Analysis of high yield issuance for 13 months through December 2010

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

Yield

	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
6.99% and lower	0	1.283	0	0.925	1.700	0.399	0.110	4.386	3.250	6.214	7.350	7.698	5.301
7%-7.99%	0	3.043	1.097	7.343	9.047	1.650	0	4.042	7.113	14.619	12.343	11.473	4.588
8%-8.99%	3.282	3.844	5.783	15.155	10.897	0.400	2.804	2.428	5.420	5.364	4.289	4.557	6.759
9%-9.99%	7.986	3.181	1.483	6.946	4.185	1.120	2.581	3.797	3.855	5.515	8.547	4.409	3.615
10%-10.99%	4.097	2.243	2.223	2.889	2.119	1.977	0.657	1.573	0.987	4.606	2.084	2.051	2.746
11%-11.99%	0.200	1.647	1.730	1.996	2.221	0.785	0.941	1.037	1.993	0.641	0.099	1.639	0
12% and higher	1.983	1.307	1.970	0.845	5.018	0.838	1.258	1.425	0.923	1.000	0.910	0.612	0.794
Floater	0.120	0	0	0	0	0	0	0	0	0	0	0	0.650
NA	0	0	1.203	0.523	0	0.068	0	0.205	0	0.156	0	0.100	0
Total	17.669	16.549	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
6.99% and lower	2.208	4	2.209	5	13.850	23	20.349	39	38.615	71	38.615	71	38.615	71	13.20%
7%-7.99%	11.483	24	10.696	19	25.774	44	28.404	48	76.357	135	76.357	135	76.357	135	26.10%
8%-8.99%	24.782	44	14.101	28	13.212	27	15.605	35	67.700	134	70.982	142	67.700	134	23.14%
9%-9.99%	11.611	28	7.886	21	13.166	30	16.571	39	49.234	118	57.220	130	49.234	118	16.83%
10%-10.99%	7.356	22	4.754	18	7.165	17	6.882	22	26.156	79	30.253	89	26.156	79	8.94%
11%-11.99%	5.373	17	3.947	12	3.671	14	1.738	6	14.730	49	14.930	50	14.730	49	5.03%
12% and higher	4.123	13	7.112	24	3.348	12	2.317	10	16.900	59	18.884	66	16.900	59	5.78%
Floater	0	0	0	0	0	0	0.650	1	0.650	1	0.770	2	0.650	1	0.22%
NA	1.725	5	0.068	1	0.362	4	0.100	1	2.255	11	2.255	11	2.255	11	0.77%
Total	68.661	157	50.773	128	80.548	171	92.615	201	292.597	657	310.267	696	292.597	657	100.00%
Versus Talk
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Lower	2.006	1.581	1.174	1.739	0.298	0	0	1.654	0.542	4.489	6.115	0.200	0.500
Low end	5.229	5.276	1.905	13.520	15.384	1.238	2.537	7.838	6.149	14.194	14.147	9.323	9.206
Middle	8.690	7.879	7.621	15.362	10.408	4.028	4.127	4.659	7.531	10.310	8.781	12.052	6.762
High end	0.741	0.736	2.156	0.912	3.086	0.733	0.347	0.991	6.331	2.860	1.582	5.180	2.557
Higher	0.128	0	0.713	0.659	0.449	0.247	0	0	0.954	0.269	0.638	2.938	2.300
NA	0.876	1.077	1.920	4.431	5.561	0.990	1.340	3.749	2.035	5.993	4.360	2.846	2.928
Yes	0	0	0	0	0	0	0	0	0	0	0	0	0.200
Total	17.669	16.549	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	4.494	11	0.298	1	6.685	12	6.815	10	18.292	34	20.298	37	18.292	34	6.25%
Low end	20.700	43	19.159	42	28.181	58	32.676	69	100.716	212	105.945	224	100.716	212	34.42%
Middle	30.862	57	18.563	49	22.501	42	27.595	58	99.521	206	108.211	221	99.521	206	34.01%
High end	3.804	13	4.167	8	10.182	19	9.319	21	27.472	61	28.212	64	27.472	61	9.39%
Higher	1.372	6	0.696	3	1.223	4	5.876	9	9.167	22	9.295	23	9.167	22	3.13%
NA	7.427	27	7.891	25	11.777	36	10.134	33	37.230	121	38.106	126	37.230	121	12.72%
Yes	0	0	0	0	0	0	0.200	1	0.200	1	0.200	1	0.200	1	0.07%
Total	68.661	157	50.773	128	80.548	171	92.615	201	292.597	657	310.267	696	292.597	657	100.00%
Upsized?
