Analysis of high yield issuance for 13 months through November 2011

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

Yield

	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
5.99% and lower	1.124	0.394	2.080	2.250	1.300	3.838	4.178	0	1.000	0	0.497	1.250	3.966
6%-6.99%	6.574	4.907	6.461	4.815	8.721	7.856	15.146	1.700	5.100	0	0.844	2.750	8.220
7%-7.99%	11.473	4.588	11.101	3.740	14.673	4.314	7.682	8.131	3.550	0.102	1.750	0.200	4.968
8%-8.99%	4.557	6.759	8.440	4.161	4.834	5.911	15.991	1.837	2.558	0	2.000	1.500	2.395
9%-9.99%	4.409	3.615	2.407	3.508	2.039	2.767	2.962	0.644	1.685	0.253	0.250	0.448	3.752
10%-10.99%	2.051	2.746	1.757	1.186	1.411	1.015	1.849	2.355	1.281	0	0.186	1.942	0.335
11%-11.99%	1.639	0	0.277	2.370	1.048	2.147	0.624	0.524	0.815	0.395	0	0.375	1.000
12% and higher	0.612	0.794	1.111	0.445	0.112	0.405	0.250	0.907	1.980	0.512	0.496	0.147	0.413
Floater	0	0.650	0	1.250	0.950	1.050	0.850	0.200	0	0	0	0	0
NA	0.100	0	0.446	0.128	1.391	1.603	0.773	0	0	0	0.102	0.497	0.715
Total	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.125	9.110	25.763
	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	5.630	7	8.016	15	1.497	2	5.216	6	20.358	30	21.877	34	20.752	31	8.07%
6%-6.99%	19.997	44	24.702	43	5.944	7	10.970	14	61.614	108	73.095	130	66.521	118	24.44%
7%-7.99%	29.514	58	20.127	39	5.402	9	5.168	11	60.212	117	76.273	149	64.800	126	23.88%
8%-8.99%	17.434	43	23.738	48	4.558	8	3.895	6	49.625	105	60.941	129	56.384	117	19.68%
9%-9.99%	7.953	21	6.373	24	2.188	7	4.200	4	20.714	56	28.738	78	24.329	64	8.21%
10%-10.99%	4.354	15	5.219	20	1.467	3	2.277	4	13.317	42	18.114	57	16.063	49	5.28%
11%-11.99%	3.695	14	3.295	9	1.210	5	1.375	2	9.576	30	11.215	35	9.576	30	3.80%
12% and higher	1.669	8	1.562	7	2.988	11	0.561	3	6.781	29	8.187	35	7.575	32	2.69%
Floater	2.200	4	2.100	4	0	0	0	0	4.300	8	4.950	9	4.950	9	1.71%
NA	1.965	5	2.377	5	0.102	1	1.212	3	5.656	14	5.756	15	5.656	14	2.24%
Total	94.413	219	97.509	214	25.357	53	34.873	53	252.152	539	309.144	671	276.605	590	100.00%
Versus Talk
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Lower	0.200	0.500	2.994	0.636	0	0.200	0.550	0	0.157	0	0	0	0
Low end	9.323	9.206	15.595	8.270	7.808	7.149	15.668	2.399	3.450	0	3.440	3.575	7.606
Middle	12.052	6.962	10.655	9.129	17.101	11.886	21.760	4.550	7.081	0.534	2.433	4.218	10.988
High end	5.281	2.557	2.168	3.252	6.171	3.337	8.106	6.549	5.300	0.373	0.150	0.819	2.770
Higher	2.938	2.300	0.244	0.194	1.865	0	2.066	1.390	0.747	0	0	0	0.217
NA	2.745	2.928	2.425	2.372	3.535	8.334	2.156	1.409	1.234	0.355	0.102	0.497	4.181
Total	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.125	9.110	25.763
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	3.629	9	0.750	2	0.157	1	0	0	4.536	12	5.236	14	5.036	13	1.80%
Low end	31.673	69	25.216	57	6.890	15	11.181	17	74.961	158	93.489	201	84.166	177	29.73%
Middle	36.885	84	38.196	70	10.048	24	15.206	16	100.335	194	119.350	238	107.297	209	39.79%
High end	11.592	21	17.992	39	5.824	5	3.589	9	38.997	74	46.835	91	41.555	79	15.47%
Higher	2.303	5	3.455	7	0.747	1	0.217	1	6.722	14	11.961	22	9.022	16	2.67%
NA	8.332	31	11.899	39	1.691	7	4.678	10	26.600	87	32.273	105	29.528	96	10.55%
Total	94.413	219	97.509	214	25.357	53	34.873	53	252.152	539	309.144	671	276.605	590	100.00%
Upsized?
