Analysis of high yield issuance for 13 months through August 2010

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

Yield

	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
6.99% and lower	0	0.750	0	0	0	1.283	0	0.925	1.700	0.399	0.110	4.386	3.250
7%-7.99%	0.684	2.572	4.114	1.935	0	3.043	1.097	7.343	9.047	1.650	0	4.042	7.113
8%-8.99%	5.201	4.710	7.220	6.979	3.282	3.844	5.783	15.155	10.897	0.400	2.804	2.428	5.420
9%-9.99%	1.559	4.112	3.730	2.782	7.986	3.181	1.483	6.946	3.685	1.120	2.581	3.797	3.855
10%-10.99%	1.128	1.035	1.756	2.201	4.097	2.243	2.223	2.889	2.119	1.977	0.657	1.573	0.987
11%-11.99%	0.958	2.136	1.835	0.450	0.200	1.647	1.730	1.996	2.221	0.785	0.941	1.037	1.993
12% and higher	1.052	4.413	1.398	4.209	1.983	1.307	1.970	0.845	5.018	0.878	1.258	1.425	0.923
Floater	0	0	0	0	0.120	0	0	0	0	0	0	0	0
NA	0	0.647	0	0.240	0	0	1.203	0.523	0	0.068	0	0.205	0
Total	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.351	18.891	23.542
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
6.99% and lower	0	0	2.208	4	2.209	5	7.636	10	12.053	19	12.803	20	7.46%
7%-7.99%	6.050	11	11.483	24	10.696	19	11.155	18	33.334	61	42.639	79	20.65%
8%-8.99%	17.482	44	24.782	44	14.101	28	7.848	15	46.732	87	74.124	152	28.95%
9%-9.99%	14.497	31	11.611	28	7.386	20	7.651	19	26.648	67	46.817	114	16.51%
10%-10.99%	8.054	24	7.356	22	4.754	18	2.560	8	14.669	48	24.886	78	9.09%
11%-11.99%	2.485	7	5.373	17	3.947	12	3.030	11	12.350	40	17.930	56	7.65%
12% and higher	7.591	22	4.123	13	7.152	24	2.348	7	13.622	44	26.677	79	8.44%
Floater	0.120	1	0	0	0	0	0	0	0	0	0.120	1	0.00%
NA	0.240	1	1.725	5	0.068	1	0.205	2	1.998	8	2.886	11	1.24%
Total	56.517	141	68.661	157	50.313	127	42.433	90	161.407	374	248.882	590	100.00%
Versus Talk
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Lower	0.980	2.438	2.005	0.372	2.006	1.581	1.174	1.739	0.298	0	0	1.654	0.542
Low end	1.742	5.816	6.851	4.747	5.229	5.276	1.905	13.520	15.384	1.238	2.537	7.838	6.149
Middle	4.791	8.778	4.626	10.060	8.690	7.879	7.621	15.362	10.408	4.068	4.127	4.659	7.531
High end	2.352	2.021	3.037	0.896	0.741	0.736	2.156	0.912	3.086	0.733	0.347	0.991	6.331
Higher	0.147	0	0.834	0.857	0.128	0	0.713	0.659	0.449	0.247	0	0	0.954
NA	0.570	1.322	2.700	1.863	0.876	1.077	1.920	4.431	5.061	0.990	1.340	3.749	2.035
Total	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.351	18.891	23.542
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Lower	4.383	8	4.494	11	0.298	1	2.196	4	6.988	16	14.789	31	4.33%
Low end	16.827	41	20.700	43	19.159	42	13.987	25	53.846	110	78.232	171	33.36%
Middle	23.376	55	30.862	57	18.602	49	12.190	25	61.655	131	98.600	214	38.20%
High end	4.673	13	3.804	13	4.167	8	7.322	14	15.293	35	24.339	57	9.47%
Higher	1.819	6	1.372	6	0.696	3	0.954	3	3.022	12	4.989	19	1.87%
NA	5.439	18	7.427	27	7.391	24	5.784	19	20.602	70	27.933	98	12.76%
Total	56.517	141	68.661	157	50.313	127	42.433	90	161.407	374	248.882	590	100.00%
Upsized?