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Yes	8.932	10.302	3.203	16.615	9.877	1.725	2.884	5.129	8.179	16.663	11.332	9.747	9.999
No	8.737	5.311	11.526	20.007	24.101	4.941	5.170	12.263	14.946	19.547	23.242	20.731	13.579
Downsized	0	0.936	0.761	0	1.209	0.570	0.296	1.499	0.417	1.906	1.050	2.062	0.875
Total	17.669	16.549	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	30.120	54	14.486	30	29.970	54	31.077	58	105.653	196	114.585	210	105.653	196	36.11%
No	36.844	99	34.212	92	46.756	108	57.551	134	175.363	433	184.101	458	175.363	433	59.93%
Downsized	1.697	4	2.075	6	3.822	9	3.987	9	11.581	28	11.581	28	11.581	28	3.96%
Total	68.661	157	50.773	128	80.548	171	92.615	201	292.597	657	310.267	696	292.597	657	100.00%
Quick Sale?
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Yes	3.319	8.671	7.414	17.381	16.717	1.566	2.838	9.194	15.962	17.617	16.268	19.859	12.855
No	14.351	7.878	8.075	19.241	18.469	5.669	5.513	9.698	7.580	20.498	19.355	12.680	11.598
Total	17.669	16.549	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	33.467	80	21.121	50	42.773	82	48.983	104	146.344	316	149.662	326	146.344	316	50.02%
No	35.194	77	29.652	78	37.775	89	43.633	97	146.254	341	160.604	370	146.254	341	49.98%
Total	68.661	157	50.773	128	80.548	171	92.615	201	292.597	657	310.267	696	292.597	657	100.00%
Seniority
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
mortgage	0	0	0	0.219	0	0	0	1.320	0	0	0.400	0	0
senior secured	7.938	7.774	5.217	8.673	9.542	2.141	1.944	5.654	5.187	6.487	7.673	5.289	5.191
secured	0	0	0	0.400	0	0	0	0	0	0	0	0	0.077
senior	9.731	7.663	8.749	25.680	23.317	4.695	6.407	11.167	18.155	29.928	25.812	26.751	16.885
senior subordinated	0	1.112	1.400	1.350	1.330	0.400	0	0.500	0.200	1.700	1.616	0.500	2.300
subordinated	0	0	0.123	0.300	0.998	0	0	0.250	0	0	0.123	0	0
Total	17.669	16.549	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0.219	1	0	0	1.320	1	0.400	1	1.939	3	1.939	3	1.939	3	0.66%
senior secured	21.663	49	13.627	42	17.328	39	18.152	39	70.770	169	78.708	187	70.770	169	24.19%
secured	0.400	1	0	0	0	0	0.077	1	0.477	2	0.477	2	0.477	2	0.16%
senior	42.093	95	34.419	78	59.250	123	69.447	148	205.209	444	214.940	465	205.209	444	70.13%
senior subordinated	3.862	9	1.730	5	2.400	7	4.416	11	12.408	32	12.408	32	12.408	32	4.24%
subordinated	0.423	2	0.998	3	0.250	1	0.123	1	1.794	7	1.794	7	1.794	7	0.61%
Total	68.661	157	50.773	128	80.548	171	92.615	201	292.597	657	310.267	696	292.597	657	100.00%
Moody's Rating
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Ba1	0	1.042	0	1.225	1.544	0.399	0.110	2.985	2.419	4.596	1.250	1.797	1.500
Ba2	0.550	1.377	2.343	7.289	2.289	0.697	1.046	1.100	1.742	2.723	2.600	1.407	1.425
Ba3	1.181	1.777	0.810	4.999	4.142	0	2.083	4.969	2.074	5.545	5.683	4.106	1.294
B1	5.286	2.632	3.444	8.734	6.953	2.119	0.455	2.492	5.725	8.240	6.140	5.008	6.535
B2	1.968	1.703	2.087	2.614	6.895	1.459	1.635	2.247	2.273	5.205	5.164	4.307	4.185
B3	5.171	4.362	4.963	6.587	3.146	1.460	2.229	1.882	6.612	5.700	5.995	6.123	3.923
