Analysis of high yield issuance for 13 months through August 2012

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

Yield

	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
5.99% and lower	0	0.497	1.250	3.966	1.527	4.654	11.001	11.671	1.313	6.850	2.450	7.273	13.973
6%-6.99%	0	0.844	2.750	8.220	0.158	3.724	3.478	6.056	6.701	1.515	1.991	5.608	4.811
7%-7.99%	0.102	1.750	0.200	4.968	1.200	4.495	8.769	7.696	5.195	1.136	0.847	2.364	7.442
8%-8.99%	0	2.000	1.500	2.395	0	4.822	5.687	1.543	2.925	1.981	2.223	3.217	0.625
9%-9.99%	0.253	0.250	0.448	3.752	0.253	3.166	5.734	3.777	3.536	4.440	0.568	2.563	1.200
10%-10.99%	0	0.186	1.942	0.335	0.190	0.867	0.989	0.825	1.149	3.177	1.490	1.761	0.350
11%-11.99%	0.395	0	0.375	1.000	0.285	0.125	0.350	0	1.400	0.611	0	0.172	1.420
12% and higher	0.512	0.496	0.147	0.413	0.217	1.525	3.330	1.327	0.674	0.566	0	0.613	0.045
NA	0	0	0.497	0.715	0	0.690	0	1.250	0.533	3.000	0.550	0.051	0
Total	1.262	6.023	9.110	25.763	3.830	24.069	39.338	34.146	23.425	23.276	10.119	23.623	29.867
	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	6.743	7	27.326	37	10.613	17	21.247	27	59.187	81	66.425	89	66.425	89	28.47%
6%-6.99%	11.128	15	13.258	27	10.208	23	10.420	21	33.886	71	45.858	88	45.858	88	16.30%
7%-7.99%	6.368	14	20.960	46	7.178	20	9.805	18	37.943	84	46.163	103	46.061	102	18.25%
8%-8.99%	3.895	6	12.053	29	7.128	20	3.842	13	23.023	62	28.918	71	28.918	71	11.08%
9%-9.99%	4.453	6	12.677	24	8.544	18	3.763	8	24.984	50	29.941	59	29.687	57	12.02%
10%-10.99%	2.467	5	2.681	11	5.815	16	2.111	5	10.607	32	13.260	38	13.260	38	5.10%
11%-11.99%	1.660	4	0.475	2	2.011	5	1.592	5	4.078	12	6.133	17	5.738	16	1.96%
12% and higher	0.778	4	6.183	19	1.240	6	0.658	5	8.082	30	9.868	38	9.356	36	3.88%
NA	1.212	3	1.940	4	4.083	6	0.051	6	6.074	16	7.286	19	7.286	19	2.92%
Total	38.703	64	97.553	199	56.821	131	53.491	108	207.864	438	253.853	522	252.590	516	100.00%
Versus Talk
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Lower	0	0	0	0	0	0	0.384	0	0.208	0	0	3.700	0.950
Low end	0	3.440	3.575	7.606	0	10.864	13.196	12.001	9.913	8.317	5.166	8.335	12.202
Middle	0.534	2.433	4.218	10.988	2.581	9.773	19.203	14.647	8.391	5.252	2.040	8.565	11.356
High end	0.373	0.150	0.819	2.770	0.348	0.785	1.029	4.395	0.909	4.296	0	1.424	3.950
Higher	0	0	0	0.217	0.250	0.813	2.250	0	1.198	0.725	0	0.226	0.750
NA	0.355	0	0.497	4.181	0.651	1.834	3.276	3.102	2.806	4.685	2.914	1.375	0.659
Total	1.262	6.023	9.110	25.763	3.830	24.069	39.338	34.146	23.425	23.276	10.119	23.623	29.867
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0	0	0.384	1	0.208	1	4.650	5	5.242	7	5.242	7	5.242	7	2.52%
Low end	11.181	17	36.061	73	23.396	45	20.537	38	79.994	156	94.615	181	94.615	181	38.48%
Middle	17.787	20	43.624	72	15.683	38	19.920	33	79.227	143	99.980	170	99.447	168	38.11%
High end	3.938	11	6.210	19	5.205	14	5.374	11	16.789	44	21.250	57	20.877	56	8.08%
Higher	0.467	2	3.063	3	1.923	6	0.976	2	5.962	11	6.429	13	6.429	13	2.87%
NA	5.329	14	8.212	31	10.405	27	2.034	19	20.651	77	26.336	94	25.981	91	9.93%
Total	38.703	64	97.553	199	56.821	131	53.491	108	207.864	438	253.853	522	252.590	516	100.00%
Upsized?
