Analysis of high yield issuance for 13 months through May 2012

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

Yield

	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
5.99% and lower	4.178	0	1.000	0	0.497	1.250	3.966	1.527	4.654	11.001	11.671	1.313	6.850
6%-6.99%	15.146	1.700	5.100	0	0.844	2.750	8.220	0.158	3.724	3.478	6.056	6.601	1.515
7%-7.99%	7.682	8.131	3.550	0.102	1.750	0.200	4.968	1.200	4.495	8.769	7.663	5.195	1.136
8%-8.99%	15.991	1.837	2.558	0	2.000	1.500	2.395	0	4.822	5.687	1.293	2.925	1.981
9%-9.99%	2.662	0.644	1.685	0.253	0.250	0.448	3.752	0.253	3.166	5.734	3.777	3.536	4.421
10%-10.99%	1.849	2.355	1.281	0	0.186	1.942	0.335	0.190	0.867	0.989	0.825	1.149	3.177
11%-11.99%	0.624	0.524	0.815	0.395	0	0.375	1.000	0.285	0.125	0.350	0	1.400	0.611
12% and higher	0.250	0.907	1.980	0.512	0.496	0.147	0.413	0.217	1.525	3.330	1.327	0.674	0.566
Floater	0.850	0.200	0	0	0	0	0	0	0	0	0	0	0
NA	0.498	0	0	0	0	0.497	0.715	0	0.690	0	1.250	0.633	3.000
Total	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.863	23.425	23.256
	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	1.497	2	6.743	7	27.326	37	8.163	13	35.489	50	47.906	69	43.728	59	24.66%
6%-6.99%	5.944	7	11.128	15	13.258	27	8.116	16	21.375	43	55.294	93	40.147	69	14.85%
7%-7.99%	5.402	9	6.368	14	20.927	45	6.331	17	27.258	62	54.841	112	47.159	98	18.94%
8%-8.99%	4.558	8	3.895	6	11.803	28	4.906	14	16.708	42	42.989	86	26.998	60	11.61%
9%-9.99%	2.188	7	4.453	6	12.677	24	7.956	16	20.633	40	30.580	66	27.918	56	14.33%
10%-10.99%	1.467	3	2.467	5	2.681	11	4.326	13	7.006	24	15.144	48	13.296	40	4.87%
11%-11.99%	1.210	5	1.660	4	0.475	2	2.011	5	2.486	7	6.504	22	5.880	19	1.73%
12% and higher	2.988	11	0.778	4	6.183	19	1.240	6	7.423	25	12.346	44	12.096	43	5.16%
Floater	0	0	0	0	0	0	0	0	0	0	1.050	2	0.200	1	0.00%
NA	0	0	1.212	3	1.940	4	3.633	4	5.573	8	7.283	12	6.785	11	3.87%
Total	25.255	52	38.703	64	97.270	197	46.682	104	143.952	301	273.937	554	224.207	456	100.00%
Versus Talk
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Lower	0.550	0	0.157	0	0	0	0	0	0	0.384	0	0.208	0
Low end	15.668	2.399	3.450	0	3.440	3.575	7.606	0	10.864	13.196	12.001	9.913	8.298
Middle	21.760	4.550	7.081	0.534	2.433	4.218	10.988	2.581	9.773	19.203	14.647	8.391	5.252
High end	7.806	6.549	5.300	0.373	0.150	0.819	2.770	0.348	0.785	1.029	4.395	0.909	4.296
Higher	2.066	1.390	0.747	0	0	0	0.217	0.250	0.813	2.250	0	1.198	0.725
NA	1.881	1.409	1.234	0.355	0	0.497	4.181	0.651	1.834	3.276	2.819	2.806	4.685
Total	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.863	23.425	23.256
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.157	1	0	0	0.384	1	0.208	1	0.592	2	1.299	4	0.749	3	0.41%
Low end	6.890	15	11.181	17	36.061	73	18.210	33	54.271	106	90.410	174	74.742	142	37.70%
Middle	10.048	24	17.787	20	43.624	72	13.643	32	57.267	104	111.412	195	89.652	158	39.78%
High end	5.824	5	3.938	11	6.210	19	5.205	14	11.415	33	35.531	81	27.725	63	7.93%
Higher	0.747	1	0.467	2	3.063	3	1.923	6	4.986	9	9.656	19	7.590	15	3.46%
NA	1.589	6	5.329	14	7.929	29	7.492	18	15.420	47	25.629	81	23.748	75	10.71%
Total	25.255	52	38.703	64	97.270	197	46.682	104	143.952	301	273.937	554	224.207	456	100.00%
Upsized?
