Analysis of high yield issuance for 13 months through July 2011

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

Yield

	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
5.99% and lower	0.994	0	1.644	1.150	1.124	0.394	2.080	2.250	1.300	3.838	4.178	0	1.000
6%-6.99%	3.392	3.250	4.570	6.200	6.574	4.907	6.461	4.815	8.721	7.856	15.146	1.700	5.100
7%-7.99%	4.042	7.113	14.619	12.343	11.473	4.588	11.101	3.740	14.673	4.314	7.682	8.131	3.550
8%-8.99%	2.428	5.420	5.364	4.289	4.557	6.759	8.440	4.161	4.834	5.911	15.991	1.837	2.558
9%-9.99%	3.797	3.855	5.515	8.547	4.409	3.615	2.407	3.508	2.039	2.767	2.962	0.644	1.685
10%-10.99%	1.573	0.987	4.606	2.084	2.051	2.746	1.757	1.186	1.411	1.015	1.849	2.355	1.281
11%-11.99%	1.037	1.993	0.641	0.099	1.639	0	0.277	2.370	1.048	2.147	0.624	0.524	0.815
12% and higher	1.425	0.923	1.000	0.910	0.612	0.794	1.111	0.445	0	0.405	0.250	0.907	1.980
Floater	0	0	0	0	0	0.650	0	1.250	0.950	1.050	0.850	0.200	0
NA	0.205	0	0.156	0	0.100	0	0.446	0.128	1.391	1.603	0.773	0	0
Total	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.852	36.367	30.906	50.305	16.298	17.969
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	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	1.000	1	14.646	23	19.953	33	18.958	32	6.98%
6%-6.99%	11.212	19	17.681	33	19.997	44	24.702	43	5.100	5	49.799	92	78.692	144	75.300	139	23.74%
7%-7.99%	25.774	44	28.404	48	29.514	58	20.127	39	3.550	4	53.191	101	107.370	193	103.328	186	25.36%
8%-8.99%	13.212	27	15.605	35	17.434	43	23.738	48	2.558	5	43.731	96	72.547	158	70.119	154	20.85%
9%-9.99%	13.166	30	16.571	39	7.953	21	6.373	24	1.685	4	16.010	49	45.747	118	41.951	110	7.63%
10%-10.99%	7.165	17	6.882	22	4.354	15	5.219	20	1.281	2	10.854	37	24.901	76	23.329	72	5.17%
11%-11.99%	3.671	14	1.738	6	3.695	14	3.295	9	0.815	4	7.806	27	13.215	47	12.178	43	3.72%
12% and higher	3.348	12	2.317	10	1.556	7	1.562	7	1.980	7	5.099	21	10.764	43	9.340	40	2.43%
Floater	0	0	0.650	1	2.200	4	2.100	4	0	0	4.300	8	4.950	9	4.950	9	2.05%
NA	0.362	4	0.100	1	1.965	5	2.377	5	0	0	4.341	10	4.803	15	4.598	13	2.07%
Total	80.548	171	92.615	201	94.301	218	97.509	214	17.969	32	209.779	464	382.942	836	364.051	798	100.00%
Versus Talk
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Lower	1.654	0.542	4.489	6.115	0.200	0.500	2.994	0.636	0	0.200	0.550	0	0.157
Low end	7.838	6.149	14.194	14.147	9.323	9.206	15.595	8.270	7.808	7.149	15.668	2.399	3.450
Middle	4.659	7.531	10.310	8.781	12.052	6.962	10.655	9.129	17.101	11.886	21.760	4.550	7.081
High end	0.991	6.331	2.860	1.582	5.281	2.557	2.168	3.252	6.171	3.337	8.106	6.549	5.300
Higher	0	0.954	0.269	0.638	2.938	2.300	0.244	0.194	1.865	0	2.066	1.390	0.747
NA	3.749	2.035	5.993	4.360	2.745	2.928	2.425	2.372	3.423	8.334	2.156	1.409	1.234
Total	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.852	36.367	30.906	50.305	16.298	17.969
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	6.685	12	6.815	10	3.629	9	0.750	2	0.157	1	4.536	12	18.036	34	16.382	32	2.16%
Low end	28.181	58	32.676	69	31.673	69	25.216	57	3.450	7	60.339	133	121.196	260	113.357	246	28.76%
Middle	22.501	42	27.795	59	36.885	84	38.196	70	7.081	17	82.162	171	132.458	272	127.799	264	39.17%
High end	10.182	19	9.420	22	11.592	21	17.992	39	5.300	3	34.884	63	54.485	104	53.494	103	16.63%
Higher	1.223	4	5.876	9	2.303	5	3.455	7	0.747	1	6.505	13	13.604	26	13.604	26	3.10%
NA	11.777	36	10.033	32	8.219	30	11.899	39	1.234	3	21.352	72	43.163	140	39.414	127	10.18%
Total	80.548	171	92.615	201	94.301	218	97.509	214	17.969	32	209.779	464	382.942	836	364.051	798	100.00%
Upsized?
