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

Total year-to-date issuance: $85.105 billion in 246 deals

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

Yield

	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Less than 6%	0.895	0	0	0	0.209	0	0	0	0	0	0	0
6%-6.99%	1.873	0.400	1.350	1.074	1.415	1.346	4.194	1.346	1.047	0.072	0	0.497
7%-7.99%	2.401	0.621	2.637	2.175	7.216	1.674	1.299	2.282	4.927	1.751	0.500	2.436
8%-8.99%	2.821	0.600	1.623	2.845	4.668	0.369	1.750	1.970	0.742	2.002	1.030	0
9%-9.99%	0.993	0	1.019	1.123	0.160	0.672	0.382	2.007	1.354	4.230	1.585	2.887
10%-10.99%	0.837	0.443	1.301	1.764	0.440	0.682	1.130	0.625	0.937	1.630	0.707	2.425
11% and higher	0.521	0.043	1.446	1.936	1.009	0.300	0.953	1.380	0.725	2.604	0.855	1.195
Floater	1.123	1.014	0.588	1.672	0.200	0.650	0.300	3.664	0.427	2.456	0.250	1.540
Total	11.467	3.120	9.964	12.589	15.316	5.694	10.008	13.274	10.160	14.745	4.927	10.980
	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	0.25%
6%-6.99%	2.824	10	6.955	17	2.465	7	0.497	1	9.917	25	14.614	42	11.65%
7%-7.99%	5.433	15	10.189	20	8.960	28	2.936	8	22.085	56	29.919	82	25.95%
8%-8.99%	5.068	13	6.787	16	4.714	16	1.030	5	12.532	37	20.421	57	14.73%
9%-9.99%	2.142	9	1.213	7	7.591	20	4.472	9	13.277	36	16.412	48	15.60%
10%-10.99%	3.508	13	2.252	8	3.192	13	3.132	8	8.577	29	12.922	45	10.08%
11% and higher	3.426	21	2.262	10	4.709	18	2.050	8	9.021	36	12.966	61	10.60%
Floater	3.274	15	1.150	4	6.548	16	1.790	6	9.488	26	13.885	46	11.15%
Total	25.672	96	31.017	83	38.180	118	15.907	45	85.105	246	122.244	384	100.00%
Versus Talk
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Lower	0.824	0	0	1.244	0.300	0	0	1.308	0	0.084	0.250	0.185
Low end	0.853	0	1.075	4.651	4.947	1.714	0.798	4.265	1.227	0.654	1.847	1.678
Middle	3.899	1.865	2.832	3.112	7.492	2.900	3.544	4.964	4.479	5.860	0.990	5.746
High end	1.517	0.301	3.765	0.957	1.684	0.150	3.879	1.044	2.706	4.457	0	2.665
Higher	3.572	0.266	1.350	1.142	0.684	0	0.840	1.022	0.340	1.429	1.540	0.417
NA	0.801	0.688	0.942	1.483	0.209	0.930	0.946	0.671	1.408	2.262	0.300	0.289
Total	11.467	3.120	9.964	12.589	15.316	5.694	10.008	13.274	10.160	14.745	4.927	10.980
	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	0.435	2	2.127	8	4.195	14	2.50%
Low end	5.726	12	7.460	18	6.145	19	3.525	10	17.130	47	23.709	62	20.13%
Middle	7.809	30	13.936	33	15.303	38	6.736	16	35.974	87	47.683	130	42.27%
High end	5.022	20	5.713	15	8.207	22	2.665	5	16.584	42	23.124	68	19.49%
Higher	2.758	12	1.524	6	2.791	9	1.957	9	6.272	24	12.602	49	7.37%
NA	3.113	19	2.085	10	4.342	25	0.589	3	7.017	38	10.931	61	8.25%
Total	25.672	96	31.017	83	38.180	118	15.907	45	85.105	246	122.244	384	100.00%
Upsized?