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Yes	15.207	2.652	11.172	0	1.345	5.968	12.757	2.517	8.651	19.037	13.879	5.940	6.958
No	29.094	13.646	6.246	1.262	4.230	3.142	10.771	1.313	13.853	20.301	19.357	12.560	15.475
Downsized	5.428	0	0.551	0	0.448	0	2.235	0	1.565	0	0.627	4.925	0.823
Total	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.863	23.425	23.256
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	12.517	17	21.242	22	41.568	73	12.899	29	54.466	102	106.084	174	90.877	147	37.84%
No	11.739	31	15.226	37	53.510	117	28.035	67	81.545	184	151.251	349	122.156	285	56.65%
Downsized	0.999	4	2.235	5	2.192	7	5.748	8	7.940	15	16.603	31	11.174	24	5.52%
Total	25.255	52	38.703	64	97.270	197	46.682	104	143.952	301	273.937	554	224.207	456	100.00%
Quick Sale?
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Yes	24.941	3.863	10.510	0.241	5.325	5.050	20.911	3.173	16.019	28.537	24.332	13.287	9.092
No	24.789	12.435	7.459	1.021	0.698	4.060	4.851	0.657	8.051	10.801	9.531	10.138	14.164
Total	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.863	23.425	23.256
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	16.076	28	29.134	44	68.888	127	22.379	51	91.267	178	165.281	308	140.340	263	63.40%
No	9.179	24	9.569	20	28.382	70	24.302	53	52.685	123	108.657	246	83.867	193	36.60%
Total	25.255	52	38.703	64	97.270	197	46.682	104	143.952	301	273.937	554	224.207	456	100.00%
Seniority
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
mortgage	0.107	0	0	0	0	0	0	0	0	0	0	0	0
senior secured	8.080	1.763	7.454	0.373	0.496	1.718	2.280	0.427	5.694	7.113	4.495	7.069	5.649
secured	0	0.231	0	0.102	0	0	0	0	0	0	0	0.244	0
senior	40.592	14.054	10.515	0.587	4.977	7.392	23.203	3.403	17.875	29.376	29.043	15.513	17.607
senior subordinated	0.950	0.250	0	0	0.550	0	0	0	0.500	2.849	0.325	0	0
subordinated	0	0	0	0.200	0	0	0.280	0	0	0	0	0.600	0
Total	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.863	23.425	23.256
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0	0	0	0	0	0	0	0	0	0	0.107	1	0	0	0.00%
senior secured	8.323	15	4.426	8	17.302	41	12.718	33	30.020	74	52.612	127	44.532	105	20.85%
secured	0.102	1	0	0	0	0	0.244	2	0.244	2	0.576	6	0.576	6	0.17%
senior	16.079	33	33.997	55	76.294	150	33.120	68	109.414	218	214.137	405	173.545	333	76.01%
senior subordinated	0.550	2	0	0	3.674	6	0	0	3.674	6	5.425	12	4.475	9	2.55%
subordinated	0.200	1	0.280	1	0	0	0.600	1	0.600	1	1.080	3	1.080	3	0.42%
Total	25.255	52	38.703	64	97.270	197	46.682	104	143.952	301	273.937	554	224.207	456	100.00%
Moody's Rating
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Ba1	5.115	1.100	0.400	0	1.747	1.747	5.891	1.527	2.902	2.995	2.196	1.695	1.250
Ba2	2.495	0.450	5.407	0	0.394	0	2.021	1.457	3.800	1.396	5.941	1.774	2.400
Ba3	9.059	0.900	2.689	0.102	0.150	2.350	2.450	0.154	3.965	7.678	2.025	2.069	1.475
B1	8.647	3.750	0.400	0	2.300	2.148	4.267	0	4.111	6.263	9.248	3.970	5.938