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Yes	0	1.345	5.968	12.757	2.517	8.651	19.037	14.162	5.940	6.978	3.260	12.830	19.428
No	1.262	4.230	3.142	10.771	1.313	13.853	20.301	19.357	12.560	15.475	6.859	10.278	10.139
Downsized	0	0.448	0	2.235	0	1.565	0	0.627	4.925	0.823	0	0.516	0.300
Total	1.262	6.023	9.110	25.763	3.830	24.069	39.338	34.146	23.425	23.276	10.119	23.623	29.867
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	21.242	22	41.851	75	16.178	37	32.258	51	90.287	163	112.874	189	112.874	189	43.44%
No	15.226	37	53.510	117	34.894	86	20.417	54	108.822	257	129.540	309	128.278	303	52.35%
Downsized	2.235	5	2.192	7	5.748	8	0.816	3	8.756	18	11.439	24	11.439	24	4.21%
Total	38.703	64	97.553	199	56.821	131	53.491	108	207.864	438	253.853	522	252.590	516	100.00%
Quick Sale?
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Yes	0.241	5.325	5.050	20.911	3.173	16.019	28.537	24.365	13.287	9.092	6.248	16.142	25.781
No	1.021	0.698	4.060	4.851	0.657	8.051	10.801	9.781	10.138	14.184	3.872	7.481	4.087
Total	1.262	6.023	9.110	25.763	3.830	24.069	39.338	34.146	23.425	23.276	10.119	23.623	29.867
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	29.134	44	68.921	128	28.627	69	41.923	82	139.471	279	174.171	337	173.930	335	67.10%
No	9.569	20	28.632	71	28.194	62	11.568	26	68.394	159	79.682	185	78.660	181	32.90%
Total	38.703	64	97.553	199	56.821	131	53.491	108	207.864	438	253.853	522	252.590	516	100.00%
Seniority
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
mortgage	0	0	0	0	0	0	0	0	0	0	0.088	0	0
senior secured	0.373	0.496	1.718	2.280	0.427	5.694	7.113	4.495	7.069	5.649	3.450	2.863	6.533
secured	0.102	0	0	0	0	0	0	0	0.244	0	0.126	0	0
senior	0.587	4.977	7.392	23.203	3.403	17.875	29.376	29.326	15.013	17.626	5.932	19.675	20.785
senior subordinated	0	0.550	0	0	0	0.500	2.849	0.325	0	0	0.198	1.086	2.550
subordinated	0.200	0	0	0.280	0	0	0	0	1.100	0	0.325	0	0
Total	1.262	6.023	9.110	25.763	3.830	24.069	39.338	34.146	23.425	23.276	10.119	23.623	29.867
	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	0.088	1	0	0	0.088	1	0.088	1	0.088	1	0.04%
senior secured	4.426	8	17.302	41	16.168	41	9.396	21	42.865	103	48.160	114	47.786	113	20.62%
secured	0	0	0	0	0.370	3	0	0	0.370	3	0.472	4	0.370	3	0.18%
senior	33.997	55	76.577	152	38.572	82	40.459	74	155.608	308	195.169	376	194.582	373	74.86%
senior subordinated	0	0	3.674	6	0.198	1	3.636	13	7.509	20	8.059	22	8.059	22	3.61%
subordinated	0.280	1	0	0	1.425	3	0	0	1.425	3	1.905	5	1.705	4	0.69%
Total	38.703	64	97.553	199	56.821	131	53.491	108	207.864	438	253.853	522	252.590	516	100.00%
Moody's Rating
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Ba1	0	1.747	1.747	5.891	1.527	2.902	2.995	2.196	1.695	1.250	1.951	0.500	1.300
Ba2	0	0.394	0	2.021	1.457	3.800	1.396	5.941	1.774	2.400	1.365	1.823	4.053
Ba3	0.102	0.150	2.350	2.450	0.154	3.965	7.678	2.025	2.069	1.475	0.663	1.468	3.543
B1	0	2.300	2.148	4.267	0	4.111	6.263	9.248	3.970	5.957	1.870	6.523	6.655
