Analysis of high yield issuance for 12 months through July 2009

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

Yield

	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
7%-7.99%	0	0	0	0	0	0	0	0	0	1.529	0	0
8%-8.99%	0.280	0.197	0	0	0	0	0	0	3.134	4.599	0.688	1.965
9%-9.99%	0	0	0.700	0	0	0	1.806	0	2.728	2.721	3.762	1.827
10%-10.99%	0	5.059	0.750	0	0	1.416	0.715	0	0.748	2.954	3.893	2.331
11%-11.99%	0.600	2.645	0	0.160	0	2.613	0.390	0.840	1.145	7.428	2.787	1.568
12% and higher	0.798	0.124	0.698	0	0.613	0.845	1.011	1.314	1.718	4.919	4.628	4.840
NA	0	0	0	0.330	0	0	0	0	0	3.090	0.253	0
Total	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	27.241	16.011	12.531
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
7%-7.99%	0	0	0	0	1.529	3	0	0	1.529	3	1.529	3	2.01%
8%-8.99%	0	0	0	0	8.422	15	1.965	7	10.387	22	10.864	24	13.63%
9%-9.99%	0.700	1	1.806	4	9.211	19	1.827	4	12.843	27	13.543	28	16.85%
10%-10.99%	0.750	1	2.131	4	7.595	18	2.331	4	12.057	26	17.866	30	15.82%
11%-11.99%	0.160	1	3.843	8	11.359	20	1.568	4	16.771	32	20.176	37	22.01%
12% and higher	1.311	3	3.170	9	11.267	31	4.840	14	19.277	54	21.511	61	25.30%
NA	0.330	1	0	0	3.343	3	0	0	3.343	3	3.673	4	4.39%
Total	3.251	7	10.950	25	52.725	109	12.531	33	76.207	167	89.161	187	100.00%
Versus Talk
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Lower	0	0	0	0	0	0	0	0	0	0.336	0.148	0.292
Low end	0.280	0	0	0	0	2.411	0.478	0	2.909	6.667	4.550	5.279
Middle	0	0.691	0	0	0.613	2.463	2.512	1.632	5.975	15.551	5.969	3.168
High end	0	0	0.698	0	0	0	0.516	0.337	0	1.597	3.110	0.297
Higher	0.146	0	0	0	0	0	0	0.185	0	0	2.076	2.255
NA	1.252	7.334	1.450	0.490	0	0	0.415	0	0.589	3.090	0.158	1.240
Total	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	27.241	16.011	12.531
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Lower	0	0	0	0	0.484	2	0.292	1	0.776	3	0.776	3	1.02%
Low end	0	0	2.888	6	14.125	32	5.279	11	22.293	49	22.573	50	29.25%
Middle	0.613	2	6.608	14	27.496	52	3.168	8	37.271	74	38.575	78	48.91%
High end	0.698	1	0.854	3	4.707	12	0.297	1	5.858	16	6.556	17	7.69%
Higher	0	0	0.185	1	2.076	6	2.255	7	4.516	14	4.662	15	5.93%
NA	1.940	4	0.415	1	3.837	5	1.240	5	5.492	11	16.019	24	7.21%
Total	3.251	7	10.950	25	52.725	109	12.531	33	76.207	167	89.161	187	100.00%
Upsized?
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Yes	0.280	0	0	0	0	4.874	2.644	0.818	7.971	12.792	8.851	4.582
No	1.398	7.532	2.148	0.490	0.613	0	1.278	0.699	1.503	14.449	6.617	7.185
Downsized	0	0.494	0	0	0	0	0	0.638	0	0	0.543	0.764
Total	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	27.241	16.011	12.531
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	8.336	17	29.615	58	4.582	15	42.532	90	42.812	91	55.81%
No	3.251	7	1.977	6	22.568	50	7.185	15	31.730	71	43.911	89	41.64%
Downsized	0	0	0.638	2	0.543	1	0.764	3	1.944	6	2.439	7	2.55%
Total	3.251	7	10.950	25	52.725	109	12.531	33	76.207	167	89.161	187	100.00%
Quick Sale?
