Analysis of high yield issuance for 13 months through May 2011

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

Yield

	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
5.99% and lower	0.399	0	0.994	0	1.644	1.150	1.124	0.394	2.080	2.250	1.300	3.838	4.178
6%-6.99%	0	0.110	3.392	3.250	4.570	6.200	6.574	4.907	6.461	4.815	8.721	7.856	15.166
7%-7.99%	1.650	0	4.042	7.113	14.619	12.343	11.473	4.588	11.101	3.740	14.673	4.314	7.682
8%-8.99%	0.400	2.804	2.428	5.420	5.364	4.289	4.557	6.759	8.440	4.161	4.834	5.911	15.991
9%-9.99%	1.120	2.581	3.797	3.855	5.515	8.547	4.409	3.615	2.407	3.508	2.039	2.767	2.962
10%-10.99%	1.977	0.657	1.573	0.987	4.606	2.084	2.051	2.746	1.757	1.186	1.411	1.015	1.849
11%-11.99%	0.785	0.941	1.037	1.993	0.641	0.099	1.639	0	0.277	2.370	1.048	2.147	0.624
12% and higher	0.838	1.258	1.425	0.923	1.000	0.910	0.612	0.794	1.111	0.445	0	0.405	0.250
Floater	0	0	0	0	0	0	0	0.650	0	1.250	0.950	1.050	0.850
NA	0.068	0	0.205	0	0.156	0	0.100	0	0.446	0.254	1.391	1.603	0.773
Total	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.906	50.325
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
5.99% and lower	2.638	4	2.668	6	5.630	7	8.016	15	13.646	22	19.351	33	18.953	32	7.77%
6%-6.99%	11.212	19	17.681	33	19.997	44	23.022	39	43.019	83	72.022	136	72.022	136	24.49%
7%-7.99%	25.774	44	28.404	48	29.514	58	11.996	26	41.510	84	97.338	179	95.689	176	23.63%
8%-8.99%	13.212	27	15.605	35	17.434	43	21.901	44	39.336	87	71.356	154	70.956	153	22.39%
9%-9.99%	13.166	30	16.571	39	7.953	21	5.728	21	13.682	42	47.119	120	45.999	117	7.79%
10%-10.99%	7.165	17	6.882	22	4.354	15	2.864	12	7.218	27	23.899	74	21.922	68	4.11%
11%-11.99%	3.671	14	1.738	6	3.695	14	2.771	6	6.467	20	13.602	45	12.817	42	3.68%
12% and higher	3.348	12	2.317	10	1.556	7	0.655	4	2.212	11	9.972	43	9.134	38	1.26%
Floater	0	0	0.650	1	2.200	4	1.900	3	4.100	7	4.750	8	4.750	8	2.33%
NA	0.362	4	0.100	1	2.091	6	2.377	5	4.468	11	4.997	17	4.929	16	2.54%
Total	80.548	171	92.615	201	94.427	219	81.231	175	175.658	394	364.408	809	357.172	786	100.00%
Versus Talk
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Lower	0	0	1.654	0.542	4.489	6.115	0.200	0.500	2.994	0.636	0	0.200	0.550
Low end	1.238	2.537	7.838	6.149	14.194	14.147	9.323	9.206	15.595	8.270	7.808	7.149	15.688
Middle	4.028	4.127	4.659	7.531	10.310	8.781	12.052	6.962	10.655	9.129	17.101	11.886	21.760
High end	0.733	0.347	0.991	6.331	2.860	1.582	5.281	2.557	2.168	3.252	6.171	3.337	8.106
Higher	0.247	0	0	0.954	0.269	0.638	2.938	2.300	0.244	0.194	1.865	0	2.066
NA	0.990	1.340	3.749	2.035	5.993	4.360	2.745	2.928	2.425	2.498	3.423	8.334	2.156
Total	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.906	50.325
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	6.685	12	6.815	10	3.629	9	0.750	2	4.379	11	17.879	33	17.879	33	2.49%
Low end	28.181	58	32.676	69	31.673	69	22.837	53	54.510	122	119.140	259	117.903	255	31.03%
Middle	22.501	42	27.795	59	36.885	84	33.646	60	70.531	144	128.982	264	124.953	252	40.15%
High end	10.182	19	9.420	22	11.592	21	11.443	25	23.035	46	43.717	91	42.984	88	13.11%
Higher	1.223	4	5.876	9	2.303	5	2.066	4	4.368	9	11.714	23	11.467	22	2.49%
NA	11.777	36	10.033	32	8.346	31	10.489	31	18.835	62	42.975	139	41.986	136	10.72%
Total	80.548	171	92.615	201	94.427	219	81.231	175	175.658	394	364.408	809	357.172	786	100.00%
Upsized?
