Analysis of high yield issuance for 13 months through April 2011

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

Yield

	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
6.99% and lower	1.700	0.399	0.110	4.386	3.250	6.214	7.350	7.698	5.301	8.541	7.065	10.021	11.694
7%-7.99%	9.047	1.650	0	4.042	7.113	14.619	12.343	11.473	4.588	11.101	3.740	14.673	4.314
8%-8.99%	10.897	0.400	2.804	2.428	5.420	5.364	4.289	4.557	6.759	8.440	4.161	4.834	5.911
9%-9.99%	4.185	1.120	2.581	3.797	3.855	5.515	8.547	4.409	3.615	2.407	3.508	2.039	2.767
10%-10.99%	2.119	1.977	0.657	1.573	0.987	4.606	2.084	2.051	2.746	1.757	1.186	1.411	1.015
11%-11.99%	2.221	0.785	0.941	1.037	1.993	0.641	0.099	1.639	0	0.277	2.370	1.048	2.147
12% and higher	5.018	0.838	1.258	1.425	0.923	1.000	0.910	0.612	0.794	1.111	0.445	0	0.405
Floater	0	0	0	0	0	0	0	0	0.650	0	1.250	0.950	1.050
NA	0	0.068	0	0.205	0	0.156	0	0.100	0	0.446	0.254	1.391	1.488
Total	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.791
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
6.99% and lower	2.209	5	13.850	23	20.349	39	25.627	51	11.694	20	37.321	71	73.728	138	72.028	135	29.80%
7%-7.99%	10.696	19	25.774	44	28.404	48	29.514	58	4.314	12	33.828	70	98.703	181	89.656	165	27.02%
8%-8.99%	14.101	28	13.212	27	15.605	35	17.434	43	5.911	18	23.345	61	66.262	151	55.365	128	18.64%
9%-9.99%	7.886	21	13.166	30	16.571	39	7.953	21	2.767	10	10.720	31	48.343	121	44.158	109	8.56%
10%-10.99%	4.754	18	7.165	17	6.882	22	4.354	15	1.015	4	5.369	19	24.170	76	22.051	66	4.29%
11%-11.99%	3.947	12	3.671	14	1.738	6	3.695	14	2.147	3	5.843	17	15.199	49	12.978	42	4.67%
12% and higher	7.112	24	3.348	12	2.317	10	1.556	7	0.405	3	1.962	10	14.740	56	9.722	42	1.57%
Floater	0	0	0	0	0.650	1	2.200	4	1.050	2	3.250	6	3.900	7	3.900	7	2.60%
NA	0.068	1	0.362	4	0.100	1	2.091	6	1.488	2	3.579	8	4.108	14	4.108	14	2.86%
Total	50.773	128	80.548	171	92.615	201	94.427	219	30.791	74	125.218	293	349.154	793	313.968	708	100.00%
Versus Talk
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Lower	0.298	0	0	1.654	0.542	4.489	6.115	0.200	0.500	2.994	0.636	0	0.200
Low end	15.384	1.238	2.537	7.838	6.149	14.194	14.147	9.323	9.206	15.595	8.270	7.808	7.149
Middle	10.408	4.028	4.127	4.659	7.531	10.310	8.781	12.052	6.962	10.655	9.129	17.101	11.886
High end	3.086	0.733	0.347	0.991	6.331	2.860	1.582	5.281	2.557	2.168	3.252	6.171	3.337
Higher	0.449	0.247	0	0	0.954	0.269	0.638	2.938	2.300	0.244	0.194	1.865	0
NA	5.561	0.990	1.340	3.749	2.035	5.993	4.360	2.745	2.928	2.425	2.498	3.423	8.219
Total	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.791
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.298	1	6.685	12	6.815	10	3.629	9	0.200	1	3.829	10	17.627	33	17.329	32	3.06%
Low end	19.159	42	28.181	58	32.676	69	31.673	69	7.149	21	38.821	90	118.837	259	103.452	227	31.00%
Middle	18.563	49	22.501	42	27.795	59	36.885	84	11.886	23	48.771	107	117.629	257	107.221	227	38.95%
High end	4.167	8	10.182	19	9.420	22	11.592	21	3.337	6	14.929	27	38.697	76	35.611	72	11.92%
Higher	0.696	3	1.223	4	5.876	9	2.303	5	0	0	2.303	5	10.097	21	9.648	19	1.84%
NA	7.891	25	11.777	36	10.033	32	8.346	31	8.219	23	16.564	54	46.266	147	40.705	131	13.23%
Total	50.773	128	80.548	171	92.615	201	94.427	219	30.791	74	125.218	293	349.154	793	313.968	708	100.00%
Upsized?