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Yes	4.795	0.575	1.374	1.593	4.144	1.449	4.228	6.126	2.465	1.007	0.626	7.307
No	5.212	2.029	7.928	8.344	9.739	3.979	4.870	4.646	6.978	10.303	3.516	3.388
Downsized	1.459	0.516	0.662	2.652	1.434	0.265	0.910	2.503	0.717	3.435	0.785	0.285
Total	11.467	3.120	9.964	12.589	15.316	5.694	10.008	13.274	10.160	14.745	4.927	10.980
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	3.542	11	9.821	24	9.598	23	7.933	17	27.353	64	35.689	89	32.14%
No	18.301	75	18.588	51	21.927	74	6.904	24	47.418	149	70.931	248	55.72%
Downsized	3.830	10	2.609	8	6.655	21	1.070	4	10.334	33	15.623	47	12.14%
Total	25.672	96	31.017	83	38.180	118	15.907	45	85.105	246	122.244	384	100.00%
Quick Sale?
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Yes	2.125	1.290	1.264	1.020	5.357	2.666	5.090	3.839	2.488	2.868	0.700	5.193
No	9.341	1.830	8.700	11.568	9.959	3.028	4.918	9.435	7.672	11.877	4.227	5.788
Total	11.467	3.120	9.964	12.589	15.316	5.694	10.008	13.274	10.160	14.745	4.927	10.980
	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	5.893	13	28.200	76	33.900	103	33.14%
No	22.098	79	17.905	50	28.985	88	10.015	32	56.905	170	88.344	281	66.86%
Total	25.672	96	31.017	83	38.180	118	15.907	45	85.105	246	122.244	384	100.00%
Add on?
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Yes	0.455	0.418	0.110	0.144	1.105	0.282	0.196	0.610	0.036	0.184	0.280	1.351
No	11.012	2.702	9.853	12.444	14.211	5.412	9.812	12.665	10.124	14.562	4.647	9.629
Total	11.467	3.120	9.964	12.589	15.316	5.694	10.008	13.274	10.160	14.745	4.927	10.980
	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	1.632	7	4.044	21	5.171	34	4.75%
No	25.000	88	29.434	76	37.351	111	14.276	38	81.061	225	117.073	350	95.25%
Total	25.672	96	31.017	83	38.180	118	15.907	45	85.105	246	122.244	384	100.00%
Seniority
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
mortgage	0	0	0	0	0.209	0	0.819	0	0.249	0.184	0	0
senior secured	0.596	0.210	0.165	2.200	0.267	0.719	0.637	0.167	2.993	0.540	0.775	2.800
secured	0	0	0	0	0	0	0.100	0	0	0	0	0
senior	7.556	2.609	8.307	7.960	13.219	4.359	6.702	10.808	5.806	12.835	2.972	6.679
senior subordinated	2.814	0.301	1.491	2.429	1.621	0.564	1.750	2.225	1.112	1.187	0.880	1.295
subordinated	0.500	0	0	0	0	0.052	0	0.075	0	0	0.300	0.206
Total	11.467	3.120	9.964	12.589	15.316	5.694	10.008	13.274	10.160	14.745	4.927	10.980
	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	1.72%
senior secured	2.575	14	1.623	6	3.699	12	3.575	10	8.897	28	12.069	45	10.45%
secured	0	0	0.100	1	0	0	0	0	0.100	1	0.100	1	0.12%
senior	18.876	65	24.280	59	29.448	85	9.651	24	63.379	168	89.811	259	74.47%
senior subordinated	4.221	17	3.934	12	4.524	17	2.175	9	10.634	38	17.669	67	12.50%
subordinated	0	0	0.052	1	0.075	1	0.506	2	0.633	4	1.133	5	0.74%
