Analysis of high yield issuance for 13 months through August 2011

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

Yield

	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
5.99% and lower	0	1.644	1.150	1.124	0.394	2.080	2.250	1.300	3.838	4.178	0	1.000	0
6%-6.99%	3.250	4.570	6.200	6.574	4.907	6.461	4.815	8.721	7.856	15.146	1.700	5.100	0
7%-7.99%	7.113	14.619	12.343	11.473	4.588	11.101	3.740	14.673	4.314	7.682	8.131	3.550	0.102
8%-8.99%	5.420	5.364	4.289	4.557	6.759	8.440	4.161	4.834	5.911	15.991	1.837	2.558	0
9%-9.99%	3.855	5.515	8.547	4.409	3.615	2.407	3.508	2.039	2.767	2.962	0.644	1.685	0.253
10%-10.99%	0.987	4.606	2.084	2.051	2.746	1.757	1.186	1.411	1.015	1.849	2.355	1.281	0
11%-11.99%	1.993	0.641	0.099	1.639	0	0.277	2.370	1.048	2.147	0.624	0.524	0.815	0.395
12% and higher	0.923	1.000	0.910	0.612	0.794	1.111	0.445	0	0.405	0.250	0.907	1.980	0.512
Floater	0	0	0	0	0.650	0	1.250	0.950	1.050	0.850	0.200	0	0
NA	0	0.156	0	0.100	0	0.446	0.128	1.391	1.603	0.773	0	0	0
Total	23.542	38.115	35.623	32.539	24.453	34.081	23.852	36.367	30.906	50.305	16.298	17.969	1.262
	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	2.668	6	5.630	7	8.016	15	1.000	1	14.646	23	18.958	32	18.958	32	6.94%
6%-6.99%	17.681	33	19.997	44	24.702	43	5.100	5	49.799	92	75.300	139	72.050	135	23.60%
7%-7.99%	28.404	48	29.514	58	20.127	39	3.652	5	53.293	102	103.430	187	96.317	176	25.25%
8%-8.99%	15.605	35	17.434	43	23.738	48	2.558	5	43.731	96	70.119	154	64.699	143	20.72%
9%-9.99%	16.571	39	7.953	21	6.373	24	1.938	6	16.264	51	42.204	112	38.349	101	7.71%
10%-10.99%	6.882	22	4.354	15	5.219	20	1.281	2	10.854	37	23.329	72	22.342	68	5.14%
11%-11.99%	1.738	6	3.695	14	3.295	9	1.210	5	8.201	28	12.573	44	10.580	37	3.89%
12% and higher	2.317	10	1.556	7	1.562	7	2.493	9	5.612	23	9.852	42	8.929	38	2.66%
Floater	0.650	1	2.200	4	2.100	4	0	0	4.300	8	4.950	9	4.950	9	2.04%
NA	0.100	1	1.965	5	2.377	5	0	0	4.341	10	4.598	13	4.598	13	2.06%
Total	92.615	201	94.301	218	97.509	214	19.232	38	211.041	470	365.313	804	341.771	752	100.00%
Versus Talk
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Lower	0.542	4.489	6.115	0.200	0.500	2.994	0.636	0	0.200	0.550	0	0.157	0
Low end	6.149	14.194	14.147	9.323	9.206	15.595	8.270	7.808	7.149	15.668	2.399	3.450	0
Middle	7.531	10.310	8.781	12.052	6.962	10.655	9.129	17.101	11.886	21.760	4.550	7.081	0.534
High end	6.331	2.860	1.582	5.281	2.557	2.168	3.252	6.171	3.337	8.106	6.549	5.300	0.373
Higher	0.954	0.269	0.638	2.938	2.300	0.244	0.194	1.865	0	2.066	1.390	0.747	0
NA	2.035	5.993	4.360	2.745	2.928	2.425	2.372	3.423	8.334	2.156	1.409	1.234	0.355
Total	23.542	38.115	35.623	32.539	24.453	34.081	23.852	36.367	30.906	50.305	16.298	17.969	1.262
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	6.815	10	3.629	9	0.750	2	0.157	1	4.536	12	16.382	32	15.840	30	2.15%
Low end	32.676	69	31.673	69	25.216	57	3.450	7	60.339	133	113.357	246	107.209	235	28.59%
Middle	27.795	59	36.885	84	38.196	70	7.615	19	82.696	173	128.333	266	120.802	249	39.18%
High end	9.420	22	11.592	21	17.992	39	5.673	4	35.257	64	53.868	104	47.537	91	16.71%
Higher	5.876	9	2.303	5	3.455	7	0.747	1	6.505	13	13.604	26	12.650	23	3.08%
NA	10.033	32	8.219	30	11.899	39	1.589	6	21.707	75	39.769	130	37.734	124	10.29%
Total	92.615	201	94.301	218	97.509	214	19.232	38	211.041	470	365.313	804	341.771	752	100.00%
Upsized?
