Analysis of investment grade issuance for 12 months through November 2009

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Spread

	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Less than 75 bps	0	0.997	2.501	1.000	4.997	4.678	8.537	6.599	3.782	24.008	22.988	5.392
75	3.750	22.217	3.996	20.969	0	11.477	8.433	0.996	6.418	5.834	3.792	13.361
100	7.277	12.426	0	1.998	2.995	4.278	4.499	4.284	0.498	0.500	1.743	13.529
125	1.998	7.485	0	2.000	9.992	6.599	3.336	2.904	2.246	8.483	1.850	8.186
150	4.256	0	1.496	0	0	2.792	2.143	1.394	8.096	6.074	4.192	8.881
175	15.897	0.498	7.991	2.396	0	2.538	8.123	0.298	4.496	8.519	4.438	2.144
200	16.233	0.764	4.440	6.333	0.498	2.451	2.794	1.352	3.510	8.619	4.131	4.015
225	0	0.298	11.228	4.063	2.985	3.394	3.387	1.000	3.943	11.113	3.771	2.672
250	0	1.246	0.597	3.738	0.746	1.649	3.077	1.246	4.039	5.728	3.172	2.978
275	0	8.743	3.049	4.570	0.999	6.700	5.061	3.244	2.524	3.618	1.297	0.796
300	2.000	6.930	0.897	6.574	0.998	0.298	2.095	3.249	2.344	1.098	1.498	1.147
325 bps and higher	15.075	44.308	36.284	36.571	29.680	53.965	21.065	15.350	11.977	11.407	8.978	5.308
Floater	31.997	21.905	22.656	33.630	11.800	11.350	14.591	4.088	3.250	7.120	3.881	8.375
NA	7.482	8.211	2.268	11.058	3.142	2.125	12.152	2.569	1.235	10.963	2.596	2.150
Total	105.964	136.029	97.401	134.897	68.832	114.293	99.294	48.574	58.356	113.087	68.327	78.935
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Less than 75 bps	4.497	4	18.212	17	34.389	24	28.378	16	85.477	61	85.477	61	8.39%
75	47.182	19	19.910	13	13.249	13	17.154	22	97.494	67	101.244	68	9.58%
100	14.424	4	11.773	7	5.283	7	15.272	20	46.751	38	54.028	42	4.59%
125	9.485	3	19.927	12	13.633	18	10.036	10	53.082	43	55.079	44	5.21%
150	1.496	2	4.936	6	15.565	20	13.073	15	35.069	43	39.325	47	3.44%
175	10.884	9	10.662	12	13.313	22	6.582	12	41.441	55	57.338	63	4.07%
200	11.537	12	5.743	10	13.482	22	8.146	10	38.908	54	55.141	60	3.82%
225	15.588	16	9.766	14	16.056	18	6.443	10	47.853	58	47.853	58	4.70%
250	5.582	12	5.471	8	11.013	17	6.150	7	28.215	44	28.215	44	2.77%
275	16.362	14	12.760	17	9.386	12	2.093	5	40.602	48	40.602	48	3.99%
300	14.401	14	3.392	6	6.690	12	2.646	3	27.129	35	29.128	36	2.66%
325 bps and higher	117.161	140	104.708	136	38.735	61	14.286	23	274.891	360	289.965	382	27.01%
Floater	78.191	74	37.741	37	14.458	19	12.257	16	142.646	146	174.643	194	14.01%
NA	21.537	30	17.419	19	14.767	25	4.746	13	58.469	87	65.951	104	5.74%
Total	368.327	353	282.419	314	220.017	290	147.262	182	1018.025	1139	1123.989	1251	100.00%
Tenor
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Less than 1.5 years	2.942	4.623	4.000	1.000	0	2.600	0.640	0	0	0.100	0	0.325
1.5 to 2 years	22.645	9.706	8.390	22.197	4.499	8.750	13.201	3.245	1.999	5.147	2.982	1.850
2.25 to 4.75 years	61.554	54.422	23.629	43.767	18.936	19.008	27.564	10.079	10.942	26.948	19.186	15.786
5	4.785	17.573	17.254	17.447	24.237	37.620	17.888	13.120	12.243	26.193	13.280	20.124
5.25 to 9.75	5.611	4.139	3.488	5.368	1.560	8.277	4.921	7.063	7.930	16.118	4.661	6.997
10	2.346	26.479	27.483	24.649	18.556	30.503	27.869	8.749	19.378	24.454	10.795	12.951
10.25 to 20	2.847	4.427	3.990	1.994	0.299	2.835	0.520	1.607	3.171	4.474	7.344	7.889
25 and longer	3.233	14.660	9.168	11.477	0.746	4.599	6.692	4.710	2.695	9.651	7.578	13.012
Perpetual/NA	0	0	0	6.997	0	0.100	0	0	0	0	2.500	0
Total	105.964	136.029	97.401	134.897	68.832	114.293	99.294	48.574	58.356	113.087	68.327	78.935
