Analysis of high yield issuance for 13 months through February 2011

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

Yield

	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
6.99% and lower	0	0.925	1.700	0.399	0.110	4.386	3.250	6.214	7.350	7.698	5.301	8.341	6.619
7%-7.99%	1.097	7.343	9.047	1.650	0	4.042	7.113	14.619	12.343	11.473	4.588	11.101	3.740
8%-8.99%	5.783	15.155	10.897	0.400	2.804	2.428	5.420	5.364	4.289	4.557	6.759	8.440	4.161
9%-9.99%	1.483	6.946	4.185	1.120	2.581	3.797	3.855	5.515	8.547	4.409	3.615	2.407	3.508
10%-10.99%	2.223	2.889	2.119	1.977	0.657	1.573	0.987	4.606	2.084	2.051	2.746	1.757	1.186
11%-11.99%	1.730	1.996	2.221	0.785	0.941	1.037	1.993	0.641	0.099	1.639	0	0.277	2.370
12% and higher	1.970	0.845	5.018	0.838	1.258	1.425	0.923	1.000	0.910	0.612	0.794	1.111	0.445
Floater	0	0	0	0	0	0	0	0	0	0	0.650	0	1.250
NA	1.203	0.523	0	0.068	0	0.205	0	0.156	0	0.100	0	0.446	0.128
Total	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881	23.406
	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	2.209	5	13.850	23	20.349	39	14.960	30	14.960	30	52.293	99	52.293	99	26.11%
7%-7.99%	10.696	19	25.774	44	28.404	48	14.841	29	14.841	29	88.155	158	87.059	155	25.91%
8%-8.99%	14.101	28	13.212	27	15.605	35	12.601	31	12.601	31	76.457	154	70.673	145	22.00%
9%-9.99%	7.886	21	13.166	30	16.571	39	5.914	15	5.914	15	51.967	124	50.484	119	10.32%
10%-10.99%	4.754	18	7.165	17	6.882	22	2.943	9	2.943	9	26.856	82	24.633	76	5.14%
11%-11.99%	3.947	12	3.671	14	1.738	6	2.647	9	2.647	9	15.729	53	14.000	49	4.62%
12% and higher	7.112	24	3.348	12	2.317	10	1.556	7	1.556	7	17.151	62	15.179	57	2.72%
Floater	0	0	0	0	0.650	1	1.250	1	1.250	1	1.900	2	1.900	2	2.18%
NA	0.068	1	0.362	4	0.100	1	0.574	2	0.574	2	2.828	13	1.626	10	1.00%
Total	50.773	128	80.548	171	92.615	201	57.287	133	57.287	133	333.335	747	317.846	712	100.00%
Versus Talk
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Lower	1.174	1.739	0.298	0	0	1.654	0.542	4.489	6.115	0.200	0.500	2.994	0.636
Low end	1.905	13.520	15.384	1.238	2.537	7.838	6.149	14.194	14.147	9.323	9.206	15.595	8.270
Middle	7.621	15.362	10.408	4.028	4.127	4.659	7.531	10.310	8.781	12.052	6.962	10.655	9.129
High end	2.156	0.912	3.086	0.733	0.347	0.991	6.331	2.860	1.582	5.180	2.557	2.168	3.252
Higher	0.713	0.659	0.449	0.247	0	0	0.954	0.269	0.638	2.938	2.300	0.244	0.194
NA	1.920	4.431	5.561	0.990	1.340	3.749	2.035	5.993	4.360	2.846	2.928	2.225	1.926
Total	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881	23.406
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.298	1	6.685	12	6.815	10	3.629	9	3.629	9	20.340	39	19.166	37	6.33%
Low end	19.159	42	28.181	58	32.676	69	23.865	49	23.865	49	119.305	249	117.400	244	41.66%
Middle	18.563	49	22.501	42	27.795	59	19.784	46	19.784	46	111.626	236	104.005	224	34.53%
High end	4.167	8	10.182	19	9.319	21	5.421	9	5.421	9	32.156	67	30.000	60	9.46%
Higher	0.696	3	1.223	4	5.876	9	0.438	2	0.438	2	9.605	24	8.892	21	0.76%
NA	7.891	25	11.777	36	10.134	33	4.150	18	4.150	18	40.303	132	38.383	126	7.24%
Total	50.773	128	80.548	171	92.615	201	57.287	133	57.287	133	333.335	747	317.846	712	100.00%
Upsized?