Total	25.672	96	31.017	83	38.180	118	15.907	45	85.105	246	122.244	384	100.00%
Moody's Rating
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Ba1	0.600	0	1.600	0	0.709	0.300	0.848	2.147	1.391	0.883	0.300	0.206
Ba2	2.295	0.400	0.494	0.199	1.694	1.198	2.895	2.589	2.339	0.690	0	1.341
Ba3	2.465	0.349	0.201	1.440	1.815	1.372	1.100	1.599	0.663	2.653	0	5.351
B1	1.727	0.647	2.379	4.926	5.247	0	0	0.875	1.664	0	0.900	0
B2	2.242	0.780	1.670	1.185	2.070	0.470	2.560	1.597	0.745	2.422	1.050	0.292
B3	1.326	0.467	2.033	1.934	1.002	1.494	1.146	0.433	0.925	5.619	1.850	2.430
Caa1	0.472	0.367	0.844	1.104	2.779	0	0.587	1.728	1.177	2.067	0.580	1.175
Caa2	0	0	0.423	0.672	0	0	0.336	0.800	0.297	0.147	0	0
Ca	0.150	0	0	0	0	0	0	0	0	0	0	0
NR	0.190	0.110	0.320	1.128	0	0.859	0.536	1.507	0.960	0.265	0.247	0.185
Total	11.467	3.120	9.964	12.589	15.316	5.694	10.008	13.274	10.160	14.745	4.927	10.980
	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	0.506	2	6.784	20	8.984	25	7.97%
Ba2	1.093	4	5.787	14	5.617	11	1.341	3	12.745	28	16.133	38	14.98%
Ba3	1.990	7	4.287	10	4.915	11	5.351	9	14.553	30	19.007	45	17.10%
B1	7.953	20	5.247	7	2.539	9	0.900	3	8.686	19	18.366	47	10.21%
B2	3.635	16	5.101	15	4.763	15	1.342	4	11.206	34	17.083	58	13.17%
B3	4.434	17	3.641	15	6.977	23	4.280	15	14.898	53	20.658	75	17.51%
Caa1	2.316	13	3.366	8	4.973	16	1.755	7	10.094	31	12.882	47	11.86%
Caa2	1.094	7	0.336	1	1.244	4	0	0	1.580	5	2.674	12	1.86%
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	0.432	2	4.559	26	6.306	36	5.36%
Total	25.672	96	31.017	83	38.180	118	15.907	45	85.105	246	122.244	384	100.00%
Use of Proceeds
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Acquisition	2.319	1.082	0.794	0.465	7.245	0.150	2.396	0.456	1.891	7.009	0	1.265
Capex	0.075	0	0.150	0.600	0.248	0.420	0.725	0.075	0.125	0.305	0.154	1.750
Chapter 11 exit	0	0	0	0.850	0	0	0	0	0	0	0	0
Dividend/recap	0.349	0.150	0.183	0.546	0	0.052	0.336	0	0.297	0.593	0	0.442
GCP	0.600	0.134	0.060	0.901	0	0.200	1.178	0.200	0	0.174	0	3.368
LBO	2.038	0.460	2.642	3.602	0.684	1.405	0.525	1.714	1.497	0.362	2.060	2.175
Redeem notes	2.919	0.175	2.173	1.975	2.693	0.324	2.299	1.816	3.073	0.669	0.690	0
Refinance	0.264	0.200	0.635	2.076	1.027	0.969	0.350	3.357	0.674	1.316	1.097	0
Repay bank debt	0.400	0.210	1.067	0.688	1.968	1.726	0.799	2.111	1.482	1.247	0.926	1.980
Multiple/Other/NA	2.504	0.709	2.260	0.886	1.450	0.447	1.400	3.545	1.122	3.071	0	0
Total	11.467	3.120	9.964	12.589	15.316	5.694	10.008	13.274	10.160	14.745	4.927	10.980
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	2.341	12	9.791	16	9.356	17	1.265	5	20.412	38	25.073	57	23.98%
Capex	0.750	3	1.394	7	0.505	3	1.904	5	3.802	15	4.627	19	4.47%
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	0.442	2	1.721	9	2.949	15	2.02%