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Less than 1.5 years	9.623	9	3.240	6	0.100	1	0.325	2	13.288	18	16.230	26	1.31%
1.5 to 2 years	40.293	34	26.451	22	10.391	12	4.831	8	81.966	76	104.611	98	8.05%
2.25 to 4.75 years	121.817	83	65.508	54	47.969	50	34.972	26	270.268	213	331.821	267	26.54%
5	52.275	60	79.745	78	51.556	52	33.404	32	216.980	222	221.765	228	21.31%
5.25 to 9.75	12.994	24	14.758	26	31.110	51	11.658	22	70.519	123	76.130	134	6.93%
10	78.611	93	76.928	100	52.581	77	23.746	37	231.866	307	234.212	311	22.78%
10.25 to 20	10.411	15	3.654	7	9.252	22	15.235	20	38.555	64	41.402	68	3.78%
25 and longer	35.304	32	12.036	20	17.056	25	20.591	33	84.986	110	88.219	113	8.33%
Perpetual/NA	6.997	3	0.100	1	0	0	2.500	2	9.597	6	9.597	6	0.94%
Total	368.327	353	282.419	314	220.017	290	147.262	182	1018.025	1139	1123.989	1251	100.00%
Upsized?
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Yes	7.986	9.684	37.988	12.953	8.841	17.834	16.304	5.465	9.871	25.416	11.161	8.821
No	97.977	126.345	59.413	121.645	59.991	93.215	82.990	43.108	48.485	87.671	57.166	70.114
Downsized	0	0	0	0.299	0	3.243	0	0	0	0	0	0
Total	105.964	136.029	97.401	134.897	68.832	114.293	99.294	48.574	58.356	113.087	68.327	78.935
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	60.625	63	42.980	58	40.753	67	19.982	31	164.339	219	172.325	226	16.14%
No	307.403	289	236.196	255	179.264	223	127.280	151	850.144	918	948.121	1023	83.51%
Downsized	0.299	1	3.243	1	0	0	0	0	3.542	2	3.542	2	0.35%
Total	368.327	353	282.419	314	220.017	290	147.262	182	1018.025	1139	1123.989	1251	100.00%
Moody's Rating
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Aaa	86.169	74.051	24.983	69.218	32.082	31.733	30.992	13.290	7.530	37.396	22.135	17.730
Aa1	2.735	0	20.869	5.996	2.248	1.750	5.298	0.287	7.820	10.083	5.167	6.393
Aa2	0	0.995	5.990	13.487	3.729	5.353	1.400	4.090	3.573	3.086	6.548	5.735
Aa3	2.222	8.939	3.743	4.730	2.996	11.533	9.536	2.797	1.994	3.918	2.146	4.569
A1	0.848	9.139	9.332	12.748	4.786	6.806	2.337	2.249	5.305	3.115	1.498	9.084
A2	8.818	13.060	11.568	7.483	3.334	22.226	10.406	6.153	5.369	7.966	3.639	6.971
A3	0	5.435	2.543	6.283	1.869	8.499	7.968	3.940	6.869	11.014	2.023	3.861
Baa1	1.025	7.615	10.878	4.414	11.032	3.289	11.577	5.430	3.091	7.768	7.919	9.780
Baa2	2.447	15.141	3.657	7.478	2.503	11.409	12.568	5.076	6.474	15.547	11.841	5.313
Baa3	1.700	1.654	3.837	2.779	2.943	10.857	6.868	3.872	8.640	6.930	4.284	6.410
Ba1	0	0	0	0	1.310	0.498	0.344	0.400	1.095	2.143	0.659	1.396
Ba2	0	0	0	0	0	0.240	0	0	0	1.990	0.117	0.219
Ba3	0	0	0	0.281	0	0	0	0	0	0	0	0
NR	0	0	0	0	0	0.100	0	0.991	0.595	2.130	0.350	1.474
Total	105.964	136.029	97.401	134.897	68.832	114.293	99.294	48.574	58.356	113.087	68.327	78.935
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Aaa	168.252	110	94.807	66	58.216	40	39.865	23	361.140	239	447.309	320	35.47%
Aa1	26.864	14	9.296	6	18.191	19	11.560	13	65.912	52	68.647	53	6.47%
Aa2	20.473	10	10.483	12	10.749	15	12.283	11	53.987	48	53.987	48	5.30%
Aa3	17.412	14	24.065	16	8.709	7	6.715	8	56.902	45	59.123	48	5.59%
A1	31.219	32	13.929	23	10.669	12	10.582	10	66.399	77	67.247	79	6.52%
A2	32.111	48	35.966	40	19.487	20	10.609	18	98.173	126	106.992	140	9.64%
A3	14.261	28	18.336	26	21.823	29	5.885	13	60.305	96	60.305	96	5.92%
Baa1	22.907	36	25.898	36	16.290	35	17.699	29	82.793	136	83.818	138	8.13%
Baa2	26.277	42	26.480	46	27.097	48	17.154	27	97.007	163	99.454	169	9.53%
Baa3	8.270	18	20.668	36	19.442	47	10.695	21	59.074	122	60.774	125	5.80%
