Analysis of investment grade issuance for 13 months through June 2010

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

Spread

	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Less than 75 bps	8.537	6.599	3.782	24.008	22.988	5.392	2.749	9.232	8.325	20.824	17.982	11.760	2.295
75	8.433	0.996	6.418	5.834	3.792	13.361	3.147	10.079	5.591	14.371	3.918	2.796	6.592
100	4.499	4.284	0.498	0.500	1.743	13.529	2.841	10.614	1.995	13.103	5.891	3.436	4.630
125	3.336	2.904	2.246	8.483	1.850	8.186	2.947	9.712	6.668	14.121	7.193	3.990	5.132
150	2.143	1.394	8.096	6.074	4.192	8.881	2.538	6.583	2.254	9.113	1.846	2.743	4.842
175	8.123	0.298	4.496	8.519	4.438	2.144	1.868	10.478	7.950	7.020	4.045	2.595	4.099
200	2.794	1.352	3.510	8.619	4.131	4.015	0.199	7.575	7.457	4.993	2.436	1.744	1.194
225	3.387	1.000	3.943	11.113	3.771	2.672	4.491	1.992	1.847	1.395	0.996	0.850	4.685
250	3.077	1.246	4.039	5.728	3.172	2.978	2.381	1.479	2.751	1.995	0.996	1.492	0.549
275	5.061	3.244	2.524	3.618	1.297	0.796	1.446	0	1.495	0.331	0.278	1.396	1.469
300	2.095	3.249	2.344	1.098	1.498	1.147	0	0.297	1.646	2.140	0.749	0	0
325 bps and higher	21.065	15.350	11.977	11.407	8.978	5.308	1.190	4.519	1.949	3.818	4.767	0.991	2.191
Floater	14.591	4.088	3.250	7.120	3.881	8.375	3.650	10.452	8.100	5.600	3.675	1.826	3.925
NA	12.152	2.569	1.235	10.963	2.596	2.150	4.830	16.809	3.843	0.959	5.486	0	7.613
Total	99.294	48.574	58.356	113.087	68.327	78.935	34.278	99.819	61.871	99.782	60.257	35.618	49.214
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Less than 75 bps	34.389	24	31.127	19	38.381	28	32.037	22	70.418	50	144.472	102	17.32%
75	13.249	13	20.300	29	30.041	35	13.305	23	43.347	58	85.329	107	10.66%
100	5.283	7	18.113	25	25.711	29	13.957	18	39.669	47	67.563	82	9.76%
125	13.633	18	12.983	15	30.501	29	16.314	21	46.815	50	76.767	87	11.51%
150	15.565	20	15.610	19	17.950	24	9.430	17	27.380	41	60.698	82	6.73%
175	13.313	22	8.450	14	25.448	23	10.739	18	36.187	41	66.074	84	8.90%
200	13.482	22	8.345	11	20.025	21	5.374	10	25.399	31	50.019	68	6.25%
225	16.056	18	10.934	14	5.234	10	6.530	7	11.764	17	42.141	54	2.89%
250	11.013	17	8.531	11	6.226	8	3.036	7	9.262	15	31.882	47	2.28%
275	9.386	12	3.539	9	1.826	3	3.143	8	4.969	11	22.956	43	1.22%
300	6.690	12	2.646	3	4.083	7	0.749	1	4.833	8	16.264	26	1.19%
325 bps and higher	38.735	61	15.476	28	10.285	18	7.949	17	18.234	35	93.508	160	4.48%
Floater	14.458	19	15.906	23	24.152	30	9.426	16	33.578	46	78.534	105	8.26%
NA	14.767	25	9.576	16	21.611	20	13.099	12	34.710	32	71.205	81	8.54%
Total	220.017	290	181.539	236	261.472	285	145.089	197	406.562	482	907.413	1128	100.00%
Tenor
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Less than 1.5 years	0.640	0	0	0.100	0	0.325	0.400	1.250	2.100	0.499	0.425	0.081	1.184
1.5 to 2 years	13.201	3.245	1.999	5.147	2.982	1.850	1.650	9.098	5.947	1.850	1.000	0	3.174
2.25 to 4.75 years	27.564	10.080	10.942	26.947	19.187	15.786	8.763	27.662	8.896	21.237	23.283	6.780	7.665
5	17.888	13.120	12.243	26.193	13.280	20.124	3.564	19.568	15.664	29.489	13.974	13.304	13.152
5.25 to 9.75	4.920	7.063	7.930	16.119	4.661	6.997	6.192	4.776	2.740	3.175	4.189	0.550	1.797
10	27.869	8.749	19.378	24.454	10.795	12.951	4.972	32.062	17.795	27.525	13.472	6.579	12.769
