Analysis of high yield issuance for 13 months through June 2011

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

Yield

	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
5.99% and lower	0	0.994	0	1.644	1.150	1.124	0.394	2.080	2.250	1.300	3.838	4.178	0
6%-6.99%	0.110	3.392	3.250	4.570	6.200	6.574	4.907	6.461	4.815	8.721	7.856	15.146	1.700
7%-7.99%	0	4.042	7.113	14.619	12.343	11.473	4.588	11.101	3.740	14.673	4.314	7.682	8.131
8%-8.99%	2.804	2.428	5.420	5.364	4.289	4.557	6.759	8.440	4.161	4.834	5.911	15.991	1.837
9%-9.99%	2.581	3.797	3.855	5.515	8.547	4.409	3.615	2.407	3.508	2.039	2.767	2.962	0.644
10%-10.99%	0.657	1.573	0.987	4.606	2.084	2.051	2.746	1.757	1.186	1.411	1.015	1.849	2.355
11%-11.99%	0.941	1.037	1.993	0.641	0.099	1.639	0	0.277	2.370	1.048	2.147	0.624	0.524
12% and higher	1.258	1.425	0.923	1.000	0.910	0.612	0.794	1.111	0.445	0	0.405	0.250	0.907
Floater	0	0	0	0	0	0	0.650	0	1.250	0.950	1.050	0.850	0.200
NA	0	0.205	0	0.156	0	0.100	0	0.446	0.254	1.391	1.603	0.773	0
Total	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.906	50.305	16.298
	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	18.953	32	18.953	32	7.11%
6%-6.99%	11.212	19	17.681	33	19.997	44	24.702	43	44.699	87	73.702	140	73.592	139	23.29%
7%-7.99%	25.774	44	28.404	48	29.514	58	20.127	39	49.641	97	103.820	189	103.820	189	25.86%
8%-8.99%	13.212	27	15.605	35	17.434	43	23.738	48	41.172	91	72.793	157	69.989	153	21.45%
9%-9.99%	13.166	30	16.571	39	7.953	21	6.373	24	14.326	45	46.644	120	44.063	114	7.46%
10%-10.99%	7.165	17	6.882	22	4.354	15	5.219	20	9.573	35	24.277	76	23.620	74	4.99%
11%-11.99%	3.671	14	1.738	6	3.695	14	3.295	9	6.990	23	13.341	45	12.400	43	3.64%
12% and higher	3.348	12	2.317	10	1.556	7	1.562	7	3.119	14	10.041	41	8.785	36	1.63%
Floater	0	0	0.650	1	2.200	4	2.100	4	4.300	8	4.950	9	4.950	9	2.24%
NA	0.362	4	0.100	1	2.091	6	2.377	5	4.468	11	4.929	16	4.929	16	2.33%
Total	80.548	171	92.615	201	94.427	219	97.509	214	191.936	433	373.450	825	365.099	805	100.00%
Versus Talk
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Lower	0	1.654	0.542	4.489	6.115	0.200	0.500	2.994	0.636	0	0.200	0.550	0
Low end	2.537	7.838	6.149	14.194	14.147	9.323	9.206	15.595	8.270	7.808	7.149	15.668	2.399
Middle	4.127	4.659	7.531	10.310	8.781	12.052	6.962	10.655	9.129	17.101	11.886	21.760	4.550
High end	0.347	0.991	6.331	2.860	1.582	5.281	2.557	2.168	3.252	6.171	3.337	8.106	6.549
Higher	0	0	0.954	0.269	0.638	2.938	2.300	0.244	0.194	1.865	0	2.066	2.264
NA	1.340	3.749	2.035	5.993	4.360	2.745	2.928	2.425	2.498	3.423	8.334	2.156	1.409
Total	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.906	50.305	16.298
	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	2.28%
Low end	28.181	58	32.676	69	31.673	69	25.216	57	56.889	126	120.282	259	117.746	253	29.64%
Middle	22.501	42	27.795	59	36.885	84	38.196	70	75.081	154	129.504	262	125.377	255	39.12%
High end	10.182	19	9.420	22	11.592	21	17.992	39	29.584	60	49.533	102	49.185	101	15.41%
Higher	1.223	4	5.876	9	2.303	5	3.456	7	5.758	12	12.857	25	12.857	25	3.00%
NA	11.777	36	10.033	32	8.346	31	11.899	39	20.244	70	43.395	144	42.055	138	10.55%
Total	80.548	171	92.615	201	94.427	219	97.509	214	191.936	433	373.450	825	365.099	805	100.00%
Upsized?
