Analysis of high yield issuance for 12 months through September 2007

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

Yield

	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007
5%-5.99%	0	0	0	0	0	0	0.184	0	0	0	0	0
6%-6.99%	0.620	0	0.994	0.300	1.327	1.498	0.749	4.401	1.547	0	0	0
7%-7.99%	4.602	4.582	3.200	2.900	5.575	4.912	2.460	10.138	7.437	0	0	0.750
8%-8.99%	0.771	8.550	4.306	4.536	3.248	7.003	1.096	0.360	1.917	0.225	0	2.276
9%-9.99%	5.125	10.095	3.328	2.318	2.811	2.710	2.191	2.691	5.080	2.039	1.500	0.750
10%-10.99%	1.000	2.530	0.860	0.773	0.173	0.810	2.308	1.840	3.558	0.372	0.026	2.078
11% and higher	2.053	1.321	0.609	0.025	0.614	0.632	1.402	0.708	2.856	0.417	0.546	2.670
Floater	2.200	2.725	3.136	1.379	1.116	1.839	1.655	4.952	2.232	0	0	0.105
NA	0	0	0	0	0	0	0	0	0	0	0	0.041
Total	16.370	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
5%-5.99%	0	0	0	0	0.184	1	0	0	0.184	1	0.184	1	0.15%
6%-6.99%	1.614	3	3.125	8	6.698	16	0	0	9.822	24	11.437	27	8.05%
7%-7.99%	12.384	23	13.386	40	20.035	39	0.750	2	34.171	81	46.555	104	28.00%
8%-8.99%	13.627	21	14.786	28	3.373	12	2.501	5	20.661	45	34.287	66	16.93%
9%-9.99%	18.548	27	7.839	25	9.962	25	4.289	7	22.090	57	40.638	84	18.10%
10%-10.99%	4.390	10	1.756	9	7.707	18	2.476	7	11.938	34	16.328	44	9.78%
11% and higher	3.983	16	1.271	6	4.966	11	3.632	11	9.870	28	13.854	44	0.0808
Floater	8.061	22	4.333	12	8.839	29	0.105	1	13.277	42	21.338	64	10.88%
NA	0	0	0	0	0	0	0.041	1	0.041	1	0.041	1	0.03%
Total	62.607	122	46.497	128	61.764	151	13.794	34	122.055	313	184.662	435	100.00%
Versus Talk
	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007
Lower	1.940	4.070	0.100	1.335	1.079	0.800	1.085	0	0	0	0	0
Low end	3.453	7.900	7.651	4.933	6.677	1.525	3.374	9.648	1.724	0.200	0	0
Middle	4.674	8.775	4.945	4.126	3.904	6.370	5.973	9.951	8.751	0.394	2.071	3.178
High end	3.175	5.015	1.525	0.600	1.748	2.238	1.614	2.277	6.941	0.150	0	0
Higher	1.950	3.788	1.258	0	0	6.500	0	0	3.966	2.114	0	0
Other/NA	1.178	0.254	0.955	1.236	1.456	1.970	0	3.215	3.246	0.196	0	5.491
Total	16.370	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Lower	6.110	9	3.214	13	1.085	5	0	0	4.299	18	10.409	27	3.52%
Low end	19.003	32	13.135	36	14.747	42	0.200	1	28.082	79	47.085	111	23.01%
Middle	18.395	38	14.399	41	24.674	53	5.643	12	44.717	106	63.111	144	36.64%
High end	9.715	16	4.587	11	10.832	20	0.150	1	15.568	32	25.283	48	12.75%
Higher	6.996	13	6.500	3	3.966	8	2.114	5	12.580	16	19.576	29	10.31%
Other/NA	2.388	14	4.662	24	6.461	23	5.687	15	16.809	62	19.197	76	13.77%
Total	62.607	122	46.497	128	61.764	151	13.794	34	122.055	313	184.662	435	100.00%
Upsized?
	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007
Yes	2.347	2.841	6.863	4.178	4.951	2.457	2.634	8.325	3.403	0	0.165	3.009
No	12.304	24.264	7.696	6.047	8.772	14.113	5.425	16.536	15.924	2.856	0.406	5.660
Downsized	1.720	2.698	1.875	2.005	1.140	2.833	3.987	0.230	5.300	0.197	1.500	0
Total	16.370	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	12.050	25	11.586	35	14.362	34	3.174	7	29.121	76	41.171	101	23.86%
No	44.264	84	28.932	79	37.886	104	8.923	24	75.741	207	120.005	291	62.05%
Downsized	6.293	13	5.978	14	9.517	13	1.697	3	17.192	30	23.485	43	14.09%
Total	62.607	122	46.497	128	61.764	151	13.794	34	122.055	313	184.662	435	100.00%
Quick Sale?
