Analysis of high yield issuance for 13 months through October 2011

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

Yield

	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
5.99% and lower	1.150	1.124	0.394	2.080	2.250	1.300	3.838	4.178	0	1.000	0	0.497	1.250
6%-6.99%	6.200	6.574	4.907	6.461	4.815	8.721	7.856	15.146	1.700	5.100	0	0.844	2.750
7%-7.99%	12.343	11.473	4.588	11.101	3.740	14.673	4.314	7.682	8.131	3.550	0.102	1.750	0.200
8%-8.99%	4.289	4.557	6.759	8.440	4.161	4.834	5.911	15.991	1.837	2.558	0	2.000	1.500
9%-9.99%	8.547	4.409	3.615	2.407	3.508	2.039	2.767	2.962	0.644	1.685	0.253	0.250	0.448
10%-10.99%	2.084	2.051	2.746	1.757	1.186	1.411	1.015	1.849	2.355	1.281	0	0.186	1.942
11%-11.99%	0.099	1.639	0	0.277	2.370	1.048	2.147	0.624	0.524	0.815	0.395	0	0.375
12% and higher	0.910	0.612	0.794	1.111	0.445	0.112	0.405	0.250	0.907	1.980	0.512	0.496	0.147
Floater	0	0	0.650	0	1.250	0.950	1.050	0.850	0.200	0	0	0	0
NA	0	0.100	0	0.446	0.128	1.391	1.603	0.773	0	0	0	0.102	0.497
Total	35.623	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.125	9.110
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
5.99% and lower	2.668	6	5.630	7	8.016	15	1.497	2	1.250	1	16.393	25	19.061	31	17.911	29	7.24%
6%-6.99%	17.681	33	19.997	44	24.702	43	5.944	7	2.750	4	53.394	98	71.075	131	64.875	120	23.59%
7%-7.99%	28.404	48	29.514	58	20.127	39	5.402	9	0.200	1	55.244	107	83.648	155	71.305	139	24.40%
8%-8.99%	15.605	35	17.434	43	23.738	48	4.558	8	1.500	1	47.231	100	62.835	135	58.546	124	20.86%
9%-9.99%	16.571	39	7.953	21	6.373	24	2.188	7	0.448	1	16.962	53	33.533	92	24.986	75	7.49%
10%-10.99%	6.882	22	4.354	15	5.219	20	1.467	3	1.942	2	12.982	40	19.864	62	17.779	55	5.73%
11%-11.99%	1.738	6	3.695	14	3.295	9	1.210	5	0.375	1	8.576	29	10.314	35	10.215	34	3.79%
12% and higher	2.317	10	1.669	8	1.562	7	2.988	11	0.147	1	6.368	27	8.685	37	7.774	33	2.81%
Floater	0.650	1	2.200	4	2.100	4	0	0	0	0	4.300	8	4.950	9	4.950	9	1.90%
NA	0.100	1	1.965	5	2.377	5	0.102	1	0.497	1	4.941	12	5.041	13	5.041	13	2.18%
Total	92.615	201	94.413	219	97.509	214	25.357	53	9.110	13	226.389	499	319.005	700	283.381	631	100.00%
Versus Talk
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Lower	6.115	0.200	0.500	2.994	0.636	0	0.200	0.550	0	0.157	0	0	0
Low end	14.147	9.323	9.206	15.595	8.270	7.808	7.149	15.668	2.399	3.450	0	3.440	3.575
Middle	8.781	12.052	6.962	10.655	9.129	17.101	11.886	21.760	4.550	7.081	0.534	2.433	4.218
High end	1.582	5.281	2.557	2.168	3.252	6.171	3.337	8.106	6.549	5.300	0.373	0.150	0.819
Higher	0.638	2.938	2.300	0.244	0.194	1.865	0	2.066	1.390	0.747	0	0	0
NA	4.360	2.745	2.928	2.425	2.372	3.535	8.334	2.156	1.409	1.234	0.355	0.102	0.497
Total	35.623	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.125	9.110
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	6.815	10	3.629	9	0.750	2	0.157	1	0	0	4.536	12	11.352	22	5.236	14	2.00%
Low end	32.676	69	31.673	69	25.216	57	6.890	15	3.575	6	67.354	147	100.030	216	85.883	190	29.75%
Middle	27.795	59	36.885	84	38.196	70	10.048	24	4.218	3	89.347	181	117.142	240	108.362	225	39.47%
High end	9.420	22	11.592	21	17.992	39	5.824	5	0.819	3	36.227	68	45.647	90	44.065	85	16.00%
Higher	5.876	9	2.303	5	3.455	7	0.747	1	0	0	6.505	13	12.381	22	11.744	21	2.87%
NA	10.033	32	8.332	31	11.899	39	1.691	7	0.497	1	22.419	78	32.453	110	28.092	96	9.90%
Total	92.615	201	94.413	219	97.509	214	25.357	53	9.110	13	226.389	499	319.005	700	283.381	631	100.00%
Upsized?
