Analysis of high yield issuance for 13 months through October 2010

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

Yield

	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
6.99% and lower	0	0	0	1.283	0	0.925	1.700	0.399	0.110	4.386	3.250	6.214	7.350
7%-7.99%	4.114	1.935	0	3.043	1.097	7.343	9.047	1.650	0	4.042	7.113	14.619	12.343
8%-8.99%	7.220	6.979	3.282	3.844	5.783	15.155	10.897	0.400	2.804	2.428	5.420	5.364	4.289
9%-9.99%	3.730	2.782	7.986	3.181	1.483	6.946	4.185	1.120	2.581	3.797	3.855	5.515	8.547
10%-10.99%	1.756	2.201	4.097	2.243	2.223	2.704	2.119	1.977	0.657	1.573	0.987	4.606	2.084
11%-11.99%	1.835	0.450	0.200	1.647	1.730	1.996	2.221	0.785	0.941	1.037	1.993	0.641	0.099
12% and higher	1.398	4.209	1.983	1.307	1.708	0.845	5.018	0.838	1.258	1.425	0.923	1.000	0.910
Floater	0	0	0.120	0	0	0	0	0	0	0	0	0	0
NA	0	0.240	0	0	1.203	0.523	0	0.068	0	0.205	0	0.156	0
Total	20.053	18.795	17.669	16.549	15.227	36.437	35.186	7.236	8.351	18.891	23.542	38.115	35.623
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
6.99% and lower	0	0	2.208	4	2.209	5	13.850	23	7.350	13	25.617	45	25.617	45	25.617	45	10.89%
7%-7.99%	6.050	11	11.483	24	10.696	19	25.774	44	12.343	16	60.296	103	66.346	114	62.232	107	25.64%
8%-8.99%	17.482	44	24.782	44	14.101	28	13.212	27	4.289	11	56.385	110	73.866	154	66.646	138	23.98%
9%-9.99%	14.497	31	11.611	28	7.886	21	13.166	30	8.547	17	41.210	96	55.707	127	51.978	117	17.52%
10%-10.99%	8.054	24	7.171	21	4.754	18	7.165	17	2.084	7	21.174	63	29.228	87	27.472	81	9.00%
11%-11.99%	2.485	7	5.373	17	3.947	12	3.671	14	0.099	1	13.091	44	15.576	51	13.741	46	5.57%
12% and higher	7.591	22	3.860	12	7.112	24	3.348	12	0.910	4	15.231	52	22.820	74	21.423	67	6.48%
Floater	0.120	1	0	0	0	0	0	0	0	0	0	0	0.120	1	0.120	1	0.00%
NA	0.240	1	1.725	5	0.068	1	0.362	4	0	0	2.155	10	2.395	11	2.395	11	0.92%
Total	56.517	141	68.214	155	50.773	128	80.548	171	35.623	69	235.158	523	291.675	664	271.622	613	100.00%
Versus Talk
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Lower	2.005	0.372	2.006	1.581	1.174	1.739	0.298	0	0	1.654	0.542	4.489	6.115
Low end	6.851	4.747	5.229	5.276	1.905	13.520	15.384	1.238	2.537	7.838	6.149	14.194	14.147
Middle	4.626	10.060	8.690	7.879	7.359	15.177	10.408	4.028	4.127	4.659	7.531	10.310	8.781
High end	3.037	0.896	0.741	0.736	2.156	0.912	3.086	0.733	0.347	0.991	6.331	2.860	1.582
Higher	0.834	0.857	0.128	0	0.713	0.659	0.449	0.247	0	0	0.954	0.269	0.638
NA	2.700	1.863	0.876	1.077	1.920	4.431	5.561	0.990	1.340	3.749	2.035	5.993	4.360
Total	20.053	18.795	17.669	16.549	15.227	36.437	35.186	7.236	8.351	18.891	23.542	38.115	35.623
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	4.383	8	4.494	11	0.298	1	6.685	12	6.115	8	17.592	32	21.975	40	19.970	36	7.48%
Low end	16.827	41	20.700	43	19.159	42	28.181	58	14.147	26	82.187	169	99.015	210	92.163	194	34.95%
Middle	23.376	55	30.415	55	18.563	49	22.501	42	8.781	15	80.259	161	103.635	216	99.010	202	34.13%
High end	4.673	13	3.804	13	4.167	8	10.182	19	1.582	5	19.734	45	24.408	58	21.371	50	8.39%
Higher	1.819	6	1.372	6	0.696	3	1.223	4	0.638	1	3.929	14	5.749	20	4.914	17	1.67%
NA	5.439	18	7.427	27	7.891	25	11.777	36	4.360	14	31.456	102	36.895	120	34.195	114	13.38%
Total	56.517	141	68.214	155	50.773	128	80.548	171	35.623	69	235.158	523	291.675	664	271.622	613	100.00%
Upsized?
