Analysis of investment grade issuance for 13 months through June 2011

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

Spread

	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Less than 75 bps	2.295	6.699	8.164	17.893	14.607	9.096	3.643	19.433	11.519	15.011	5.141	22.199	2.395
75	6.592	10.154	4.885	13.294	10.686	5.644	7.780	7.090	5.370	11.530	6.736	10.994	2.347
100	4.630	4.494	2.542	12.538	4.348	4.001	3.342	14.239	10.589	8.578	6.103	13.090	1.397
125	5.132	7.394	8.069	9.745	2.675	6.527	3.114	11.496	5.038	12.020	2.628	10.000	4.165
150	4.842	1.396	13.019	7.559	4.029	5.795	3.348	9.062	8.867	10.431	3.690	7.410	6.312
175	4.099	9.727	4.983	13.857	4.485	6.257	1.694	10.165	2.596	9.262	4.694	8.766	2.593
200	1.194	4.794	2.694	7.222	2.844	3.013	1.669	4.425	1.889	2.339	2.846	1.490	2.395
225	4.685	5.438	8.858	8.278	4.974	2.605	0.249	5.986	1.240	4.757	2.652	1.248	1.848
250	0.549	5.430	5.967	6.424	0.991	1.073	2.393	3.867	0	0.495	1.998	1.297	0.916
275	1.469	1.197	0	2.244	2.492	2.491	0.249	2.391	0.175	1.444	0.446	5.311	0
300 bps and higher	2.191	7.869	7.688	10.297	4.909	8.092	2.635	8.210	0.741	4.721	0	0	3.270
Floater	3.925	2.050	3.076	5.273	1.044	2.806	3.350	27.892	6.137	20.270	10.756	10.204	2.700
NA	10.452	10.155	13.506	8.173	11.255	4.245	1.445	14.672	5.653	13.577	9.526	15.171	5.167
Total	52.053	76.797	83.451	122.797	69.339	61.645	34.912	138.930	59.815	114.435	57.215	107.181	35.505
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 75 bps	32.755	31	27.346	33	45.963	40	29.735	35	75.698	75	138.094	144	135.799	139	14.75%
75	28.333	36	24.111	36	23.989	40	20.076	31	44.066	71	103.100	152	96.509	143	8.59%
100	19.574	28	11.691	22	33.406	43	20.590	30	53.996	73	89.890	129	85.260	123	10.52%
125	25.208	34	12.317	20	28.554	34	16.792	25	45.347	59	88.003	120	82.872	113	8.84%
150	21.974	33	13.172	27	28.361	31	17.411	26	45.772	57	85.759	124	80.917	117	8.92%
175	28.568	38	12.437	17	22.024	25	16.053	25	38.077	50	83.180	112	79.081	105	7.42%
200	14.710	23	7.526	14	8.653	11	6.731	12	15.384	23	38.815	63	37.620	60	3.00%
225	22.574	32	7.828	12	11.983	17	5.749	9	17.732	26	52.819	75	48.134	70	3.46%
250	17.821	25	4.457	9	4.363	7	4.212	12	8.574	19	31.402	55	30.853	53	1.67%
275	3.441	6	5.232	9	4.011	6	5.758	7	9.768	13	19.911	32	18.441	28	1.90%
300 bps and higher	25.855	40	15.636	29	13.672	15	3.270	6	16.942	21	60.624	96	58.433	90	3.30%
Floater	10.399	28	7.200	21	54.300	71	23.660	34	77.959	105	99.483	162	95.558	154	15.19%
NA	31.834	52	16.945	30	33.902	25	29.864	32	63.767	57	122.998	152	112.546	139	12.43%
Total	283.045	406	165.897	279	313.180	365	199.901	284	513.082	649	1014.077	1416	962.024	1334	100.00%
Tenor
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Less than 1.5 years	1.184	0.100	0.325	1.926	0.430	0	0.750	0.200	0	1.368	0	0.264	0.325
1.5 to 2 years	3.174	3.047	1.127	1.650	0.100	1.206	1.400	4.200	3.585	3.800	2.000	9.300	2.100
2.25 to 4.75 years	7.791	14.534	13.549	18.185	6.966	5.006	6.496	45.270	6.045	30.218	22.153	12.696	6.745
5	15.389	19.019	12.338	31.350	24.006	11.420	9.328	29.679	21.128	28.148	19.281	28.620	8.183
5.25 to 9.75	1.797	5.593	11.147	9.727	3.045	7.820	3.011	17.636	3.268	9.137	3.188	8.646	1.382
10	12.769	25.426	24.603	35.528	20.195	15.909	10.850	32.872	14.796	30.796	7.000	34.022	9.862
10.25 to 20	1.735	4.125	6.673	12.446	2.783	12.578	1.607	0.956	0.858	1.246	0.993	2.625	1.492
Longer than 20	4.415	4.952	13.688	10.735	9.558	7.706	1.470	8.118	7.397	7.994	2.601	11.008	5.417