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Yes	11.332	9.747	9.999	14.416	9.279	11.368	7.968	15.207	2.652	11.172	0	1.345	5.968
No	23.242	20.731	13.579	19.420	13.098	23.724	21.794	29.669	13.646	6.246	1.262	4.332	3.142
Downsized	1.050	2.062	0.875	0.244	1.475	1.388	1.144	5.428	0	0.551	0	0.448	0
Total	35.623	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.125	9.110
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	31.077	58	35.064	78	25.827	53	12.517	17	5.968	6	79.376	154	110.453	212	99.122	192	35.06%
No	57.551	134	56.242	135	65.110	151	11.841	32	3.142	7	136.335	325	193.886	459	170.644	412	60.22%
Downsized	3.987	9	3.107	6	6.572	10	0.999	4	0	0	10.679	20	14.666	29	13.616	27	4.72%
Total	92.615	201	94.413	219	97.509	214	25.357	53	9.110	13	226.389	499	319.005	700	283.381	631	100.00%
Quick Sale?
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Yes	16.268	19.859	12.855	16.996	10.812	21.793	17.271	25.216	3.863	10.510	0.241	5.427	5.050
No	19.355	12.680	11.598	17.085	13.040	14.687	13.635	25.089	12.435	7.459	1.021	0.698	4.060
Total	35.623	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.125	9.110
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	48.983	104	49.601	114	46.349	93	16.178	29	5.050	6	117.179	242	166.161	346	149.893	312	51.76%
No	43.633	97	44.812	105	51.160	121	9.179	24	4.060	7	109.211	257	152.843	354	133.489	319	48.24%
Total	92.615	201	94.413	219	97.509	214	25.357	53	9.110	13	226.389	499	319.005	700	283.381	631	100.00%
Seniority
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
mortgage	0.400	0	0	0	0	0	0	0.107	0	0	0	0	0
senior secured	8.308	5.289	5.191	9.012	5.714	7.327	6.593	8.380	1.763	7.454	0.373	0.496	1.718
secured	0	0	0.077	0.154	0.235	0	0	0	0.231	0	0.102	0	0
senior	25.177	26.751	16.885	24.379	17.328	28.628	23.922	40.867	14.054	10.515	0.587	5.079	7.392
senior subordinated	1.616	0.500	2.300	0.535	0.575	0.525	0.390	0.950	0.250	0	0	0.550	0
subordinated	0.123	0	0	0	0	0	0	0	0	0	0.200	0	0
Total	35.623	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.125	9.110
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0.400	1	0	0	0.107	1	0	0	0	0	0.107	1	0.507	2	0.107	1	0.05%
senior secured	18.787	40	22.053	49	16.737	51	8.323	15	1.718	1	48.832	116	67.619	156	59.311	142	21.57%
secured	0.077	1	0.389	3	0.231	3	0.102	1	0	0	0.722	7	0.799	8	0.799	8	0.32%
senior	68.812	147	70.336	160	78.844	154	16.181	34	7.392	12	172.753	360	241.565	507	216.389	459	76.31%
senior subordinated	4.416	11	1.635	7	1.590	5	0.550	2	0	0	3.776	14	8.191	25	6.576	20	1.67%
subordinated	0.123	1	0	0	0	0	0.200	1	0	0	0.200	1	0.323	2	0.200	1	0.09%
Total	92.615	201	94.413	219	97.509	214	25.357	53	9.110	13	226.389	499	319.005	700	283.381	631	100.00%
Moody's Rating
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Ba1	1.250	1.797	1.500	0.696	0.446	0	3.281	5.115	1.100	0.400	0	1.747	1.747
Ba2	2.600	1.407	1.425	1.592	1.714	1.161	3.906	2.495	0.450	5.407	0	0.394	0
Ba3	5.683	4.106	1.294	5.550	3.807	6.153	2.231	9.059	0.900	2.689	0.102	0.150	2.350
B1	6.140	5.008	6.535	4.387	5.515	5.979	4.279	8.647	3.750	0.400	0	2.300	2.148
