Analysis of high yield issuance for 12 months through December 2009

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

Yield

	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
6%-6.99%	0	0	0	0	0	0	0	0	0.750	0	0	0
7%-7.99%	0	0	0	0	1.529	0	0	0.684	2.572	4.114	1.935	0
8%-8.99%	0	0	0	3.134	4.599	0.688	1.965	5.201	4.710	7.220	6.979	3.282
9%-9.99%	0	1.806	0	2.728	2.721	3.762	1.827	1.559	4.112	3.730	2.782	7.986
10%-10.99%	1.416	0.715	0	0.748	2.954	3.893	2.331	1.128	1.035	1.756	2.201	4.097
11%-11.99%	2.613	0.390	0.840	1.145	7.428	2.787	1.568	0.958	2.136	1.835	0.450	0.200
12% and higher	0.845	1.011	1.314	1.718	4.919	4.628	4.840	1.052	4.413	1.398	3.764	1.983
NA	0	0	0	0	0	0.253	0	0	0.647	0	0.240	0
Total	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.549
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
6%-6.99%	0	0	0	0	0.750	1	0	0	0.750	1	0.750	1	0.47%
7%-7.99%	0	0	1.529	3	3.256	7	6.050	11	10.834	21	10.834	21	6.77%
8%-8.99%	0	0	8.422	15	11.876	28	17.482	44	37.780	87	37.780	87	23.61%
9%-9.99%	1.806	4	9.211	19	7.498	20	14.497	31	33.012	74	33.012	74	20.63%
10%-10.99%	2.131	4	7.595	18	4.494	10	8.054	24	22.274	56	22.274	56	13.92%
11%-11.99%	3.843	8	11.359	20	4.663	13	2.485	7	22.350	48	22.350	48	13.97%
12% and higher	3.170	9	11.267	31	10.305	27	7.145	21	31.887	88	31.887	88	19.91%
NA	0	0	0.253	1	0.647	2	0.240	1	1.140	4	1.140	4	0.71%
Total	10.950	25	49.635	107	43.489	108	55.953	139	160.028	379	160.028	379	100.00%
Versus Talk
	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Lower	0	0	0	0	0.336	0.148	0.292	0.980	2.438	2.005	0.372	2.006
Low end	2.411	0.478	0	2.909	6.667	4.550	5.279	1.742	5.816	6.851	4.747	5.229
Middle	2.463	2.512	1.632	5.975	15.551	5.969	3.168	4.791	8.778	4.626	10.060	8.690
High end	0	0.516	0.337	0	1.597	3.110	0.297	2.352	2.021	3.037	0.896	0.741
Higher	0	0	0.185	0	0	2.076	2.255	0.147	0	0.834	0.412	0.128
NA	0	0.415	0	0.589	0	0.158	1.240	0.570	1.322	2.700	1.863	0.756
Total	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.549
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Lower	0	0	0.484	2	3.710	8	4.383	8	8.577	18	8.577	18	5.36%
Low end	2.888	6	14.125	32	12.837	31	16.827	41	46.678	110	46.678	110	29.17%
Middle	6.608	14	27.496	52	16.737	36	23.376	55	74.216	157	74.216	157	46.38%
High end	0.854	3	4.707	12	4.671	10	4.673	13	14.904	38	14.904	38	9.31%
Higher	0.185	1	2.076	6	2.402	8	1.375	5	6.038	20	6.038	20	3.77%
NA	0.415	1	0.747	3	3.132	15	5.319	17	9.613	36	9.613	36	6.01%
Total	10.950	25	49.635	107	43.489	108	55.953	139	160.028	379	160.028	379	100.00%
Upsized?
	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Yes	4.874	2.644	0.818	7.971	12.792	8.851	4.582	6.199	10.717	7.683	8.610	8.932
No	0	1.278	0.699	1.503	11.359	6.617	7.185	4.383	9.659	12.370	9.553	8.617
Downsized	0	0	0.638	0	0	0.543	0.764	0	0	0	0.188	0
Total	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.549
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	8.336	17	29.615	58	21.498	51	25.225	51	84.674	177	84.674	177	52.91%
No	1.977	6	19.478	48	21.227	54	30.540	87	73.222	195	73.222	195	45.76%
Downsized	0.638	2	0.543	1	0.764	3	0.188	1	2.132	7	2.132	7	1.33%
Total	10.950	25	49.635	107	43.489	108	55.953	139	160.028	379	160.028	379	100.00%
Quick Sale?
