Analysis of high yield issuance for 12 months through April 2009

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

Yield

	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009
7%-7.99%	6.644	0.600	0	0	0	0	0	0	0	0	0	0
8%-8.99%	3.049	4.999	0	0.280	0.197	0	0	0	0	0	0	3.134
9%-9.99%	0.953	1.867	2.613	0	0	0.700	0	0	0	1.806	0	2.728
10%-10.99%	2.403	0.904	3.600	0	5.059	0.750	0	0	1.416	0.715	0	0.748
11%-11.99%	0.904	6.478	2.118	0.600	2.645	0	0.160	0	2.613	0.390	0.840	1.145
12% and higher	0.549	2.308	0.898	0.798	0.124	0.698	0	0.613	0.845	1.011	1.314	1.718
NA	0.195	0	0	0	0	0	0.330	0	0	0	0	0
Total	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
7%-7.99%	0	0	0	0	0	0	0	0	0	0	7.244	14	0.00%
8%-8.99%	0.477	2	0	0	0	0	3.134	5	3.134	5	11.659	25	15.34%
9%-9.99%	2.613	4	0.700	1	1.806	4	2.728	3	4.533	7	10.666	20	22.19%
10%-10.99%	8.659	9	0.750	1	2.131	4	0.748	2	2.879	6	15.595	26	14.10%
11%-11.99%	5.363	7	0.160	1	3.843	8	1.145	4	4.988	12	17.894	27	24.42%
12% and higher	1.820	6	1.311	3	3.170	9	1.718	4	4.889	13	10.877	31	23.93%
NA	0	0	0.330	1	0	0	0	0	0	0	0.524	2	0.00%
Total	18.932	28	3.251	7	10.950	25	9.473	18	20.424	43	74.460	145	100.00%
Versus Talk
	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009
Low end	1.932	0.375	0	0.280	0	0	0	0	2.411	0.478	0	2.909
Middle	6.137	4.232	2.120	0	0.691	0	0	0.613	2.463	2.512	1.632	5.975
High end	2.321	1.671	0	0	0	0.698	0	0	0	0.516	0.337	0
Higher	0.296	0.250	0.736	0.146	0	0	0	0	0	0	0.185	0
NA	4.011	10.628	6.373	1.252	7.334	1.450	0.490	0	0	0.415	0	0.589
Total	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Low end	0.280	1	0	0	2.888	6	2.909	6	5.797	12	8.384	20	28.38%
Middle	2.812	5	0.613	2	6.608	14	5.975	10	12.583	24	26.376	53	61.61%
High end	0	0	0.698	1	0.854	3	0	0	0.854	3	5.544	13	4.18%
Higher	0.882	4	0	0	0.185	1	0	0	0.185	1	1.613	7	0.91%
NA	14.959	18	1.940	4	0.415	1	0.589	2	1.005	3	32.544	52	4.92%
Total	18.932	28	3.251	7	10.950	25	9.473	18	20.424	43	74.460	145	100.00%
Upsized?
	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009
Yes	5.219	2.915	0.700	0.280	0	0	0	0	4.874	2.644	0.818	7.971
No	9.478	12.972	7.623	1.398	7.532	2.148	0.490	0.613	0	1.278	0.699	1.503
Downsized	0	1.269	0.906	0	0.494	0	0	0	0	0	0.638	0
Total	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0.980	2	0	0	8.336	17	7.971	13	16.306	30	25.420	49	79.84%
No	16.552	21	3.251	7	1.977	6	1.503	5	3.480	11	45.733	85	17.04%
Downsized	1.400	5	0	0	0.638	2	0	0	0.638	2	3.307	11	3.12%
Total	18.932	28	3.251	7	10.950	25	9.473	18	20.424	43	74.460	145	100.00%
Quick Sale?
