Analysis of high yield issuance for 13 months through December 2011

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

Yield

	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
5.99% and lower	0.394	2.080	2.250	1.300	3.838	4.178	0	1.000	0	0.497	1.250	3.966	1.527
6%-6.99%	4.907	6.461	4.815	8.721	7.856	15.146	1.700	5.100	0	0.844	2.750	8.220	0.158
7%-7.99%	4.588	11.101	3.740	14.673	4.314	7.682	8.131	3.550	0.102	1.750	0.200	4.968	1.200
8%-8.99%	6.759	8.440	4.161	4.834	5.911	15.991	1.837	2.558	0	2.000	1.500	2.395	0
9%-9.99%	3.615	2.407	3.508	2.039	2.767	2.662	0.644	1.685	0.253	0.250	0.448	3.752	0.253
10%-10.99%	2.746	1.757	1.186	1.411	1.015	1.849	2.355	1.281	0	0.186	1.942	0.335	0.190
11%-11.99%	0	0.277	2.370	1.048	2.147	0.624	0.524	0.815	0.395	0	0.375	1.000	0.285
12% and higher	0.794	1.111	0.445	0.112	0.405	0.250	0.907	1.980	0.512	0.496	0.147	0.413	0.217
Floater	0	0	1.250	0.850	1.050	0.850	0.200	0	0	0	0	0	0
NA	0	0.446	0.128	1.391	1.603	0.498	0	0	0	0.102	0.497	0.715	0
Total	23.803	34.081	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.125	9.110	25.763	3.830
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
5.99% and lower	5.630	7	8.016	15	1.497	2	6.743	7	21.885	31	22.279	32	21.885	31	8.57%
6%-6.99%	19.997	44	24.702	43	5.944	7	11.128	15	61.772	109	66.679	119	61.772	109	24.20%
7%-7.99%	29.514	58	20.127	39	5.402	9	6.368	14	61.411	120	66.000	129	61.411	120	24.05%
8%-8.99%	17.434	43	23.738	48	4.558	8	3.895	6	49.625	105	56.384	117	49.625	105	19.44%
9%-9.99%	7.953	21	6.073	23	2.188	7	4.453	6	20.667	57	24.282	65	20.667	57	8.09%
10%-10.99%	4.354	15	5.219	20	1.467	3	2.467	5	13.507	43	16.253	50	13.507	43	5.29%
11%-11.99%	3.695	14	3.295	9	1.210	5	1.660	4	9.861	32	9.861	32	9.861	32	3.86%
12% and higher	1.669	8	1.562	7	2.988	11	0.778	4	6.998	30	7.792	33	6.998	30	2.73%
Floater	2.100	3	2.100	4	0	0	0	0	4.200	7	4.200	7	4.200	7	1.65%
NA	1.965	5	2.102	4	0.102	1	1.212	3	5.381	13	5.381	13	5.381	13	2.11%
Total	94.313	218	96.934	212	25.357	53	38.703	64	255.307	547	279.110	597	255.307	547	100.00%
Versus Talk
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Lower	0.500	2.994	0.636	0	0.200	0.550	0	0.157	0	0	0	0	0
Low end	9.206	15.595	8.270	7.808	7.149	15.668	2.399	3.450	0	3.440	3.575	7.606	0
Middle	6.962	10.655	9.129	17.101	11.886	21.760	4.550	7.081	0.534	2.433	4.218	10.988	2.581
High end	2.557	2.168	3.252	6.171	3.337	7.806	6.549	5.300	0.373	0.150	0.819	2.770	0.348
Higher	2.300	0.244	0.194	1.865	0	2.066	1.390	0.747	0	0	0	0.217	0.250
NA	2.278	2.425	2.372	3.435	8.334	1.881	1.409	1.234	0.355	0.102	0.497	4.181	0.651
Total	23.803	34.081	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.125	9.110	25.763	3.830
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	3.629	9	0.750	2	0.157	1	0	0	4.536	12	5.036	13	4.536	12	1.78%
Low end	31.673	69	25.216	57	6.890	15	11.181	17	74.961	158	84.166	177	74.961	158	29.36%
Middle	36.885	84	38.196	70	10.048	24	17.787	20	102.916	198	109.878	213	102.916	198	40.31%
High end	11.592	21	17.692	38	5.824	5	3.938	11	39.045	75	41.603	80	39.045	75	15.29%
Higher	2.303	5	3.455	7	0.747	1	0.467	2	6.972	15	9.272	17	6.972	15	2.73%
NA	8.232	30	11.624	38	1.691	7	5.329	14	26.876	89	29.154	97	26.876	89	10.53%
Total	94.313	218	96.934	212	25.357	53	38.703	64	255.307	547	279.110	597	255.307	547	100.00%
Upsized?
