Analysis of high yield issuance for 13 months through February 2012

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

Yield

	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
5.99% and lower	2.250	1.300	3.838	4.178	0	1.000	0	0.497	1.250	3.966	1.527	4.654	11.001
6%-6.99%	4.815	8.721	7.856	15.146	1.700	5.100	0	0.844	2.750	8.220	0.158	3.724	3.478
7%-7.99%	3.740	14.673	4.314	7.682	8.131	3.550	0.102	1.750	0.200	4.968	1.200	4.495	8.760
8%-8.99%	4.161	4.834	5.911	15.991	1.837	2.558	0	2.000	1.500	2.395	0	4.822	5.687
9%-9.99%	3.508	2.039	2.767	2.662	0.644	1.685	0.253	0.250	0.448	3.752	0.253	3.166	5.734
10%-10.99%	1.186	1.411	1.015	1.849	2.355	1.281	0	0.186	1.942	0.335	0.190	0.867	0.989
11%-11.99%	2.370	1.048	2.147	0.624	0.524	0.815	0.395	0	0.375	1.000	0.285	0.125	0.350
12% and higher	0.445	0.112	0.405	0.250	0.907	1.980	0.512	0.496	0.147	0.413	0.217	1.525	3.330
Floater	1.250	0.850	1.050	0.850	0.200	0	0	0	0	0	0	0	0
NA	0.128	1.391	1.603	0.498	0	0	0	0	0.497	0.715	0	0.690	0
Total	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.329
	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	8.016	15	1.497	2	6.743	7	15.655	21	15.655	21	35.460	48	33.210	46	24.69%
6%-6.99%	24.702	43	5.944	7	11.128	15	7.202	14	7.202	14	62.513	109	57.698	97	11.36%
7%-7.99%	20.127	39	5.402	9	6.368	14	13.255	26	13.255	26	63.565	124	59.825	117	20.91%
8%-8.99%	23.738	48	4.558	8	3.895	6	10.509	21	10.509	21	51.695	108	47.534	95	16.58%
9%-9.99%	6.073	23	2.188	7	4.453	6	8.899	14	8.899	14	27.159	63	23.652	56	14.04%
10%-10.99%	5.219	20	1.467	3	2.467	5	1.856	8	1.856	8	13.606	46	12.420	42	2.93%
11%-11.99%	3.295	9	1.210	5	1.660	4	0.475	2	0.475	2	10.059	32	7.689	25	0.75%
12% and higher	1.562	7	2.988	11	0.778	4	4.856	13	4.856	13	10.742	39	10.297	36	7.66%
Floater	2.100	4	0	0	0	0	0	0	0	0	4.200	7	2.950	6	0.00%
NA	2.102	4	0	0	1.212	3	0.690	1	0.690	1	5.523	12	5.395	11	1.09%
Total	96.934	212	25.255	52	38.703	64	63.398	120	63.398	120	284.522	588	260.669	531	100.00%
Versus Talk
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Lower	0.636	0	0.200	0.550	0	0.157	0	0	0	0	0	0	0.384
Low end	8.270	7.808	7.149	15.668	2.399	3.450	0	3.440	3.575	7.606	0	10.864	13.196
Middle	9.129	17.101	11.886	21.760	4.550	7.081	0.534	2.433	4.218	10.988	2.581	9.773	19.203
High end	3.252	6.171	3.337	7.806	6.549	5.300	0.373	0.150	0.819	2.770	0.348	0.785	1.029
Higher	0.194	1.865	0	2.066	1.390	0.747	0	0	0	0.217	0.250	0.813	2.250
NA	2.372	3.435	8.334	1.881	1.409	1.234	0.355	0	0.497	4.181	0.651	1.834	3.267
Total	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.329
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.750	2	0.157	1	0	0	0.384	1	0.384	1	1.927	7	1.292	4	0.61%
Low end	25.216	57	6.890	15	11.181	17	24.060	47	24.060	47	83.426	173	75.155	156	37.95%
Middle	38.196	70	10.048	24	17.787	20	28.976	44	28.976	44	121.237	219	112.108	196	45.70%
High end	17.692	38	5.824	5	3.938	11	1.814	7	1.814	7	38.691	77	35.439	73	2.86%
Higher	3.455	7	0.747	1	0.467	2	3.063	3	3.063	3	9.791	17	9.597	16	4.83%
NA	11.624	38	1.589	6	5.329	14	5.101	18	5.101	18	29.450	95	27.078	86	8.05%
Total	96.934	212	25.255	52	38.703	64	63.398	120	63.398	120	284.522	588	260.669	531	100.00%
Upsized?
