Analysis of high yield issuance for 13 months through March 2011

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

Yield

	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
6.99% and lower	0.925	1.700	0.399	0.110	4.386	3.250	6.214	7.350	7.698	5.301	8.341	7.065	10.021
7%-7.99%	7.343	9.047	1.650	0	4.042	7.113	14.619	12.343	11.473	4.588	11.101	3.740	14.673
8%-8.99%	15.155	10.897	0.400	2.804	2.428	5.420	5.364	4.289	4.557	6.759	8.440	4.161	4.834
9%-9.99%	6.946	4.185	1.120	2.581	3.797	3.855	5.515	8.547	4.409	3.615	2.407	3.508	2.039
10%-10.99%	2.889	2.119	1.977	0.657	1.573	0.987	4.606	2.084	2.051	2.746	1.757	1.186	1.411
11%-11.99%	1.996	2.221	0.785	0.941	1.037	1.993	0.641	0.099	1.639	0	0.277	2.370	1.048
12% and higher	0.845	5.018	0.838	1.258	1.425	0.923	1.000	0.910	0.612	0.794	1.111	0.445	0
Floater	0	0	0	0	0	0	0	0	0	0.650	0	1.250	0.950
NA	0.523	0	0.068	0	0.205	0	0.156	0	0.100	0	0.446	0.254	1.391
Total	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881	23.978	36.367
	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	25.427	50	25.427	50	62.760	119	61.835	117	26.98%
7%-7.99%	10.696	19	25.774	44	28.404	48	29.514	58	29.514	58	101.732	184	94.389	169	31.32%
8%-8.99%	14.101	28	13.212	27	15.605	35	17.434	43	17.434	43	75.507	157	60.352	133	18.50%
9%-9.99%	7.886	21	13.166	30	16.571	39	7.953	21	7.953	21	52.522	125	45.576	111	8.44%
10%-10.99%	4.754	18	7.165	17	6.882	22	4.354	15	4.354	15	26.044	82	23.155	72	4.62%
11%-11.99%	3.947	12	3.671	14	1.738	6	3.695	14	3.695	14	15.048	54	13.052	46	3.92%
12% and higher	7.112	24	3.348	12	2.317	10	1.556	7	1.556	7	15.179	57	14.335	53	1.65%
Floater	0	0	0	0	0.650	1	2.200	4	2.200	4	2.850	5	2.850	5	2.33%
NA	0.068	1	0.362	4	0.100	1	2.091	6	2.091	6	3.143	14	2.620	12	2.22%
Total	50.773	128	80.548	171	92.615	201	94.227	218	94.227	218	354.786	797	318.163	718	100.00%
Versus Talk
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Lower	1.739	0.298	0	0	1.654	0.542	4.489	6.115	0.200	0.500	2.994	0.636	0
Low end	13.520	15.384	1.238	2.537	7.838	6.149	14.194	14.147	9.323	9.206	15.595	8.270	7.808
Middle	15.362	10.408	4.028	4.127	4.659	7.531	10.310	8.781	12.052	6.962	10.655	9.129	17.101
High end	0.912	3.086	0.733	0.347	0.991	6.331	2.860	1.582	5.180	2.557	2.168	3.252	6.171
Higher	0.659	0.449	0.247	0	0	0.954	0.269	0.638	2.938	2.300	0.244	0.194	1.865
NA	4.431	5.561	0.990	1.340	3.749	2.035	5.993	4.360	2.846	2.928	2.225	2.498	3.423
Total	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881	23.978	36.367
	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	19.166	37	17.427	32	3.85%
Low end	19.159	42	28.181	58	32.676	69	31.673	69	31.673	69	125.208	264	111.688	238	33.61%
Middle	18.563	49	22.501	42	27.795	59	36.885	84	36.885	84	121.106	262	105.744	234	39.15%
High end	4.167	8	10.182	19	9.319	21	11.592	21	11.592	21	36.171	72	35.260	69	12.30%
Higher	0.696	3	1.223	4	5.876	9	2.303	5	2.303	5	10.757	24	10.097	21	2.44%
NA	7.891	25	11.777	36	10.134	33	8.146	30	8.146	30	42.378	138	37.948	124	8.65%
Total	50.773	128	80.548	171	92.615	201	94.227	218	94.227	218	354.786	797	318.163	718	100.00%
Upsized?