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Yes	0	0.322	0.698	0	0.168	3.562	2.911	1.344	8.069	19.053	10.296	8.112
No	1.678	7.704	1.450	0.490	0.445	1.312	1.011	0.811	1.404	8.188	5.715	4.419
Total	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	27.241	16.011	12.531
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0.866	2	7.817	17	37.419	70	8.112	14	53.347	101	54.535	105	70.00%
No	2.385	5	3.134	8	15.307	39	4.419	19	22.860	66	34.626	82	30.00%
Total	3.251	7	10.950	25	52.725	109	12.531	33	76.207	167	89.161	187	100.00%
Seniority
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
senior secured	0.146	0.269	0.698	0	0	0	0.560	0.325	3.368	12.100	7.117	2.844
senior	1.532	5.256	1.450	0.490	0.613	4.874	2.972	1.830	5.698	13.849	8.265	9.687
senior subordinated	0	2.500	0	0	0	0	0.390	0	0.408	1.292	0.630	0
Total	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	27.241	16.011	12.531
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
senior secured	0.698	1	0.885	3	22.584	37	2.844	14	26.313	54	27.427	58	34.53%
senior	2.553	6	9.676	21	27.812	63	9.687	19	47.175	103	56.516	118	61.90%
senior subordinated	0	0	0.390	1	2.329	9	0	0	2.719	10	5.219	11	3.57%
Total	3.251	7	10.950	25	52.725	109	12.531	33	76.207	167	89.161	187	100.00%
Moody's Rating
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Ba1	0	0	0.698	0	0	0.465	0	0	2.056	0.948	0.584	0.300
Ba2	0	0	0	0	0	0	0.256	0.185	0.551	2.977	0.677	1.744
Ba3	0.530	0.197	0	0	0.445	0.951	1.644	0.315	3.710	7.756	3.902	0.676
B1	0	0	0	0	0	1.767	1.461	1.140	1.614	6.352	4.070	1.943
B2	0	0.145	0	0	0.168	0	0.300	0.189	0.292	2.532	4.188	3.145
B3	0.146	1.550	0	0	0	1.394	0.260	0.325	0.592	1.082	2.091	2.108
Caa1	0.777	0.494	1.450	0.490	0	0.297	0	0	0.461	0.902	0.500	1.895
NR	0.225	5.639	0	0	0	0	0	0	0.197	4.693	0	0.720
Total	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	27.241	16.011	12.531
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Ba1	0.698	1	0.465	1	3.588	8	0.300	1	4.353	10	5.051	11	5.71%
Ba2	0	0	0.442	2	4.205	8	1.744	6	6.391	16	6.391	16	8.39%
Ba3	0.445	1	2.910	5	15.367	26	0.676	4	18.953	35	20.125	39	24.87%
B1	0	0	4.369	9	12.036	26	1.943	6	18.348	41	18.348	41	24.08%
B2	0.168	1	0.489	2	7.012	19	3.145	5	10.646	26	10.959	28	13.97%
B3	0	0	1.979	5	3.765	13	2.108	7	7.852	25	9.548	27	10.30%
Caa1	1.940	4	0.297	1	1.863	3	1.895	2	4.055	6	7.267	13	5.32%
NR	0	0	0	0	4.890	6	0.720	2	5.610	8	11.474	12	7.36%
Total	3.251	7	10.950	25	52.725	109	12.531	33	76.207	167	89.161	187	100.00%
Use of Proceeds
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Acquisition	0	0.494	0	0	0	0	0	0	0	0	0	1.116
GCP	0	0.197	0	0	0.445	1.603	0.478	0.988	2.934	6.645	3.688	2.377
LBO	0.777	7.065	1.450	0.490	0	0	0	0	0	0	0	0
Redeem notes	0	0	0	0	0	0	0	0.315	1.725	0.697	0.146	0.300
Refinance	0.651	0	0	0	0.168	3.271	1.512	0.325	2.381	8.554	8.284	4.634
Repay bank debt	0	0.124	0	0	0	0	1.932	0.526	2.432	10.253	3.219	3.362