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Yes	9.279	11.368	7.968	15.207	2.652	11.172	0	1.345	5.968	12.757	2.517	8.651	19.028
No	13.098	23.624	21.794	29.094	13.646	6.246	1.262	4.230	3.142	10.771	1.313	13.853	20.301
Downsized	1.475	1.388	1.144	5.428	0	0.551	0	0.448	0	2.235	0	1.565	0
Total	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.329
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	25.827	53	12.517	17	21.242	22	27.679	43	27.679	43	107.912	182	98.633	164	43.66%
No	64.535	149	11.739	31	15.226	37	34.154	72	34.154	72	162.375	377	149.277	340	53.87%
Downsized	6.572	10	0.999	4	2.235	5	1.565	5	1.565	5	14.235	29	12.760	27	2.47%
Total	96.934	212	25.255	52	38.703	64	63.398	120	63.398	120	284.522	588	260.669	531	100.00%
Quick Sale?
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Yes	10.812	21.693	17.271	24.941	3.863	10.510	0.241	5.325	5.050	20.911	3.173	16.019	28.528
No	13.040	14.687	13.635	24.789	12.435	7.459	1.021	0.698	4.060	4.851	0.657	8.051	10.801
Total	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.329
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	46.074	92	16.076	28	29.134	44	44.546	77	44.546	77	168.336	314	157.524	287	70.26%
No	50.860	120	9.179	24	9.569	20	18.852	43	18.852	43	116.185	274	103.145	244	29.74%
Total	96.934	212	25.255	52	38.703	64	63.398	120	63.398	120	284.522	588	260.669	531	100.00%
Seniority
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
mortgage	0	0	0	0.107	0	0	0	0	0	0	0	0	0
senior secured	5.714	7.327	6.593	8.080	1.763	7.454	0.373	0.496	1.718	2.280	0.427	5.694	7.113
secured	0.235	0	0	0	0.231	0	0.102	0	0	0	0	0	0
senior	17.328	28.528	23.922	40.592	14.054	10.515	0.587	4.977	7.392	23.203	3.403	17.875	29.367
senior subordinated	0.575	0.525	0.390	0.950	0.250	0	0	0.550	0	0	0	0.500	2.849
subordinated	0	0	0	0	0	0	0.200	0	0	0.280	0	0	0
Total	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.329
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0.107	1	0	0	0	0	0	0	0	0	0.107	1	0.107	1	0.00%
senior secured	16.437	50	8.323	15	4.426	8	12.807	27	12.807	27	55.033	131	49.319	116	20.20%
secured	0.231	3	0.102	1	0	0	0	0	0	0	0.568	6	0.333	4	0.00%
senior	78.569	153	16.079	33	33.997	55	47.242	88	47.242	88	221.744	432	204.415	394	74.52%
senior subordinated	1.590	5	0.550	2	0	0	3.349	5	3.349	5	6.590	16	6.015	14	5.28%
subordinated	0	0	0.200	1	0.280	1	0	0	0	0	0.480	2	0.480	2	0.00%
Total	96.934	212	25.255	52	38.703	64	63.398	120	63.398	120	284.522	588	260.669	531	100.00%
Moody's Rating
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Ba1	0.446	0	3.281	5.115	1.100	0.400	0	1.747	1.747	5.891	1.527	2.902	2.995
Ba2	1.714	1.161	3.906	2.495	0.450	5.407	0	0.394	0	2.021	1.457	3.800	1.396
Ba3	3.807	6.153	2.231	9.059	0.900	2.689	0.102	0.150	2.350	2.450	0.154	3.965	7.678
B1	5.515	5.979	4.279	8.647	3.750	0.400	0	2.300	2.148	4.267	0	4.111	6.263