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Yes	7.683	8.610	8.932	10.302	2.940	16.430	9.877	1.725	2.884	5.129	8.179	16.663	11.332
No	12.370	9.997	8.737	5.311	11.526	20.007	24.101	4.941	5.170	12.263	14.946	19.547	23.242
Downsized	0	0.188	0	0.936	0.761	0	1.209	0.570	0.296	1.499	0.417	1.906	1.050
Total	20.053	18.795	17.669	16.549	15.227	36.437	35.186	7.236	8.351	18.891	23.542	38.115	35.623
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	25.225	51	29.673	52	14.486	30	29.970	54	11.332	20	85.460	156	110.685	207	103.002	187	36.34%
No	31.105	89	36.844	99	34.212	92	46.756	108	23.242	47	141.054	346	172.158	435	159.788	404	59.98%
Downsized	0.188	1	1.697	4	2.075	6	3.822	9	1.050	2	8.644	21	8.832	22	8.832	22	3.68%
Total	56.517	141	68.214	155	50.773	128	80.548	171	35.623	69	235.158	523	291.675	664	271.622	613	100.00%
Quick Sale?
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Yes	7.420	7.819	3.319	8.671	7.414	17.381	16.717	1.566	2.838	9.194	15.962	17.617	16.268
No	12.633	10.976	14.351	7.878	7.813	19.056	18.469	5.669	5.513	9.698	7.580	20.498	19.355
Total	20.053	18.795	17.669	16.549	15.227	36.437	35.186	7.236	8.351	18.891	23.542	38.115	35.623
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	18.558	55	33.467	80	21.121	50	42.773	82	16.268	34	113.629	246	132.188	301	124.767	280	48.32%
No	37.959	86	34.747	75	29.652	78	37.775	89	19.355	35	121.529	277	159.488	363	146.855	333	51.68%
Total	56.517	141	68.214	155	50.773	128	80.548	171	35.623	69	235.158	523	291.675	664	271.622	613	100.00%
Seniority
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
mortgage	0.884	0	0	0	0	0.219	0	0	0	1.320	0	0	0.400
senior secured	5.909	8.055	7.938	7.774	4.954	8.488	9.542	2.141	1.944	5.654	5.187	6.487	7.673
secured	0	0.113	0	0	0	0.400	0	0	0	0	0	0	0
senior	12.367	10.455	9.731	7.663	8.749	25.680	23.317	4.695	6.407	11.167	18.155	29.928	25.812
senior subordinated	0.349	0.172	0	1.112	1.400	1.350	1.330	0.400	0	0.500	0.200	1.700	1.616
subordinated	0.544	0	0	0	0.123	0.300	0.998	0	0	0.250	0	0	0.123
Total	20.053	18.795	17.669	16.549	15.227	36.437	35.186	7.236	8.351	18.891	23.542	38.115	35.623
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0.884	2	0.219	1	0	0	1.320	1	0.400	1	1.939	3	2.823	5	1.939	3	0.82%
senior secured	21.902	51	21.216	47	13.627	42	17.328	39	7.673	13	59.844	141	81.746	192	75.837	175	25.45%
secured	0.113	1	0.400	1	0	0	0	0	0	0	0.400	1	0.513	2	0.513	2	0.17%
senior	32.553	82	42.093	95	34.419	78	59.250	123	25.812	49	161.573	345	194.126	427	181.760	399	68.71%
senior subordinated	0.522	3	3.862	9	1.730	5	2.400	7	1.616	5	9.608	26	10.129	29	9.780	27	4.09%
subordinated	0.544	2	0.423	2	0.998	3	0.250	1	0.123	1	1.794	7	2.338	9	1.794	7	0.76%
Total	56.517	141	68.214	155	50.773	128	80.548	171	35.623	69	235.158	523	291.675	664	271.622	613	100.00%
Moody's Rating
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Ba1	2.633	0.690	0	1.042	0	1.225	1.544	0.399	0.110	2.985	2.419	4.596	1.250
Ba2	1.729	1.829	0.550	1.377	2.343	7.289	2.289	0.697	1.046	1.100	1.742	2.723	2.600
Ba3	0.816	2.055	1.181	1.777	0.810	4.999	4.142	0	2.083	4.969	2.074	5.545	5.683
B1	7.503	3.246	5.286	2.632	3.444	8.734	6.953	2.119	0.455	2.492	5.725	8.240	6.140