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Yes	1.725	2.884	5.129	8.179	16.663	11.332	9.747	9.999	14.416	9.279	11.368	7.968	15.207
No	4.941	5.170	12.263	14.946	19.547	23.242	20.731	13.579	19.420	13.224	23.611	21.794	29.689
Downsized	0.570	0.296	1.499	0.417	1.906	1.050	2.062	0.875	0.244	1.475	1.388	1.144	5.428
Total	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.906	50.325
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	29.970	54	31.077	58	35.064	78	23.175	47	58.239	125	123.895	246	122.170	242	33.15%
No	46.756	108	57.551	134	56.256	135	51.483	118	107.739	253	222.158	527	217.217	509	61.33%
Downsized	3.822	9	3.987	9	3.107	6	6.572	10	9.679	16	18.355	36	17.785	35	5.51%
Total	80.548	171	92.615	201	94.427	219	81.231	175	175.658	394	364.408	809	357.172	786	100.00%
Quick Sale?
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Yes	1.566	2.838	9.194	15.962	17.617	16.268	19.859	12.855	16.996	10.939	21.793	17.271	25.236
No	5.669	5.513	9.698	7.580	20.498	19.355	12.680	11.598	17.085	13.040	14.574	13.635	25.089
Total	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.906	50.325
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	42.773	82	48.983	104	49.727	115	42.506	80	92.234	195	188.393	391	186.827	386	52.51%
No	37.775	89	43.633	97	44.699	104	38.724	95	83.424	199	176.014	418	170.345	400	47.49%
Total	80.548	171	92.615	201	94.427	219	81.231	175	175.658	394	364.408	809	357.172	786	100.00%
Seniority
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
mortgage	0	0	1.320	0	0	0.400	0	0	0	0	0	0	0.107
senior secured	2.141	1.944	5.654	5.187	6.487	8.308	5.289	5.191	9.012	5.714	7.215	6.593	8.380
secured	0	0	0	0	0	0	0	0.077	0.154	0.235	0	0	0
senior	4.695	6.407	11.167	18.155	29.928	25.177	26.751	16.885	24.379	17.455	28.628	23.922	40.887
senior subordinated	0.400	0	0.500	0.200	1.700	1.616	0.500	2.300	0.535	0.575	0.525	0.390	0.950
subordinated	0	0	0.250	0	0	0.123	0	0	0	0	0	0	0
Total	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.906	50.325
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	1.320	1	0.400	1	0	0	0.107	1	0.107	1	1.827	3	1.827	3	0.06%
senior secured	17.328	39	18.787	40	21.941	48	14.974	43	36.914	91	77.114	184	74.973	176	21.01%
secured	0	0	0.077	1	0.389	3	0	0	0.389	3	0.466	4	0.466	4	0.22%
senior	59.250	123	68.812	147	70.462	161	64.810	127	135.272	288	274.436	586	269.741	572	77.01%
senior subordinated	2.400	7	4.416	11	1.635	7	1.340	4	2.975	11	10.191	30	9.791	29	1.69%
subordinated	0.250	1	0.123	1	0	0	0	0	0	0	0.373	2	0.373	2	0.00%
Total	80.548	171	92.615	201	94.427	219	81.231	175	175.658	394	364.408	809	357.172	786	100.00%
Moody's Rating
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Ba1	0.399	0.110	2.985	2.419	4.596	1.250	1.797	1.500	0.696	0.446	0	3.281	5.115
Ba2	0.697	1.046	1.100	1.742	2.723	2.600	1.407	1.425	1.592	1.714	1.161	3.906	2.495
Ba3	0	2.083	4.969	2.074	5.545	5.683	4.106	1.294	5.550	3.807	6.153	2.231	9.079
B1	2.119	0.455	2.492	5.725	8.240	6.140	5.008	6.535	4.387	5.515	5.979	4.279	6.084
B2	1.459	1.635	2.247	2.273	5.205	5.164	4.307	4.185	5.047	2.382	3.891	6.162	7.301
