Analysis of high yield issuance for 12 months through June 2009

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

Yield

	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
7%-7.99%	0	0	0	0	0	0	0	0	0	0	1.529	0
8%-8.99%	0	0.280	0.197	0	0	0	0	0	0	3.134	4.599	0.688
9%-9.99%	2.613	0	0	0.700	0	0	0	1.806	0	2.728	2.721	3.762
10%-10.99%	3.600	0	5.059	0.750	0	0	1.416	0.715	0	0.748	2.954	3.893
11%-11.99%	2.118	0.600	2.645	0	0.160	0	2.613	0.390	0.840	1.145	7.428	2.787
12% and higher	0.898	0.798	0.124	0.698	0	0.613	0.845	1.011	1.314	1.718	4.919	4.628
NA	0	0	0	0	0.330	0	0	0	0	0	3.090	0.253
Total	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	27.241	16.011
	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	1.529	3	1.529	3	1.529	3	2.40%
8%-8.99%	0.477	2	0	0	0	0	8.422	15	8.422	15	8.899	17	13.23%
9%-9.99%	2.613	4	0.700	1	1.806	4	9.211	19	11.017	23	14.329	28	17.30%
10%-10.99%	8.659	9	0.750	1	2.131	4	7.595	18	9.726	22	19.136	32	15.27%
11%-11.99%	5.363	7	0.160	1	3.843	8	11.359	20	15.202	28	20.726	36	23.87%
12% and higher	1.820	6	1.311	3	3.170	9	11.267	31	14.437	40	17.568	49	22.68%
NA	0	0	0.330	1	0	0	3.343	3	3.343	3	3.673	4	5.25%
Total	18.932	28	3.251	7	10.950	25	52.725	109	63.676	134	85.859	169	100.00%
Versus Talk
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Lower	0	0	0	0	0	0	0	0	0	0	0.336	0.148
Low end	0	0.280	0	0	0	0	2.411	0.478	0	2.909	6.667	4.550
Middle	2.120	0	0.691	0	0	0.613	2.463	2.512	1.632	5.975	15.551	5.969
High end	0	0	0	0.698	0	0	0	0.516	0.337	0	1.597	3.110
Higher	0.736	0.146	0	0	0	0	0	0	0.185	0	0	2.076
NA	6.373	1.252	7.334	1.450	0.490	0	0	0.415	0	0.589	3.090	0.158
Total	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	27.241	16.011
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Lower	0	0	0	0	0	0	0.484	2	0.484	2	0.484	2	0.76%
Low end	0.280	1	0	0	2.888	6	14.125	32	17.014	38	17.293	39	26.72%
Middle	2.812	5	0.613	2	6.608	14	27.496	52	34.104	66	37.528	73	53.56%
High end	0	0	0.698	1	0.854	3	4.707	12	5.561	15	6.259	16	8.73%
Higher	0.882	4	0	0	0.185	1	2.076	6	2.261	7	3.143	11	3.55%
NA	14.959	18	1.940	4	0.415	1	3.837	5	4.252	6	21.151	28	6.68%
Total	18.932	28	3.251	7	10.950	25	52.725	109	63.676	134	85.859	169	100.00%
Upsized?
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Yes	0.700	0.280	0	0	0	0	4.874	2.644	0.818	7.971	12.792	8.851
No	7.623	1.398	7.532	2.148	0.490	0.613	0	1.278	0.699	1.503	14.449	6.617
Downsized	0.906	0	0.494	0	0	0	0	0	0.638	0	0	0.543
Total	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	27.241	16.011
	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	29.615	58	37.950	75	38.930	77	59.60%
No	16.552	21	3.251	7	1.977	6	22.568	50	24.546	56	44.349	84	38.55%
Downsized	1.400	5	0	0	0.638	2	0.543	1	1.180	3	2.580	8	1.85%
Total	18.932	28	3.251	7	10.950	25	52.725	109	63.676	134	85.859	169	100.00%
Quick Sale?