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Yes	5.129	8.179	16.663	11.332	9.747	9.999	14.416	9.279	11.368	7.968	15.207	2.652	11.172
No	12.263	14.946	19.547	23.242	20.731	13.579	19.420	13.098	23.611	21.794	29.669	13.646	6.246
Downsized	1.499	0.417	1.906	1.050	2.062	0.875	0.244	1.475	1.388	1.144	5.428	0	0.551
Total	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.852	36.367	30.906	50.305	16.298	17.969
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	29.970	54	31.077	58	35.064	78	25.827	53	11.172	13	72.063	144	133.109	256	127.981	246	34.35%
No	46.756	108	57.551	134	56.130	134	65.110	151	6.246	16	127.486	301	231.793	543	219.530	518	60.77%
Downsized	3.822	9	3.987	9	3.107	6	6.572	10	0.551	3	10.231	19	18.040	37	16.540	34	4.88%
Total	80.548	171	92.615	201	94.301	218	97.509	214	17.969	32	209.779	464	382.942	836	364.051	798	100.00%
Quick Sale?
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Yes	9.194	15.962	17.617	16.268	19.859	12.855	16.996	10.812	21.793	17.271	25.216	3.863	10.510
No	9.698	7.580	20.498	19.355	12.680	11.598	17.085	13.040	14.574	13.635	25.089	12.435	7.459
Total	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.852	36.367	30.906	50.305	16.298	17.969
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	42.773	82	48.983	104	49.601	114	46.349	93	10.510	14	106.460	221	198.216	407	189.022	392	50.75%
No	37.775	89	43.633	97	44.699	104	51.160	121	7.459	18	103.318	243	184.726	429	175.029	406	49.25%
Total	80.548	171	92.615	201	94.301	218	97.509	214	17.969	32	209.779	464	382.942	836	364.051	798	100.00%
Seniority
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
mortgage	1.320	0	0	0.400	0	0	0	0	0	0	0.107	0	0
senior secured	5.654	5.187	6.487	8.308	5.289	5.191	9.012	5.714	7.215	6.593	8.380	1.763	9.454
secured	0	0	0	0	0	0.077	0.154	0.235	0	0	0	0.231	0
senior	11.167	18.155	29.928	25.177	26.751	16.885	24.379	17.328	28.628	23.922	40.867	14.054	8.965
senior subordinated	0.500	0.200	1.700	1.616	0.500	2.300	0.535	0.575	0.525	0.390	0.950	0.250	0
subordinated	0.250	0	0	0.123	0	0	0	0	0	0	0	0	0
Total	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.852	36.367	30.906	50.305	16.298	17.969
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	1.320	1	0.400	1	0	0	0.107	1	0	0	0.107	1	1.827	3	0.507	2	0.05%
senior secured	17.328	39	18.787	40	21.941	48	16.737	51	9.454	13	48.132	112	84.246	191	78.592	181	22.94%
secured	0	0	0.077	1	0.389	3	0.231	3	0	0	0.620	6	0.697	7	0.697	7	0.30%
senior	59.250	123	68.812	147	70.336	160	78.844	154	8.515	19	157.695	333	285.757	603	274.590	578	75.17%
senior subordinated	2.400	7	4.416	11	1.635	7	1.590	5	0	0	3.225	12	10.041	30	9.541	29	1.54%
subordinated	0.250	1	0.123	1	0	0	0	0	0	0	0	0	0.373	2	0.123	1	0.00%
Total	80.548	171	92.615	201	94.301	218	97.509	214	17.969	32	209.779	464	382.942	836	364.051	798	100.00%
Moody's Rating
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Ba1	2.985	2.419	4.596	1.250	1.797	1.500	0.696	0.446	0	3.281	5.115	1.100	0.400
Ba2	1.100	1.742	2.723	2.600	1.407	1.425	1.592	1.714	1.161	3.906	2.495	0.450	5.407
Ba3	4.969	2.074	5.545	5.683	4.106	1.294	5.550	3.807	6.153	2.231	9.059	0.900	2.689
B1	2.492	5.725	8.240	6.140	5.008	6.535	4.387	5.515	5.979	4.279	8.647	3.750	0.400
