Analysis of high yield issuance for 13 months through June 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	6/2010
6.99% and lower	0	0	0	0.750	0	0	0	1.283	0	0.925	1.700	0.399	0.110
7%-7.99%	0	0	0.684	2.572	4.114	1.935	0	3.043	1.097	7.343	9.047	1.650	0
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	2.804
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	2.581
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	0.657
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	0.941
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	1.258
Floater	0	0	0	0	0	0	0.120	0	0	0	0	0	0
NA	0.253	0	0	0.647	0	0.240	0	0	1.203	0.523	0	0.068	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	8.351
	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	2.209	5	4.417	9	5.167	10	3.72%
7%-7.99%	3.256	7	6.050	11	11.483	24	10.696	19	22.179	43	31.484	61	18.64%
8%-8.99%	13.103	28	17.482	44	24.782	44	14.101	28	38.883	72	70.157	145	32.68%
9%-9.99%	7.498	20	14.497	31	11.611	28	7.386	20	18.997	48	44.754	107	15.97%
10%-10.99%	4.494	10	8.054	24	7.356	22	4.754	18	12.109	40	28.550	84	10.18%
11%-11.99%	4.663	13	2.485	7	5.373	17	3.947	12	9.321	29	19.255	56	7.83%
12% and higher	10.305	27	7.591	22	4.123	13	7.152	24	11.274	37	33.797	102	9.48%
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	1.51%
Total	44.716	108	56.517	141	68.661	157	50.313	127	118.974	284	236.218	576	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	6/2010
Lower	0.148	0.292	0.980	2.438	2.005	0.372	2.006	1.581	1.174	1.739	0.298	0	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	2.537
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	4.127
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	0.347
Higher	2.076	2.255	0.147	0	0.834	0.857	0.128	0	0.713	0.659	0.449	0.247	0
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	1.340
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	8.351
	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	4.03%
Low end	12.837	31	16.827	41	20.700	43	19.159	42	39.859	85	74.073	170	33.50%
Middle	17.964	36	23.376	55	30.862	57	18.602	49	49.465	106	96.774	212	41.58%
High end	4.671	10	4.673	13	3.804	13	4.167	8	7.971	21	20.425	51	6.70%
Higher	2.402	8	1.819	6	1.372	6	0.696	3	2.069	9	8.366	29	1.74%
NA	3.132	15	5.439	18	7.427	27	7.391	24	14.818	51	23.546	85	12.45%
Total	44.716	108	56.517	141	68.661	157	50.313	127	118.974	284	236.218	576	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	6/2010
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	2.884
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	5.170
Downsized	0.543	0.764	0	0	0	0.188	0	0.936	0.761	0	1.209	0.570	0.296
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	8.351
	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	14.486	30	44.606	84	101.408	206	37.49%
No	21.227	54	31.105	89	36.844	99	33.751	91	70.596	190	129.544	355	59.34%
Downsized	0.764	3	0.188	1	1.697	4	2.075	6	3.772	10	5.266	15	3.17%
Total	44.716	108	56.517	141	68.661	157	50.313	127	118.974	284	236.218	576	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	6/2010
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	2.838
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	5.513
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	8.351
	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	21.121	50	54.588	130	110.888	265	45.88%
No	17.270	53	37.959	86	35.194	77	29.191	77	64.386	154	125.330	311	54.12%
Total	44.716	108	56.517	141	68.661	157	50.313	127	118.974	284	236.218	576	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	6/2010
mortgage	0	0	0	0	0.884	0	0	0	0	0.219	0	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	1.944
secured	0	0	0	0	0	0.113	0	0	0	0.400	0	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	6.407
senior subordinated	0.630	0	0.873	0.905	0.349	0.172	0	1.112	1.400	1.350	1.330	0.400	0
subordinated	0	0	0	0	0.544	0	0	0	0.123	0.300	0.998	0	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	8.351
	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	0.18%
senior secured	15.919	42	21.902	51	21.663	49	13.667	42	35.330	91	80.268	202	29.70%
secured	0	0	0.113	1	0.400	1	0	0	0.400	1	0.513	2	0.34%
senior	27.020	61	32.553	82	42.093	95	33.919	77	76.011	172	143.849	338	63.89%
senior subordinated	1.777	5	0.522	3	3.862	9	1.730	5	5.592	14	8.521	24	4.70%
subordinated	0	0	0.544	2	0.423	2	0.998	3	1.421	5	1.965	7	1.19%
Total	44.716	108	56.517	141	68.661	157	50.313	127	118.974	284	236.218	576	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	6/2010
Ba1	0.584	0.300	0.833	0.750	2.633	0.690	0	1.042	0	1.225	1.544	0.399	0.110
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	1.046
Ba3	3.902	1.903	2.927	2.955	0.816	2.055	1.181	1.777	0.810	4.999	4.142	0	2.083
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	0.455
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	1.635
