Analysis of high yield issuance for 13 months through July 2012

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

Yield

	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
5.99% and lower	1.000	0	0.497	1.250	3.966	1.527	4.654	11.001	11.671	1.313	6.850	2.450	8.512
6%-6.99%	5.100	0	0.844	2.750	8.220	0.158	3.724	3.478	6.056	6.601	1.515	1.991	5.608
7%-7.99%	3.550	0.102	1.750	0.200	4.968	1.200	4.495	8.769	7.663	5.195	1.136	0.847	2.325
8%-8.99%	2.558	0	2.000	1.500	2.395	0	4.822	5.687	1.293	2.925	1.981	2.223	3.217
9%-9.99%	1.685	0.253	0.250	0.448	3.752	0.253	3.166	5.734	3.777	3.536	4.440	0.568	2.563
10%-10.99%	1.281	0	0.186	1.942	0.335	0.190	0.867	0.989	0.825	1.149	3.177	1.490	1.761
11%-11.99%	0.815	0.395	0	0.375	1.000	0.285	0.125	0.350	0	1.400	0.611	0	0.172
12% and higher	1.980	0.512	0.496	0.147	0.413	0.217	1.525	3.330	1.327	0.674	0.566	0	0.613
Floater	0	0	0	0	0	0	0	0	0	0	0	1.000	0
NA	0	0	0	0.497	0.715	0	0.690	0	1.283	0.633	3.000	0.550	0.448
Total	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.896	23.425	23.276	11.119	25.221
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
5.99% and lower	1.497	2	6.743	7	27.326	37	10.613	17	8.512	9	46.452	63	54.691	72	53.691	71	25.75%
6%-6.99%	5.944	7	11.128	15	13.258	27	10.108	22	5.608	10	28.974	59	46.047	81	40.947	76	16.07%
7%-7.99%	5.402	9	6.368	14	20.927	45	7.178	20	2.325	4	30.430	69	42.200	92	38.650	88	16.87%
8%-8.99%	4.558	8	3.895	6	11.803	28	7.128	20	3.217	10	22.148	58	30.601	72	28.043	67	12.28%
9%-9.99%	2.188	7	4.453	6	12.677	24	8.544	18	2.563	6	23.784	48	30.425	61	28.741	57	13.19%
10%-10.99%	1.467	3	2.467	5	2.681	11	5.815	16	1.761	4	10.257	31	14.192	39	12.910	37	5.69%
11%-11.99%	1.210	5	1.660	4	0.475	2	2.011	5	0.172	1	2.658	8	5.528	17	4.713	13	1.47%
12% and higher	2.988	11	0.778	4	6.183	19	1.240	6	0.613	4	8.037	29	11.802	44	9.823	37	4.47%
Floater	0	0	0	0	0	0	1.000	1	0	0	1.000	1	1.000	1	1.000	1	0.55%
NA	0	0	1.212	3	1.973	5	4.183	7	0.448	9	6.604	21	7.816	24	7.816	24	3.66%
Total	25.255	52	38.703	64	97.303	198	57.821	132	25.221	57	180.344	387	244.302	503	226.333	471	100.00%
Versus Talk
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Lower	0.157	0	0	0	0	0	0	0.384	0	0.208	0	0	3.700
Low end	3.450	0	3.440	3.575	7.606	0	10.864	13.196	12.001	9.913	8.317	5.166	9.574
Middle	7.081	0.534	2.433	4.218	10.988	2.581	9.773	19.203	14.647	8.391	5.252	2.040	8.565
High end	5.300	0.373	0.150	0.819	2.770	0.348	0.785	1.029	4.395	0.909	4.296	0	1.424
Higher	0.747	0	0	0	0.217	0.250	0.813	2.250	0	1.198	0.725	0	0.226
NA	1.234	0.355	0	0.497	4.181	0.651	1.834	3.276	2.852	2.806	4.685	3.914	1.733
Total	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.896	23.425	23.276	11.119	25.221
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.157	1	0	0	0.384	1	0.208	1	3.700	3	4.292	5	4.449	6	4.292	5	2.38%
Low end	6.890	15	11.181	17	36.061	73	23.396	45	9.574	18	69.031	136	87.103	168	83.653	161	38.27%
Middle	10.048	24	17.787	20	43.624	72	15.683	38	8.565	15	67.871	125	95.706	169	88.625	152	37.63%
High end	5.824	5	3.938	11	6.210	19	5.205	14	1.424	5	12.839	38	22.600	54	17.300	51	7.12%
Higher	0.747	1	0.467	2	3.063	3	1.923	6	0.226	1	5.212	10	6.426	13	5.679	12	2.89%
NA	1.589	6	5.329	14	7.962	30	11.405	28	1.733	15	21.100	73	28.019	93	26.785	90	11.70%
Total	25.255	52	38.703	64	97.303	198	57.821	132	25.221	57	180.344	387	244.302	503	226.333	471	100.00%
Upsized?