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Yes	3.203	16.615	9.877	1.725	2.884	5.129	8.179	16.663	11.332	9.747	9.999	14.416	9.279
No	11.526	20.007	24.101	4.941	5.170	12.263	14.946	19.547	23.242	20.731	13.579	19.220	12.652
Downsized	0.761	0	1.209	0.570	0.296	1.499	0.417	1.906	1.050	2.062	0.875	0.244	1.475
Total	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881	23.406
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	14.486	30	29.970	54	31.077	58	23.695	49	23.695	49	119.046	223	115.844	216	41.36%
No	34.212	92	46.756	108	57.551	134	31.872	81	31.872	81	201.925	494	190.399	469	55.64%
Downsized	2.075	6	3.822	9	3.987	9	1.719	3	1.719	3	12.364	30	11.604	27	3.00%
Total	50.773	128	80.548	171	92.615	201	57.287	133	57.287	133	333.335	747	317.846	712	100.00%
Quick Sale?
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Yes	7.414	17.381	16.717	1.566	2.838	9.194	15.962	17.617	16.268	19.859	12.855	16.996	10.812
No	8.075	19.241	18.469	5.669	5.513	9.698	7.580	20.498	19.355	12.680	11.598	16.885	12.594
Total	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881	23.406
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	21.121	50	42.773	82	48.983	104	27.808	67	27.808	67	165.480	360	158.066	344	48.54%
No	29.652	78	37.775	89	43.633	97	29.479	66	29.479	66	167.855	387	159.780	368	51.46%
Total	50.773	128	80.548	171	92.615	201	57.287	133	57.287	133	333.335	747	317.846	712	100.00%
Seniority
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
mortgage	0	0.219	0	0	0	1.320	0	0	0.400	0	0	0	0
senior secured	5.217	8.673	9.542	2.141	1.944	5.654	5.187	6.487	7.673	5.289	5.191	9.012	5.714
secured	0	0.400	0	0	0	0	0	0	0	0	0.077	0.154	0.235
senior	8.749	25.680	23.317	4.695	6.407	11.167	18.155	29.928	25.812	26.751	16.885	24.179	16.883
senior subordinated	1.400	1.350	1.330	0.400	0	0.500	0.200	1.700	1.616	0.500	2.300	0.535	0.575
subordinated	0.123	0.300	0.998	0	0	0.250	0	0	0.123	0	0	0	0
Total	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881	23.406
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0	0	1.320	1	0.400	1	0	0	0	0	1.939	3	1.939	3	0.00%
senior secured	13.627	42	17.328	39	18.152	39	14.726	33	14.726	33	77.722	185	72.506	171	25.71%
secured	0	0	0	0	0.077	1	0.389	3	0.389	3	0.866	5	0.866	5	0.68%
senior	34.419	78	59.250	123	69.447	148	41.062	92	41.062	92	238.607	513	229.858	495	71.68%
senior subordinated	1.730	5	2.400	7	4.416	11	1.110	5	1.110	5	12.406	34	11.006	32	1.94%
subordinated	0.998	3	0.250	1	0.123	1	0	0	0	0	1.794	7	1.671	6	0.00%
Total	50.773	128	80.548	171	92.615	201	57.287	133	57.287	133	333.335	747	317.846	712	100.00%
Moody's Rating
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Ba1	0	1.225	1.544	0.399	0.110	2.985	2.419	4.596	1.250	1.797	1.500	0.496	0
Ba2	2.343	7.289	2.289	0.697	1.046	1.100	1.742	2.723	2.600	1.407	1.425	1.592	1.714
Ba3	0.810	4.999	4.142	0	2.083	4.969	2.074	5.545	5.683	4.106	1.294	5.550	3.807
B1	3.444	8.734	6.953	2.119	0.455	2.492	5.725	8.240	6.140	5.008	6.535	4.387	5.515
B2	2.087	2.614	6.895	1.459	1.635	2.247	2.273	5.205	5.164	4.307	4.185	5.047	2.382
