Analysis of high yield issuance for 13 months through January 2011

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

Yield

	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
6.99% and lower	1.283	0	0.925	1.700	0.399	0.110	4.386	3.250	6.214	7.350	7.698	5.301	8.341
7%-7.99%	3.043	1.097	7.343	9.047	1.650	0	4.042	7.113	14.619	12.343	11.473	4.588	11.101
8%-8.99%	3.844	5.783	15.155	10.897	0.400	2.804	2.428	5.420	5.364	4.289	4.557	6.759	8.440
9%-9.99%	3.181	1.483	6.946	4.185	1.120	2.581	3.797	3.855	5.515	8.547	4.409	3.615	2.407
10%-10.99%	2.243	2.223	2.889	2.119	1.977	0.657	1.573	0.987	4.606	2.084	2.051	2.746	1.757
11%-11.99%	1.647	1.730	1.996	2.221	0.785	0.941	1.037	1.993	0.641	0.099	1.639	0	0.277
12% and higher	1.307	1.970	0.845	5.018	0.838	1.258	1.425	0.923	1.000	0.910	0.612	0.794	1.111
Floater	0	0	0	0	0	0	0	0	0	0	0	0.650	0
NA	0	1.203	0.523	0	0.068	0	0.205	0	0.156	0	0.100	0	0.446
Total	16.549	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	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	8.341	17	8.341	17	46.957	88	45.674	86	24.62%
7%-7.99%	11.483	24	10.696	19	25.774	44	28.404	48	11.101	22	11.101	22	87.458	157	84.415	151	32.76%
8%-8.99%	24.782	44	14.101	28	13.212	27	15.605	35	8.440	18	8.440	18	76.140	152	72.296	141	24.91%
9%-9.99%	11.611	28	7.886	21	13.166	30	16.571	39	2.407	8	2.407	8	51.641	126	48.459	117	7.10%
10%-10.99%	7.356	22	4.754	18	7.165	17	6.882	22	1.757	5	1.757	5	27.913	84	25.670	78	5.19%
11%-11.99%	5.373	17	3.947	12	3.671	14	1.738	6	0.277	2	0.277	2	15.006	51	13.359	46	0.82%
12% and higher	4.123	13	7.112	24	3.348	12	2.317	10	1.111	4	1.111	4	18.012	63	16.706	59	3.28%
Floater	0	0	0	0	0	0	0.650	1	0	0	0	0	0.650	1	0.650	1	0.00%
NA	1.725	5	0.068	1	0.362	4	0.100	1	0.446	1	0.446	1	2.700	12	2.700	12	1.32%
Total	68.661	157	50.773	128	80.548	171	92.615	201	33.881	77	33.881	77	326.478	734	309.929	691	100.00%
Versus Talk
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Lower	1.581	1.174	1.739	0.298	0	0	1.654	0.542	4.489	6.115	0.200	0.500	2.994
Low end	5.276	1.905	13.520	15.384	1.238	2.537	7.838	6.149	14.194	14.147	9.323	9.206	15.595
Middle	7.879	7.621	15.362	10.408	4.028	4.127	4.659	7.531	10.310	8.781	12.052	6.962	10.655
High end	0.736	2.156	0.912	3.086	0.733	0.347	0.991	6.331	2.860	1.582	5.180	2.557	2.168
Higher	0	0.713	0.659	0.449	0.247	0	0	0.954	0.269	0.638	2.938	2.300	0.244
NA	1.077	1.920	4.431	5.561	0.990	1.340	3.749	2.035	5.993	4.360	2.846	2.928	2.225
Total	16.549	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	4.494	11	0.298	1	6.685	12	6.815	10	2.994	6	2.994	6	21.286	40	19.704	36	8.84%
Low end	20.700	43	19.159	42	28.181	58	32.676	69	15.595	32	15.595	32	116.310	244	111.035	232	46.03%
Middle	30.862	57	18.563	49	22.501	42	27.795	59	10.655	23	10.655	23	110.376	230	102.497	213	31.45%
High end	3.804	13	4.167	8	10.182	19	9.319	21	2.168	5	2.168	5	29.640	66	28.904	63	6.40%
Higher	1.372	6	0.696	3	1.223	4	5.876	9	0.244	1	0.244	1	9.412	23	9.412	23	0.72%
NA	7.427	27	7.891	25	11.777	36	10.134	33	2.225	10	2.225	10	39.454	131	38.377	124	6.57%
Total	68.661	157	50.773	128	80.548	171	92.615	201	33.881	77	33.881	77	326.478	734	309.929	691	100.00%
Upsized?