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Yes	2.884	5.129	8.179	16.663	11.332	9.747	9.999	14.416	9.279	11.368	7.968	15.207	2.652
No	5.170	12.263	14.946	19.547	23.242	20.731	13.579	19.420	13.224	23.611	21.794	29.669	13.646
Downsized	0.296	1.499	0.417	1.906	1.050	2.062	0.875	0.244	1.475	1.388	1.144	5.428	0
Total	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.906	50.305	16.298
	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	25.827	53	60.891	131	124.822	248	121.938	243	31.72%
No	46.756	108	57.551	134	56.256	135	65.110	151	121.365	286	230.843	542	225.673	528	63.23%
Downsized	3.822	9	3.987	9	3.107	6	6.572	10	9.679	16	17.785	35	17.489	34	5.04%
Total	80.548	171	92.615	201	94.427	219	97.509	214	191.936	433	373.450	825	365.099	805	100.00%
Quick Sale?
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Yes	2.838	9.194	15.962	17.617	16.268	19.859	12.855	16.996	10.939	21.793	17.271	25.216	3.863
No	5.513	9.698	7.580	20.498	19.355	12.680	11.598	17.085	13.040	14.574	13.635	25.089	12.435
Total	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.906	50.305	16.298
	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	46.349	93	96.077	208	190.670	399	187.832	394	50.06%
No	37.775	89	43.633	97	44.699	104	51.160	121	95.859	225	182.780	426	177.267	411	49.94%
Total	80.548	171	92.615	201	94.427	219	97.509	214	191.936	433	373.450	825	365.099	805	100.00%
Seniority
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
mortgage	0	1.320	0	0	0.400	0	0	0	0	0	0	0.107	0
senior secured	1.944	5.654	5.187	6.487	8.308	5.289	5.191	9.012	5.714	7.215	6.593	8.380	1.763
secured	0	0	0	0	0	0	0.077	0.154	0.235	0	0	0	0.231
senior	6.407	11.167	18.155	29.928	25.177	26.751	16.885	24.379	17.455	28.628	23.922	40.867	14.054
senior subordinated	0	0.500	0.200	1.700	1.616	0.500	2.300	0.535	0.575	0.525	0.390	0.950	0.250
subordinated	0	0.250	0	0	0.123	0	0	0	0	0	0	0	0
Total	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.906	50.305	16.298
	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	16.737	51	38.677	99	76.736	184	74.792	178	20.15%
secured	0	0	0.077	1	0.389	3	0.231	3	0.620	6	0.697	7	0.697	7	0.32%
senior	59.250	123	68.812	147	70.462	161	78.844	154	149.306	315	283.776	599	277.369	585	77.79%
senior subordinated	2.400	7	4.416	11	1.635	7	1.590	5	3.225	12	10.041	30	10.041	30	1.68%
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	97.509	214	191.936	433	373.450	825	365.099	805	100.00%
Moody's Rating
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Ba1	0.110	2.985	2.419	4.596	1.250	1.797	1.500	0.696	0.446	0	3.281	5.115	1.100
Ba2	1.046	1.100	1.742	2.723	2.600	1.407	1.425	1.592	1.714	1.161	3.906	2.495	0.450
Ba3	2.083	4.969	2.074	5.545	5.683	4.106	1.294	5.550	3.807	6.153	2.231	9.059	0.900
B1	0.455	2.492	5.725	8.240	6.140	5.008	6.535	4.387	5.515	5.979	4.279	8.647	3.750
B2	1.635	2.247	2.273	5.205	5.164	4.307	4.185	5.047	2.382	3.891	6.162	7.301	2.121
B3	2.229	1.882	6.612	5.700	5.995	6.123	3.923	6.963	3.357	11.479	4.823	7.388	3.860
