Analysis of high yield issuance for 12 months through March 2009

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

Yield

	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
7%-7.99%	0.924	6.644	0.600	0	0	0	0	0	0	0	0	0
8%-8.99%	2.675	3.049	4.999	0	0.280	0.197	0	0	0	0	0	0
9%-9.99%	1.998	0.953	1.867	2.613	0	0	0.700	0	0	0	1.806	0
10%-10.99%	0.219	2.403	0.904	3.600	0	5.059	0.750	0	0	1.416	0.715	0
11%-11.99%	0.100	0.904	6.478	2.118	0.600	2.645	0	0.160	0	2.613	0.390	0.840
12% and higher	1.924	0.549	2.308	0.898	0.798	0.124	0.698	0	0.613	0.845	1.011	1.314
NA	0.641	0.195	0	0	0	0	0	0.330	0	0	0	0
Total	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155
	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	8.168	18	0.00%
8%-8.99%	10.722	24	0.477	2	0	0	0	0	0	0	11.199	26	0.00%
9%-9.99%	4.818	11	2.613	4	0.700	1	1.806	4	1.806	4	9.936	20	16.49%
10%-10.99%	3.526	11	8.659	9	0.750	1	2.131	4	2.131	4	15.066	25	19.46%
11%-11.99%	7.483	8	5.363	7	0.160	1	3.843	8	3.843	8	16.849	24	35.10%
12% and higher	4.783	13	1.820	6	1.311	3	3.170	9	3.170	9	11.085	31	28.95%
NA	0.836	2	0	0	0.330	1	0	0	0	0	1.166	3	0.00%
Total	40.335	87	18.932	28	3.251	7	10.950	25	10.950	25	73.469	147	100.00%
Versus Talk
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
Low end	1.117	1.932	0.375	0	0.280	0	0	0	0	2.411	0.478	0
Middle	5.082	6.137	4.232	2.120	0	0.691	0	0	0.613	2.463	2.512	1.632
High end	0.448	2.321	1.671	0	0	0	0.698	0	0	0	0.516	0.337
Higher	0	0.296	0.250	0.736	0.146	0	0	0	0	0	0	0.185
NA	1.835	4.011	10.628	6.373	1.252	7.334	1.450	0.490	0	0	0.415	0
Total	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155
	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	6.593	17	26.37%
Middle	15.451	31	2.812	5	0.613	2	6.608	14	6.608	14	25.482	52	60.35%
High end	4.440	10	0	0	0.698	1	0.854	3	0.854	3	5.992	14	7.80%
Higher	0.546	2	0.882	4	0	0	0.185	1	0.185	1	1.613	7	1.69%
NA	16.475	34	14.959	18	1.940	4	0.415	1	0.415	1	33.789	57	3.79%
Total	40.335	87	18.932	28	3.251	7	10.950	25	10.950	25	73.469	147	100.00%
Upsized?
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
Yes	1.895	5.219	2.915	0.700	0.280	0	0	0	0	4.874	2.644	0.818
No	6.487	9.478	12.972	7.623	1.398	7.532	2.148	0.490	0.613	0	1.278	0.699
Downsized	0.100	0	1.269	0.906	0	0.494	0	0	0	0	0	0.638
Total	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155
	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	8.336	17	8.336	17	19.344	42	76.13%
No	28.937	59	16.552	21	3.251	7	1.977	6	1.977	6	50.718	93	18.05%
Downsized	1.369	5	1.400	5	0	0	0.638	2	0.638	2	3.407	12	5.83%
Total	40.335	87	18.932	28	3.251	7	10.950	25	10.950	25	73.469	147	100.00%
Quick Sale?
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
Yes	1.393	8.336	9.776	1.363	0	0.322	0.698	0	0.168	3.562	2.911	1.344
No	7.089	6.361	7.380	7.866	1.678	7.704	1.450	0.490	0.445	1.312	1.011	0.811
Total	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155
	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	7.817	17	7.817	17	29.873	57	71.39%
No	20.830	54	17.248	23	2.385	5	3.134	8	3.134	8	43.597	90	28.62%
Total	40.335	87	18.932	28	3.251	7	10.950	25	10.950	25	73.469	147	100.00%
Seniority
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
senior secured	1.362	1.632	1.119	0	0.146	0.269	0.698	0	0	0	0.560	0.325
senior	7.120	11.465	15.137	9.105	1.532	5.256	1.450	0.490	0.613	4.874	2.972	1.830
senior subordinated	0	1.600	0.900	0.124	0	2.500	0	0	0	0	0.390	0
Total	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155
	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	0.885	3	0.885	3	6.112	15	8.08%
senior	33.722	71	15.893	23	2.553	6	9.676	21	9.676	21	61.843	121	88.37%
senior subordinated	2.500	8	2.624	2	0	0	0.390	1	0.390	1	5.513	11	3.56%
Total	40.335	87	18.932	28	3.251	7	10.950	25	10.950	25	73.469	147	100.00%
Moody's Rating
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
Ba1	0.394	1.142	1.250	0	0	0	0.698	0	0	0.465	0	0
Ba2	2.619	1.099	1.169	1.488	0	0	0	0	0	0	0.256	0.185
Ba3	1.600	5.293	1.269	0.470	0.530	0.197	0	0	0.445	0.951	1.644	0.315