Caa1	0.834	1.055	0.597	2.413	4.397	0.308	0.430	2.167	2.438	2.578	7.026	6.379	2.325
Caa2	0.300	0.191	0.245	1.092	2.350	0.300	0	0	0	1.199	0.461	1.612	0
Caa3	0	0.866	0	0	0	0	0	0	0	0	0	0	0.500
Ca	0	0	0	0	0.741	0	0	0	0	0	0	0	0
NR	2.380	1.546	1.000	1.670	2.731	0.495	0.363	1.049	0.259	2.330	1.305	1.800	2.766
Total	17.669	16.549	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	2.267	5	2.052	5	10.000	15	4.547	10	18.866	35	18.866	35	18.866	35	6.45%
Ba2	11.009	20	4.032	9	5.564	9	5.432	9	26.038	47	26.588	48	26.038	47	8.90%
Ba3	7.586	13	6.225	13	12.588	22	11.084	21	37.482	69	38.663	72	37.482	69	12.81%
B1	14.809	28	9.527	18	16.458	34	17.683	29	58.477	109	63.762	116	58.477	109	19.99%
B2	6.404	19	9.989	29	9.725	26	13.656	34	39.774	108	41.743	114	39.774	108	13.59%
B3	15.911	41	6.835	24	14.193	29	16.041	41	52.981	135	58.151	147	52.981	135	18.11%
Caa1	4.065	12	5.135	13	7.184	16	15.730	28	32.113	69	32.947	72	32.113	69	10.98%
Caa2	1.528	4	2.650	5	1.199	3	2.073	6	7.449	18	7.749	19	7.449	18	2.55%
Caa3	0.866	3	0	0	0	0	0.500	1	1.366	4	1.366	4	1.366	4	0.47%
Ca	0	0	0.741	1	0	0	0	0	0.741	1	0.741	1	0.741	1	0.25%
NR	4.216	12	3.588	11	3.638	17	5.870	22	17.311	62	19.691	68	17.311	62	5.92%
Total	68.661	157	50.773	128	80.548	171	92.615	201	292.597	657	310.267	696	292.597	657	100.00%
Use of Proceeds
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Acquisition	0.703	0.095	1.400	7.150	1.195	0.225	1.711	0.585	0.700	4.206	4.667	2.521	1.341
Capex	0.443	0	0.262	0.173	0.600	0	0	0	0.710	0	0	0.364	0
Chapter 11 exit	0	0	0	2.250	0	0	0.363	0	0.452	0.850	0	0	0
Dividend/recap	1.449	1.157	0.800	0.649	0.185	0	0	0	1.543	0	0.693	3.751	0
Exit financing	0	0	0	0	0	0	0	0	0	0	0	0.385	0
GCP	1.242	3.045	1.509	6.687	5.034	0.510	0	4.749	3.158	5.871	2.840	3.104	5.254
LBO	0	0	1.000	0	0.248	0.905	1.732	1.564	0.774	2.375	2.075	0.660	1.490
No proceeds	0.206	0	0	0	0	0	0	0	0	0	0	0	0
Redeem notes	0.422	2.365	0.890	5.954	9.689	0.568	1.761	2.295	6.284	10.179	6.743	10.341	2.460
Refinance	3.573	1.770	3.251	1.185	3.201	0.963	1.244	2.746	1.044	2.471	6.702	3.962	5.168
Repay bank debt	4.512	5.039	3.972	10.724	6.751	2.287	0.494	2.479	7.660	8.326	6.089	6.547	4.916
Multiple/Other/NA	5.120	3.077	2.405	1.850	8.284	1.777	1.046	4.473	1.216	3.838	5.813	0.905	3.825
Total	17.669	16.549	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	8.645	11	3.131	8	5.491	14	8.528	20	25.795	53	26.498	56	25.795	53	8.82%
Capex	0.435	2	0.600	1	0.710	2	0.364	2	2.110	7	2.552	8	2.110	7	0.72%
Chapter 11 exit	2.250	1	0.363	2	1.302	2	0	0	3.914	5	3.914	5	3.914	5	1.34%
Dividend/recap	2.605	6	0.185	1	1.543	3	4.444	9	8.778	19	10.227	22	8.778	19	3.00%
Exit financing	0	0	0	0	0	0	0.385	1	0.385	1	0.385	1	0.385	1	0.13%
GCP	11.242	24	5.544	17	13.778	23	11.197	30	41.761	94	43.002	97	41.761	94	14.27%
LBO	1.000	1	2.885	9	4.713	9	4.225	8	12.823	27	12.823	27	12.823	27	4.38%
No proceeds	0	0	0	0	0	0	0	0	0	0	0.206	1	0	0	0.00%
Redeem notes	9.209	24	12.018	23	18.759	37	19.544	42	59.530	126	59.952	128	59.530	126	20.35%
