Analysis of high yield issuance for 13 months through March 2012

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

Yield

	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
5.99% and lower	1.300	3.838	4.178	0	1.000	0	0.497	1.250	3.966	1.527	4.654	11.001	11.671
6%-6.99%	8.721	7.856	15.146	1.700	5.100	0	0.844	2.750	8.220	0.158	3.724	3.478	6.056
7%-7.99%	14.673	4.314	7.682	8.131	3.550	0.102	1.750	0.200	4.968	1.200	4.495	8.769	7.663
8%-8.99%	4.834	5.911	15.991	1.837	2.558	0	2.000	1.500	2.395	0	4.822	5.687	1.293
9%-9.99%	2.039	2.767	2.662	0.644	1.685	0.253	0.250	0.448	3.752	0.253	3.166	5.734	3.777
10%-10.99%	1.411	1.015	1.849	2.355	1.281	0	0.186	1.942	0.335	0.190	0.867	0.989	1.075
11%-11.99%	1.048	2.147	0.624	0.524	0.815	0.395	0	0.375	1.000	0.285	0.125	0.350	0
12% and higher	0.112	0.405	0.250	0.907	1.980	0.512	0.496	0.147	0.413	0.217	1.525	3.330	1.327
Floater	0.850	1.050	0.850	0.200	0	0	0	0	0	0	0	0	0.500
NA	1.391	1.603	0.498	0	0	0	0	0.497	0.715	0	0.690	0	1.250
Total	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	34.613
	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	27.326	37	27.326	37	44.881	62	43.581	61	27.88%
6%-6.99%	24.702	43	5.944	7	11.128	15	13.258	27	13.258	27	63.754	110	55.033	92	13.53%
7%-7.99%	20.127	39	5.402	9	6.368	14	20.927	45	20.927	45	67.497	136	52.824	107	21.35%
8%-8.99%	23.738	48	4.558	8	3.895	6	11.803	28	11.803	28	48.828	102	43.994	90	12.04%
9%-9.99%	6.073	23	2.188	7	4.453	6	12.677	24	12.677	24	27.429	66	25.390	60	12.93%
10%-10.99%	5.219	20	1.467	3	2.467	5	2.931	12	2.931	12	13.495	46	12.084	40	2.99%
11%-11.99%	3.295	9	1.210	5	1.660	4	0.475	2	0.475	2	7.689	25	6.640	20	0.48%
12% and higher	1.562	7	2.988	11	0.778	4	6.183	19	6.183	19	11.625	42	11.512	41	6.30%
Floater	2.100	4	0	0	0	0	0.500	1	0.500	1	3.450	7	2.600	5	0.51%
NA	2.102	4	0	0	1.212	3	1.940	4	1.940	4	6.645	14	5.254	11	1.98%
Total	96.934	212	25.255	52	38.703	64	98.020	199	98.020	199	295.291	610	258.912	527	100.00%
Versus Talk
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Lower	0	0.200	0.550	0	0.157	0	0	0	0	0	0	0.384	0
Low end	7.808	7.149	15.668	2.399	3.450	0	3.440	3.575	7.606	0	10.864	13.196	12.001
Middle	17.101	11.886	21.760	4.550	7.081	0.534	2.433	4.218	10.988	2.581	9.773	19.203	14.647
High end	6.171	3.337	7.806	6.549	5.300	0.373	0.150	0.819	2.770	0.348	0.785	1.029	4.645
Higher	1.865	0	2.066	1.390	0.747	0	0	0	0.217	0.250	0.813	2.250	0
NA	3.435	8.334	1.881	1.409	1.234	0.355	0	0.497	4.181	0.651	1.834	3.276	3.319
Total	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	34.613
	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	1.292	4	1.292	4	0.39%
Low end	25.216	57	6.890	15	11.181	17	36.061	73	36.061	73	87.157	182	79.349	162	36.79%
Middle	38.196	70	10.048	24	17.787	20	43.624	72	43.624	72	126.755	224	109.655	186	44.51%
High end	17.692	38	5.824	5	3.938	11	6.460	20	6.460	20	40.084	86	33.913	74	6.59%
Higher	3.455	7	0.747	1	0.467	2	3.063	3	3.063	3	9.597	16	7.732	13	3.12%
NA	11.624	38	1.589	6	5.329	14	8.429	30	8.429	30	30.406	98	26.971	88	8.60%
Total	96.934	212	25.255	52	38.703	64	98.020	199	98.020	199	295.291	610	258.912	527	100.00%
Upsized?
