Analysis of high yield issuance for 13 months through October 2012

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

Yield

	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
4.99% and lower	1.250	0	0	1.299	1.500	0	0.350	2.150	1.493	3.416	4.495	4.709	3.957
5%-5.99%	0	1.500	1.527	3.355	9.501	11.671	0.963	3.700	0.957	3.857	9.478	12.396	7.425
6%-6.99%	2.750	7.900	0.158	3.724	2.978	6.056	6.207	1.215	1.591	5.286	4.811	13.394	9.870
7%-7.99%	0.200	4.968	1.200	3.897	7.827	6.798	4.595	1.136	0.198	2.014	7.442	4.780	4.138
8%-8.99%	1.500	2.095	0	4.822	5.387	1.258	2.925	1.981	1.723	2.871	0.625	3.954	6.288
9%-9.99%	0.448	3.752	0.253	2.166	5.734	3.777	3.536	4.440	0.568	1.263	1.200	3.095	3.955
10%-10.99%	1.942	0.335	0.190	0.250	0.594	0.825	0.249	3.085	1.490	1.761	0.350	1.531	1.352
11%-11.99%	0.375	1.000	0.285	0.125	0.350	0	1.400	0.611	0	0.172	1.420	0.300	1.174
12% and higher	0.147	0.413	0.217	1.035	2.501	1.327	0.674	0.566	0	0.440	0.045	0.145	0
NA	0	0.280	0	0.690	0.034	1.100	0.033	0	0.550	0.051	0	0.050	0.371
Total	8.613	22.243	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
4.99% and lower	1.250	1	2.799	3	3.993	5	12.621	19	3.957	6	23.370	33	24.620	34	23.370	33	8.57%
5%-5.99%	3.027	3	24.527	34	5.620	10	25.732	34	7.425	12	63.305	90	66.332	93	66.332	93	23.20%
6%-6.99%	10.808	14	12.758	26	9.013	20	23.491	45	9.870	19	55.133	110	65.941	124	63.191	120	20.21%
7%-7.99%	6.368	14	18.523	39	5.929	17	14.236	31	4.138	11	42.826	98	49.193	112	48.993	111	15.70%
8%-8.99%	3.595	5	11.467	26	6.628	18	7.449	20	6.288	14	31.832	78	35.427	83	33.927	82	11.67%
9%-9.99%	4.453	6	11.677	23	8.544	18	5.558	13	3.955	11	29.734	65	34.187	71	33.739	70	10.90%
10%-10.99%	2.467	5	1.669	8	4.824	13	3.643	8	1.352	3	11.488	32	13.955	37	12.013	35	4.21%
11%-11.99%	1.660	4	0.475	2	2.011	5	1.892	6	1.174	2	5.552	15	7.212	19	6.837	18	2.03%
12% and higher	0.778	4	4.863	15	1.240	6	0.630	5	0	0	6.735	26	7.512	30	7.365	29	2.46%
NA	0.280	1	1.824	4	0.583	4	0.101	7	0.371	2	2.879	17	3.159	18	3.159	18	1.06%
Total	34.685	57	90.583	180	48.386	116	95.354	188	38.532	80	272.854	564	307.539	621	298.926	609	100.00%
Versus Talk
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Lower	0	0	0	0	0.384	0	0.208	0	0	3.700	0.950	0	0.782
Low end	3.575	6.296	0	9.368	11.560	11.501	9.313	8.017	4.566	6.815	12.202	19.855	16.476
Middle	4.218	10.688	2.581	9.158	18.216	14.647	7.991	5.160	1.740	7.915	11.356	16.826	11.435
High end	0.819	2.770	0.348	0.785	1.029	4.360	0.909	4.296	0	1.424	3.950	6.401	8.518
Higher	0	0.217	0.250	0.813	2.250	0	1.198	0.725	0	0.226	0.750	0	0.252
NA	0	2.272	0.651	1.240	2.967	2.304	1.312	0.685	2.265	1.053	0.659	1.272	1.068
Total	8.613	22.243	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0	0	0.384	1	0.208	1	4.650	5	0.782	2	6.024	9	6.024	9	6.024	9	2.21%
Low end	9.871	15	32.430	65	21.896	41	38.872	77	16.476	29	109.674	212	119.545	227	115.970	221	40.20%
Middle	17.487	19	42.021	67	14.891	35	36.096	57	11.435	25	104.444	184	121.931	203	117.713	200	38.28%
High end	3.938	11	6.174	18	5.205	14	11.775	23	8.518	16	31.672	71	35.610	82	34.791	79	11.61%
Higher	0.467	2	3.063	3	1.923	6	0.976	2	0.252	1	6.213	12	6.681	14	6.681	14	2.28%
NA	2.923	10	6.511	26	4.262	19	2.984	24	1.068	7	14.825	76	17.748	86	17.748	86	5.43%
Total	34.685	57	90.583	180	48.386	116	95.354	188	38.532	80	272.854	564	307.539	621	298.926	609	100.00%
Upsized?
