Analysis of high yield issuance for 12 months through May 2010

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

Yield

	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010
6.99% and lower	0	0	0	0.750	0	0	0	1.283	0	0.925	1.700	0.399
7%-7.99%	0	0	0.684	2.572	4.114	1.935	0	3.043	1.097	7.343	9.047	1.650
8%-8.99%	0.688	3.192	5.201	4.710	7.220	6.979	3.282	3.844	5.783	15.155	10.897	0.400
9%-9.99%	3.762	1.827	1.559	4.112	3.730	2.782	7.986	3.181	1.483	6.946	3.685	1.120
10%-10.99%	3.893	2.331	1.128	1.035	1.756	2.201	4.097	2.243	2.223	2.889	2.119	1.977
11%-11.99%	2.787	1.568	0.958	2.136	1.835	0.450	0.200	1.647	1.730	1.996	2.221	0.785
12% and higher	4.627	4.840	1.052	4.413	1.398	4.209	1.983	1.307	1.970	0.845	5.018	0.878
Floater	0	0	0	0	0	0	0.120	0	0	0	0	0
NA	0.253	0	0	0.647	0	0.240	0	0	1.203	0.523	0	0.068
Total	16.011	13.758	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
6.99% and lower	0.750	1	0	0	2.208	4	2.099	4	4.307	8	5.057	9	3.89%
7%-7.99%	3.256	7	6.050	11	11.483	24	10.696	19	22.179	43	31.484	61	20.05%
8%-8.99%	13.103	28	17.482	44	24.782	44	11.297	24	36.080	68	67.353	141	32.62%
9%-9.99%	7.498	20	14.497	31	11.611	28	4.805	14	16.416	42	42.174	101	14.84%
10%-10.99%	4.494	10	8.054	24	7.356	22	4.096	16	11.452	38	27.893	82	10.35%
11%-11.99%	4.663	13	2.485	7	5.373	17	3.006	10	8.379	27	18.314	54	7.57%
12% and higher	10.305	27	7.591	22	4.123	13	5.895	19	10.016	32	32.540	97	9.06%
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	0.068	1	1.793	6	2.933	10	1.62%
Total	44.716	108	56.517	141	68.661	157	41.962	107	110.623	264	227.867	556	100.00%
Versus Talk
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010
Lower	0.148	0.292	0.980	2.438	2.005	0.372	2.006	1.581	1.174	1.739	0.298	0
Low end	4.550	5.279	1.742	5.816	6.851	4.747	5.229	5.276	1.905	13.520	15.384	1.238
Middle	5.969	4.395	4.791	8.778	4.626	10.060	8.690	7.879	7.621	15.362	10.408	4.068
High end	3.110	0.297	2.352	2.021	3.037	0.896	0.741	0.736	2.156	0.912	3.086	0.733
Higher	2.076	2.255	0.147	0	0.834	0.857	0.128	0	0.713	0.659	0.449	0.247
NA	0.158	1.240	0.570	1.322	2.700	1.863	0.876	1.077	1.920	4.431	5.061	0.990
Total	16.011	13.758	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276
	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	13.033	29	4.33%
Low end	12.837	31	16.827	41	20.700	43	16.622	36	37.322	79	71.537	164	33.74%
Middle	17.964	36	23.376	55	30.862	57	14.476	42	45.338	99	92.647	205	40.98%
High end	4.671	10	4.673	13	3.804	13	3.819	7	7.624	20	20.078	50	6.89%
Higher	2.402	8	1.819	6	1.372	6	0.696	3	2.069	9	8.366	29	1.87%
NA	3.132	15	5.439	18	7.427	27	6.051	18	13.478	45	22.206	79	12.18%
Total	44.716	108	56.517	141	68.661	157	41.962	107	110.623	264	227.867	556	100.00%
Upsized?
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010
Yes	8.851	5.809	6.199	10.717	7.683	8.610	8.932	10.302	3.203	16.615	9.877	1.725
No	6.617	7.185	4.383	9.659	12.370	9.997	8.737	5.311	11.526	20.007	23.601	4.981
Downsized	0.543	0.764	0	0	0	0.188	0	0.936	0.761	0	1.209	0.570
Total	16.011	13.758	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276
	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	11.602	25	41.722	79	98.524	201	37.72%
No	21.227	54	31.105	89	36.844	99	28.582	77	65.426	176	124.374	341	59.14%
Downsized	0.764	3	0.188	1	1.697	4	1.779	5	3.475	9	4.970	14	3.14%
Total	44.716	108	56.517	141	68.661	157	41.962	107	110.623	264	227.867	556	100.00%
Quick Sale?
