Analysis of high yield issuance for 13 months through November 2010

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

Yield

	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
6.99% and lower	0	0	1.283	0	0.925	1.700	0.399	0.110	4.386	3.250	6.214	7.350	7.698
7%-7.99%	1.935	0	3.043	1.097	7.343	9.047	1.650	0	4.042	7.113	14.619	12.343	11.473
8%-8.99%	6.979	3.282	3.844	5.783	15.155	10.897	0.400	2.804	2.428	5.420	5.364	4.289	4.557
9%-9.99%	2.782	7.986	3.181	1.483	6.946	4.185	1.120	2.581	3.797	3.855	5.515	8.547	4.409
10%-10.99%	2.201	4.097	2.243	2.223	2.704	2.119	1.977	0.657	1.573	0.987	4.606	2.084	2.051
11%-11.99%	0.450	0.200	1.647	1.730	1.996	2.221	0.785	0.941	1.037	1.993	0.641	0.099	1.639
12% and higher	4.209	1.983	1.307	1.708	0.845	5.018	0.838	1.258	1.425	0.923	1.000	0.910	0.612
Floater	0	0.120	0	0	0	0	0	0	0	0	0	0	0
NA	0.240	0	0	1.203	0.523	0	0.068	0	0.205	0	0.156	0	0.100
Total	18.795	17.669	16.549	15.227	36.437	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539
	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	2.208	4	2.209	5	13.850	23	15.048	28	33.315	60	33.315	60	33.315	60	12.44%
7%-7.99%	11.483	24	10.696	19	25.774	44	23.816	39	71.769	126	73.704	130	71.769	126	26.81%
8%-8.99%	24.782	44	14.101	28	13.212	27	8.846	23	60.941	122	71.202	150	64.224	130	22.76%
9%-9.99%	11.611	28	7.886	21	13.166	30	12.956	31	45.619	110	56.387	131	53.605	122	17.04%
10%-10.99%	7.171	21	4.754	18	7.165	17	4.136	15	23.226	71	29.524	89	27.323	81	8.68%
11%-11.99%	5.373	17	3.947	12	3.671	14	1.738	6	14.730	49	15.380	51	14.930	50	5.50%
12% and higher	3.860	12	7.112	24	3.348	12	1.522	7	15.843	55	22.035	70	17.826	62	5.92%
Floater	0	0	0	0	0	0	0	0	0	0	0.120	1	0.120	1	0.00%
NA	1.725	5	0.068	1	0.362	4	0.100	1	2.255	11	2.495	12	2.255	11	0.84%
Total	68.214	155	50.773	128	80.548	171	68.162	150	267.697	604	304.162	694	285.366	643	100.00%
Versus Talk
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Lower	0.372	2.006	1.581	1.174	1.739	0.298	0	0	1.654	0.542	4.489	6.115	0.200
Low end	4.747	5.229	5.276	1.905	13.520	15.384	1.238	2.537	7.838	6.149	14.194	14.147	9.323
Middle	10.060	8.690	7.879	7.359	15.177	10.408	4.028	4.127	4.659	7.531	10.310	8.781	12.052
High end	0.896	0.741	0.736	2.156	0.912	3.086	0.733	0.347	0.991	6.331	2.860	1.582	5.180
Higher	0.857	0.128	0	0.713	0.659	0.449	0.247	0	0	0.954	0.269	0.638	2.938
NA	1.863	0.876	1.077	1.920	4.431	5.561	0.990	1.340	3.749	2.035	5.993	4.360	2.846
Total	18.795	17.669	16.549	15.227	36.437	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	4.494	11	0.298	1	6.685	12	6.315	9	17.792	33	20.170	37	19.798	36	6.65%
Low end	20.700	43	19.159	42	28.181	58	23.470	50	91.510	193	101.486	218	96.739	205	34.18%
Middle	30.415	55	18.563	49	22.501	42	20.833	44	92.312	190	111.062	231	101.001	205	34.48%
High end	3.804	13	4.167	8	10.182	19	6.762	16	24.915	56	26.551	61	25.655	59	9.31%
Higher	1.372	6	0.696	3	1.223	4	3.576	7	6.867	20	7.852	23	6.995	21	2.57%
NA	7.427	27	7.891	25	11.777	36	7.206	24	34.302	112	37.041	124	35.178	117	12.81%
Total	68.214	155	50.773	128	80.548	171	68.162	150	267.697	604	304.162	694	285.366	643	100.00%
Upsized?