B3	1.460	2.229	1.882	6.612	5.700	5.995	6.123	3.923	6.963	3.357	11.479	4.823	7.388
Caa1	0.308	0.430	2.167	2.438	2.578	7.026	6.379	2.325	1.799	5.189	3.083	3.042	3.911
Caa2	0.300	0	0	0	1.199	0.461	1.612	0	2.390	0.714	0.132	0	1.193
Caa3	0	0	0	0	0	0	0	0.500	0.454	0.578	0	0	0
NR	0.495	0.363	1.049	0.259	2.330	1.305	1.800	2.766	5.205	0.277	4.489	3.182	7.759
Total	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.906	50.325
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	10.000	15	4.547	10	1.142	3	8.397	16	9.538	19	24.594	46	24.195	45	5.43%
Ba2	5.564	9	5.432	9	4.467	11	6.401	12	10.868	23	23.608	45	22.911	43	6.19%
Ba3	12.588	22	11.084	21	15.509	31	11.310	18	26.819	49	52.574	95	52.574	95	15.27%
B1	16.458	34	17.683	29	15.880	35	10.363	19	26.243	54	62.958	122	60.839	118	14.94%
B2	9.725	26	13.656	34	11.319	29	13.463	27	24.782	56	51.257	126	49.798	120	14.11%
B3	14.193	29	16.041	41	21.799	48	12.211	36	34.010	84	67.933	166	66.473	160	19.36%
Caa1	7.184	16	15.730	28	10.071	23	6.953	19	17.024	42	40.676	88	40.368	87	9.69%
Caa2	1.199	3	2.073	6	3.237	11	1.193	3	4.430	14	8.001	24	7.701	23	2.52%
Caa3	0	0	0.500	1	1.031	4	0	0	1.031	4	1.531	5	1.531	5	0.59%
NR	3.638	17	5.870	22	9.971	24	10.941	25	20.912	49	31.277	92	30.782	90	11.90%
Total	80.548	171	92.615	201	94.427	219	81.231	175	175.658	394	364.408	809	357.172	786	100.00%
Use of Proceeds
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Acquisition	0.225	1.711	0.585	0.700	4.206	4.667	2.521	1.341	1.537	1.395	0.505	1.070	5.941
Capex	0	0	0	0.710	0	0	0.364	0	1.008	0.084	0	0.350	0.757
Chapter 11 exit	0	0.363	0	0.452	0.850	0	0	0	0	0	0	0	0
Dividend/recap	0	0	0	1.543	0	0.693	3.751	0	1.155	1.104	1.500	3.015	1.973
Exit financing	0	0	0	0	0	0	0.385	0	0	0	0	0	0
GCP	0.510	0	4.749	3.158	5.871	2.840	3.003	5.254	4.824	3.670	8.475	3.398	7.026
LBO	0.905	1.732	1.564	0.774	2.375	2.075	0.660	1.490	2.885	1.690	2.925	0	1.905
Redeem notes	0.568	1.761	2.295	6.284	10.179	7.818	10.190	2.460	6.481	2.678	9.741	3.166	3.247
Refinance	0.963	1.244	2.746	1.044	2.471	5.627	4.112	5.168	1.550	4.217	1.564	3.331	9.469
Repay bank debt	2.287	0.494	2.479	7.660	8.326	6.089	6.547	4.916	10.040	4.213	2.911	4.709	7.108
Multiple/Other/NA	1.777	1.046	4.473	1.216	3.838	5.813	1.006	3.825	4.601	4.926	8.747	11.866	12.900
Total	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.906	50.325
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	5.491	14	8.528	20	3.437	9	7.011	10	10.448	19	26.403	59	26.178	58	5.95%
Capex	0.710	2	0.364	2	1.092	5	1.108	5	2.200	10	3.274	14	3.274	14	1.25%
Chapter 11 exit	1.302	2	0	0	0	0	0	0	0	0	1.664	4	1.664	4	0.00%
Dividend/recap	1.543	3	4.444	9	3.759	12	4.987	14	8.746	26	14.733	38	14.733	38	4.98%
Exit financing	0	0	0.385	1	0	0	0	0	0	0	0.385	1	0.385	1	0.00%
GCP	13.778	23	11.097	29	16.969	34	10.424	21	27.393	55	52.778	110	52.268	107	15.59%
LBO	4.713	9	4.225	8	7.500	13	1.905	4	9.405	17	20.980	42	20.075	38	5.35%
Redeem notes	18.759	37	20.469	44	18.900	44	6.413	20	25.313	64	66.870	149	66.302	147	14.41%