Caa1	0.430	2.167	2.438	2.578	7.026	6.379	2.325	1.799	5.189	3.083	3.042	3.911	2.271
Caa2	0	0	0	1.199	0.461	1.612	0	2.390	0.714	0.132	0	1.193	1.276
Caa3	0	0	0	0	0	0	0.500	0.454	0.578	0	0	0	0
NR	0.363	1.049	0.259	2.330	1.305	1.800	2.766	5.205	0.277	4.489	3.182	5.196	0.570
Total	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.906	50.305	16.298
	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	9.497	18	10.638	21	25.295	47	25.185	46	5.54%
Ba2	5.564	9	5.432	9	4.467	11	6.851	13	11.318	24	23.361	44	22.314	42	5.90%
Ba3	12.588	22	11.084	21	15.509	31	12.190	20	27.699	51	53.454	97	51.371	94	14.43%
B1	16.458	34	17.683	29	15.880	35	16.676	25	32.556	60	67.152	124	66.697	123	16.96%
B2	9.725	26	13.656	34	11.319	29	15.583	35	26.903	64	51.919	128	50.284	124	14.02%
B3	14.193	29	16.041	41	21.799	48	16.072	47	37.870	95	70.334	171	68.105	165	19.73%
Caa1	7.184	16	15.730	28	10.071	23	9.224	25	19.296	48	42.639	93	42.209	92	10.05%
Caa2	1.199	3	2.073	6	3.237	11	2.468	6	5.705	17	8.976	26	8.976	26	2.97%
Caa3	0	0	0.500	1	1.031	4	0	0	1.031	4	1.531	5	1.531	5	0.54%
NR	3.638	17	5.870	22	9.971	24	8.948	25	18.919	49	28.789	90	28.427	88	9.86%
Total	80.548	171	92.615	201	94.427	219	97.509	214	191.936	433	373.450	825	365.099	805	100.00%
Use of Proceeds
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Acquisition	1.711	0.585	0.700	4.206	4.667	2.521	1.341	1.537	1.395	0.505	1.070	5.941	4.122
Capex	0	0	0.710	0	0	0.364	0	1.008	0.084	0	0.350	0.757	0.500
Chapter 11 exit	0.363	0	0.452	0.850	0	0	0	0	0	0	0	0	0
Dividend/recap	0	0	1.543	0	0.693	3.751	0	1.155	1.104	1.500	3.015	1.973	0.100
Exit financing	0	0	0	0	0	0.385	0	0	0	0	0	0	0
GCP	0	4.749	3.158	5.871	2.840	3.003	5.254	4.824	3.670	8.475	3.398	7.026	1.205
LBO	1.732	1.564	0.774	2.375	2.075	0.660	1.490	2.885	1.690	2.925	0	1.905	1.636
Redeem notes	1.761	2.295	6.284	10.179	7.818	10.190	2.460	6.481	2.715	9.741	3.166	3.227	1.028
Refinance	1.244	2.746	1.044	2.471	5.627	4.112	5.168	2.225	4.217	1.564	3.331	9.469	1.570
Repay bank debt	0.494	2.479	7.660	8.326	6.089	6.547	4.916	10.040	4.213	3.308	4.709	7.108	1.302
Multiple/Other/NA	1.046	4.473	1.216	3.838	5.813	1.006	3.825	3.926	4.889	8.350	11.866	12.900	4.835
Total	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.906	50.305	16.298
	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	11.133	18	14.571	27	30.301	66	28.590	61	7.59%
Capex	0.710	2	0.364	2	1.092	5	1.608	6	2.700	11	3.774	15	3.774	15	1.41%
Chapter 11 exit	1.302	2	0	0	0	0	0	0	0	0	1.664	4	1.302	2	0.00%
Dividend/recap	1.543	3	4.444	9	3.759	12	5.087	15	8.846	27	14.833	39	14.833	39	4.61%
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	11.629	24	28.598	58	53.473	110	53.473	110	14.90%
LBO	4.713	9	4.225	8	7.500	13	3.541	8	11.041	21	21.711	42	19.978	38	5.75%
Redeem notes	18.759	37	20.469	44	18.937	45	7.421	22	26.359	67	67.347	150	65.586	148	13.73%
Refinance	6.261	15	14.907	27	8.006	19	14.370	28	22.376	47	44.788	92	43.544	89	11.66%