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Yes	9.877	1.725	2.884	5.129	8.179	16.663	11.332	9.747	9.999	14.416	9.279	11.368	7.568
No	24.101	4.941	5.170	12.263	14.946	19.547	23.242	20.731	13.579	19.420	13.224	23.611	22.204
Downsized	1.209	0.570	0.296	1.499	0.417	1.906	1.050	2.062	0.875	0.244	1.475	1.388	1.019
Total	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.791
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	14.486	30	29.970	54	31.077	58	35.064	78	7.568	19	42.631	97	118.165	239	108.287	218	34.05%
No	34.212	92	46.756	108	57.551	134	56.256	135	22.204	53	78.460	188	216.979	522	192.879	462	62.66%
Downsized	2.075	6	3.822	9	3.987	9	3.107	6	1.019	2	4.126	8	14.010	32	12.802	28	3.30%
Total	50.773	128	80.548	171	92.615	201	94.427	219	30.791	74	125.218	293	349.154	793	313.968	708	100.00%
Quick Sale?
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Yes	16.717	1.566	2.838	9.194	15.962	17.617	16.268	19.859	12.855	16.996	10.939	21.793	17.271
No	18.469	5.669	5.513	9.698	7.580	20.498	19.355	12.680	11.598	17.085	13.040	14.574	13.520
Total	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.791
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	21.121	50	42.773	82	48.983	104	49.727	115	17.271	34	66.998	149	179.875	385	163.158	345	53.51%
No	29.652	78	37.775	89	43.633	97	44.699	104	13.520	40	58.220	144	169.279	408	150.810	363	46.49%
Total	50.773	128	80.548	171	92.615	201	94.427	219	30.791	74	125.218	293	349.154	793	313.968	708	100.00%
Seniority
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
mortgage	0	0	0	1.320	0	0	0.400	0	0	0	0	0	0
senior secured	9.542	2.141	1.944	5.654	5.187	6.487	8.308	5.289	5.191	9.012	5.714	7.215	6.581
secured	0	0	0	0	0	0	0	0	0.077	0.154	0.235	0	0
senior	23.317	4.695	6.407	11.167	18.155	29.928	25.177	26.751	16.885	24.379	17.455	28.628	23.820
senior subordinated	1.330	0.400	0	0.500	0.200	1.700	1.616	0.500	2.300	0.535	0.575	0.525	0.390
subordinated	0.998	0	0	0.250	0	0	0.123	0	0	0	0	0	0
Total	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.791
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0	0	1.320	1	0.400	1	0	0	0	0	0	0	1.720	2	1.720	2	0.00%
senior secured	13.627	42	17.328	39	18.787	40	21.941	48	6.581	19	28.521	67	78.263	188	68.721	160	22.78%
secured	0	0	0	0	0.077	1	0.389	3	0	0	0.389	3	0.466	4	0.466	4	0.31%
senior	34.419	78	59.250	123	68.812	147	70.462	161	23.820	54	94.282	215	256.763	563	233.446	513	75.29%
senior subordinated	1.730	5	2.400	7	4.416	11	1.635	7	0.390	1	2.025	8	10.571	31	9.241	27	1.62%
subordinated	0.998	3	0.250	1	0.123	1	0	0	0	0	0	0	1.371	5	0.373	2	0.00%
Total	50.773	128	80.548	171	92.615	201	94.427	219	30.791	74	125.218	293	349.154	793	313.968	708	100.00%
Moody's Rating
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Ba1	1.544	0.399	0.110	2.985	2.419	4.596	1.250	1.797	1.500	0.696	0.446	0	3.281
Ba2	2.289	0.697	1.046	1.100	1.742	2.723	2.600	1.407	1.425	1.592	1.714	1.161	3.906
Ba3	4.142	0	2.083	4.969	2.074	5.545	5.683	4.106	1.294	5.550	3.807	6.153	2.231
B1	6.953	2.119	0.455	2.492	5.725	8.240	6.140	5.008	6.535	4.387	5.515	5.979	4.266
B2	6.895	1.459	1.635	2.247	2.273	5.205	5.164	4.307	4.185	5.047	2.382	3.891	6.162