B2	2.382	3.891	6.162	7.301	2.121	0.815	0	0.250	0.223	0.168	0.035	1.026	7.895
B3	3.357	11.479	4.823	7.088	3.860	4.635	0	1.134	1.866	3.345	0.217	3.503	6.133
Caa1	5.189	3.083	3.042	3.911	2.271	2.734	0.768	0	0.775	0.867	0.440	2.417	3.997
Caa2	0.714	0.132	0	1.193	1.276	0.078	0.139	0	0	0.245	0	0.594	0.582
Caa3	0.578	0	0	0	0	0	0	0	0	0	0	0	0.831
NR	0.151	4.501	3.182	4.921	0.570	0.811	0.253	0.048	0	6.509	0	1.750	1.560
Total	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.329
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	9.497	18	2.147	4	9.165	9	5.897	11	5.897	11	27.151	43	26.705	42	9.30%
Ba2	6.851	13	5.802	6	3.477	9	5.196	10	5.196	10	24.202	44	22.488	42	8.20%
Ba3	12.190	20	2.941	5	4.954	8	11.643	21	11.643	21	41.688	74	37.881	65	18.36%
B1	16.676	25	2.700	5	6.415	10	10.374	17	10.374	17	47.659	83	42.144	74	16.36%
B2	15.583	35	1.065	5	0.426	3	8.921	13	8.921	13	32.269	74	29.887	66	14.07%
B3	15.772	46	5.769	12	5.428	11	9.636	20	9.636	20	51.440	121	48.084	111	15.20%
Caa1	9.224	25	3.503	7	2.082	6	6.414	15	6.414	15	29.496	71	24.306	61	10.12%
Caa2	2.468	6	0.217	2	0.245	1	1.175	4	1.175	4	4.952	18	4.238	14	1.85%
Caa3	0	0	0	0	0	0	0.831	2	0.831	2	1.409	4	0.831	2	1.31%
NR	8.673	24	1.112	6	6.509	7	3.310	7	3.310	7	24.256	56	24.105	54	5.22%
Total	96.934	212	25.255	52	38.703	64	63.398	120	63.398	120	284.522	588	260.669	531	100.00%
Use of Proceeds
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Acquisition	1.395	0.505	1.070	5.941	4.122	0.121	0	2.936	0.596	3.793	0.210	2.821	0.780
Capex	0.084	0	0.350	0.757	0.500	0	0.373	0	0	0.991	0	0.300	0
Dividend/recap	1.104	1.500	3.015	1.673	0.100	0	0	0	0	1.000	0	0	2.413
GCP	3.670	8.475	3.398	7.026	1.205	1.436	0.102	1.444	1.700	7.811	1.179	3.289	3.832
LBO	1.690	2.925	0	1.905	1.636	2.092	0.395	0	2.093	0.168	0.440	0.730	0.741
No proceeds	0	0	0	0	0	0	0	0	0	0	0	0.775	0.384
Redeem notes	2.715	9.741	3.166	3.227	1.028	8.730	0	0.150	2.350	2.225	0	2.146	4.689
Refinance	4.217	1.564	3.331	9.469	1.570	1.001	0	0.843	0	1.777	0	1.111	5.576
Repay bank debt	4.213	3.308	4.709	7.108	1.302	1.175	0	0.400	0.223	4.147	0.257	5.227	10.052
Multiple/Other/NA	4.763	8.363	11.866	12.625	4.835	3.414	0.392	0.250	2.147	3.851	1.744	7.670	10.862
Total	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.329
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	11.133	18	3.057	6	4.599	7	3.600	8	3.600	8	24.289	46	22.894	41	5.68%
Capex	1.608	6	0.373	1	0.991	1	0.300	1	0.300	1	3.356	10	3.272	9	0.47%
Dividend/recap	4.787	14	0	0	1.000	1	2.413	3	2.413	3	10.804	27	9.700	23	3.81%
GCP	11.629	24	2.982	8	10.689	16	7.121	17	7.121	17	44.566	86	40.896	80	11.23%
LBO	3.541	8	2.487	7	2.701	5	1.471	3	1.471	3	14.815	32	13.125	29	2.32%
No proceeds	0	0	0	0	0	0	1.159	2	1.159	2	1.159	2	1.159	2	1.83%
Redeem notes	7.421	22	8.881	8	4.575	7	6.835	11	6.835	11	40.168	75	37.453	67	10.78%
Refinance	14.370	28	1.843	6	1.777	4	6.687	12	6.687	12	30.458	65	26.242	55	10.55%