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Yes	8.179	16.663	11.332	9.747	9.999	14.416	9.279	11.368	7.968	15.207	2.652	11.172	0
No	14.946	19.547	23.242	20.731	13.579	19.420	13.098	23.611	21.794	29.669	13.646	6.246	1.262
Downsized	0.417	1.906	1.050	2.062	0.875	0.244	1.475	1.388	1.144	5.428	0	0.551	0
Total	23.542	38.115	35.623	32.539	24.453	34.081	23.852	36.367	30.906	50.305	16.298	17.969	1.262
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	31.077	58	35.064	78	25.827	53	11.172	13	72.063	144	127.981	246	119.802	232	34.15%
No	57.551	134	56.130	134	65.110	151	7.509	22	128.748	307	220.792	524	205.846	487	61.01%
Downsized	3.987	9	3.107	6	6.572	10	0.551	3	10.231	19	16.540	34	16.123	33	4.85%
Total	92.615	201	94.301	218	97.509	214	19.232	38	211.041	470	365.313	804	341.771	752	100.00%
Quick Sale?
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Yes	15.962	17.617	16.268	19.859	12.855	16.996	10.812	21.793	17.271	25.216	3.863	10.510	0.241
No	7.580	20.498	19.355	12.680	11.598	17.085	13.040	14.574	13.635	25.089	12.435	7.459	1.021
Total	23.542	38.115	35.623	32.539	24.453	34.081	23.852	36.367	30.906	50.305	16.298	17.969	1.262
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	48.983	104	49.601	114	46.349	93	10.751	16	106.701	223	189.263	394	173.301	362	50.56%
No	43.633	97	44.699	104	51.160	121	8.481	22	104.340	247	176.050	410	168.470	390	49.44%
Total	92.615	201	94.301	218	97.509	214	19.232	38	211.041	470	365.313	804	341.771	752	100.00%
Seniority
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
mortgage	0	0	0.400	0	0	0	0	0	0	0.107	0	0	0
senior secured	5.187	6.487	8.308	5.289	5.191	9.012	5.714	7.215	6.593	8.380	1.763	7.454	0.373
secured	0	0	0	0	0.077	0.154	0.235	0	0	0	0.231	0	0.102
senior	18.155	29.928	25.177	26.751	16.885	24.379	17.328	28.628	23.922	40.867	14.054	10.515	0.587
senior subordinated	0.200	1.700	1.616	0.500	2.300	0.535	0.575	0.525	0.390	0.950	0.250	0	0
subordinated	0	0	0.123	0	0	0	0	0	0	0	0	0	0.200
Total	23.542	38.115	35.623	32.539	24.453	34.081	23.852	36.367	30.906	50.305	16.298	17.969	1.262
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0.400	1	0	0	0.107	1	0	0	0.107	1	0.507	2	0.507	2	0.05%
senior secured	18.787	40	21.941	48	16.737	51	7.828	13	46.505	112	76.966	181	71.779	167	22.04%
secured	0.077	1	0.389	3	0.231	3	0.102	1	0.722	7	0.799	8	0.799	8	0.34%
senior	68.812	147	70.336	160	78.844	154	11.102	23	160.282	337	277.177	582	259.022	545	75.95%
senior subordinated	4.416	11	1.635	7	1.590	5	0	0	3.225	12	9.541	29	9.341	28	1.53%
subordinated	0.123	1	0	0	0	0	0.200	1	0.200	1	0.323	2	0.323	2	0.09%
Total	92.615	201	94.301	218	97.509	214	19.232	38	211.041	470	365.313	804	341.771	752	100.00%
Moody's Rating
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Ba1	2.419	4.596	1.250	1.797	1.500	0.696	0.446	0	3.281	5.115	1.100	0.400	0
Ba2	1.742	2.723	2.600	1.407	1.425	1.592	1.714	1.161	3.906	2.495	0.450	5.407	0
Ba3	2.074	5.545	5.683	4.106	1.294	5.550	3.807	6.153	2.231	9.059	0.900	2.689	0.102
B1	5.725	8.240	6.140	5.008	6.535	4.387	5.515	5.979	4.279	8.647	3.750	0.400	0
