Analysis of high yield issuance for 12 months through October 2007

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

Yield

	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
5%-5.99%	0	0	0	0	0	0.184	0	0	0	0	0	0.198
6%-6.99%	0	0.994	0.300	1.327	1.498	0.749	4.401	1.547	0	0	0	0
7%-7.99%	4.582	3.200	2.900	5.575	4.912	2.460	10.138	7.437	0	0	0.750	1.657
8%-8.99%	8.550	4.306	4.536	3.248	7.003	1.096	0.360	1.917	0.225	0	2.276	2.953
9%-9.99%	10.095	3.328	2.318	2.811	2.710	2.191	2.691	5.080	2.039	1.500	0.750	0.707
10%-10.99%	2.530	0.860	0.773	0.173	0.810	2.308	1.840	3.558	0.372	0.026	2.078	8.312
11% and higher	1.321	0.609	0.025	0.614	0.632	1.402	0.708	2.856	0.417	0.546	2.670	6.667
Floater	2.725	3.136	1.379	1.116	1.839	1.655	4.952	2.232	0	0	0.105	0.150
NA	0	0	0	0	0	0	0	0	0	0	0.041	0
Total	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
5%-5.99%	0	0	0.184	1	0	0	0.198	1	0.383	2	0.383	2	0.27%
6%-6.99%	3.125	8	6.698	16	0	0	0	0	9.822	24	10.817	25	6.88%
7%-7.99%	13.386	40	20.035	39	0.750	2	1.657	4	35.828	85	43.610	99	25.11%
8%-8.99%	14.786	28	3.373	12	2.501	5	2.953	5	23.613	50	36.469	67	16.55%
9%-9.99%	7.839	25	9.962	25	4.289	7	0.707	2	22.797	59	36.220	79	15.98%
10%-10.99%	1.756	9	7.707	18	2.476	7	8.312	7	20.250	41	23.640	49	14.19%
11% and higher	1.271	6	4.966	11	3.632	11	6.667	13	16.538	41	18.469	49	11.59%
Floater	4.333	12	8.839	29	0.105	1	0.150	1	13.427	43	19.288	61	9.41%
NA	0	0	0	0	0.041	1	0	0	0.041	1	0.041	1	0.03%
Total	46.497	128	61.764	151	13.794	34	20.645	33	142.699	346	188.936	432	100.00%
Versus Talk
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Lower	4.070	0.100	1.335	1.079	0.800	1.085	0	0	0	0	0	0
Low end	7.900	7.651	4.933	6.677	1.525	3.374	9.648	1.724	0.200	0	0	1.180
Middle	8.775	4.945	4.126	3.904	6.370	5.973	9.951	8.751	0.394	2.071	3.178	11.276
High end	5.015	1.525	0.600	1.748	2.238	1.614	2.277	6.941	0.150	0	0	3.061
Higher	3.788	1.258	0	0	6.500	0	0	3.966	2.114	0	0	0.640
NA	0.254	0.955	1.236	1.456	1.970	0	3.215	3.246	0.196	0	5.491	4.488
Total	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Lower	3.214	13	1.085	5	0	0	0	0	4.299	18	8.469	22	3.01%
Low end	13.135	36	14.747	42	0.200	1	1.180	3	29.262	82	44.812	107	20.51%
Middle	14.399	41	24.674	53	5.643	12	11.276	16	55.992	122	69.713	152	39.24%
High end	4.587	11	10.832	20	0.150	1	3.061	3	18.629	35	25.169	45	13.05%
Higher	6.500	3	3.966	8	2.114	5	0.640	3	13.220	19	18.266	27	9.26%
NA	4.662	24	6.461	23	5.687	15	4.488	8	21.297	70	22.507	79	14.92%
Total	46.497	128	61.764	151	13.794	34	20.645	33	142.699	346	188.936	432	100.00%
Upsized?
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Yes	2.841	6.863	4.178	4.951	2.457	2.634	8.325	3.403	0	0.165	3.009	10.781
No	24.264	7.696	6.047	8.772	14.113	5.425	16.536	15.924	2.856	0.406	5.660	7.952
Downsized	2.698	1.875	2.005	1.140	2.833	3.987	0.230	5.300	0.197	1.500	0	1.911
Total	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	11.586	35	14.362	34	3.174	7	10.781	8	39.902	84	49.606	103	27.96%
No	28.932	79	37.886	104	8.923	24	7.952	21	83.693	228	115.654	286	58.65%
Downsized	5.978	14	9.517	13	1.697	3	1.911	4	19.103	34	23.676	43	13.39%
Total	46.497	128	61.764	151	13.794	34	20.645	33	142.699	346	188.936	432	100.00%
Quick Sale?