	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Yes	3.562	2.911	1.344	8.069	16.063	10.296	8.112	6.293	11.814	7.420	7.819	3.319
No	1.312	1.011	0.811	1.404	8.088	5.715	4.419	4.289	8.562	12.633	10.531	14.231
Total	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.549
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	7.817	17	34.429	69	26.219	55	18.558	55	87.023	196	87.023	196	54.38%
No	3.134	8	15.207	38	17.270	53	37.395	84	73.005	183	73.005	183	45.62%
Total	10.950	25	49.635	107	43.489	108	55.953	139	160.028	379	160.028	379	100.00%
Seniority
	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
mortgage	0	0	0	0	0	0	0	0	0	0.884	0	0
senior secured	0	0.560	0.325	3.368	12.100	7.117	3.120	2.405	9.167	5.909	7.610	7.938
secured	0	0	0	0	0	0	0	0	0	0	0.113	0
senior	4.874	2.972	1.830	5.698	10.760	8.265	9.411	7.305	10.304	12.367	10.455	9.611
senior subordinated	0	0.390	0	0.408	1.292	0.630	0	0.873	0.905	0.349	0.172	0
subordinated	0	0	0	0	0	0	0	0	0	0.544	0	0
Total	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.549
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
mortgage	0	0	0	0	0	0	0.884	2	0.884	2	0.884	2	0.55%
senior secured	0.885	3	22.584	37	14.692	42	21.458	50	59.619	132	59.619	132	37.26%
secured	0	0	0	0	0	0	0.113	1	0.113	1	0.113	1	0.07%
senior	9.676	21	24.722	61	27.020	61	32.433	81	93.850	224	93.850	224	58.65%
senior subordinated	0.390	1	2.329	9	1.777	5	0.522	3	5.018	18	5.018	18	3.14%
subordinated	0	0	0	0	0	0	0.544	2	0.544	2	0.544	2	0.34%
Total	10.950	25	49.635	107	43.489	108	55.953	139	160.028	379	160.028	379	100.00%
Moody's Rating
	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Ba1	0.465	0	0	2.056	0.948	0.584	0.300	0.833	0.750	2.633	0.690	0
Ba2	0	0.256	0.185	0.551	2.977	0.677	1.744	1.672	3.059	1.729	1.829	0.550
Ba3	0.951	1.644	0.315	3.710	7.756	3.902	0.676	2.927	2.955	0.816	2.055	1.181
B1	1.767	1.461	1.140	1.614	6.352	4.070	1.943	1.843	4.234	7.503	3.246	5.286
B2	0	0.300	0.189	0.292	2.532	4.188	3.145	1.413	5.988	2.441	2.708	1.968
B3	1.394	0.260	0.325	0.592	1.082	2.091	2.108	0.838	0.709	2.760	4.375	5.171
Caa1	0.297	0	0	0.461	0.902	0.500	1.895	0.181	2.219	0.725	2.509	0.834
Caa2	0	0	0	0	0	0	0	0.250	0.463	0.410	0.197	0.300
NR	0	0	0	0.197	1.603	0	0.720	0.626	0	1.036	0.741	2.260
Total	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.549
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Ba1	0.465	1	3.588	8	1.883	5	3.323	7	9.258	21	9.258	21	5.79%
Ba2	0.442	2	4.205	8	6.475	14	4.108	7	15.229	31	15.229	31	9.52%
Ba3	2.910	5	15.367	26	6.558	19	4.052	12	28.887	62	28.887	62	18.05%
B1	4.369	9	12.036	26	8.019	21	16.034	34	40.459	90	40.459	90	25.28%
B2	0.489	2	7.012	19	10.546	22	7.118	24	25.164	67	25.164	67	15.72%
B3	1.979	5	3.765	13	3.654	12	12.305	29	21.704	59	21.704	59	13.56%
Caa1	0.297	1	1.863	3	4.296	8	4.068	12	10.523	24	10.523	24	6.58%
Caa2	0	0	0	0	0.713	2	0.907	4	1.620	6	1.620	6	1.01%
NR	0	0	1.800	4	1.346	5	4.038	10	7.184	19	7.184	19	4.49%
Total	10.950	25	49.635	107	43.489	108	55.953	139	160.028	379	160.028	379	100.00%
Use of Proceeds
	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Acquisition	0	0	0	0	0	0	1.116	0.147	0.491	1.707	0.147	0.703
Capex	0	0	0	0	0	0	0	0.684	0	0	0.145	0.443
Dividend/recap	0	0	0	0	0	0	0	0	0.413	0	0	1.449
GCP	1.603	0.478	0.988	2.934	3.655	3.688	2.377	3.265	5.021	3.506	2.379	1.242
LBO	0	0	0	0	0	0	0	0	0	0	1.227	0
No proceeds	0	0	0	0	0	0	0	0	0.480	0	0	0.206
Redeem notes	0	0	0.315	1.725	0.697	0.146	0.300	1.415	3.839	2.093	2.803	0.422
