Analysis of high yield issuance for 13 months through April 2012

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

Yield

	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
5.99% and lower	3.838	4.178	0	1.000	0	0.497	1.250	3.966	1.527	4.654	11.001	11.671	1.313
6%-6.99%	7.856	15.146	1.700	5.100	0	0.844	2.750	8.220	0.158	3.724	3.478	6.056	6.601
7%-7.99%	4.314	7.682	8.131	3.550	0.102	1.750	0.200	4.968	1.200	4.495	8.769	7.663	5.195
8%-8.99%	5.911	15.991	1.837	2.558	0	2.000	1.500	2.395	0	4.822	5.687	1.293	2.925
9%-9.99%	2.767	2.662	0.644	1.685	0.253	0.250	0.448	3.752	0.253	3.166	5.734	3.777	3.536
10%-10.99%	1.015	1.849	2.355	1.281	0	0.186	1.942	0.335	0.190	0.867	0.989	0.825	1.149
11%-11.99%	2.147	0.624	0.524	0.815	0.395	0	0.375	1.000	0.285	0.125	0.350	0	1.400
12% and higher	0.405	0.250	0.907	1.980	0.512	0.496	0.147	0.413	0.217	1.525	3.330	1.327	0.674
Floater	1.050	0.850	0.200	0	0	0	0	0	0	0	0	0	0
NA	1.603	0.498	0	0	0	0	0.497	0.715	0	0.690	0	1.250	0.133
Total	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.863	22.925
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	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	1.313	5	28.639	42	44.894	66	41.056	61	23.83%
6%-6.99%	24.702	43	5.944	7	11.128	15	13.258	27	6.601	12	19.860	39	61.634	104	53.779	89	16.52%
7%-7.99%	20.127	39	5.402	9	6.368	14	20.927	45	5.195	12	26.122	57	58.019	119	53.705	107	21.73%
8%-8.99%	23.738	48	4.558	8	3.895	6	11.803	28	2.925	8	14.727	36	46.919	98	41.008	80	12.25%
9%-9.99%	6.073	23	2.188	7	4.453	6	12.677	24	3.536	6	16.212	30	28.926	66	26.159	56	13.49%
10%-10.99%	5.219	20	1.467	3	2.467	5	2.681	11	1.149	3	3.829	14	12.983	42	11.968	38	3.19%
11%-11.99%	3.295	9	1.210	5	1.660	4	0.475	2	1.400	2	1.875	4	8.040	22	5.893	19	1.56%
12% and higher	1.562	7	2.988	11	0.778	4	6.183	19	0.674	3	6.858	22	12.186	44	11.780	41	5.71%
Floater	2.100	4	0	0	0	0	0	0	0	0	0	0	2.100	4	1.050	2	0.00%
NA	2.102	4	0	0	1.212	3	1.940	4	0.133	2	2.073	6	5.387	13	3.783	10	1.72%
Total	96.934	212	25.255	52	38.703	64	97.270	197	22.925	53	120.195	250	281.087	578	250.181	503	100.00%
Versus Talk
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Lower	0.200	0.550	0	0.157	0	0	0	0	0	0	0.384	0	0.208
Low end	7.149	15.668	2.399	3.450	0	3.440	3.575	7.606	0	10.864	13.196	12.001	9.913
Middle	11.886	21.760	4.550	7.081	0.534	2.433	4.218	10.988	2.581	9.773	19.203	14.647	8.391
High end	3.337	7.806	6.549	5.300	0.373	0.150	0.819	2.770	0.348	0.785	1.029	4.395	0.909
Higher	0	2.066	1.390	0.747	0	0	0	0.217	0.250	0.813	2.250	0	1.198
NA	8.334	1.881	1.409	1.234	0.355	0	0.497	4.181	0.651	1.834	3.276	2.819	2.306
Total	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.863	22.925
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.750	2	0.157	1	0	0	0.384	1	0.208	1	0.592	2	1.500	5	1.299	4	0.49%
Low end	25.216	57	6.890	15	11.181	17	36.061	73	9.913	20	45.974	93	89.262	182	82.113	161	38.25%
Middle	38.196	70	10.048	24	17.787	20	43.624	72	8.391	16	52.015	88	118.046	202	106.160	179	43.28%
High end	17.692	38	5.824	5	3.938	11	6.210	19	0.909	3	7.119	22	34.572	76	31.235	70	5.93%
Higher	3.455	7	0.747	1	0.467	2	3.063	3	1.198	3	4.261	6	8.931	16	8.931	16	3.55%
NA	11.624	38	1.589	6	5.329	14	7.929	29	2.306	10	10.235	39	28.777	97	20.444	73	8.52%
Total	96.934	212	25.255	52	38.703	64	97.270	197	22.925	53	120.195	250	281.087	578	250.181	503	100.00%
Upsized?
