Analysis of investment grade issuance for 13 months through December 2011

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

Spread

	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Less than 75 bps	3.643	19.433	11.519	15.011	5.141	22.199	3.395	9.677	10.189	5.987	11.081	4.988	2.000
75	7.780	7.090	5.370	11.530	6.736	10.994	2.347	5.390	6.823	1.492	5.398	4.936	1.098
100	3.342	14.239	10.589	8.578	6.103	13.090	1.397	0.249	7.039	5.091	6.847	6.318	1.098
125	3.114	11.496	5.038	12.020	2.628	10.000	4.165	4.638	7.976	9.915	3.737	8.364	2.197
150	3.348	9.062	8.867	10.431	3.690	7.410	6.312	5.258	9.413	4.351	0.596	9.326	0
175	1.694	10.165	2.596	9.262	4.694	8.766	2.593	3.581	7.535	6.400	1.691	7.826	3.572
200	1.669	4.425	1.889	2.339	2.846	1.490	2.395	2.993	1.448	5.099	3.578	7.359	5.784
225	0.249	5.986	1.240	4.757	2.652	1.248	1.848	5.497	2.293	3.967	8.608	3.805	4.343
250	2.393	3.867	0	0.495	1.998	1.297	0.916	1.500	0.249	2.844	2.242	5.191	4.732
275	0.249	2.391	0.175	1.444	0.446	5.311	0	0	0.995	1.149	3.740	5.628	0.733
300 bps and higher	2.635	8.210	0.741	4.721	0	0	3.270	0.867	1.880	5.351	7.546	6.441	3.931
Floater	4.000	27.892	6.137	20.370	10.756	10.204	2.700	2.975	1.850	1.200	2.085	1.750	1.858
NA	1.445	14.672	5.779	13.577	9.526	15.526	5.167	10.237	5.188	12.772	8.239	15.111	2.820
Total	35.562	138.930	59.941	114.535	57.215	107.536	36.505	52.862	62.877	65.618	65.387	87.043	34.165
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 75 bps	45.963	40	30.735	36	25.854	22	18.069	13	120.621	111	124.264	116	120.621	111	13.67%
75	23.989	40	20.076	31	13.704	24	11.431	17	69.201	112	76.982	125	69.201	112	7.84%
100	33.406	43	20.590	30	12.379	23	14.263	20	80.637	116	83.979	122	80.637	116	9.14%
125	28.554	34	16.792	25	22.529	27	14.298	24	82.173	110	85.287	118	82.173	110	9.31%
150	28.361	31	17.411	26	19.022	30	9.922	17	74.715	104	78.063	114	74.715	104	8.47%
175	22.024	25	16.053	25	17.516	22	13.088	21	68.681	93	70.375	96	68.681	93	7.78%
200	8.653	11	6.731	12	9.540	14	16.722	20	41.646	57	43.315	60	41.646	57	4.72%
225	11.983	17	5.749	9	11.757	11	16.756	22	46.246	59	46.495	60	46.246	59	5.24%
250	4.363	7	4.212	12	4.592	8	12.165	15	25.332	42	27.725	46	25.332	42	2.87%
275	4.011	6	5.758	7	2.144	6	10.100	16	22.012	35	22.261	36	22.012	35	2.49%
300 bps and higher	13.672	15	3.270	6	8.098	18	17.919	29	42.959	68	45.595	75	42.959	68	4.87%
Floater	54.400	72	23.660	34	6.025	18	5.693	16	89.777	140	93.777	150	89.777	140	10.17%
NA	34.029	26	30.219	34	28.197	28	26.170	37	118.615	125	120.060	128	118.615	125	13.44%
Total	313.407	367	201.256	287	181.358	251	186.596	267	882.617	1172	918.179	1246	882.617	1172	100.00%
Tenor
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Less than 1.5 years	0.750	0.200	0	1.468	0	0.264	0.325	0	0.150	0.100	1.141	0.250	1.008
1.5 to 2 years	2.050	4.200	3.585	3.800	2.000	9.300	2.100	1.125	0.900	0.750	5.294	5.799	2.000
2.25 to 4.75 years	6.496	45.270	6.171	30.218	22.153	12.696	6.745	14.340	3.560	9.529	10.947	11.659	5.977
5	9.328	29.679	21.128	28.148	19.281	28.620	9.183	18.930	18.997	24.336	15.113	21.593	8.828
5.25 to 9.75	3.011	17.636	3.268	9.137	3.188	8.646	1.382	2.791	6.725	1.490	6.967	4.291	2.039
10	10.850	32.872	14.796	30.796	7.000	34.022	9.862	11.347	19.588	19.587	12.858	25.510	10.500
10.25 to 20	1.607	0.956	0.858	1.246	0.993	2.900	1.492	0.300	3.308	2.525	6.224	3.589	0
Longer than 20	1.470	8.118	7.397	7.994	2.601	11.088	5.417	4.029	9.651	7.301	6.844	14.102	3.814