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Yes	8.610	8.932	10.302	2.940	16.430	9.877	1.725	2.884	5.129	8.179	16.663	11.332	9.747
No	9.997	8.737	5.311	11.526	20.007	24.101	4.941	5.170	12.263	14.946	19.547	23.242	20.731
Downsized	0.188	0	0.936	0.761	0	1.209	0.570	0.296	1.499	0.417	1.906	1.050	2.062
Total	18.795	17.669	16.549	15.227	36.437	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	29.673	52	14.486	30	29.970	54	21.078	40	95.207	176	112.749	207	104.139	190	35.57%
No	36.844	99	34.212	92	46.756	108	43.972	104	161.784	403	180.519	461	170.522	428	60.44%
Downsized	1.697	4	2.075	6	3.822	9	3.112	6	10.706	25	10.893	26	10.706	25	4.00%
Total	68.214	155	50.773	128	80.548	171	68.162	150	267.697	604	304.162	694	285.366	643	100.00%
Quick Sale?
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Yes	7.819	3.319	8.671	7.414	17.381	16.717	1.566	2.838	9.194	15.962	17.617	16.268	19.859
No	10.976	14.351	7.878	7.813	19.056	18.469	5.669	5.513	9.698	7.580	20.498	19.355	12.680
Total	18.795	17.669	16.549	15.227	36.437	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	33.467	80	21.121	50	42.773	82	36.128	76	133.489	288	144.626	322	136.807	298	49.87%
No	34.747	75	29.652	78	37.775	89	32.035	74	134.209	316	159.535	372	148.559	345	50.13%
Total	68.214	155	50.773	128	80.548	171	68.162	150	267.697	604	304.162	694	285.366	643	100.00%
Seniority
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
mortgage	0	0	0	0	0.219	0	0	0	1.320	0	0	0.400	0
senior secured	8.055	7.938	7.774	4.954	8.488	9.542	2.141	1.944	5.654	5.187	6.487	7.673	5.289
secured	0.113	0	0	0	0.400	0	0	0	0	0	0	0	0
senior	10.455	9.731	7.663	8.749	25.680	23.317	4.695	6.407	11.167	18.155	29.928	25.812	26.751
senior subordinated	0.172	0	1.112	1.400	1.350	1.330	0.400	0	0.500	0.200	1.700	1.616	0.500
subordinated	0	0	0	0.123	0.300	0.998	0	0	0.250	0	0	0.123	0
Total	18.795	17.669	16.549	15.227	36.437	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0.219	1	0	0	1.320	1	0.400	1	1.939	3	1.939	3	1.939	3	0.72%
senior secured	21.216	47	13.627	42	17.328	39	12.961	28	65.132	156	81.125	190	73.070	174	24.33%
secured	0.400	1	0	0	0	0	0	0	0.400	1	0.513	2	0.400	1	0.15%
senior	42.093	95	34.419	78	59.250	123	52.562	113	188.324	409	208.510	463	198.055	430	70.35%
senior subordinated	3.862	9	1.730	5	2.400	7	2.116	7	10.108	28	10.280	29	10.108	28	3.78%
subordinated	0.423	2	0.998	3	0.250	1	0.123	1	1.794	7	1.794	7	1.794	7	0.67%
Total	68.214	155	50.773	128	80.548	171	68.162	150	267.697	604	304.162	694	285.366	643	100.00%
Moody's Rating
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Ba1	0.690	0	1.042	0	1.225	1.544	0.399	0.110	2.985	2.419	4.596	1.250	1.797
Ba2	1.829	0.550	1.377	2.343	7.289	2.289	0.697	1.046	1.100	1.742	2.723	2.600	1.407
Ba3	2.055	1.181	1.777	0.810	4.999	4.142	0	2.083	4.969	2.074	5.545	5.683	4.106
B1	3.246	5.286	2.632	3.444	8.734	6.953	2.119	0.455	2.492	5.725	8.240	6.140	5.008
B2	2.708	1.968	1.703	2.087	2.614	6.895	1.459	1.635	2.247	2.273	5.205	5.164	4.307
B3	4.820	5.171	4.362	4.700	6.402	3.146	1.460	2.229	1.882	6.612	5.700	5.995	6.123
