Analysis of high yield issuance for 12 months through March 2010

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

Yield

	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
6%-6.99%	0	0	0	0	0	0.750	0	0	0	1.283	0	0.925
7%-7.99%	0	1.529	0	0	0.684	2.572	4.114	1.935	0	3.043	1.097	7.343
8%-8.99%	3.134	4.599	0.688	1.965	5.201	4.710	7.220	6.979	3.282	3.844	5.783	15.155
9%-9.99%	2.728	2.721	3.762	1.827	1.559	4.112	3.730	2.782	7.986	3.181	1.483	6.946
10%-10.99%	0.748	2.954	3.893	2.331	1.128	1.035	1.756	2.201	4.097	2.243	2.223	2.889
11%-11.99%	1.145	7.428	2.787	1.568	0.958	2.136	1.835	0.450	0.200	1.647	1.730	1.996
12% and higher	1.718	4.919	4.627	4.840	1.052	4.413	1.398	3.764	1.983	1.307	1.970	0.845
Floater	0	0	0	0	0	0	0	0	0.120	0	0	0
NA	0	0	0.253	0	0	0.647	0	0.240	0	0	1.203	0.523
Total	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.549	15.489	36.622
	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	2.208	4	2.208	4	2.958	5	3.22%
7%-7.99%	1.529	3	3.256	7	6.050	11	11.483	24	11.483	24	22.317	45	16.72%
8%-8.99%	8.422	15	11.876	28	17.482	44	24.782	44	24.782	44	62.562	131	36.09%
9%-9.99%	9.211	19	7.498	20	14.497	31	11.611	28	11.611	28	42.817	98	16.91%
10%-10.99%	7.595	18	4.494	10	8.054	24	7.356	22	7.356	22	27.499	74	10.71%
11%-11.99%	11.359	20	4.663	13	2.485	7	5.373	17	5.373	17	23.881	57	7.83%
12% and higher	11.266	31	10.305	27	7.146	21	4.123	13	4.123	13	32.838	92.000	6.00%
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	1.725	5	1.725	5	2.866	9	2.51%
Total	49.635	107	43.489	108	56.073	140	68.661	157	68.661	157	217.858	512	100.00%
Versus Talk
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Lower	0	0.336	0.148	0.292	0.980	2.438	2.005	0.372	2.006	1.581	1.174	1.739
Low end	2.909	6.667	4.550	5.279	1.742	5.816	6.851	4.747	5.229	5.276	1.905	13.520
Middle	5.975	15.551	5.969	3.168	4.791	8.778	4.626	10.060	8.690	7.879	7.621	15.362
High end	0	1.597	3.110	0.297	2.352	2.021	3.037	0.896	0.741	0.736	2.156	0.912
Higher	0	0	2.076	2.255	0.147	0	0.834	0.412	0.128	0	0.713	0.659
NA	0.589	0	0.158	1.240	0.570	1.322	2.700	1.863	0.876	1.077	1.920	4.431
Total	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.549	15.489	36.622
	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	4.494	11	4.494	11	13.072	29	6.55%
Low end	14.125	32	12.837	31	16.827	41	20.700	43	20.700	43	64.490	147	30.15%
Middle	27.496	52	16.737	36	23.376	55	30.862	57	30.862	57	98.471	200	44.95%
High end	4.707	12	4.671	10	4.673	13	3.804	13	3.804	13	17.855	48	5.54%
Higher	2.076	6	2.402	8	1.375	5	1.372	6	1.372	6	7.225	25	1.99%
NA	0.747	3	3.132	15	5.439	18	7.427	27	7.427	27	16.745	63	10.82%
Total	49.635	107	43.489	108	56.073	140	68.661	157	68.661	157	217.858	512	100.00%
Upsized?
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Yes	7.971	12.792	8.851	4.582	6.199	10.717	7.683	8.610	8.932	10.302	3.203	16.615
No	1.503	11.359	6.617	7.185	4.383	9.659	12.370	9.553	8.737	5.311	11.526	20.007
Downsized	0	0	0.543	0.764	0	0	0	0.188	0	0.936	0.761	0
Total	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.549	15.489	36.622
	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	30.120	54	30.120	54	106.458	214	43.87%
No	19.478	48	21.227	54	30.660	88	36.844	99	36.844	99	108.209	289	53.66%
Downsized	0.543	1	0.764	3	0.188	1	1.697	4	1.697	4	3.191	9	2.47%
Total	49.635	107	43.489	108	56.073	140	68.661	157	68.661	157	217.858	512	100.00%
Quick Sale?