	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007
Yes	3.135	3.695	6.637	1.172	3.580	4.158	1.490	10.239	5.530	0	0.165	3.089
No	13.235	26.108	9.797	11.057	11.283	15.245	10.556	14.851	19.098	3.053	1.906	5.580
Total	16.370	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	13.467	26	8.910	26	17.259	43	3.254	8	29.423	77	42.890	103	24.11%
No	49.140	96	37.586	102	44.505	108	10.540	26	92.632	236	141.772	332	75.89%
Total	62.607	122	46.497	128	61.764	151	13.794	34	122.055	313	184.662	435	100.00%
Seniority
	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007
mortgage	0	0	0	0	0	0	0	0.675	0.675	0	0	0
senior secured	4.026	8.180	0.960	0.093	2.489	1.065	0.681	2.791	1.932	1.250	0.546	0.216
secured	0	0.049	0	0	0	0	0	0	0	0	0	0
senior	10.042	19.018	13.639	11.033	9.315	16.228	9.466	18.809	19.203	1.382	1.526	7.012
senior subordinated	1.450	2.555	1.410	1.103	1.960	2.111	1.899	1.566	2.818	0.322	0	1.441
subordinated	0.852	0	0.425	0	1.098	0	0	1.249	0	0.100	0	0
Total	16.370	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
mortgage	0	0	0	0	1.350	3	0	0	1.350	3	1.350	3	1.11%
senior secured	13.166	19	3.648	12	5.404	22	2.011	5	11.064	39	24.230	58	9.06%
secured	0.049	1	0	0	0	0	0	0	0	0	0.049	1	0.00%
senior	42.699	84	36.577	93	47.478	105	9.919	22	93.973	220	136.673	304	76.99%
senior subordinated	5.415	13	5.174	20	6.283	18	1.763	6	13.220	44	18.635	57	10.83%
subordinated	1.277	5	1.098	3	1.249	3	0.100	1	2.448	7	3.725	12	2.01%
Total	62.607	122	46.497	128	61.764	151	13.794	34	122.055	313	184.662	435	100.00%
Moody's Rating
	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007
Ba1	1.992	0	0.994	0.494	1.446	0.498	0.384	4.346	1.774	0	0	0.500
Ba2	2.681	1.185	1.150	0.697	0.078	2.835	0	2.595	1.156	0	0	0.492
Ba3	0.465	2.506	1.850	1.123	1.575	1.758	0.330	0.700	3.383	1.450	0	0.379
B1	2.240	6.675	4.656	0.877	2.087	1.130	1.099	5.867	3.639	0.616	1.500	0
B2	3.025	12.505	4.099	0.510	2.307	6.876	0.391	2.475	1.109	0.225	0	0.656
B3	1.475	4.073	2.418	4.799	3.241	4.441	1.191	1.898	6.034	0	0.406	3.078
Caa1	2.133	1.795	0.820	1.397	1.057	0.947	5.273	3.544	5.924	0.247	0	1.052
Caa2	1.750	0.914	0.227	0.148	1.900	0.720	0.859	1.290	1.125	0.317	0	0
NR	0.609	0.150	0.220	2.184	1.173	0.198	2.519	2.376	0.483	0.199	0.165	2.513
Total	16.370	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Ba1	2.987	5	2.438	5	6.504	16	0.500	1	9.442	22	12.429	27	7.74%
Ba2	5.016	8	3.610	10	3.751	10	0.492	1	7.852	21	12.868	29	6.43%
Ba3	4.821	10	4.455	12	4.413	11	1.828	4	10.696	27	15.518	37	8.76%
B1	13.572	19	4.094	14	10.605	22	2.116	3	16.816	39	30.387	58	13.78%
B2	19.629	28	9.693	18	3.975	12	0.881	2	14.549	32	34.178	60	11.92%
B3	7.966	27	12.482	34	9.124	20	3.485	9	25.090	63	33.056	90	20.56%
Caa1	4.748	15	3.401	11	14.741	36	1.299	4	19.441	51	24.188	66	15.93%
Caa2	2.890	5	2.768	8	3.274	7	0.317	1	6.359	16	9.249	21	5.21%
NR	0.979	5	3.555	16	5.378	17	2.876	9	11.809	42	12.788	47	9.68%
Total	62.607	122	46.497	128	61.764	151	13.794	34	122.055	313	184.662	435	100.00%
Use of Proceeds
	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007
Acquisition	2.045	0	1.960	1.972	1.465	6.923	1.406	2.751	3.939	0.097	0.381	0.111
Capex	0.600	0.049	0.245	0.330	0	0.689	0.295	1.123	0.925	0	0	0.244
Dividend/recap	1.000	3.716	1.145	0.148	0.167	0.446	1.380	0.148	0.681	0	0	0.129
GCP	0.370	0.200	3.951	0.647	3.201	0	0	4.894	1.291	0	0.165	0.532
LBO	6.394	14.298	1.300	2.480	3.215	3.932	6.127	3.160	6.635	0.317	1.500	3.652