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Yes	16.615	9.877	1.725	2.884	5.129	8.179	16.663	11.332	9.747	9.999	14.416	9.279	11.368
No	20.007	24.101	4.941	5.170	12.263	14.946	19.547	23.242	20.731	13.579	19.220	13.224	23.611
Downsized	0	1.209	0.570	0.296	1.499	0.417	1.906	1.050	2.062	0.875	0.244	1.475	1.388
Total	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881	23.978	36.367
	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	35.064	78	35.064	78	127.212	245	110.597	220	37.21%
No	34.212	92	46.756	108	57.551	134	56.056	134	56.056	134	214.582	522	194.575	468	59.49%
Downsized	2.075	6	3.822	9	3.987	9	3.107	6	3.107	6	12.991	30	12.991	30	3.30%
Total	50.773	128	80.548	171	92.615	201	94.227	218	94.227	218	354.786	797	318.163	718	100.00%
Quick Sale?
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Yes	17.381	16.717	1.566	2.838	9.194	15.962	17.617	16.268	19.859	12.855	16.996	10.939	21.793
No	19.241	18.469	5.669	5.513	9.698	7.580	20.498	19.355	12.680	11.598	16.885	13.040	14.574
Total	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881	23.978	36.367
	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	49.727	115	49.727	115	179.985	392	162.604	351	52.77%
No	29.652	78	37.775	89	43.633	97	44.499	103	44.499	103	174.800	405	155.559	367	47.23%
Total	50.773	128	80.548	171	92.615	201	94.227	218	94.227	218	354.786	797	318.163	718	100.00%
Seniority
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
mortgage	0.219	0	0	0	1.320	0	0	0.400	0	0	0	0	0
senior secured	8.673	9.542	2.141	1.944	5.654	5.187	6.487	8.308	5.289	5.191	9.012	5.714	7.215
secured	0.400	0	0	0	0	0	0	0	0	0.077	0.154	0.235	0
senior	25.680	23.317	4.695	6.407	11.167	18.155	29.928	25.177	26.751	16.885	24.179	17.455	28.628
senior subordinated	1.350	1.330	0.400	0	0.500	0.200	1.700	1.616	0.500	2.300	0.535	0.575	0.525
subordinated	0.300	0.998	0	0	0.250	0	0	0.123	0	0	0	0	0
Total	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881	23.978	36.367
	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	1.720	2	0.00%
senior secured	13.627	42	17.328	39	18.787	40	21.941	48	21.941	48	80.355	187	71.682	169	23.29%
secured	0	0	0	0	0.077	1	0.389	3	0.389	3	0.866	5	0.466	4	0.41%
senior	34.419	78	59.250	123	68.812	147	70.262	160	70.262	160	258.423	562	232.743	508	74.57%
senior subordinated	1.730	5	2.400	7	4.416	11	1.635	7	1.635	7	11.531	34	10.181	30	1.74%
subordinated	0.998	3	0.250	1	0.123	1	0	0	0	0	1.671	6	1.371	5	0.00%
Total	50.773	128	80.548	171	92.615	201	94.227	218	94.227	218	354.786	797	318.163	718	100.00%
Moody's Rating
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Ba1	1.225	1.544	0.399	0.110	2.985	2.419	4.596	1.250	1.797	1.500	0.496	0.446	0
Ba2	7.289	2.289	0.697	1.046	1.100	1.742	2.723	2.600	1.407	1.425	1.592	1.714	1.161
Ba3	4.999	4.142	0	2.083	4.969	2.074	5.545	5.683	4.106	1.294	5.550	3.807	6.153
B1	8.734	6.953	2.119	0.455	2.492	5.725	8.240	6.140	5.008	6.535	4.387	5.515	5.979
B2	2.614	6.895	1.459	1.635	2.247	2.273	5.205	5.164	4.307	4.185	5.047	2.382	3.891
