Analysis of high yield issuance for 13 months through July 2010

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

Yield

	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
6.99% and lower	0	0	0.750	0	0	0	1.283	0	0.925	1.700	0.399	0.110	4.386
7%-7.99%	0	0.684	2.572	4.114	1.935	0	3.043	1.097	7.343	9.047	1.650	0	4.042
8%-8.99%	3.192	5.201	4.710	7.220	6.979	3.282	3.844	5.783	15.155	10.897	0.400	2.804	2.428
9%-9.99%	1.827	1.559	4.112	3.730	2.782	7.986	3.181	1.483	6.946	3.685	1.120	2.581	3.797
10%-10.99%	2.331	1.128	1.035	1.756	2.201	4.097	2.243	2.223	2.889	2.119	1.977	0.657	1.573
11%-11.99%	1.568	0.958	2.136	1.835	0.450	0.200	1.647	1.730	1.996	2.221	0.785	0.941	1.037
12% and higher	4.840	1.052	4.413	1.398	4.209	1.983	1.307	1.970	0.845	5.018	0.878	1.258	1.425
Floater	0	0	0	0	0	0.120	0	0	0	0	0	0	0
NA	0	0	0.647	0	0.240	0	0	1.203	0.523	0	0.068	0.075	0.905
Total	13.758	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.426	19.591
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
6.99% and lower	0.750	1	0	0	2.208	4	2.209	5	4.386	6	8.803	15	9.553	16	6.34%
7%-7.99%	3.256	7	6.050	11	11.483	24	10.696	19	4.042	7	26.221	50	35.526	68	18.91%
8%-8.99%	13.103	28	17.482	44	24.782	44	14.101	28	2.428	4	41.311	76	71.896	148	29.80%
9%-9.99%	7.498	20	14.497	31	11.611	28	7.386	20	3.797	8	22.793	56	44.789	107	16.44%
10%-10.99%	4.494	10	8.054	24	7.356	22	4.754	18	1.573	4	13.682	44	26.230	78	9.87%
11%-11.99%	4.663	13	2.485	7	5.373	17	3.947	12	1.037	4	10.357	33	17.505	53	7.47%
12% and higher	10.305	27	7.591	22	4.123	13	7.152	24	1.425	3	12.699	40	30.594	89	9.15%
Floater	0	0	0.120	1	0	0	0	0	0	0	0	0	0.120	1	0.00%
NA	0.647	2	0.240	1	1.725	5	0.143	2	0.905	3	2.773	10	3.661	13	2.00%
Total	44.716	108	56.517	141	68.661	157	50.388	128	19.591	39	138.640	324	239.873	573	100.00%
Versus Talk
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Lower	0.292	0.980	2.438	2.005	0.372	2.006	1.581	1.174	1.739	0.298	0	0	1.654
Low end	5.279	1.742	5.816	6.851	4.747	5.229	5.276	1.905	13.520	15.384	1.238	2.537	7.838
Middle	4.395	4.791	8.778	4.626	10.060	8.690	7.879	7.621	15.362	10.408	4.068	4.127	4.659
High end	0.297	2.352	2.021	3.037	0.896	0.741	0.736	2.156	0.912	3.086	0.733	0.347	0.991
Higher	2.255	0.147	0	0.834	0.857	0.128	0	0.713	0.659	0.449	0.247	0	0
NA	1.240	0.570	1.322	2.700	1.863	0.876	1.077	1.920	4.431	5.061	0.990	1.415	4.449
Total	13.758	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.426	19.591
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Lower	3.710	8	4.383	8	4.494	11	0.298	1	1.654	2	6.446	14	14.539	30	4.65%
Low end	12.837	31	16.827	41	20.700	43	19.159	42	7.838	14	47.697	99	77.362	171	34.40%
Middle	17.964	36	23.376	55	30.862	57	18.602	49	4.659	8	54.124	114	95.463	205	39.04%
High end	4.671	10	4.673	13	3.804	13	4.167	8	0.991	1	8.962	22	18.306	45	6.46%
Higher	2.402	8	1.819	6	1.372	6	0.696	3	0	0	2.069	9	6.290	23	1.49%
NA	3.132	15	5.439	18	7.427	27	7.466	25	4.449	14	19.342	66	27.913	99	13.95%
Total	44.716	108	56.517	141	68.661	157	50.388	128	19.591	39	138.640	324	239.873	573	100.00%
Upsized?
