Analysis of high yield issuance for 12 months through August 2009

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

Yield

	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
7%-7.99%	0	0	0	0	0	0	0	0	1.529	0	0	0.684
8%-8.99%	0.197	0	0	0	0	0	0	3.134	4.599	0.688	1.965	5.201
9%-9.99%	0	0.700	0	0	0	1.806	0	2.728	2.721	3.762	1.827	1.559
10%-10.99%	5.059	0.750	0	0	1.416	0.715	0	0.748	2.954	3.893	2.331	1.128
11%-11.99%	2.645	0	0.160	0	2.613	0.390	0.840	1.145	7.428	2.787	1.568	0.958
12% and higher	0.124	0.698	0	0.613	0.845	1.011	1.314	1.718	4.919	4.628	4.840	1.052
NA	0	0	0.330	0	0	0	0	0	0	0.253	0	0
Total	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583
	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	0.684	2	2.213	5	2.213	5	2.64%
8%-8.99%	0	0	0	0	8.422	15	7.166	17	15.588	32	15.786	33	18.62%
9%-9.99%	0.700	1	1.806	4	9.211	19	3.386	11	14.403	34	15.103	35	17.21%
10%-10.99%	0.750	1	2.131	4	7.595	18	3.459	7	13.185	29	18.994	33	15.75%
11%-11.99%	0.160	1	3.843	8	11.359	20	2.526	8	17.729	36	20.534	39	21.18%
12% and higher	1.311	3	3.170	9	11.267	31	5.892	19	20.329	59	21.765	63	24.30%
NA	0.330	1	0	0	0.253	1	0	0	0.253	1	0.583	2	0.30%
Total	3.251	7	10.950	25	49.635	107	23.114	64	83.699	196	94.976	210	100.00%
Versus Talk
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
Lower	0	0	0	0	0	0	0	0	0.336	0.148	0.292	0.980
Low end	0	0	0	0	2.411	0.478	0	2.909	6.667	4.550	5.279	1.742
Middle	0.691	0	0	0.613	2.463	2.512	1.632	5.975	15.551	5.969	3.168	4.791
High end	0	0.698	0	0	0	0.516	0.337	0	1.597	3.110	0.297	2.352
Higher	0	0	0	0	0	0	0.185	0	0	2.076	2.255	0.147
NA	7.334	1.450	0.490	0	0	0.415	0	0.589	0	0.158	1.240	0.570
Total	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583
	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	1.272	4	1.756	6	1.756	6	2.10%
Low end	0	0	2.888	6	14.125	32	7.021	17	24.035	55	24.035	55	28.72%
Middle	0.613	2	6.608	14	27.496	52	7.959	20	42.063	86	43.366	90	50.26%
High end	0.698	1	0.854	3	4.707	12	2.649	6	8.210	21	8.908	22	9.81%
Higher	0	0	0.185	1	2.076	6	2.402	8	4.664	15	4.664	15	5.57%
NA	1.940	4	0.415	1	0.747	3	1.809	9	2.972	13	12.246	22	3.55%
Total	3.251	7	10.950	25	49.635	107	23.114	64	83.699	196	94.976	210	100.00%
Upsized?
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
Yes	0	0	0	0	4.874	2.644	0.818	7.971	12.792	8.851	4.582	6.199
No	7.532	2.148	0.490	0.613	0	1.278	0.699	1.503	11.359	6.617	7.185	4.383
Downsized	0.494	0	0	0	0	0	0.638	0	0	0.543	0.764	0
Total	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583
	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	10.782	32	48.732	107	48.732	107	58.22%
No	3.251	7	1.977	6	19.478	48	11.568	29	33.023	83	43.806	96	39.45%
Downsized	0	0	0.638	2	0.543	1	0.764	3	1.944	6	2.439	7	2.32%
Total	3.251	7	10.950	25	49.635	107	23.114	64	83.699	196	94.976	210	100.00%
Quick Sale?