Caa1	2.509	0.834	1.055	0.597	2.413	4.397	0.308	0.430	2.167	2.438	2.578	7.026	6.379
Caa2	0.197	0.300	0.191	0.245	1.092	2.350	0.300	0	0	0	1.199	0.461	1.612
Caa3	0	0	0.866	0	0	0	0	0	0	0	0	0	0
Ca	0	0	0	0	0	0.741	0	0	0	0	0	0	0
NR	0.741	2.380	1.546	1.000	1.670	2.731	0.495	0.363	1.049	0.259	2.330	1.305	1.800
Total	18.795	17.669	16.549	15.227	36.437	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	2.267	5	2.052	5	10.000	15	3.047	8	17.366	33	18.056	35	17.366	33	6.49%
Ba2	11.009	20	4.032	9	5.564	9	4.007	6	24.613	44	26.992	49	25.163	45	9.19%
Ba3	7.586	13	6.225	13	12.588	22	9.790	18	36.188	66	39.424	75	37.369	69	13.52%
B1	14.809	28	9.527	18	16.458	34	11.148	19	51.942	99	60.473	116	57.227	106	19.40%
B2	6.404	19	9.989	29	9.725	26	9.471	24	35.589	98	40.265	112	37.557	104	13.29%
B3	15.464	39	6.835	24	14.193	29	12.118	30	48.610	122	58.601	145	53.781	134	18.16%
Caa1	4.065	12	5.135	13	7.184	16	13.405	24	29.788	65	33.131	75	30.622	68	11.13%
Caa2	1.528	4	2.650	5	1.199	3	2.073	6	7.449	18	7.946	20	7.749	19	2.78%
Caa3	0.866	3	0	0	0	0	0	0	0.866	3	0.866	3	0.866	3	0.32%
Ca	0	0	0.741	1	0	0	0	0	0.741	1	0.741	1	0.741	1	0.28%
NR	4.216	12	3.588	11	3.638	17	3.104	15	14.545	55	17.667	63	16.925	61	5.43%
Total	68.214	155	50.773	128	80.548	171	68.162	150	267.697	604	304.162	694	285.366	643	100.00%
Use of Proceeds
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Acquisition	0.147	0.703	0.095	1.400	7.150	1.195	0.225	1.711	0.585	0.700	4.206	4.667	2.521
Capex	0.145	0.443	0	0	0.173	0.600	0	0	0	0.710	0	0	0.364
Chapter 11 exit	0	0	0	0	2.250	0	0	0.363	0	0.452	0.850	0	0
Dividend/recap	0	1.449	1.157	0.800	0.464	0.185	0	0	0	1.543	0	0.693	3.751
Exit financing	0	0	0	0	0	0	0	0	0	0	0	0	0.385
GCP	2.379	1.242	3.045	1.509	6.687	5.034	0.510	0	4.749	3.158	5.871	2.840	3.104
LBO	1.227	0	0	1.000	0	0.248	0.905	1.732	1.564	0.774	2.375	2.075	0.660
No proceeds	0	0.206	0	0	0	0	0	0	0	0	0	0	0
Redeem notes	2.803	0.422	2.365	0.890	5.954	9.689	0.568	1.761	2.295	6.284	10.179	6.743	10.341
Refinance	4.194	3.573	1.770	3.251	1.185	3.201	0.963	1.244	2.746	1.044	2.471	6.702	3.962
Repay bank debt	2.270	4.512	5.039	3.972	10.724	6.751	2.287	0.494	2.479	7.660	8.326	6.089	6.547
Multiple/Other/NA	5.632	5.120	3.077	2.405	1.850	8.284	1.777	1.046	4.473	1.216	3.838	5.813	0.905
Total	18.795	17.669	16.549	15.227	36.437	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	8.645	11	3.131	8	5.491	14	7.188	16	24.454	49	25.304	53	25.157	52	9.13%
Capex	0.173	1	0.600	1	0.710	2	0.364	2	1.847	6	2.435	9	2.290	7	0.69%
Chapter 11 exit	2.250	1	0.363	2	1.302	2	0	0	3.914	5	3.914	5	3.914	5	1.46%
Dividend/recap	2.420	5	0.185	1	1.543	3	4.444	9	8.593	18	10.042	21	10.042	21	3.21%
Exit financing	0	0	0	0	0	0	0.385	1	0.385	1	0.385	1	0.385	1	0.14%
GCP	11.242	24	5.544	17	13.778	23	5.944	19	36.507	83	40.127	91	37.749	86	13.64%
LBO	1.000	1	2.885	9	4.713	9	2.735	5	11.333	24	12.560	26	11.333	24	4.23%
No proceeds	0	0	0	0	0	0	0	0	0	0	0.206	1	0.206	1	0.00%
Redeem notes	9.209	24	12.018	23	18.759	37	17.084	36	57.070	120	60.294	130	57.492	122	21.32%