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Yes	3.695	6.637	1.172	3.580	4.158	1.490	10.239	5.530	0	0.165	3.089	3.806
No	26.108	9.797	11.057	11.283	15.245	10.556	14.851	19.098	3.053	1.906	5.580	16.839
Total	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	8.910	26	17.259	43	3.254	8	3.806	9	33.229	86	43.561	103	23.29%
No	37.586	102	44.505	108	10.540	26	16.839	24	109.470	260	145.375	329	76.71%
Total	46.497	128	61.764	151	13.794	34	20.645	33	142.699	346	188.936	432	100.00%
Seniority
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
mortgage	0	0	0	0	0	0	0.675	0.675	0	0	0	0
senior secured	8.180	0.960	0.093	2.489	1.065	0.681	2.791	1.932	1.250	0.546	0.216	1.000
secured	0.049	0	0	0	0	0	0	0	0	0	0	0.220
senior	19.018	13.639	11.033	9.315	16.228	9.466	18.809	19.203	1.382	1.526	7.012	18.947
senior subordinated	2.555	1.410	1.103	1.960	2.111	1.899	1.566	2.818	0.322	0	1.441	0.478
subordinated	0	0.425	0	1.098	0	0	1.249	0	0.100	0	0	0
Total	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
mortgage	0	0	1.350	3	0	0	0	0	1.350	3	1.350	3	0.95%
senior secured	3.648	12	5.404	22	2.011	5	1.000	4	12.064	43	21.204	55	8.45%
secured	0	0	0	0	0	0	0.220	1	0.220	1	0.270	2	0.15%
senior	36.577	93	47.478	105	9.919	22	18.947	25	112.920	245	145.577	308	79.13%
senior subordinated	5.174	20	6.283	18	1.763	6	0.478	3	13.698	47	17.663	55	9.60%
subordinated	1.098	3	1.249	3	0.100	1	0	0	2.448	7	2.873	9	1.72%
Total	46.497	128	61.764	151	13.794	34	20.645	33	142.699	346	188.936	432	100.00%
Moody's Rating
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Ba1	0	0.994	0.494	1.446	0.498	0.384	4.346	1.774	0	0	0.500	0
Ba2	1.185	1.150	0.697	0.078	2.835	0	2.595	1.156	0	0	0.492	0.700
Ba3	2.506	1.850	1.123	1.575	1.758	0.330	0.700	3.383	1.450	0	0.379	0.261
B1	6.675	4.656	0.877	2.087	1.130	1.099	5.867	3.639	0.616	1.500	0	2.220
B2	12.505	4.099	0.510	2.307	6.876	0.391	2.475	1.109	0.225	0	0.656	0.575
B3	4.073	2.418	4.799	3.241	4.441	1.191	1.898	6.034	0	0.406	3.078	11.613
Caa1	1.795	0.820	1.397	1.057	0.947	5.273	3.544	5.924	0.247	0	1.052	2.080
Caa2	0.914	0.227	0.148	1.900	0.720	0.859	1.290	1.125	0.317	0	0	1.767
NR	0.150	0.220	2.184	1.173	0.198	2.519	2.376	0.483	0.199	0.165	2.513	1.428
Total	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Ba1	2.438	5	6.504	16	0.500	1	0	0	9.442	22	10.437	23	6.62%
Ba2	3.610	10	3.751	10	0.492	1	0.700	1	8.552	22	10.887	27	5.99%
Ba3	4.455	12	4.413	11	1.828	4	0.261	1	10.957	28	15.314	36	7.68%
B1	4.094	14	10.605	22	2.116	3	2.220	3	19.036	42	30.367	56	13.34%
B2	9.693	18	3.975	12	0.881	2	0.575	2	15.124	34	31.728	56	10.60%
B3	12.482	34	9.124	20	3.485	9	11.613	11	36.703	74	43.194	96	25.72%
Caa1	3.401	11	14.741	36	1.299	4	2.080	5	21.521	56	24.136	65	15.08%
Caa2	2.768	8	3.274	7	0.317	1	1.767	5	8.126	21	9.267	24	5.69%
NR	3.555	16	5.378	17	2.876	9	1.428	5	13.237	47	13.607	49	9.28%
Total	46.497	128	61.764	151	13.794	34	20.645	33	142.699	346	188.936	432	100.00%
Use of Proceeds
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Acquisition	0	1.960	1.972	1.465	6.923	1.406	2.751	3.939	0.097	0.381	0.111	0.854
Capex	0.049	0.245	0.330	0	0.689	0.295	1.123	0.925	0	0	0.244	0
Dividend/recap	3.716	1.145	0.148	0.167	0.446	1.380	0.148	0.681	0	0	0.129	0
GCP	0.200	3.951	0.647	3.201	0	0	4.894	1.291	0	0.165	0.532	0.197
LBO	14.298	1.300	2.480	3.215	3.932	6.127	3.160	6.635	0.317	1.500	3.652	14.835
