Analysis of high yield issuance for 13 months through January 2012

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

Yield

	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
5.99% and lower	2.080	2.250	1.300	3.838	4.178	0	1.000	0	0.497	1.250	3.966	1.527	4.654
6%-6.99%	6.461	4.815	8.721	7.856	15.146	1.700	5.100	0	0.844	2.750	8.220	0.158	3.724
7%-7.99%	11.101	3.740	14.673	4.314	7.682	8.131	3.550	0.102	1.750	0.200	4.968	1.200	4.495
8%-8.99%	8.440	4.161	4.834	5.911	15.991	1.837	2.558	0	2.000	1.500	2.395	0	4.822
9%-9.99%	2.407	3.508	2.039	2.767	2.662	0.644	1.685	0.253	0.250	0.448	3.752	0.253	3.166
10%-10.99%	1.757	1.186	1.411	1.015	1.849	2.355	1.281	0	0.186	1.942	0.335	0.190	0.867
11%-11.99%	0.277	2.370	1.048	2.147	0.624	0.524	0.815	0.395	0	0.375	1.000	0.285	0.125
12% and higher	1.111	0.445	0.112	0.405	0.250	0.907	1.980	0.512	0.496	0.147	0.413	0.217	1.525
Floater	0	1.250	0.850	1.050	0.850	0.200	0	0	0	0	0	0	0
NA	0.446	0.128	1.391	1.603	0.498	0	0	0	0	0.497	0.715	0	0.690
Total	34.081	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	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	4.654	8	4.654	8	26.540	39	24.459	35	19.34%
6%-6.99%	19.997	44	24.702	43	5.944	7	11.128	15	3.724	7	3.724	7	65.496	116	59.035	102	15.47%
7%-7.99%	29.514	58	20.127	39	5.402	9	6.368	14	4.495	11	4.495	11	65.907	131	54.805	109	18.68%
8%-8.99%	17.434	43	23.738	48	4.558	8	3.895	6	4.822	9	4.822	9	54.447	114	46.007	96	20.03%
9%-9.99%	7.953	21	6.073	23	2.188	7	4.453	6	3.166	7	3.166	7	23.832	64	21.425	56	13.15%
10%-10.99%	4.354	15	5.219	20	1.467	3	2.467	5	0.867	3	0.867	3	14.375	46	12.617	41	3.60%
11%-11.99%	3.695	14	3.295	9	1.210	5	1.660	4	0.125	1	0.125	1	9.986	33	9.709	31	0.52%
12% and higher	1.669	8	1.562	7	2.988	11	0.778	4	1.525	4	1.525	4	8.523	34	7.412	30	6.34%
Floater	2.100	3	2.100	4	0	0	0	0	0	0	0	0	4.200	7	4.200	7	0.00%
NA	1.965	5	2.102	4	0	0	1.212	3	0.690	1	0.690	1	5.968	13	5.523	12	2.87%
Total	94.313	218	96.934	212	25.255	52	38.703	64	24.069	51	24.069	51	279.274	597	245.193	519	100.00%
Versus Talk
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Lower	2.994	0.636	0	0.200	0.550	0	0.157	0	0	0	0	0	0
Low end	15.595	8.270	7.808	7.149	15.668	2.399	3.450	0	3.440	3.575	7.606	0	10.614
Middle	10.655	9.129	17.101	11.886	21.760	4.550	7.081	0.534	2.433	4.218	10.988	2.581	9.773
High end	2.168	3.252	6.171	3.337	7.806	6.549	5.300	0.373	0.150	0.819	2.770	0.348	0.785
Higher	0.244	0.194	1.865	0	2.066	1.390	0.747	0	0	0	0.217	0.250	0.813
NA	2.425	2.372	3.435	8.334	1.881	1.409	1.234	0.355	0	0.497	4.181	0.651	2.084
Total	34.081	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	3.629	9	0.750	2	0.157	1	0	0	0	0	0	0	4.536	12	1.543	6	0.00%
Low end	31.673	69	25.216	57	6.890	15	11.181	17	10.614	21	10.614	21	85.574	179	69.980	147	44.10%
Middle	36.885	84	38.196	70	10.048	24	17.787	20	9.773	18	9.773	18	112.689	216	102.033	193	40.60%
High end	11.592	21	17.692	38	5.824	5	3.938	11	0.785	2	0.785	2	39.831	77	37.662	72	3.26%
Higher	2.303	5	3.455	7	0.747	1	0.467	2	0.813	2	0.813	2	7.785	17	7.541	16	3.37%
NA	8.232	30	11.624	38	1.589	6	5.329	14	2.084	8	2.084	8	28.858	96	26.433	85	8.66%
Total	94.313	218	96.934	212	25.255	52	38.703	64	24.069	51	24.069	51	279.274	597	245.193	519	100.00%
Upsized?