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010
Yes	10.296	9.339	6.293	11.814	7.420	7.819	3.319	8.671	7.414	17.381	16.717	1.566
No	5.715	4.419	4.289	8.562	12.633	10.976	14.351	7.878	8.075	19.241	17.969	5.709
Total	16.011	13.758	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276
	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	18.284	45	51.750	125	108.051	260	46.78%
No	17.270	53	37.959	86	35.194	77	23.678	62	58.873	139	119.817	296	53.22%
Total	44.716	108	56.517	141	68.661	157	41.962	107	110.623	264	227.867	556	100.00%
Seniority
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010
mortgage	0	0	0	0	0.884	0	0	0	0	0.219	0	0
senior secured	7.117	4.347	2.405	9.167	5.909	8.055	7.938	7.774	5.217	8.673	9.542	2.181
secured	0	0	0	0	0	0.113	0	0	0	0.400	0	0
senior	8.265	9.411	7.305	10.304	12.367	10.455	9.731	7.663	8.749	25.680	22.817	4.695
senior subordinated	0.630	0	0.873	0.905	0.349	0.172	0	1.112	1.400	1.350	1.330	0.400
subordinated	0	0	0	0	0.544	0	0	0	0.123	0.300	0.998	0
Total	16.011	13.758	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276
	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	0.20%
senior secured	15.919	42	21.902	51	21.663	49	11.723	36	33.386	85	78.324	196	30.18%
secured	0	0	0.113	1	0.400	1	0	0	0.400	1	0.513	2	0.36%
senior	27.020	61	32.553	82	42.093	95	27.512	63	69.604	158	137.442	324	62.92%
senior subordinated	1.777	5	0.522	3	3.862	9	1.730	5	5.592	14	8.521	24	5.06%
subordinated	0	0	0.544	2	0.423	2	0.998	3	1.421	5	1.965	7	1.28%
Total	44.716	108	56.517	141	68.661	157	41.962	107	110.623	264	227.867	556	100.00%
Moody's Rating
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010
Ba1	0.584	0.300	0.833	0.750	2.633	0.690	0	1.042	0	1.225	1.544	0.399
Ba2	0.677	1.744	1.672	3.059	1.729	1.829	0.550	1.377	2.343	7.289	2.289	0.697
Ba3	3.902	1.903	2.927	2.955	0.816	2.055	1.181	1.777	0.810	4.999	4.142	0
B1	4.070	1.943	1.843	4.234	7.503	3.246	5.286	2.632	3.444	8.734	6.953	2.119
B2	4.188	3.145	1.413	5.988	2.441	2.708	1.968	1.703	2.087	2.614	6.895	1.459
B3	2.091	2.108	0.838	0.709	2.760	4.820	5.171	4.362	4.963	6.587	3.146	1.500
Caa1	0.500	1.895	0.181	2.219	0.725	2.509	0.834	1.055	0.597	2.413	4.397	0.308
Caa2	0	0	0.250	0.463	0.410	0.197	0.300	0.191	0.245	1.092	2.350	0.300
Caa3	0	0	0	0	0	0	0	0.866	0	0	0	0
Ca	0	0	0	0	0	0	0	0	0	0	0.741	0
NR	0	0.720	0.626	0	1.036	0.741	2.380	1.546	1.000	1.670	2.231	0.495
Total	16.011	13.758	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276
	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	1.942	4	4.209	9	9.998	23	3.80%
Ba2	6.475	14	4.108	7	11.009	20	2.986	7	13.995	27	25.255	50	12.65%
Ba3	7.785	19	4.052	12	7.586	13	4.142	10	11.727	23	27.466	63	10.60%
B1	8.019	21	16.034	34	14.809	28	9.072	17	23.881	45	52.004	111	21.59%
B2	10.546	22	7.118	24	6.404	19	8.354	25	14.758	44	36.610	101	13.34%
B3	3.654	12	12.750	30	15.911	41	4.646	18	20.557	59	39.052	108	18.58%
Caa1	4.296	8	4.068	12	4.065	12	4.705	12	8.770	24	17.633	45	7.93%
Caa2	0.713	2	0.907	4	1.528	4	2.650	5	4.178	9	5.798	15	3.78%
Caa3	0	0	0	0	0.866	3	0	0	0.866	3	0.866	3	0.78%
Ca	0	0	0	0	0	0	0.741	1	0.741	1	0.741	1	0.67%
NR	1.346	5	4.158	11	4.216	12	2.725	8	6.941	20	12.445	36	6.27%
Total	44.716	108	56.517	141	68.661	157	41.962	107	110.623	264	227.867	556	100.00%
Use of Proceeds
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010
Acquisition	0	1.116	0.147	0.491	1.707	0.147	0.703	0.095	1.400	7.150	1.195	0.225
Capex	0	0	0.684	0	0	0.145	0.443	0	0.262	0.173	0.600	0
Chapter 11 exit	0	0	0	0	0	0	0	0	0	2.250	0	0
Dividend/recap	0	0	0	0.413	0	0	1.449	1.157	0.800	0.221	0	0
GCP	3.688	2.377	3.265	5.021	3.506	2.379	1.242	3.045	1.509	6.687	5.034	0.510
LBO	0	0	0	0	0	1.227	0	0	1.000	0	0.248	0.905