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Yes	8.069	16.063	10.296	8.112	6.293	11.814	7.420	7.819	3.319	8.671	7.414	17.381
No	1.404	8.088	5.715	4.419	4.289	8.562	12.633	10.531	14.351	7.878	8.075	19.241
Total	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.549	15.489	36.622
	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	33.467	80	33.467	80	112.673	259	48.74%
No	15.207	38	17.270	53	37.515	85	35.194	77	35.194	77	105.185	253	51.26%
Total	49.635	107	43.489	108	56.073	140	68.661	157	68.661	157	217.858	512	100.00%
Seniority
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
mortgage	0	0	0	0	0	0	0.884	0	0	0	0	0.219
senior secured	3.368	12.100	7.117	3.120	2.405	9.167	5.909	7.610	7.938	7.024	5.217	8.673
secured	0	0	0	0	0	0	0	0.113	0	0	0	0.400
senior	5.698	10.760	8.265	9.411	7.305	10.304	12.367	10.455	9.731	8.413	8.749	25.680
senior subordinated	0.408	1.292	0.630	0	0.873	0.905	0.349	0.172	0	1.112	1.400	1.350
subordinated	0	0	0	0	0	0	0.544	0	0	0	0.123	0.300
Total	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.549	15.489	36.622
	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	0.219	1	0.219	1	1.103	3	0.32%
senior secured	22.584	37	14.692	42	21.458	50	20.913	48	20.913	48	79.647	177	30.46%
secured	0	0	0	0	0.113	1	0.400	1	0.400	1	0.513	2	0.58%
senior	24.722	61	27.020	61	32.553	82	42.843	96	42.843	96	127.137	300	62.40%
senior subordinated	2.329	9	1.777	5	0.522	3	3.862	9	3.862	9	8.490	26	5.62%
subordinated	0	0	0	0	0.544	2	0.423	2	0.423	2	0.968	4	0.62%
Total	49.635	107	43.489	108	56.073	140	68.661	157	68.661	157	217.858	512	100.00%
Moody's Rating
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Ba1	2.056	0.948	0.584	0.300	0.833	0.750	2.633	0.690	0	1.042	0	1.225
Ba2	0.551	2.977	0.677	1.744	1.672	3.059	1.729	1.829	0.550	1.377	2.343	7.289
Ba3	3.710	7.756	3.902	0.676	2.927	2.955	0.816	2.055	1.181	1.777	0.810	4.999
B1	1.614	6.352	4.070	1.943	1.843	4.234	7.503	3.246	5.286	2.632	3.444	8.734
B2	0.292	2.532	4.188	3.145	1.413	5.988	2.441	2.708	1.968	1.703	2.087	2.614
B3	0.592	1.082	2.091	2.108	0.838	0.709	2.760	4.375	5.171	4.362	4.963	6.587
Caa1	0.461	0.902	0.500	1.895	0.181	2.219	0.725	2.509	0.834	1.055	0.597	2.413
Caa2	0	0	0	0	0.250	0.463	0.410	0.197	0.300	0.191	0.245	1.092
Caa3	0	0	0	0	0	0	0	0	0	0.866	0	0
NR	0.197	1.603	0	0.720	0.626	0	1.036	0.741	2.380	1.546	1.000	1.670
Total	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.549	15.489	36.622
	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	2.267	5	2.267	5	11.060	25	3.30%
Ba2	4.205	8	6.475	14	4.108	7	11.009	20	11.009	20	25.797	49	16.03%
Ba3	15.367	26	6.558	19	4.052	12	7.586	13	7.586	13	33.562	70	11.05%
B1	12.036	26	8.019	21	16.034	34	14.809	28	14.809	28	50.899	109	21.57%
B2	7.012	19	10.546	22	7.118	24	6.404	19	6.404	19	31.080	84	9.33%
B3	3.765	13	3.654	12	12.305	29	15.911	41	15.911	41	35.636	95	23.17%
Caa1	1.863	3	4.296	8	4.068	12	4.065	12	4.065	12	14.291	35	5.92%
Caa2	0	0	0.713	2	0.907	4	1.528	4	1.528	4	3.148	10	2.23%
Caa3	0	0	0	0	0	0	0.866	3	0.866	3	0.866	3	1.26%
NR	1.800	4	1.346	5	4.158	11	4.216	12	4.216	12	11.519	32	6.14%
Total	49.635	107	43.489	108	56.073	140	68.661	157	68.661	157	217.858	512	100.00%
Use of Proceeds
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Acquisition	0	0	0	1.116	0.147	0.491	1.707	0.147	0.703	0.095	1.400	7.150
Capex	0	0	0	0	0.684	0	0	0.145	0.443	0	0.262	0.173
Chapter 11 exit	0	0	0	0	0	0	0	0	0	0	0	2.250
Dividend/recap	0	0	0	0	0	0.413	0	0	1.449	1.157	0.800	0.221
GCP	2.934	3.655	3.688	2.377	3.265	5.021	3.506	2.379	1.242	3.045	1.509	6.687
LBO	0	0	0	0	0	0	0	1.227	0	0	1.000	0
No proceeds	0	0	0	0	0	0.480	0	0	0.206	0	0	0