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Yes	10.302	3.203	16.615	9.877	1.725	2.884	5.129	8.179	16.663	11.332	9.747	9.999	14.416
No	5.311	11.526	20.007	24.101	4.941	5.170	12.263	14.946	19.547	23.242	20.731	13.579	19.220
Downsized	0.936	0.761	0	1.209	0.570	0.296	1.499	0.417	1.906	1.050	2.062	0.875	0.244
Total	16.549	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	30.120	54	14.486	30	29.970	54	31.077	58	14.416	31	14.416	31	120.069	227	109.767	205	42.55%
No	36.844	99	34.212	92	46.756	108	57.551	134	19.220	45	19.220	45	194.584	478	189.273	458	56.73%
Downsized	1.697	4	2.075	6	3.822	9	3.987	9	0.244	1	0.244	1	11.825	29	10.889	28	0.72%
Total	68.661	157	50.773	128	80.548	171	92.615	201	33.881	77	33.881	77	326.478	734	309.929	691	100.00%
Quick Sale?
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Yes	8.671	7.414	17.381	16.717	1.566	2.838	9.194	15.962	17.617	16.268	19.859	12.855	16.996
No	7.878	8.075	19.241	18.469	5.669	5.513	9.698	7.580	20.498	19.355	12.680	11.598	16.885
Total	16.549	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	33.467	80	21.121	50	42.773	82	48.983	104	16.996	40	16.996	40	163.339	356	154.668	333	50.16%
No	35.194	77	29.652	78	37.775	89	43.633	97	16.885	37	16.885	37	163.139	378	155.261	358	49.84%
Total	68.661	157	50.773	128	80.548	171	92.615	201	33.881	77	33.881	77	326.478	734	309.929	691	100.00%
Seniority
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
mortgage	0	0	0.219	0	0	0	1.320	0	0	0.400	0	0	0
senior secured	7.774	5.217	8.673	9.542	2.141	1.944	5.654	5.187	6.487	7.673	5.289	5.191	9.012
secured	0	0	0.400	0	0	0	0	0	0	0	0	0.077	0.154
senior	7.663	8.749	25.680	23.317	4.695	6.407	11.167	18.155	29.928	25.812	26.751	16.885	24.179
senior subordinated	1.112	1.400	1.350	1.330	0.400	0	0.500	0.200	1.700	1.616	0.500	2.300	0.535
subordinated	0	0.123	0.300	0.998	0	0	0.250	0	0	0.123	0	0	0
Total	16.549	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0.219	1	0	0	1.320	1	0.400	1	0	0	0	0	1.939	3	1.939	3	0.00%
senior secured	21.663	49	13.627	42	17.328	39	18.152	39	9.012	18	9.012	18	79.782	187	72.009	170	26.60%
secured	0.400	1	0	0	0	0	0.077	1	0.154	1	0.154	1	0.631	3	0.631	3	0.45%
senior	42.093	95	34.419	78	59.250	123	69.447	148	24.179	55	24.179	55	229.388	499	221.725	476	71.36%
senior subordinated	3.862	9	1.730	5	2.400	7	4.416	11	0.535	3	0.535	3	12.943	35	11.831	32	1.58%
subordinated	0.423	2	0.998	3	0.250	1	0.123	1	0	0	0	0	1.794	7	1.794	7	0.00%
Total	68.661	157	50.773	128	80.548	171	92.615	201	33.881	77	33.881	77	326.478	734	309.929	691	100.00%
Moody's Rating
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Ba1	1.042	0	1.225	1.544	0.399	0.110	2.985	2.419	4.596	1.250	1.797	1.500	0.496
Ba2	1.377	2.343	7.289	2.289	0.697	1.046	1.100	1.742	2.723	2.600	1.407	1.425	1.592
Ba3	1.777	0.810	4.999	4.142	0	2.083	4.969	2.074	5.545	5.683	4.106	1.294	5.550
B1	2.632	3.444	8.734	6.953	2.119	0.455	2.492	5.725	8.240	6.140	5.008	6.535	4.387
B2	1.703	2.087	2.614	6.895	1.459	1.635	2.247	2.273	5.205	5.164	4.307	4.185	5.047
B3	4.362	4.963	6.587	3.146	1.460	2.229	1.882	6.612	5.700	5.995	6.123	3.923	6.963