Refinance	3.271	1.512	0.325	2.381	8.554	8.284	4.910	3.101	2.130	2.476	3.749	3.573
Repay bank debt	0	1.932	0.526	2.432	10.253	3.219	3.362	1.422	6.779	4.302	2.270	4.512
Multiple/Other/NA	0	0	0	0	0.991	0.673	0.465	0.548	1.223	5.969	5.632	5.000
Total	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.549
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	0	0	1.754	6	2.557	7	4.311	13	4.311	13	2.69%
Capex	0	0	0	0	0.684	2	0.587	3	1.271	5	1.271	5	0.79%
Dividend/recap	0	0	0	0	0.413	1	1.449	3	1.862	4	1.862	4	1.16%
GCP	3.069	7	10.278	27	10.663	22	7.126	20	31.137	76	31.137	76	19.46%
LBO	0	0	0	0	0	0	1.227	2	1.227	2	1.227	2	0.77%
No proceeds	0	0	0	0	0.480	1	0.206	1	0.686	2	0.686	2	0.43%
Redeem notes	0.315	1	2.569	6	5.554	13	5.318	15	13.756	35	13.756	35	8.60%
Refinance	5.108	10	19.220	37	10.142	27	9.798	27	44.268	101	44.268	101	27.66%
Repay bank debt	2.458	7	15.904	34	11.563	29	11.084	28	41.010	98	41.010	98	25.63%
Multiple/Other/NA	0	0	1.665	3	2.236	7	16.601	33	20.501	43	20.501	43	12.81%
Total	10.950	25	49.635	107	43.489	108	55.953	139	160.028	379	160.028	379	100.00%
Industry Sector (by SIC code)
	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Agriculture (0xxx)	0	0	0.325	0.665	0	0	0	0.348	0.309	0	0	0
Mining (1xxx)	0	0	0	0	4.012	0	0.585	0	0	1.780	0.825	0
Oil and gas (13xx)	1.498	1.376	0.337	0.393	1.294	1.746	0.409	0.424	0.987	0.730	1.898	2.309
Construction (15xx)	0	0	0	0.815	0	0	0.440	0	0.730	1.262	0	0.246
Manufacturing (2xxx, 3xxx)	0.762	0.751	0	1.331	5.910	3.718	3.329	3.686	6.525	7.919	4.079	6.584
Transportation (4xxx)	0	0	0.189	0	0	1.160	0.467	0.956	1.962	1.075	0.405	0.200
Communications (48xx)	2.410	0.757	0.300	2.058	2.280	1.904	2.542	3.828	4.736	2.843	6.041	4.428
Electric, gas, sanitary services (49xx)	0	0.478	0.503	0	2.727	1.221	0.175	0.292	0.250	1.239	0.900	0.206
Wholesale (5xxx)	0.203	0.260	0.185	1.817	0.758	1.980	1.588	0.098	1.924	0.538	1.492	0.874
Finance, insurance, real estate (6xxx)	0	0.300	0	0	0	0.436	0.282	0	0.946	0.544	0.588	1.146
Services (7xxx)	0	0	0.315	0.481	5.933	2.207	1.822	0.636	2.008	1.875	1.649	1.041
Health services (8xxx)	0	0	0	1.912	1.237	1.640	0.893	0.315	0	0.246	0.473	0.514
Total	4.874	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.549
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.325	1	0.665	1	0.657	2	0	0	1.647	4	1.647	4	1.03%
Mining (1xxx)	0	0	4.012	3	0.585	1	2.606	7	7.202	11	7.202	11	4.50%
Oil and gas (13xx)	3.212	6	3.433	12	1.819	7	4.938	13	13.402	38	13.402	38	8.37%
Construction (15xx)	0	0	0.815	3	1.170	5	1.508	3	3.493	11	3.493	11	2.18%
Manufacturing (2xxx, 3xxx)	1.514	3	10.959	32	13.539	33	18.582	49	44.595	117	44.595	117	27.87%
Transportation (4xxx)	0.189	1	1.160	3	3.384	9	1.680	6	6.414	19	6.414	19	4.01%
Communications (48xx)	3.468	7	6.242	12	11.106	17	13.311	21	34.127	57	34.127	57	21.33%
Electric, gas, sanitary services (49xx)	0.980	2	3.948	7	0.717	4	2.345	4	7.991	17	7.991	17	4.99%
Wholesale (5xxx)	0.648	3	4.555	9	3.609	9	2.905	8	11.717	29	11.717	29	7.32%
Finance, insurance, real estate (6xxx)	0.300	1	0.436	1	1.228	4	2.279	6	4.242	12	4.242	12	2.65%
Services (7xxx)	0.315	1	8.622	17	4.466	12	4.565	18	17.968	48	17.968	48	11.23%
Health services (8xxx)	0	0	4.789	7	1.208	5	1.234	4	7.231	16	7.231	16	4.52%
Total	10.950	25	49.635	107	43.489	108	55.953	139	160.028	379	160.028	379	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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