NA	0	0	2.739	1.730	0	0	0	0	0	0	0	0.250	0
Total	35.562	138.930	59.941	114.535	57.215	107.536	36.505	52.862	62.877	65.618	65.387	87.043	34.165
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 1.5 years	1.668	6	0.589	3	0.250	2	2.399	9	4.906	20	5.656	22	4.906	20	0.56%
1.5 to 2 years	11.585	14	13.400	16	2.775	8	13.093	15	40.853	53	42.903	57	40.853	53	4.63%
2.25 to 4.75 years	81.659	96	41.594	55	27.429	41	28.583	35	179.264	227	185.761	239	179.264	227	20.31%
5	78.955	86	57.084	63	62.262	63	45.534	55	243.835	267	253.163	284	243.835	267	27.63%
5.25 to 9.75	30.040	22	13.216	20	11.006	18	13.296	18	67.558	78	70.569	86	67.558	78	7.65%
10	78.463	93	50.884	83	50.522	74	48.868	75	228.736	325	239.586	348	228.736	325	25.92%
10.25 to 20	3.060	9	5.385	9	6.133	11	9.813	10	24.390	39	25.997	42	24.390	39	2.76%
Longer than 20	23.508	37	19.106	38	20.981	34	24.760	49	88.356	158	89.826	163	88.356	158	10.01%
NA	4.469	4	0	0	0	0	0.250	1	4.719	5	4.719	5	4.719	5	0.53%
Total	313.407	367	201.256	287	181.358	251	186.596	267	882.617	1172	918.179	1246	882.617	1172	100.00%
Upsized?
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Yes	3.689	17.262	10.271	21.004	5.447	8.411	5.380	9.669	13.762	11.824	2.493	13.255	5.531
No	31.624	121.668	49.670	93.532	51.768	99.125	31.125	43.194	48.865	53.794	62.895	73.789	28.635
Downsized	0.249	0	0	0	0	0	0	0	0.250	0	0	0	0
Total	35.562	138.930	59.941	114.535	57.215	107.536	36.505	52.862	62.877	65.618	65.387	87.043	34.165
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	48.536	78	19.239	39	35.255	38	21.278	36	124.308	191	127.997	198	124.308	191	14.08%
No	264.870	289	182.017	248	145.853	212	165.318	231	758.058	980	789.682	1046	758.058	980	85.89%
Downsized	0	0	0	0	0.250	1	0	0	0.250	1	0.499	2	0.250	1	0.03%
Total	313.407	367	201.256	287	181.358	251	186.596	267	882.617	1172	918.179	1246	882.617	1172	100.00%
Moody's Rating
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Aaa	1.150	29.964	12.099	20.774	6.985	19.265	3.997	8.312	7.513	15.468	20.225	10.351	2.454
Aa1	3.997	10.648	0.996	2.118	4.100	2.250	0	1.999	0.650	0.100	0.699	0	0.250
Aa2	5.194	24.101	2.098	2.624	10.603	12.971	1.499	9.440	1.999	3.046	3.526	4.645	0.925
Aa3	2.396	23.810	5.284	6.246	4.997	6.342	5.490	5.593	6.828	2.490	10.370	4.040	1.432
A1	1.994	3.549	8.258	13.210	6.527	6.654	0.325	6.989	2.491	11.268	3.639	5.827	2.544
A2	4.635	9.093	6.907	20.733	11.226	18.037	4.446	9.737	22.783	8.421	7.157	6.930	8.364
A3	3.816	1.948	4.588	13.283	1.506	4.036	5.035	0.249	5.036	6.887	6.239	13.653	2.911
Baa1	2.546	13.826	9.170	12.185	2.544	14.277	1.260	7.333	2.496	6.579	4.411	14.907	10.505
Baa2	3.023	13.028	5.372	14.229	4.304	10.837	6.878	1.347	6.766	6.579	5.382	11.207	3.939
Baa3	5.591	6.735	4.921	5.702	3.976	9.226	5.418	1.613	4.112	4.031	3.739	13.926	0.595
Ba1	1.220	2.229	0.248	0.449	0	0.349	0.764	0	0.250	0.750	0	0.300	0.248
Ba2	0	0	0	0	0	0	0.294	0.250	0	0	0	0	0
B1	0	0	0	0	0	2.250	0	0	0	0	0	0	0
NR	0	0	0	2.980	0.446	1.043	1.099	0	1.955	0	0	1.259	0
Total	35.562	138.930	59.941	114.535	57.215	107.536	36.505	52.862	62.877	65.618	65.387	87.043	34.165
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	62.837	37	30.247	21	31.292	17	33.030	24	157.407	99	158.557	101	157.407	99	17.83%
Aa1	13.762	17	6.350	7	2.749	7	0.949	3	23.809	34	27.807	41	23.809	34	2.70%
Aa2	28.823	30	25.073	26	14.485	16	9.096	14	77.477	86	82.671	95	77.477	86	8.78%
