Analysis of high yield issuance for 12 months through April 2010

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

Yield

	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
6%-6.99%	0	0	0	0	0.750	0	0	0	1.283	0	0.925	1.700
7%-7.99%	1.529	0	0	0.684	2.572	4.114	1.935	0	3.043	1.097	7.343	9.047
8%-8.99%	4.599	0.688	3.192	5.201	4.710	7.220	6.979	3.282	3.844	5.783	15.155	10.897
9%-9.99%	2.721	3.762	1.827	1.559	4.112	3.730	2.782	7.986	3.181	1.483	6.946	3.685
10%-10.99%	2.954	3.893	2.331	1.128	1.035	1.756	2.201	4.097	2.243	2.223	2.889	2.119
11%-11.99%	7.428	2.787	1.568	0.958	2.136	1.835	0.450	0.200	1.647	1.730	1.996	2.221
12% and higher	4.919	4.627	4.840	1.052	4.413	1.398	3.764	1.983	1.307	1.970	0.845	5.018
Floater	0	0	0	0	0	0	0	0.120	0	0	0	0
NA	0	0.253	0	0	0.647	0	0.240	0	0	1.203	0.523	0
Total	24.151	16.011	13.758	10.583	20.375	20.053	18.350	17.669	16.549	15.489	36.622	34.686
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
6%-6.99%	0.750	1	0	0	2.208	4	1.700	3	3.908	7	4.658	8	3.78%
7%-7.99%	3.256	7	6.050	11	11.483	24	9.047	16	20.529	40	31.364	61	19.86%
8%-8.99%	13.103	28	17.482	44	24.782	44	10.897	23	35.680	67	71.552	149	34.52%
9%-9.99%	7.498	20	14.497	31	11.611	28	3.685	11	15.296	39	43.775	106	14.80%
10%-10.99%	4.494	10	8.054	24	7.356	22	2.119	10	9.475	32	28.870	82	9.17%
11%-11.99%	4.663	13	2.485	7	5.373	17	2.221	7	7.594	24	24.956	60	7.35%
12% and higher	10.305	27	7.146	21	4.123	13	5.018	14	9.139	27	36.136	102	8.84%
Floater	0	0	0.120	1	0	0	0	0	0	0	0.120	1	0.00%
NA	0.647	2	0.240	1	1.725	5	0	0	1.725	5	2.866	9	1.67%
Total	44.716	108	56.073	140	68.661	157	34.686	84	103.347	241	244.298	578	100.00%
Versus Talk
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Lower	0.336	0.148	0.292	0.980	2.438	2.005	0.372	2.006	1.581	1.174	1.739	0.298
Low end	6.667	4.550	5.279	1.742	5.816	6.851	4.747	5.229	5.276	1.905	13.520	15.384
Middle	15.551	5.969	4.395	4.791	8.778	4.626	10.060	8.690	7.879	7.621	15.362	10.408
High end	1.597	3.110	0.297	2.352	2.021	3.037	0.896	0.741	0.736	2.156	0.912	3.086
Higher	0	2.076	2.255	0.147	0	0.834	0.412	0.128	0	0.713	0.659	0.449
NA	0	0.158	1.240	0.570	1.322	2.700	1.863	0.876	1.077	1.920	4.431	5.061
Total	24.151	16.011	13.758	10.583	20.375	20.053	18.350	17.669	16.549	15.489	36.622	34.686
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Lower	3.710	8	4.383	8	4.494	11	0.298	1	4.792	12	13.369	30	4.64%
Low end	12.837	31	16.827	41	20.700	43	15.384	32	36.085	75	76.966	173	34.92%
Middle	17.964	36	23.376	55	30.862	57	10.408	30	41.270	87	104.130	220	39.93%
High end	4.671	10	4.673	13	3.804	13	3.086	4	6.890	17	20.941	52	6.67%
Higher	2.402	8	1.375	5	1.372	6	0.449	2	1.822	8	7.675	27	1.76%
NA	3.132	15	5.439	18	7.427	27	5.061	15	12.489	42	21.217	76	12.08%
Total	44.716	108	56.073	140	68.661	157	34.686	84	103.347	241	244.298	578	100.00%
Upsized?