B3	6.587	3.146	1.460	2.229	1.882	6.612	5.700	5.995	6.123	3.923	6.963	3.357	11.479
Caa1	2.413	4.397	0.308	0.430	2.167	2.438	2.578	7.026	6.379	2.325	1.799	5.189	3.083
Caa2	1.092	2.350	0.300	0	0	0	1.199	0.461	1.612	0	2.390	0.714	0.132
Caa3	0	0	0	0	0	0	0	0	0	0.500	0.454	0.578	0
Ca	0	0.741	0	0	0	0	0	0	0	0	0	0	0
NR	1.670	2.731	0.495	0.363	1.049	0.259	2.330	1.305	1.800	2.766	5.205	0.277	4.489
Total	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881	23.978	36.367
	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	0.942	2	0.942	2	18.766	35	17.541	32	1.00%
Ba2	4.032	9	5.564	9	5.432	9	4.467	11	4.467	11	26.784	50	19.496	38	4.74%
Ba3	6.225	13	12.588	22	11.084	21	15.509	31	15.509	31	50.405	94	45.406	87	16.46%
B1	9.527	18	16.458	34	17.683	29	15.880	35	15.880	35	68.281	132	59.548	116	16.85%
B2	9.989	29	9.725	26	13.656	34	11.319	29	11.319	29	47.303	126	44.689	118	12.01%
B3	6.835	24	14.193	29	16.041	41	21.799	48	21.799	48	65.455	160	58.868	142	23.13%
Caa1	5.135	13	7.184	16	15.730	28	10.071	23	10.071	23	40.533	87	38.120	80	10.69%
Caa2	2.650	5	1.199	3	2.073	6	3.237	11	3.237	11	10.250	27	9.157	25	3.44%
Caa3	0	0	0	0	0.500	1	1.031	4	1.031	4	1.531	5	1.531	5	1.09%
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	9.971	24	9.971	24	24.737	80	23.067	74	10.58%
Total	50.773	128	80.548	171	92.615	201	94.227	218	94.227	218	354.786	797	318.163	718	100.00%
Use of Proceeds
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Acquisition	7.150	1.195	0.225	1.711	0.585	0.700	4.206	4.667	2.521	1.341	1.537	1.395	0.505
Capex	0.173	0.600	0	0	0	0.710	0	0	0.364	0	1.008	0.084	0
Chapter 11 exit	2.250	0	0	0.363	0	0.452	0.850	0	0	0	0	0	0
Dividend/recap	0.649	0.185	0	0	0	1.543	0	0.693	3.751	0	1.155	1.104	1.500
Exit financing	0	0	0	0	0	0	0	0	0.385	0	0	0	0
GCP	6.687	5.034	0.510	0	4.749	3.158	5.871	2.840	3.104	5.254	4.824	3.670	8.475
LBO	0	0.248	0.905	1.732	1.564	0.774	2.375	2.075	0.660	1.490	2.885	1.690	2.925
Redeem notes	5.954	9.689	0.568	1.761	2.295	6.284	10.179	7.818	10.341	2.460	6.481	2.678	9.741
Refinance	1.185	3.201	0.963	1.244	2.746	1.044	2.471	5.627	3.962	5.168	1.550	4.217	1.564
Repay bank debt	10.724	6.751	2.287	0.494	2.479	7.660	8.326	6.089	6.547	4.916	9.840	4.213	2.911
Multiple/Other/NA	1.850	8.284	1.777	1.046	4.473	1.216	3.838	5.813	0.905	3.825	4.601	4.926	8.747
Total	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881	23.978	36.367
	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	3.437	9	3.437	9	27.737	59	20.587	51	3.65%
Capex	0.600	1	0.710	2	0.364	2	1.092	5	1.092	5	2.939	11	2.766	10	1.16%
Chapter 11 exit	0.363	2	1.302	2	0	0	0	0	0	0	3.914	5	1.664	4	0.00%
Dividend/recap	0.185	1	1.543	3	4.444	9	3.759	12	3.759	12	10.580	28	9.931	25	3.99%
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	16.969	34	16.969	34	54.176	117	47.488	104	18.01%
LBO	2.885	9	4.713	9	4.225	8	7.500	13	7.500	13	19.323	39	19.323	39	7.96%
Redeem notes	12.018	23	18.759	37	20.619	44	18.900	44	18.900	44	76.249	163	70.296	148	20.06%