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Yes	7.968	15.207	2.652	11.172	0	1.345	5.968	12.757	2.517	8.651	19.037	13.879	5.940
No	21.794	29.094	13.646	6.246	1.262	4.230	3.142	10.771	1.313	13.853	20.301	19.357	12.060
Downsized	1.144	5.428	0	0.551	0	0.448	0	2.235	0	1.565	0	0.627	4.925
Total	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.863	22.925
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	25.827	53	12.517	17	21.242	22	41.568	73	5.940	12	47.508	85	107.093	177	99.126	157	39.53%
No	64.535	149	11.739	31	15.226	37	53.510	117	12.060	36	65.571	153	157.070	370	135.276	318	54.55%
Downsized	6.572	10	0.999	4	2.235	5	2.192	7	4.925	5	7.117	12	16.923	31	15.780	28	5.92%
Total	96.934	212	25.255	52	38.703	64	97.270	197	22.925	53	120.195	250	281.087	578	250.181	503	100.00%
Quick Sale?
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Yes	17.271	24.941	3.863	10.510	0.241	5.325	5.050	20.911	3.173	16.019	28.537	24.332	13.287
No	13.635	24.789	12.435	7.459	1.021	0.698	4.060	4.851	0.657	8.051	10.801	9.531	9.638
Total	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.863	22.925
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	46.074	92	16.076	28	29.134	44	68.888	127	13.287	30	82.175	157	173.459	321	156.189	287	68.37%
No	50.860	120	9.179	24	9.569	20	28.382	70	9.638	23	38.020	93	107.628	257	93.992	216	31.63%
Total	96.934	212	25.255	52	38.703	64	97.270	197	22.925	53	120.195	250	281.087	578	250.181	503	100.00%
Seniority
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
mortgage	0	0.107	0	0	0	0	0	0	0	0	0	0	0
senior secured	6.593	8.080	1.763	7.454	0.373	0.496	1.718	2.280	0.427	5.694	7.113	4.495	7.069
secured	0	0	0.231	0	0.102	0	0	0	0	0	0	0	0
senior	23.922	40.592	14.054	10.515	0.587	4.977	7.392	23.203	3.403	17.875	29.376	29.043	15.257
senior subordinated	0.390	0.950	0.250	0	0	0.550	0	0	0	0.500	2.849	0.325	0
subordinated	0	0	0	0	0.200	0	0	0.280	0	0	0	0	0.600
Total	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.863	22.925
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0.107	1	0	0	0	0	0	0	0	0	0	0	0.107	1	0.107	1	0.00%
senior secured	16.437	50	8.323	15	4.426	8	17.302	41	7.069	15	24.371	56	53.556	129	46.963	109	20.28%
secured	0.231	3	0.102	1	0	0	0	0	0	0	0	0	0.333	4	0.333	4	0.00%
senior	78.569	153	16.079	33	33.997	55	76.294	150	15.257	37	91.551	187	220.196	428	196.274	374	76.17%
senior subordinated	1.590	5	0.550	2	0	0	3.674	6	0	0	3.674	6	5.815	13	5.425	12	3.06%
subordinated	0	0	0.200	1	0.280	1	0	0	0.600	1	0.600	1	1.080	3	1.080	3	0.50%
Total	96.934	212	25.255	52	38.703	64	97.270	197	22.925	53	120.195	250	281.087	578	250.181	503	100.00%
Moody's Rating
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Ba1	3.281	5.115	1.100	0.400	0	1.747	1.747	5.891	1.527	2.902	2.995	2.196	1.695
Ba2	3.906	2.495	0.450	5.407	0	0.394	0	2.021	1.457	3.800	1.396	5.941	1.774
Ba3	2.231	9.059	0.900	2.689	0.102	0.150	2.350	2.450	0.154	3.965	7.678	2.025	2.069
B1	4.279	8.647	3.750	0.400	0	2.300	2.148	4.267	0	4.111	6.263	9.248	3.470