B2	7.301	2.121	0.815	0	0.250	0.223	0.168	0.035	1.026	7.895	3.756	5.845	2.980
B3	7.088	3.860	4.635	0	1.134	1.866	3.345	0.217	3.503	6.133	2.965	5.481	2.478
Caa1	3.911	2.271	2.734	0.768	0	0.775	0.867	0.440	2.417	3.997	3.237	1.623	2.347
Caa2	1.193	1.276	0.078	0.139	0	0	0.245	0	0.594	0.582	0.492	0	0.626
Caa3	0	0	0	0	0	0	0	0	0	0.831	0	0	0
NR	4.921	0.570	0.811	0.253	0.048	0	6.509	0	1.750	1.569	4.003	0.968	3.763
Total	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.863	23.425	23.256
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	2.147	4	9.165	9	8.093	16	2.945	4	11.038	20	28.565	46	23.449	35	7.67%
Ba2	5.802	6	3.477	9	11.138	18	4.174	9	15.311	27	27.536	48	25.040	43	10.64%
Ba3	2.941	5	4.954	8	13.668	26	3.544	7	17.212	33	35.066	62	26.008	48	11.96%
B1	2.700	5	6.415	10	19.622	34	9.908	18	29.530	52	51.043	81	42.395	72	20.51%
B2	1.065	5	0.426	3	12.677	28	8.825	18	21.502	46	32.415	74	25.114	62	14.94%
B3	5.769	12	5.428	11	12.600	30	7.959	21	20.559	51	42.704	105	35.617	85	14.28%
Caa1	3.503	7	2.082	6	9.651	22	3.971	14	13.622	36	25.389	65	21.478	55	9.46%
Caa2	0.217	2	0.245	1	1.667	6	0.626	2	2.293	8	5.223	17	4.030	14	1.59%
Caa3	0	0	0	0	0.831	2	0	0	0.831	2	0.831	2	0.831	2	0.58%
NR	1.112	6	6.509	7	7.322	15	4.731	11	12.053	26	25.165	54	20.244	40	8.37%
Total	25.255	52	38.703	64	97.270	197	46.682	104	143.952	301	273.937	554	224.207	456	100.00%
Use of Proceeds
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Acquisition	5.941	4.122	0.121	0	2.936	0.596	3.793	0.210	2.946	2.580	1.266	2.111	1.700
Capex	0.757	0.500	0	0.373	0	0	0.991	0	0.300	0	0.636	0	1.659
Dividend/recap	1.673	0.100	0	0	0	0	1.000	0	0	2.413	0.316	0.275	0.580
GCP	7.026	1.205	1.436	0.102	1.444	1.700	7.811	1.179	3.289	3.841	5.199	2.485	9.038
LBO	1.905	1.636	2.092	0.395	0	2.093	0.168	0.440	0.730	0.741	0.600	2.958	0.325
No proceeds	0	0	0	0	0	0	0	0	0.775	0.384	0	0	0
Redeem notes	3.227	1.028	8.730	0	0.150	2.350	2.225	0	2.146	5.189	9.362	3.771	0.926
Refinance	9.469	1.570	1.001	0	0.843	0	1.777	0	1.111	5.576	3.371	4.024	1.583
Repay bank debt	7.108	1.302	1.175	0	0.400	0.223	4.147	0.257	5.477	10.652	7.859	2.348	3.723
Multiple/Other/NA	12.625	4.835	3.414	0.392	0.250	2.147	3.851	1.744	7.295	7.962	5.254	5.454	3.722
Total	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.863	23.425	23.256
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	3.057	6	4.599	7	6.791	13	3.811	8	10.602	21	28.321	50	22.380	42	7.36%
Capex	0.373	1	0.991	1	0.936	3	1.659	2	2.595	5	5.216	11	4.459	8	1.80%
Dividend/recap	0	0	1.000	1	2.729	5	0.855	4	3.584	9	6.356	17	4.684	11	2.49%
GCP	2.982	8	10.689	16	12.329	28	11.523	23	23.852	51	45.754	91	38.728	78	16.57%
LBO	2.487	7	2.701	5	2.071	4	3.283	4	5.353	8	14.083	28	12.178	24	3.72%
No proceeds	0	0	0	0	1.159	2	0	0	1.159	2	1.159	2	1.159	2	0.81%
Redeem notes	8.881	8	4.575	7	16.698	32	4.697	9	21.395	41	39.106	68	35.879	58	14.86%