	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009
Yes	8.336	9.776	1.363	0	0.322	0.698	0	0.168	3.562	2.911	1.344	8.069
No	6.361	7.380	7.866	1.678	7.704	1.450	0.490	0.445	1.312	1.011	0.811	1.404
Total	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	1.684	5	0.866	2	7.817	17	8.069	14	15.886	31	36.549	68	77.78%
No	17.248	23	2.385	5	3.134	8	1.404	4	4.538	12	37.912	77	22.22%
Total	18.932	28	3.251	7	10.950	25	9.473	18	20.424	43	74.460	145	100.00%
Seniority
	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009
senior secured	1.632	1.119	0	0.146	0.269	0.698	0	0	0	0.560	0.325	3.368
senior	11.465	15.137	9.105	1.532	5.256	1.450	0.490	0.613	4.874	2.972	1.830	5.698
senior subordinated	1.600	0.900	0.124	0	2.500	0	0	0	0	0.390	0	0.408
Total	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
senior secured	0.415	3	0.698	1	0.885	3	3.368	4	4.253	7	8.118	16	20.82%
senior	15.893	23	2.553	6	9.676	21	5.698	12	15.374	33	60.421	116	75.27%
senior subordinated	2.624	2	0	0	0.390	1	0.408	2	0.797	3	5.921	13	3.90%
Total	18.932	28	3.251	7	10.950	25	9.473	18	20.424	43	74.460	145	100.00%
Moody's Rating
	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009
Ba1	1.142	1.250	0	0	0	0.698	0	0	0.465	0	0	2.056
Ba2	1.099	1.169	1.488	0	0	0	0	0	0	0.256	0.185	0.551
Ba3	5.293	1.269	0.470	0.530	0.197	0	0	0.445	0.951	1.644	0.315	3.710
B1	2.818	0.694	0	0	0	0	0	0	1.767	1.461	1.140	1.614
B2	0.275	1.216	0.124	0	0.145	0	0	0.168	0	0.300	0.189	0.292
B3	2.771	3.086	2.389	0.146	1.550	0	0	0	1.394	0.260	0.325	0.592
Caa1	1.053	1.325	3.208	0.777	0.494	1.450	0.490	0	0.297	0	0	0.461
Caa2	0	6.161	0	0	0	0	0	0	0	0	0	0
NR	0.246	0.987	1.550	0.225	5.639	0	0	0	0	0	0	0.197
Total	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Ba1	0	0	0.698	1	0.465	1	2.056	3	2.522	4	5.612	10	12.35%
Ba2	1.488	2	0	0	0.442	2	0.551	1	0.993	3	4.750	13	4.86%
Ba3	1.197	5	0.445	1	2.910	5	3.710	5	6.620	10	14.822	27	32.41%
B1	0	0	0	0	4.369	9	1.614	4	5.983	13	9.494	20	29.29%
B2	0.269	2	0.168	1	0.489	2	0.292	1	0.781	3	2.709	13	3.82%
B3	4.085	5	0	0	1.979	5	0.592	2	2.571	7	12.514	25	12.59%
Caa1	4.479	7	1.940	4	0.297	1	0.461	1	0.758	2	9.555	21	3.71%
Caa2	0	0	0	0	0	0	0	0	0	0	6.161	5	0.00%
NR	7.414	7	0	0	0	0	0.197	1	0.197	1	8.844	11	0.96%
Total	18.932	28	3.251	7	10.950	25	9.473	18	20.424	43	74.460	145	100.00%
Use of Proceeds
	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009
Acquisition	0	0.600	0	0	0.494	0	0	0	0	0	0	0
Dividend/recap	0	0	0.300	0	0	0	0	0	0	0	0	0
GCP	4.415	2.241	0	0	0.197	0	0	0.445	1.603	0.478	0.988	2.934
LBO	0	0	4.058	0.777	7.065	1.450	0.490	0	0	0	0	0
Redeem notes	0	0	0	0	0	0	0	0	0	0	0.315	1.725
Refinance	4.934	11.648	1.939	0.651	0	0	0	0.168	3.271	1.512	0.325	2.381