B2	6.162	7.301	2.121	0.815	0	0.250	0.223	0.168	0.035	1.026	7.895	3.756	5.845
B3	4.823	7.088	3.860	4.635	0	1.134	1.866	3.345	0.217	3.503	6.133	2.965	5.481
Caa1	3.042	3.911	2.271	2.734	0.768	0	0.775	0.867	0.440	2.417	3.997	3.237	1.623
Caa2	0	1.193	1.276	0.078	0.139	0	0	0.245	0	0.594	0.582	0.492	0
Caa3	0	0	0	0	0	0	0	0	0	0	0.831	0	0
NR	3.182	4.921	0.570	0.811	0.253	0.048	0	6.509	0	1.750	1.569	4.003	0.968
Total	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.863	22.925
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	9.497	18	2.147	4	9.165	9	8.093	16	1.695	3	9.788	19	30.596	50	27.315	45	8.14%
Ba2	6.851	13	5.802	6	3.477	9	11.138	18	1.774	6	12.911	24	29.041	52	25.136	45	10.74%
Ba3	12.190	20	2.941	5	4.954	8	13.668	26	2.069	4	15.737	30	35.823	63	33.591	59	13.09%
B1	16.676	25	2.700	5	6.415	10	19.622	34	3.470	8	23.093	42	48.884	82	44.605	71	19.21%
B2	15.583	35	1.065	5	0.426	3	12.677	28	5.845	10	18.522	38	35.597	81	29.435	66	15.41%
B3	15.772	46	5.769	12	5.428	11	12.600	30	5.481	11	18.082	41	45.050	110	40.227	95	15.04%
Caa1	9.224	25	3.503	7	2.082	6	9.651	22	1.623	4	11.275	26	26.084	64	23.042	55	9.38%
Caa2	2.468	6	0.217	2	0.245	1	1.667	6	0	0	1.667	6	4.597	15	4.597	15	1.39%
Caa3	0	0	0	0	0	0	0.831	2	0	0	0.831	2	0.831	2	0.831	2	0.69%
NR	8.673	24	1.112	6	6.509	7	7.322	15	0.968	7	8.290	22	24.584	59	21.402	50	6.90%
Total	96.934	212	25.255	52	38.703	64	97.270	197	22.925	53	120.195	250	281.087	578	250.181	503	100.00%
Use of Proceeds
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Acquisition	1.070	5.941	4.122	0.121	0	2.936	0.596	3.793	0.210	2.821	2.580	1.266	2.111
Capex	0.350	0.757	0.500	0	0.373	0	0	0.991	0	0.300	0	0.636	0
Dividend/recap	3.015	1.673	0.100	0	0	0	0	1.000	0	0	2.413	0.316	0.275
GCP	3.398	7.026	1.205	1.436	0.102	1.444	1.700	7.811	1.179	3.289	3.841	5.199	2.485
LBO	0	1.905	1.636	2.092	0.395	0	2.093	0.168	0.440	0.730	0.741	0.600	2.958
No proceeds	0	0	0	0	0	0	0	0	0	0.775	0.384	0	0
Redeem notes	3.166	3.227	1.028	8.730	0	0.150	2.350	2.225	0	2.146	5.189	9.362	3.771
Refinance	3.331	9.469	1.570	1.001	0	0.843	0	1.777	0	1.111	5.576	3.371	4.024
Repay bank debt	4.709	7.108	1.302	1.175	0	0.400	0.223	4.147	0.257	5.477	10.652	7.859	2.348
Multiple/Other/NA	11.866	12.625	4.835	3.414	0.392	0.250	2.147	3.851	1.744	7.420	7.962	5.254	4.954
Total	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.863	22.925
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	11.133	18	3.057	6	4.599	7	6.666	12	2.111	4	8.777	16	27.566	47	26.496	45	7.30%
Capex	1.608	6	0.373	1	0.991	1	0.936	3	0	0	0.936	3	3.908	11	3.557	9	0.78%
Dividend/recap	4.787	14	0	0	1.000	1	2.729	5	0.275	1	3.004	6	8.791	21	5.776	14	2.50%
GCP	11.629	24	2.982	8	10.689	16	12.329	28	2.485	10	14.814	38	40.114	86	36.716	78	12.32%
LBO	3.541	8	2.487	7	2.701	5	2.071	4	2.958	3	5.028	7	13.758	27	13.758	27	4.18%
No proceeds	0	0	0	0	0	0	1.159	2	0	0	1.159	2	1.159	2	1.159	2	0.96%
Redeem notes	7.421	22	8.881	8	4.575	7	16.698	32	3.771	7	20.469	39	41.346	76	38.179	66	17.03%
