Analysis of high yield issuance for 13 months through September 2011

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

Yield

	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
5.99% and lower	1.644	1.150	1.124	0.394	2.080	2.250	1.300	3.838	4.178	0	1.000	0	0.497
6%-6.99%	4.570	6.200	6.574	4.907	6.461	4.815	8.721	7.856	15.146	1.700	5.100	0	0.844
7%-7.99%	14.619	12.343	11.473	4.588	11.101	3.740	14.673	4.314	7.682	8.131	3.550	0.102	1.750
8%-8.99%	5.364	4.289	4.557	6.759	8.440	4.161	4.834	5.911	15.991	1.837	2.558	0	2.000
9%-9.99%	5.515	8.547	4.409	3.615	2.407	3.508	2.039	2.767	2.962	0.644	1.685	0.253	0.250
10%-10.99%	4.606	2.084	2.051	2.746	1.757	1.186	1.411	1.015	1.849	2.355	1.281	0	0.186
11%-11.99%	0.641	0.099	1.639	0	0.277	2.370	1.048	2.147	0.624	0.524	0.815	0.395	0
12% and higher	1.000	0.910	0.612	0.794	1.111	0.445	0.112	0.405	0.250	0.907	1.980	0.512	0.496
Floater	0	0	0	0.650	0	1.250	0.950	1.050	0.850	0.200	0	0	0
NA	0.156	0	0.100	0	0.446	0.128	1.391	1.603	0.773	0	0	0	0
Total	38.115	35.623	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.023
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
5.99% and lower	2.668	6	5.630	7	8.016	15	1.497	2	15.143	24	19.455	33	17.811	30	6.98%
6%-6.99%	17.681	33	19.997	44	24.702	43	5.944	7	50.644	94	72.895	137	68.325	127	23.32%
7%-7.99%	28.404	48	29.514	58	20.127	39	5.402	9	55.044	106	98.067	180	83.448	154	25.35%
8%-8.99%	15.605	35	17.434	43	23.738	48	4.558	8	45.731	99	66.699	146	61.335	134	21.06%
9%-9.99%	16.571	39	7.953	21	6.373	24	2.188	7	16.514	52	38.599	102	33.084	91	7.60%
10%-10.99%	6.882	22	4.354	15	5.219	20	1.467	3	11.040	38	22.528	69	17.922	60	5.08%
11%-11.99%	1.738	6	3.695	14	3.295	9	1.210	5	8.201	28	10.580	37	9.939	34	3.78%
12% and higher	2.317	10	1.669	8	1.562	7	2.988	11	6.220	26	9.537	41	8.537	36	2.86%
Floater	0.650	1	2.200	4	2.100	4	0	0	4.300	8	4.950	9	4.950	9	1.98%
NA	0.100	1	1.965	5	2.377	5	0	0	4.341	10	4.598	13	4.441	11	2.00%
Total	92.615	201	94.413	219	97.509	214	25.255	52	217.177	485	347.907	767	309.792	686	100.00%
Versus Talk
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Lower	4.489	6.115	0.200	0.500	2.994	0.636	0	0.200	0.550	0	0.157	0	0
Low end	14.194	14.147	9.323	9.206	15.595	8.270	7.808	7.149	15.668	2.399	3.450	0	3.440
Middle	10.310	8.781	12.052	6.962	10.655	9.129	17.101	11.886	21.760	4.550	7.081	0.534	2.433
High end	2.860	1.582	5.281	2.557	2.168	3.252	6.171	3.337	8.106	6.549	5.300	0.373	0.150
Higher	0.269	0.638	2.938	2.300	0.244	0.194	1.865	0	2.066	1.390	0.747	0	0
NA	5.993	4.360	2.745	2.928	2.425	2.372	3.535	8.334	2.156	1.409	1.234	0.355	0
Total	38.115	35.623	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.023
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	6.815	10	3.629	9	0.750	2	0.157	1	4.536	12	15.840	30	11.352	22	2.09%
Low end	32.676	69	31.673	69	25.216	57	6.890	15	63.779	141	110.649	243	96.455	210	29.37%
Middle	27.795	59	36.885	84	38.196	70	10.048	24	85.129	178	123.234	254	112.924	237	39.20%
High end	9.420	22	11.592	21	17.992	39	5.824	5	35.408	65	47.687	92	44.827	87	16.30%
Higher	5.876	9	2.303	5	3.455	7	0.747	1	6.505	13	12.650	23	12.381	22	3.00%
NA	10.033	32	8.332	31	11.899	39	1.589	6	21.819	76	37.846	125	31.853	108	10.05%
Total	92.615	201	94.413	219	97.509	214	25.255	52	217.177	485	347.907	767	309.792	686	100.00%
Upsized?