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Yes	9.999	14.416	9.279	11.368	7.968	15.207	2.652	11.172	0	1.345	5.968	12.757	2.517
No	12.929	19.420	13.098	23.624	21.794	29.094	13.646	6.246	1.262	4.332	3.142	10.771	1.313
Downsized	0.875	0.244	1.475	1.388	1.144	5.428	0	0.551	0	0.448	0	2.235	0
Total	23.803	34.081	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.125	9.110	25.763	3.830
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	35.064	78	25.827	53	12.517	17	21.242	22	94.649	170	104.648	188	94.649	170	37.07%
No	56.142	134	64.535	149	11.841	32	15.226	37	147.744	352	160.672	381	147.744	352	57.87%
Downsized	3.107	6	6.572	10	0.999	4	2.235	5	12.914	25	13.789	28	12.914	25	5.06%
Total	94.313	218	96.934	212	25.357	53	38.703	64	255.307	547	279.110	597	255.307	547	100.00%
Quick Sale?
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Yes	12.205	16.996	10.812	21.693	17.271	24.941	3.863	10.510	0.241	5.427	5.050	20.911	3.173
No	11.598	17.085	13.040	14.687	13.635	24.789	12.435	7.459	1.021	0.698	4.060	4.851	0.657
Total	23.803	34.081	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.125	9.110	25.763	3.830
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	49.501	113	46.074	92	16.178	29	29.134	44	140.888	278	153.093	305	140.888	278	55.18%
No	44.812	105	50.860	120	9.179	24	9.569	20	114.419	269	126.017	292	114.419	269	44.82%
Total	94.313	218	96.934	212	25.357	53	38.703	64	255.307	547	279.110	597	255.307	547	100.00%
Seniority
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
mortgage	0	0	0	0	0	0.107	0	0	0	0	0	0	0
senior secured	5.191	9.012	5.714	7.327	6.593	8.080	1.763	7.454	0.373	0.496	1.718	2.280	0.427
secured	0.077	0.154	0.235	0	0	0	0.231	0	0.102	0	0	0	0
senior	16.235	24.379	17.328	28.528	23.922	40.592	14.054	10.515	0.587	5.079	7.392	23.203	3.403
senior subordinated	2.300	0.535	0.575	0.525	0.390	0.950	0.250	0	0	0.550	0	0	0
subordinated	0	0	0	0	0	0	0	0	0.200	0	0	0.280	0
Total	23.803	34.081	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.125	9.110	25.763	3.830
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0	0	0.107	1	0	0	0	0	0.107	1	0.107	1	0.107	1	0.04%
senior secured	22.053	49	16.437	50	8.323	15	4.426	8	51.239	122	56.429	133	51.239	122	20.07%
secured	0.389	3	0.231	3	0.102	1	0	0	0.722	7	0.799	8	0.722	7	0.28%
senior	70.236	159	78.569	153	16.181	34	33.997	55	198.983	401	215.218	435	198.983	401	77.94%
senior subordinated	1.635	7	1.590	5	0.550	2	0	0	3.776	14	6.076	18	3.776	14	1.48%
subordinated	0	0	0	0	0.200	1	0.280	1	0.480	2	0.480	2	0.480	2	0.19%
Total	94.313	218	96.934	212	25.357	53	38.703	64	255.307	547	279.110	597	255.307	547	100.00%
Moody's Rating
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Ba1	1.500	0.696	0.446	0	3.281	5.115	1.100	0.400	0	1.747	1.747	5.891	1.527
Ba2	1.425	1.592	1.714	1.161	3.906	2.495	0.450	5.407	0	0.394	0	2.021	1.457
Ba3	1.294	5.550	3.807	6.153	2.231	9.059	0.900	2.689	0.102	0.150	2.350	2.450	0.154