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Yes	11.368	7.968	15.207	2.652	11.172	0	1.345	5.968	12.757	2.517	8.651	19.037	14.129
No	23.624	21.794	29.094	13.646	6.246	1.262	4.230	3.142	10.771	1.313	13.853	20.301	19.857
Downsized	1.388	1.144	5.428	0	0.551	0	0.448	0	2.235	0	1.565	0	0.627
Total	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	34.613
	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	41.818	74	41.818	74	112.771	195	101.403	166	42.66%
No	64.535	149	11.739	31	15.226	37	54.010	118	54.010	118	169.134	386	145.510	335	55.10%
Downsized	6.572	10	0.999	4	2.235	5	2.192	7	2.192	7	13.386	29	11.998	26	2.24%
Total	96.934	212	25.255	52	38.703	64	98.020	199	98.020	199	295.291	610	258.912	527	100.00%
Quick Sale?
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Yes	21.693	17.271	24.941	3.863	10.510	0.241	5.325	5.050	20.911	3.173	16.019	28.537	24.832
No	14.687	13.635	24.789	12.435	7.459	1.021	0.698	4.060	4.851	0.657	8.051	10.801	9.781
Total	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	34.613
	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	69.388	128	69.388	128	182.365	338	160.672	292	70.79%
No	50.860	120	9.179	24	9.569	20	28.632	71	28.632	71	112.926	272	98.240	235	29.21%
Total	96.934	212	25.255	52	38.703	64	98.020	199	98.020	199	295.291	610	258.912	527	100.00%
Seniority
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
mortgage	0	0	0.107	0	0	0	0	0	0	0	0	0	0
senior secured	7.327	6.593	8.080	1.763	7.454	0.373	0.496	1.718	2.280	0.427	5.694	7.113	4.495
secured	0	0	0	0.231	0	0.102	0	0	0	0	0	0	0
senior	28.528	23.922	40.592	14.054	10.515	0.587	4.977	7.392	23.203	3.403	17.875	29.376	29.793
senior subordinated	0.525	0.390	0.950	0.250	0	0	0.550	0	0	0	0.500	2.849	0.325
subordinated	0	0	0	0	0	0.200	0	0	0.280	0	0	0	0
Total	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	34.613
	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	17.302	41	17.302	41	53.814	130	46.487	114	17.65%
secured	0.231	3	0.102	1	0	0	0	0	0	0	0.333	4	0.333	4	0.00%
senior	78.569	153	16.079	33	33.997	55	77.044	152	77.044	152	234.217	458	205.690	393	78.60%
senior subordinated	1.590	5	0.550	2	0	0	3.674	6	3.674	6	6.340	15	5.815	13	3.75%
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	98.020	199	98.020	199	295.291	610	258.912	527	100.00%
Moody's Rating
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Ba1	0	3.281	5.115	1.100	0.400	0	1.747	1.747	5.891	1.527	2.902	2.995	2.196
Ba2	1.161	3.906	2.495	0.450	5.407	0	0.394	0	2.021	1.457	3.800	1.396	5.941
Ba3	6.153	2.231	9.059	0.900	2.689	0.102	0.150	2.350	2.450	0.154	3.965	7.678	2.025
B1	5.979	4.279	8.647	3.750	0.400	0	2.300	2.148	4.267	0	4.111	6.263	9.248
B2	3.891	6.162	7.301	2.121	0.815	0	0.250	0.223	0.168	0.035	1.026	7.895	3.756
