Analysis of high yield issuance for 12 months through January 2010

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

Yield

	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
6%-6.99%	0	0	0	0	0	0	0	0.750	0	0	0	1.283
7%-7.99%	0	0	0	1.529	0	0	0.684	2.572	4.114	1.935	0	3.043
8%-8.99%	0	0	3.134	4.599	0.688	1.965	5.201	4.710	7.220	6.979	3.282	3.845
9%-9.99%	1.806	0	2.728	2.721	3.762	1.827	1.559	4.112	3.730	2.782	7.986	3.181
10%-10.99%	0.715	0	0.748	2.954	3.893	2.331	1.128	1.035	1.756	2.201	4.097	2.243
11%-11.99%	0.390	0.840	1.145	7.428	2.787	1.568	0.958	2.136	1.835	0.450	0.200	1.647
12% and higher	1.011	1.314	1.718	4.919	4.627	4.840	1.052	4.413	1.398	3.764	1.983	1.307
Floater	0	0	0	0	0	0	0	0	0	0	0.120	0
NA	0	0	0	0	0.253	0	0	0.647	0	0.240	0	0
Total	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.550
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
6%-6.99%	0	0	0.750	1	0	0	1.283	2	1.283	2	2.033	3	7.75%
7%-7.99%	1.529	3	3.256	7	6.050	11	3.043	6	3.043	6	13.878	27	18.39%
8%-8.99%	8.422	15	11.876	28	17.482	44	3.845	11	3.845	11	41.625	98	23.23%
9%-9.99%	9.211	19	7.498	20	14.497	31	3.181	9	3.181	9	36.193	83	19.22%
10%-10.99%	7.595	18	4.494	10	8.054	24	2.243	6	2.243	6	23.101	60	13.55%
11%-11.99%	11.359	20	4.663	13	2.485	7	1.647	5	1.647	5	21.384	48	9.95%
12% and higher	11.266	31	10.305	27	7.146	21	1.307	4	1.307	4	32.349	90	7.90%
Floater	0	0	0	0	0.120	1	0	0	0	0	0.120	1	0.00%
NA	0.253	1	0.647	2	0.240	1	0	0	0	0	1.140	4	0.00%
Total	49.635	107	43.489	108	56.073	140	16.550	43	16.550	43	171.824	414	100.00%
Versus Talk
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Lower	0	0	0	0.336	0.148	0.292	0.980	2.438	2.005	0.372	2.006	1.581
Low end	0.478	0	2.909	6.667	4.550	5.279	1.742	5.816	6.851	4.747	5.229	5.372
Middle	2.512	1.632	5.975	15.551	5.969	3.168	4.791	8.778	4.626	10.060	8.690	7.879
High end	0.516	0.337	0	1.597	3.110	0.297	2.352	2.021	3.037	0.896	0.741	0.641
Higher	0	0.185	0	0	2.076	2.255	0.147	0	0.834	0.412	0.128	0
NA	0.415	0	0.589	0	0.158	1.240	0.570	1.322	2.700	1.863	0.876	1.077
Total	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.550
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Lower	0.484	2	3.710	8	4.383	8	1.581	4	1.581	4	10.159	22	9.55%
Low end	14.125	32	12.837	31	16.827	41	5.372	13	5.372	13	49.640	118	32.46%
Middle	27.496	52	16.737	36	23.376	55	7.879	17	7.879	17	79.632	170	47.61%
High end	4.707	12	4.671	10	4.673	13	0.641	2	0.641	2	15.545	40	3.87%
Higher	2.076	6	2.402	8	1.375	5	0	0	0	0	6.038	20	0.00%
NA	0.747	3	3.132	15	5.439	18	1.077	7	1.077	7	10.810	44	6.51%
Total	49.635	107	43.489	108	56.073	140	16.550	43	16.550	43	171.824	414	100.00%
Upsized?
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Yes	2.644	0.818	7.971	12.792	8.851	4.582	6.199	10.717	7.683	8.610	8.932	10.302
No	1.278	0.699	1.503	11.359	6.617	7.185	4.383	9.659	12.370	9.553	8.737	5.312
Downsized	0	0.638	0	0	0.543	0.764	0	0	0	0.188	0	0.936
Total	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.550
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	29.615	58	21.498	51	25.225	51	10.302	22	10.302	22	90.102	190	62.25%
No	19.478	48	21.227	54	30.660	88	5.312	20	5.312	20	78.654	216	32.10%
Downsized	0.543	1	0.764	3	0.188	1	0.936	1	0.936	1	3.068	8	5.66%
Total	49.635	107	43.489	108	56.073	140	16.550	43	16.550	43	171.824	414	100.00%
Quick Sale?