Aa3	35.340	30	16.830	19	14.910	15	15.842	21	82.921	85	85.317	88	82.921	85	9.39%
A1	25.017	26	13.506	19	20.748	23	12.010	18	71.281	86	73.276	88	71.281	86	8.08%
A2	36.733	51	33.708	48	40.941	55	22.451	32	133.833	186	138.468	196	133.833	186	15.16%
A3	19.820	30	10.577	22	12.172	21	22.803	38	65.373	111	69.188	123	65.373	111	7.41%
Baa1	35.182	50	18.081	36	16.409	32	29.823	47	99.494	165	102.040	170	99.494	165	11.27%
Baa2	32.629	55	22.019	42	14.692	36	20.527	36	89.867	169	92.890	180	89.867	169	10.18%
Baa3	17.359	34	18.620	36	9.755	22	18.260	29	63.993	121	69.584	131	63.993	121	7.25%
Ba1	2.925	4	1.113	3	0.999	2	0.548	2	5.585	11	6.805	14	5.585	11	0.63%
Ba2	0	0	0.294	1	0.250	1	0	0	0.544	2	0.544	2	0.544	2	0.06%
B1	0	0	2.250	2	0	0	0	0	2.250	2	2.250	2	2.250	2	0.25%
NR	2.980	3	2.589	5	1.955	4	1.259	3	8.783	15	8.783	15	8.783	15	1.00%
Total	313.407	367	201.256	287	181.358	251	186.596	267	882.617	1172	918.179	1246	882.617	1172	100.00%
Industry Sector (by SIC code)
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Mining (1xxx)	0	0	0	0.998	0	5.984	1.996	0	0.993	2.002	0.491	6.972	0
Oil and gas (13xx)	2.599	15.847	0.844	3.163	1.824	2.447	0	2.987	5.339	3.743	3.967	8.088	2.490
Construction (15xx)	0	0	0	0	0	0	0	0	0	0.496	0	0	0
Manufacturing (2xxx, 3xxx)	12.330	7.077	19.323	25.410	7.177	28.363	10.395	8.674	14.074	23.084	16.377	27.367	15.054
Transportation (4xxx)	0.263	1.748	0.746	1.293	0.150	1.994	1.488	0.300	3.154	1.622	0.851	1.304	0
Communications (48xx)	0.999	0	3.739	12.974	5.237	0.300	2.551	0	12.755	5.711	5.988	0.499	0.988
Electric, gas, sanitary services (49xx)	1.951	7.715	1.498	4.242	0.400	8.998	3.962	0.737	8.607	4.233	2.359	6.361	3.273
Wholesale (5xxx)	0.498	0.795	1.689	2.990	9.036	2.775	0	1.000	0.349	0.792	1.544	7.383	0
Finance, insurance, real estate (6xxx)	16.175	104.251	29.266	60.494	33.391	50.093	14.468	39.165	14.878	23.935	33.811	26.731	11.514
Services (7xxx)	0.748	0.996	2.836	1.729	0	6.582	1.644	0	2.729	0	0	2.088	0.846
Health services (8xxx)	0	0.500	0	1.243	0	0	0	0	0	0	0	0.250	0
Total	35.562	138.930	59.941	114.535	57.215	107.536	36.505	52.862	62.877	65.618	65.387	87.043	34.165
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.998	2	7.980	10	2.995	6	7.463	10	19.435	28	19.435	28	19.435	28	2.20%
Oil and gas (13xx)	19.854	23	4.271	8	12.068	15	14.545	20	50.739	66	53.338	69	50.739	66	5.75%
Construction (15xx)	0	0	0	0	0.496	1	0	0	0.496	1	0.496	1	0.496	1	0.06%
Manufacturing (2xxx, 3xxx)	51.810	77	45.935	72	45.831	72	58.799	90	202.376	311	214.706	339	202.376	311	22.93%
Transportation (4xxx)	3.786	7	3.632	11	5.077	14	2.155	6	14.650	38	14.913	39	14.650	38	1.66%
Communications (48xx)	16.713	16	8.089	9	18.466	14	7.475	10	50.743	49	51.742	50	50.743	49	5.75%
Electric, gas, sanitary services (49xx)	13.455	30	13.360	36	13.576	40	11.994	30	52.384	136	54.335	145	52.384	136	5.94%
Wholesale (5xxx)	5.474	9	11.811	14	2.141	5	8.927	14	28.352	42	28.850	43	28.352	42	3.21%
Finance, insurance, real estate (6xxx)	194.011	186	97.953	116	77.978	78	72.056	81	441.998	461	458.173	490	441.998	461	50.08%
Services (7xxx)	5.561	12	8.226	11	2.729	6	2.934	5	19.450	34	20.198	36	19.450	34	2.20%
Health services (8xxx)	1.743	5	0	0	0	0	0.250	1	1.993	6	1.993	6	1.993	6	0.23%
Total	313.407	367	201.256	287	181.358	251	186.596	267	882.617	1172	918.179	1246	882.617	1172	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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