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Yes	9.747	9.999	14.416	9.279	11.368	7.968	15.207	2.652	11.172	0	1.345	5.968	12.757
No	20.731	13.579	19.420	13.098	23.724	21.794	29.669	13.646	6.246	1.262	4.332	3.142	10.771
Downsized	2.062	0.875	0.244	1.475	1.388	1.144	5.428	0	0.551	0	0.448	0	2.235
Total	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.125	9.110	25.763
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	35.064	78	25.827	53	12.517	17	18.725	19	92.133	167	111.878	205	102.132	185	36.54%
No	56.242	135	65.110	151	11.841	32	13.913	29	147.105	347	181.415	434	160.684	377	58.34%
Downsized	3.107	6	6.572	10	0.999	4	2.235	5	12.914	25	15.851	32	13.789	28	5.12%
Total	94.413	219	97.509	214	25.357	53	34.873	53	252.152	539	309.144	671	276.605	590	100.00%
Quick Sale?
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Yes	19.859	12.855	16.996	10.812	21.793	17.271	25.216	3.863	10.510	0.241	5.427	5.050	20.911
No	12.680	11.598	17.085	13.040	14.687	13.635	25.089	12.435	7.459	1.021	0.698	4.060	4.851
Total	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.125	9.110	25.763
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	49.601	114	46.349	93	16.178	29	25.961	36	138.090	272	170.804	342	150.945	300	54.76%
No	44.812	105	51.160	121	9.179	24	8.911	17	114.062	267	138.340	329	125.660	290	45.24%
Total	94.413	219	97.509	214	25.357	53	34.873	53	252.152	539	309.144	671	276.605	590	100.00%
Seniority
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
mortgage	0	0	0	0	0	0	0.107	0	0	0	0	0	0
senior secured	5.289	5.191	9.012	5.714	7.327	6.593	8.380	1.763	7.454	0.373	0.496	1.718	2.280
secured	0	0.077	0.154	0.235	0	0	0	0.231	0	0.102	0	0	0
senior	26.751	16.885	24.379	17.328	28.628	23.922	40.867	14.054	10.515	0.587	5.079	7.392	23.203
senior subordinated	0.500	2.300	0.535	0.575	0.525	0.390	0.950	0.250	0	0	0.550	0	0
subordinated	0	0	0	0	0	0	0	0	0	0.200	0	0	0.280
Total	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.125	9.110	25.763
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0	0	0.107	1	0	0	0	0	0.107	1	0.107	1	0.107	1	0.04%
senior secured	22.053	49	16.737	51	8.323	15	3.998	6	51.112	121	61.591	147	56.302	132	20.27%
secured	0.389	3	0.231	3	0.102	1	0	0	0.722	7	0.799	8	0.799	8	0.29%
senior	70.336	160	78.844	154	16.181	34	30.594	46	195.956	394	239.591	493	212.840	429	77.71%
senior subordinated	1.635	7	1.590	5	0.550	2	0	0	3.776	14	6.576	20	6.076	18	1.50%
subordinated	0	0	0	0	0.200	1	0.280	1	0.480	2	0.480	2	0.480	2	0.19%
Total	94.413	219	97.509	214	25.357	53	34.873	53	252.152	539	309.144	671	276.605	590	100.00%
Moody's Rating
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Ba1	1.797	1.500	0.696	0.446	0	3.281	5.115	1.100	0.400	0	1.747	1.747	5.891
Ba2	1.407	1.425	1.592	1.714	1.161	3.906	2.495	0.450	5.407	0	0.394	0	2.021
Ba3	4.106	1.294	5.550	3.807	6.153	2.231	9.059	0.900	2.689	0.102	0.150	2.350	2.450
B1	5.008	6.535	4.387	5.515	5.979	4.279	8.647	3.750	0.400	0	2.300	2.148	4.267