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Yes	5.809	6.199	10.717	7.683	8.610	8.932	10.302	3.203	16.615	9.877	1.725	2.959	5.829
No	7.185	4.383	9.659	12.370	9.997	8.737	5.311	11.526	20.007	23.601	4.981	5.170	12.263
Downsized	0.764	0	0	0	0.188	0	0.936	0.761	0	1.209	0.570	0.296	1.499
Total	13.758	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.426	19.591
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	22.725	51	25.225	51	30.120	54	14.561	31	5.829	11	50.510	96	98.460	198	36.43%
No	21.227	54	31.105	89	36.844	99	33.751	91	12.263	25	82.859	215	135.190	358	59.77%
Downsized	0.764	3	0.188	1	1.697	4	2.075	6	1.499	3	5.271	13	6.223	17	3.80%
Total	44.716	108	56.517	141	68.661	157	50.388	128	19.591	39	138.640	324	239.873	573	100.00%
Quick Sale?
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Yes	9.339	6.293	11.814	7.420	7.819	3.319	8.671	7.414	17.381	16.717	1.566	2.913	9.894
No	4.419	4.289	8.562	12.633	10.976	14.351	7.878	8.075	19.241	17.969	5.709	5.513	9.698
Total	13.758	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.426	19.591
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	27.446	55	18.558	55	33.467	80	21.196	51	9.894	16	64.557	147	110.561	257	46.56%
No	17.270	53	37.959	86	35.194	77	29.191	77	9.698	23	74.083	177	129.312	316	53.44%
Total	44.716	108	56.517	141	68.661	157	50.388	128	19.591	39	138.640	324	239.873	573	100.00%
Seniority
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
mortgage	0	0	0	0.884	0	0	0	0	0.219	0	0	0	1.320
senior secured	4.347	2.405	9.167	5.909	8.055	7.938	7.774	5.217	8.673	9.542	2.181	1.944	5.654
secured	0	0	0	0	0.113	0	0	0	0.400	0	0	0	0
senior	9.411	7.305	10.304	12.367	10.455	9.731	7.663	8.749	25.680	22.817	4.695	6.482	11.867
senior subordinated	0	0.873	0.905	0.349	0.172	0	1.112	1.400	1.350	1.330	0.400	0	0.500
subordinated	0	0	0	0.544	0	0	0	0.123	0.300	0.998	0	0	0.250
Total	13.758	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.426	19.591
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
mortgage	0	0	0.884	2	0.219	1	0	0	1.320	1	1.539	2	2.423	4	1.11%
senior secured	15.919	42	21.902	51	21.663	49	13.667	42	5.654	10	40.984	101	78.805	194	29.56%
secured	0	0	0.113	1	0.400	1	0	0	0	0	0.400	1	0.513	2	0.29%
senior	27.020	61	32.553	82	42.093	95	33.994	78	11.867	26	87.954	199	147.526	342	63.44%
senior subordinated	1.777	5	0.522	3	3.862	9	1.730	5	0.500	1	6.092	15	8.391	23	4.39%
subordinated	0	0	0.544	2	0.423	2	0.998	3	0.250	1	1.671	6	2.215	8	1.21%
Total	44.716	108	56.517	141	68.661	157	50.388	128	19.591	39	138.640	324	239.873	573	100.00%
Moody's Rating
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Ba1	0.300	0.833	0.750	2.633	0.690	0	1.042	0	1.225	1.544	0.399	0.110	2.985
Ba2	1.744	1.672	3.059	1.729	1.829	0.550	1.377	2.343	7.289	2.289	0.697	1.046	1.100
Ba3	1.903	2.927	2.955	0.816	2.055	1.181	1.777	0.810	4.999	4.142	0	2.083	4.969
B1	1.943	1.843	4.234	7.503	3.246	5.286	2.632	3.444	8.734	6.953	2.119	0.455	2.492
