Analysis of high yield issuance for 12 months through February 2010

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

Yield

	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
6%-6.99%	0	0	0	0	0	0	0.750	0	0	0	1.283	0
7%-7.99%	0	0	1.529	0	0	0.684	2.572	4.114	1.935	0	3.043	1.097
8%-8.99%	0	3.134	4.599	0.688	1.965	5.201	4.710	7.220	6.979	3.282	3.844	5.783
9%-9.99%	0	2.728	2.721	3.762	1.827	1.559	4.112	3.730	2.782	7.986	3.181	1.483
10%-10.99%	0	0.748	2.954	3.893	2.331	1.128	1.035	1.756	2.201	4.097	2.243	2.223
11%-11.99%	0.840	1.145	7.428	2.787	1.568	0.958	2.136	1.835	0.450	0.200	1.647	1.730
12% and higher	1.314	1.718	4.919	4.627	4.840	1.052	4.413	1.398	3.764	1.983	1.307	1.970
Floater	0	0	0	0	0	0	0	0	0	0.120	0	0
NA	0	0	0	0.253	0	0	0.647	0	0.240	0	0	1.203
Total	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.549	15.489
	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	4.00%
7%-7.99%	1.529	3	3.256	7	6.050	11	4.140	9	4.140	9	14.974	30	12.92%
8%-8.99%	8.422	15	11.876	28	17.482	44	9.627	20	9.627	20	47.407	107	30.05%
9%-9.99%	9.211	19	7.498	20	14.497	31	4.665	14	4.665	14	35.871	84	14.56%
10%-10.99%	7.595	18	4.494	10	8.054	24	4.467	12	4.467	12	24.610	64	13.94%
11%-11.99%	11.359	20	4.663	13	2.485	7	3.377	9	3.377	9	22.724	51	10.54%
12% and higher	11.266	31	10.305	27	7.146	21	3.277	9	3.277	9	33.308	93.000	10.22%
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	1.203	3	1.203	3	2.343	7	3.75%
Total	49.635	107	43.489	108	56.073	140	32.039	78	32.039	78	183.390	440	100.00%
Versus Talk
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Lower	0	0	0.336	0.148	0.292	0.980	2.438	2.005	0.372	2.006	1.581	1.174
Low end	0	2.909	6.667	4.550	5.279	1.742	5.816	6.851	4.747	5.229	5.276	1.905
Middle	1.632	5.975	15.551	5.969	3.168	4.791	8.778	4.626	10.060	8.690	7.879	7.621
High end	0.337	0	1.597	3.110	0.297	2.352	2.021	3.037	0.896	0.741	0.736	2.156
Higher	0.185	0	0	2.076	2.255	0.147	0	0.834	0.412	0.128	0	0.713
NA	0	0.589	0	0.158	1.240	0.570	1.322	2.700	1.863	0.876	1.077	1.920
Total	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.549	15.489
	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	2.755	6	2.755	6	11.333	24	8.60%
Low end	14.125	32	12.837	31	16.827	41	7.181	17	7.181	17	50.971	121	22.41%
Middle	27.496	52	16.737	36	23.376	55	15.500	29	15.500	29	84.741	177	48.38%
High end	4.707	12	4.671	10	4.673	13	2.892	10	2.892	10	17.280	46	9.03%
Higher	2.076	6	2.402	8	1.375	5	0.713	3	0.713	3	6.752	23	2.23%
NA	0.747	3	3.132	15	5.439	18	2.997	13	2.997	13	12.314	49	9.35%
Total	49.635	107	43.489	108	56.073	140	32.039	78	32.039	78	183.390	440	100.00%
Upsized?
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Yes	0.818	7.971	12.792	8.851	4.582	6.199	10.717	7.683	8.610	8.932	10.302	3.203
No	0.699	1.503	11.359	6.617	7.185	4.383	9.659	12.370	9.553	8.737	5.311	11.526
Downsized	0.638	0	0	0.543	0.764	0	0	0	0.188	0	0.936	0.761
Total	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.549	15.489
	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	13.505	29	13.505	29	90.660	191	42.15%
No	19.478	48	21.227	54	30.660	88	16.837	45	16.837	45	88.901	238	52.55%
Downsized	0.543	1	0.764	3	0.188	1	1.697	4	1.697	4	3.829	11	5.30%
Total	49.635	107	43.489	108	56.073	140	32.039	78	32.039	78	183.390	440	100.00%
Quick Sale?