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Yes	1.363	0	0.322	0.698	0	0.168	3.562	2.911	1.344	8.069	19.053	10.296
No	7.866	1.678	7.704	1.450	0.490	0.445	1.312	1.011	0.811	1.404	8.188	5.715
Total	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	27.241	16.011
	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	37.419	70	45.235	87	47.786	94	71.04%
No	17.248	23	2.385	5	3.134	8	15.307	39	18.440	47	38.073	75	28.96%
Total	18.932	28	3.251	7	10.950	25	52.725	109	63.676	134	85.859	169	100.00%
Seniority
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
senior secured	0	0.146	0.269	0.698	0	0	0	0.560	0.325	3.368	12.100	7.117
senior	9.105	1.532	5.256	1.450	0.490	0.613	4.874	2.972	1.830	5.698	13.849	8.265
senior subordinated	0.124	0	2.500	0	0	0	0	0.390	0	0.408	1.292	0.630
Total	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	27.241	16.011
	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	22.584	37	23.469	40	24.583	44	36.86%
senior	15.893	23	2.553	6	9.676	21	27.812	63	37.488	84	55.934	113	58.87%
senior subordinated	2.624	2	0	0	0.390	1	2.329	9	2.719	10	5.343	12	4.27%
Total	18.932	28	3.251	7	10.950	25	52.725	109	63.676	134	85.859	169	100.00%
Moody's Rating
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Ba1	0	0	0	0.698	0	0	0.465	0	0	2.056	0.948	0.584
Ba2	1.488	0	0	0	0	0	0	0.256	0.185	0.551	2.977	0.677
Ba3	0.470	0.530	0.197	0	0	0.445	0.951	1.644	0.315	3.710	7.756	3.902
B1	0	0	0	0	0	0	1.767	1.461	1.140	1.614	6.352	4.070
B2	0.124	0	0.145	0	0	0.168	0	0.300	0.189	0.292	2.532	4.188
B3	2.389	0.146	1.550	0	0	0	1.394	0.260	0.325	0.592	1.082	2.091
Caa1	3.208	0.777	0.494	1.450	0.490	0	0.297	0	0	0.461	0.902	0.500
NR	1.550	0.225	5.639	0	0	0	0	0	0	0.197	4.693	0
Total	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	27.241	16.011
	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	3.588	8	4.053	9	4.751	10	6.37%
Ba2	1.488	2	0	0	0.442	2	4.205	8	4.647	10	6.135	12	7.30%
Ba3	1.197	5	0.445	1	2.910	5	15.367	26	18.277	31	19.919	37	28.70%
B1	0	0	0	0	4.369	9	12.036	26	16.405	35	16.405	35	25.76%
B2	0.269	2	0.168	1	0.489	2	7.012	19	7.500	21	7.937	24	11.78%
B3	4.085	5	0	0	1.979	5	3.765	13	5.744	18	9.829	23	9.02%
Caa1	4.479	7	1.940	4	0.297	1	1.863	3	2.160	4	8.579	15	3.39%
NR	7.414	7	0	0	0	0	4.890	6	4.890	6	12.304	13	7.68%
Total	18.932	28	3.251	7	10.950	25	52.725	109	63.676	134	85.859	169	100.00%
Use of Proceeds
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Acquisition	0	0	0.494	0	0	0	0	0	0	0	0	0
Dividend/recap	0.300	0	0	0	0	0	0	0	0	0	0	0
GCP	0	0	0.197	0	0	0.445	1.603	0.478	0.988	2.934	6.645	3.688
LBO	4.058	0.777	7.065	1.450	0.490	0	0	0	0	0	0	0
Redeem notes	0	0	0	0	0	0	0	0	0.315	1.725	0.697	0.146
Refinance	1.939	0.651	0	0	0	0.168	3.271	1.512	0.325	2.381	8.554	8.284