Multiple/Other/NA	0.250	0.145	0.698	0	0	0	0	0	0	1.091	0.673	0.742
Total	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	27.241	16.011	12.531
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	0	0	0	0	1.116	3	1.116	3	1.611	4	1.46%
GCP	0.445	1	3.069	7	13.268	28	2.377	4	18.714	39	19.356	41	24.56%
LBO	1.940	4	0	0	0	0	0	0	0	0	9.782	9	0.00%
Redeem notes	0	0	0.315	1	2.569	6	0.300	1	3.183	8	3.183	8	4.18%
Refinance	0.168	1	5.108	10	19.220	37	4.634	11	28.962	58	29.781	62	38.00%
Repay bank debt	0	0	2.458	7	15.904	34	3.362	11	21.725	52	21.849	53	28.51%
Multiple/Other/NA	0.698	1	0	0	1.765	4	0.742	3	2.506	7	3.600	10	3.29%
Total	3.251	7	10.950	25	52.725	109	12.531	33	76.207	167	89.161	187	100.00%
Industry Sector (by SIC code)
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Agriculture (0xxx)	0	0	0	0	0	0	0	0.325	0.665	0	0	0
Mining (1xxx)	0	0	0	0	0	0	0	0	0	4.012	0	0.585
Oil and gas (13xx)	0	0.197	0	0	0	1.498	1.376	0.337	0.393	1.294	1.746	0.409
Construction (15xx)	0	0	0	0	0	0	0	0	0.815	0	0	0.440
Manufacturing (2xxx, 3xxx)	0.505	0	1.450	0	0	0.762	0.751	0	1.331	5.910	3.718	3.329
Transportation (4xxx)	0	0	0	0	0.168	0	0	0.189	0	0	1.160	0.467
Communications (48xx)	0	0	0	0	0	2.410	0.757	0.300	2.058	2.280	1.904	2.542
Electric, gas, sanitary services (49xx)	0	0.145	0	0	0.445	0	0.478	0.503	0	2.727	1.221	0.175
Wholesale (5xxx)	0.923	0.124	0	0	0	0.203	0.260	0.185	1.817	0.758	1.980	1.588
Finance, insurance, real estate (6xxx)	0.250	7.065	0	0	0	0	0.300	0	0	3.090	0.436	0.282
Services (7xxx)	0	0.494	0.698	0.490	0	0	0	0.315	0.481	5.933	2.207	1.822
Health services (8xxx)	0	0	0	0	0	0	0	0	1.912	1.237	1.640	0.893
Total	1.678	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	27.241	16.011	12.531
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.325	1	0.665	1	0	0	0.990	2	0.990	2	1.30%
Mining (1xxx)	0	0	0	0	4.012	3	0.585	1	4.596	4	4.596	4	6.03%
Oil and gas (13xx)	0	0	3.212	6	3.433	12	0.409	2	7.054	20	7.251	21	9.26%
Construction (15xx)	0	0	0	0	0.815	3	0.440	2	1.255	5	1.255	5	1.65%
Manufacturing (2xxx, 3xxx)	1.450	2	1.514	3	10.959	32	3.329	8	15.802	43	17.756	47	20.74%
Transportation (4xxx)	0.168	1	0.189	1	1.160	3	0.467	2	1.815	6	1.983	7	2.38%
Communications (48xx)	0	0	3.468	7	6.242	12	2.542	2	12.251	21	12.251	21	16.08%
Electric, gas, sanitary services (49xx)	0.445	1	0.980	2	3.948	7	0.175	1	5.104	10	5.693	12	6.70%
Wholesale (5xxx)	0	0	0.648	3	4.555	9	1.588	4	6.791	16	7.838	20	8.91%
Finance, insurance, real estate (6xxx)	0	0	0.300	1	3.526	3	0.282	1	4.107	5	11.422	9	5.39%
Services (7xxx)	1.188	3	0.315	1	8.622	17	1.822	6	10.759	24	12.441	28	14.12%
Health services (8xxx)	0	0	0	0	4.789	7	0.893	4	5.683	11	5.683	11	7.46%
Total	3.251	7	10.950	25	52.725	109	12.531	33	76.207	167	89.161	187	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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