B1	6.535	4.387	5.515	5.979	4.279	8.647	3.750	0.400	0	2.300	2.148	4.267	0
B2	4.185	5.047	2.382	3.891	6.162	7.301	2.121	0.815	0	0.250	0.223	0.168	0.035
B3	3.923	6.963	3.357	11.479	4.823	7.088	3.860	4.635	0	1.134	1.866	3.345	0.217
Caa1	2.325	1.799	5.189	3.083	3.042	3.911	2.271	2.734	0.768	0	0.775	0.867	0.440
Caa2	0	2.390	0.714	0.132	0	1.193	1.276	0.078	0.139	0	0	0.245	0
Caa3	0.500	0.454	0.578	0	0	0	0	0	0	0	0	0	0
NR	2.116	5.205	0.151	4.501	3.182	4.921	0.570	0.811	0.253	0.150	0	6.509	0
Total	23.803	34.081	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.125	9.110	25.763	3.830
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	1.142	3	9.497	18	2.147	4	9.165	9	21.950	34	23.450	36	21.950	34	8.60%
Ba2	4.467	11	6.851	13	5.802	6	3.477	9	20.597	39	22.022	42	20.597	39	8.07%
Ba3	15.509	31	12.190	20	2.941	5	4.954	8	35.595	64	36.889	67	35.595	64	13.94%
B1	15.880	35	16.676	25	2.700	5	6.415	10	41.672	75	48.206	85	41.672	75	16.32%
B2	11.319	29	15.583	35	1.065	5	0.426	3	28.394	72	32.580	82	28.394	72	11.12%
B3	21.799	48	15.772	46	5.769	12	5.428	11	48.767	117	52.690	128	48.767	117	19.10%
Caa1	10.071	23	9.224	25	3.503	7	2.082	6	24.880	61	27.205	65	24.880	61	9.75%
Caa2	3.237	11	2.468	6	0.217	2	0.245	1	6.167	20	6.167	20	6.167	20	2.42%
Caa3	1.031	4	0	0	0	0	0	0	1.031	4	1.531	5	1.031	4	0.40%
NR	9.857	23	8.673	24	1.214	7	6.509	7	26.253	61	28.369	67	26.253	61	10.28%
Total	94.313	218	96.934	212	25.357	53	38.703	64	255.307	547	279.110	597	255.307	547	100.00%
Use of Proceeds
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Acquisition	1.341	1.537	1.395	0.505	1.070	5.941	4.122	0.121	0	2.936	0.596	3.793	0.210
Capex	0	1.008	0.084	0	0.350	0.757	0.500	0	0.373	0	0	0.991	0
Dividend/recap	0	1.155	1.104	1.500	3.015	1.673	0.100	0	0	0	0	1.000	0
GCP	5.254	4.824	3.670	8.475	3.398	7.026	1.205	1.436	0.102	1.444	1.700	7.811	1.179
LBO	1.490	2.885	1.690	2.925	0	1.905	1.636	2.092	0.395	0	2.093	0.168	0.440
Redeem notes	2.460	6.481	2.715	9.741	3.166	3.227	1.028	8.730	0	0.150	2.350	2.225	0
Refinance	5.168	2.225	4.217	1.564	3.331	9.469	1.570	1.001	0	0.843	0	1.777	0
Repay bank debt	4.916	10.040	4.213	3.308	4.709	7.108	1.302	1.175	0	0.400	0.223	4.147	0.257
Multiple/Other/NA	3.175	3.926	4.763	8.363	11.866	12.625	4.835	3.414	0.392	0.352	2.147	3.851	1.744
Total	23.803	34.081	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.125	9.110	25.763	3.830
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	3.437	9	11.133	18	3.057	6	4.599	7	22.226	40	23.567	44	22.226	40	8.71%
Capex	1.092	5	1.608	6	0.373	1	0.991	1	4.064	13	4.064	13	4.064	13	1.59%
Dividend/recap	3.759	12	4.787	14	0	0	1.000	1	9.546	27	9.546	27	9.546	27	3.74%
GCP	16.969	34	11.629	24	2.982	8	10.689	16	42.270	82	47.523	93	42.270	82	16.56%
LBO	7.500	13	3.541	8	2.487	7	2.701	5	16.230	33	17.720	36	16.230	33	6.36%
Redeem notes	18.937	45	7.421	22	8.881	8	4.575	7	39.814	82	42.274	88	39.814	82	15.59%