GCP	1.094	6	1.378	5	0.374	2	3.368	6	5.120	13	6.815	20	6.02%
LBO	6.704	21	2.614	10	3.573	16	4.235	12	10.421	38	19.163	66	12.24%
Redeem notes	4.322	11	5.316	12	5.557	19	0.690	4	11.563	35	18.804	56	13.59%
Refinance	2.912	13	2.347	7	5.347	15	1.097	3	8.791	25	11.967	40	10.33%
Repay bank debt	1.965	11	4.493	14	4.840	19	2.906	8	12.239	41	14.604	56	14.38%
Multiple/Other/NA	3.854	14	3.297	10	7.738	22	0	0	11.035	32	17.393	54	12.97%
Total	25.672	96	31.017	83	38.180	118	15.907	45	85.105	246	122.244	384	100.00%
Industry Sector (by SIC code)
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Agriculture (0xxx)	0	0	0	0.195	0.300	0.150	0	0.125	0	0	0.300	0
Mining (1xxx)	0	0	0	1.205	0	0.400	0	0	0	0.175	0	1.650
Oil and gas (13xx)	1.450	0.175	1.264	0.150	0.825	0	1.050	0.869	0.445	2.158	0.126	0.445
Construction (15xx)	0.372	0.150	0	0.426	0	0.300	0.298	0.400	0	0.525	0	0
Manufacturing (2xxx, 3xxx)	1.431	0.778	4.822	1.196	2.686	1.358	3.031	3.517	4.011	3.079	1.925	5.224
Transportation (4xxx)	0.075	0	0	0	0	0.300	0.200	0.583	0.130	0	0.200	0.100
Communications (48xx)	0.499	0.134	0.848	1.881	3.357	0.382	0.868	2.323	0.880	5.418	0.704	0.935
Electric, gas, sanitary services (49xx)	0.174	0.650	0.642	1.632	4.034	0.449	1.299	0.399	1.880	0.954	1.047	0.391
Wholesale (5xxx)	3.782	0	0.586	1.049	0.550	0.650	0.685	1.698	0	0.380	0	0.250
Finance, insurance, real estate (6xxx)	1.581	0.446	1.050	1.172	0.500	0.996	0	1.698	1.377	0	0	0
Services (7xxx)	1.480	0.787	0.538	3.485	2.716	0.709	2.575	1.662	0.502	0.886	0.625	1.986
Health services (8xxx)	0.622	0	0.215	0.199	0.347	0	0	0	0.935	1.171	0	0
Total	11.467	3.120	9.964	12.589	15.316	5.694	10.008	13.274	10.160	14.745	4.927	10.980
	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	1.03%
Mining (1xxx)	1.205	3	0.400	1	0.175	1	1.650	3	2.225	5	3.430	8	2.61%
Oil and gas (13xx)	1.589	6	1.876	6	3.472	11	0.571	4	5.919	21	8.958	31	6.95%
Construction (15xx)	0.576	3	0.598	2	0.925	4	0	0	1.523	6	2.471	11	1.79%
Manufacturing (2xxx, 3xxx)	6.796	23	7.075	21	10.607	31	7.149	16	24.830	68	33.057	98	29.18%
Transportation (4xxx)	0	0	0.500	2	0.713	4	0.300	2	1.513	8	1.588	9	1.78%
Communications (48xx)	2.862	11	4.608	13	8.621	15	1.639	5	14.867	33	18.229	47	17.47%
Electric, gas, sanitary services (49xx)	2.923	9	5.783	10	3.233	14	1.438	5	10.455	29	13.552	39	12.28%
Wholesale (5xxx)	1.635	8	1.885	5	2.078	9	0.250	1	4.213	15	9.630	33	4.95%
Finance, insurance, real estate (6xxx)	2.668	12	1.496	2	3.075	8	0	0	4.571	10	8.819	28	5.37%
Services (7xxx)	4.810	17	6.000	17	3.050	14	2.611	8	11.661	39	17.951	61	13.70%
Health services (8xxx)	0.414	2	0.347	2	2.106	6	0	0	2.453	8	3.489	13	2.88%
Total	25.672	96	31.017	83	38.180	118	15.907	45	85.105	246	122.244	384	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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