Caa1	1.055	0.597	2.413	4.397	0.308	0.430	2.167	2.438	2.578	7.026	6.379	2.325	1.799
Caa2	0.191	0.245	1.092	2.350	0.300	0	0	0	1.199	0.461	1.612	0	2.390
Caa3	0.866	0	0	0	0	0	0	0	0	0	0	0.500	0.454
Ca	0	0	0	0.741	0	0	0	0	0	0	0	0	0
NR	1.546	1.000	1.670	2.731	0.495	0.363	1.049	0.259	2.330	1.305	1.800	2.766	5.205
Total	16.549	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	2.267	5	2.052	5	10.000	15	4.547	10	0.496	1	0.496	1	19.362	36	18.320	34	1.46%
Ba2	11.009	20	4.032	9	5.564	9	5.432	9	1.592	5	1.592	5	27.629	52	26.252	49	4.70%
Ba3	7.586	13	6.225	13	12.588	22	11.084	21	5.550	11	5.550	11	43.032	80	41.255	77	16.38%
B1	14.809	28	9.527	18	16.458	34	17.683	29	4.387	9	4.387	9	62.863	118	60.232	111	12.95%
B2	6.404	19	9.989	29	9.725	26	13.656	34	5.047	11	5.047	11	44.821	119	43.118	114	14.90%
B3	15.911	41	6.835	24	14.193	29	16.041	41	6.963	16	6.963	16	59.943	151	55.582	140	20.55%
Caa1	4.065	12	5.135	13	7.184	16	15.730	28	1.799	5	1.799	5	33.912	74	32.857	71	5.31%
Caa2	1.528	4	2.650	5	1.199	3	2.073	6	2.390	6	2.390	6	9.839	24	9.648	23	7.05%
Caa3	0.866	3	0	0	0	0	0.500	1	0.454	2	0.454	2	1.819	6	0.954	3	1.34%
Ca	0	0	0.741	1	0	0	0	0	0	0	0	0	0.741	1	0.741	1	0.00%
NR	4.216	12	3.588	11	3.638	17	5.870	22	5.205	11	5.205	11	22.516	73	20.971	68	15.36%
Total	68.661	157	50.773	128	80.548	171	92.615	201	33.881	77	33.881	77	326.478	734	309.929	691	100.00%
Use of Proceeds
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Acquisition	0.095	1.400	7.150	1.195	0.225	1.711	0.585	0.700	4.206	4.667	2.521	1.341	1.537
Capex	0	0.262	0.173	0.600	0	0	0	0.710	0	0	0.364	0	1.008
Chapter 11 exit	0	0	2.250	0	0	0.363	0	0.452	0.850	0	0	0	0
Dividend/recap	1.157	0.800	0.649	0.185	0	0	0	1.543	0	0.693	3.751	0	1.155
Exit financing	0	0	0	0	0	0	0	0	0	0	0.385	0	0
GCP	3.045	1.509	6.687	5.034	0.510	0	4.749	3.158	5.871	2.840	3.104	5.254	4.333
LBO	0	1.000	0	0.248	0.905	1.732	1.564	0.774	2.375	2.075	0.660	1.490	2.885
Redeem notes	2.365	0.890	5.954	9.689	0.568	1.761	2.295	6.284	10.179	6.743	10.341	2.460	6.481
Refinance	1.770	3.251	1.185	3.201	0.963	1.244	2.746	1.044	2.471	6.702	3.962	5.168	1.550
Repay bank debt	5.039	3.972	10.724	6.751	2.287	0.494	2.479	7.660	8.326	6.089	6.547	4.916	9.840
Multiple/Other/NA	3.077	2.405	1.850	8.284	1.777	1.046	4.473	1.216	3.838	5.813	0.905	3.825	5.092
Total	16.549	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	8.645	11	3.131	8	5.491	14	8.528	20	1.537	2	1.537	2	27.332	55	27.237	54	4.54%
Capex	0.435	2	0.600	1	0.710	2	0.364	2	1.008	4	1.008	4	3.117	11	3.117	11	2.98%
Chapter 11 exit	2.250	1	0.363	2	1.302	2	0	0	0	0	0	0	3.914	5	3.914	5	0.00%
Dividend/recap	2.605	6	0.185	1	1.543	3	4.444	9	1.155	3	1.155	3	9.932	22	8.776	20	3.41%
Exit financing	0	0	0	0	0	0	0.385	1	0	0	0	0	0.385	1	0.385	1	0.00%
GCP	11.242	24	5.544	17	13.778	23	11.197	30	4.333	12	4.333	12	46.094	106	43.048	99	12.79%
LBO	1.000	1	2.885	9	4.713	9	4.225	8	2.885	4	2.885	4	15.708	31	15.708	31	8.52%
Redeem notes	9.209	24	12.018	23	18.759	37	19.544	42	6.481	18	6.481	18	66.011	144	63.645	137	19.13%