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Yes	6.199	10.717	7.683	8.610	8.932	10.302	3.203	16.615	9.877	1.725	2.884	5.129	8.179
No	4.383	9.659	12.370	9.997	8.737	5.311	11.526	20.007	23.601	4.981	5.170	12.263	14.946
Downsized	0	0	0	0.188	0	0.936	0.761	0	1.209	0.570	0.296	1.499	0.417
Total	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.351	18.891	23.542
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	25.225	51	30.120	54	14.486	30	13.307	24	57.913	108	100.055	195	35.88%
No	31.105	89	36.844	99	33.751	91	27.209	62	97.805	252	142.952	380	60.60%
Downsized	0.188	1	1.697	4	2.075	6	1.917	4	5.688	14	5.876	15	3.52%
Total	56.517	141	68.661	157	50.313	127	42.433	90	161.407	374	248.882	590	100.00%
Quick Sale?
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Yes	6.293	11.814	7.420	7.819	3.319	8.671	7.414	17.381	16.717	1.566	2.838	9.194	15.962
No	4.289	8.562	12.633	10.976	14.351	7.878	8.075	19.241	17.969	5.709	5.513	9.698	7.580
Total	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.351	18.891	23.542
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	18.558	55	33.467	80	21.121	50	25.156	47	79.744	177	116.409	273	49.41%
No	37.959	86	35.194	77	29.191	77	17.277	43	81.663	197	132.473	317	50.59%
Total	56.517	141	68.661	157	50.313	127	42.433	90	161.407	374	248.882	590	100.00%
Seniority
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
mortgage	0	0	0.884	0	0	0	0	0.219	0	0	0	1.320	0
senior secured	2.405	9.167	5.909	8.055	7.938	7.774	5.217	8.673	9.542	2.181	1.944	5.654	5.187
secured	0	0	0	0.113	0	0	0	0.400	0	0	0	0	0
senior	7.305	10.304	12.367	10.455	9.731	7.663	8.749	25.680	22.817	4.695	6.407	11.167	18.155
senior subordinated	0.873	0.905	0.349	0.172	0	1.112	1.400	1.350	1.330	0.400	0	0.500	0.200
subordinated	0	0	0.544	0	0	0	0.123	0.300	0.998	0	0	0.250	0
Total	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.351	18.891	23.542
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
mortgage	0.884	2	0.219	1	0	0	1.320	1	1.539	2	2.423	4	0.95%
senior secured	21.902	51	21.663	49	13.667	42	10.841	24	46.171	115	79.645	193	28.61%
secured	0.113	1	0.400	1	0	0	0	0	0.400	1	0.513	2	0.25%
senior	32.553	82	42.093	95	33.919	77	29.322	62	105.334	234	155.495	359	65.26%
senior subordinated	0.522	3	3.862	9	1.730	5	0.700	2	6.292	16	8.591	24	3.90%
subordinated	0.544	2	0.423	2	0.998	3	0.250	1	1.671	6	2.215	8	1.04%
Total	56.517	141	68.661	157	50.313	127	42.433	90	161.407	374	248.882	590	100.00%
Moody's Rating
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Ba1	0.833	0.750	2.633	0.690	0	1.042	0	1.225	1.544	0.399	0.110	2.985	2.419
Ba2	1.672	3.059	1.729	1.829	0.550	1.377	2.343	7.289	2.289	0.697	1.046	1.100	1.742
Ba3	2.927	2.955	0.816	2.055	1.181	1.777	0.810	4.999	4.142	0	2.083	4.969	2.074
B1	1.843	4.234	7.503	3.246	5.286	2.632	3.444	8.734	6.953	2.119	0.455	2.492	5.725
