Analysis of high yield issuance for year to date and 12 months through July

Total year-to-date issuance: $74.664 billion in 219 deals

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

Yield

	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
Less than 6%	0	0.895	0	0	0	0.209	0	0	0	0	0	0
6%-6.99%	2.314	1.873	0.400	1.350	1.074	1.415	1.346	4.194	1.346	1.047	0.072	0
7%-7.99%	1.250	2.401	0.621	2.637	2.175	7.216	1.674	1.299	2.282	4.927	1.751	0.500
8%-8.99%	1.148	2.821	0.600	1.623	2.845	4.668	0.369	1.750	1.970	0.742	2.002	1.030
9%-9.99%	1.493	0.993	0	1.019	1.123	0.699	0.672	0.382	2.007	1.354	4.230	1.585
10%-10.99%	0.076	0.837	0.443	1.301	1.764	0.440	0.682	1.130	0.625	0.937	1.630	0.707
11% and higher	0.119	0.521	0.043	1.446	1.936	1.009	0.300	0.953	1.380	0.725	2.604	0.855
Floater	0.682	1.123	1.014	0.588	1.672	0.200	0.650	0.300	3.664	0.427	2.456	0.250
Total	7.081	11.467	3.120	9.964	12.589	15.855	5.694	10.008	13.274	10.160	14.745	4.927
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Less than 6%	0	0	0.209	1	0	0	0	0	0.209	1	1.105	3	0.28%
6%-6.99%	2.824	10	6.955	17	2.465	7	0	0	9.420	24	16.431	50	12.62%
7%-7.99%	5.433	15	10.189	20	8.960	28	0.500	1	19.649	49	28.732	80	26.32%
8%-8.99%	5.068	13	6.787	16	4.714	16	1.030	5	12.532	37	21.569	61	16.78%
9%-9.99%	2.142	9	1.753	7	7.591	20	1.585	4	10.929	31	15.557	49	14.64%
10%-10.99%	3.508	13	2.252	8	3.192	13	0.707	3	6.152	24	10.573	41	8.24%
11% and higher	3.426	21	2.262	10	4.709	18	0.855	4	7.826	32	11.890	58	10.49%
Floater	3.274	15	1.150	4	6.548	16	0.250	1	7.948	21	13.027	46	10.65%
Total	25.672	96	31.557	83	38.180	118	4.927	18	74.664	219	118.884	388	100.00%
Versus Talk
	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
Lower	0	0.824	0	0	1.244	0.300	0	0	1.308	0	0.084	0.250
Low end	2.103	0.853	0	1.075	4.651	4.947	1.714	0.798	4.265	1.227	0.654	1.847
Middle	3.266	3.899	1.865	2.832	3.112	7.492	2.900	3.544	4.964	4.479	5.860	0.990
High end	0.721	1.517	0.301	3.765	0.957	2.223	0.150	3.879	1.044	2.706	4.457	0
Higher	0.289	3.572	0.266	1.350	1.142	0.684	0	0.840	1.022	0.340	1.429	1.540
NA	0.702	0.801	0.688	0.942	1.483	0.209	0.930	0.946	0.671	1.408	2.262	0.300
Total	7.081	11.467	3.120	9.964	12.589	15.855	5.694	10.008	13.274	10.160	14.745	4.927
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Lower	1.244	3	0.300	1	1.392	5	0.250	1	1.942	7	4.009	13	2.60%
Low end	5.726	12	7.460	18	6.145	19	1.847	5	15.452	42	24.134	67	20.70%
Middle	7.809	30	13.936	33	15.303	38	0.990	5	30.229	76	45.203	129	40.49%
High end	5.022	20	6.252	15	8.207	22	0	0	14.459	37	21.719	66	19.37%
Higher	2.758	12	1.524	6	2.791	9	1.540	6	5.855	21	12.475	48	7.84%
NA	3.113	19	2.085	10	4.342	25	0.300	1	6.727	36	11.343	65	9.01%
Total	25.672	96	31.557	83	38.180	118	4.927	18	74.664	219	118.884	388	100.00%
Upsized?