Refinance	6.206	16	5.408	14	6.261	15	15.831	29	33.706	74	37.279	82	33.706	74	11.52%
Repay bank debt	19.736	53	9.532	20	18.465	41	17.552	35	65.286	149	69.798	158	65.286	149	22.31%
Multiple/Other/NA	7.332	19	11.108	33	9.527	25	10.543	25	38.511	102	43.630	111	38.511	102	13.16%
Total	68.661	157	50.773	128	80.548	171	92.615	201	292.597	657	310.267	696	292.597	657	100.00%
Industry Sector (by SIC code)
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Agriculture (0xxx)	0	0	0	0	0.982	0	0.430	0.690	0	0.204	0.949	0.300	0
Mining (1xxx)	0	0	0	0.199	0.589	0	0.350	0.103	1.797	0.700	3.440	0.554	1.500
Oil and gas (13xx)	2.309	1.121	1.978	5.406	3.026	0	0.296	1.464	3.983	4.060	2.045	2.510	1.797
Construction (15xx)	0.246	0.328	0	0	1.507	0.300	0.246	0	0	0	0.495	0.246	0.678
Manufacturing (2xxx, 3xxx)	6.584	5.253	5.739	9.708	12.878	2.928	3.050	6.346	6.495	14.200	9.226	8.924	10.055
Transportation (4xxx)	0.200	1.676	0	1.063	0.570	0.277	0	1.085	1.042	1.382	1.193	0.595	1.512
Communications (48xx)	4.428	2.701	1.250	6.578	5.579	0.225	1.150	1.438	0.466	4.286	2.375	5.073	2.568
Electric, gas, sanitary services (49xx)	0.206	1.290	1.860	0.425	1.000	0.400	0.110	1.091	1.646	3.719	5.639	1.996	1.940
Wholesale (5xxx)	0.874	0.493	0.476	2.974	1.506	1.396	0	0.787	1.099	2.111	2.784	3.520	0.591
Finance, insurance, real estate (6xxx)	1.266	1.930	3.187	3.264	3.779	0.537	0.464	2.496	3.585	2.919	2.942	1.647	1.220
Services (7xxx)	1.041	1.756	1.000	4.934	2.734	0.968	1.305	3.115	2.503	1.990	2.444	5.649	2.192
Health services (8xxx)	0.514	0	0	2.072	1.036	0.206	0.949	0.275	0.925	2.543	2.090	1.525	0.400
Total	17.669	16.549	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	1.412	5	0.895	2	1.249	4	3.555	11	3.555	11	3.555	11	1.21%
Mining (1xxx)	0.199	1	0.939	4	2.601	6	5.495	7	9.233	18	9.233	18	9.233	18	3.16%
Oil and gas (13xx)	8.505	16	3.323	7	9.507	18	6.352	16	27.686	57	29.995	62	27.686	57	9.46%
Construction (15xx)	0.328	2	2.053	8	0	0	1.419	5	3.800	15	4.046	16	3.800	15	1.30%
Manufacturing (2xxx, 3xxx)	20.700	56	18.856	35	27.041	56	28.205	57	94.803	204	101.388	220	94.803	204	32.40%
Transportation (4xxx)	2.739	8	0.847	3	3.509	7	3.301	11	10.395	29	10.595	30	10.395	29	3.55%
Communications (48xx)	10.529	17	6.954	15	6.191	12	10.016	20	33.690	64	38.118	70	33.690	64	11.51%
Electric, gas, sanitary services (49xx)	3.575	8	1.510	3	6.456	10	9.576	18	21.117	39	21.322	40	21.117	39	7.22%
Wholesale (5xxx)	3.943	14	2.902	11	3.997	10	6.895	17	17.737	52	18.611	55	17.737	52	6.06%
Finance, insurance, real estate (6xxx)	8.382	16	4.780	15	9.000	21	5.808	16	27.970	68	29.236	71	27.970	68	9.56%
Services (7xxx)	7.690	15	5.006	15	7.608	19	10.285	23	30.590	72	31.631	74	30.590	72	10.45%
Health services (8xxx)	2.072	4	2.191	7	3.743	10	4.015	7	12.021	28	12.536	29	12.021	28	4.11%
Total	68.661	157	50.773	128	80.548	171	92.615	201	292.597	657	310.267	696	292.597	657	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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