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Yes	5.968	12.757	2.517	8.651	19.037	13.912	5.940	6.586	2.860	12.830	19.428	26.539	19.706
No	2.644	7.251	1.313	11.147	17.370	18.273	10.066	11.475	5.711	7.786	10.139	15.482	16.159
Downsized	0	2.235	0	1.565	0	0.627	4.925	0.823	0	0.516	0.300	2.334	2.666
Total	8.613	22.243	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	21.242	22	41.601	74	15.387	34	58.797	95	19.706	32	135.491	235	156.733	257	150.764	251	49.66%
No	11.209	30	46.790	99	27.251	74	33.407	84	16.159	43	123.608	300	134.816	330	132.172	324	45.30%
Downsized	2.235	5	2.192	7	5.748	8	3.149	9	2.666	5	13.755	29	15.990	34	15.990	34	5.04%
Total	34.685	57	90.583	180	48.386	116	95.354	188	38.532	80	272.854	564	307.539	621	298.926	609	100.00%
Quick Sale?
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Yes	5.050	18.817	3.173	14.031	27.305	24.365	12.193	9.000	5.148	14.619	25.781	29.561	28.590
No	3.563	3.426	0.657	7.333	9.101	8.447	8.738	9.884	3.423	6.512	4.087	14.794	9.942
Total	8.613	22.243	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	27.039	40	65.701	121	26.341	63	69.960	137	28.590	56	190.592	377	217.632	417	212.582	411	69.85%
No	7.646	17	24.882	59	22.045	53	25.393	51	9.942	24	82.261	187	89.907	204	86.345	198	30.15%
Total	34.685	57	90.583	180	48.386	116	95.354	188	38.532	80	272.854	564	307.539	621	298.926	609	100.00%
Seniority
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
mortgage	0	0	0	0	0	0	0	0	0.088	0	0	0	0
senior secured	1.718	2.280	0.427	5.694	6.847	4.459	7.069	5.558	2.750	2.863	6.533	9.998	7.184
secured	0	0	0	0	0	0	0.244	0	0.126	0	0	0	0
senior	6.894	19.683	3.403	15.170	26.711	28.028	13.018	13.326	5.084	17.183	20.784	32.684	28.638
senior subordinated	0	0	0	0.500	2.849	0.325	0	0	0.198	1.086	2.550	0.923	2.585
subordinated	0	0.280	0	0	0	0	0.600	0	0.325	0	0	0.750	0.125
Total	8.613	22.243	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0	0	0	0	0.088	1	0	0	0	0	0.088	1	0.088	1	0.088	1	0.03%
senior secured	4.426	8	17.000	40	15.376	38	19.394	36	7.184	14	58.954	128	63.380	136	61.661	135	21.61%
secured	0	0	0	0	0.370	3	0	0	0	0	0.370	3	0.370	3	0.370	3	0.14%
senior	29.980	48	69.909	134	31.428	71	70.651	135	28.638	62	200.625	402	230.605	450	223.711	439	73.53%
senior subordinated	0	0	3.674	6	0.198	1	4.559	15	2.585	3	11.017	25	11.017	25	11.017	25	4.04%
subordinated	0.280	1	0	0	0.925	2	0.750	2	0.125	1	1.800	5	2.080	6	2.080	6	0.66%
Total	34.685	57	90.583	180	48.386	116	95.354	188	38.532	80	272.854	564	307.539	621	298.926	609	100.00%
Moody's Rating
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Ba1	1.250	4.900	1.527	2.304	2.500	2.196	1.200	1.250	1.951	0.500	1.300	1.925	0
Ba2	0	2.021	1.457	3.800	0.700	5.941	1.774	2.400	0.665	1.823	4.053	4.511	2.150
Ba3	2.350	2.450	0.154	4.223	6.984	2.025	1.469	1.475	0.214	1.168	3.543	3.188	3.004
B1	2.148	3.967	0	3.621	6.013	8.748	2.970	4.957	1.870	6.177	6.655	12.726	5.475
B2	0.223	0.168	0.035	1.026	7.552	3.606	5.845	2.694	0.665	3.595	4.832	5.859	7.037