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Yes	11.172	0	1.345	5.968	12.757	2.517	8.651	19.037	13.912	5.940	6.978	3.260	12.830
No	6.246	1.262	4.230	3.142	10.771	1.313	13.853	20.301	19.357	12.560	15.475	7.859	11.875
Downsized	0.551	0	0.448	0	2.235	0	1.565	0	0.627	4.925	0.823	0	0.516
Total	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.896	23.425	23.276	11.119	25.221
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	12.517	17	21.242	22	41.601	74	16.178	37	12.830	21	70.609	132	104.368	171	93.196	158	39.15%
No	11.739	31	15.226	37	53.510	117	35.894	87	11.875	34	101.280	238	128.245	306	121.998	290	56.16%
Downsized	0.999	4	2.235	5	2.192	7	5.748	8	0.516	2	8.456	17	11.690	26	11.139	23	4.69%
Total	25.255	52	38.703	64	97.303	198	57.821	132	25.221	57	180.344	387	244.302	503	226.333	471	100.00%
Quick Sale?
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Yes	10.510	0.241	5.325	5.050	20.911	3.173	16.019	28.537	24.365	13.287	9.092	6.248	16.501
No	7.459	1.021	0.698	4.060	4.851	0.657	8.051	10.801	9.531	10.138	14.184	4.872	8.720
Total	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.896	23.425	23.276	11.119	25.221
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	16.076	28	29.134	44	68.921	128	28.627	69	16.501	39	114.048	236	159.259	308	148.748	294	63.24%
No	9.179	24	9.569	20	28.382	70	29.194	63	8.720	18	66.296	151	85.044	195	77.584	177	36.76%
Total	25.255	52	38.703	64	97.303	198	57.821	132	25.221	57	180.344	387	244.302	503	226.333	471	100.00%
Seniority
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
mortgage	0	0	0	0	0	0	0	0	0	0	0	0.088	0
senior secured	7.454	0.373	0.496	1.718	2.280	0.427	5.694	7.113	4.495	7.069	5.649	3.450	2.863
secured	0	0.102	0	0	0	0	0	0	0	0.244	0	0.126	0
senior	10.515	0.587	4.977	7.392	23.203	3.403	17.875	29.376	29.076	15.013	17.626	6.932	21.272
senior subordinated	0	0	0.550	0	0	0	0.500	2.849	0.325	0	0	0.198	1.086
subordinated	0	0.200	0	0	0.280	0	0	0	0	1.100	0	0.325	0
Total	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.896	23.425	23.276	11.119	25.221
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0	0	0	0	0	0	0.088	1	0	0	0.088	1	0.088	1	0.088	1	0.05%
senior secured	8.323	15	4.426	8	17.302	41	16.168	41	2.863	10	36.332	92	49.081	115	41.627	103	20.15%
secured	0.102	1	0	0	0	0	0.370	3	0	0	0.370	3	0.472	4	0.472	4	0.21%
senior	16.079	33	33.997	55	76.327	151	39.572	83	21.272	38	137.171	272	187.247	360	176.732	340	76.06%
senior subordinated	0.550	2	0	0	3.674	6	0.198	1	1.086	9	4.959	16	5.509	18	5.509	18	2.75%
subordinated	0.200	1	0.280	1	0	0	1.425	3	0	0	1.425	3	1.905	5	1.905	5	0.79%
Total	25.255	52	38.703	64	97.303	198	57.821	132	25.221	57	180.344	387	244.302	503	226.333	471	100.00%
Moody's Rating
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Ba1	0.400	0	1.747	1.747	5.891	1.527	2.902	2.995	2.196	1.695	1.250	1.951	0.500
Ba2	5.407	0	0.394	0	2.021	1.457	3.800	1.396	5.941	1.774	2.400	1.365	1.823
Ba3	2.689	0.102	0.150	2.350	2.450	0.154	3.965	7.678	2.025	2.069	1.475	0.663	1.468
B1	0.400	0	2.300	2.148	4.267	0	4.111	6.263	9.248	3.970	5.957	1.870	6.523