Repay bank debt	1.444	0	0.124	0	0	0	0	1.932	0.526	2.432	10.253	3.219
Multiple/Other/NA	1.488	0.250	0.145	0.698	0	0	0	0	0	0	1.091	0.673
Total	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	27.241	16.011
	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	0.494	1	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	13.268	28	16.337	35	16.979	37	25.66%
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	2.569	6	2.883	7	2.883	7	4.53%
Refinance	2.590	6	0.168	1	5.108	10	19.220	37	24.328	47	27.086	54	38.21%
Repay bank debt	1.568	4	0	0	2.458	7	15.904	34	18.363	41	19.931	45	28.84%
Multiple/Other/NA	1.883	4	0.698	1	0	0	1.765	4	1.765	4	4.347	9	2.77%
Total	18.932	28	3.251	7	10.950	25	52.725	109	63.676	134	85.859	169	100.00%
Industry Sector (by SIC code)
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0.325	0.665	0	0
Mining (1xxx)	0	0	0	0	0	0	0	0	0	0	4.012	0
Oil and gas (13xx)	0	0	0.197	0	0	0	1.498	1.376	0.337	0.393	1.294	1.746
Construction (15xx)	0	0	0	0	0	0	0	0	0	0.815	0	0
Manufacturing (2xxx, 3xxx)	1.250	0.505	0	1.450	0	0	0.762	0.751	0	1.331	5.910	3.718
Transportation (4xxx)	0	0	0	0	0	0.168	0	0	0.189	0	0	1.160
Communications (48xx)	4.447	0	0	0	0	0	2.410	0.757	0.300	2.058	2.280	1.904
Electric, gas, sanitary services (49xx)	0	0	0.145	0	0	0.445	0	0.478	0.503	0	2.727	1.221
Wholesale (5xxx)	1.958	0.923	0.124	0	0	0	0.203	0.260	0.185	1.817	0.758	1.980
Finance, insurance, real estate (6xxx)	0	0.250	7.065	0	0	0	0	0.300	0	0	3.090	0.436
Services (7xxx)	0.300	0	0.494	0.698	0.490	0	0	0	0.315	0.481	5.933	2.207
Health services (8xxx)	1.274	0	0	0	0	0	0	0	0	1.912	1.237	1.640
Total	9.229	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	27.241	16.011
	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	0.990	2	1.55%
Mining (1xxx)	0	0	0	0	0	0	4.012	3	4.012	3	4.012	3	6.30%
Oil and gas (13xx)	0.197	1	0	0	3.212	6	3.433	12	6.645	18	6.842	19	10.44%
Construction (15xx)	0	0	0	0	0	0	0.815	3	0.815	3	0.815	3	1.28%
Manufacturing (2xxx, 3xxx)	1.755	3	1.450	2	1.514	3	10.959	32	12.473	35	15.678	40	19.59%
Transportation (4xxx)	0	0	0.168	1	0.189	1	1.160	3	1.349	4	1.517	5	2.12%
Communications (48xx)	4.447	6	0	0	3.468	7	6.242	12	9.709	19	14.156	25	15.25%
Electric, gas, sanitary services (49xx)	0.145	1	0.445	1	0.980	2	3.948	7	4.929	9	5.518	11	7.74%
Wholesale (5xxx)	3.006	9	0	0	0.648	3	4.555	9	5.203	12	8.209	21	8.17%
Finance, insurance, real estate (6xxx)	7.315	4	0	0	0.300	1	3.526	3	3.825	4	11.140	8	6.01%
Services (7xxx)	0.794	2	1.188	3	0.315	1	8.622	17	8.936	18	10.919	23	14.03%
Health services (8xxx)	1.274	2	0	0	0	0	4.789	7	4.789	7	6.063	9	7.52%
Total	18.932	28	3.251	7	10.950	25	52.725	109	63.676	134	85.859	169	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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