B2	1.413	5.988	2.441	2.708	1.968	1.703	2.087	2.614	6.895	1.459	1.635	2.247	2.273
B3	0.838	0.709	2.760	4.820	5.171	4.362	4.963	6.587	3.146	1.500	2.229	1.882	6.612
Caa1	0.181	2.219	0.725	2.509	0.834	1.055	0.597	2.413	4.397	0.308	0.430	2.167	2.438
Caa2	0.250	0.463	0.410	0.197	0.300	0.191	0.245	1.092	2.350	0.300	0	0	0
Caa3	0	0	0	0	0	0.866	0	0	0	0	0	0	0
Ca	0	0	0	0	0	0	0	0	0.741	0	0	0	0
NR	0.626	0	1.036	0.741	2.380	1.546	1.000	1.670	2.231	0.495	0.363	1.049	0.259
Total	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.351	18.891	23.542
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Ba1	3.323	7	2.267	5	2.052	5	5.404	8	9.723	18	14.629	29	6.02%
Ba2	4.108	7	11.009	20	4.032	9	2.842	5	17.883	34	26.722	49	11.08%
Ba3	4.052	12	7.586	13	6.225	13	7.043	12	20.854	38	30.787	65	12.92%
B1	16.034	34	14.809	28	9.527	18	8.218	16	32.554	62	54.664	111	20.17%
B2	7.118	24	6.404	19	9.989	29	4.520	15	20.913	63	35.431	104	12.96%
B3	12.750	30	15.911	41	6.874	24	8.494	16	31.279	81	45.576	116	19.38%
Caa1	4.068	12	4.065	12	5.135	13	4.606	10	13.806	35	20.274	53	8.55%
Caa2	0.907	4	1.528	4	2.650	5	0	0	4.178	9	5.798	15	2.59%
Caa3	0	0	0.866	3	0	0	0	0	0.866	3	0.866	3	0.54%
Ca	0	0	0	0	0.741	1	0	0	0.741	1	0.741	1	0.46%
NR	4.158	11	4.216	12	3.088	10	1.308	8	8.611	30	13.395	44	5.33%
Total	56.517	141	68.661	157	50.313	127	42.433	90	161.407	374	248.882	590	100.00%
Use of Proceeds
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Acquisition	0.147	0.491	1.707	0.147	0.703	0.095	1.400	7.150	1.195	0.225	1.711	0.585	0.700
Capex	0.684	0	0	0.145	0.443	0	0.262	0.173	0.600	0	0	0	0.710
Chapter 11 exit	0	0	0	0	0	0	0	2.250	0	0	0.363	0	0.452
Dividend/recap	0	0.413	0	0	1.449	1.157	0.800	0.221	0	0	0	0	0.750
GCP	3.265	5.021	3.506	2.379	1.242	3.045	1.509	6.687	5.034	0.510	0	4.749	3.158
LBO	0	0	0	1.227	0	0	1.000	0	0.248	0.905	1.732	1.564	0.774
No proceeds	0	0.480	0	0	0.206	0	0	0	0	0	0	0	0
Redeem notes	1.415	4.063	2.093	2.803	0.422	2.365	0.890	5.954	9.689	0.568	1.761	2.295	6.284
Refinance	3.101	2.130	2.476	4.194	3.573	1.770	3.251	1.185	3.201	1.003	1.244	2.746	1.044
Repay bank debt	1.422	6.779	4.302	2.270	4.512	5.039	3.972	10.724	6.751	2.287	0.494	2.479	7.660
Multiple/Other/NA	0.548	0.999	5.969	5.632	5.120	3.077	2.405	2.278	7.969	1.777	1.046	4.473	2.009
Total	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.351	18.891	23.542
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	2.557	7	8.645	11	3.131	8	1.285	4	13.060	23	16.255	33	8.09%
Capex	0.587	3	0.435	2	0.600	1	0.710	2	1.745	5	3.017	10	1.08%
Chapter 11 exit	0	0	2.250	1	0.363	2	0.452	1	3.064	4	3.064	4	1.90%
Dividend/recap	1.449	3	2.177	4	0	0	0.750	1	2.927	5	4.789	9	1.81%
GCP	7.126	20	11.242	24	5.544	17	7.907	10	24.693	51	40.106	89	15.30%
LBO	1.227	2	1.000	1	2.885	9	2.338	5	6.223	15	7.450	17	3.86%
No proceeds	0.206	1	0	0	0	0	0	0	0	0	0.686	2	0.00%