B2	3.145	1.413	5.988	2.441	2.708	1.968	1.703	2.087	2.614	6.895	1.459	1.635	2.247
B3	2.108	0.838	0.709	2.760	4.820	5.171	4.362	4.963	6.587	3.146	1.500	2.229	1.882
Caa1	1.895	0.181	2.219	0.725	2.509	0.834	1.055	0.597	2.413	4.397	0.308	0.430	2.167
Caa2	0	0.250	0.463	0.410	0.197	0.300	0.191	0.245	1.092	2.350	0.300	0	0
Caa3	0	0	0	0	0	0	0.866	0	0	0	0	0	0
Ca	0	0	0	0	0	0	0	0	0	0.741	0	0	0
NR	0.720	0.626	0	1.036	0.741	2.380	1.546	1.000	1.670	2.231	0.495	0.438	1.749
Total	13.758	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.426	19.591
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Ba1	1.883	5	3.323	7	2.267	5	2.052	5	2.985	4	7.304	14	12.509	26	5.27%
Ba2	6.475	14	4.108	7	11.009	20	4.032	9	1.100	2	16.141	31	26.724	52	11.64%
Ba3	7.785	19	4.052	12	7.586	13	6.225	13	4.969	9	18.780	35	30.616	66	13.55%
B1	8.019	21	16.034	34	14.809	28	9.527	18	2.492	4	26.828	50	50.882	105	19.35%
B2	10.546	22	7.118	24	6.404	19	9.989	29	2.247	6	18.640	54	36.304	100	13.44%
B3	3.654	12	12.750	30	15.911	41	6.874	24	1.882	3	24.668	68	41.072	110	17.79%
Caa1	4.296	8	4.068	12	4.065	12	5.135	13	2.167	4	11.367	29	19.730	49	8.20%
Caa2	0.713	2	0.907	4	1.528	4	2.650	5	0	0	4.178	9	5.798	15	3.01%
Caa3	0	0	0	0	0.866	3	0	0	0	0	0.866	3	0.866	3	0.62%
Ca	0	0	0	0	0	0	0.741	1	0	0	0.741	1	0.741	1	0.53%
NR	1.346	5	4.158	11	4.216	12	3.163	11	1.749	7	9.127	30	14.631	46	6.58%
Total	44.716	108	56.517	141	68.661	157	50.388	128	19.591	39	138.640	324	239.873	573	100.00%
Use of Proceeds
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Acquisition	1.116	0.147	0.491	1.707	0.147	0.703	0.095	1.400	7.150	1.195	0.225	1.711	0.585
Capex	0	0.684	0	0	0.145	0.443	0	0.262	0.173	0.600	0	0	0
Chapter 11 exit	0	0	0	0	0	0	0	0	2.250	0	0	0.363	0
Dividend/recap	0	0	0.413	0	0	1.449	1.157	0.800	0.221	0	0	0	0
GCP	2.377	3.265	5.021	3.506	2.379	1.242	3.045	1.509	6.687	5.034	0.510	0	4.749
LBO	0	0	0	0	1.227	0	0	1.000	0	0.248	0.905	1.732	1.564
No proceeds	0	0	0.480	0	0	0.206	0	0	0	0	0	0	0
Redeem notes	0.300	1.415	4.063	2.093	2.803	0.422	2.365	0.890	5.954	9.689	0.568	1.761	2.295
Refinance	4.910	3.101	2.130	2.476	4.194	3.573	1.770	3.251	1.185	3.201	1.003	1.244	2.746
Repay bank debt	4.589	1.422	6.779	4.302	2.270	4.512	5.039	3.972	10.724	6.751	2.287	0.494	2.479
Multiple/Other/NA	0.465	0.548	0.999	5.969	5.632	5.120	3.077	2.405	2.278	7.969	1.777	1.121	5.173
Total	13.758	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.426	19.591
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	1.754	6	2.557	7	8.645	11	3.131	8	0.585	2	12.360	21	16.671	34	8.92%
Capex	0.684	2	0.587	3	0.435	2	0.600	1	0	0	1.035	3	2.307	8	0.75%
Chapter 11 exit	0	0	0	0	2.250	1	0.363	2	0	0	2.613	3	2.613	3	1.88%
Dividend/recap	0.413	1	1.449	3	2.177	4	0	0	0	0	2.177	4	4.039	8	1.57%
GCP	10.663	22	7.126	20	11.242	24	5.544	17	4.749	6	21.535	47	39.324	89	15.53%
LBO	0	0	1.227	2	1.000	1	2.885	9	1.564	3	5.449	13	6.676	15	3.93%
No proceeds	0.480	1	0.206	1	0	0	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	2.295	4	23.522	51	34.618	80	16.97%