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Yes	14.416	9.279	11.368	7.968	15.207	2.652	11.172	0	1.345	5.968	12.757	2.517	8.651
No	19.420	13.098	23.624	21.794	29.094	13.646	6.246	1.262	4.230	3.142	10.771	1.313	13.853
Downsized	0.244	1.475	1.388	1.144	5.428	0	0.551	0	0.448	0	2.235	0	1.565
Total	34.081	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	35.064	78	25.827	53	12.517	17	21.242	22	8.651	16	8.651	16	103.300	186	88.884	155	35.94%
No	56.142	134	64.535	149	11.739	31	15.226	37	13.853	30	13.853	30	161.494	381	142.074	335	57.56%
Downsized	3.107	6	6.572	10	0.999	4	2.235	5	1.565	5	1.565	5	14.479	30	14.235	29	6.50%
Total	94.313	218	96.934	212	25.255	52	38.703	64	24.069	51	24.069	51	279.274	597	245.193	519	100.00%
Quick Sale?
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Yes	16.996	10.812	21.693	17.271	24.941	3.863	10.510	0.241	5.325	5.050	20.911	3.173	16.019
No	17.085	13.040	14.687	13.635	24.789	12.435	7.459	1.021	0.698	4.060	4.851	0.657	8.051
Total	34.081	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	49.501	113	46.074	92	16.076	28	29.134	44	16.019	29	16.019	29	156.804	306	139.808	266	66.55%
No	44.812	105	50.860	120	9.179	24	9.569	20	8.051	22	8.051	22	122.470	291	105.384	253	33.45%
Total	94.313	218	96.934	212	25.255	52	38.703	64	24.069	51	24.069	51	279.274	597	245.193	519	100.00%
Seniority
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
mortgage	0	0	0	0	0.107	0	0	0	0	0	0	0	0
senior secured	9.012	5.714	7.327	6.593	8.080	1.763	7.454	0.373	0.496	1.718	2.280	0.427	4.776
secured	0.154	0.235	0	0	0	0.231	0	0.102	0	0	0	0	0
senior	24.379	17.328	28.528	23.922	40.592	14.054	10.515	0.587	4.977	7.392	23.203	3.403	18.793
senior subordinated	0.535	0.575	0.525	0.390	0.950	0.250	0	0	0.550	0	0	0	0.500
subordinated	0	0	0	0	0	0	0	0.200	0	0	0.280	0	0
Total	34.081	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0	0	0.107	1	0	0	0	0	0	0	0	0	0.107	1	0.107	1	0.00%
senior secured	22.053	49	16.437	50	8.323	15	4.426	8	4.776	12	4.776	12	56.015	134	47.002	116	19.84%
secured	0.389	3	0.231	3	0.102	1	0	0	0	0	0	0	0.722	7	0.568	6	0.00%
senior	70.236	159	78.569	153	16.079	33	33.997	55	18.793	38	18.793	38	217.674	438	193.295	382	78.08%
senior subordinated	1.635	7	1.590	5	0.550	2	0	0	0.500	1	0.500	1	4.276	15	3.740	12	2.08%
subordinated	0	0	0	0	0.200	1	0.280	1	0	0	0	0	0.480	2	0.480	2	0.00%
Total	94.313	218	96.934	212	25.255	52	38.703	64	24.069	51	24.069	51	279.274	597	245.193	519	100.00%
Moody's Rating
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Ba1	0.696	0.446	0	3.281	5.115	1.100	0.400	0	1.747	1.747	5.891	1.527	2.902
Ba2	1.592	1.714	1.161	3.906	2.495	0.450	5.407	0	0.394	0	2.021	1.457	3.800
Ba3	5.550	3.807	6.153	2.231	9.059	0.900	2.689	0.102	0.150	2.350	2.450	0.154	3.965
B1	4.387	5.515	5.979	4.279	8.647	3.750	0.400	0	2.300	2.148	4.267	0	4.111
B2	5.047	2.382	3.891	6.162	7.301	2.121	0.815	0	0.250	0.223	0.168	0.035	1.026