B3	3.146	1.460	2.229	1.882	6.612	5.700	5.995	6.123	3.923	6.963	3.357	11.479	4.823
Caa1	4.397	0.308	0.430	2.167	2.438	2.578	7.026	6.379	2.325	1.799	5.189	3.083	3.042
Caa2	2.350	0.300	0	0	0	1.199	0.461	1.612	0	2.390	0.714	0.132	0.013
Caa3	0	0	0	0	0	0	0	0	0.500	0.454	0.578	0	0
Ca	0.741	0	0	0	0	0	0	0	0	0	0	0	0
NR	2.731	0.495	0.363	1.049	0.259	2.330	1.305	1.800	2.766	5.205	0.277	4.489	3.067
Total	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.791
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	2.052	5	10.000	15	4.547	10	1.142	3	3.281	5	4.423	8	21.022	38	19.479	35	3.53%
Ba2	4.032	9	5.564	9	5.432	9	4.467	11	3.906	7	8.373	18	23.401	45	21.113	40	6.69%
Ba3	6.225	13	12.588	22	11.084	21	15.509	31	2.231	4	17.740	35	47.637	91	43.495	81	14.17%
B1	9.527	18	16.458	34	17.683	29	15.880	35	4.266	10	20.146	45	63.814	126	56.861	113	16.09%
B2	9.989	29	9.725	26	13.656	34	11.319	29	6.162	15	17.481	44	50.851	133	43.956	114	13.96%
B3	6.835	24	14.193	29	16.041	41	21.799	48	4.823	15	26.622	63	63.691	157	60.545	145	21.26%
Caa1	5.135	13	7.184	16	15.730	28	10.071	23	3.042	9	13.114	32	41.162	89	36.765	78	10.47%
Caa2	2.650	5	1.199	3	2.073	6	3.237	11	0.013	1	3.249	12	9.170	26	6.820	22	2.59%
Caa3	0	0	0	0	0.500	1	1.031	4	0	0	1.031	4	1.531	5	1.531	5	0.82%
Ca	0.741	1	0	0	0	0	0	0	0	0	0	0	0.741	1	0	0	0.00%
NR	3.588	11	3.638	17	5.870	22	9.971	24	3.067	8	13.038	32	26.134	82	23.403	75	10.41%
Total	50.773	128	80.548	171	92.615	201	94.427	219	30.791	74	125.218	293	349.154	793	313.968	708	100.00%
Use of Proceeds
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Acquisition	1.195	0.225	1.711	0.585	0.700	4.206	4.667	2.521	1.341	1.537	1.395	0.505	1.070
Capex	0.600	0	0	0	0.710	0	0	0.364	0	1.008	0.084	0	0.350
Chapter 11 exit	0	0	0.363	0	0.452	0.850	0	0	0	0	0	0	0
Dividend/recap	0.185	0	0	0	1.543	0	0.693	3.751	0	1.155	1.104	1.500	3.015
Exit financing	0	0	0	0	0	0	0	0.385	0	0	0	0	0
GCP	5.034	0.510	0	4.749	3.158	5.871	2.840	3.003	5.254	4.824	3.670	8.475	3.098
LBO	0.248	0.905	1.732	1.564	0.774	2.375	2.075	0.660	1.490	2.885	1.690	2.925	0
Redeem notes	9.689	0.568	1.761	2.295	6.284	10.179	7.818	10.341	2.460	6.481	2.678	9.741	3.166
Refinance	3.201	0.963	1.244	2.746	1.044	2.471	5.627	3.962	5.168	1.550	4.217	1.564	3.331
Repay bank debt	6.751	2.287	0.494	2.479	7.660	8.326	6.089	6.547	4.916	10.040	4.213	2.911	4.709
Multiple/Other/NA	8.284	1.777	1.046	4.473	1.216	3.838	5.813	1.006	3.825	4.601	4.926	8.747	12.051
Total	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.791
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	3.131	8	5.491	14	8.528	20	3.437	9	1.070	2	4.507	11	21.657	53	20.463	51	3.60%
Capex	0.600	1	0.710	2	0.364	2	1.092	5	0.350	2	1.442	7	3.117	12	2.517	11	1.15%
Chapter 11 exit	0.363	2	1.302	2	0	0	0	0	0	0	0	0	1.664	4	1.664	4	0.00%
Dividend/recap	0.185	1	1.543	3	4.444	9	3.759	12	3.015	7	6.773	19	12.946	32	12.761	31	5.41%
Exit financing	0	0	0	0	0.385	1	0	0	0	0	0	0	0.385	1	0.385	1	0.00%
GCP	5.544	17	13.778	23	11.097	29	16.969	34	3.098	7	20.068	41	50.486	110	45.452	96	16.03%
LBO	2.885	9	4.713	9	4.225	8	7.500	13	0	0	7.500	13	19.323	39	19.075	38	5.99%
Redeem notes	12.018	23	18.759	37	20.619	44	18.900	44	3.166	10	22.066	54	73.461	158	63.773	139	17.63%