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Yes	12.792	8.851	5.809	6.199	10.717	7.683	8.610	8.932	10.302	3.203	16.615	9.877
No	11.359	6.617	7.185	4.383	9.659	12.370	9.553	8.737	5.311	11.526	20.007	23.601
Downsized	0	0.543	0.764	0	0	0	0.188	0	0.936	0.761	0	1.209
Total	24.151	16.011	13.758	10.583	20.375	20.053	18.350	17.669	16.549	15.489	36.622	34.686
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	22.725	51	25.225	51	30.120	54	9.877	21	39.997	75	109.591	222	38.70%
No	21.227	54	30.660	88	36.844	99	23.601	59	60.445	158	130.307	343	58.49%
Downsized	0.764	3	0.188	1	1.697	4	1.209	4	2.905	8	4.400	13	2.81%
Total	44.716	108	56.073	140	68.661	157	34.686	84	103.347	241	244.298	578	100.00%
Quick Sale?
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Yes	16.063	10.296	9.339	6.293	11.814	7.420	7.819	3.319	8.671	7.414	17.381	16.717
No	8.088	5.715	4.419	4.289	8.562	12.633	10.531	14.351	7.878	8.075	19.241	17.969
Total	24.151	16.011	13.758	10.583	20.375	20.053	18.350	17.669	16.549	15.489	36.622	34.686
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	27.446	55	18.558	55	33.467	80	16.717	40	50.184	120	122.548	285	48.56%
No	17.270	53	37.515	85	35.194	77	17.969	44	53.163	121	121.750	293	51.44%
Total	44.716	108	56.073	140	68.661	157	34.686	84	103.347	241	244.298	578	100.00%
Seniority
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
mortgage	0	0	0	0	0	0.884	0	0	0	0	0.219	0
senior secured	12.100	7.117	4.347	2.405	9.167	5.909	7.610	7.938	7.774	5.217	8.673	9.542
secured	0	0	0	0	0	0	0.113	0	0	0	0.400	0
senior	10.760	8.265	9.411	7.305	10.304	12.367	10.455	9.731	7.663	8.749	25.680	22.817
senior subordinated	1.292	0.630	0	0.873	0.905	0.349	0.172	0	1.112	1.400	1.350	1.330
subordinated	0	0	0	0	0	0.544	0	0	0	0.123	0.300	0.998
Total	24.151	16.011	13.758	10.583	20.375	20.053	18.350	17.669	16.549	15.489	36.622	34.686
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
mortgage	0	0	0.884	2	0.219	1	0	0	0.219	1	1.103	3	0.21%
senior secured	15.919	42	21.458	50	21.663	49	9.542	28	31.205	77	87.798	202	30.19%
secured	0	0	0.113	1	0.400	1	0	0	0.400	1	0.513	2	0.39%
senior	27.020	61	32.553	82	42.093	95	22.817	49	64.910	144	143.507	336	62.81%
senior subordinated	1.777	5	0.522	3	3.862	9	1.330	4	5.192	13	9.412	28	5.02%
subordinated	0	0	0.544	2	0.423	2	0.998	3	1.421	5	1.965	7	1.37%
Total	44.716	108	56.073	140	68.661	157	34.686	84	103.347	241	244.298	578	100.00%
Moody's Rating
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Ba1	0.948	0.584	0.300	0.833	0.750	2.633	0.690	0	1.042	0	1.225	1.544
Ba2	2.977	0.677	1.744	1.672	3.059	1.729	1.829	0.550	1.377	2.343	7.289	2.289
Ba3	7.756	3.902	1.903	2.927	2.955	0.816	2.055	1.181	1.777	0.810	4.999	4.142
B1	6.352	4.070	1.943	1.843	4.234	7.503	3.246	5.286	2.632	3.444	8.734	6.953