B2	5.164	4.307	4.185	5.047	2.382	3.891	6.162	7.301	2.121	0.815	0	0.250	0.223
B3	5.995	6.123	3.923	6.963	3.357	11.479	4.823	7.388	3.860	4.635	0	1.134	1.866
Caa1	7.026	6.379	2.325	1.799	5.189	3.083	3.042	3.911	2.271	2.734	0.768	0	0.775
Caa2	0.461	1.612	0	2.390	0.714	0.132	0	1.193	1.276	0.078	0.139	0	0
Caa3	0	0	0.500	0.454	0.578	0	0	0	0	0	0	0	0
NR	1.305	1.800	2.766	5.205	0.151	4.601	3.182	5.196	0.570	0.811	0.253	0.150	0
Total	35.623	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.125	9.110
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	4.547	10	1.142	3	9.497	18	2.147	4	1.747	2	14.532	27	19.079	37	17.829	34	6.42%
Ba2	5.432	9	4.467	11	6.851	13	5.802	6	0	0	17.120	30	22.552	39	19.952	36	7.56%
Ba3	11.084	21	15.509	31	12.190	20	2.941	5	2.350	3	32.991	59	44.074	80	38.391	72	14.57%
B1	17.683	29	15.880	35	16.676	25	2.700	5	2.148	3	37.405	68	55.088	97	48.948	90	16.52%
B2	13.656	34	11.319	29	15.583	35	1.065	5	0.223	1	28.191	70	41.848	104	36.684	92	12.45%
B3	16.041	41	21.799	48	16.072	47	5.769	12	1.866	2	45.505	109	61.547	150	55.552	134	20.10%
Caa1	15.730	28	10.071	23	9.224	25	3.503	7	0.775	2	23.573	57	39.303	85	32.277	73	10.41%
Caa2	2.073	6	3.237	11	2.468	6	0.217	2	0	0	5.922	19	7.994	25	7.534	23	2.62%
Caa3	0.500	1	1.031	4	0	0	0	0	0	0	1.031	4	1.531	5	1.531	5	0.46%
NR	5.870	22	9.957	24	8.948	25	1.214	7	0	0	20.119	56	25.989	78	24.684	72	8.89%
Total	92.615	201	94.413	219	97.509	214	25.357	53	9.110	13	226.389	499	319.005	700	283.381	631	100.00%
Use of Proceeds
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Acquisition	4.667	2.521	1.341	1.537	1.395	0.505	1.070	5.941	4.122	0.121	0	2.936	0.596
Capex	0	0.364	0	1.008	0.084	0	0.350	0.757	0.500	0	0.373	0	0
Dividend/recap	0.693	3.751	0	1.155	1.104	1.500	3.015	1.973	0.100	0	0	0	0
Exit financing	0	0.385	0	0	0	0	0	0	0	0	0	0	0
GCP	2.840	3.003	5.254	4.824	3.670	8.475	3.398	7.026	1.205	1.436	0.102	1.444	1.700
LBO	2.075	0.660	1.490	2.885	1.690	2.925	0	1.905	1.636	2.092	0.395	0	2.093
Redeem notes	7.818	10.190	2.460	6.481	2.715	9.741	3.166	3.227	1.028	8.730	0	0.150	2.350
Refinance	5.627	4.112	5.168	2.225	4.217	1.564	3.331	9.469	1.570	1.001	0	0.843	0
Repay bank debt	6.089	6.547	4.916	10.040	4.213	3.308	4.709	7.108	1.302	1.175	0	0.400	0.223
Multiple/Other/NA	5.813	1.006	3.825	3.926	4.763	8.463	11.866	12.900	4.835	3.414	0.392	0.352	2.147
Total	35.623	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.125	9.110
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	8.528	20	3.437	9	11.133	18	3.057	6	0.596	2	18.223	35	26.751	55	22.084	47	8.05%
Capex	0.364	2	1.092	5	1.608	6	0.373	1	0	0	3.073	12	3.437	14	3.437	14	1.36%
Dividend/recap	4.444	9	3.759	12	5.087	15	0	0	0	0	8.846	27	13.290	36	12.597	33	3.91%
Exit financing	0.385	1	0	0	0	0	0	0	0	0	0	0	0.385	1	0.385	1	0.00%
GCP	11.097	29	16.969	34	11.629	24	2.982	8	1.700	2	33.280	68	44.377	97	41.537	88	14.70%
LBO	4.225	8	7.500	13	3.541	8	2.487	7	2.093	2	15.622	30	19.847	38	17.772	35	6.90%
Redeem notes	20.469	44	18.937	45	7.421	22	8.881	8	2.350	3	37.589	78	58.058	122	50.240	108	16.60%
Refinance	14.907	27	8.006	19	14.370	28	1.843	6	0	0	24.219	53	39.126	80	33.499	70	10.70%