	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
Yes	2.349	4.795	0.575	1.374	1.593	4.683	1.449	4.228	6.126	2.465	1.007	0.626
No	3.801	5.212	2.029	7.928	8.344	9.739	3.979	4.870	4.646	6.978	10.303	3.516
Downsized	0.931	1.459	0.516	0.662	2.652	1.434	0.265	0.910	2.503	0.717	3.435	0.785
Total	7.081	11.467	3.120	9.964	12.589	15.855	5.694	10.008	13.274	10.160	14.745	4.927
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	3.542	11	10.360	24	9.598	23	0.626	3	20.585	50	31.271	84	27.57%
No	18.301	75	18.588	51	21.927	74	3.516	13	44.030	138	71.345	256	58.97%
Downsized	3.830	10	2.609	8	6.655	21	0.785	2	10.048	31	16.268	48	13.46%
Total	25.672	96	31.557	83	38.180	118	4.927	18	74.664	219	118.884	388	100.00%
Quick Sale?
	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
Yes	4.013	2.125	1.290	1.264	1.020	5.357	2.666	5.090	3.839	2.488	2.868	0.700
No	3.068	9.341	1.830	8.700	11.568	10.499	3.028	4.918	9.435	7.672	11.877	4.227
Total	7.081	11.467	3.120	9.964	12.589	15.855	5.694	10.008	13.274	10.160	14.745	4.927
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	3.575	17	13.112	33	9.195	30	0.700	2	23.007	65	32.720	108	30.81%
No	22.098	79	18.444	50	28.985	88	4.227	16	51.656	154	86.164	280	69.18%
Total	25.672	96	31.557	83	38.180	118	4.927	18	74.664	219	118.884	388	100.00%
Add on?
	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
Yes	1.151	0.455	0.418	0.110	0.144	1.105	0.282	0.196	0.610	0.036	0.184	0.280
No	5.930	11.012	2.702	9.853	12.444	14.750	5.412	9.812	12.665	10.124	14.562	4.647
Total	7.081	11.467	3.120	9.964	12.589	15.855	5.694	10.008	13.274	10.160	14.745	4.927
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	0.672	8	1.583	7	0.829	7	0.280	2	2.692	16	4.971	36	3.61%
No	25.000	88	29.974	76	37.351	111	4.647	16	71.971	203	113.913	352	96.39%
Total	25.672	96	31.557	83	38.180	118	4.927	18	74.664	219	118.884	388	100.00%
Seniority
	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
mortgage	0	0	0	0	0	0.209	0	0.819	0	0.249	0.184	0
senior secured	0.537	0.596	0.210	0.165	2.200	0.267	0.719	0.637	0.167	2.993	0.540	0.775
secured	0.090	0	0	0	0	0	0	0.100	0	0	0	0
senior	4.541	7.556	2.609	8.307	7.960	13.759	4.359	6.702	10.808	5.806	12.835	2.972
senior subordinated	1.913	2.814	0.301	1.491	2.429	1.621	0.564	1.750	2.225	1.112	1.187	0.880
subordinated	0	0.500	0	0	0	0	0.052	0	0.075	0	0	0.300
Total	7.081	11.467	3.120	9.964	12.589	15.855	5.694	10.008	13.274	10.160	14.745	4.927
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
mortgage	0	0	1.029	4	0.433	3	0	0	1.462	7	1.462	7	1.96%
senior secured	2.575	14	1.623	6	3.699	12	0.775	3	6.097	21	9.806	42	8.17%
secured	0	0	0.100	1	0	0	0	0	0.100	1	0.190	2	0.13%
senior	18.876	65	24.819	59	29.448	85	2.972	10	57.239	154	88.212	262	76.66%
senior subordinated	4.221	17	3.934	12	4.524	17	0.880	4	9.339	33	18.287	71	12.51%
subordinated	0	0	0.052	1	0.075	1	0.300	1	0.427	3	0.927	4	0.57%