Refinance	5.408	14	6.261	15	14.756	27	7.331	18	3.331	11	10.662	29	37.088	85	33.887	77	8.51%
Repay bank debt	9.532	20	18.465	41	17.552	35	17.165	37	4.709	9	21.874	46	67.423	142	60.672	128	17.47%
Multiple/Other/NA	11.108	33	9.527	25	10.644	26	18.274	47	12.051	26	30.325	73	61.604	157	53.320	132	24.22%
Total	50.773	128	80.548	171	92.615	201	94.427	219	30.791	74	125.218	293	349.154	793	313.968	708	100.00%
Industry Sector (by SIC code)
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Agriculture (0xxx)	0.982	0	0.430	0.690	0	0.204	0.949	0.300	0	0	0	0.247	0
Mining (1xxx)	0.589	0	0.350	0.103	1.797	0.700	3.440	0.554	1.500	0	0.477	1.325	2.123
Oil and gas (13xx)	3.026	0	0.296	1.464	3.983	4.060	2.045	2.510	1.797	1.953	4.304	3.923	1.399
Construction (15xx)	1.507	0.300	0.246	0	0	0	0.495	0.246	0.678	0.438	0.644	0.900	0.013
Manufacturing (2xxx, 3xxx)	12.878	2.928	3.050	6.346	6.495	14.200	9.226	8.924	10.055	12.092	8.032	8.846	8.496
Transportation (4xxx)	0.570	0.277	0	1.085	1.042	1.382	1.193	0.595	1.512	1.404	1.072	1.000	0.200
Communications (48xx)	5.579	0.225	1.150	1.438	0.466	4.286	2.375	5.073	2.568	4.517	2.750	7.471	1.210
Electric, gas, sanitary services (49xx)	1.000	0.400	0.110	1.091	1.646	3.719	5.639	1.996	1.940	3.125	0	0.821	1.809
Wholesale (5xxx)	1.506	1.396	0	0.787	1.099	2.111	2.784	3.520	0.591	2.571	1.425	3.303	2.978
Finance, insurance, real estate (6xxx)	3.779	0.537	0.464	2.496	3.585	2.919	2.942	1.647	1.220	3.647	4.127	5.647	7.849
Services (7xxx)	2.734	0.968	1.305	3.115	2.503	1.990	2.444	5.649	2.192	3.889	0.619	1.868	3.711
Health services (8xxx)	1.036	0.206	0.949	0.275	0.925	2.543	2.090	1.525	0.400	0.444	0.527	1.016	1.004
Total	35.186	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.791
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	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	0	0.247	1	3.802	12	2.821	8	0.20%
Mining (1xxx)	0.939	4	2.601	6	5.495	7	1.802	6	2.123	6	3.925	12	12.960	29	12.371	26	3.13%
Oil and gas (13xx)	3.323	7	9.507	18	6.352	16	10.181	27	1.399	5	11.580	32	30.762	73	27.736	67	9.25%
Construction (15xx)	2.053	8	0	0	1.419	5	1.982	7	0.013	1	1.994	8	5.466	21	3.960	15	1.59%
Manufacturing (2xxx, 3xxx)	18.856	35	27.041	56	28.205	57	28.970	61	8.496	17	37.467	78	111.569	226	98.692	203	29.92%
Transportation (4xxx)	0.847	3	3.509	7	3.301	11	3.476	10	0.200	1	3.676	11	11.333	32	10.763	30	2.94%
Communications (48xx)	6.954	15	6.191	12	10.016	20	14.739	24	1.210	2	15.949	26	39.110	73	33.531	61	12.74%
Electric, gas, sanitary services (49xx)	1.510	3	6.456	10	9.576	18	3.946	8	1.809	2	5.755	10	23.296	41	22.296	40	4.60%
Wholesale (5xxx)	2.902	11	3.997	10	6.895	17	7.299	18	2.978	10	10.277	28	24.071	66	22.564	60	8.21%
Finance, insurance, real estate (6xxx)	4.780	15	9.000	21	5.808	16	13.421	30	7.849	16	21.270	46	40.858	98	37.079	88	16.99%
Services (7xxx)	5.006	15	7.608	19	10.285	23	6.375	18	3.711	12	10.086	30	32.985	87	30.251	79	8.05%
Health services (8xxx)	2.191	7	3.743	10	4.015	7	1.988	9	1.004	2	2.991	11	12.941	35	11.904	31	2.39%
Total	50.773	128	80.548	171	92.615	201	94.427	219	30.791	74	125.218	293	349.154	793	313.968	708	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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