NA	3.800	0	0	1.250	2.257	0	0	0	2.739	1.730	0	0	0
Total	52.053	76.797	83.451	122.797	69.339	61.645	34.912	138.930	59.815	114.435	57.215	107.181	35.505
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 1.5 years	2.351	10	1.180	5	1.568	5	0.589	3	2.157	8	6.872	28	5.688	23	0.42%
1.5 to 2 years	5.824	12	2.706	8	11.585	14	13.400	16	24.985	30	36.689	55	33.515	50	4.87%
2.25 to 4.75 years	46.268	50	18.469	32	81.533	95	41.594	55	123.126	150	195.654	245	187.863	232	24.00%
5	62.708	83	44.753	55	78.955	86	56.084	62	135.039	148	257.889	303	242.500	286	26.32%
5.25 to 9.75	26.468	42	13.876	31	30.040	22	13.216	20	43.256	42	85.396	119	83.599	115	8.43%
10	85.557	115	46.954	72	78.463	93	50.884	83	129.347	176	274.626	383	261.858	363	25.21%
10.25 to 20	23.244	39	16.968	29	3.060	9	5.110	8	8.169	17	50.116	91	48.381	85	1.59%
Longer than 20	29.375	53	18.734	45	23.508	37	19.026	37	42.534	74	95.058	183	90.643	172	8.29%
NA	1.250	2	2.257	2	4.469	4	0	0	4.469	4	11.776	9	7.976	8	0.87%
Total	283.045	406	165.897	279	313.180	365	199.901	284	513.082	649	1014.077	1416	962.024	1334	100.00%
Upsized?
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Yes	11.413	11.307	28.966	30.776	6.935	14.016	3.689	17.262	10.271	21.004	5.447	8.411	5.380
No	40.641	65.490	54.485	92.021	61.060	47.629	30.974	121.668	49.544	93.432	51.768	98.770	30.125
Downsized	0	0	0	0	1.344	0	0.249	0	0	0	0	0	0
Total	52.053	76.797	83.451	122.797	69.339	61.645	34.912	138.930	59.815	114.435	57.215	107.181	35.505
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	71.048	94	24.640	45	48.536	78	19.239	39	67.775	117	174.876	274	163.464	256	13.21%
No	211.997	312	139.664	231	264.644	287	180.662	245	445.307	532	837.608	1139	796.967	1075	86.79%
Downsized	0	0	1.593	3	0	0	0	0	0	0	1.593	3	1.593	3	0.00%
Total	283.045	406	165.897	279	313.180	365	199.901	284	513.082	649	1014.077	1416	962.024	1334	100.00%
Moody's Rating
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Aaa	4.611	18.379	10.781	13.900	17.543	0	0.500	29.964	11.973	20.774	6.985	19.185	3.997
Aa1	6.785	3.646	2.897	6.091	1.099	0.200	3.997	10.648	0.996	2.018	4.100	2.250	0
Aa2	9.401	7.090	8.652	13.827	5.689	2.155	5.194	24.101	2.098	2.624	10.603	12.971	0.499
Aa3	1.322	6.893	6.592	7.739	9.258	8.005	2.396	23.810	5.284	6.246	4.997	6.342	5.490
A1	1.708	4.731	3.984	5.584	3.429	2.548	1.994	3.549	8.258	13.210	6.527	6.654	0.325
A2	7.430	13.643	6.892	17.204	9.562	6.336	4.635	9.093	6.907	20.733	11.226	17.762	4.446
A3	7.643	2.141	12.495	11.893	4.062	11.355	3.816	1.948	4.588	13.283	1.506	4.036	5.035
Baa1	3.609	5.937	8.689	4.614	5.350	8.935	2.546	13.826	9.170	12.185	2.544	14.277	1.260
Baa2	7.303	7.804	5.781	22.924	6.029	10.651	3.023	13.028	5.372	14.229	4.304	10.837	6.878
Baa3	2.239	5.555	7.300	14.244	5.073	9.504	5.591	6.735	4.921	5.702	3.976	9.226	5.418
Ba1	0	0.398	3.949	0.697	0.200	0.330	1.220	2.229	0.248	0.449	0	0.349	0.764
Ba2	0	0	0	0	1.843	0.064	0	0	0	0	0	0	0.294
Ba3	0	0	3.900	0	0	0.517	0	0	0	0	0	0	0
B1	0	0	0	0	0	0	0	0	0	0	0	2.250	0
NR	0	0.580	1.539	4.082	0.203	1.045	0	0	0	2.980	0.446	1.043	1.099
Total	52.053	76.797	83.451	122.797	69.339	61.645	34.912	138.930	59.815	114.435	57.215	107.181	35.505
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	43.060	31	18.043	10	62.711	36	30.167	20	92.878	56	158.593	102	153.982	97	18.10%
Aa1	12.634	17	5.296	10	13.662	16	6.350	7	20.011	23	44.727	57	37.942	50	3.90%
Aa2	29.568	36	13.037	17	28.823	30	24.073	25	52.896	55	104.903	119	95.502	108	10.31%