Refinance	1.843	6	1.777	4	10.058	20	5.607	13	15.665	33	30.324	60	20.855	47	10.88%
Repay bank debt	1.575	5	4.628	10	23.989	48	6.071	18	30.060	66	44.673	101	37.565	86	20.88%
Multiple/Other/NA	4.056	11	7.743	13	20.511	42	9.176	23	29.687	65	58.945	126	46.321	100	20.62%
Total	25.255	52	38.703	64	97.270	197	46.682	104	143.952	301	273.937	554	224.207	456	100.00%
Industry Sector (by SIC code)
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Agriculture (0xxx)	1.380	0	0	0	0	0	0	0	0.815	0	0	0	0
Mining (1xxx)	3.500	3.950	0.750	0	0	1.500	3.100	0	0.125	0.200	3.365	0.300	3.909
Oil and gas (13xx)	9.769	0.802	0.976	0.139	0.448	1.750	5.897	0.300	2.660	7.608	4.755	6.616	4.736
Construction (15xx)	0.750	0	0	0	0	0	0	0	0.300	0.345	0.850	0.350	0.030
Manufacturing (2xxx, 3xxx)	12.254	3.414	7.119	0.595	2.529	3.392	4.480	1.954	6.195	6.208	8.223	5.360	3.842
Transportation (4xxx)	1.989	0.431	0	0.102	0.400	0	0	0	0	0.514	0.375	0.244	0.834
Communications (48xx)	7.089	4.125	1.462	0	0	1.000	6.217	0.690	4.949	5.941	1.023	2.502	2.962
Electric, gas, sanitary services (49xx)	5.093	1.000	0	0.053	1.747	0.448	1.426	0	0.400	1.792	0.938	0	0.250
Wholesale (5xxx)	0.700	0	1.100	0	0.150	0	0.868	0.440	2.001	2.417	0.866	2.501	2.185
Finance, insurance, real estate (6xxx)	4.466	0	5.064	0	0	0.497	0.700	0.134	3.036	5.695	5.025	2.646	2.853
Services (7xxx)	2.189	1.862	0.948	0.373	0.250	0.375	0.300	0.312	3.588	5.271	6.552	1.735	1.332
Health services (8xxx)	0.550	0.715	0.550	0	0.500	0.147	2.775	0	0	3.347	1.891	1.173	0.325
Total	49.730	16.298	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.863	23.425	23.256
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.815	2	0	0	0.815	2	2.195	4	0.815	2	0.57%
Mining (1xxx)	0.750	1	4.600	3	3.690	8	4.209	7	7.899	15	20.699	30	17.199	25	5.49%
Oil and gas (13xx)	1.563	7	7.947	16	15.023	27	11.351	16	26.375	43	46.455	85	36.687	68	18.32%
Construction (15xx)	0	0	0	0	1.495	4	0.380	2	1.875	6	2.625	7	1.875	6	1.30%
Manufacturing (2xxx, 3xxx)	10.242	21	9.826	16	20.626	47	9.202	20	29.827	67	65.563	140	53.309	114	20.72%
Transportation (4xxx)	0.502	2	0	0	0.889	4	1.077	5	1.966	9	4.889	21	2.899	15	1.37%
Communications (48xx)	1.462	3	7.907	8	11.913	22	5.463	9	17.376	31	37.959	57	30.870	49	12.07%
Electric, gas, sanitary services (49xx)	1.800	4	1.874	4	3.130	8	0.250	1	3.380	9	13.147	29	8.053	18	2.35%
Wholesale (5xxx)	1.250	4	1.308	4	5.284	14	4.685	12	9.969	26	13.228	36	12.528	34	6.93%
Finance, insurance, real estate (6xxx)	5.064	3	1.331	5	13.757	24	5.498	15	19.255	39	30.117	58	25.651	47	13.38%
Services (7xxx)	1.571	4	0.987	4	15.411	27	3.067	11	18.478	38	25.088	61	22.898	53	12.84%
Health services (8xxx)	1.050	3	2.922	4	5.238	10	1.498	6	6.736	16	11.974	26	11.424	25	4.68%
Total	25.255	52	38.703	64	97.270	197	46.682	104	143.952	301	273.937	554	224.207	456	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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