B2	0	0.250	0.223	0.168	0.035	1.026	7.895	3.756	5.845	2.694	0.665	3.595	4.832
B3	0	1.134	1.866	3.345	0.217	3.503	6.133	2.965	5.481	2.763	1.608	3.836	5.090
Caa1	0.768	0	0.775	0.867	0.440	2.417	3.997	3.502	1.623	2.347	1.048	3.493	1.597
Caa2	0.139	0	0	0.245	0	0.594	0.582	0.492	0	0.626	0	0.300	0.350
Caa3	0	0	0	0	0	0	0.831	0	0	0	0	0	0.864
NR	0.253	0.048	0	6.509	0	1.750	1.569	4.021	0.968	3.763	0.950	2.085	1.584
Total	1.262	6.023	9.110	25.763	3.830	24.069	39.338	34.146	23.425	23.276	10.119	23.623	29.867
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	9.165	9	8.093	16	4.895	7	1.800	4	14.788	27	25.700	39	25.700	39	7.11%
Ba2	3.477	9	11.138	18	5.539	13	5.877	9	22.553	40	26.425	50	26.425	50	10.85%
Ba3	4.954	8	13.668	26	4.207	11	5.010	7	22.885	44	28.092	54	27.990	53	11.01%
B1	6.415	10	19.622	34	11.798	21	13.178	18	44.598	73	53.313	87	53.313	87	21.46%
B2	0.426	3	12.677	28	9.203	19	8.427	19	30.308	66	30.984	70	30.984	70	14.58%
B3	5.428	11	12.600	30	9.853	26	8.926	16	31.379	72	37.941	86	37.941	86	15.10%
Caa1	2.082	6	9.916	23	5.019	17	5.090	13	20.025	53	22.875	61	22.107	59	9.63%
Caa2	0.245	1	1.667	6	0.626	2	0.650	2	2.943	10	3.327	12	3.188	11	1.42%
Caa3	0	0	0.831	2	0	0	0.864	2	1.694	4	1.694	4	1.694	4	0.81%
NR	6.509	7	7.340	16	5.681	15	3.670	18	16.691	49	23.500	59	23.247	57	8.03%
Total	38.703	64	97.553	199	56.821	131	53.491	108	207.864	438	253.853	522	252.590	516	100.00%
Use of Proceeds
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Acquisition	0	2.936	0.596	3.793	0.210	2.946	2.580	1.266	2.111	1.700	1.010	2.796	2.700
Capex	0.373	0	0	0.991	0	0.300	0	0.636	0	1.679	0	0	0.450
Dividend/recap	0	0	0	1.000	0	0	2.413	0.316	0.275	0.580	0	0	0.305
GCP	0.102	1.444	1.700	7.811	1.179	3.289	3.841	5.232	2.985	9.038	2.201	3.624	4.972
LBO	0.395	0	2.093	0.168	0.440	0.730	0.741	0.600	2.958	0.325	0.250	0	0
No proceeds	0	0	0	0	0	0.775	0.384	0	0	0	0	0.051	0
Redeem notes	0	0.150	2.350	2.225	0	2.146	5.489	9.362	3.771	0.926	0.665	5.532	3.075
Refinance	0	0.843	0	1.777	0	1.111	5.576	3.621	4.024	1.583	2.073	1.712	2.873
Repay bank debt	0	0.400	0.223	4.147	0.257	5.477	10.652	7.859	2.348	3.723	1.758	3.464	7.073
Multiple/Other/NA	0.392	0.250	2.147	3.851	1.744	7.295	7.662	5.254	4.954	3.722	2.163	6.444	8.419
Total	1.262	6.023	9.110	25.763	3.830	24.069	39.338	34.146	23.425	23.276	10.119	23.623	29.867
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	4.599	7	6.791	13	4.821	10	5.496	11	17.108	34	24.643	46	24.643	46	8.23%
Capex	0.991	1	0.936	3	1.679	2	0.450	1	3.064	6	4.428	8	4.055	7	1.47%
Dividend/recap	1.000	1	2.729	5	0.855	4	0.305	2	3.889	11	4.889	12	4.889	12	1.87%
GCP	10.689	16	12.362	29	14.224	29	8.597	17	35.182	75	47.418	96	47.316	95	16.93%
LBO	2.701	5	2.071	4	3.533	5	0	0	5.603	9	8.700	15	8.305	14	2.70%
No proceeds	0	0	1.159	2	0	0	0.051	6	1.210	8	1.210	8	1.210	8	0.58%
Redeem notes	4.575	7	16.998	33	5.362	11	8.607	15	30.967	59	35.692	67	35.692	67	14.89%