B3	6.963	3.357	11.479	4.823	7.088	3.860	4.635	0	1.134	1.866	3.345	0.217	3.503
Caa1	1.799	5.189	3.083	3.042	3.911	2.271	2.734	0.768	0	0.775	0.867	0.440	2.417
Caa2	2.390	0.714	0.132	0	1.193	1.276	0.078	0.139	0	0	0.245	0	0.594
Caa3	0.454	0.578	0	0	0	0	0	0	0	0	0	0	0
NR	5.205	0.151	4.501	3.182	4.921	0.570	0.811	0.253	0.048	0	6.509	0	1.750
Total	34.081	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	1.142	3	9.497	18	2.147	4	9.165	9	2.902	6	2.902	6	24.852	40	24.156	38	12.06%
Ba2	4.467	11	6.851	13	5.802	6	3.477	9	3.800	6	3.800	6	24.397	45	22.805	40	15.79%
Ba3	15.509	31	12.190	20	2.941	5	4.954	8	3.965	11	3.965	11	39.560	75	34.010	64	16.47%
B1	15.880	35	16.676	25	2.700	5	6.415	10	4.111	7	4.111	7	45.783	82	41.396	73	17.08%
B2	11.319	29	15.583	35	1.065	5	0.426	3	1.026	3	1.026	3	29.421	75	24.374	64	4.26%
B3	21.799	48	15.772	46	5.769	12	5.428	11	3.503	9	3.503	9	52.270	126	45.307	110	14.55%
Caa1	10.071	23	9.224	25	3.503	7	2.082	6	2.417	5	2.417	5	27.298	66	25.499	61	10.04%
Caa2	3.237	11	2.468	6	0.217	2	0.245	1	0.594	2	0.594	2	6.760	22	4.371	16	2.47%
Caa3	1.031	4	0	0	0	0	0	0	0	0	0	0	1.031	4	0.578	2	0.00%
NR	9.857	23	8.673	24	1.112	6	6.509	7	1.750	2	1.750	2	27.901	62	22.696	51	7.27%
Total	94.313	218	96.934	212	25.255	52	38.703	64	24.069	51	24.069	51	279.274	597	245.193	519	100.00%
Use of Proceeds
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Acquisition	1.537	1.395	0.505	1.070	5.941	4.122	0.121	0	2.936	0.596	3.793	0.210	2.821
Capex	1.008	0.084	0	0.350	0.757	0.500	0	0.373	0	0	0.991	0	0
Dividend/recap	1.155	1.104	1.500	3.015	1.673	0.100	0	0	0	0	1.000	0	0
GCP	4.824	3.670	8.475	3.398	7.026	1.205	1.436	0.102	1.444	1.700	7.811	1.179	3.289
LBO	2.885	1.690	2.925	0	1.905	1.636	2.092	0.395	0	2.093	0.168	0.440	0.730
No proceeds	0	0	0	0	0	0	0	0	0	0	0	0	0.775
Redeem notes	6.481	2.715	9.741	3.166	3.227	1.028	8.730	0	0.150	2.350	2.225	0	1.646
Refinance	2.225	4.217	1.564	3.331	9.469	1.570	1.001	0	0.843	0	1.777	0	1.111
Repay bank debt	10.040	4.213	3.308	4.709	7.108	1.302	1.175	0	0.400	0.223	4.147	0.257	5.227
Multiple/Other/NA	3.926	4.763	8.363	11.866	12.625	4.835	3.414	0.392	0.250	2.147	3.851	1.744	8.470
Total	34.081	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	3.437	9	11.133	18	3.057	6	4.599	7	2.821	5	2.821	5	25.046	45	23.509	43	11.72%
Capex	1.092	5	1.608	6	0.373	1	0.991	1	0	0	0	0	4.064	13	3.056	9	0.00%
Dividend/recap	3.759	12	4.787	14	0	0	1.000	1	0	0	0	0	9.546	27	8.391	24	0.00%
GCP	16.969	34	11.629	24	2.982	8	10.689	16	3.289	8	3.289	8	45.558	90	40.734	77	13.66%
LBO	7.500	13	3.541	8	2.487	7	2.701	5	0.730	2	0.730	2	16.960	35	14.075	31	3.03%
No proceeds	0	0	0	0	0	0	0	0	0.775	1	0.775	1	0.775	1	0.775	1	3.22%
Redeem notes	18.937	45	7.421	22	8.881	8	4.575	7	1.646	2	1.646	2	41.460	84	34.979	66	6.84%
Refinance	8.006	19	14.370	28	1.843	6	1.777	4	1.111	4	1.111	4	27.108	61	24.883	57	4.62%