No proceeds	0	0	0	0.480	0	0	0.206	0	0	0	0	0
Redeem notes	0.146	0.300	1.415	4.063	2.093	2.803	0.422	2.365	0.890	5.954	9.689	0.568
Refinance	8.284	4.910	3.101	2.130	2.476	4.194	3.573	1.770	3.251	1.185	3.201	1.003
Repay bank debt	3.219	4.589	1.422	6.779	4.302	2.270	4.512	5.039	3.972	10.724	6.751	2.287
Multiple/Other/NA	0.673	0.465	0.548	0.999	5.969	5.632	5.120	3.077	2.405	2.278	7.969	1.777
Total	16.011	13.758	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276
	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	1.420	3	10.065	14	14.376	27	9.10%
Capex	0.684	2	0.587	3	0.435	2	0.600	1	1.035	3	2.307	8	0.94%
Chapter 11 exit	0	0	0	0	2.250	1	0	0	2.250	1	2.250	1	2.03%
Dividend/recap	0.413	1	1.449	3	2.177	4	0	0	2.177	4	4.039	8	1.97%
GCP	10.663	22	7.126	20	11.242	24	5.544	17	16.786	41	38.263	94	15.17%
LBO	0	0	1.227	2	1.000	1	1.153	5	2.153	6	3.380	8	1.95%
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	10.257	21	19.466	45	30.708	75	17.60%
Refinance	10.142	27	10.243	28	6.206	16	4.204	11	10.410	27	39.078	100	9.41%
Repay bank debt	12.790	29	11.084	28	19.736	53	9.039	19	28.775	72	55.867	140	26.01%
Multiple/Other/NA	2.012	6	16.721	34	7.761	21	9.747	30	17.507	51	36.914	93	15.83%
Total	44.716	108	56.517	141	68.661	157	41.962	107	110.623	264	227.867	556	100.00%
Industry Sector (by SIC code)
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010
Agriculture (0xxx)	0	0	0.348	0.309	0	0	0	0	0	0	0.982	0
Mining (1xxx)	0	0.585	0	0	1.780	0.825	0	0	0	0.199	0.589	0
Oil and gas (13xx)	1.746	0.409	0.424	0.987	0.730	1.898	2.309	1.121	1.978	5.406	2.526	0
Construction (15xx)	0	0.440	0	0.730	1.262	0	0.246	0.328	0	0	1.507	0.300
Manufacturing (2xxx, 3xxx)	3.718	3.329	3.686	6.525	7.919	4.079	6.584	5.253	5.739	9.708	12.878	2.928
Transportation (4xxx)	1.160	0.467	0.956	1.962	1.075	0.850	0.200	1.676	0	1.063	0.570	0.277
Communications (48xx)	1.904	2.542	3.828	4.736	2.843	6.041	4.428	2.701	1.250	6.578	5.579	0.225
Electric, gas, sanitary services (49xx)	1.221	0.175	0.292	0.250	1.239	0.900	0.206	1.290	1.860	0.425	1.000	0.400
Wholesale (5xxx)	1.980	1.588	0.098	1.924	0.538	1.492	0.874	0.493	0.476	2.974	1.506	1.396
Finance, insurance, real estate (6xxx)	0.436	0.282	0	0.946	0.544	0.588	1.266	1.930	3.187	3.264	3.779	0.576
Services (7xxx)	2.207	1.822	0.636	2.008	1.875	1.649	1.041	1.756	1.000	4.934	2.734	0.968
Health services (8xxx)	1.640	2.120	0.315	0	0.246	0.473	0.514	0	0	2.072	1.036	0.206
Total	16.011	13.758	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276
	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	0.89%
Mining (1xxx)	0.585	1	2.606	7	0.199	1	0.589	3	0.788	4	3.978	12	0.71%
Oil and gas (13xx)	1.819	7	4.938	13	8.505	16	2.526	5	11.031	21	19.534	46	9.97%
Construction (15xx)	1.170	5	1.508	3	0.328	2	1.807	7	2.135	9	4.813	17	1.93%
Manufacturing (2xxx, 3xxx)	13.539	33	18.582	49	20.700	56	15.805	30	36.506	86	72.346	182	33.00%
Transportation (4xxx)	3.384	9	2.125	7	2.739	8	0.847	3	3.586	11	10.255	30	3.24%
Communications (48xx)	11.106	17	13.311	21	10.529	17	5.804	13	16.333	30	42.654	73	14.76%
Electric, gas, sanitary services (49xx)	0.717	4	2.345	4	3.575	8	1.400	2	4.975	10	9.258	21	4.50%
Wholesale (5xxx)	3.609	9	2.905	8	3.943	14	2.902	11	6.845	25	15.339	46	6.19%
Finance, insurance, real estate (6xxx)	1.228	4	2.399	7	8.382	16	4.356	13	12.737	29	16.800	41	11.51%
Services (7xxx)	4.466	12	4.565	18	7.690	15	3.702	11	11.392	26	22.630	62	10.30%
Health services (8xxx)	2.435	5	1.234	4	2.072	4	1.243	5	3.315	9	8.623	20	3.00%
Total	44.716	108	56.517	141	68.661	157	41.962	107	110.623	264	227.867	556	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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