Redeem notes	2.850	1.031	0.777	0.855	2.233	0.730	5.020	2.841	0	0	0.520	0
Refinance	0.450	2.008	2.620	1.336	2.433	0.824	2.443	1.849	1.573	0	2.556	1.029
Repay bank debt	1.450	1.800	1.841	2.076	1.333	0.300	2.148	2.590	0.372	0	0.750	0.761
Multiple/Other/NA	6.790	2.994	1.414	2.548	1.414	0.985	3.404	3.875	0.694	0.026	0.175	2.970
Total	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	10.361	17	8.096	15	0.589	3	0.854	2	19.899	37	21.859	40	13.94%
Capex	1.019	5	2.343	6	0.244	2	0	0	3.606	13	3.900	15	2.53%
Dividend/recap	0.761	4	2.209	10	0.129	1	0	0	3.099	15	7.959	24	2.17%
GCP	3.849	10	6.185	13	0.697	3	0.197	1	10.927	27	15.078	31	7.66%
LBO	9.627	22	15.922	37	5.469	8	14.835	18	45.852	85	61.450	103	32.13%
Redeem notes	3.865	11	8.591	21	0.520	1	0	0	12.976	33	16.857	43	9.09%
Refinance	6.388	22	5.116	12	4.130	7	1.029	3	16.663	44	19.121	53	11.68%
Repay bank debt	5.250	19	5.038	13	1.122	4	0.761	2	12.171	38	15.421	46	8.53%
Multiple/Other/NA	5.377	18	8.265	24	0.895	5	2.970	7	17.506	54	27.291	77	12.27%
Total	46.497	128	61.764	151	13.794	34	20.645	33	142.699	346	188.936	432	100.00%
Industry Sector (by SIC code)
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Agriculture (0xxx)	0	0.225	0.397	0	0	0	0.250	0.325	0	0	0	0
Mining (1xxx)	0.400	0.325	0	0.078	6.000	0	0.997	0.175	0	0	0	0
Oil and gas (13xx)	0.650	1.410	0.872	1.431	1.184	1.100	0.550	2.670	0.150	0	0.361	0.123
Construction (15xx)	0	0	0.150	0.150	0	0.300	0.200	0	0.394	0	0	0.197
Manufacturing (2xxx, 3xxx)	15.358	7.862	4.640	2.666	5.211	2.436	6.338	3.688	0.517	1.665	2.973	2.870
Transportation (4xxx)	0.598	0.298	0	0	0.389	0.794	1.295	0.632	0	0.381	0.150	0.220
Communications (48xx)	0.500	1.946	0.900	4.375	2.250	0.675	1.791	0.671	0.447	0.026	1.156	0
Electric, gas, sanitary services (49xx)	3.132	1.370	0.554	0.750	0.914	0.359	6.099	4.629	1.348	0	0.925	10.478
Wholesale (5xxx)	1.831	0.893	1.930	1.917	1.561	1.410	2.136	3.746	0	0	0	0.729
Finance, insurance, real estate (6xxx)	6.200	0.150	1.640	1.546	0.675	4.427	2.914	1.600	0.100	0	1.532	3.126
Services (7xxx)	1.135	1.955	0.897	1.235	0.603	0.105	2.263	1.418	0.097	0	1.571	1.603
Health services (8xxx)	0	0	0.250	0.716	0.617	0.440	0.257	5.073	0	0	0	1.300
Total	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.397	1	0.575	2	0	0	0	0	0.972	3	1.197	4	0.68%
Mining (1xxx)	6.078	4	1.172	2	0	0	0	0	7.250	6	7.975	9	5.08%
Oil and gas (13xx)	3.488	12	4.320	11	0.511	3	0.123	1	8.441	27	10.501	31	5.92%
Construction (15xx)	0.300	2	0.500	2	0.394	1	0.197	1	1.391	6	1.391	6	0.97%
Manufacturing (2xxx, 3xxx)	12.517	42	12.462	33	5.155	9	2.870	8	33.004	92	56.225	129	23.13%
Transportation (4xxx)	0.389	2	2.721	12	0.531	2	0.220	1	3.861	17	4.757	22	2.71%
Communications (48xx)	7.525	14	3.137	12	1.629	5	0	0	12.291	31	14.737	39	8.61%
Electric, gas, sanitary services (49xx)	2.218	5	11.088	21	2.273	4	10.478	8	26.058	38	30.560	44	18.26%
Wholesale (5xxx)	5.408	17	7.292	16	0	0	0.729	3	13.429	36	16.152	45	9.41%
Finance, insurance, real estate (6xxx)	3.860	12	8.941	20	1.632	4	3.126	3	17.559	39	23.909	45	12.30%
Services (7xxx)	2.735	11	3.786	11	1.668	6	1.603	6	9.792	34	12.882	41	6.86%
Health services (8xxx)	1.582	6	5.769	9	0	0	1.300	2	8.652	17	8.652	17	6.06%
Total	46.497	128	61.764	151	13.794	34	20.645	33	142.699	346	188.936	432	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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