B2	0.815	0	0.250	0.223	0.168	0.035	1.026	7.895	3.756	5.845	2.694	0.665	3.595
B3	4.635	0	1.134	1.866	3.345	0.217	3.503	6.133	2.965	5.481	2.763	1.608	3.836
Caa1	2.734	0.768	0	0.775	0.867	0.440	2.417	3.997	3.237	1.623	2.347	1.048	3.493
Caa2	0.078	0.139	0	0	0.245	0	0.594	0.582	0.492	0	0.626	0	0.300
Caa3	0	0	0	0	0	0	0	0.831	0	0	0	0	0
NR	0.811	0.253	0.048	0	6.509	0	1.750	1.569	4.036	0.968	3.763	1.950	3.683
Total	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.896	23.425	23.276	11.119	25.221
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	2.147	4	9.165	9	8.093	16	4.895	7	0.500	1	13.488	24	24.800	37	24.400	36	7.48%
Ba2	5.802	6	3.477	9	11.138	18	5.539	13	1.823	2	18.500	33	27.779	48	22.372	43	10.26%
Ba3	2.941	5	4.954	8	13.668	26	4.207	11	1.468	3	19.343	40	27.238	53	24.549	50	10.73%
B1	2.700	5	6.415	10	19.622	34	11.798	21	6.523	9	37.943	64	47.058	79	46.658	78	21.04%
B2	1.065	5	0.426	3	12.677	28	9.203	19	3.595	9	25.476	56	26.967	64	26.152	60	14.13%
B3	5.769	12	5.428	11	12.600	30	9.853	26	3.836	7	26.289	63	37.486	86	32.851	77	14.58%
Caa1	3.503	7	2.082	6	9.651	22	5.019	17	3.493	9	18.163	48	23.748	61	21.014	56	10.07%
Caa2	0.217	2	0.245	1	1.667	6	0.626	2	0.300	1	2.593	9	3.055	12	2.977	11	1.44%
Caa3	0	0	0	0	0.831	2	0	0	0	0	0.831	2	0.831	2	0.831	2	0.46%
NR	1.112	6	6.509	7	7.355	16	6.681	16	3.683	16	17.719	48	25.340	61	24.529	58	9.83%
Total	25.255	52	38.703	64	97.303	198	57.821	132	25.221	57	180.344	387	244.302	503	226.333	471	100.00%
Use of Proceeds
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Acquisition	0.121	0	2.936	0.596	3.793	0.210	2.946	2.580	1.266	2.111	1.700	1.010	2.796
Capex	0	0.373	0	0	0.991	0	0.300	0	0.636	0	1.679	0	0
Dividend/recap	0	0	0	0	1.000	0	0	2.413	0.316	0.275	0.580	0	0
GCP	1.436	0.102	1.444	1.700	7.811	1.179	3.289	3.841	5.232	2.985	9.038	2.201	3.624
LBO	2.092	0.395	0	2.093	0.168	0.440	0.730	0.741	0.600	2.958	0.325	0.250	0
No proceeds	0	0	0	0	0	0	0.775	0.384	0	0	0	0	0.051
Redeem notes	8.730	0	0.150	2.350	2.225	0	2.146	5.189	9.362	3.771	0.926	0.665	5.532
Refinance	1.001	0	0.843	0	1.777	0	1.111	5.576	3.371	4.024	1.583	2.073	1.712
Repay bank debt	1.175	0	0.400	0.223	4.147	0.257	5.477	10.652	7.859	2.348	3.723	1.758	3.464
Multiple/Other/NA	3.414	0.392	0.250	2.147	3.851	1.744	7.295	7.962	5.254	4.954	3.722	3.163	8.041
Total	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.896	23.425	23.276	11.119	25.221
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	3.057	6	4.599	7	6.791	13	4.821	10	2.796	6	14.408	29	22.064	42	21.943	41	7.99%
Capex	0.373	1	0.991	1	0.936	3	1.679	2	0	0	2.614	5	3.978	7	3.978	7	1.45%
Dividend/recap	0	0	1.000	1	2.729	5	0.855	4	0	0	3.584	9	4.584	10	4.584	10	1.99%
GCP	2.982	8	10.689	16	12.362	29	14.224	29	3.624	9	30.210	67	43.881	91	42.446	88	16.75%
LBO	2.487	7	2.701	5	2.071	4	3.533	5	0	0	5.603	9	10.792	21	8.700	15	3.11%
No proceeds	0	0	0	0	1.159	2	0	0	0.051	6	1.210	8	1.210	8	1.210	8	0.67%
Redeem notes	8.881	8	4.575	7	16.698	32	5.362	11	5.532	9	27.592	52	41.047	67	32.317	60	15.29%
Refinance	1.843	6	1.777	4	10.058	20	7.680	18	1.712	5	19.450	43	23.071	53	22.070	49	10.78%