Repay bank debt	18.465	41	17.552	35	17.562	38	13.119	29	30.680	67	67.191	144	66.698	143	15.98%
Multiple/Other/NA	9.527	25	10.644	26	17.165	44	29.601	64	46.766	108	67.983	162	66.937	159	24.37%
Total	80.548	171	92.615	201	94.427	219	97.509	214	191.936	433	373.450	825	365.099	805	100.00%
Industry Sector (by SIC code)
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Agriculture (0xxx)	0.430	0.690	0	0.204	0.949	0.300	0	0	0	0.247	0	1.380	0
Mining (1xxx)	0.350	0.103	1.797	0.700	3.440	0.554	1.500	0	0.477	1.325	2.238	3.500	3.950
Oil and gas (13xx)	0.296	1.464	3.983	4.060	2.045	2.510	1.797	1.953	4.304	3.923	1.399	9.769	0.802
Construction (15xx)	0.246	0	0	0	0.495	0.246	0.678	0.438	0.644	0.900	0.013	0.750	0
Manufacturing (2xxx, 3xxx)	3.050	6.346	6.495	14.200	9.226	8.924	10.055	12.092	8.032	8.846	8.496	12.254	3.414
Transportation (4xxx)	0	1.085	1.042	1.382	1.193	0.595	1.512	1.404	1.072	1.000	0.200	1.989	0.431
Communications (48xx)	1.150	1.438	0.466	4.286	2.375	5.073	2.568	4.517	2.750	7.471	1.210	7.089	4.125
Electric, gas, sanitary services (49xx)	0.110	1.091	1.646	3.719	5.639	1.996	1.940	3.125	0	0.821	1.809	5.093	1.000
Wholesale (5xxx)	0	0.787	1.099	2.111	2.784	3.520	0.591	2.571	1.425	3.303	2.978	1.000	0
Finance, insurance, real estate (6xxx)	0.464	2.496	3.585	2.919	2.942	1.647	1.220	3.647	4.127	5.647	7.849	4.741	0
Services (7xxx)	1.305	3.115	2.503	1.990	2.444	5.649	2.192	3.889	0.619	1.868	3.711	2.189	1.862
Health services (8xxx)	0.949	0.275	0.925	2.543	2.090	1.525	0.400	0.444	0.527	1.016	1.004	0.550	0.715
Total	8.351	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.978	36.367	30.906	50.305	16.298
	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	3.771	9	0.85%
Mining (1xxx)	2.601	6	5.495	7	1.802	6	9.688	18	11.490	24	19.936	38	19.586	37	5.99%
Oil and gas (13xx)	9.507	18	6.352	16	10.181	27	11.970	24	22.151	51	38.306	86	38.010	85	11.54%
Construction (15xx)	0	0	1.419	5	1.982	7	0.763	2	2.744	9	4.410	15	4.164	14	1.43%
Manufacturing (2xxx, 3xxx)	27.041	56	28.205	57	28.970	61	24.164	53	53.134	114	111.432	232	108.381	227	27.68%
Transportation (4xxx)	3.509	7	3.301	11	3.476	10	2.620	11	6.096	21	12.906	39	12.906	39	3.18%
Communications (48xx)	6.191	12	10.016	20	14.739	24	12.424	17	27.163	41	44.520	75	43.370	73	14.15%
Electric, gas, sanitary services (49xx)	6.456	10	9.576	18	3.946	8	7.902	14	11.848	22	27.990	51	27.880	50	6.17%
Wholesale (5xxx)	3.997	10	6.895	17	7.299	18	3.978	13	11.277	31	22.169	58	22.169	58	5.88%
Finance, insurance, real estate (6xxx)	9.000	21	5.808	16	13.421	30	12.590	28	26.011	58	41.284	97	40.819	95	13.55%
Services (7xxx)	7.608	19	10.285	23	6.375	18	7.762	27	14.137	45	33.335	91	32.030	87	7.37%
Health services (8xxx)	3.743	10	4.015	7	1.988	9	2.269	5	4.257	14	12.963	33	12.015	31	2.22%
Total	80.548	171	92.615	201	94.427	219	97.509	214	191.936	433	373.450	825	365.099	805	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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