Repay bank debt	17.552	35	17.562	38	13.119	29	1.575	5	0.223	1	32.479	73	50.031	108	43.942	98	14.35%
Multiple/Other/NA	10.644	26	17.151	44	29.601	64	4.159	12	2.147	3	53.058	123	63.702	149	57.889	137	23.44%
Total	92.615	201	94.413	219	97.509	214	25.357	53	9.110	13	226.389	499	319.005	700	283.381	631	100.00%
Industry Sector (by SIC code)
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Agriculture (0xxx)	0.949	0.300	0	0	0	0.247	0	1.380	0	0	0	0	0
Mining (1xxx)	3.440	0.554	1.500	0	0.477	1.325	2.238	3.500	3.950	0.750	0	0	1.500
Oil and gas (13xx)	2.045	2.510	1.797	1.953	4.304	4.035	1.399	9.769	0.802	0.976	0.139	0.448	1.750
Construction (15xx)	0.495	0.246	0.678	0.438	0.644	0.900	0.013	0.750	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	9.226	8.924	10.055	12.092	8.032	8.846	8.496	12.254	3.414	7.119	0.595	2.529	3.392
Transportation (4xxx)	1.193	0.595	1.512	1.404	1.072	1.000	0.200	1.989	0.431	0	0.102	0.400	0
Communications (48xx)	2.375	5.073	2.568	4.517	2.750	7.471	1.210	7.089	4.125	1.462	0	0	1.000
Electric, gas, sanitary services (49xx)	5.639	1.996	1.940	3.125	0	0.821	1.809	5.093	1.000	0	0.053	1.747	0.448
Wholesale (5xxx)	2.784	3.520	0.591	2.571	1.425	3.303	2.978	1.000	0	1.100	0	0.150	0
Finance, insurance, real estate (6xxx)	2.942	1.647	1.220	3.647	4.001	5.647	7.849	4.741	0	5.064	0	0.102	0.497
Services (7xxx)	2.444	5.649	2.192	3.889	0.619	1.868	3.711	2.189	1.862	0.948	0.373	0.250	0.375
Health services (8xxx)	2.090	1.525	0.400	0.444	0.527	1.016	1.004	0.550	0.715	0.550	0	0.500	0.147
Total	35.623	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.125	9.110
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	1.249	4	0.247	1	1.380	2	0	0	0	0	1.627	3	2.876	7	1.927	4	0.72%
Mining (1xxx)	5.495	7	1.802	6	9.688	18	0.750	1	1.500	1	13.740	26	19.235	33	15.795	30	6.07%
Oil and gas (13xx)	6.352	16	10.293	28	11.970	24	1.563	7	1.750	3	25.576	62	31.928	78	29.883	72	11.30%
Construction (15xx)	1.419	5	1.982	7	0.763	2	0	0	0	0	2.744	9	4.164	14	3.669	12	1.21%
Manufacturing (2xxx, 3xxx)	28.205	57	28.970	61	24.164	53	10.242	21	3.392	4	66.769	139	94.974	196	85.748	178	29.49%
Transportation (4xxx)	3.301	11	3.476	10	2.620	11	0.502	2	0	0	6.598	23	9.899	34	8.706	31	2.91%
Communications (48xx)	10.016	20	14.739	24	12.424	17	1.462	3	1.000	1	29.625	45	39.641	65	37.266	60	13.09%
Electric, gas, sanitary services (49xx)	9.576	18	3.946	8	7.902	14	1.800	4	0.448	1	14.096	27	23.672	45	18.033	37	6.23%
Wholesale (5xxx)	6.895	17	7.299	18	3.978	13	1.250	4	0	0	12.527	35	19.422	52	16.638	48	5.53%
Finance, insurance, real estate (6xxx)	5.808	16	13.294	29	12.590	28	5.166	4	0.497	1	31.548	62	37.357	78	34.415	70	13.94%
Services (7xxx)	10.285	23	6.375	18	7.762	27	1.571	4	0.375	1	16.083	50	26.368	73	23.924	68	7.10%
Health services (8xxx)	4.015	7	1.988	9	2.269	5	1.050	3	0.147	1	5.454	18	9.469	25	7.379	21	2.41%
Total	92.615	201	94.413	219	97.509	214	25.357	53	9.110	13	226.389	499	319.005	700	283.381	631	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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