Refinance	6.261	15	14.907	27	7.331	18	12.800	24	20.131	42	43.506	90	42.543	87	11.46%
Repay bank debt	18.465	41	17.552	35	17.165	37	11.817	24	28.981	61	67.780	143	65.493	138	16.50%
Multiple/Other/NA	9.527	25	10.644	26	18.274	47	24.766	53	43.040	100	66.035	159	64.257	154	24.50%
Total	80.548	171	92.615	201	94.427	219	81.231	175	175.658	394	364.408	809	357.172	786	100.00%
Industry Sector (by SIC code)
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Agriculture (0xxx)	0	0.430	0.690	0	0.204	0.949	0.300	0	0	0	0.247	0	1.380
Mining (1xxx)	0	0.350	0.103	1.797	0.700	3.440	0.554	1.500	0	0.477	1.325	2.238	3.500
Oil and gas (13xx)	0	0.296	1.464	3.983	4.060	2.045	2.510	1.797	1.953	4.304	3.923	1.399	9.769
Construction (15xx)	0.300	0.246	0	0	0	0.495	0.246	0.678	0.438	0.644	0.900	0.013	0.750
Manufacturing (2xxx, 3xxx)	2.928	3.050	6.346	6.495	14.200	9.226	8.924	10.055	12.092	8.032	8.846	8.496	11.754
Transportation (4xxx)	0.277	0	1.085	1.042	1.382	1.193	0.595	1.512	1.404	1.072	1.000	0.200	2.009
Communications (48xx)	0.225	1.150	1.438	0.466	4.286	2.375	5.073	2.568	4.517	2.750	7.471	1.210	7.089
Electric, gas, sanitary services (49xx)	0.400	0.110	1.091	1.646	3.719	5.639	1.996	1.940	3.125	0	0.821	1.809	5.093
Wholesale (5xxx)	1.396	0	0.787	1.099	2.111	2.784	3.520	0.591	2.571	1.425	3.303	2.978	1.000
Finance, insurance, real estate (6xxx)	0.537	0.464	2.496	3.585	2.919	2.942	1.647	1.220	3.647	4.127	5.647	7.849	5.241
Services (7xxx)	0.968	1.305	3.115	2.503	1.990	2.444	5.649	2.192	3.889	0.619	1.868	3.711	2.189
Health services (8xxx)	0.206	0.949	0.275	0.925	2.543	2.090	1.525	0.400	0.444	0.527	1.016	1.004	0.550
Total	7.236	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.906	50.325
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.895	2	1.249	4	0.247	1	1.380	2	1.627	3	4.201	10	4.201	10	0.93%
Mining (1xxx)	2.601	6	5.495	7	1.802	6	5.738	12	7.540	18	15.986	32	15.986	32	4.29%
Oil and gas (13xx)	9.507	18	6.352	16	10.181	27	11.168	22	21.349	49	37.504	84	37.504	84	12.15%
Construction (15xx)	0	0	1.419	5	1.982	7	0.763	2	2.744	9	4.710	16	4.410	15	1.56%
Manufacturing (2xxx, 3xxx)	27.041	56	28.205	57	28.970	61	20.250	42	49.221	103	110.446	228	107.518	221	28.02%
Transportation (4xxx)	3.509	7	3.301	11	3.476	10	2.209	7	5.686	17	12.772	36	12.495	35	3.24%
Communications (48xx)	6.191	12	10.016	20	14.739	24	8.299	10	23.038	34	40.620	69	40.395	68	13.12%
Electric, gas, sanitary services (49xx)	6.456	10	9.576	18	3.946	8	6.902	13	10.848	21	27.390	51	26.990	50	6.18%
Wholesale (5xxx)	3.997	10	6.895	17	7.299	18	3.978	13	11.277	31	23.564	63	22.169	58	6.42%
Finance, insurance, real estate (6xxx)	9.000	21	5.808	16	13.421	30	13.090	29	26.511	59	42.320	101	41.784	98	15.09%
Services (7xxx)	7.608	19	10.285	23	6.375	18	5.900	20	12.275	38	32.441	87	31.473	84	6.99%
Health services (8xxx)	3.743	10	4.015	7	1.988	9	1.554	3	3.541	12	12.454	32	12.248	31	2.02%
Total	80.548	171	92.615	201	94.427	219	81.231	175	175.658	394	364.408	809	357.172	786	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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