Refinance	6.206	16	5.408	14	6.261	15	10.663	21	28.538	66	36.306	86	32.112	74	10.66%
Repay bank debt	19.736	53	9.532	20	18.465	41	12.636	24	60.370	138	67.152	154	64.882	147	22.55%
Multiple/Other/NA	7.332	19	11.108	33	9.527	25	6.719	17	34.686	94	45.438	117	39.806	103	12.96%
Total	68.214	155	50.773	128	80.548	171	68.162	150	267.697	604	304.162	694	285.366	643	100.00%
Industry Sector (by SIC code)
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Agriculture (0xxx)	0	0	0	0	0	0.982	0	0.430	0.690	0	0.204	0.949	0.300
Mining (1xxx)	0.825	0	0	0	0.199	0.589	0	0.350	0.103	1.797	0.700	3.440	0.554
Oil and gas (13xx)	1.898	2.309	1.121	1.715	5.406	3.026	0	0.296	1.464	3.983	4.060	2.045	2.510
Construction (15xx)	0	0.246	0.328	0	0	1.507	0.300	0.246	0	0	0	0.495	0.246
Manufacturing (2xxx, 3xxx)	4.079	6.584	5.253	5.739	9.708	12.878	2.928	3.050	6.346	6.495	14.200	9.226	8.924
Transportation (4xxx)	0.850	0.200	1.676	0	1.063	0.570	0.277	0	1.085	1.042	1.382	1.193	0.595
Communications (48xx)	6.041	4.428	2.701	1.250	6.578	5.579	0.225	1.150	1.438	0.466	4.286	2.375	5.073
Electric, gas, sanitary services (49xx)	0.900	0.206	1.290	1.860	0.425	1.000	0.400	0.110	1.091	1.646	3.719	5.639	1.996
Wholesale (5xxx)	1.492	0.874	0.493	0.476	2.974	1.506	1.396	0	0.787	1.099	2.111	2.784	3.520
Finance, insurance, real estate (6xxx)	0.588	1.266	1.930	3.187	3.264	3.779	0.537	0.464	2.496	3.585	2.919	2.942	1.647
Services (7xxx)	1.649	1.041	1.756	1.000	4.934	2.734	0.968	1.305	3.115	2.503	1.990	2.444	5.649
Health services (8xxx)	0.473	0.514	0	0	1.887	1.036	0.206	0.949	0.275	0.925	2.543	2.090	1.525
Total	18.795	17.669	16.549	15.227	36.437	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539
	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	1.412	5	0.895	2	1.249	4	3.555	11	3.555	11	3.555	11	1.33%
Mining (1xxx)	0.199	1	0.939	4	2.601	6	3.994	5	7.733	16	8.559	19	7.733	16	2.89%
Oil and gas (13xx)	8.242	15	3.323	7	9.507	18	4.556	13	25.627	53	29.834	63	27.936	58	9.57%
Construction (15xx)	0.328	2	2.053	8	0	0	0.741	3	3.122	13	3.368	14	3.368	14	1.17%
Manufacturing (2xxx, 3xxx)	20.700	56	18.856	35	27.041	56	18.150	40	84.748	187	95.411	217	91.332	203	31.66%
Transportation (4xxx)	2.739	8	0.847	3	3.509	7	1.788	6	8.882	24	9.932	28	9.082	25	3.32%
Communications (48xx)	10.529	17	6.954	15	6.191	12	7.448	14	31.122	58	41.591	73	35.550	64	11.63%
Electric, gas, sanitary services (49xx)	3.575	8	1.510	3	6.456	10	7.635	14	19.176	35	20.282	38	19.382	36	7.16%
Wholesale (5xxx)	3.943	14	2.902	11	3.997	10	6.304	15	17.146	50	19.512	56	18.020	53	6.41%
Finance, insurance, real estate (6xxx)	8.382	16	4.780	15	9.000	21	4.589	12	26.750	64	28.605	69	28.017	67	9.99%
Services (7xxx)	7.690	15	5.006	15	7.608	19	8.093	19	28.398	68	31.088	78	29.439	70	10.61%
Health services (8xxx)	1.887	3	2.191	7	3.743	10	3.615	5	11.436	25	12.423	28	11.951	26	4.27%
Total	68.214	155	50.773	128	80.548	171	68.162	150	267.697	604	304.162	694	285.366	643	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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