B2	4.307	4.185	5.047	2.382	3.891	6.162	7.301	2.121	0.815	0	0.250	0.223	0.168
B3	6.123	3.923	6.963	3.357	11.479	4.823	7.388	3.860	4.635	0	1.134	1.866	3.345
Caa1	6.379	2.325	1.799	5.189	3.083	3.042	3.911	2.271	2.734	0.768	0	0.775	0.867
Caa2	1.612	0	2.390	0.714	0.132	0	1.193	1.276	0.078	0.139	0	0	0.245
Caa3	0	0.500	0.454	0.578	0	0	0	0	0	0	0	0	0
NR	1.800	2.766	5.205	0.151	4.601	3.182	5.196	0.570	0.811	0.253	0.150	0	6.509
Total	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.125	9.110	25.763
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	1.142	3	9.497	18	2.147	4	7.638	8	20.423	33	23.720	40	21.923	35	8.10%
Ba2	4.467	11	6.851	13	5.802	6	2.021	4	19.141	34	21.972	40	20.566	37	7.59%
Ba3	15.509	31	12.190	20	2.941	5	4.800	7	35.441	63	40.841	76	36.735	66	14.06%
B1	15.880	35	16.676	25	2.700	5	6.415	10	41.672	75	53.215	97	48.206	85	16.53%
B2	11.319	29	15.583	35	1.065	5	0.391	2	28.359	71	36.852	93	32.545	81	11.25%
B3	21.799	48	16.072	47	5.769	12	5.211	10	48.850	117	58.897	142	52.773	128	19.37%
Caa1	10.071	23	9.224	25	3.503	7	1.642	4	24.440	59	33.144	75	26.765	63	9.69%
Caa2	3.237	11	2.468	6	0.217	2	0.245	1	6.167	20	7.779	24	6.167	20	2.45%
Caa3	1.031	4	0	0	0	0	0	0	1.031	4	1.531	5	1.531	5	0.41%
NR	9.957	24	8.948	25	1.214	7	6.509	7	26.628	63	31.193	79	29.394	70	10.56%
Total	94.413	219	97.509	214	25.357	53	34.873	53	252.152	539	309.144	671	276.605	590	100.00%
Use of Proceeds
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Acquisition	2.521	1.341	1.537	1.395	0.505	1.070	5.941	4.122	0.121	0	2.936	0.596	3.793
Capex	0.364	0	1.008	0.084	0	0.350	0.757	0.500	0	0.373	0	0	0.991
Dividend/recap	3.751	0	1.155	1.104	1.500	3.015	1.973	0.100	0	0	0	0	1.000
Exit financing	0.385	0	0	0	0	0	0	0	0	0	0	0	0
GCP	3.003	5.254	4.824	3.670	8.475	3.398	7.026	1.205	1.436	0.102	1.444	1.700	7.811
LBO	0.660	1.490	2.885	1.690	2.925	0	1.905	1.636	2.092	0.395	0	2.093	0.168
Redeem notes	10.190	2.460	6.481	2.715	9.741	3.166	3.227	1.028	8.730	0	0.150	2.350	2.225
Refinance	4.112	5.168	2.225	4.217	1.564	3.331	9.469	1.570	1.001	0	0.843	0	1.777
Repay bank debt	6.547	4.916	10.040	4.213	3.308	4.709	7.108	1.302	1.175	0	0.400	0.223	4.147
Multiple/Other/NA	1.006	3.825	3.926	4.763	8.463	11.866	12.900	4.835	3.414	0.392	0.352	2.147	3.851
Total	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.125	9.110	25.763
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	3.437	9	11.133	18	3.057	6	4.389	6	22.016	39	25.877	51	23.357	43	8.73%
Capex	1.092	5	1.608	6	0.373	1	0.991	1	4.064	13	4.428	15	4.064	13	1.61%
Dividend/recap	3.759	12	5.087	15	0	0	1.000	1	9.846	28	13.597	34	9.846	28	3.90%
Exit financing	0	0	0	0	0	0	0	0	0	0	0.385	1	0	0	0.00%
GCP	16.969	34	11.629	24	2.982	8	9.511	12	41.091	78	49.348	98	46.344	89	16.30%
LBO	7.500	13	3.541	8	2.487	7	2.261	3	15.790	31	17.940	36	17.280	34	6.26%
Redeem notes	18.937	45	7.421	22	8.881	8	4.575	7	39.814	82	52.465	112	42.274	88	15.79%