B3	4.963	6.587	3.146	1.460	2.229	1.882	6.612	5.700	5.995	6.123	3.923	6.963	3.357
Caa1	0.597	2.413	4.397	0.308	0.430	2.167	2.438	2.578	7.026	6.379	2.325	1.799	5.189
Caa2	0.245	1.092	2.350	0.300	0	0	0	1.199	0.461	1.612	0	2.390	0.714
Caa3	0	0	0	0	0	0	0	0	0	0	0.500	0.454	0.578
Ca	0	0	0.741	0	0	0	0	0	0	0	0	0	0
NR	1.000	1.670	2.731	0.495	0.363	1.049	0.259	2.330	1.305	1.800	2.766	5.205	0.151
Total	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881	23.406
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	2.052	5	10.000	15	4.547	10	0.496	1	0.496	1	18.320	34	18.320	34	0.87%
Ba2	4.032	9	5.564	9	5.432	9	3.306	7	3.306	7	27.966	51	25.623	46	5.77%
Ba3	6.225	13	12.588	22	11.084	21	9.357	20	9.357	20	45.062	86	44.252	83	16.33%
B1	9.527	18	16.458	34	17.683	29	9.902	18	9.902	18	65.747	120	62.303	115	17.28%
B2	9.989	29	9.725	26	13.656	34	7.428	19	7.428	19	45.499	122	43.412	116	12.97%
B3	6.835	24	14.193	29	16.041	41	10.319	26	10.319	26	58.938	150	53.975	138	18.01%
Caa1	5.135	13	7.184	16	15.730	28	6.988	15	6.988	15	38.047	81	37.449	79	12.20%
Caa2	2.650	5	1.199	3	2.073	6	3.104	10	3.104	10	10.362	27	10.117	26	5.42%
Caa3	0	0	0	0	0.500	1	1.031	4	1.031	4	1.531	5	1.531	5	1.80%
Ca	0.741	1	0	0	0	0	0	0	0	0	0.741	1	0.741	1	0.00%
NR	3.588	11	3.638	17	5.870	22	5.356	13	5.356	13	21.121	70	20.121	69	9.35%
Total	50.773	128	80.548	171	92.615	201	57.287	133	57.287	133	333.335	747	317.846	712	100.00%
Use of Proceeds
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Acquisition	1.400	7.150	1.195	0.225	1.711	0.585	0.700	4.206	4.667	2.521	1.341	1.537	1.395
Capex	0.262	0.173	0.600	0	0	0	0.710	0	0	0.364	0	1.008	0.084
Chapter 11 exit	0	2.250	0	0	0.363	0	0.452	0.850	0	0	0	0	0
Dividend/recap	0.800	0.649	0.185	0	0	0	1.543	0	0.693	3.751	0	1.155	1.104
Exit financing	0	0	0	0	0	0	0	0	0	0.385	0	0	0
GCP	1.509	6.687	5.034	0.510	0	4.749	3.158	5.871	2.840	3.104	5.254	4.824	3.670
LBO	1.000	0	0.248	0.905	1.732	1.564	0.774	2.375	2.075	0.660	1.490	2.885	1.690
Redeem notes	0.890	5.954	9.689	0.568	1.761	2.295	6.284	10.179	6.743	10.341	2.460	6.481	2.678
Refinance	3.251	1.185	3.201	0.963	1.244	2.746	1.044	2.471	6.702	3.962	5.168	1.550	3.787
Repay bank debt	3.972	10.724	6.751	2.287	0.494	2.479	7.660	8.326	6.089	6.547	4.916	9.840	4.643
Multiple/Other/NA	2.405	1.850	8.284	1.777	1.046	4.473	1.216	3.838	5.813	0.905	3.825	4.601	4.354
Total	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881	23.406
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	3.131	8	5.491	14	8.528	20	2.932	7	2.932	7	28.632	59	27.232	57	5.12%
Capex	0.600	1	0.710	2	0.364	2	1.092	5	1.092	5	3.201	12	2.939	11	1.91%
Chapter 11 exit	0.363	2	1.302	2	0	0	0	0	0	0	3.914	5	3.914	5	0.00%
Dividend/recap	0.185	1	1.543	3	4.444	9	2.259	7	2.259	7	9.880	24	9.080	23	3.94%
Exit financing	0	0	0	0	0.385	1	0	0	0	0	0.385	1	0.385	1	0.00%
GCP	5.544	17	13.778	23	11.197	30	8.495	19	8.495	19	47.210	106	45.701	102	14.83%
LBO	2.885	9	4.713	9	4.225	8	4.575	7	4.575	7	17.398	34	16.398	33	7.99%
Redeem notes	12.018	23	18.759	37	19.544	42	9.159	25	9.159	25	66.324	144	65.434	142	15.99%