B2	2.441	2.708	1.968	1.703	2.087	2.614	6.895	1.459	1.635	2.247	2.273	5.205	5.164
B3	2.760	4.820	5.171	4.362	4.700	6.402	3.146	1.460	2.229	1.882	6.612	5.700	5.995
Caa1	0.725	2.509	0.834	1.055	0.597	2.413	4.397	0.308	0.430	2.167	2.438	2.578	7.026
Caa2	0.410	0.197	0.300	0.191	0.245	1.092	2.350	0.300	0	0	0	1.199	0.461
Caa3	0	0	0	0.866	0	0	0	0	0	0	0	0	0
Ca	0	0	0	0	0	0	0.741	0	0	0	0	0	0
NR	1.036	0.741	2.380	1.546	1.000	1.670	2.731	0.495	0.363	1.049	0.259	2.330	1.305
Total	20.053	18.795	17.669	16.549	15.227	36.437	35.186	7.236	8.351	18.891	23.542	38.115	35.623
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	3.323	7	2.267	5	2.052	5	10.000	15	1.250	3	15.570	28	18.892	35	16.260	30	6.62%
Ba2	4.108	7	11.009	20	4.032	9	5.564	9	2.600	3	23.206	41	27.314	48	25.585	46	9.87%
Ba3	4.052	12	7.586	13	6.225	13	12.588	22	5.683	8	32.082	56	36.134	68	35.318	65	13.64%
B1	16.034	34	14.809	28	9.527	18	16.458	34	6.140	7	46.933	87	62.968	121	55.465	104	19.96%
B2	7.118	24	6.404	19	9.989	29	9.725	26	5.164	12	31.282	86	38.400	110	35.958	100	13.30%
B3	12.750	30	15.464	39	6.835	24	14.193	29	5.995	16	42.487	108	55.237	138	52.477	131	18.07%
Caa1	4.068	12	4.065	12	5.135	13	7.184	16	7.026	12	23.409	53	27.477	65	26.752	63	9.95%
Caa2	0.907	4	1.528	4	2.650	5	1.199	3	0.461	2	5.837	14	6.744	18	6.334	16	2.48%
Caa3	0	0	0.866	3	0	0	0	0	0	0	0.866	3	0.866	3	0.866	3	0.37%
Ca	0	0	0	0	0.741	1	0	0	0	0	0.741	1	0.741	1	0.741	1	0.32%
NR	4.158	11	4.216	12	3.588	11	3.638	17	1.305	6	12.746	46	16.903	57	15.867	54	5.42%
Total	56.517	141	68.214	155	50.773	128	80.548	171	35.623	69	235.158	523	291.675	664	271.622	613	100.00%
Use of Proceeds
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Acquisition	1.707	0.147	0.703	0.095	1.400	7.150	1.195	0.225	1.711	0.585	0.700	4.206	4.667
Capex	0	0.145	0.443	0	0	0.173	0.600	0	0	0	0.710	0	0
Chapter 11 exit	0	0	0	0	0	2.250	0	0	0.363	0	0.452	0.850	0
Dividend/recap	0	0	1.449	1.157	0.800	0.221	0	0	0	0	0.750	0	0.693
GCP	3.506	2.379	1.242	3.045	1.509	6.687	5.034	0.510	0	4.749	3.158	5.871	2.840
LBO	0	1.227	0	0	1.000	0	0.248	0.905	1.732	1.564	0.774	2.375	2.075
No proceeds	0	0	0.206	0	0	0	0	0	0	0	0	0	0
Redeem notes	2.093	2.803	0.422	2.365	0.890	5.954	9.689	0.568	1.761	2.295	6.284	10.179	6.743
Refinance	2.476	4.194	3.573	1.770	3.251	1.185	3.201	0.963	1.244	2.746	1.044	2.471	6.702
Repay bank debt	4.302	2.270	4.512	5.039	3.972	10.724	6.751	2.287	0.494	2.479	7.660	8.326	6.089
Multiple/Other/NA	5.969	5.632	5.120	3.077	2.405	2.093	8.469	1.777	1.046	4.473	2.009	3.838	5.813
Total	20.053	18.795	17.669	16.549	15.227	36.437	35.186	7.236	8.351	18.891	23.542	38.115	35.623
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	2.557	7	8.645	11	3.131	8	5.491	14	4.667	8	21.933	41	24.490	48	22.784	45	9.33%
Capex	0.587	3	0.173	1	0.600	1	0.710	2	0	0	1.483	4	2.070	7	2.070	7	0.63%
Chapter 11 exit	0	0	2.250	1	0.363	2	1.302	2	0	0	3.914	5	3.914	5	3.914	5	1.66%
Dividend/recap	1.449	3	2.177	4	0	0	0.750	1	0.693	3	3.620	8	5.069	11	5.069	11	1.54%
GCP	7.126	20	11.242	24	5.544	17	13.778	23	2.840	9	33.403	73	40.529	93	37.024	81	14.20%
LBO	1.227	2	1.000	1	2.885	9	4.713	9	2.075	3	10.673	22	11.900	24	11.900	24	4.54%
No proceeds	0.206	1	0	0	0	0	0	0	0	0	0	0	0.206	1	0.206	1	0.00%