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Yes	2.911	1.344	8.069	16.063	10.296	8.112	6.293	11.814	7.420	7.819	3.319	8.671
No	1.011	0.811	1.404	8.088	5.715	4.419	4.289	8.562	12.633	10.531	14.351	7.879
Total	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.550
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	34.429	69	26.219	55	18.558	55	8.671	23	8.671	23	92.132	213	52.39%
No	15.207	38	17.270	53	37.515	85	7.879	20	7.879	20	79.692	201	47.61%
Total	49.635	107	43.489	108	56.073	140	16.550	43	16.550	43	171.824	414	100.00%
Seniority
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
mortgage	0	0	0	0	0	0	0	0	0.884	0	0	0
senior secured	0.560	0.325	3.368	12.100	7.117	3.120	2.405	9.167	5.909	7.610	7.938	7.024
secured	0	0	0	0	0	0	0	0	0	0.113	0	0
senior	2.972	1.830	5.698	10.760	8.265	9.411	7.305	10.304	12.367	10.455	9.731	8.414
senior subordinated	0.390	0	0.408	1.292	0.630	0	0.873	0.905	0.349	0.172	0	1.112
subordinated	0	0	0	0	0	0	0	0	0.544	0	0	0
Total	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.550
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
mortgage	0	0	0	0	0.884	2	0	0	0	0	0.884	2	0.00%
senior secured	22.584	37	14.692	42	21.458	50	7.024	16	7.024	16	66.642	148	42.44%
secured	0	0	0	0	0.113	1	0	0	0	0	0.113	1	0.00%
senior	24.722	61	27.020	61	32.553	82	8.414	24	8.414	24	97.511	240	50.84%
senior subordinated	2.329	9	1.777	5	0.522	3	1.112	3	1.112	3	6.130	21	6.72%
subordinated	0	0	0	0	0.544	2	0	0	0	0	0.544	2	0.00%
Total	49.635	107	43.489	108	56.073	140	16.550	43	16.550	43	171.824	414	100.00%
Moody's Rating
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Ba1	0	0	2.056	0.948	0.584	0.300	0.833	0.750	2.633	0.690	0	1.042
Ba2	0.256	0.185	0.551	2.977	0.677	1.744	1.672	3.059	1.729	1.829	0.550	1.378
Ba3	1.644	0.315	3.710	7.756	3.902	0.676	2.927	2.955	0.816	2.055	1.181	1.777
B1	1.461	1.140	1.614	6.352	4.070	1.943	1.843	4.234	7.503	3.246	5.286	2.632
B2	0.300	0.189	0.292	2.532	4.188	3.145	1.413	5.988	2.441	2.708	1.968	1.703
B3	0.260	0.325	0.592	1.082	2.091	2.108	0.838	0.709	2.760	4.375	5.171	4.362
Caa1	0	0	0.461	0.902	0.500	1.895	0.181	2.219	0.725	2.509	0.834	1.055
Caa2	0	0	0	0	0	0	0.250	0.463	0.410	0.197	0.300	0.191
Caa3	0	0	0	0	0	0	0	0	0	0	0	0.866
NR	0	0	0.197	1.603	0	0.720	0.626	0	1.036	0.741	2.380	1.546
Total	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.550
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Ba1	3.588	8	1.883	5	3.323	7	1.042	2	1.042	2	9.835	22	6.30%
Ba2	4.205	8	6.475	14	4.108	7	1.378	3	1.378	3	16.608	34	8.33%
Ba3	15.367	26	6.558	19	4.052	12	1.777	3	1.777	3	29.713	64	10.74%
B1	12.036	26	8.019	21	16.034	34	2.632	7	2.632	7	41.323	94	15.90%
B2	7.012	19	10.546	22	7.118	24	1.703	5	1.703	5	26.867	72	10.29%
B3	3.765	13	3.654	12	12.305	29	4.362	11	4.362	11	24.671	67	26.36%
Caa1	1.863	3	4.296	8	4.068	12	1.055	3	1.055	3	11.281	26	6.37%
Caa2	0	0	0.713	2	0.907	4	0.191	1	0.191	1	1.811	7	1.15%
Caa3	0	0	0	0	0	0	0.866	3	0.866	3	0.866	3	5.23%
NR	1.800	4	1.346	5	4.158	11	1.546	5	1.546	5	8.849	25	9.34%
Total	49.635	107	43.489	108	56.073	140	16.550	43	16.550	43	171.824	414	100.00%
Use of Proceeds
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Acquisition	0	0	0	0	0	1.116	0.147	0.491	1.707	0.147	0.703	0.096
Capex	0	0	0	0	0	0	0.684	0	0	0.145	0.443	0
Dividend/recap	0	0	0	0	0	0	0	0.413	0	0	1.449	1.157
GCP	0.478	0.988	2.934	3.655	3.688	2.377	3.265	5.021	3.506	2.379	1.242	3.045
LBO	0	0	0	0	0	0	0	0	0	1.227	0	0
No proceeds	0	0	0	0	0	0	0	0.480	0	0	0.206	0