Refinance	8.006	19	14.370	28	1.843	6	1.777	4	25.996	57	31.164	65	25.996	57	10.18%
Repay bank debt	17.562	38	13.119	29	1.575	5	4.628	10	36.883	82	41.800	93	36.883	82	14.45%
Multiple/Other/NA	17.051	43	29.326	63	4.159	12	7.743	13	58.278	131	61.453	138	58.278	131	22.83%
Total	94.313	218	96.934	212	25.357	53	38.703	64	255.307	547	279.110	597	255.307	547	100.00%
Industry Sector (by SIC code)
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Agriculture (0xxx)	0	0	0	0.247	0	1.380	0	0	0	0	0	0	0
Mining (1xxx)	1.500	0	0.477	1.325	2.238	3.500	3.950	0.750	0	0	1.500	3.100	0
Oil and gas (13xx)	1.797	1.953	4.304	4.035	1.399	9.769	0.802	0.976	0.139	0.448	1.750	5.897	0.300
Construction (15xx)	0.678	0.438	0.644	0.900	0.013	0.750	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	10.055	12.092	8.032	8.846	8.496	12.254	3.414	7.119	0.595	2.529	3.392	4.480	1.954
Transportation (4xxx)	1.512	1.404	1.072	1.000	0.200	1.989	0.431	0	0.102	0.400	0	0	0
Communications (48xx)	2.568	4.517	2.750	7.471	1.210	7.089	4.125	1.462	0	0	1.000	6.217	0.690
Electric, gas, sanitary services (49xx)	1.940	3.125	0	0.821	1.809	5.093	1.000	0	0.053	1.747	0.448	1.426	0
Wholesale (5xxx)	0.591	2.571	1.425	3.303	2.978	0.700	0	1.100	0	0.150	0	0.868	0.440
Finance, insurance, real estate (6xxx)	0.570	3.647	4.001	5.547	7.849	4.466	0	5.064	0	0.102	0.497	0.700	0.134
Services (7xxx)	2.192	3.889	0.619	1.868	3.711	2.189	1.862	0.948	0.373	0.250	0.375	0.300	0.312
Health services (8xxx)	0.400	0.444	0.527	1.016	1.004	0.550	0.715	0.550	0	0.500	0.147	2.775	0
Total	23.803	34.081	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.125	9.110	25.763	3.830
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.247	1	1.380	2	0	0	0	0	1.627	3	1.627	3	1.627	3	0.64%
Mining (1xxx)	1.802	6	9.688	18	0.750	1	4.600	3	16.840	28	18.340	30	16.840	28	6.60%
Oil and gas (13xx)	10.293	28	11.970	24	1.563	7	7.947	16	31.773	75	33.570	78	31.773	75	12.45%
Construction (15xx)	1.982	7	0.763	2	0	0	0	0	2.744	9	3.422	11	2.744	9	1.07%
Manufacturing (2xxx, 3xxx)	28.970	61	24.164	53	10.242	21	9.826	16	73.202	151	83.258	168	73.202	151	28.67%
Transportation (4xxx)	3.476	10	2.620	11	0.502	2	0	0	6.598	23	8.111	28	6.598	23	2.58%
Communications (48xx)	14.739	24	12.424	17	1.462	3	7.907	8	36.531	52	39.099	58	36.531	52	14.31%
Electric, gas, sanitary services (49xx)	3.946	8	7.902	14	1.800	4	1.874	4	15.522	30	17.463	34	15.522	30	6.08%
Wholesale (5xxx)	7.299	18	3.678	12	1.250	4	1.308	4	13.535	38	14.126	40	13.535	38	5.30%
Finance, insurance, real estate (6xxx)	13.194	28	12.315	27	5.166	4	1.331	5	32.007	64	32.577	67	32.007	64	12.54%
Services (7xxx)	6.375	18	7.762	27	1.571	4	0.987	4	16.696	53	18.887	57	16.696	53	6.54%
Health services (8xxx)	1.988	9	2.269	5	1.050	3	2.922	4	8.229	21	8.629	23	8.229	21	3.22%
Total	94.313	218	96.934	212	25.357	53	38.703	64	255.307	547	279.110	597	255.307	547	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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