1	0	0	0	0	1.268	4	0.00%
Total	40.335	87	18.932	28	3.251	7	8.796	18	8.796	18	73.142	144	100.00%
Versus Talk
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Low end	0.413	1.117	1.932	0.375	0	0.280	0	0	0	0	2.411	0.478
Middle	0.500	5.082	6.137	4.232	2.120	0	0.691	0	0	0.613	2.463	2.512
High end	0.375	0.448	2.321	1.671	0	0	0	0.698	0	0	0	0.516
Higher	0.540	0	0.296	0.250	0.736	0.146	0	0	0	0	0	0
NA	0	1.835	4.011	10.628	6.373	1.252	7.334	1.450	0.490	0	0	0.415
Total	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Low end	3.425	10	0.280	1	0	0	2.888	6	2.888	6	7.006	18	32.83%
Middle	15.451	31	2.812	5	0.613	2	4.976	9	4.976	9	24.350	48	56.57%
High end	4.440	10	0	0	0.698	1	0.516	2	0.516	2	6.030	14	5.87%
Higher	0.546	2	0.882	4	0	0	0	0	0	0	1.968	7	0.00%
NA	16.475	34	14.959	18	1.940	4	0.415	1	0.415	1	33.789	57	4.72%
Total	40.335	87	18.932	28	3.251	7	8.796	18	8.796	18	73.142	144	100.00%
Upsized?
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Yes	0.375	1.895	5.219	2.915	0.700	0.280	0	0	0	0	4.874	2.644
No	1.040	6.487	9.478	12.972	7.623	1.398	7.532	2.148	0.490	0.613	0	1.278
Downsized	0.413	0.100	0	1.269	0.906	0	0.494	0	0	0	0	0
Total	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	10.029	23	0.980	2	0	0	7.518	15	7.518	15	18.902	41	85.47%
No	28.937	59	16.552	21	3.251	7	1.278	3	1.278	3	51.058	92	14.53%
Downsized	1.369	5	1.400	5	0	0	0	0	0	0	3.183	11	0.00%
Total	40.335	87	18.932	28	3.251	7	8.796	18	8.796	18	73.142	144	100.00%
Quick Sale?
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Yes	0.875	1.393	8.336	9.776	1.363	0	0.322	0.698	0	0.168	3.562	2.911
No	0.953	7.089	6.361	7.380	7.866	1.678	7.704	1.450	0.490	0.445	1.312	1.011
Total	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	19.505	33	1.684	5	0.866	2	6.473	13	6.473	13	29.404	55	73.59%
No	20.830	54	17.248	23	2.385	5	2.323	5	2.323	5	43.739	89	26.41%
Total	40.335	87	18.932	28	3.251	7	8.796	18	8.796	18	73.142	144	100.00%
Seniority
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
senior secured	0.913	1.362	1.632	1.119	0	0.146	0.269	0.698	0	0	0	0.560
senior	0.915	7.120	11.465	15.137	9.105	1.532	5.256	1.450	0.490	0.613	4.874	2.972
senior subordinated	0	0	1.600	0.900	0.124	0	2.500	0	0	0	0	0.390
Total	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
senior secured	4.114	8	0.415	3	0.698	1	0.560	2	0.560	2	6.700	16	6.37%
senior	33.722	71	15.893	23	2.553	6	7.846	15	7.846	15	60.929	117	89.20%
senior subordinated	2.500	8	2.624	2	0	0	0.390	1	0.390	1	5.513	11	4.43%
Total	40.335	87	18.932	28	3.251	7	8.796	18	8.796	18	73.142	144	100.00%
Moody's Rating
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Ba1	0	0.394	1.142	1.250	0	0	0	0.698	0	0	0.465	0
Ba2	0.375	2.619	1.099	1.169	1.488	0	0	0	0	0	0	0.256
Ba3	0	1.600	5.293	1.269	0.470	0.530	0.197	0	0	0.445	0.951	1.644
B1	0.413	2.112	2.818	0.694	0	0	0	0	0	0	1.767	1.461
B2	0	0.499	0.275	1.216	0.124	0	0.145	0	0	0.168	0	0.300
B3	1.040	0.559	2.771	3.086	2.389	0.146	1.550	0	0	0	1.394	0.260
Caa1	0	0.498	1.053	1.325	3.208	0.777	0.494	1.450	0.490	0	0.297	0
Caa2	0	0	0	6.161	0	0	0	0	0	0	0	0
NR	0	0.201	0.246	0.987	1.550	0.225	5.639	0	0	0	0	0
Total	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Ba1	2.786	6	0	0	0.698	1	0.465	1	0.465	1	3.950	8	5.29%
Ba2	4.888	13	1.488	2	0	0	0.256	1	0.256	1	7.008	17	2.91%
Ba3	8.161	13	1.197	5	0.445	1	2.595	4	2.595	4	12.398	23	29.50%
B1	5.624	12	0	0	0	0	3.228	6	3.228	6	9.265	19	36.70%