10.25 to 20	0.520	1.607	3.171	4.475	7.345	7.889	3.460	0.989	1.499	2.124	0.699	2.394	1.660
Longer than 20	6.691	4.709	2.695	9.652	7.578	13.013	5.277	4.413	7.230	13.882	3.215	5.930	4.415
NA	0	0	0	0	2.500	0	0	0	0	0	0	0	3.400
Total	99.294	48.574	58.356	113.087	68.327	78.935	34.278	99.819	61.871	99.782	60.257	35.618	49.214
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Less than 1.5 years	0.100	1	0.725	4	3.849	7	1.690	9	5.539	16	7.004	24	1.36%
1.5 to 2 years	10.391	12	6.481	12	16.895	17	4.174	7	21.069	24	51.142	60	5.18%
2.25 to 4.75 years	47.969	50	43.736	38	57.795	56	37.727	32	95.522	88	214.791	201	23.50%
5	51.556	52	36.968	38	64.721	63	40.430	44	105.151	107	211.563	219	25.86%
5.25 to 9.75	31.111	51	17.850	28	10.691	15	6.535	13	17.226	28	71.108	116	4.24%
10	52.581	77	28.718	47	77.383	81	32.820	56	110.203	137	219.371	301	27.11%
10.25 to 20	9.253	22	18.693	26	4.612	8	4.753	9	9.365	17	37.832	66	2.30%
Longer than 20	17.056	25	25.868	41	25.526	38	13.560	26	39.086	64	88.701	138	9.61%
NA	0	0	2.500	2	0	0	3.400	1	3.400	1	5.900	3	0.84%
Total	220.017	290	181.539	236	261.472	285	145.089	197	406.562	482	907.413	1128	100.00%
Upsized?
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Yes	16.304	5.465	9.871	25.416	11.161	8.821	7.239	6.960	10.543	14.336	3.238	2.794	10.938
No	82.990	43.108	48.485	87.671	57.166	70.114	26.689	92.859	51.328	85.446	57.019	32.823	38.277
Downsized	0	0	0	0	0	0	0.349	0	0	0	0	0	0
Total	99.294	48.574	58.356	113.087	68.327	78.935	34.278	99.819	61.871	99.782	60.257	35.618	49.214
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	40.753	67	27.221	43	31.839	38	16.970	31	48.809	69	133.086	205	12.01%
No	179.264	223	153.970	192	229.633	247	128.120	166	357.753	413	773.977	922	87.99%
Downsized	0	0	0.349	1	0	0	0	0	0	0	0.349	1	0.00%
Total	220.017	290	181.539	236	261.472	285	145.089	197	406.562	482	907.413	1128	100.00%
Moody's Rating
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Aaa	30.992	13.290	7.530	37.396	22.135	17.730	4.849	21.407	12.068	7.839	21.719	10.711	2.248
Aa1	5.298	0.287	7.820	10.083	5.167	6.393	2.644	19.733	2.247	15.183	5.744	0	6.785
Aa2	1.400	4.090	3.573	3.086	6.548	5.735	3.246	18.299	8.497	12.594	3.747	0	9.401
Aa3	9.536	2.797	1.994	3.918	2.146	4.569	4.318	15.445	6.046	9.110	0.575	0.331	1.247
A1	2.337	2.249	5.305	3.115	1.498	9.084	2.993	0	2.123	10.659	3.043	5.135	1.708
A2	10.406	6.153	5.369	7.966	3.639	6.971	1.630	7.493	2.989	11.467	0.675	2.644	7.430
A3	7.968	3.940	6.869	11.014	2.023	3.861	1.396	3.237	2.495	3.688	4.049	5.083	7.243
Baa1	11.577	5.430	3.091	7.768	7.919	9.780	1.284	2.481	4.488	5.540	5.294	1.647	3.609
Baa2	12.568	5.076	6.474	15.547	11.841	5.313	6.048	7.157	14.815	11.562	11.250	6.086	7.303
Baa3	6.868	3.872	8.640	6.930	4.284	6.410	3.535	1.489	4.104	8.381	1.874	3.981	2.239
Ba1	0.344	0.400	1.095	2.143	0.659	1.396	2.089	0	1.747	3.173	1.293	0	0
Ba2	0	0	0	1.990	0.117	0.219	0	0.595	0	0.500	0	0	0
Ba3	0	0	0	0	0	0	0	1.987	0.250	0	0	0	0
NR	0	0.991	0.595	2.130	0.350	1.474	0.245	0.495	0	0.086	0.994	0	0
Total	99.294	48.574	58.356	113.087	68.327	78.935	34.278	99.819	61.871	99.782	60.257	35.618	49.214
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Aaa	58.216	40	44.714	28	41.314	27	34.677	20	75.992	47	209.914	140	18.69%