Repay bank debt	1.575	5	4.628	10	23.989	48	7.829	23	3.464	7	35.282	78	41.485	93	40.310	89	19.56%
Multiple/Other/NA	4.056	11	7.743	13	20.511	42	11.839	30	8.041	15	40.390	87	52.189	111	48.775	104	22.40%
Total	25.255	52	38.703	64	97.303	198	57.821	132	25.221	57	180.344	387	244.302	503	226.333	471	100.00%
Industry Sector (by SIC code)
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Agriculture (0xxx)	0	0	0	0	0	0	0.815	0	0	0	0	0	0.322
Mining (1xxx)	0.750	0	0	1.500	3.100	0	0.125	0.200	3.365	0.300	3.929	0.740	0
Oil and gas (13xx)	0.976	0.139	0.448	1.750	5.897	0.300	2.660	7.608	4.755	6.616	4.736	0.800	1.905
Construction (15xx)	0	0	0	0	0	0	0.300	0.345	0.850	0.350	0.030	0	1.347
Manufacturing (2xxx, 3xxx)	7.119	0.595	2.529	3.392	4.480	1.954	6.195	6.208	8.223	5.360	3.842	1.385	5.870
Transportation (4xxx)	0	0.102	0.400	0	0	0	0	0.514	0.375	0.244	0.834	0.214	0
Communications (48xx)	1.462	0	0	1.000	6.217	0.690	4.949	5.941	1.023	2.502	2.962	1.650	3.373
Electric, gas, sanitary services (49xx)	0	0.053	1.747	0.448	1.426	0	0.400	1.792	0.938	0	0.250	0.775	0.800
Wholesale (5xxx)	1.100	0	0.150	0	0.868	0.440	2.001	2.417	0.866	2.501	2.185	1.161	2.257
Finance, insurance, real estate (6xxx)	5.064	0	0	0.497	0.700	0.134	3.036	5.695	5.058	2.646	2.853	3.174	6.574
Services (7xxx)	0.948	0.373	0.250	0.375	0.300	0.312	3.588	5.271	6.552	1.735	1.332	0.500	1.225
Health services (8xxx)	0.550	0	0.500	0.147	2.775	0	0	3.347	1.891	1.173	0.325	0.720	1.550
Total	17.969	1.262	6.023	9.110	25.763	3.830	24.069	39.338	33.896	23.425	23.276	11.119	25.221
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.815	2	0	0	0.322	1	1.137	3	1.137	3	1.137	3	0.63%
Mining (1xxx)	0.750	1	4.600	3	3.690	8	4.969	8	0	0	8.659	16	14.009	20	13.259	19	4.80%
Oil and gas (13xx)	1.563	7	7.947	16	15.023	27	12.151	18	1.905	5	29.079	50	38.589	73	37.613	69	16.12%
Construction (15xx)	0	0	0	0	1.495	4	0.380	2	1.347	4	3.221	10	3.221	10	3.221	10	1.79%
Manufacturing (2xxx, 3xxx)	10.242	21	9.826	16	20.626	47	10.587	25	5.870	11	37.082	83	57.150	120	50.031	106	20.56%
Transportation (4xxx)	0.502	2	0	0	0.889	4	1.292	7	0	0	2.181	11	2.683	13	2.683	13	1.21%
Communications (48xx)	1.462	3	7.907	8	11.913	22	7.113	12	3.373	6	22.399	40	31.767	51	30.305	48	12.42%
Electric, gas, sanitary services (49xx)	1.800	4	1.874	4	3.130	8	1.025	3	0.800	1	4.954	12	8.628	20	8.628	20	2.75%
Wholesale (5xxx)	1.250	4	1.308	4	5.284	14	5.846	16	2.257	6	13.387	36	15.945	44	14.845	41	7.42%
Finance, insurance, real estate (6xxx)	5.064	3	1.331	5	13.790	25	8.673	22	6.574	18	29.036	65	35.432	73	30.368	70	16.10%
Services (7xxx)	1.571	4	0.987	4	15.411	27	3.567	12	1.225	3	20.203	42	22.762	50	21.814	48	11.20%
Health services (8xxx)	1.050	3	2.922	4	5.238	10	2.218	7	1.550	2	9.006	19	12.979	26	12.429	24	4.99%
Total	25.255	52	38.703	64	97.303	198	57.821	132	25.221	57	180.344	387	244.302	503	226.333	471	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.

• 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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