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Yes	1.344	8.069	16.063	10.296	8.112	6.293	11.814	7.420	7.819	3.319	8.671	7.414
No	0.811	1.404	8.088	5.715	4.419	4.289	8.562	12.633	10.531	14.351	7.878	8.075
Total	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.549	15.489
	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	16.086	39	16.086	39	96.636	222	50.21%
No	15.207	38	17.270	53	37.515	85	15.953	39	15.953	39	86.755	218	49.79%
Total	49.635	107	43.489	108	56.073	140	32.039	78	32.039	78	183.390	440	100.00%
Seniority
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
mortgage	0	0	0	0	0	0	0	0.884	0	0	0	0
senior secured	0.325	3.368	12.100	7.117	3.120	2.405	9.167	5.909	7.610	7.938	7.024	5.217
secured	0	0	0	0	0	0	0	0	0.113	0	0	0
senior	1.830	5.698	10.760	8.265	9.411	7.305	10.304	12.367	10.455	9.731	8.413	8.749
senior subordinated	0	0.408	1.292	0.630	0	0.873	0.905	0.349	0.172	0	1.112	1.400
subordinated	0	0	0	0	0	0	0	0.544	0	0	0	0.123
Total	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.549	15.489
	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	12.240	30	12.240	30	71.299	160	38.20%
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	17.163	42	17.163	42	103.287	252	53.57%
senior subordinated	2.329	9	1.777	5	0.522	3	2.512	5	2.512	5	7.140	22	7.84%
subordinated	0	0	0	0	0.544	2	0.123	1	0.123	1	0.668	3	0.38%
Total	49.635	107	43.489	108	56.073	140	32.039	78	32.039	78	183.390	440	100.00%
Moody's Rating
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Ba1	0	2.056	0.948	0.584	0.300	0.833	0.750	2.633	0.690	0	1.042	0
Ba2	0.185	0.551	2.977	0.677	1.744	1.672	3.059	1.729	1.829	0.550	1.377	2.343
Ba3	0.315	3.710	7.756	3.902	0.676	2.927	2.955	0.816	2.055	1.181	1.777	0.810
B1	1.140	1.614	6.352	4.070	1.943	1.843	4.234	7.503	3.246	5.286	2.632	3.444
B2	0.189	0.292	2.532	4.188	3.145	1.413	5.988	2.441	2.708	1.968	1.703	2.087
B3	0.325	0.592	1.082	2.091	2.108	0.838	0.709	2.760	4.375	5.171	4.362	4.963
Caa1	0	0.461	0.902	0.500	1.895	0.181	2.219	0.725	2.509	0.834	1.055	0.597
Caa2	0	0	0	0	0	0.250	0.463	0.410	0.197	0.300	0.191	0.245
Caa3	0	0	0	0	0	0	0	0	0	0	0.866	0
NR	0	0.197	1.603	0	0.720	0.626	0	1.036	0.741	2.380	1.546	1.000
Total	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.549	15.489
	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	3.25%
Ba2	4.205	8	6.475	14	4.108	7	3.720	8	3.720	8	18.693	38	11.61%
Ba3	15.367	26	6.558	19	4.052	12	2.586	6	2.586	6	28.878	64	8.07%
B1	12.036	26	8.019	21	16.034	34	6.076	12	6.076	12	43.306	96	18.96%
B2	7.012	19	10.546	22	7.118	24	3.791	11	3.791	11	28.655	77	11.83%
B3	3.765	13	3.654	12	12.305	29	9.324	23	9.324	23	29.374	78	29.10%
Caa1	1.863	3	4.296	8	4.068	12	1.652	5	1.652	5	11.878	28	5.16%
Caa2	0	0	0.713	2	0.907	4	0.436	2	0.436	2	2.056	8	1.36%
Caa3	0	0	0	0	0	0	0.866	3	0.866	3	0.866	3	2.70%
NR	1.800	4	1.346	5	4.158	11	2.546	6	2.546	6	9.849	26	7.95%
Total	49.635	107	43.489	108	56.073	140	32.039	78	32.039	78	183.390	440	100.00%
Use of Proceeds
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Acquisition	0	0	0	0	1.116	0.147	0.491	1.707	0.147	0.703	0.095	1.400
Capex	0	0	0	0	0	0.684	0	0	0.145	0.443	0	0.262
Dividend/recap	0	0	0	0	0	0	0.413	0	0	1.449	1.157	0.800
GCP	0.988	2.934	3.655	3.688	2.377	3.265	5.021	3.506	2.379	1.242	3.045	1.509
LBO	0	0	0	0	0	0	0	0	1.227	0	0	1.000