Redeem notes	5.318	15	9.209	24	12.018	23	8.579	15	29.806	62	40.602	90	18.47%
Refinance	10.243	28	6.206	16	5.448	14	3.791	9	15.444	39	30.918	82	9.57%
Repay bank debt	11.084	28	19.736	53	9.532	20	10.139	24	39.407	97	58.692	143	24.41%
Multiple/Other/NA	16.721	34	7.761	21	10.793	33	6.482	19	25.036	73	43.304	111	15.51%
Total	56.517	141	68.661	157	50.313	127	42.433	90	161.407	374	248.882	590	100.00%
Industry Sector (by SIC code)
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Agriculture (0xxx)	0.348	0.309	0	0	0	0	0	0	0.982	0	0.430	0.690	0
Mining (1xxx)	0	0	1.780	0.825	0	0	0	0.199	0.589	0	0.350	0.103	1.797
Oil and gas (13xx)	0.424	0.987	0.730	1.898	2.309	1.121	1.978	5.406	2.526	0	0.296	1.464	3.983
Construction (15xx)	0	0.730	1.262	0	0.246	0.328	0	0	1.507	0.300	0.246	0	0
Manufacturing (2xxx, 3xxx)	3.686	6.525	7.919	4.079	6.584	5.253	5.739	9.708	12.878	2.928	3.050	6.346	6.495
Transportation (4xxx)	0.956	1.962	1.075	0.850	0.200	1.676	0	1.063	0.570	0.277	0	1.085	1.042
Communications (48xx)	3.828	4.736	2.843	6.041	4.428	2.701	1.250	6.578	5.579	0.225	1.150	1.438	0.466
Electric, gas, sanitary services (49xx)	0.292	0.250	1.239	0.900	0.206	1.290	1.860	0.425	1.000	0.400	0.110	1.091	1.646
Wholesale (5xxx)	0.098	1.924	0.538	1.492	0.874	0.493	0.476	2.974	1.506	1.396	0	0.787	1.099
Finance, insurance, real estate (6xxx)	0	0.946	0.544	0.588	1.266	1.930	3.187	3.264	3.779	0.576	0.464	2.496	3.585
Services (7xxx)	0.636	2.008	1.875	1.649	1.041	1.756	1.000	4.934	2.734	0.968	1.305	3.115	2.503
Health services (8xxx)	0.315	0	0.246	0.473	0.514	0	0	2.072	1.036	0.206	0.949	0.275	0.925
Total	10.583	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.351	18.891	23.542
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	1.412	5	0.690	1	2.102	6	2.759	8	1.30%
Mining (1xxx)	2.606	7	0.199	1	0.939	4	1.901	5	3.039	10	5.644	17	1.88%
Oil and gas (13xx)	4.938	13	8.505	16	2.823	6	5.447	9	16.774	31	23.122	49	10.39%
Construction (15xx)	1.508	3	0.328	2	2.053	8	0	0	2.381	10	4.619	16	1.48%
Manufacturing (2xxx, 3xxx)	18.582	49	20.700	56	18.856	35	12.842	27	52.398	118	81.191	192	32.46%
Transportation (4xxx)	2.125	7	2.739	8	0.847	3	2.126	5	5.712	16	10.755	30	3.54%
Communications (48xx)	13.311	21	10.529	17	6.954	15	1.905	5	19.388	37	41.263	73	12.01%
Electric, gas, sanitary services (49xx)	2.345	4	3.575	8	1.510	3	2.737	4	7.822	15	10.709	22	4.85%
Wholesale (5xxx)	2.905	8	3.943	14	2.902	11	1.886	5	8.731	30	13.657	43	5.41%
Finance, insurance, real estate (6xxx)	2.399	7	8.382	16	4.820	15	6.082	13	19.283	44	22.628	54	11.95%
Services (7xxx)	4.565	18	7.690	15	5.006	15	5.618	13	18.315	43	25.524	67	11.35%
Health services (8xxx)	1.234	4	2.072	4	2.191	7	1.200	3	5.463	14	7.011	19	3.38%
Total	56.517	141	68.661	157	50.313	127	42.433	90	161.407	374	248.882	590	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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