B3	11.479	4.823	7.088	3.860	4.635	0	1.134	1.866	3.345	0.217	3.503	6.133	2.965
Caa1	3.083	3.042	3.911	2.271	2.734	0.768	0	0.775	0.867	0.440	2.417	3.997	3.487
Caa2	0.132	0	1.193	1.276	0.078	0.139	0	0	0.245	0	0.594	0.582	0.492
Caa3	0	0	0	0	0	0	0	0	0	0	0	0.831	0
NR	4.501	3.182	4.921	0.570	0.811	0.253	0.048	0	6.509	0	1.750	1.569	4.503
Total	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	34.613
	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	8.093	16	8.093	16	28.901	47	28.901	47	8.26%
Ba2	6.851	13	5.802	6	3.477	9	11.138	18	11.138	18	28.429	50	27.268	46	11.36%
Ba3	12.190	20	2.941	5	4.954	8	13.668	26	13.668	26	39.906	70	33.754	59	13.94%
B1	16.676	25	2.700	5	6.415	10	19.622	34	19.622	34	51.392	91	45.414	74	20.02%
B2	15.583	35	1.065	5	0.426	3	12.677	28	12.677	28	33.643	81	29.752	71	12.93%
B3	15.772	46	5.769	12	5.428	11	12.600	30	12.600	30	51.048	121	39.569	99	12.85%
Caa1	9.224	25	3.503	7	2.082	6	9.901	23	9.901	23	27.794	69	24.710	61	10.10%
Caa2	2.468	6	0.217	2	0.245	1	1.667	6	1.667	6	4.729	16	4.597	15	1.70%
Caa3	0	0	0	0	0	0	0.831	2	0.831	2	0.831	2	0.831	2	0.85%
NR	8.673	24	1.112	6	6.509	7	7.822	16	7.822	16	28.617	63	24.115	53	7.98%
Total	96.934	212	25.255	52	38.703	64	98.020	199	98.020	199	295.291	610	258.912	527	100.00%
Use of Proceeds
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Acquisition	0.505	1.070	5.941	4.122	0.121	0	2.936	0.596	3.793	0.210	2.821	2.580	1.266
Capex	0	0.350	0.757	0.500	0	0.373	0	0	0.991	0	0.300	0	0.636
Dividend/recap	1.500	3.015	1.673	0.100	0	0	0	0	1.000	0	0	2.413	0.316
GCP	8.475	3.398	7.026	1.205	1.436	0.102	1.444	1.700	7.811	1.179	3.289	3.841	5.199
LBO	2.925	0	1.905	1.636	2.092	0.395	0	2.093	0.168	0.440	0.730	0.741	0.600
No proceeds	0	0	0	0	0	0	0	0	0	0	0.775	0.384	0
Redeem notes	9.741	3.166	3.227	1.028	8.730	0	0.150	2.350	2.225	0	2.146	5.189	9.362
Refinance	1.564	3.331	9.469	1.570	1.001	0	0.843	0	1.777	0	1.111	5.576	3.621
Repay bank debt	3.308	4.709	7.108	1.302	1.175	0	0.400	0.223	4.147	0.257	5.227	10.652	7.859
Multiple/Other/NA	8.363	11.866	12.625	4.835	3.414	0.392	0.250	2.147	3.851	1.744	7.670	7.962	5.754
Total	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	34.613
	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	6.666	12	6.666	12	25.960	45	25.455	43	6.80%
Capex	1.608	6	0.373	1	0.991	1	0.936	3	0.936	3	3.908	11	3.908	11	0.95%
Dividend/recap	4.787	14	0	0	1.000	1	2.729	5	2.729	5	10.016	25	8.516	20	2.78%
GCP	11.629	24	2.982	8	10.689	16	12.329	28	12.329	28	46.104	91	37.629	76	12.58%
LBO	3.541	8	2.487	7	2.701	5	2.071	4	2.071	4	13.725	30	10.800	24	2.11%
No proceeds	0	0	0	0	0	0	1.159	2	1.159	2	1.159	2	1.159	2	1.18%
Redeem notes	7.421	22	8.881	8	4.575	7	16.697	32	16.697	32	47.315	88	37.574	69	17.03%
Refinance	14.370	28	1.843	6	1.777	4	10.308	21	10.308	21	29.863	64	28.299	59	10.52%