Redeem notes	1.050	2.850	1.031	0.777	0.855	2.233	0.730	5.020	2.841	0	0	0.520
Refinance	1.500	0.450	2.008	2.620	1.336	2.433	0.824	2.443	1.849	1.573	0	2.556
Repay bank debt	0.375	1.450	1.800	1.841	2.076	1.333	0.300	2.148	2.590	0.372	0	0.750
Multiple/Other/NA	3.037	6.790	2.994	1.414	2.548	1.414	0.985	3.404	3.875	0.694	0.026	0.175
Total	16.370	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	4.005	8	10.361	17	8.096	15	0.589	3	19.045	35	23.050	43	15.60%
Capex	0.894	3	1.019	5	2.343	6	0.244	2	3.606	13	4.500	16	2.95%
Dividend/recap	5.860	12	0.761	4	2.209	10	0.129	1	3.099	15	8.959	27	2.54%
GCP	4.521	6	3.849	10	6.185	13	0.697	3	10.731	26	15.251	32	8.79%
LBO	21.992	27	9.627	22	15.922	37	5.469	8	31.018	67	53.009	94	25.41%
Redeem notes	4.931	14	3.865	11	8.591	21	0.520	1	12.976	33	17.907	47	10.63%
Refinance	3.958	11	6.388	22	5.116	12	4.130	7	15.634	41	19.592	52	12.81%
Repay bank debt	3.625	10	5.250	19	5.038	13	1.122	4	11.410	36	15.035	46	9.35%
Multiple/Other/NA	12.821	31	5.377	18	8.265	24	0.895	5	14.536	47	27.357	78	11.91%
Total	62.607	122	46.497	128	61.764	151	13.794	34	122.055	313	184.662	435	100.00%
Industry Sector (by SIC code)
	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007
Agriculture (0xxx)	0	0	0.225	0.397	0	0	0	0.250	0.325	0	0	0
Mining (1xxx)	0.897	0.400	0.325	0	0.078	6.000	0	0.997	0.175	0	0	0
Oil and gas (13xx)	0.200	0.650	1.410	0.872	1.431	1.184	1.100	0.550	2.670	0.150	0	0.361
Construction (15xx)	0	0	0	0.150	0.150	0	0.300	0.200	0	0.394	0	0
Manufacturing (2xxx, 3xxx)	5.711	15.358	7.862	4.640	2.666	5.211	2.436	6.338	3.688	0.517	1.665	2.973
Transportation (4xxx)	0	0.598	0.298	0	0	0.389	0.794	1.295	0.632	0	0.381	0.150
Communications (48xx)	2.350	0.500	1.946	0.900	4.375	2.250	0.675	1.791	0.671	0.447	0.026	1.156
Electric, gas, sanitary services (49xx)	2.553	3.132	1.370	0.554	0.750	0.914	0.359	6.099	4.629	1.348	0	0.925
Wholesale (5xxx)	2.083	1.831	0.893	1.930	1.917	1.561	1.410	2.136	3.746	0	0	0
Finance, insurance, real estate (6xxx)	0.555	6.200	0.150	1.640	1.546	0.675	4.427	2.914	1.600	0.100	0	1.532
Services (7xxx)	2.021	1.135	1.955	0.897	1.235	0.603	0.105	2.263	1.418	0.097	0	1.571
Health services (8xxx)	0	0	0	0.250	0.716	0.617	0.440	0.257	5.073	0	0	0
Total	16.370	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.225	1	0.397	1	0.575	2	0	0	0.972	3	1.197	4	0.80%
Mining (1xxx)	1.622	5	6.078	4	1.172	2	0	0	7.250	6	8.872	11	5.94%
Oil and gas (13xx)	2.260	5	3.488	12	4.320	11	0.511	3	8.319	26	10.579	31	6.82%
Construction (15xx)	0	0	0.300	2	0.500	2	0.394	1	1.194	5	1.194	5	0.98%
Manufacturing (2xxx, 3xxx)	28.931	47	12.517	42	12.462	33	5.155	9	30.135	84	59.066	131	24.69%
Transportation (4xxx)	0.896	5	0.389	2	2.721	12	0.531	2	3.641	16	4.537	21	2.98%
Communications (48xx)	4.796	11	7.525	14	3.137	12	1.629	5	12.291	31	17.087	42	10.07%
Electric, gas, sanitary services (49xx)	7.055	13	2.218	5	11.088	21	2.273	4	15.579	30	22.635	43	12.76%
Wholesale (5xxx)	4.806	14	5.408	17	7.292	16	0	0	12.700	33	17.506	47	10.41%
Finance, insurance, real estate (6xxx)	6.905	9	3.860	12	8.941	20	1.632	4	14.433	36	21.338	45	11.82%
Services (7xxx)	5.111	12	2.735	11	3.786	11	1.668	6	8.188	28	13.300	40	6.71%
Health services (8xxx)	0	0	1.582	6	5.769	9	0	0	7.352	15	7.352	15	6.02%
Total	62.607	122	46.497	128	61.764	151	13.794	34	122.055	313	184.662	435	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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