B2	2.273	5.205	5.164	4.307	4.185	5.047	2.382	3.891	6.162	7.301	2.121	0.815	0
B3	6.612	5.700	5.995	6.123	3.923	6.963	3.357	11.479	4.823	7.388	3.860	4.635	0
Caa1	2.438	2.578	7.026	6.379	2.325	1.799	5.189	3.083	3.042	3.911	2.271	2.734	0.768
Caa2	0	1.199	0.461	1.612	0	2.390	0.714	0.132	0	1.193	1.276	0.078	0.139
Caa3	0	0	0	0	0.500	0.454	0.578	0	0	0	0	0	0
NR	0.259	2.330	1.305	1.800	2.766	5.205	0.151	4.489	3.182	5.196	0.570	0.811	0.253
Total	23.542	38.115	35.623	32.539	24.453	34.081	23.852	36.367	30.906	50.305	16.298	17.969	1.262
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	4.547	10	1.142	3	9.497	18	0.400	1	11.038	22	22.600	43	20.181	39	5.23%
Ba2	5.432	9	4.467	11	6.851	13	5.407	5	16.725	29	26.621	45	24.880	42	7.93%
Ba3	11.084	21	15.509	31	12.190	20	2.791	4	30.490	55	49.193	89	47.119	86	14.45%
B1	17.683	29	15.880	35	16.676	25	0.400	1	32.956	61	64.605	120	58.879	108	15.62%
B2	13.656	34	11.319	29	15.583	35	0.815	4	27.718	68	48.852	122	46.579	113	13.13%
B3	16.041	41	21.799	48	16.072	47	4.635	9	42.505	104	70.858	171	64.246	158	20.14%
Caa1	15.730	28	10.071	23	9.224	25	3.503	7	22.798	55	43.544	95	41.106	89	10.80%
Caa2	2.073	6	3.237	11	2.468	6	0.217	2	5.922	19	9.193	28	9.193	28	2.81%
Caa3	0.500	1	1.031	4	0	0	0	0	1.031	4	1.531	5	1.531	5	0.49%
NR	5.870	22	9.845	23	8.948	25	1.064	5	19.857	53	28.316	86	28.057	84	9.41%
Total	92.615	201	94.301	218	97.509	214	19.232	38	211.041	470	365.313	804	341.771	752	100.00%
Use of Proceeds
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Acquisition	0.700	4.206	4.667	2.521	1.341	1.537	1.395	0.505	1.070	5.941	4.122	0.121	0
Capex	0.710	0	0	0.364	0	1.008	0.084	0	0.350	0.757	0.500	0	0.373
Chapter 11 exit	0.452	0.850	0	0	0	0	0	0	0	0	0	0	0
Dividend/recap	1.543	0	0.693	3.751	0	1.155	1.104	1.500	3.015	1.973	0.100	0	0
Exit financing	0	0	0	0.385	0	0	0	0	0	0	0	0	0
GCP	3.158	5.871	2.840	3.003	5.254	4.824	3.670	8.475	3.398	7.026	1.205	1.436	0.102
LBO	0.774	2.375	2.075	0.660	1.490	2.885	1.690	2.925	0	1.905	1.636	2.092	0.395
Redeem notes	6.284	10.179	7.818	10.190	2.460	6.481	2.715	9.741	3.166	3.227	1.028	8.730	0
Refinance	1.044	2.471	5.627	4.112	5.168	2.225	4.217	1.564	3.331	9.469	1.570	1.001	0
Repay bank debt	7.660	8.326	6.089	6.547	4.916	10.040	4.213	3.308	4.709	7.108	1.302	1.175	0
Multiple/Other/NA	1.216	3.838	5.813	1.006	3.825	3.926	4.763	8.350	11.866	12.900	4.835	3.414	0.392
Total	23.542	38.115	35.623	32.539	24.453	34.081	23.852	36.367	30.906	50.305	16.298	17.969	1.262
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	8.528	20	3.437	9	11.133	18	0.121	1	14.691	28	28.126	60	27.426	58	6.96%
Capex	0.364	2	1.092	5	1.608	6	0.373	1	3.073	12	4.147	16	3.437	14	1.46%
Chapter 11 exit	0	0	0	0	0	0	0	0	0	0	1.302	2	0.850	1	0.00%
Dividend/recap	4.444	9	3.759	12	5.087	15	0	0	8.846	27	14.833	39	13.290	36	4.19%
Exit financing	0.385	1	0	0	0	0	0	0	0	0	0.385	1	0.385	1	0.00%
GCP	11.097	29	16.969	34	11.629	24	1.538	4	30.136	62	50.261	108	47.103	104	14.28%
LBO	4.225	8	7.500	13	3.541	8	2.487	7	13.528	28	20.902	42	20.128	40	6.41%
Redeem notes	20.469	44	18.937	45	7.421	22	8.730	7	35.089	74	72.021	151	65.737	140	16.63%