Total	25.672	96	31.557	83	38.180	118	4.927	18	74.664	219	118.884	388	100.00%
Moody's Rating
	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
Ba1	0.295	0.600	0	1.600	0	0.709	0.300	0.848	2.147	1.391	0.883	0.300
Ba2	1.220	2.295	0.400	0.494	0.199	1.694	1.198	2.895	2.589	2.339	0.690	0
Ba3	0.994	2.465	0.349	0.201	1.440	1.815	1.372	1.100	1.599	0.663	2.653	0
B1	0.704	1.727	0.647	2.379	4.926	5.247	0	0	0.875	1.664	0	0.900
B2	1.626	2.242	0.780	1.670	1.185	2.070	0.470	2.560	1.597	0.745	2.422	1.050
B3	1.150	1.326	0.467	2.033	1.934	1.541	1.494	1.146	0.433	0.925	5.619	1.850
Caa1	1.015	0.472	0.367	0.844	1.104	2.779	0	0.587	1.728	1.177	2.067	0.580
Caa2	0.076	0	0	0.423	0.672	0	0	0.336	0.800	0.297	0.147	0
Ca	0	0.150	0	0	0	0	0	0	0	0	0	0
NR	0	0.190	0.110	0.320	1.128	0	0.859	0.536	1.507	0.960	0.265	0.247
Total	7.081	11.467	3.120	9.964	12.589	15.855	5.694	10.008	13.274	10.160	14.745	4.927
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Ba1	1.600	4	1.857	6	4.421	12	0.300	1	6.578	19	9.073	25	8.81%
Ba2	1.093	4	5.787	14	5.617	11	0	0	11.404	25	16.011	40	15.27%
Ba3	1.990	7	4.287	10	4.915	11	0	0	9.202	21	14.651	39	12.32%
B1	7.953	20	5.247	7	2.539	9	0.900	3	8.686	19	19.070	51	11.63%
B2	3.635	16	5.101	15	4.763	15	1.050	2	10.914	32	18.417	62	14.62%
B3	4.434	17	4.180	15	6.977	23	1.850	8	13.007	46	19.917	74	17.42%
Caa1	2.316	13	3.366	8	4.973	16	0.580	3	8.919	27	12.722	48	11.95%
Caa2	1.094	7	0.336	1	1.244	4	0	0	1.580	5	2.751	13	2.12%
Ca	0	0	0	0	0	0	0	0	0	0	0.150	1	0.00%
NR	1.557	8	1.396	7	2.731	17	0.247	1	4.374	25	6.121	35	5.86%
Total	25.672	96	31.557	83	38.180	118	4.927	18	74.664	219	118.884	388	100.00%
Use of Proceeds
	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
Acquisition	0	2.319	1.082	0.794	0.465	7.785	0.150	2.396	0.456	1.891	7.009	0
Capex	0.076	0.075	0	0.150	0.600	0.248	0.420	0.725	0.075	0.125	0.305	0.154
Chapter 11 exit	0	0	0	0	0.850	0	0	0	0	0	0	0
Dividend/recap	0.729	0.349	0.150	0.183	0.546	0	0.052	0.336	0	0.297	0.593	0
GCP	0.491	0.600	0.134	0.060	0.901	0	0.200	1.178	0.200	0	0.174	0
LBO	0.765	2.038	0.460	2.642	3.602	0.684	1.405	0.525	1.714	1.497	0.362	2.060
Redeem notes	0.811	2.919	0.175	2.173	1.975	2.693	0.324	2.299	1.816	3.073	0.669	0.690
Refinance	1.025	0.264	0.200	0.635	2.076	1.027	0.969	0.350	3.357	0.674	1.316	1.097
Repay bank debt	1.544	0.400	0.210	1.067	0.688	1.968	1.726	0.799	2.111	1.482	1.247	0.926
Multiple/Other/NA	1.640	2.504	0.709	2.260	0.886	1.450	0.447	1.400	3.545	1.122	3.071	0
Total	7.081	11.467	3.120	9.964	12.589	15.855	5.694	10.008	13.274	10.160	14.745	4.927
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	2.341	12	10.330	16	9.356	17	0	0	19.686	33	24.347	52	26.37%
Capex	0.750	3	1.394	7	0.505	3	0.154	1	2.052	11	2.953	16	2.75%
Chapter 11 exit	0.850	1	0	0	0	0	0	0	0	0	0.850	1	0.00%
Dividend/recap	0.879	4	0.388	2	0.890	5	0	0	1.278	7	3.236	17	1.71%