No proceeds	0	0	0	0	0	0	0.480	0	0	0.206	0	0
Redeem notes	0.315	1.725	0.697	0.146	0.300	1.415	4.063	2.093	2.803	0.422	2.365	0.890
Refinance	0.325	2.381	8.554	8.284	4.910	3.101	2.130	2.476	3.749	3.573	1.770	3.251
Repay bank debt	0.526	2.432	10.253	3.219	3.362	1.422	6.779	4.302	2.270	4.512	5.039	3.972
Multiple/Other/NA	0	0	0.991	0.673	0.465	0.548	0.999	5.969	5.632	5.120	3.077	2.405
Total	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.549	15.489
	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	1.495	3	1.495	3	5.806	16	4.67%
Capex	0	0	0.684	2	0.587	3	0.262	1	0.262	1	1.533	6	0.82%
Dividend/recap	0	0	0.413	1	1.449	3	1.957	3	1.957	3	3.818	7	6.11%
GCP	10.278	27	10.663	22	7.126	20	4.555	11	4.555	11	33.611	83	14.22%
LBO	0	0	0	0	1.227	2	1.000	1	1.000	1	2.227	3	3.12%
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	3.255	9	3.255	9	17.234	45	10.16%
Refinance	19.220	37	10.142	27	9.798	27	5.021	12	5.021	12	44.505	104	15.67%
Repay bank debt	15.904	34	11.563	29	11.084	28	9.012	26	9.012	26	48.089	119	28.13%
Multiple/Other/NA	1.665	3	2.012	6	16.721	34	5.483	12	5.483	12	25.880	55	17.11%
Total	49.635	107	43.489	108	56.073	140	32.039	78	32.039	78	183.390	440	100.00%
Industry Sector (by SIC code)
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Agriculture (0xxx)	0.325	0.665	0	0	0	0.348	0.309	0	0	0	0	0
Mining (1xxx)	0	0	4.012	0	0.585	0	0	1.780	0.825	0	0	0
Oil and gas (13xx)	0.337	0.393	1.294	1.746	0.409	0.424	0.987	0.730	1.898	2.309	1.121	1.978
Construction (15xx)	0	0.815	0	0	0.440	0	0.730	1.262	0	0.246	0.328	0
Manufacturing (2xxx, 3xxx)	0	1.331	5.910	3.718	3.329	3.686	6.525	7.919	4.079	6.584	5.253	5.739
Transportation (4xxx)	0.189	0	0	1.160	0.467	0.956	1.962	1.075	0.405	0.200	1.676	0
Communications (48xx)	0.300	2.058	2.280	1.904	2.542	3.828	4.736	2.843	6.041	4.428	2.701	1.250
Electric, gas, sanitary services (49xx)	0.503	0	2.727	1.221	0.175	0.292	0.250	1.239	0.900	0.206	1.290	1.860
Wholesale (5xxx)	0.185	1.817	0.758	1.980	1.588	0.098	1.924	0.538	1.492	0.874	0.493	0.476
Finance, insurance, real estate (6xxx)	0	0	0	0.436	0.282	0	0.946	0.544	0.588	1.266	1.930	3.187
Services (7xxx)	0.315	0.481	5.933	2.207	1.822	0.636	2.008	1.875	1.649	1.041	1.756	1.000
Health services (8xxx)	0	1.912	1.237	1.640	0.893	0.315	0	0.246	0.473	0.514	0	0
Total	2.155	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.549	15.489
	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	3.099	8	3.099	8	13.626	41	9.67%
Construction (15xx)	0.815	3	1.170	5	1.508	3	0.328	2	0.328	2	3.821	13	1.02%
Manufacturing (2xxx, 3xxx)	10.959	32	13.539	33	18.582	49	10.992	32	10.992	32	54.073	146	34.31%
Transportation (4xxx)	1.160	3	3.384	9	1.680	6	1.676	5	1.676	5	8.089	24	5.23%
Communications (48xx)	6.242	12	11.106	17	13.311	21	3.951	6	3.951	6	34.911	57	12.33%
Electric, gas, sanitary services (49xx)	3.948	7	0.717	4	2.345	4	3.150	7	3.150	7	10.663	23	9.83%
Wholesale (5xxx)	4.555	9	3.609	9	2.905	8	0.969	4	0.969	4	12.223	31	3.02%
Finance, insurance, real estate (6xxx)	0.436	1	1.228	4	2.399	7	5.117	9	5.117	9	9.180	21	15.97%
Services (7xxx)	8.622	17	4.466	12	4.565	18	2.756	5	2.756	5	20.724	53	8.60%
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	32.039	78	32.039	78	183.390	440	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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