Refinance	14.907	27	8.006	19	14.370	28	1.001	4	23.377	51	41.798	88	40.754	84	11.08%
Repay bank debt	17.552	35	17.562	38	13.119	29	1.175	4	31.855	71	65.394	143	57.734	123	15.09%
Multiple/Other/NA	10.644	26	17.039	43	29.601	64	3.806	10	50.446	117	66.143	154	64.927	151	23.90%
Total	92.615	201	94.301	218	97.509	214	19.232	38	211.041	470	365.313	804	341.771	752	100.00%
Industry Sector (by SIC code)
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Agriculture (0xxx)	0	0.204	0.949	0.300	0	0	0	0.247	0	1.380	0	0	0
Mining (1xxx)	1.797	0.700	3.440	0.554	1.500	0	0.477	1.325	2.238	3.500	3.950	0.750	0
Oil and gas (13xx)	3.983	4.060	2.045	2.510	1.797	1.953	4.304	3.923	1.399	9.769	0.802	0.976	0.139
Construction (15xx)	0	0	0.495	0.246	0.678	0.438	0.644	0.900	0.013	0.750	0	0	0
Manufacturing (2xxx, 3xxx)	6.495	14.200	9.226	8.924	10.055	12.092	8.032	8.846	8.496	12.254	3.414	7.119	0.595
Transportation (4xxx)	1.042	1.382	1.193	0.595	1.512	1.404	1.072	1.000	0.200	1.989	0.431	0	0.102
Communications (48xx)	0.466	4.286	2.375	5.073	2.568	4.517	2.750	7.471	1.210	7.089	4.125	1.462	0
Electric, gas, sanitary services (49xx)	1.646	3.719	5.639	1.996	1.940	3.125	0	0.821	1.809	5.093	1.000	0	0.053
Wholesale (5xxx)	1.099	2.111	2.784	3.520	0.591	2.571	1.425	3.303	2.978	1.000	0	1.100	0
Finance, insurance, real estate (6xxx)	3.585	2.919	2.942	1.647	1.220	3.647	4.001	5.647	7.849	4.741	0	5.064	0
Services (7xxx)	2.503	1.990	2.444	5.649	2.192	3.889	0.619	1.868	3.711	2.189	1.862	0.948	0.373
Health services (8xxx)	0.925	2.543	2.090	1.525	0.400	0.444	0.527	1.016	1.004	0.550	0.715	0.550	0
Total	23.542	38.115	35.623	32.539	24.453	34.081	23.852	36.367	30.906	50.305	16.298	17.969	1.262
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	1.249	4	0.247	1	1.380	2	0	0	1.627	3	3.080	8	3.080	8	0.77%
Mining (1xxx)	5.495	7	1.802	6	9.688	18	0.750	1	12.240	25	20.232	37	18.435	33	5.80%
Oil and gas (13xx)	6.352	16	10.181	27	11.970	24	1.116	5	23.266	56	37.662	88	33.678	81	11.02%
Construction (15xx)	1.419	5	1.982	7	0.763	2	0	0	2.744	9	4.164	14	4.164	14	1.30%
Manufacturing (2xxx, 3xxx)	28.205	57	28.970	61	24.164	53	7.713	16	60.848	130	109.748	231	103.253	216	28.83%
Transportation (4xxx)	3.301	11	3.476	10	2.620	11	0.102	1	6.198	22	11.923	37	10.881	35	2.94%
Communications (48xx)	10.016	20	14.739	24	12.424	17	1.462	3	28.625	44	43.394	73	42.927	71	13.56%
Electric, gas, sanitary services (49xx)	9.576	18	3.946	8	7.902	14	0.053	1	11.901	23	26.842	50	25.196	47	5.64%
Wholesale (5xxx)	6.895	17	7.299	18	3.978	13	1.100	3	12.377	34	22.482	59	21.383	56	5.86%
Finance, insurance, real estate (6xxx)	5.808	16	13.294	29	12.590	28	5.064	3	30.949	60	43.261	90	39.676	84	14.66%
Services (7xxx)	10.285	23	6.375	18	7.762	27	1.321	3	15.458	48	30.236	85	27.733	77	7.32%
Health services (8xxx)	4.015	7	1.988	9	2.269	5	0.550	2	4.807	16	12.290	32	11.365	30	2.28%
Total	92.615	201	94.301	218	97.509	214	19.232	38	211.041	470	365.313	804	341.771	752	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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