Refinance	8.006	19	14.370	28	1.843	6	1.777	4	25.996	57	35.276	74	31.164	65	10.31%
Repay bank debt	17.562	38	13.119	29	1.575	5	4.371	8	36.626	80	48.089	105	41.543	91	14.53%
Multiple/Other/NA	17.151	44	29.601	64	4.159	12	5.998	11	56.909	131	61.740	145	60.734	139	22.57%
Total	94.413	219	97.509	214	25.357	53	34.873	53	252.152	539	309.144	671	276.605	590	100.00%
Industry Sector (by SIC code)
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Agriculture (0xxx)	0.300	0	0	0	0.247	0	1.380	0	0	0	0	0	0
Mining (1xxx)	0.554	1.500	0	0.477	1.325	2.238	3.500	3.950	0.750	0	0	1.500	3.100
Oil and gas (13xx)	2.510	1.797	1.953	4.304	4.035	1.399	9.769	0.802	0.976	0.139	0.448	1.750	5.897
Construction (15xx)	0.246	0.678	0.438	0.644	0.900	0.013	0.750	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	8.924	10.055	12.092	8.032	8.846	8.496	12.254	3.414	7.119	0.595	2.529	3.392	4.480
Transportation (4xxx)	0.595	1.512	1.404	1.072	1.000	0.200	1.989	0.431	0	0.102	0.400	0	0
Communications (48xx)	5.073	2.568	4.517	2.750	7.471	1.210	7.089	4.125	1.462	0	0	1.000	6.217
Electric, gas, sanitary services (49xx)	1.996	1.940	3.125	0	0.821	1.809	5.093	1.000	0	0.053	1.747	0.448	1.426
Wholesale (5xxx)	3.520	0.591	2.571	1.425	3.303	2.978	1.000	0	1.100	0	0.150	0	0.868
Finance, insurance, real estate (6xxx)	1.647	1.220	3.647	4.001	5.647	7.849	4.741	0	5.064	0	0.102	0.497	0.700
Services (7xxx)	5.649	2.192	3.889	0.619	1.868	3.711	2.189	1.862	0.948	0.373	0.250	0.375	0.300
Health services (8xxx)	1.525	0.400	0.444	0.527	1.016	1.004	0.550	0.715	0.550	0	0.500	0.147	2.775
Total	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.125	9.110	25.763
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.247	1	1.380	2	0	0	0	0	1.627	3	1.927	4	1.627	3	0.65%
Mining (1xxx)	1.802	6	9.688	18	0.750	1	4.600	3	16.840	28	18.895	32	18.340	30	6.68%
Oil and gas (13xx)	10.293	28	11.970	24	1.563	7	7.647	15	31.473	74	35.781	84	33.270	77	12.48%
Construction (15xx)	1.982	7	0.763	2	0	0	0	0	2.744	9	3.669	12	3.422	11	1.09%
Manufacturing (2xxx, 3xxx)	28.970	61	24.164	53	10.242	21	7.872	13	71.248	148	90.228	187	81.304	165	28.26%
Transportation (4xxx)	3.476	10	2.620	11	0.502	2	0	0	6.598	23	8.706	31	8.111	28	2.62%
Communications (48xx)	14.739	24	12.424	17	1.462	3	7.217	7	35.842	51	43.483	66	38.410	57	14.21%
Electric, gas, sanitary services (49xx)	3.946	8	7.902	14	1.800	4	1.874	4	15.522	30	19.458	40	17.463	34	6.16%
Wholesale (5xxx)	7.299	18	3.978	13	1.250	4	0.868	2	13.395	37	17.506	50	13.986	39	5.31%
Finance, insurance, real estate (6xxx)	13.294	29	12.590	28	5.166	4	1.197	3	32.248	64	35.115	72	33.468	68	12.79%
Services (7xxx)	6.375	18	7.762	27	1.571	4	0.675	2	16.383	51	24.224	69	18.575	55	6.50%
Health services (8xxx)	1.988	9	2.269	5	1.050	3	2.922	4	8.229	21	10.154	24	8.629	23	3.26%
Total	94.413	219	97.509	214	25.357	53	34.873	53	252.152	539	309.144	671	276.605	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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