Refinance	14.370	28	1.843	6	1.777	4	10.058	20	4.024	7	14.082	27	32.072	65	28.741	54	11.72%
Repay bank debt	13.119	29	1.575	5	4.628	10	23.989	48	2.348	7	26.337	55	45.659	99	40.950	90	21.91%
Multiple/Other/NA	29.326	63	4.056	11	7.743	13	20.636	43	4.954	14	25.590	57	66.714	144	54.848	118	21.29%
Total	96.934	212	25.255	52	38.703	64	97.270	197	22.925	53	120.195	250	281.087	578	250.181	503	100.00%
Industry Sector (by SIC code)
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Agriculture (0xxx)	0	1.380	0	0	0	0	0	0	0	0.815	0	0	0
Mining (1xxx)	2.238	3.500	3.950	0.750	0	0	1.500	3.100	0	0.125	0.200	3.365	0.300
Oil and gas (13xx)	1.399	9.769	0.802	0.976	0.139	0.448	1.750	5.897	0.300	2.660	7.608	4.755	6.616
Construction (15xx)	0.013	0.750	0	0	0	0	0	0	0	0.300	0.345	0.850	0.350
Manufacturing (2xxx, 3xxx)	8.496	12.254	3.414	7.119	0.595	2.529	3.392	4.480	1.954	6.195	6.208	8.223	5.360
Transportation (4xxx)	0.200	1.989	0.431	0	0.102	0.400	0	0	0	0	0.514	0.375	0.244
Communications (48xx)	1.210	7.089	4.125	1.462	0	0	1.000	6.217	0.690	4.949	5.941	1.023	2.502
Electric, gas, sanitary services (49xx)	1.809	5.093	1.000	0	0.053	1.747	0.448	1.426	0	0.400	1.792	0.938	0
Wholesale (5xxx)	2.978	0.700	0	1.100	0	0.150	0	0.868	0.440	2.001	2.417	0.866	2.501
Finance, insurance, real estate (6xxx)	7.849	4.466	0	5.064	0	0	0.497	0.700	0.134	3.036	5.695	5.025	2.146
Services (7xxx)	3.711	2.189	1.862	0.948	0.373	0.250	0.375	0.300	0.312	3.588	5.271	6.552	1.735
Health services (8xxx)	1.004	0.550	0.715	0.550	0	0.500	0.147	2.775	0	0	3.347	1.891	1.173
Total	30.906	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.863	22.925
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	1.380	2	0	0	0	0	0.815	2	0	0	0.815	2	2.195	4	2.195	4	0.68%
Mining (1xxx)	9.688	18	0.750	1	4.600	3	3.690	8	0.300	1	3.990	9	19.028	31	16.790	24	3.32%
Oil and gas (13xx)	11.970	24	1.563	7	7.947	16	15.023	27	6.616	10	21.639	37	43.119	84	41.720	79	18.00%
Construction (15xx)	0.763	2	0	0	0	0	1.495	4	0.350	1	1.845	5	2.607	7	2.595	6	1.54%
Manufacturing (2xxx, 3xxx)	24.164	53	10.242	21	9.826	16	20.626	47	5.360	11	25.986	58	70.217	148	61.721	131	21.62%
Transportation (4xxx)	2.620	11	0.502	2	0	0	0.889	4	0.244	2	1.133	6	4.255	19	4.055	18	0.94%
Communications (48xx)	12.424	17	1.462	3	7.907	8	11.913	22	2.502	4	14.415	26	36.207	54	34.997	52	11.99%
Electric, gas, sanitary services (49xx)	7.902	14	1.800	4	1.874	4	3.130	8	0	0	3.130	8	14.705	30	12.897	28	2.60%
Wholesale (5xxx)	3.678	12	1.250	4	1.308	4	5.284	14	2.501	5	7.785	19	14.021	39	11.043	29	6.48%
Finance, insurance, real estate (6xxx)	12.315	27	5.064	3	1.331	5	13.757	24	2.146	8	15.903	32	34.613	67	26.764	51	13.23%
Services (7xxx)	7.762	27	1.571	4	0.987	4	15.411	27	1.735	6	17.146	33	27.466	68	23.756	56	14.27%
Health services (8xxx)	2.269	5	1.050	3	2.922	4	5.238	10	1.173	5	6.411	15	12.652	27	11.649	25	5.33%
Total	96.934	212	25.255	52	38.703	64	97.270	197	22.925	53	120.195	250	281.087	578	250.181	503	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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