Ba1	0	0	2.153	5	3.638	10	2.055	3	7.846	18	7.846	18	0.77%
Ba2	0	0	0.240	1	1.990	2	0.336	3	2.565	6	2.565	6	0.25%
Ba3	0.281	1	0	0	0	0	0	0	0.281	1	0.281	1	0.03%
NR	0	0	0.100	1	3.717	6	1.824	3	5.641	10	5.641	10	0.55%
Total	368.327	353	282.419	314	220.017	290	147.262	182	1018.025	1139	1123.989	1251	100.00%
Industry Sector (by SIC code)
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Mining (1xxx)	0	0.998	0	3.978	5.440	0	0	0	0	2.975	1.225	0.986
Oil and gas (13xx)	2.735	5.530	4.556	5.589	3.248	4.336	1.192	7.817	0.299	10.968	5.940	0.303
Construction (15xx)	0	0	0	0	0.392	0	0	0	0	0.250	0.695	0
Manufacturing (2xxx, 3xxx)	10.349	19.963	54.339	32.976	8.681	26.223	17.822	8.985	18.083	8.712	12.712	21.502
Transportation (4xxx)	0.500	1.995	1.298	3.824	0.647	1.595	1.209	0.499	0.543	1.794	1.304	1.386
Communications (48xx)	0.600	9.456	1.743	5.717	1.494	4.979	15.164	0	0.844	3.093	0.744	1.585
Electric, gas, sanitary services (49xx)	4.026	12.415	4.440	9.327	2.547	6.010	3.902	6.102	7.014	14.152	1.628	7.392
Wholesale (5xxx)	0.498	4.538	0.699	1.987	0.374	1.398	2.991	1.426	0.499	2.694	0.350	0.496
Finance, insurance, real estate (6xxx)	86.266	80.386	30.327	71.000	46.009	65.768	51.438	23.744	30.079	68.448	43.728	43.170
Services (7xxx)	0.990	0.750	0	0.499	0	3.985	5.576	0	0.995	0	0	1.018
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0	0	1.098
Total	105.964	136.029	97.401	134.897	68.832	114.293	99.294	48.574	58.356	113.087	68.327	78.935
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	4.976	6	5.440	4	2.975	3	2.211	3	15.601	16	15.601	16	1.53%
Oil and gas (13xx)	15.675	16	8.776	13	19.085	18	6.243	6	49.780	53	52.515	54	4.89%
Construction (15xx)	0	0	0.392	1	0.250	1	0.695	1	1.337	3	1.337	3	0.13%
Manufacturing (2xxx, 3xxx)	107.277	109	52.726	75	35.780	65	34.213	47	229.997	296	240.345	309	22.59%
Transportation (4xxx)	7.116	12	3.451	8	2.836	7	2.690	6	16.093	33	16.593	34	1.58%
Communications (48xx)	16.916	11	21.636	22	3.937	8	2.328	4	44.818	45	45.418	46	4.40%
Electric, gas, sanitary services (49xx)	26.181	59	12.459	34	27.269	50	9.020	23	74.929	166	78.955	178	7.36%
Wholesale (5xxx)	7.223	13	4.764	7	4.619	9	0.846	3	17.452	32	17.950	33	1.71%
Finance, insurance, real estate (6xxx)	181.713	125	163.214	141	122.271	126	86.898	84	554.096	476	640.363	558	54.43%
Services (7xxx)	1.249	2	9.561	9	0.995	3	1.018	2	12.824	16	13.814	17	1.26%
Health services (8xxx)	0	0	0	0	0	0	1.098	3	1.098	3	1.098	3	0.11%
Total	368.327	353	282.419	314	220.017	290	147.262	182	1018.025	1139	1123.989	1251	100.00%

Criteria

• U.S. tables include all underwritten dollar-denominated offerings sold in the United States as public or Rule 144A deals reported to Prospect News.

• Convertibles, trust preferreds and preferred stock are excluded.

• Minimum $75 million deal size

• Deals rated investment grade by either Standard & Poor's or Moody's Investors Service are included.

• Offerings are included in the time period in which they price.

• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the bookrunner. For multiple leads, the total value is divided equally among joint bookrunners.

• 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.

• Remarketings are excluded.

• The headquarters location of the parent company is used for the country criteria (i.e. registrations in tax havens and offshore finance subsidiaries are ignored)

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