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Yes	16.663	11.332	9.747	9.999	14.416	9.279	11.368	7.968	15.207	2.652	11.172	0	1.345
No	19.547	23.242	20.731	13.579	19.420	13.098	23.724	21.794	29.669	13.646	6.246	1.262	4.230
Downsized	1.906	1.050	2.062	0.875	0.244	1.475	1.388	1.144	5.428	0	0.551	0	0.448
Total	38.115	35.623	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.023
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	31.077	58	35.064	78	25.827	53	12.517	17	73.407	148	121.147	236	104.485	206	33.80%
No	57.551	134	56.242	135	65.110	151	11.739	31	133.091	317	210.189	497	190.642	451	61.28%
Downsized	3.987	9	3.107	6	6.572	10	0.999	4	10.679	20	16.571	34	14.666	29	4.92%
Total	92.615	201	94.413	219	97.509	214	25.255	52	217.177	485	347.907	767	309.792	686	100.00%
Quick Sale?
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Yes	17.617	16.268	19.859	12.855	16.996	10.812	21.793	17.271	25.216	3.863	10.510	0.241	5.325
No	20.498	19.355	12.680	11.598	17.085	13.040	14.687	13.635	25.089	12.435	7.459	1.021	0.698
Total	38.115	35.623	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.023
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	48.983	104	49.601	114	46.349	93	16.076	28	112.026	235	178.626	374	161.009	339	51.58%
No	43.633	97	44.812	105	51.160	121	9.179	24	105.150	250	169.281	393	148.783	347	48.42%
Total	92.615	201	94.413	219	97.509	214	25.255	52	217.177	485	347.907	767	309.792	686	100.00%
Seniority
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
mortgage	0	0.400	0	0	0	0	0	0	0.107	0	0	0	0
senior secured	6.487	8.308	5.289	5.191	9.012	5.714	7.327	6.593	8.380	1.763	7.454	0.373	0.496
secured	0	0	0	0.077	0.154	0.235	0	0	0	0.231	0	0.102	0
senior	29.928	25.177	26.751	16.885	24.379	17.328	28.628	23.922	40.867	14.054	10.515	0.587	4.977
senior subordinated	1.700	1.616	0.500	2.300	0.535	0.575	0.525	0.390	0.950	0.250	0	0	0.550
subordinated	0	0.123	0	0	0	0	0	0	0	0	0	0.200	0
Total	38.115	35.623	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.023
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0.400	1	0	0	0.107	1	0	0	0.107	1	0.507	2	0.507	2	0.05%
senior secured	18.787	40	22.053	49	16.737	51	8.324	15	47.114	115	72.387	170	65.901	155	21.69%
secured	0.077	1	0.389	3	0.231	3	0.102	1	0.722	7	0.799	8	0.799	8	0.33%
senior	68.812	147	70.336	160	78.844	154	16.079	33	165.259	347	263.999	555	234.071	494	76.09%
senior subordinated	4.416	11	1.635	7	1.590	5	0.550	2	3.776	14	9.891	30	8.191	25	1.74%
subordinated	0.123	1	0	0	0	0	0.200	1	0.200	1	0.323	2	0.323	2	0.09%
Total	92.615	201	94.413	219	97.509	214	25.255	52	217.177	485	347.907	767	309.792	686	100.00%
Moody's Rating
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Ba1	4.596	1.250	1.797	1.500	0.696	0.446	0	3.281	5.115	1.100	0.400	0	1.747
Ba2	2.723	2.600	1.407	1.425	1.592	1.714	1.161	3.906	2.495	0.450	5.407	0	0.394
Ba3	5.545	5.683	4.106	1.294	5.550	3.807	6.153	2.231	9.059	0.900	2.689	0.102	0.150
B1	8.240	6.140	5.008	6.535	4.387	5.515	5.979	4.279	8.647	3.750	0.400	0	2.300