B3	1.866	3.345	0.217	3.378	5.837	2.929	5.481	2.672	1.608	3.836	5.090	5.493	9.609
Caa1	0.775	0.867	0.440	2.417	3.840	3.502	1.623	2.347	1.048	3.493	1.597	4.682	8.041
Caa2	0	0.245	0	0.594	0.582	0.492	0	0.626	0	0.300	0.350	3.643	1.831
Caa3	0	0	0	0	0.831	0	0	0	0	0	0.864	0.460	0.261
NR	0	4.280	0	0	1.569	3.373	0.568	0.463	0.550	0.240	1.584	1.869	1.122
Total	8.613	22.243	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	7.677	7	7.000	13	4.401	6	3.725	9	0	0	15.126	28	22.803	35	21.553	34	5.54%
Ba2	3.477	9	10.441	16	4.839	11	10.388	17	2.150	3	27.817	47	31.295	56	31.295	56	10.19%
Ba3	4.954	8	13.232	24	3.158	8	7.898	15	3.004	5	27.292	52	32.246	60	29.896	57	10.00%
B1	6.115	9	18.382	31	9.798	17	25.557	33	5.475	7	59.211	88	65.327	97	63.178	94	21.70%
B2	0.426	3	12.185	26	9.203	19	14.286	31	7.037	11	42.711	87	43.137	90	42.914	89	15.65%
B3	5.428	11	12.144	27	9.762	25	14.419	28	9.609	24	45.933	104	51.361	115	49.495	113	16.83%
Caa1	2.082	6	9.759	23	5.019	17	9.772	23	8.041	18	32.592	81	34.674	87	33.899	85	11.94%
Caa2	0.245	1	1.667	6	0.626	2	4.293	9	1.831	4	8.417	21	8.662	22	8.662	22	3.08%
Caa3	0	0	0.831	2	0	0	1.323	4	0.261	1	2.416	7	2.416	7	2.416	7	0.89%
NR	4.280	3	4.942	12	1.581	11	3.693	19	1.122	7	11.338	49	15.618	52	15.618	52	4.16%
Total	34.685	57	90.583	180	48.386	116	95.354	188	38.532	80	272.854	564	307.539	621	298.926	609	100.00%
Use of Proceeds
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Acquisition	0.596	3.793	0.210	2.455	2.580	1.116	2.111	1.700	1.010	2.796	2.700	3.225	8.666
Capex	0	0	0	0.300	0	0.600	0	1.679	0	0	0.450	0	0
Dividend/recap	0	1.000	0	0	2.413	0.316	0.275	0.580	0	0	0.305	0.686	3.530
GCP	1.700	7.811	1.179	2.793	3.625	5.232	1.991	4.946	1.952	3.274	4.972	7.873	4.717
LBO	2.093	0.168	0.440	0.730	0.741	0.600	2.958	0.325	0.250	0	0	0.490	1.260
No proceeds	0	0	0	0.775	0.384	0	0	0	0	0.051	0	0	0
Redeem notes	2.350	2.225	0	2.146	5.489	9.362	3.771	0.926	0.665	5.532	3.075	9.694	4.591
Refinance	0	1.777	0	0.517	4.839	3.371	3.624	1.283	2.073	1.366	2.873	4.505	4.154
Repay bank debt	0.223	4.147	0.257	5.477	10.161	7.859	2.348	3.723	1.758	3.142	7.073	9.456	2.694
Multiple/Other/NA	1.650	1.322	1.744	6.170	6.175	4.356	3.854	3.722	0.863	4.970	8.419	8.425	8.918
Total	8.613	22.243	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	4.599	7	6.151	11	4.821	10	8.721	17	8.666	12	28.359	50	32.958	57	32.362	55	10.39%
Capex	0	0	0.900	2	1.679	2	0.450	1	0	0	3.029	5	3.029	5	3.029	5	1.11%
Dividend/recap	1.000	1	2.729	5	0.855	4	0.992	4	3.530	8	8.105	21	9.105	22	9.105	22	2.97%
GCP	10.689	16	11.650	28	8.889	22	16.119	34	4.717	10	41.376	94	52.065	110	50.365	108	15.16%
LBO	2.701	5	2.071	4	3.533	5	0.490	1	1.260	3	7.353	13	10.055	18	7.961	16	2.69%
No proceeds	0	0	1.159	2	0	0	0.051	6	0	0	1.210	8	1.210	8	1.210	8	0.44%
Redeem notes	4.575	7	16.998	33	5.362	11	18.301	35	4.591	8	45.252	87	49.827	94	47.477	91	16.58%
Refinance	1.777	4	8.727	16	6.980	16	8.744	22	4.154	8	28.605	62	30.382	66	30.382	66	10.48%
Repay bank debt	4.628	10	23.498	46	7.829	23	19.671	32	2.694	10	53.692	111	58.320	121	58.097	120	19.68%