Refinance	6.206	16	5.408	14	6.261	15	15.831	29	1.550	3	1.550	3	35.256	77	33.486	72	4.57%
Repay bank debt	19.736	53	9.532	20	18.465	41	17.552	35	9.840	19	9.840	19	75.126	168	70.087	156	29.04%
Multiple/Other/NA	7.332	19	11.108	33	9.527	25	10.543	25	5.092	12	5.092	12	43.603	114	40.525	105	15.03%
Total	68.661	157	50.773	128	80.548	171	92.615	201	33.881	77	33.881	77	326.478	734	309.929	691	100.00%
Industry Sector (by SIC code)
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Agriculture (0xxx)	0	0	0	0.982	0	0.430	0.690	0	0.204	0.949	0.300	0	0
Mining (1xxx)	0	0	0.199	0.589	0	0.350	0.103	1.797	0.700	3.440	0.554	1.500	0
Oil and gas (13xx)	1.121	1.978	5.406	3.026	0	0.296	1.464	3.983	4.060	2.045	2.510	1.797	1.953
Construction (15xx)	0.328	0	0	1.507	0.300	0.246	0	0	0	0.495	0.246	0.678	0.438
Manufacturing (2xxx, 3xxx)	5.253	5.739	9.708	12.878	2.928	3.050	6.346	6.495	14.200	9.226	8.924	10.055	11.892
Transportation (4xxx)	1.676	0	1.063	0.570	0.277	0	1.085	1.042	1.382	1.193	0.595	1.512	1.404
Communications (48xx)	2.701	1.250	6.578	5.579	0.225	1.150	1.438	0.466	4.286	2.375	5.073	2.568	4.517
Electric, gas, sanitary services (49xx)	1.290	1.860	0.425	1.000	0.400	0.110	1.091	1.646	3.719	5.639	1.996	1.940	3.125
Wholesale (5xxx)	0.493	0.476	2.974	1.506	1.396	0	0.787	1.099	2.111	2.784	3.520	0.591	2.571
Finance, insurance, real estate (6xxx)	1.930	3.187	3.264	3.779	0.537	0.464	2.496	3.585	2.919	2.942	1.647	1.220	3.647
Services (7xxx)	1.756	1.000	4.934	2.734	0.968	1.305	3.115	2.503	1.990	2.444	5.649	2.192	3.889
Health services (8xxx)	0	0	2.072	1.036	0.206	0.949	0.275	0.925	2.543	2.090	1.525	0.400	0.444
Total	16.549	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	1.412	5	0.895	2	1.249	4	0	0	0	0	3.555	11	3.555	11	0.00%
Mining (1xxx)	0.199	1	0.939	4	2.601	6	5.495	7	0	0	0	0	9.233	18	9.233	18	0.00%
Oil and gas (13xx)	8.505	16	3.323	7	9.507	18	6.352	16	1.953	5	1.953	5	29.639	62	28.518	59	5.76%
Construction (15xx)	0.328	2	2.053	8	0	0	1.419	5	0.438	2	0.438	2	4.237	17	3.909	15	1.29%
Manufacturing (2xxx, 3xxx)	20.700	56	18.856	35	27.041	56	28.205	57	11.892	23	11.892	23	106.695	227	101.442	211	35.10%
Transportation (4xxx)	2.739	8	0.847	3	3.509	7	3.301	11	1.404	4	1.404	4	11.799	33	10.123	28	4.14%
Communications (48xx)	10.529	17	6.954	15	6.191	12	10.016	20	4.517	10	4.517	10	38.208	74	35.507	70	13.33%
Electric, gas, sanitary services (49xx)	3.575	8	1.510	3	6.456	10	9.576	18	3.125	5	3.125	5	24.242	44	22.951	40	9.22%
Wholesale (5xxx)	3.943	14	2.902	11	3.997	10	6.895	17	2.571	5	2.571	5	20.307	57	19.815	55	7.59%
Finance, insurance, real estate (6xxx)	8.382	16	4.780	15	9.000	21	5.808	16	3.647	10	3.647	10	31.617	78	29.687	75	10.76%
Services (7xxx)	7.690	15	5.006	15	7.608	19	10.285	23	3.889	11	3.889	11	34.479	83	32.723	79	11.48%
Health services (8xxx)	2.072	4	2.191	7	3.743	10	4.015	7	0.444	2	0.444	2	12.466	30	12.466	30	1.31%
Total	68.661	157	50.773	128	80.548	171	92.615	201	33.881	77	33.881	77	326.478	734	309.929	691	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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