B2	5.205	5.164	4.307	4.185	5.047	2.382	3.891	6.162	7.301	2.121	0.815	0	0.250
B3	5.700	5.995	6.123	3.923	6.963	3.357	11.479	4.823	7.388	3.860	4.635	0	1.134
Caa1	2.578	7.026	6.379	2.325	1.799	5.189	3.083	3.042	3.911	2.271	2.734	0.768	0
Caa2	1.199	0.461	1.612	0	2.390	0.714	0.132	0	1.193	1.276	0.078	0.139	0
Caa3	0	0	0	0.500	0.454	0.578	0	0	0	0	0	0	0
NR	2.330	1.305	1.800	2.766	5.205	0.151	4.601	3.182	5.196	0.570	0.811	0.253	0.048
Total	38.115	35.623	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.023
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	4.547	10	1.142	3	9.497	18	2.147	4	12.785	25	21.928	42	17.332	35	5.89%
Ba2	5.432	9	4.467	11	6.851	13	5.802	6	17.120	30	25.274	43	22.552	39	7.88%
Ba3	11.084	21	15.509	31	12.190	20	2.941	5	30.641	56	47.269	87	41.724	77	14.11%
B1	17.683	29	15.880	35	16.676	25	2.700	5	35.256	65	61.179	112	52.939	94	16.23%
B2	13.656	34	11.319	29	15.583	35	1.065	5	27.968	69	46.829	114	41.624	103	12.88%
B3	16.041	41	21.799	48	16.072	47	5.769	12	43.639	107	65.381	161	59.681	148	20.09%
Caa1	15.730	28	10.071	23	9.224	25	3.503	7	22.798	55	41.106	89	38.528	83	10.50%
Caa2	2.073	6	3.237	11	2.468	6	0.217	2	5.922	19	9.193	28	7.994	25	2.73%
Caa3	0.500	1	1.031	4	0	0	0	0	1.031	4	1.531	5	1.531	5	0.47%
NR	5.870	22	9.957	24	8.948	25	1.112	6	20.017	55	28.217	86	25.887	77	9.22%
Total	92.615	201	94.413	219	97.509	214	25.255	52	217.177	485	347.907	767	309.792	686	100.00%
Use of Proceeds
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Acquisition	4.206	4.667	2.521	1.341	1.537	1.395	0.505	1.070	5.941	4.122	0.121	0	2.936
Capex	0	0	0.364	0	1.008	0.084	0	0.350	0.757	0.500	0	0.373	0
Chapter 11 exit	0.850	0	0	0	0	0	0	0	0	0	0	0	0
Dividend/recap	0	0.693	3.751	0	1.155	1.104	1.500	3.015	1.973	0.100	0	0	0
Exit financing	0	0	0.385	0	0	0	0	0	0	0	0	0	0
GCP	5.871	2.840	3.003	5.254	4.824	3.670	8.475	3.398	7.026	1.205	1.436	0.102	1.444
LBO	2.375	2.075	0.660	1.490	2.885	1.690	2.925	0	1.905	1.636	2.092	0.395	0
Redeem notes	10.179	7.818	10.190	2.460	6.481	2.715	9.741	3.166	3.227	1.028	8.730	0	0.150
Refinance	2.471	5.627	4.112	5.168	2.225	4.217	1.564	3.331	9.469	1.570	1.001	0	0.843
Repay bank debt	8.326	6.089	6.547	4.916	10.040	4.213	3.308	4.709	7.108	1.302	1.175	0	0.400
Multiple/Other/NA	3.838	5.813	1.006	3.825	3.926	4.763	8.463	11.866	12.900	4.835	3.414	0.392	0.250
Total	38.115	35.623	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.023
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	8.528	20	3.437	9	11.133	18	3.057	6	17.627	33	30.362	63	26.156	53	8.12%
Capex	0.364	2	1.092	5	1.608	6	0.373	1	3.073	12	3.437	14	3.437	14	1.41%
Chapter 11 exit	0	0	0	0	0	0	0	0	0	0	0.850	1	0	0	0.00%
Dividend/recap	4.444	9	3.759	12	5.087	15	0	0	8.846	27	13.290	36	13.290	36	4.07%
Exit financing	0.385	1	0	0	0	0	0	0	0	0	0.385	1	0.385	1	0.00%
GCP	11.097	29	16.969	34	11.629	24	2.982	8	31.580	66	48.547	108	42.677	95	14.54%
LBO	4.225	8	7.500	13	3.541	8	2.487	7	13.528	28	20.128	40	17.753	36	6.23%
Redeem notes	20.469	44	18.937	45	7.421	22	8.881	8	35.239	75	65.887	141	55.708	119	16.23%
