Analysis of year to date high yield issuance through end of September

Total issuance: $45,110.88 million in 191 deals.

Columns are amounts in millions of dollars, count of deals and percentage of total dollar amount.

Yield

<8%	3,470.04	10	7.69%
8%-8.99%	12,522.40	45	27.76%
9%-9.99%	12,769.26	54	28.31%
10%-10.99%	8,004.10	38	17.74%
11%-11.99%	4,724.34	21	10.47%
12%-12.99%	2,628.97	14	5.83%
>=13%	991.77	9	2.20%
Total	$45,110.88	191
Use of proceeds
Acquisition	1,312.84	8	2.91%
Acquisitions and other uses	2,427.09	10	5.38%
Capital expenditures	789.96	3	1.75%
Chapter 11 exit	500.00	2	1.11%
General corporate purposes	922.80	3	2.05%
LBOs	2,514.15	10	5.57%
Recapitalization	1,071.85	3	2.38%
Refinance/repay notes	2,342.66	8	5.19%
Other refi (may include bank debt)	4,567.82	18	10.13%
Repay bank debt	15,057.32	66	33.38%
Repay bank debt and other uses	9,190.73	38	20.37%
Tender for notes	1,097.39	6	2.43%
Others, multiple uses	3,316.28	16	7.35%
	$45,110.88	191
Moody's rating
Ba1	2,386.44	7	5.29%
Ba2	3,634.10	12	8.06%
Ba3	6,409.62	28	14.21%
B1	6,305.26	26	13.98%
B2	15,324.78	61	33.97%
B3	9,407.29	48	20.85%
Caa1	1,127.61	3	2.50%
Caa3	172.26	1	0.38%
NR	343.51	5	0.76%
Total	$45,110.88	191
Upsized?
Yes	18,777.19	66	41.62%
No	23,898.69	114	52.98%
Downsized	2,435.00	11	5.40%
	$45,110.88	191
Add ons?
Yes	3,470.50	26	7.69%
No	41,640.38	165	92.31%
	$45,110.88	191
Seniority
First mortgage	987.09	3	2.19%
Second mortgage	850.00	1	1.88%
Bonds	99.04	1	0.22%
Mortgage	159.38	1	0.35%
Senior	21,556.00	86	47.78%
Senior secured	4,262.86	18	9.45%
Senior sec 2nd priority	333.53	2	0.74%
Senior subordinated	16,290.50	76	36.11%
Subordinated	572.49	3	1.27%
	$45,110.88	191
Industry sector (by SIC code)
Oil and gas (13xx)	3,474.46	16	7.70%
Builders (15xx)	1,545.88	8	3.43%
Manufacturing (2xxx, 3xxx)	18,457.66	72	40.92%
Transportation (4xxx)	2,219.07	10	4.92%
Communications (48xx)	4,957.61	19	10.99%
Retail (5xxx)	3,491.78	17	7.74%
Finance, insurance, real estate (6xxx)	1,866.34	8	4.14%
Services (7xxx)	6,674.78	28	14.80%
Health (8xxx)	2,169.93	11	4.81%
Others	253.38	2	0.56%
Total	$45,110.88	191

Criteria

* The tables include all 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.

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