B2	2.532	4.188	3.145	1.413	5.988	2.441	2.708	1.968	1.703	2.087	2.614	6.895
B3	1.082	2.091	2.108	0.838	0.709	2.760	4.375	5.171	4.362	4.963	6.587	3.146
Caa1	0.902	0.500	1.895	0.181	2.219	0.725	2.509	0.834	1.055	0.597	2.413	4.397
Caa2	0	0	0	0.250	0.463	0.410	0.197	0.300	0.191	0.245	1.092	2.350
Caa3	0	0	0	0	0	0	0	0	0.866	0	0	0
Ca	0	0	0	0	0	0	0	0	0	0	0	0.741
NR	1.603	0	0.720	0.626	0	1.036	0.741	2.380	1.546	1.000	1.670	2.231
Total	24.151	16.011	13.758	10.583	20.375	20.053	18.350	17.669	16.549	15.489	36.622	34.686
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Ba1	1.883	5	3.323	7	2.267	5	1.544	3	3.810	8	10.547	25	3.69%
Ba2	6.475	14	4.108	7	11.009	20	2.289	5	13.298	25	27.535	53	12.87%
Ba3	7.785	19	4.052	12	7.586	13	4.142	10	11.727	23	35.221	75	11.35%
B1	8.019	21	16.034	34	14.809	28	6.953	13	21.762	41	56.238	118	21.06%
B2	10.546	22	7.118	24	6.404	19	6.895	19	13.300	38	37.683	102	12.87%
B3	3.654	12	12.305	29	15.911	41	3.146	12	19.057	53	38.190	105	18.44%
Caa1	4.296	8	4.068	12	4.065	12	4.397	11	8.462	23	18.227	45	8.19%
Caa2	0.713	2	0.907	4	1.528	4	2.350	4	3.878	8	5.498	14	3.75%
Caa3	0	0	0	0	0.866	3	0	0	0.866	3	0.866	3	0.84%
Ca	0	0	0	0	0	0	0.741	1	0.741	1	0.741	1	0.72%
NR	1.346	5	4.158	11	4.216	12	2.231	6	6.446	18	13.553	37	6.24%
Total	44.716	108	56.073	140	68.661	157	34.686	84	103.347	241	244.298	578	100.00%
Use of Proceeds
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Acquisition	0	0	1.116	0.147	0.491	1.707	0.147	0.703	0.095	1.400	7.150	1.195
Capex	0	0	0	0.684	0	0	0.145	0.443	0	0.262	0.173	0.600
Chapter 11 exit	0	0	0	0	0	0	0	0	0	0	2.250	0
Dividend/recap	0	0	0	0	0.413	0	0	1.449	1.157	0.800	0.221	0
GCP	3.655	3.688	2.377	3.265	5.021	3.506	2.379	1.242	3.045	1.509	6.687	5.034
LBO	0	0	0	0	0	0	1.227	0	0	1.000	0	0.248
No proceeds	0	0	0	0	0.480	0	0	0.206	0	0	0	0
Redeem notes	0.697	0.146	0.300	1.415	4.063	2.093	2.803	0.422	2.365	0.890	5.954	9.689
Refinance	8.554	8.284	4.910	3.101	2.130	2.476	3.749	3.573	1.770	3.251	1.185	3.201
Repay bank debt	10.253	3.219	4.589	1.422	6.779	4.302	2.270	4.512	5.039	3.972	10.724	6.751
Multiple/Other/NA	0.991	0.673	0.465	0.548	0.999	5.969	5.632	5.120	3.077	2.405	2.278	7.969
Total	24.151	16.011	13.758	10.583	20.375	20.053	18.350	17.669	16.549	15.489	36.622	34.686
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	1.754	6	2.557	7	8.645	11	1.195	2	9.840	13	14.151	26	9.52%
Capex	0.684	2	0.587	3	0.435	2	0.600	1	1.035	3	2.307	8	1.00%
Chapter 11 exit	0	0	0	0	2.250	1	0	0	2.250	1	2.250	1	2.18%
Dividend/recap	0.413	1	1.449	3	2.177	4	0	0	2.177	4	4.039	8	2.11%
GCP	10.663	22	7.126	20	11.242	24	5.034	14	16.276	38	41.409	99	15.75%
LBO	0	0	1.227	2	1.000	1	0.248	1	1.248	2	2.475	4	1.21%
No proceeds	0.480	1	0.206	1	0	0	0	0	0	0	0.686	2	0.00%
Redeem notes	5.778	14	5.318	15	9.209	24	9.689	19	18.898	43	30.837	75	18.29%