Repay bank debt	13.119	29	1.575	5	4.628	10	23.739	47	23.739	47	46.368	102	43.060	91	24.22%
Multiple/Other/NA	29.326	63	4.056	11	7.743	13	21.386	45	21.386	45	70.873	152	62.511	132	21.82%
Total	96.934	212	25.255	52	38.703	64	98.020	199	98.020	199	295.291	610	258.912	527	100.00%
Industry Sector (by SIC code)
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Agriculture (0xxx)	0.247	0	1.380	0	0	0	0	0	0	0	0.815	0	0
Mining (1xxx)	1.325	2.238	3.500	3.950	0.750	0	0	1.500	3.100	0	0.125	0.200	3.365
Oil and gas (13xx)	4.035	1.399	9.769	0.802	0.976	0.139	0.448	1.750	5.897	0.300	2.660	7.608	4.755
Construction (15xx)	0.900	0.013	0.750	0	0	0	0	0	0	0	0.300	0.345	0.850
Manufacturing (2xxx, 3xxx)	8.846	8.496	12.254	3.414	7.119	0.595	2.529	3.392	4.480	1.954	6.195	6.208	8.223
Transportation (4xxx)	1.000	0.200	1.989	0.431	0	0.102	0.400	0	0	0	0	0.514	0.375
Communications (48xx)	7.471	1.210	7.089	4.125	1.462	0	0	1.000	6.217	0.690	4.949	5.941	1.023
Electric, gas, sanitary services (49xx)	0.821	1.809	5.093	1.000	0	0.053	1.747	0.448	1.426	0	0.400	1.792	0.938
Wholesale (5xxx)	3.303	2.978	0.700	0	1.100	0	0.150	0	0.868	0.440	2.001	2.417	0.866
Finance, insurance, real estate (6xxx)	5.547	7.849	4.466	0	5.064	0	0	0.497	0.700	0.134	3.036	5.695	5.525
Services (7xxx)	1.868	3.711	2.189	1.862	0.948	0.373	0.250	0.375	0.300	0.312	3.588	5.271	6.802
Health services (8xxx)	1.016	1.004	0.550	0.715	0.550	0	0.500	0.147	2.775	0	0	3.347	1.891
Total	36.380	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	34.613
	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	2.195	4	0.83%
Mining (1xxx)	9.688	18	0.750	1	4.600	3	3.690	8	3.690	8	20.053	34	18.728	30	3.76%
Oil and gas (13xx)	11.970	24	1.563	7	7.947	16	15.023	27	15.023	27	40.539	84	36.503	74	15.33%
Construction (15xx)	0.763	2	0	0	0	0	1.495	4	1.495	4	3.157	8	2.257	6	1.53%
Manufacturing (2xxx, 3xxx)	24.164	53	10.242	21	9.826	16	20.626	47	20.626	47	73.703	160	64.857	137	21.04%
Transportation (4xxx)	2.620	11	0.502	2	0	0	0.889	4	0.889	4	5.011	18	4.011	17	0.91%
Communications (48xx)	12.424	17	1.462	3	7.907	8	11.913	22	11.913	22	41.177	62	33.705	50	12.15%
Electric, gas, sanitary services (49xx)	7.902	14	1.800	4	1.874	4	3.130	8	3.130	8	15.527	33	14.705	30	3.19%
Wholesale (5xxx)	3.678	12	1.250	4	1.308	4	5.284	14	5.284	14	14.823	42	11.520	34	5.39%
Finance, insurance, real estate (6xxx)	12.315	27	5.064	3	1.331	5	14.257	25	14.257	25	38.514	70	32.968	60	14.54%
Services (7xxx)	7.762	27	1.571	4	0.987	4	15.661	28	15.661	28	27.849	67	25.981	63	15.98%
Health services (8xxx)	2.269	5	1.050	3	2.922	4	5.238	10	5.238	10	12.495	27	11.479	22	5.34%
Total	96.934	212	25.255	52	38.703	64	98.020	199	98.020	199	295.291	610	258.912	527	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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