Repay bank debt	17.562	38	13.119	29	1.575	5	4.628	10	5.227	11	5.227	11	42.110	93	32.070	73	21.72%
Multiple/Other/NA	17.051	43	29.326	63	4.056	11	7.743	13	8.470	18	8.470	18	66.646	148	62.721	138	35.19%
Total	94.313	218	96.934	212	25.255	52	38.703	64	24.069	51	24.069	51	279.274	597	245.193	519	100.00%
Industry Sector (by SIC code)
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Agriculture (0xxx)	0	0	0.247	0	1.380	0	0	0	0	0	0	0	0.815
Mining (1xxx)	0	0.477	1.325	2.238	3.500	3.950	0.750	0	0	1.500	3.100	0	0.125
Oil and gas (13xx)	1.953	4.304	4.035	1.399	9.769	0.802	0.976	0.139	0.448	1.750	5.897	0.300	2.660
Construction (15xx)	0.438	0.644	0.900	0.013	0.750	0	0	0	0	0	0	0	0.300
Manufacturing (2xxx, 3xxx)	12.092	8.032	8.846	8.496	12.254	3.414	7.119	0.595	2.529	3.392	4.480	1.954	6.195
Transportation (4xxx)	1.404	1.072	1.000	0.200	1.989	0.431	0	0.102	0.400	0	0	0	0
Communications (48xx)	4.517	2.750	7.471	1.210	7.089	4.125	1.462	0	0	1.000	6.217	0.690	4.949
Electric, gas, sanitary services (49xx)	3.125	0	0.821	1.809	5.093	1.000	0	0.053	1.747	0.448	1.426	0	0.400
Wholesale (5xxx)	2.571	1.425	3.303	2.978	0.700	0	1.100	0	0.150	0	0.868	0.440	2.001
Finance, insurance, real estate (6xxx)	3.647	4.001	5.547	7.849	4.466	0	5.064	0	0	0.497	0.700	0.134	3.036
Services (7xxx)	3.889	0.619	1.868	3.711	2.189	1.862	0.948	0.373	0.250	0.375	0.300	0.312	3.588
Health services (8xxx)	0.444	0.527	1.016	1.004	0.550	0.715	0.550	0	0.500	0.147	2.775	0	0
Total	34.081	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.247	1	1.380	2	0	0	0	0	0.815	2	0.815	2	2.442	5	2.442	5	3.39%
Mining (1xxx)	1.802	6	9.688	18	0.750	1	4.600	3	0.125	1	0.125	1	16.965	29	16.965	29	0.52%
Oil and gas (13xx)	10.293	28	11.970	24	1.563	7	7.947	16	2.660	5	2.660	5	34.433	80	32.480	75	11.05%
Construction (15xx)	1.982	7	0.763	2	0	0	0	0	0.300	1	0.300	1	3.044	10	2.607	8	1.25%
Manufacturing (2xxx, 3xxx)	28.970	61	24.164	53	10.242	21	9.826	16	6.195	14	6.195	14	79.397	165	67.305	141	25.74%
Transportation (4xxx)	3.476	10	2.620	11	0.502	2	0	0	0	0	0	0	6.598	23	5.194	19	0.00%
Communications (48xx)	14.739	24	12.424	17	1.462	3	7.907	8	4.949	10	4.949	10	41.480	62	36.963	52	20.56%
Electric, gas, sanitary services (49xx)	3.946	8	7.902	14	1.800	4	1.874	4	0.400	1	0.400	1	15.922	31	12.797	26	1.66%
Wholesale (5xxx)	7.299	18	3.678	12	1.250	4	1.308	4	2.001	4	2.001	4	15.536	42	12.965	37	8.31%
Finance, insurance, real estate (6xxx)	13.194	28	12.315	27	5.064	3	1.331	5	3.036	6	3.036	6	34.942	69	31.294	59	12.61%
Services (7xxx)	6.375	18	7.762	27	1.571	4	0.987	4	3.588	7	3.588	7	20.284	60	16.394	49	14.91%
Health services (8xxx)	1.988	9	2.269	5	1.050	3	2.922	4	0	0	0	0	8.229	21	7.785	19	0.00%
Total	94.313	218	96.934	212	25.255	52	38.703	64	24.069	51	24.069	51	279.274	597	245.193	519	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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