Redeem notes	0	0.315	1.725	0.697	0.146	0.300	1.415	4.063	2.093	2.803	0.422	2.365
Refinance	1.512	0.325	2.381	8.554	8.284	4.910	3.101	2.130	2.476	3.749	3.573	1.770
Repay bank debt	1.932	0.526	2.432	10.253	3.219	3.362	1.422	6.779	4.302	2.270	4.512	5.039
Multiple/Other/NA	0	0	0	0.991	0.673	0.465	0.548	0.999	5.969	5.632	5.120	3.077
Total	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.550
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	1.754	6	2.557	7	0.096	1	0.096	1	4.407	14	0.58%
Capex	0	0	0.684	2	0.587	3	0	0	0	0	1.271	5	0.00%
Dividend/recap	0	0	0.413	1	1.449	3	1.157	2	1.157	2	3.018	6	6.99%
GCP	10.278	27	10.663	22	7.126	20	3.045	7	3.045	7	32.579	80	18.40%
LBO	0	0	0	0	1.227	2	0	0	0	0	1.227	2	0.00%
No proceeds	0	0	0.480	1	0.206	1	0	0	0	0	0.686	2	0.00%
Redeem notes	2.569	6	5.778	14	5.318	15	2.365	7	2.365	7	16.345	43	14.29%
Refinance	19.220	37	10.142	27	9.798	27	1.770	5	1.770	5	42.767	100	10.69%
Repay bank debt	15.904	34	11.563	29	11.084	28	5.039	12	5.039	12	46.049	110	30.45%
Multiple/Other/NA	1.665	3	2.012	6	16.721	34	3.077	9	3.077	9	23.475	52	18.59%
Total	49.635	107	43.489	108	56.073	140	16.550	43	16.550	43	171.824	414	100.00%
Industry Sector (by SIC code)
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Agriculture (0xxx)	0	0.325	0.665	0	0	0	0.348	0.309	0	0	0	0
Mining (1xxx)	0	0	0	4.012	0	0.585	0	0	1.780	0.825	0	0
Oil and gas (13xx)	1.376	0.337	0.393	1.294	1.746	0.409	0.424	0.987	0.730	1.898	2.309	1.121
Construction (15xx)	0	0	0.815	0	0	0.440	0	0.730	1.262	0	0.246	0.328
Manufacturing (2xxx, 3xxx)	0.751	0	1.331	5.910	3.718	3.329	3.686	6.525	7.919	4.079	6.584	5.254
Transportation (4xxx)	0	0.189	0	0	1.160	0.467	0.956	1.962	1.075	0.405	0.200	1.676
Communications (48xx)	0.757	0.300	2.058	2.280	1.904	2.542	3.828	4.736	2.843	6.041	4.428	2.701
Electric, gas, sanitary services (49xx)	0.478	0.503	0	2.727	1.221	0.175	0.292	0.250	1.239	0.900	0.206	1.290
Wholesale (5xxx)	0.260	0.185	1.817	0.758	1.980	1.588	0.098	1.924	0.538	1.492	0.874	0.493
Finance, insurance, real estate (6xxx)	0.300	0	0	0	0.436	0.282	0	0.946	0.544	0.588	1.266	1.930
Services (7xxx)	0	0.315	0.481	5.933	2.207	1.822	0.636	2.008	1.875	1.649	1.041	1.756
Health services (8xxx)	0	0	1.912	1.237	1.640	0.893	0.315	0	0.246	0.473	0.514	0
Total	3.922	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.550
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.665	1	0.657	2	0	0	0	0	0	0	1.647	4	0.00%
Mining (1xxx)	4.012	3	0.585	1	2.606	7	0	0	0	0	7.202	11	0.00%
Oil and gas (13xx)	3.433	12	1.819	7	4.938	13	1.121	3	1.121	3	13.025	39	6.77%
Construction (15xx)	0.815	3	1.170	5	1.508	3	0.328	2	0.328	2	3.821	13	1.98%
Manufacturing (2xxx, 3xxx)	10.959	32	13.539	33	18.582	49	5.254	16	5.254	16	49.087	131	31.75%
Transportation (4xxx)	1.160	3	3.384	9	1.680	6	1.676	5	1.676	5	8.089	24	10.13%
Communications (48xx)	6.242	12	11.106	17	13.311	21	2.701	4	2.701	4	34.418	57	16.32%
Electric, gas, sanitary services (49xx)	3.948	7	0.717	4	2.345	4	1.290	4	1.290	4	9.281	21	7.79%
Wholesale (5xxx)	4.555	9	3.609	9	2.905	8	0.493	2	0.493	2	12.007	30	2.98%
Finance, insurance, real estate (6xxx)	0.436	1	1.228	4	2.399	7	1.930	3	1.930	3	6.292	16	11.66%
Services (7xxx)	8.622	17	4.466	12	4.565	18	1.756	4	1.756	4	19.724	52	10.61%
Health services (8xxx)	4.789	7	1.208	5	1.234	4	0	0	0	0	7.231	16	0.00%
Total	49.635	107	43.489	108	56.073	140	16.550	43	16.550	43	171.824	414	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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