GCP	1.094	6	1.378	5	0.374	2	0	0	1.752	7	3.937	16	2.35%
LBO	6.704	21	2.614	10	3.573	16	2.060	7	8.246	33	17.753	63	11.04%
Redeem notes	4.322	11	5.316	12	5.557	19	0.690	4	11.563	35	19.615	59	15.49%
Refinance	2.912	13	2.347	7	5.347	15	1.097	3	8.791	25	12.991	44	11.77%
Repay bank debt	1.965	11	4.493	14	4.840	19	0.926	3	10.259	36	14.168	58	13.74%
Multiple/Other/NA	3.854	14	3.297	10	7.738	22	0	0	11.035	32	19.033	62	14.78%
Total	25.672	96	31.557	83	38.180	118	4.927	18	74.664	219	118.884	388	100.00%
Industry Sector (by SIC code)
	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
Agriculture (0xxx)	0	0	0	0	0.195	0.300	0.150	0	0.125	0	0	0.300
Mining (1xxx)	0	0	0	0	1.205	0	0.400	0	0	0	0.175	0
Oil and gas (13xx)	0.594	1.450	0.175	1.264	0.150	1.365	0	1.050	0.869	0.445	2.158	0.126
Construction (15xx)	0.795	0.372	0.150	0	0.426	0	0.300	0.298	0.400	0	0.525	0
Manufacturing (2xxx, 3xxx)	1.922	1.431	0.778	4.822	1.196	2.686	1.358	3.031	3.517	4.011	3.079	1.925
Transportation (4xxx)	0	0.075	0	0	0	0	0.300	0.200	0.583	0.130	0	0.200
Communications (48xx)	0.991	0.499	0.134	0.848	1.881	3.357	0.382	0.868	2.323	0.880	5.418	0.704
Electric, gas, sanitary services (49xx)	0.715	0.174	0.650	0.642	1.632	4.034	0.449	1.299	0.399	1.880	0.954	1.047
Wholesale (5xxx)	0.367	3.782	0	0.586	1.049	0.550	0.650	0.685	1.698	0	0.380	0
Finance, insurance, real estate (6xxx)	0.064	1.581	0.446	1.050	1.172	0.500	0.996	0	1.698	1.377	0	0
Services (7xxx)	1.483	1.480	0.787	0.538	3.485	2.716	0.709	2.575	1.662	0.502	0.886	0.625
Health services (8xxx)	0.150	0.622	0	0.215	0.199	0.347	0	0	0	0.935	1.171	0
Total	7.081	11.467	3.120	9.964	12.589	15.855	5.694	10.008	13.274	10.160	14.745	4.927
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.195	2	0.450	2	0.125	1	0.300	1	0.875	4	1.070	6	1.17%
Mining (1xxx)	1.205	3	0.400	1	0.175	1	0	0	0.575	2	1.780	5	0.77%
Oil and gas (13xx)	1.589	6	2.415	6	3.472	11	0.126	1	6.013	18	9.647	30	8.05%
Construction (15xx)	0.576	3	0.598	2	0.925	4	0	0	1.523	6	3.266	15	2.04%
Manufacturing (2xxx, 3xxx)	6.796	23	7.075	21	10.607	31	1.925	7	19.607	59	29.756	96	26.26%
Transportation (4xxx)	0	0	0.500	2	0.713	4	0.200	1	1.413	7	1.488	8	1.89%
Communications (48xx)	2.862	11	4.608	13	8.621	15	0.704	2	13.932	30	18.285	47	18.66%
Electric, gas, sanitary services (49xx)	2.923	9	5.783	10	3.233	14	1.047	3	10.063	27	13.876	41	13.48%
Wholesale (5xxx)	1.635	8	1.885	5	2.078	9	0	0	3.963	14	9.746	35	5.31%
Finance, insurance, real estate (6xxx)	2.668	12	1.496	2	3.075	8	0	0	4.571	10	8.884	29	6.12%
Services (7xxx)	4.810	17	6.000	17	3.050	14	0.625	3	9.676	34	17.448	62	12.96%
Health services (8xxx)	0.414	2	0.347	2	2.106	6	0	0	2.453	8	3.639	14	3.29%
Total	25.672	96	31.557	83	38.180	118	4.927	18	74.664	219	118.884	388	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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