Redeem notes	1.725	0.697	0.146	0.300	1.415	4.063	2.093	2.803	0.422	2.365	0.890	5.954
Refinance	2.381	8.554	8.284	4.910	3.101	2.130	2.476	3.749	3.573	1.770	3.251	1.185
Repay bank debt	2.432	10.253	3.219	3.362	1.422	6.779	4.302	2.270	4.512	5.039	3.972	10.724
Multiple/Other/NA	0	0.991	0.673	0.465	0.548	0.999	5.969	5.632	5.120	3.077	2.405	2.278
Total	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.549	15.489	36.622
	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	8.645	11	8.645	11	12.956	24	12.59%
Capex	0	0	0.684	2	0.587	3	0.435	2	0.435	2	1.707	7	0.63%
Chapter 11 exit	0	0	0	0	0	0	2.250	1	2.250	1	2.250	1	3.28%
Dividend/recap	0	0	0.413	1	1.449	3	2.177	4	2.177	4	4.039	8	3.17%
GCP	10.278	27	10.663	22	7.126	20	11.242	24	11.242	24	39.310	93	16.37%
LBO	0	0	0	0	1.227	2	1.000	1	1.000	1	2.227	3	1.46%
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	9.209	24	9.209	24	22.873	59	13.41%
Refinance	19.220	37	10.142	27	9.798	27	6.206	16	6.206	16	45.365	107	9.04%
Repay bank debt	15.904	34	11.563	29	11.084	28	19.736	53	19.736	53	58.287	144	28.74%
Multiple/Other/NA	1.665	3	2.012	6	16.721	34	7.761	21	7.761	21	28.158	64	11.30%
Total	49.635	107	43.489	108	56.073	140	68.661	157	68.661	157	217.858	512	100.00%
Industry Sector (by SIC code)
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Agriculture (0xxx)	0.665	0	0	0	0.348	0.309	0	0	0	0	0	0
Mining (1xxx)	0	4.012	0	0.585	0	0	1.780	0.825	0	0	0	0.199
Oil and gas (13xx)	0.393	1.294	1.746	0.409	0.424	0.987	0.730	1.898	2.309	1.121	1.978	5.406
Construction (15xx)	0.815	0	0	0.440	0	0.730	1.262	0	0.246	0.328	0	0
Manufacturing (2xxx, 3xxx)	1.331	5.910	3.718	3.329	3.686	6.525	7.919	4.079	6.584	5.253	5.739	9.708
Transportation (4xxx)	0	0	1.160	0.467	0.956	1.962	1.075	0.405	0.200	1.676	0	1.063
Communications (48xx)	2.058	2.280	1.904	2.542	3.828	4.736	2.843	6.041	4.428	2.701	1.250	6.578
Electric, gas, sanitary services (49xx)	0	2.727	1.221	0.175	0.292	0.250	1.239	0.900	0.206	1.290	1.860	0.425
Wholesale (5xxx)	1.817	0.758	1.980	1.588	0.098	1.924	0.538	1.492	0.874	0.493	0.476	2.974
Finance, insurance, real estate (6xxx)	0	0	0.436	0.282	0	0.946	0.544	0.588	1.266	1.930	3.187	3.264
Services (7xxx)	0.481	5.933	2.207	1.822	0.636	2.008	1.875	1.649	1.041	1.756	1.000	4.934
Health services (8xxx)	1.912	1.237	1.640	0.893	0.315	0	0.246	0.473	0.514	0	0	2.072
Total	9.473	24.151	16.011	12.531	10.583	20.375	20.053	18.350	17.669	16.549	15.489	36.622
	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	1.322	3	0.00%
Mining (1xxx)	4.012	3	0.585	1	2.606	7	0.199	1	0.199	1	7.401	12	0.29%
Oil and gas (13xx)	3.433	12	1.819	7	4.938	13	8.505	16	8.505	16	18.695	48	12.39%
Construction (15xx)	0.815	3	1.170	5	1.508	3	0.328	2	0.328	2	3.821	13	0.48%
Manufacturing (2xxx, 3xxx)	10.959	32	13.539	33	18.582	49	20.700	56	20.700	56	63.781	170	30.15%
Transportation (4xxx)	1.160	3	3.384	9	1.680	6	2.739	8	2.739	8	8.963	26	3.99%
Communications (48xx)	6.242	12	11.106	17	13.311	21	10.529	17	10.529	17	41.188	67	15.33%
Electric, gas, sanitary services (49xx)	3.948	7	0.717	4	2.345	4	3.575	8	3.575	8	10.585	23	5.21%
Wholesale (5xxx)	4.555	9	3.609	9	2.905	8	3.943	14	3.943	14	15.012	40	5.74%
Finance, insurance, real estate (6xxx)	0.436	1	1.228	4	2.399	7	8.382	16	8.382	16	12.444	28	12.21%
Services (7xxx)	8.622	17	4.466	12	4.565	18	7.690	15	7.690	15	25.343	62	11.20%
Health services (8xxx)	4.789	7	1.208	5	1.234	4	2.072	4	2.072	4	9.303	20	3.02%
Total	49.635	107	43.489	108	56.073	140	68.661	157	68.661	157	217.858	512	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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