Multiple/Other/NA	4.716	7	16.701	33	8.439	23	21.814	36	8.918	21	55.871	113	60.587	120	58.937	118	20.48%
Total	34.685	57	90.583	180	48.386	116	95.354	188	38.532	80	272.854	564	307.539	621	298.926	609	100.00%
Industry Sector (by SIC code)
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Agriculture (0xxx)	0	0	0	0.690	0	0	0	0	0	0	0	0.325	0
Mining (1xxx)	1.500	3.100	0	0.125	0.200	2.865	0.300	2.929	0.740	0	0.260	1.645	0.556
Oil and gas (13xx)	1.750	5.463	0.300	2.660	7.608	4.755	6.616	1.736	0.800	1.905	4.121	4.157	6.165
Construction (15xx)	0	0	0	0.300	0.345	0.850	0.350	0.030	0	1.000	0.182	1.397	0.350
Manufacturing (2xxx, 3xxx)	3.392	2.685	1.954	6.092	5.407	8.223	4.360	3.542	0.685	5.870	4.025	18.177	6.991
Transportation (4xxx)	0	0	0	0	0.514	0.375	0.244	0.834	0.214	0	0	1.651	0.452
Communications (48xx)	1.000	6.217	0.690	4.458	5.500	0.987	2.502	2.962	1.250	3.373	6.388	4.046	5.003
Electric, gas, sanitary services (49xx)	0.448	0.435	0	0.400	1.292	0.938	0	0.250	0.775	0.800	0.864	2.688	1.079
Wholesale (5xxx)	0	0.868	0.440	2.001	2.417	0.866	2.501	2.185	1.161	2.083	1.800	2.288	3.804
Finance, insurance, real estate (6xxx)	0	0.700	0.134	1.048	4.806	4.908	1.151	2.761	1.726	3.326	5.566	4.006	2.178
Services (7xxx)	0.375	0	0.312	3.588	5.271	6.154	1.735	1.332	0.500	1.225	3.062	2.900	7.626
Health services (8xxx)	0.147	2.775	0	0	3.047	1.891	1.173	0.325	0.720	1.550	3.600	1.075	4.326
Total	8.613	22.243	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0.690	1	0	0	0.325	1	0	0	1.015	2	1.015	2	1.015	2	0.37%
Mining (1xxx)	4.600	3	3.190	7	3.969	6	1.905	4	0.556	2	9.619	19	14.219	22	12.719	21	3.53%
Oil and gas (13xx)	7.513	15	15.023	27	9.151	17	10.183	19	6.165	14	40.523	77	48.036	92	46.286	89	14.85%
Construction (15xx)	0	0	1.495	4	0.380	2	2.579	9	0.350	1	4.803	16	4.803	16	4.803	16	1.76%
Manufacturing (2xxx, 3xxx)	8.031	13	19.722	44	8.587	20	28.072	48	6.991	15	63.372	127	71.403	140	68.011	136	23.23%
Transportation (4xxx)	0	0	0.889	4	1.292	7	1.651	4	0.452	2	4.283	17	4.283	17	4.283	17	1.57%
Communications (48xx)	7.907	8	10.946	18	6.713	11	13.806	23	5.003	8	36.468	60	44.375	68	43.375	67	13.37%
Electric, gas, sanitary services (49xx)	0.884	3	2.630	7	1.025	3	4.352	8	1.079	3	9.085	21	9.969	24	9.521	23	3.33%
Wholesale (5xxx)	1.308	4	5.284	14	5.846	16	6.171	14	3.804	9	21.105	53	22.413	57	22.413	57	7.73%
Finance, insurance, real estate (6xxx)	0.834	4	10.763	19	5.638	15	12.899	34	2.178	8	31.478	76	32.312	80	32.312	80	11.54%
Services (7xxx)	0.687	3	15.013	26	3.567	12	7.187	17	7.626	13	33.393	68	34.081	71	33.706	70	12.24%
Health services (8xxx)	2.922	4	4.938	9	2.218	7	6.225	7	4.326	5	17.707	28	20.630	32	20.482	31	6.49%
Total	34.685	57	90.583	180	48.386	116	95.354	188	38.532	80	272.854	564	307.539	621	298.926	609	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.

• Emerging markets issues are excluded.

• 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.

• 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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