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	2.229
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	0.430
Caa2	0	0	0.250	0.463	0.410	0.197	0.300	0.191	0.245	1.092	2.350	0.300	0
Caa3	0	0	0	0	0	0	0	0.866	0	0	0	0	0
Ca	0	0	0	0	0	0	0	0	0	0	0.741	0	0
NR	0	0.720	0.626	0	1.036	0.741	2.380	1.546	1.000	1.670	2.231	0.495	0.363
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	8.351
	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	2.052	5	4.319	10	10.108	24	3.63%
Ba2	6.475	14	4.108	7	11.009	20	4.032	9	15.041	29	26.302	52	12.64%
Ba3	7.785	19	4.052	12	7.586	13	6.225	13	13.811	26	29.549	66	11.61%
B1	8.019	21	16.034	34	14.809	28	9.527	18	24.336	46	52.459	112	20.45%
B2	10.546	22	7.118	24	6.404	19	9.989	29	16.393	48	38.244	105	13.78%
B3	3.654	12	12.750	30	15.911	41	6.874	24	22.786	65	41.281	114	19.15%
Caa1	4.296	8	4.068	12	4.065	12	5.135	13	9.200	25	18.063	46	7.73%
Caa2	0.713	2	0.907	4	1.528	4	2.650	5	4.178	9	5.798	15	3.51%
Caa3	0	0	0	0	0.866	3	0	0	0.866	3	0.866	3	0.73%
Ca	0	0	0	0	0	0	0.741	1	0.741	1	0.741	1	0.62%
NR	1.346	5	4.158	11	4.216	12	3.088	10	7.303	22	12.807	38	6.14%
Total	44.716	108	56.517	141	68.661	157	50.313	127	118.974	284	236.218	576	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	6/2010
Acquisition	0	1.116	0.147	0.491	1.707	0.147	0.703	0.095	1.400	7.150	1.195	0.225	1.711
Capex	0	0	0.684	0	0	0.145	0.443	0	0.262	0.173	0.600	0	0
Chapter 11 exit	0	0	0	0	0	0	0	0	0	2.250	0	0	0.363
Dividend/recap	0	0	0	0.413	0	0	1.449	1.157	0.800	0.221	0	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	0
LBO	0	0	0	0	0	1.227	0	0	1.000	0	0.248	0.905	1.732
No proceeds	0	0	0	0.480	0	0	0.206	0	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	1.761
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	1.244
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	0.494
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	1.046
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	8.351
	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	3.131	8	11.776	19	16.087	32	9.90%
Capex	0.684	2	0.587	3	0.435	2	0.600	1	1.035	3	2.307	8	0.87%
Chapter 11 exit	0	0	0	0	2.250	1	0.363	2	2.613	3	2.613	3	2.20%
Dividend/recap	0.413	1	1.449	3	2.177	4	0	0	2.177	4	4.039	8	1.83%
GCP	10.663	22	7.126	20	11.242	24	5.544	17	16.786	41	38.263	94	14.11%
LBO	0	0	1.227	2	1.000	1	2.885	9	3.885	10	5.112	12	3.27%
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	12.018	23	21.227	47	32.469	77	17.84%
Refinance	10.142	27	10.243	28	6.206	16	5.448	14	11.653	30	40.322	103	9.79%
Repay bank debt	12.790	29	11.084	28	19.736	53	9.532	20	29.268	73	56.361	141	24.60%
Multiple/Other/NA	2.012	6	16.721	34	7.761	21	10.793	33	18.554	54	37.960	96	15.60%
Total	44.716	108	56.517	141	68.661	157	50.313	127	118.974	284	236.218	576	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	6/2010
Agriculture (0xxx)	0	0	0.348	0.309	0	0	0	0	0	0	0.982	0	0.430
Mining (1xxx)	0	0.585	0	0	1.780	0.825	0	0	0	0.199	0.589	0	0.350
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	0.296
Construction (15xx)	0	0.440	0	0.730	1.262	0	0.246	0.328	0	0	1.507	0.300	0.246
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	3.050
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	0
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	1.150
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	0.110
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	0
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	0.464
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	1.305
Health services (8xxx)	1.640	2.120	0.315	0	0.246	0.473	0.514	0	0	2.072	1.036	0.206	0.949
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	8.351
	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	1.412	5	1.412	5	2.069	7	1.19%
Mining (1xxx)	0.585	1	2.606	7	0.199	1	0.939	4	1.138	5	4.328	13	0.96%
Oil and gas (13xx)	1.819	7	4.938	13	8.505	16	2.823	6	11.327	22	19.830	47	9.52%
Construction (15xx)	1.170	5	1.508	3	0.328	2	2.053	8	2.381	10	5.059	18	2.00%
Manufacturing (2xxx, 3xxx)	13.539	33	18.582	49	20.700	56	18.856	35	39.556	91	75.396	187	33.25%
Transportation (4xxx)	3.384	9	2.125	7	2.739	8	0.847	3	3.586	11	10.255	30	3.01%
Communications (48xx)	11.106	17	13.311	21	10.529	17	6.954	15	17.483	32	43.804	75	14.69%
Electric, gas, sanitary services (49xx)	0.717	4	2.345	4	3.575	8	1.510	3	5.085	11	9.368	22	4.27%
Wholesale (5xxx)	3.609	9	2.905	8	3.943	14	2.902	11	6.845	25	15.339	46	5.75%
Finance, insurance, real estate (6xxx)	1.228	4	2.399	7	8.382	16	4.820	15	13.201	31	17.264	43	11.10%
Services (7xxx)	4.466	12	4.565	18	7.690	15	5.006	15	12.697	30	23.935	66	10.67%
Health services (8xxx)	2.435	5	1.234	4	2.072	4	2.191	7	4.263	11	9.571	22	3.58%
Total	44.716	108	56.517	141	68.661	157	50.313	127	118.974	284	236.218	576	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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