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
Yes	0.322	0.698	0	0.168	3.562	2.911	1.344	8.069	16.063	10.296	8.112	6.293
No	7.704	1.450	0.490	0.445	1.312	1.011	0.811	1.404	8.088	5.715	4.419	4.289
Total	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583
	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	34.429	69	14.405	32	56.651	118	57.839	122	67.68%
No	2.385	5	3.134	8	15.207	38	8.708	32	27.049	78	37.137	88	32.32%
Total	3.251	7	10.950	25	49.635	107	23.114	64	83.699	196	94.976	210	100.00%
Seniority
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
senior secured	0.269	0.698	0	0	0	0.560	0.325	3.368	12.100	7.117	3.120	2.405
senior	5.256	1.450	0.490	0.613	4.874	2.972	1.830	5.698	10.760	8.265	9.411	7.305
senior subordinated	2.500	0	0	0	0	0.390	0	0.408	1.292	0.630	0	0.873
Total	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583
	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	5.525	25	28.994	65	29.962	68	34.64%
senior	2.553	6	9.676	21	24.722	61	16.716	37	51.114	119	58.923	129	61.07%
senior subordinated	0	0	0.390	1	2.329	9	0.873	2	3.592	12	6.092	13	4.29%
Total	3.251	7	10.950	25	49.635	107	23.114	64	83.699	196	94.976	210	100.00%
Moody's Rating
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
Ba1	0	0.698	0	0	0.465	0	0	2.056	0.948	0.584	0.300	0.833
Ba2	0	0	0	0	0	0.256	0.185	0.551	2.977	0.677	1.744	1.672
Ba3	0.197	0	0	0.445	0.951	1.644	0.315	3.710	7.756	3.902	0.676	2.927
B1	0	0	0	0	1.767	1.461	1.140	1.614	6.352	4.070	1.943	1.843
B2	0.145	0	0	0.168	0	0.300	0.189	0.292	2.532	4.188	3.145	1.413
B3	1.550	0	0	0	1.394	0.260	0.325	0.592	1.082	2.091	2.108	0.838
Caa1	0.494	1.450	0.490	0	0.297	0	0	0.461	0.902	0.500	1.895	0.181
Caa2	0	0	0	0	0	0	0	0	0	0	0	0.250
NR	5.639	0	0	0	0	0	0	0.197	1.603	0	0.720	0.626
Total	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583
	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	1.133	4	5.186	13	5.884	14	6.20%
Ba2	0	0	0.442	2	4.205	8	3.416	9	8.063	19	8.063	19	9.63%
Ba3	0.445	1	2.910	5	15.367	26	3.603	10	21.880	41	22.521	43	26.14%
B1	0	0	4.369	9	12.036	26	3.786	11	20.190	46	20.190	46	24.12%
B2	0.168	1	0.489	2	7.012	19	4.558	11	12.058	32	12.371	34	14.41%
B3	0	0	1.979	5	3.765	13	2.946	10	8.690	28	10.240	29	10.38%
Caa1	1.940	4	0.297	1	1.863	3	2.076	3	4.237	7	6.671	12	5.06%
Caa2	0	0	0	0	0	0	0.250	1	0.250	1	0.250	1	0.30%
NR	0	0	0	0	1.800	4	1.346	5	3.146	9	8.786	12	3.76%
Total	3.251	7	10.950	25	49.635	107	23.114	64	83.699	196	94.976	210	100.00%
Use of Proceeds
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
Acquisition	0.494	0	0	0	0	0	0	0	0	0	1.116	0.147
Capex	0	0	0	0	0	0	0	0	0	0	0	0.684
GCP	0.197	0	0	0.445	1.603	0.478	0.988	2.934	3.655	3.688	2.377	3.265
LBO	7.065	1.450	0.490	0	0	0	0	0	0	0	0	0
Redeem notes	0	0	0	0	0	0	0.315	1.725	0.697	0.146	0.300	1.415
Refinance	0	0	0	0.168	3.271	1.512	0.325	2.381	8.554	8.284	4.910	3.394
Repay bank debt	0.124	0	0	0	0	1.932	0.526	2.432	10.253	3.219	3.362	1.129