Aa3	21.224	25	19.659	23	35.340	30	16.830	19	52.169	49	94.374	99	93.052	97	10.17%
A1	14.299	22	7.972	12	25.017	26	13.506	19	38.524	45	62.502	84	60.794	79	7.51%
A2	37.738	59	20.533	42	36.733	51	33.433	47	70.167	98	135.869	211	128.438	199	13.68%
A3	26.529	43	19.234	38	19.820	30	10.577	22	30.397	52	83.802	142	76.159	133	5.92%
Baa1	19.240	38	16.831	35	35.182	50	18.081	36	53.262	86	92.942	167	89.333	159	10.38%
Baa2	36.508	60	19.702	39	32.629	55	22.019	42	54.647	97	118.161	213	110.858	196	10.65%
Baa3	27.100	54	20.168	38	17.359	34	18.620	36	35.979	70	85.486	168	83.246	162	7.01%
Ba1	5.044	7	1.750	5	2.925	4	1.113	3	4.038	7	10.832	19	10.832	19	0.79%
Ba2	0	0	1.907	3	0	0	0.294	1	0.294	1	2.201	4	2.201	4	0.06%
Ba3	3.900	3	0.517	2	0	0	0	0	0	0	4.417	5	4.417	5	0.00%
B1	0	0	0	0	0	0	2.250	2	2.250	2	2.250	2	2.250	2	0.44%
NR	6.201	11	1.248	5	2.980	3	2.589	5	5.569	8	13.018	24	13.018	24	1.09%
Total	283.045	406	165.897	279	313.180	365	199.901	284	513.082	649	1014.077	1416	962.024	1334	100.00%
Industry Sector (by SIC code)
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Mining (1xxx)	0	0	0.749	5.758	2.974	0	0	0	0	0.998	0	5.984	1.996
Oil and gas (13xx)	5.239	3.729	6.863	6.640	1.050	6.208	2.599	15.847	0.844	3.163	1.824	2.447	0
Construction (15xx)	0	0	0	0.500	0	1.482	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	12.574	3.544	16.769	20.698	11.210	19.737	12.330	7.077	19.323	25.410	7.177	28.363	10.395
Transportation (4xxx)	0.450	1.646	1.749	3.442	1.597	3.283	0.263	1.748	0.746	1.293	0.150	1.994	1.488
Communications (48xx)	0.250	6.789	2.995	1.746	2.731	2.371	0.999	0	3.739	12.974	5.237	0.300	2.551
Electric, gas, sanitary services (49xx)	2.933	2.628	4.301	8.473	2.201	6.272	1.951	7.715	1.498	4.242	0.400	8.998	2.962
Wholesale (5xxx)	1.934	2.538	0.650	3.495	5.761	1.497	0.498	0.795	1.689	2.990	9.036	2.775	0
Finance, insurance, real estate (6xxx)	28.428	52.001	43.930	59.533	38.921	18.645	15.525	104.251	29.139	60.394	33.391	49.738	14.468
Services (7xxx)	0.246	3.922	5.445	12.513	2.895	1.229	0.748	0.996	2.836	1.729	0	6.582	1.644
Health services (8xxx)	0	0	0	0	0	0.922	0	0.500	0	1.243	0	0	0
Total	52.053	76.797	83.451	122.797	69.339	61.645	34.912	138.930	59.815	114.435	57.215	107.181	35.505
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	6.507	11	2.974	4	0.998	2	7.980	10	8.978	12	18.458	27	18.458	27	1.75%
Oil and gas (13xx)	17.232	22	9.857	15	19.854	23	4.271	8	24.126	31	56.454	72	51.215	68	4.70%
Construction (15xx)	0.500	1	1.482	1	0	0	0	0	0	0	1.982	2	1.982	2	0.00%
Manufacturing (2xxx, 3xxx)	41.011	68	43.277	80	51.810	77	45.935	72	97.745	149	194.608	320	182.034	297	19.05%
Transportation (4xxx)	6.837	16	5.142	11	3.786	7	3.632	11	7.418	18	19.847	46	19.397	45	1.45%
Communications (48xx)	11.529	12	6.101	9	16.713	16	8.089	9	24.802	25	42.682	47	42.432	46	4.83%
Electric, gas, sanitary services (49xx)	15.402	42	10.423	35	13.455	30	12.360	35	25.815	65	54.573	151	51.640	142	5.03%
Wholesale (5xxx)	6.683	14	7.756	11	5.474	9	11.811	14	17.285	23	33.658	52	31.723	48	3.37%
Finance, insurance, real estate (6xxx)	155.463	197	73.090	99	193.784	184	97.598	114	291.383	298	548.364	633	519.936	594	56.79%
Services (7xxx)	21.881	23	4.872	12	5.561	12	8.226	11	13.788	23	40.786	59	40.540	58	2.69%
Health services (8xxx)	0	0	0.922	2	1.743	5	0	0	1.743	5	2.665	7	2.665	7	0.34%
Total	283.045	406	165.897	279	313.180	365	199.901	284	513.082	649	1014.077	1416	962.024	1334	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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