B1	2.112	2.818	0.694	0	0	0	0	0	0	1.767	1.461	1.140
B2	0.499	0.275	1.216	0.124	0	0.145	0	0	0.168	0	0.300	0.189
B3	0.559	2.771	3.086	2.389	0.146	1.550	0	0	0	1.394	0.260	0.325
Caa1	0.498	1.053	1.325	3.208	0.777	0.494	1.450	0.490	0	0.297	0	0
Caa2	0	0	6.161	0	0	0	0	0	0	0	0	0
NR	0.201	0.246	0.987	1.550	0.225	5.639	0	0	0	0	0	0
Total	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155
	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	4.25%
Ba2	4.888	13	1.488	2	0	0	0.442	2	0.442	2	6.818	17	4.04%
Ba3	8.161	13	1.197	5	0.445	1	2.910	5	2.910	5	12.713	24	26.58%
B1	5.624	12	0	0	0	0	4.369	9	4.369	9	9.992	21	39.90%
B2	1.990	9	0.269	2	0.168	1	0.489	2	0.489	2	2.915	14	4.47%
B3	6.416	15	4.085	5	0	0	1.979	5	1.979	5	12.480	25	18.07%
Caa1	2.876	10	4.479	7	1.940	4	0.297	1	0.297	1	9.592	22	2.71%
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	10.950	25	10.950	25	73.469	147	100.00%
Use of Proceeds
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
Acquisition	0.319	0	0.600	0	0	0.494	0	0	0	0	0	0
Capex	0.372	0	0	0	0	0	0	0	0	0	0	0
Dividend/recap	0	0	0	0.300	0	0	0	0	0	0	0	0
GCP	3.195	4.415	2.241	0	0	0.197	0	0	0.445	1.603	0.478	0.988
LBO	0	0	0	4.058	0.777	7.065	1.450	0.490	0	0	0	0
Redeem notes	0	0	0	0	0	0	0	0	0	0	0	0.315
Refinance	2.199	4.934	11.648	1.939	0.651	0	0	0	0.168	3.271	1.512	0.325
Repay bank debt	0	2.203	2.293	1.444	0	0.124	0	0	0	0	1.932	0.526
Multiple/Other/NA	2.397	3.145	0.375	1.488	0.250	0.145	0.698	0	0	0	0	0
Total	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155
	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	1.413	4	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	3.069	7	3.069	7	13.561	28	28.03%
LBO	0	0	11.900	11	1.940	4	0	0	0	0	13.840	15	0.00%
Redeem notes	0	0	0	0	0	0	0.315	1	0.315	1	0.315	1	2.88%
Refinance	18.781	38	2.590	6	0.168	1	5.108	10	5.108	10	26.646	55	46.65%
Repay bank debt	4.496	14	1.568	4	0	0	2.458	7	2.458	7	8.523	25	22.45%
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	10.950	25	10.950	25	73.469	147	100.00%
Industry Sector (by SIC code)
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
Agriculture (0xxx)	0	0.296	0	0	0	0	0	0	0	0	0	0.325
Mining (1xxx)	0	0	1.250	0	0	0	0	0	0	0	0	0
Oil and gas (13xx)	0.279	3.948	1.015	0	0	0.197	0	0	0	1.498	1.376	0.337
Construction (15xx)	0.201	0.594	0	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	3.985	2.903	2.277	1.250	0.505	0	1.450	0	0	0.762	0.751	0
Transportation (4xxx)	0	0.275	0.694	0	0	0	0	0	0.168	0	0	0.189
Communications (48xx)	2.448	3.117	9.524	4.447	0	0	0	0	0	2.410	0.757	0.300
Electric, gas, sanitary services (49xx)	0.939	1.628	0.500	0	0	0.145	0	0	0.445	0	0.478	0.503
Wholesale (5xxx)	0.204	0.296	0.856	1.958	0.923	0.124	0	0	0	0.203	0.260	0.185
Finance, insurance, real estate (6xxx)	0	0.500	0	0	0.250	7.065	0	0	0	0	0.300	0
Services (7xxx)	0.426	0	1.040	0.300	0	0.494	0.698	0.490	0	0	0	0.315
Health services (8xxx)	0	1.141	0	1.274	0	0	0	0	0	0	0	0
Total	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155
	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	0.325	1	0.325	1	0.621	2	2.97%
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	3.212	6	3.212	6	8.651	20	29.33%
Construction (15xx)	0.795	2	0	0	0	0	0	0	0	0	0.795	2	0.00%
Manufacturing (2xxx, 3xxx)	9.165	22	1.755	3	1.450	2	1.514	3	1.514	3	13.883	30	13.83%
Transportation (4xxx)	0.969	3	0	0	0.168	1	0.189	1	0.189	1	1.326	5	1.73%
Communications (48xx)	15.088	19	4.447	6	0	0	3.468	7	3.468	7	23.002	32	31.67%
Electric, gas, sanitary services (49xx)	3.067	10	0.145	1	0.445	1	0.980	2	0.980	2	4.637	14	8.95%
Wholesale (5xxx)	1.356	5	3.006	9	0	0	0.648	3	0.648	3	5.010	17	5.92%
Finance, insurance, real estate (6xxx)	0.500	1	7.315	4	0	0	0.300	1	0.300	1	8.115	6	2.74%
Services (7xxx)	1.466	5	0.794	2	1.188	3	0.315	1	0.315	1	3.764	11	2.88%
Health services (8xxx)	1.141	4	1.274	2	0	0	0	0	0	0	2.415	6	0.00%
Total	40.335	87	18.932	28	3.251	7	10.950	25	10.950	25	73.469	147	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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