Repay bank debt	13.119	29	1.575	5	4.628	10	15.279	27	15.279	27	42.123	89	37.909	82	24.10%
Multiple/Other/NA	29.326	63	4.056	11	7.743	13	18.532	36	18.532	36	72.782	156	68.019	143	29.23%
Total	96.934	212	25.255	52	38.703	64	63.398	120	63.398	120	284.522	588	260.669	531	100.00%
Industry Sector (by SIC code)
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Agriculture (0xxx)	0	0.247	0	1.380	0	0	0	0	0	0	0	0.815	0
Mining (1xxx)	0.477	1.325	2.238	3.500	3.950	0.750	0	0	1.500	3.100	0	0.125	0.200
Oil and gas (13xx)	4.304	4.035	1.399	9.769	0.802	0.976	0.139	0.448	1.750	5.897	0.300	2.660	7.608
Construction (15xx)	0.644	0.900	0.013	0.750	0	0	0	0	0	0	0	0.300	0.345
Manufacturing (2xxx, 3xxx)	8.032	8.846	8.496	12.254	3.414	7.119	0.595	2.529	3.392	4.480	1.954	6.195	6.208
Transportation (4xxx)	1.072	1.000	0.200	1.989	0.431	0	0.102	0.400	0	0	0	0	0.514
Communications (48xx)	2.750	7.471	1.210	7.089	4.125	1.462	0	0	1.000	6.217	0.690	4.949	5.941
Electric, gas, sanitary services (49xx)	0	0.821	1.809	5.093	1.000	0	0.053	1.747	0.448	1.426	0	0.400	1.792
Wholesale (5xxx)	1.425	3.303	2.978	0.700	0	1.100	0	0.150	0	0.868	0.440	2.001	2.417
Finance, insurance, real estate (6xxx)	4.001	5.547	7.849	4.466	0	5.064	0	0	0.497	0.700	0.134	3.036	5.686
Services (7xxx)	0.619	1.868	3.711	2.189	1.862	0.948	0.373	0.250	0.375	0.300	0.312	3.588	5.271
Health services (8xxx)	0.527	1.016	1.004	0.550	0.715	0.550	0	0.500	0.147	2.775	0	0	3.347
Total	23.852	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.329
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	1.380	2	0	0	0	0	0.815	2	0.815	2	2.442	5	2.442	5	1.29%
Mining (1xxx)	9.688	18	0.750	1	4.600	3	0.325	3	0.325	3	17.165	31	16.688	29	0.51%
Oil and gas (13xx)	11.970	24	1.563	7	7.947	16	10.268	15	10.268	15	40.088	85	35.783	72	16.20%
Construction (15xx)	0.763	2	0	0	0	0	0.645	2	0.645	2	2.952	9	2.307	6	1.02%
Manufacturing (2xxx, 3xxx)	24.164	53	10.242	21	9.826	16	12.403	26	12.403	26	73.513	153	65.480	139	19.56%
Transportation (4xxx)	2.620	11	0.502	2	0	0	0.514	3	0.514	3	5.708	22	4.636	17	0.81%
Communications (48xx)	12.424	17	1.462	3	7.907	8	10.890	18	10.890	18	42.904	60	40.154	58	17.18%
Electric, gas, sanitary services (49xx)	7.902	14	1.800	4	1.874	4	2.192	5	2.192	5	14.589	30	14.589	30	3.46%
Wholesale (5xxx)	3.678	12	1.250	4	1.308	4	4.418	11	4.418	11	15.383	44	13.958	39	6.97%
Finance, insurance, real estate (6xxx)	12.315	27	5.064	3	1.331	5	8.723	14	8.723	14	36.981	67	32.980	59	13.76%
Services (7xxx)	7.762	27	1.571	4	0.987	4	8.859	15	8.859	15	21.665	57	21.047	54	13.97%
Health services (8xxx)	2.269	5	1.050	3	2.922	4	3.347	6	3.347	6	11.132	25	10.604	23	5.28%
Total	96.934	212	25.255	52	38.703	64	63.398	120	63.398	120	284.522	588	260.669	531	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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