Aa1	18.191	19	14.204	18	37.163	33	12.529	10	49.693	43	87.386	83	12.22%
Aa2	10.749	15	15.529	13	39.390	34	13.148	16	52.538	50	80.216	80	12.92%
Aa3	8.709	7	11.033	10	30.601	23	2.153	5	32.754	28	62.032	52	8.06%
A1	10.669	12	13.575	15	12.783	17	9.885	18	22.668	35	49.249	67	5.58%
A2	19.487	20	12.240	24	21.950	24	10.750	17	32.700	41	74.833	99	8.04%
A3	21.823	29	7.281	17	9.420	19	16.374	21	25.795	40	62.867	97	6.34%
Baa1	16.290	35	18.983	31	12.509	24	10.550	20	23.060	44	69.909	127	5.67%
Baa2	27.097	48	23.202	36	33.535	45	24.640	44	58.175	89	121.042	195	14.31%
Baa3	19.442	47	14.230	30	13.975	23	8.094	20	22.069	43	62.608	133	5.43%
Ba1	3.638	10	4.144	7	4.920	8	1.293	4	6.213	12	14.339	30	1.53%
Ba2	1.990	2	0.336	3	1.095	3	0	0	1.095	3	3.421	8	0.27%
Ba3	0	0	0	0	2.237	3	0	0	2.237	3	2.237	3	0.55%
NR	3.717	6	2.070	4	0.581	2	0.994	2	1.575	4	7.361	14	0.39%
Total	220.017	290	181.539	236	261.472	285	145.089	197	406.562	482	907.413	1128	100.00%
Industry Sector (by SIC code)
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Mining (1xxx)	0	0	0	2.975	1.225	0.986	0	0	0	0.398	2.484	0	0
Oil and gas (13xx)	1.192	7.817	0.299	10.968	5.940	0.303	0.494	1.975	0	4.981	1.474	0.998	5.239
Construction (15xx)	0	0	0	0.250	0.695	0	0	0.244	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	17.822	8.985	18.083	8.712	12.712	21.502	7.666	9.317	16.908	18.476	3.194	4.985	10.454
Transportation (4xxx)	1.209	0.499	0.543	1.794	2.146	1.386	0	0	1.161	0	0	0.747	0.450
Communications (48xx)	15.164	0	0.844	3.093	0.744	1.585	2.850	0	2.394	9.464	3.500	0	0.250
Electric, gas, sanitary services (49xx)	3.902	6.102	7.014	14.152	1.628	7.392	3.090	3.180	4.521	9.545	0.555	7.280	2.933
Wholesale (5xxx)	2.991	1.426	0.499	2.694	0.350	0.496	1.244	0	0	2.284	1.795	0.997	1.934
Finance, insurance, real estate (6xxx)	51.438	23.744	30.079	68.448	42.886	43.170	18.934	83.611	36.637	54.634	42.763	17.617	27.709
Services (7xxx)	5.576	0	0.995	0	0	1.018	0	1.493	0.250	0	4.493	2.994	0.246
Health services (8xxx)	0	0	0	0	0	1.098	0	0	0	0	0	0	0
Total	99.294	48.574	58.356	113.087	68.327	78.935	34.278	99.819	61.871	99.782	60.257	35.618	49.214
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	2.975	3	2.211	3	0.398	1	2.484	4	2.882	5	8.067	11	0.71%
Oil and gas (13xx)	19.085	18	6.738	7	6.956	7	7.710	7	14.667	14	41.682	43	3.61%
Construction (15xx)	0.250	1	0.695	1	0.244	1	0	0	0.244	1	1.189	3	0.06%
Manufacturing (2xxx, 3xxx)	35.780	65	41.879	62	44.700	54	18.632	37	63.333	91	158.815	243	15.58%
Transportation (4xxx)	2.836	7	3.532	7	1.161	3	1.197	2	2.359	5	9.936	22	0.58%
Communications (48xx)	3.937	8	5.178	7	11.858	11	3.750	4	15.607	15	39.886	45	3.84%
Electric, gas, sanitary services (49xx)	27.269	50	12.110	33	17.245	36	10.767	28	28.013	64	71.293	158	6.89%
Wholesale (5xxx)	4.619	9	2.090	5	2.284	3	4.727	10	7.011	13	16.711	31	1.72%
Finance, insurance, real estate (6xxx)	122.271	126	104.990	106	174.882	166	88.089	97	262.971	263	541.669	548	64.68%
Services (7xxx)	0.995	3	1.018	2	1.743	3	7.733	8	9.476	11	17.065	21	2.33%
Health services (8xxx)	0	0	1.098	3	0	0	0	0	0	0	1.098	3	0.00%
Total	220.017	290	181.539	236	261.472	285	145.089	197	406.562	482	907.413	1128	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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