Redeem notes	5.318	15	9.209	24	12.018	23	18.759	37	6.743	12	46.729	96	52.047	111	49.953	106	19.87%
Refinance	10.243	28	6.206	16	5.408	14	6.261	15	6.702	12	24.577	57	34.819	85	32.344	77	10.45%
Repay bank debt	11.084	28	19.736	53	9.532	20	18.465	41	6.089	10	53.823	124	64.907	152	60.605	140	22.89%
Multiple/Other/NA	16.721	34	7.576	20	11.293	34	10.320	27	5.813	12	35.002	93	51.723	127	45.754	116	14.88%
Total	56.517	141	68.214	155	50.773	128	80.548	171	35.623	69	235.158	523	291.675	664	271.622	613	100.00%
Industry Sector (by SIC code)
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Agriculture (0xxx)	0	0	0	0	0	0	0.982	0	0.430	0.690	0	0.204	0.949
Mining (1xxx)	1.780	0.825	0	0	0	0.199	0.589	0	0.350	0.103	1.797	0.700	3.440
Oil and gas (13xx)	0.730	1.898	2.309	1.121	1.715	5.406	3.026	0	0.296	1.464	3.983	4.060	2.045
Construction (15xx)	1.262	0	0.246	0.328	0	0	1.507	0.300	0.246	0	0	0	0.495
Manufacturing (2xxx, 3xxx)	7.919	4.079	6.584	5.253	5.739	9.708	12.878	2.928	3.050	6.346	6.495	14.200	9.226
Transportation (4xxx)	1.075	0.850	0.200	1.676	0	1.063	0.570	0.277	0	1.085	1.042	1.382	1.193
Communications (48xx)	2.843	6.041	4.428	2.701	1.250	6.578	5.579	0.225	1.150	1.438	0.466	4.286	2.375
Electric, gas, sanitary services (49xx)	1.239	0.900	0.206	1.290	1.860	0.425	1.000	0.400	0.110	1.091	1.646	3.719	5.639
Wholesale (5xxx)	0.538	1.492	0.874	0.493	0.476	2.974	1.506	1.396	0	0.787	1.099	2.111	2.784
Finance, insurance, real estate (6xxx)	0.544	0.588	1.266	1.930	3.187	3.264	3.779	0.537	0.464	2.496	3.585	2.919	2.942
Services (7xxx)	1.875	1.649	1.041	1.756	1.000	4.934	2.734	0.968	1.305	3.115	2.503	1.990	2.444
Health services (8xxx)	0.246	0.473	0.514	0	0	1.887	1.036	0.206	0.949	0.275	0.925	2.543	2.090
Total	20.053	18.795	17.669	16.549	15.227	36.437	35.186	7.236	8.351	18.891	23.542	38.115	35.623
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	1.412	5	0.895	2	0.949	3	3.255	10	3.255	10	3.255	10	1.38%
Mining (1xxx)	2.606	7	0.199	1	0.939	4	2.601	6	3.440	3	7.179	14	9.784	21	8.004	17	3.05%
Oil and gas (13xx)	4.938	13	8.242	15	3.323	7	9.507	18	2.045	6	23.117	46	28.054	59	27.324	56	9.83%
Construction (15xx)	1.508	3	0.328	2	2.053	8	0	0	0.495	2	2.876	12	4.384	15	3.122	13	1.22%
Manufacturing (2xxx, 3xxx)	18.582	49	20.700	56	18.856	35	27.041	56	9.226	18	75.823	165	94.406	214	86.487	195	32.24%
Transportation (4xxx)	2.125	7	2.739	8	0.847	3	3.509	7	1.193	3	8.288	21	10.413	28	9.338	25	3.52%
Communications (48xx)	13.311	21	10.529	17	6.954	15	6.191	12	2.375	5	26.049	49	39.360	70	36.518	64	11.08%
Electric, gas, sanitary services (49xx)	2.345	4	3.575	8	1.510	3	6.456	10	5.639	8	17.181	29	19.526	33	18.286	32	7.31%
Wholesale (5xxx)	2.905	8	3.943	14	2.902	11	3.997	10	2.784	4	13.626	39	16.531	47	15.992	45	5.79%
Finance, insurance, real estate (6xxx)	2.399	7	8.382	16	4.780	15	9.000	21	2.942	8	25.104	60	27.503	67	26.959	65	10.68%
Services (7xxx)	4.565	18	7.690	15	5.006	15	7.608	19	2.444	5	22.749	54	27.314	72	25.439	64	9.67%
Health services (8xxx)	1.234	4	1.887	3	2.191	7	3.743	10	2.090	4	9.911	24	11.145	28	10.898	27	4.21%
Total	56.517	141	68.214	155	50.773	128	80.548	171	35.623	69	235.158	523	291.675	664	271.622	613	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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