B2	2.247	2.273	5.205	5.164	4.307	4.185	5.047	2.382	3.891	6.162	7.301	2.121	0.815
B3	1.882	6.612	5.700	5.995	6.123	3.923	6.963	3.357	11.479	4.823	7.388	3.860	4.635
Caa1	2.167	2.438	2.578	7.026	6.379	2.325	1.799	5.189	3.083	3.042	3.911	2.271	2.734
Caa2	0	0	1.199	0.461	1.612	0	2.390	0.714	0.132	0	1.193	1.276	0.078
Caa3	0	0	0	0	0	0.500	0.454	0.578	0	0	0	0	0
NR	1.049	0.259	2.330	1.305	1.800	2.766	5.205	0.151	4.489	3.182	5.196	0.570	0.811
Total	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.852	36.367	30.906	50.305	16.298	17.969
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	10.000	15	4.547	10	1.142	3	9.497	18	0.400	1	11.038	22	25.585	47	22.600	43	5.26%
Ba2	5.564	9	5.432	9	4.467	11	6.851	13	5.407	5	16.725	29	27.721	47	26.621	45	7.97%
Ba3	12.588	22	11.084	21	15.509	31	12.190	20	2.689	3	30.388	54	54.060	97	49.091	88	14.49%
B1	16.458	34	17.683	29	15.880	35	16.676	25	0.400	1	32.956	61	67.097	124	64.605	120	15.71%
B2	9.725	26	13.656	34	11.319	29	15.583	35	0.815	4	27.718	68	51.099	128	48.852	122	13.21%
B3	14.193	29	16.041	41	21.799	48	16.072	47	4.635	9	42.505	104	72.740	174	70.858	171	20.26%
Caa1	7.184	16	15.730	28	10.071	23	9.224	25	2.734	5	22.030	53	44.943	97	42.776	93	10.50%
Caa2	1.199	3	2.073	6	3.237	11	2.468	6	0.078	1	5.783	18	9.054	27	9.054	27	2.76%
Caa3	0	0	0.500	1	1.031	4	0	0	0	0	1.031	4	1.531	5	1.531	5	0.49%
NR	3.638	17	5.870	22	9.845	23	8.948	25	0.811	3	19.604	51	29.111	90	28.063	84	9.35%
Total	80.548	171	92.615	201	94.301	218	97.509	214	17.969	32	209.779	464	382.942	836	364.051	798	100.00%
Use of Proceeds
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Acquisition	0.585	0.700	4.206	4.667	2.521	1.341	1.537	1.395	0.505	1.070	5.941	4.122	0.121
Capex	0	0.710	0	0	0.364	0	1.008	0.084	0	0.350	0.757	0.500	0
Chapter 11 exit	0	0.452	0.850	0	0	0	0	0	0	0	0	0	0
Dividend/recap	0	1.543	0	0.693	3.751	0	1.155	1.104	1.500	3.015	1.973	0.100	0
Exit financing	0	0	0	0	0.385	0	0	0	0	0	0	0	0
GCP	4.749	3.158	5.871	2.840	3.003	5.254	4.824	3.670	8.475	3.398	7.026	1.205	1.436
LBO	1.564	0.774	2.375	2.075	0.660	1.490	2.885	1.690	2.925	0	1.905	1.636	2.092
Redeem notes	2.295	6.284	10.179	7.818	10.190	2.460	6.481	2.715	9.741	3.166	3.227	1.028	8.730
Refinance	2.746	1.044	2.471	5.627	4.112	5.168	2.225	4.217	1.564	3.331	9.469	1.570	1.001
Repay bank debt	2.479	7.660	8.326	6.089	6.547	4.916	10.040	4.213	3.308	4.709	7.108	1.302	1.175
Multiple/Other/NA	4.473	1.216	3.838	5.813	1.006	3.825	3.926	4.763	8.350	11.866	12.900	4.835	3.414
Total	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.852	36.367	30.906	50.305	16.298	17.969
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	5.491	14	8.528	20	3.437	9	11.133	18	0.121	1	14.691	28	28.711	62	28.126	60	7.00%
Capex	0.710	2	0.364	2	1.092	5	1.608	6	0	0	2.700	11	3.774	15	3.774	15	1.29%
Chapter 11 exit	1.302	2	0	0	0	0	0	0	0	0	0	0	1.302	2	1.302	2	0.00%
Dividend/recap	1.543	3	4.444	9	3.759	12	5.087	15	0	0	8.846	27	14.833	39	14.833	39	4.22%
Exit financing	0	0	0.385	1	0	0	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	1.436	3	30.034	61	54.909	113	50.159	107	14.32%
LBO	4.713	9	4.225	8	7.500	13	3.541	8	2.092	6	13.133	27	22.071	44	20.507	41	6.26%
Redeem notes	18.759	37	20.469	44	18.937	45	7.421	22	8.730	7	35.089	74	74.316	155	72.021	151	16.73%