Refinance	5.408	14	6.261	15	14.756	27	7.331	18	7.331	18	34.941	78	33.756	74	7.78%
Repay bank debt	9.532	20	18.465	41	17.552	35	16.965	36	16.965	36	73.239	159	62.515	132	18.00%
Multiple/Other/NA	11.108	33	9.527	25	10.543	25	18.274	47	18.274	47	51.302	137	49.453	130	19.39%
Total	50.773	128	80.548	171	92.615	201	94.227	218	94.227	218	354.786	797	318.163	718	100.00%
Industry Sector (by SIC code)
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Agriculture (0xxx)	0	0.982	0	0.430	0.690	0	0.204	0.949	0.300	0	0	0	0.247
Mining (1xxx)	0.199	0.589	0	0.350	0.103	1.797	0.700	3.440	0.554	1.500	0	0.477	1.325
Oil and gas (13xx)	5.406	3.026	0	0.296	1.464	3.983	4.060	2.045	2.510	1.797	1.953	4.304	3.923
Construction (15xx)	0	1.507	0.300	0.246	0	0	0	0.495	0.246	0.678	0.438	0.644	0.900
Manufacturing (2xxx, 3xxx)	9.708	12.878	2.928	3.050	6.346	6.495	14.200	9.226	8.924	10.055	11.892	8.032	8.846
Transportation (4xxx)	1.063	0.570	0.277	0	1.085	1.042	1.382	1.193	0.595	1.512	1.404	1.072	1.000
Communications (48xx)	6.578	5.579	0.225	1.150	1.438	0.466	4.286	2.375	5.073	2.568	4.517	2.750	7.471
Electric, gas, sanitary services (49xx)	0.425	1.000	0.400	0.110	1.091	1.646	3.719	5.639	1.996	1.940	3.125	0	0.821
Wholesale (5xxx)	2.974	1.506	1.396	0	0.787	1.099	2.111	2.784	3.520	0.591	2.571	1.425	3.303
Finance, insurance, real estate (6xxx)	3.264	3.779	0.537	0.464	2.496	3.585	2.919	2.942	1.647	1.220	3.647	4.127	5.647
Services (7xxx)	4.934	2.734	0.968	1.305	3.115	2.503	1.990	2.444	5.649	2.192	3.889	0.619	1.868
Health services (8xxx)	2.072	1.036	0.206	0.949	0.275	0.925	2.543	2.090	1.525	0.400	0.444	0.527	1.016
Total	36.622	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	33.881	23.978	36.367
	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	0.247	1	0.247	1	3.802	12	3.802	12	0.26%
Mining (1xxx)	0.939	4	2.601	6	5.495	7	1.802	6	1.802	6	11.036	24	10.837	23	1.91%
Oil and gas (13xx)	3.323	7	9.507	18	6.352	16	10.181	27	10.181	27	34.768	76	29.362	68	10.80%
Construction (15xx)	2.053	8	0	0	1.419	5	1.982	7	1.982	7	5.454	20	5.454	20	2.10%
Manufacturing (2xxx, 3xxx)	18.856	35	27.041	56	28.205	57	28.770	60	28.770	60	112.581	232	102.873	208	30.53%
Transportation (4xxx)	0.847	3	3.509	7	3.301	11	3.476	10	3.476	10	12.195	34	11.133	31	3.69%
Communications (48xx)	6.954	15	6.191	12	10.016	20	14.739	24	14.739	24	44.478	82	37.900	71	15.64%
Electric, gas, sanitary services (49xx)	1.510	3	6.456	10	9.576	18	3.946	8	3.946	8	21.913	40	21.488	39	4.19%
Wholesale (5xxx)	2.902	11	3.997	10	6.895	17	7.299	18	7.299	18	24.067	66	21.093	56	7.75%
Finance, insurance, real estate (6xxx)	4.780	15	9.000	21	5.808	16	13.421	30	13.421	30	36.274	89	33.009	82	14.24%
Services (7xxx)	5.006	15	7.608	19	10.285	23	6.375	18	6.375	18	34.209	85	29.275	75	6.77%
Health services (8xxx)	2.191	7	3.743	10	4.015	7	1.988	9	1.988	9	14.009	37	11.937	33	2.11%
Total	50.773	128	80.548	171	92.615	201	94.227	218	94.227	218	354.786	797	318.163	718	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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