Refinance	10.142	27	9.798	27	6.206	16	3.201	8	9.407	24	46.185	112	9.10%
Repay bank debt	12.790	29	11.084	28	19.736	53	6.751	14	26.487	67	63.833	154	25.63%
Multiple/Other/NA	2.012	6	16.721	34	7.761	21	7.969	25	15.730	46	36.128	89	15.22%
Total	44.716	108	56.073	140	68.661	157	34.686	84	103.347	241	244.298	578	100.00%
Industry Sector (by SIC code)
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Agriculture (0xxx)	0	0	0	0.348	0.309	0	0	0	0	0	0	0.982
Mining (1xxx)	4.012	0	0.585	0	0	1.780	0.825	0	0	0	0.199	0.589
Oil and gas (13xx)	1.294	1.746	0.409	0.424	0.987	0.730	1.898	2.309	1.121	1.978	5.406	2.526
Construction (15xx)	0	0	0.440	0	0.730	1.262	0	0.246	0.328	0	0	1.507
Manufacturing (2xxx, 3xxx)	5.910	3.718	3.329	3.686	6.525	7.919	4.079	6.584	5.253	5.739	9.708	12.878
Transportation (4xxx)	0	1.160	0.467	0.956	1.962	1.075	0.405	0.200	1.676	0	1.063	0.570
Communications (48xx)	2.280	1.904	2.542	3.828	4.736	2.843	6.041	4.428	2.701	1.250	6.578	5.579
Electric, gas, sanitary services (49xx)	2.727	1.221	0.175	0.292	0.250	1.239	0.900	0.206	1.290	1.860	0.425	1.000
Wholesale (5xxx)	0.758	1.980	1.588	0.098	1.924	0.538	1.492	0.874	0.493	0.476	2.974	1.506
Finance, insurance, real estate (6xxx)	0	0.436	0.282	0	0.946	0.544	0.588	1.266	1.930	3.187	3.264	3.779
Services (7xxx)	5.933	2.207	1.822	0.636	2.008	1.875	1.649	1.041	1.756	1.000	4.934	2.734
Health services (8xxx)	1.237	1.640	2.120	0.315	0	0.246	0.473	0.514	0	0	2.072	1.036
Total	24.151	16.011	13.758	10.583	20.375	20.053	18.350	17.669	16.549	15.489	36.622	34.686
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.657	2	0	0	0	0	0.982	4	0.982	4	1.639	6	0.95%
Mining (1xxx)	0.585	1	2.606	7	0.199	1	0.589	3	0.788	4	7.990	15	0.76%
Oil and gas (13xx)	1.819	7	4.938	13	8.505	16	2.526	5	11.031	21	20.828	51	10.67%
Construction (15xx)	1.170	5	1.508	3	0.328	2	1.507	6	1.835	8	4.513	16	1.78%
Manufacturing (2xxx, 3xxx)	13.539	33	18.582	49	20.700	56	12.878	23	33.578	79	75.328	190	32.49%
Transportation (4xxx)	3.384	9	1.680	6	2.739	8	0.570	2	3.309	10	9.533	28	3.20%
Communications (48xx)	11.106	17	13.311	21	10.529	17	5.579	12	16.108	29	44.709	76	15.59%
Electric, gas, sanitary services (49xx)	0.717	4	2.345	4	3.575	8	1.000	1	4.575	9	11.585	24	4.43%
Wholesale (5xxx)	3.609	9	2.905	8	3.943	14	1.506	6	5.449	20	14.700	43	5.27%
Finance, insurance, real estate (6xxx)	1.228	4	2.399	7	8.382	16	3.779	10	12.161	26	16.223	38	11.77%
Services (7xxx)	4.466	12	4.565	18	7.690	15	2.734	8	10.424	23	27.596	69	10.09%
Health services (8xxx)	2.435	5	1.234	4	2.072	4	1.036	4	3.108	8	9.654	22	3.01%
Total	44.716	108	56.073	140	68.661	157	34.686	84	103.347	241	244.298	578	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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