Refinance	1.777	4	10.308	21	7.680	18	4.586	12	22.574	51	25.193	57	25.193	57	10.86%
Repay bank debt	4.628	10	23.989	48	7.829	23	10.537	16	42.355	87	47.383	98	47.383	98	20.38%
Multiple/Other/NA	7.743	13	20.211	41	10.839	29	14.862	28	45.912	98	54.296	115	53.904	112	22.09%
Total	38.703	64	97.553	199	56.821	131	53.491	108	207.864	438	253.853	522	252.590	516	100.00%
Industry Sector (by SIC code)
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Agriculture (0xxx)	0	0	0	0	0	0.815	0	0	0	0	0	0.322	0
Mining (1xxx)	0	0	1.500	3.100	0	0.125	0.200	3.365	0.300	3.929	0.740	0	0.260
Oil and gas (13xx)	0.139	0.448	1.750	5.897	0.300	2.660	7.608	4.755	6.616	4.736	0.800	1.905	4.121
Construction (15xx)	0	0	0	0	0	0.300	0.345	0.850	0.350	0.030	0	1.347	0.182
Manufacturing (2xxx, 3xxx)	0.595	2.529	3.392	4.480	1.954	6.195	6.208	8.473	5.360	3.842	1.385	5.870	4.025
Transportation (4xxx)	0.102	0.400	0	0	0	0	0.514	0.375	0.244	0.834	0.214	0	0
Communications (48xx)	0	0	1.000	6.217	0.690	4.949	5.941	1.023	2.502	2.962	1.650	3.373	6.388
Electric, gas, sanitary services (49xx)	0.053	1.747	0.448	1.426	0	0.400	1.792	0.938	0	0.250	0.775	0.800	0.864
Wholesale (5xxx)	0	0.150	0	0.868	0.440	2.001	2.417	0.866	2.501	2.185	1.161	2.257	1.800
Finance, insurance, real estate (6xxx)	0	0	0.497	0.700	0.134	3.036	5.695	5.058	2.646	2.853	2.174	4.976	5.566
Services (7xxx)	0.373	0.250	0.375	0.300	0.312	3.588	5.271	6.552	1.735	1.332	0.500	1.225	3.062
Health services (8xxx)	0	0.500	0.147	2.775	0	0	3.347	1.891	1.173	0.325	0.720	1.550	3.600
Total	1.262	6.023	9.110	25.763	3.830	24.069	39.338	34.146	23.425	23.276	10.119	23.623	29.867
	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	0.815	2	0	0	0.322	1	1.137	3	1.137	3	1.137	3	0.55%
Mining (1xxx)	4.600	3	3.690	8	4.969	8	0.260	1	8.919	17	13.519	20	13.519	20	4.29%
Oil and gas (13xx)	7.947	16	15.023	27	12.151	18	6.026	11	33.201	56	41.734	75	41.595	74	15.97%
Construction (15xx)	0	0	1.495	4	0.380	2	1.528	6	3.403	12	3.403	12	3.403	12	1.64%
Manufacturing (2xxx, 3xxx)	9.826	16	20.876	48	10.587	25	9.895	20	41.357	93	54.306	116	53.712	114	19.90%
Transportation (4xxx)	0	0	0.889	4	1.292	7	0	0	2.181	11	2.683	13	2.581	12	1.05%
Communications (48xx)	7.907	8	11.913	22	7.113	12	9.760	15	28.787	49	36.693	57	36.693	57	13.85%
Electric, gas, sanitary services (49xx)	1.874	4	3.130	8	1.025	3	1.663	3	5.818	14	9.492	22	9.439	21	2.80%
Wholesale (5xxx)	1.308	4	5.284	14	5.846	16	4.057	9	15.187	39	16.645	44	16.645	44	7.31%
Finance, insurance, real estate (6xxx)	1.331	5	13.790	25	7.673	21	10.542	26	32.005	72	33.336	77	33.336	77	15.40%
Services (7xxx)	0.987	4	15.411	27	3.567	12	4.287	11	23.265	50	24.875	56	24.502	55	11.19%
Health services (8xxx)	2.922	4	5.238	10	2.218	7	5.150	5	12.606	22	16.029	27	16.029	27	6.06%
Total	38.703	64	97.553	199	56.821	131	53.491	108	207.864	438	253.853	522	252.590	516	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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