Refinance	10.142	27	10.243	28	6.206	16	5.448	14	2.746	5	14.400	35	34.784	90	10.39%
Repay bank debt	12.790	29	11.084	28	19.736	53	9.532	20	2.479	4	31.747	77	55.621	134	22.90%
Multiple/Other/NA	2.012	6	16.721	34	7.761	21	10.868	34	5.173	15	23.802	70	42.535	110	17.17%
Total	44.716	108	56.517	141	68.661	157	50.388	128	19.591	39	138.640	324	239.873	573	100.00%
Industry Sector (by SIC code)
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Agriculture (0xxx)	0	0.348	0.309	0	0	0	0	0	0	0.982	0	0.430	0.690
Mining (1xxx)	0.585	0	0	1.780	0.825	0	0	0	0.199	0.589	0	0.350	0.103
Oil and gas (13xx)	0.409	0.424	0.987	0.730	1.898	2.309	1.121	1.978	5.406	2.526	0	0.296	1.464
Construction (15xx)	0.440	0	0.730	1.262	0	0.246	0.328	0	0	1.507	0.300	0.246	0
Manufacturing (2xxx, 3xxx)	3.329	3.686	6.525	7.919	4.079	6.584	5.253	5.739	9.708	12.878	2.928	3.050	6.346
Transportation (4xxx)	0.467	0.956	1.962	1.075	0.850	0.200	1.676	0	1.063	0.570	0.277	0	1.085
Communications (48xx)	2.542	3.828	4.736	2.843	6.041	4.428	2.701	1.250	6.578	5.579	0.225	1.150	1.438
Electric, gas, sanitary services (49xx)	0.175	0.292	0.250	1.239	0.900	0.206	1.290	1.860	0.425	1.000	0.400	0.110	1.091
Wholesale (5xxx)	1.588	0.098	1.924	0.538	1.492	0.874	0.493	0.476	2.974	1.506	1.396	0	0.787
Finance, insurance, real estate (6xxx)	0.282	0	0.946	0.544	0.588	1.266	1.930	3.187	3.264	3.779	0.576	0.539	3.196
Services (7xxx)	1.822	0.636	2.008	1.875	1.649	1.041	1.756	1.000	4.934	2.734	0.968	1.305	3.115
Health services (8xxx)	2.120	0.315	0	0.246	0.473	0.514	0	0	2.072	1.036	0.206	0.949	0.275
Total	13.758	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.426	19.591
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.657	2	0	0	0	0	1.412	5	0.690	1	2.102	6	2.759	8	1.52%
Mining (1xxx)	0.585	1	2.606	7	0.199	1	0.939	4	0.103	1	1.241	6	4.432	14	0.90%
Oil and gas (13xx)	1.819	7	4.938	13	8.505	16	2.823	6	1.464	2	12.791	24	19.548	44	9.23%
Construction (15xx)	1.170	5	1.508	3	0.328	2	2.053	8	0	0	2.381	10	5.059	18	1.72%
Manufacturing (2xxx, 3xxx)	13.539	33	18.582	49	20.700	56	18.856	35	6.346	12	45.903	103	78.024	185	33.11%
Transportation (4xxx)	3.384	9	2.125	7	2.739	8	0.847	3	1.085	3	4.670	14	10.180	30	3.37%
Communications (48xx)	11.106	17	13.311	21	10.529	17	6.954	15	1.438	3	18.921	35	43.339	73	13.65%
Electric, gas, sanitary services (49xx)	0.717	4	2.345	4	3.575	8	1.510	3	1.091	1	6.176	12	9.238	20	4.45%
Wholesale (5xxx)	3.609	9	2.905	8	3.943	14	2.902	11	0.787	2	7.632	27	14.145	44	5.50%
Finance, insurance, real estate (6xxx)	1.228	4	2.399	7	8.382	16	4.895	16	3.196	8	16.473	40	20.100	51	11.88%
Services (7xxx)	4.466	12	4.565	18	7.690	15	5.006	15	3.115	5	15.812	35	24.843	65	11.41%
Health services (8xxx)	2.435	5	1.234	4	2.072	4	2.191	7	0.275	1	4.538	12	8.207	21	3.27%
Total	44.716	108	56.517	141	68.661	157	50.388	128	19.591	39	138.640	324	239.873	573	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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