Refinance	14.907	27	8.006	19	14.370	28	1.843	6	24.219	53	41.597	86	39.126	80	11.15%
Repay bank debt	17.552	35	17.562	38	13.119	29	1.575	5	32.255	72	58.134	124	49.808	107	14.85%
Multiple/Other/NA	10.644	26	17.151	44	29.601	64	4.056	11	50.808	119	65.290	153	61.452	145	23.39%
Total	92.615	201	94.413	219	97.509	214	25.255	52	217.177	485	347.907	767	309.792	686	100.00%
Industry Sector (by SIC code)
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Agriculture (0xxx)	0.204	0.949	0.300	0	0	0	0.247	0	1.380	0	0	0	0
Mining (1xxx)	0.700	3.440	0.554	1.500	0	0.477	1.325	2.238	3.500	3.950	0.750	0	0
Oil and gas (13xx)	4.060	2.045	2.510	1.797	1.953	4.304	4.035	1.399	9.769	0.802	0.976	0.139	0.448
Construction (15xx)	0	0.495	0.246	0.678	0.438	0.644	0.900	0.013	0.750	0	0	0	0
Manufacturing (2xxx, 3xxx)	14.200	9.226	8.924	10.055	12.092	8.032	8.846	8.496	12.254	3.414	7.119	0.595	2.529
Transportation (4xxx)	1.382	1.193	0.595	1.512	1.404	1.072	1.000	0.200	1.989	0.431	0	0.102	0.400
Communications (48xx)	4.286	2.375	5.073	2.568	4.517	2.750	7.471	1.210	7.089	4.125	1.462	0	0
Electric, gas, sanitary services (49xx)	3.719	5.639	1.996	1.940	3.125	0	0.821	1.809	5.093	1.000	0	0.053	1.747
Wholesale (5xxx)	2.111	2.784	3.520	0.591	2.571	1.425	3.303	2.978	1.000	0	1.100	0	0.150
Finance, insurance, real estate (6xxx)	2.919	2.942	1.647	1.220	3.647	4.001	5.647	7.849	4.741	0	5.064	0	0
Services (7xxx)	1.990	2.444	5.649	2.192	3.889	0.619	1.868	3.711	2.189	1.862	0.948	0.373	0.250
Health services (8xxx)	2.543	2.090	1.525	0.400	0.444	0.527	1.016	1.004	0.550	0.715	0.550	0	0.500
Total	38.115	35.623	32.539	24.453	34.081	23.852	36.480	30.906	50.305	16.298	17.969	1.262	6.023
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	1.249	4	0.247	1	1.380	2	0	0	1.627	3	3.080	8	2.876	7	0.75%
Mining (1xxx)	5.495	7	1.802	6	9.688	18	0.750	1	12.240	25	18.435	33	17.735	32	5.64%
Oil and gas (13xx)	6.352	16	10.293	28	11.970	24	1.563	7	23.826	59	34.238	84	30.178	75	10.97%
Construction (15xx)	1.419	5	1.982	7	0.763	2	0	0	2.744	9	4.164	14	4.164	14	1.26%
Manufacturing (2xxx, 3xxx)	28.205	57	28.970	61	24.164	53	10.242	21	63.377	135	105.782	221	91.582	192	29.18%
Transportation (4xxx)	3.301	11	3.476	10	2.620	11	0.502	2	6.598	23	11.281	36	9.899	34	3.04%
Communications (48xx)	10.016	20	14.739	24	12.424	17	1.462	3	28.625	44	42.927	71	38.641	64	13.18%
Electric, gas, sanitary services (49xx)	9.576	18	3.946	8	7.902	14	1.800	4	13.648	26	26.943	50	23.224	44	6.28%
Wholesale (5xxx)	6.895	17	7.299	18	3.978	13	1.250	4	12.527	35	21.533	57	19.422	52	5.77%
Finance, insurance, real estate (6xxx)	5.808	16	13.294	29	12.590	28	5.064	3	30.949	60	39.676	84	36.757	76	14.25%
Services (7xxx)	10.285	23	6.375	18	7.762	27	1.571	4	15.708	49	27.983	78	25.993	72	7.23%
Health services (8xxx)	4.015	7	1.988	9	2.269	5	1.050	3	5.307	17	11.865	31	9.322	24	2.44%
Total	92.615	201	94.413	219	97.509	214	25.255	52	217.177	485	347.907	767	309.792	686	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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