Refinance	5.408	14	6.261	15	15.831	29	5.337	12	5.337	12	37.273	81	34.022	74	9.32%
Repay bank debt	9.532	20	18.465	41	17.552	35	14.484	27	14.484	27	74.730	164	70.758	150	25.28%
Multiple/Other/NA	11.108	33	9.527	25	10.543	25	8.955	24	8.955	24	44.388	117	41.983	114	15.63%
Total	50.773	128	80.548	171	92.615	201	57.287	133	57.287	133	333.335	747	317.846	712	100.00%
Industry Sector (by SIC code)
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Agriculture (0xxx)	1/1900	0	0.982	0	0.430	0.690	0	0.204	0.949	0.300	0	0	0
Mining (1xxx)	0	0.199	0.589	0	0.350	0.103	1.797	0.700	3.440	0.554	1.500	0	0.477
Oil and gas (13xx)	1.978	5.406	3.026	0	0.296	1.464	3.983	4.060	2.045	2.510	1.797	1.953	4.304
Construction (15xx)	0	0	1.507	0.300	0.246	0	0	0	0.495	0.246	0.678	0.438	0.644
Manufacturing (2xxx, 3xxx)	5.739	9.708	12.878	2.928	3.050	6.346	6.495	14.200	9.226	8.924	10.055	11.892	7.586
Transportation (4xxx)	0	1.063	0.570	0.277	0	1.085	1.042	1.382	1.193	0.595	1.512	1.404	1.072
Communications (48xx)	1.250	6.578	5.579	0.225	1.150	1.438	0.466	4.286	2.375	5.073	2.568	4.517	2.750
Electric, gas, sanitary services (49xx)	1.860	0.425	1.000	0.400	0.110	1.091	1.646	3.719	5.639	1.996	1.940	3.125	0
Wholesale (5xxx)	0.476	2.974	1.506	1.396	0	0.787	1.099	2.111	2.784	3.520	0.591	2.571	1.425
Finance, insurance, real estate (6xxx)	3.187	3.264	3.779	0.537	0.464	2.496	3.585	2.919	2.942	1.647	1.220	3.647	4.001
Services (7xxx)	1.000	4.934	2.734	0.968	1.305	3.115	2.503	1.990	2.444	5.649	2.192	3.889	0.619
Health services (8xxx)	0	2.072	1.036	0.206	0.949	0.275	0.925	2.543	2.090	1.525	0.400	0.444	0.527
Total	15.489	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881	23.406
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	1.412	5	0.895	2	1.249	4	0	0	0	0	3.555	11	3.555	11	0.00%
Mining (1xxx)	0.939	4	2.601	6	5.495	7	0.477	2	0.477	2	9.711	20	9.711	20	0.83%
Oil and gas (13xx)	3.323	7	9.507	18	6.352	16	6.258	18	6.258	18	32.823	72	30.845	67	10.92%
Construction (15xx)	2.053	8	0	0	1.419	5	1.082	5	1.082	5	4.554	18	4.554	18	1.89%
Manufacturing (2xxx, 3xxx)	18.856	35	27.041	56	28.205	57	19.479	36	19.479	36	109.028	224	103.289	208	34.00%
Transportation (4xxx)	0.847	3	3.509	7	3.301	11	2.476	9	2.476	9	11.195	33	11.195	33	4.32%
Communications (48xx)	6.954	15	6.191	12	10.016	20	7.267	12	7.267	12	38.257	72	37.007	70	12.69%
Electric, gas, sanitary services (49xx)	1.510	3	6.456	10	9.576	18	3.125	5	3.125	5	22.951	40	21.092	37	5.45%
Wholesale (5xxx)	2.902	11	3.997	10	6.895	17	3.996	10	3.996	10	21.240	60	20.763	58	6.98%
Finance, insurance, real estate (6xxx)	4.780	15	9.000	21	5.808	16	7.648	18	7.648	18	33.688	83	30.501	77	13.35%
Services (7xxx)	5.006	15	7.608	19	10.285	23	4.508	14	4.508	14	33.341	82	32.341	81	7.87%
Health services (8xxx)	2.191	7	3.743	10	4.015	7	0.972	4	0.972	4	12.993	32	12.993	32	1.70%
Total	50.773	128	80.548	171	92.615	201	57.287	133	57.287	133	333.335	747	317.846	712	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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