B2	1.990	9	0.269	2	0.168	1	0.300	1	0.300	1	2.726	13	3.41%
B3	6.416	15	4.085	5	0	0	1.654	4	1.654	4	13.195	26	18.80%
Caa1	2.876	10	4.479	7	1.940	4	0.297	1	0.297	1	9.592	22	3.38%
Caa2	6.161	5	0	0	0	0	0	0	0	0	6.161	5	0.00%
NR	1.433	4	7.414	7	0	0	0	0	0	0	8.848	11	0.00%
Total	40.335	87	18.932	28	3.251	7	8.796	18	8.796	18	73.142	144	100.00%
Use of Proceeds
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Acquisition	0.540	0.319	0	0.600	0	0	0.494	0	0	0	0	0
Capex	0	0.372	0	0	0	0	0	0	0	0	0	0
Dividend/recap	0	0	0	0	0.300	0	0	0	0	0	0	0
GCP	0	3.195	4.415	2.241	0	0	0.197	0	0	0.445	1.603	0.478
LBO	0	0	0	0	4.058	0.777	7.065	1.450	0.490	0	0	0
Refinance	0.788	2.199	4.934	11.648	1.939	0.651	0	0	0	0.168	3.271	1.512
Repay bank debt	0.500	0	2.203	2.293	1.444	0	0.124	0	0	0	0	1.932
Multiple/Other/NA	0	2.397	3.145	0.375	1.488	0.250	0.145	0.698	0	0	0	0
Total	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.919	3	0.494	1	0	0	0	0	0	0	1.953	5	0.00%
Capex	0.372	2	0	0	0	0	0	0	0	0	0.372	2	0.00%
Dividend/recap	0	0	0.300	1	0	0	0	0	0	0	0.300	1	0.00%
GCP	9.850	19	0.197	1	0.445	1	2.081	4	2.081	4	12.573	25	23.66%
LBO	0	0	11.900	11	1.940	4	0	0	0	0	13.840	15	0.00%
Refinance	18.781	38	2.590	6	0.168	1	4.783	9	4.783	9	27.109	56	54.38%
Repay bank debt	4.496	14	1.568	4	0	0	1.932	5	1.932	5	8.497	24	21.96%
Multiple/Other/NA	5.917	11	1.883	4	0.698	1	0	0	0	0	8.499	16	0.00%
Total	40.335	87	18.932	28	3.251	7	8.796	18	8.796	18	73.142	144	100.00%
Industry Sector (by SIC code)
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Agriculture (0xxx)	0	0	0.296	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0	0	0	1.250	0	0	0	0	0	0	0	0
Oil and gas (13xx)	0	0.279	3.948	1.015	0	0	0.197	0	0	0	1.498	1.376
Construction (15xx)	0	0.201	0.594	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.788	3.985	3.038	2.277	1.250	0.505	0	1.450	0	0	0.762	0.751
Transportation (4xxx)	0	0	0.275	0.694	0	0	0	0	0	0.168	0	0
Communications (48xx)	1.040	2.448	3.117	9.524	4.447	0	0	0	0	0	2.410	0.757
Electric, gas, sanitary services (49xx)	0	0.939	1.628	0.500	0	0	0.145	0	0	0.445	0	0.478
Wholesale (5xxx)	0	0.204	0.296	0.856	1.958	0.923	0.124	0	0	0	0.203	0.260
Finance, insurance, real estate (6xxx)	0	0	0.500	0	0	0.250	7.065	0	0	0	0	0.300
Services (7xxx)	0	0.426	0	1.040	0.300	0	0.494	0.698	0.490	0	0	0
Health services (8xxx)	0	0	1.006	0	1.274	0	0	0	0	0	0	0
Total	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.296	1	0	0	0	0	0	0	0	0	0.296	1	0.00%
Mining (1xxx)	1.250	2	0	0	0	0	0	0	0	0	1.250	2	0.00%
Oil and gas (13xx)	5.242	13	0.197	1	0	0	2.875	5	2.875	5	8.313	19	32.69%
Construction (15xx)	0.795	2	0	0	0	0	0	0	0	0	0.795	2	0.00%
Manufacturing (2xxx, 3xxx)	9.299	23	1.755	3	1.450	2	1.514	3	1.514	3	14.806	33	17.21%
Transportation (4xxx)	0.969	3	0	0	0.168	1	0	0	0	0	1.137	4	0.00%
Communications (48xx)	15.088	19	4.447	6	0	0	3.167	6	3.167	6	23.742	33	36.01%
Electric, gas, sanitary services (49xx)	3.067	10	0.145	1	0.445	1	0.478	1	0.478	1	4.134	13	5.43%
Wholesale (5xxx)	1.356	5	3.006	9	0	0	0.463	2	0.463	2	4.825	16	5.26%
Finance, insurance, real estate (6xxx)	0.500	1	7.315	4	0	0	0.300	1	0.300	1	8.115	6	3.41%
Services (7xxx)	1.466	5	0.794	2	1.188	3	0	0	0	0	3.449	10	0.00%
Health services (8xxx)	1.006	3	1.274	2	0	0	0	0	0	0	2.280	5	0.00%
Total	40.335	87	18.932	28	3.251	7	8.796	18	8.796	18	73.142	144	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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