Repay bank debt	2.203	2.293	1.444	0	0.124	0	0	0	0	1.932	0.526	2.432
Multiple/Other/NA	3.145	0.375	1.488	0.250	0.145	0.698	0	0	0	0	0	0
Total	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.494	1	0	0	0	0	0	0	0	0	1.094	2	0.00%
Dividend/recap	0.300	1	0	0	0	0	0	0	0	0	0.300	1	0.00%
GCP	0.197	1	0.445	1	3.069	7	2.934	8	6.004	15	13.301	29	29.40%
LBO	11.900	11	1.940	4	0	0	0	0	0	0	13.840	15	0.00%
Redeem notes	0	0	0	0	0.315	1	1.725	3	2.040	4	2.040	4	9.99%
Refinance	2.590	6	0.168	1	5.108	10	2.381	3	7.489	13	26.829	52	36.67%
Repay bank debt	1.568	4	0	0	2.458	7	2.432	4	4.891	11	10.955	29	23.95%
Multiple/Other/NA	1.883	4	0.698	1	0	0	0	0	0	0	6.102	13	0.00%
Total	18.932	28	3.251	7	10.950	25	9.473	18	20.424	43	74.460	145	100.00%
Industry Sector (by SIC code)
	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009
Agriculture (0xxx)	0.296	0	0	0	0	0	0	0	0	0	0.325	0.665
Mining (1xxx)	0	1.250	0	0	0	0	0	0	0	0	0	0
Oil and gas (13xx)	3.948	1.015	0	0	0.197	0	0	0	1.498	1.376	0.337	0.393
Construction (15xx)	0.594	0	0	0	0	0	0	0	0	0	0	0.815
Manufacturing (2xxx, 3xxx)	2.903	2.277	1.250	0.505	0	1.450	0	0	0.762	0.751	0	1.331
Transportation (4xxx)	0.275	0.694	0	0	0	0	0	0.168	0	0	0.189	0
Communications (48xx)	3.117	9.524	4.447	0	0	0	0	0	2.410	0.757	0.300	2.058
Electric, gas, sanitary services (49xx)	1.628	0.500	0	0	0.145	0	0	0.445	0	0.478	0.503	0
Wholesale (5xxx)	0.296	0.856	1.958	0.923	0.124	0	0	0	0.203	0.260	0.185	1.817
Finance, insurance, real estate (6xxx)	0.500	0	0	0.250	7.065	0	0	0	0	0.300	0	1.451
Services (7xxx)	0	1.040	0.300	0	0.494	0.698	0.490	0	0	0	0.315	0.481
Health services (8xxx)	1.141	0	1.274	0	0	0	0	0	0	0	0	0.461
Total	14.697	17.156	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.325	1	0.665	1	0.990	2	1.287	3	4.85%
Mining (1xxx)	0	0	0	0	0	0	0	0	0	0	1.250	2	0.00%
Oil and gas (13xx)	0.197	1	0	0	3.212	6	0.393	2	3.605	8	8.765	21	17.65%
Construction (15xx)	0	0	0	0	0	0	0.815	3	0.815	3	1.409	4	3.99%
Manufacturing (2xxx, 3xxx)	1.755	3	1.450	2	1.514	3	1.331	3	2.845	6	11.229	25	13.93%
Transportation (4xxx)	0	0	0.168	1	0.189	1	0	0	0.189	1	1.326	5	0.93%
Communications (48xx)	4.447	6	0	0	3.468	7	2.058	3	5.525	10	22.612	32	27.05%
Electric, gas, sanitary services (49xx)	0.145	1	0.445	1	0.980	2	0	0	0.980	2	3.698	10	4.80%
Wholesale (5xxx)	3.006	9	0	0	0.648	3	1.817	3	2.466	6	6.624	19	12.07%
Finance, insurance, real estate (6xxx)	7.315	4	0	0	0.300	1	1.451	1	1.751	2	9.566	7	8.57%
Services (7xxx)	0.794	2	1.188	3	0.315	1	0.481	1	0.796	2	3.819	10	3.90%
Health services (8xxx)	1.274	2	0	0	0	0	0.461	1	0.461	1	2.875	7	2.26%
Total	18.932	28	3.251	7	10.950	25	9.473	18	20.424	43	74.460	145	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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