Refinance	6.261	15	14.907	27	8.006	19	14.370	28	1.001	4	23.377	51	44.545	93	41.798	88	11.14%
Repay bank debt	18.465	41	17.552	35	17.562	38	13.119	29	1.175	4	31.855	71	67.873	147	65.394	143	15.19%
Multiple/Other/NA	9.527	25	10.644	26	17.039	43	29.601	64	3.414	7	50.054	114	70.225	165	65.751	151	23.86%
Total	80.548	171	92.615	201	94.301	218	97.509	214	17.969	32	209.779	464	382.942	836	364.051	798	100.00%
Industry Sector (by SIC code)
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Agriculture (0xxx)	0.690	0	0.204	0.949	0.300	0	0	0	0.247	0	1.380	0	0
Mining (1xxx)	0.103	1.797	0.700	3.440	0.554	1.500	0	0.477	1.325	2.238	3.500	3.950	0.750
Oil and gas (13xx)	1.464	3.983	4.060	2.045	2.510	1.797	1.953	4.304	3.923	1.399	9.769	0.802	0.976
Construction (15xx)	0	0	0	0.495	0.246	0.678	0.438	0.644	0.900	0.013	0.750	0	0
Manufacturing (2xxx, 3xxx)	6.346	6.495	14.200	9.226	8.924	10.055	12.092	8.032	8.846	8.496	12.254	3.414	7.119
Transportation (4xxx)	1.085	1.042	1.382	1.193	0.595	1.512	1.404	1.072	1.000	0.200	1.989	0.431	0
Communications (48xx)	1.438	0.466	4.286	2.375	5.073	2.568	4.517	2.750	7.471	1.210	7.089	4.125	1.462
Electric, gas, sanitary services (49xx)	1.091	1.646	3.719	5.639	1.996	1.940	3.125	0	0.821	1.809	5.093	1.000	0
Wholesale (5xxx)	0.787	1.099	2.111	2.784	3.520	0.591	2.571	1.425	3.303	2.978	1.000	0	1.100
Finance, insurance, real estate (6xxx)	2.496	3.585	2.919	2.942	1.647	1.220	3.647	4.001	5.647	7.849	4.741	0	5.064
Services (7xxx)	3.115	2.503	1.990	2.444	5.649	2.192	3.889	0.619	1.868	3.711	2.189	1.862	0.948
Health services (8xxx)	0.275	0.925	2.543	2.090	1.525	0.400	0.444	0.527	1.016	1.004	0.550	0.715	0.550
Total	18.891	23.542	38.115	35.623	32.539	24.453	34.081	23.852	36.367	30.906	50.305	16.298	17.969
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	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	0	0	1.627	3	3.771	9	3.080	8	0.78%
Mining (1xxx)	2.601	6	5.495	7	1.802	6	9.688	18	0.750	1	12.240	25	20.336	38	20.232	37	5.83%
Oil and gas (13xx)	9.507	18	6.352	16	10.181	27	11.970	24	0.976	4	23.127	55	38.986	89	37.523	87	11.02%
Construction (15xx)	0	0	1.419	5	1.982	7	0.763	2	0	0	2.744	9	4.164	14	4.164	14	1.31%
Manufacturing (2xxx, 3xxx)	27.041	56	28.205	57	28.970	61	24.164	53	7.119	14	60.253	128	115.500	241	109.153	229	28.72%
Transportation (4xxx)	3.509	7	3.301	11	3.476	10	2.620	11	0	0	6.096	21	12.906	39	11.821	36	2.91%
Communications (48xx)	6.191	12	10.016	20	14.739	24	12.424	17	1.462	3	28.625	44	44.832	76	43.394	73	13.65%
Electric, gas, sanitary services (49xx)	6.456	10	9.576	18	3.946	8	7.902	14	0	0	11.848	22	27.880	50	26.789	49	5.65%
Wholesale (5xxx)	3.997	10	6.895	17	7.299	18	3.978	13	1.100	3	12.377	34	23.269	61	22.482	59	5.90%
Finance, insurance, real estate (6xxx)	9.000	21	5.808	16	13.294	29	12.590	28	5.064	3	30.949	60	45.757	97	43.261	90	14.75%
Services (7xxx)	7.608	19	10.285	23	6.375	18	7.762	27	0.948	2	15.085	47	32.978	89	29.863	84	7.19%
Health services (8xxx)	3.743	10	4.015	7	1.988	9	2.269	5	0.550	2	4.807	16	12.565	33	12.290	32	2.29%
Total	80.548	171	92.615	201	94.301	218	97.509	214	17.969	32	209.779	464	382.942	836	364.051	798	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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