Multiple/Other/NA	0.145	0.698	0	0	0	0	0	0	0.991	0.673	0.465	0.548
Total	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583
	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	1.264	4	1.264	4	1.758	5	1.51%
Capex	0	0	0	0	0	0	0.684	2	0.684	2	0.684	2	0.82%
GCP	0.445	1	3.069	7	10.278	27	5.642	9	18.990	43	19.631	45	22.69%
LBO	1.940	4	0	0	0	0	0	0	0	0	9.005	7	0.00%
Redeem notes	0	0	0.315	1	2.569	6	1.715	5	4.598	12	4.598	12	5.49%
Refinance	0.168	1	5.108	10	19.220	37	8.305	23	32.633	70	32.800	71	38.99%
Repay bank debt	0	0	2.458	7	15.904	34	4.491	17	22.853	58	22.978	59	27.30%
Multiple/Other/NA	0.698	1	0	0	1.665	3	1.014	4	2.678	7	3.522	9	3.20%
Total	3.251	7	10.950	25	49.635	107	23.114	64	83.699	196	94.976	210	100.00%
Industry Sector (by SIC code)
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
Agriculture (0xxx)	0	0	0	0	0	0	0.325	0.665	0	0	0	0.348
Mining (1xxx)	0	0	0	0	0	0	0	0	4.012	0	0.585	0
Oil and gas (13xx)	0.197	0	0	0	1.498	1.376	0.337	0.393	1.294	1.746	0.409	0.424
Construction (15xx)	0	0	0	0	0	0	0	0.815	0	0	0.440	0
Manufacturing (2xxx, 3xxx)	0	1.450	0	0	0.762	0.751	0	1.331	5.910	3.718	3.329	3.686
Transportation (4xxx)	0	0	0	0.168	0	0	0.189	0	0	1.160	0.467	0.956
Communications (48xx)	0	0	0	0	2.410	0.757	0.300	2.058	2.280	1.904	2.542	3.828
Electric, gas, sanitary services (49xx)	0.145	0	0	0.445	0	0.478	0.503	0	2.727	1.221	0.175	0.292
Wholesale (5xxx)	0.124	0	0	0	0.203	0.260	0.185	1.817	0.758	1.980	1.588	0.098
Finance, insurance, real estate (6xxx)	7.065	0	0	0	0	0.300	0	0	0	0.436	0.282	0
Services (7xxx)	0.494	0.698	0.490	0	0	0	0.315	0.481	5.933	2.207	1.822	0.636
Health services (8xxx)	0	0	0	0	0	0	0	1.912	1.237	1.640	0.893	0.315
Total	8.026	2.148	0.490	0.613	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583
	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	0.348	1	1.339	3	1.339	3	1.60%
Mining (1xxx)	0	0	0	0	4.012	3	0.585	1	4.596	4	4.596	4	5.49%
Oil and gas (13xx)	0	0	3.212	6	3.433	12	0.833	4	7.478	22	7.675	23	8.93%
Construction (15xx)	0	0	0	0	0.815	3	0.440	2	1.255	5	1.255	5	1.50%
Manufacturing (2xxx, 3xxx)	1.450	2	1.514	3	10.959	32	7.015	22	19.488	57	20.938	59	23.28%
Transportation (4xxx)	0.168	1	0.189	1	1.160	3	1.422	5	2.771	9	2.939	10	3.31%
Communications (48xx)	0	0	3.468	7	6.242	12	6.370	8	16.079	27	16.079	27	19.21%
Electric, gas, sanitary services (49xx)	0.445	1	0.980	2	3.948	7	0.467	2	5.396	11	5.985	13	6.45%
Wholesale (5xxx)	0	0	0.648	3	4.555	9	1.685	5	6.888	17	7.013	18	8.23%
Finance, insurance, real estate (6xxx)	0	0	0.300	1	0.436	1	0.282	1	1.018	3	8.083	6	1.22%
Services (7xxx)	1.188	3	0.315	1	8.622	17	2.458	8	11.395	26	13.078	30	13.61%
Health services (8xxx)	0	0	0	0	4.789	7	1.208	5	5.997	12	5.997	12	7.16%
Total	3.251	7	10.950	25	49.635	107	23.114	64	83.699	196	94.976	210	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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