Analysis of high yield issuance for 12 months through November 2007

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

Yield

	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
5%-5.99%	0	0	0	0	0.184	0	0	0	0	0	0.198	0
6%-6.99%	0.994	0.300	1.327	1.498	0.749	4.401	1.547	0	0	0	0	0
7%-7.99%	3.200	2.900	5.575	4.912	2.460	10.138	7.437	0	0	0.750	1.657	0.176
8%-8.99%	4.306	4.536	3.248	7.003	1.096	0.360	1.917	0.225	0	2.276	2.953	2.472
9%-9.99%	3.328	2.318	2.811	2.710	2.191	2.691	5.080	2.039	1.500	0.750	0.707	0.312
10%-10.99%	0.860	0.773	0.173	0.810	2.308	1.840	3.558	0.372	0.026	2.078	8.312	1.980
11% and higher	0.609	0.025	0.614	0.632	1.402	0.708	2.856	0.417	0.546	2.670	6.667	6.281
Floater	3.136	1.379	1.116	1.839	1.655	4.952	2.232	0	0	0.105	0.150	0
NA	0	0	0	0	0	0	0	0	0	0.041	0	0
Total	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222
	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	0.25%
6%-6.99%	3.125	8	6.698	16	0	0	0	0	9.822	24	10.817	25	6.38%
7%-7.99%	13.386	40	20.035	39	0.750	2	1.834	6	36.005	87	39.205	94	23.39%
8%-8.99%	14.786	28	3.373	12	2.501	5	5.424	10	26.085	55	30.391	62	16.95%
9%-9.99%	7.839	25	9.962	25	4.289	7	1.019	4	23.110	61	26.438	70	15.01%
10%-10.99%	1.756	9	7.707	18	2.476	7	10.292	11	22.230	45	23.090	48	14.44%
11% and higher	1.271	6	4.966	11	3.632	11	12.948	23	22.820	51	23.430	53	14.82%
Floater	4.333	12	8.839	29	0.105	1	0.150	1	13.427	43	16.563	52	8.72%
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	31.867	56	153.922	369	170.356	407	100.00%
Versus Talk
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Lower	0.100	1.335	1.079	0.800	1.085	0	0	0	0	0	0	0.601
Low end	7.651	4.933	6.677	1.525	3.374	9.648	1.724	0.200	0	0	1.180	0.575
Middle	4.945	4.126	3.904	6.370	5.973	9.951	8.751	0.394	2.071	3.178	11.276	0.387
High end	1.525	0.600	1.748	2.238	1.614	2.277	6.941	0.150	0	0	3.061	2.321
Higher	1.258	0	0	6.500	0	0	3.966	2.114	0	0	0.640	1.105
NA	0.955	1.236	1.456	1.970	0	3.215	3.246	0.196	0	5.491	4.488	6.233
Total	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222
	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	0.601	3	4.900	21	5.000	22	3.18%
Low end	13.135	36	14.747	42	0.200	1	1.755	4	29.837	83	37.487	94	19.38%
Middle	14.399	41	24.674	53	5.643	12	11.663	18	56.380	124	61.325	139	36.63%
High end	4.587	11	10.832	20	0.150	1	5.382	8	20.950	40	22.475	43	13.61%
Higher	6.500	3	3.966	8	2.114	5	1.745	6	14.325	22	15.583	24	9.31%
NA	4.662	24	6.461	23	5.687	15	10.722	17	27.531	79	28.486	85	17.89%
Total	46.497	128	61.764	151	13.794	34	31.867	56	153.922	369	170.356	407	100.00%
Upsized?
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Yes	6.863	4.178	4.951	2.457	2.634	8.325	3.403	0	0.165	3.009	10.781	1.488
No	7.696	6.047	8.772	14.113	5.425	16.536	15.924	2.856	0.406	5.660	7.952	9.434
Downsized	1.875	2.005	1.140	2.833	3.987	0.230	5.300	0.197	1.500	0	1.911	0.300
Total	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222
	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	12.269	12	41.391	88	48.253	99	26.89%
No	28.932	79	37.886	104	8.923	24	17.387	39	93.128	246	100.824	268	60.50%
Downsized	5.978	14	9.517	13	1.697	3	2.211	5	19.403	35	21.278	40	12.61%
Total	46.497	128	61.764	151	13.794	34	31.867	56	153.922	369	170.356	407	100.00%
Quick Sale?
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Yes	6.637	1.172	3.580	4.158	1.490	10.239	5.530	0	0.165	3.089	3.806	3.633
No	9.797	11.057	11.283	15.245	10.556	14.851	19.098	3.053	1.906	5.580	16.839	7.589
Total	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222
	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	7.439	18	36.862	95	43.499	104	23.95%
No	37.586	102	44.505	108	10.540	26	24.428	38	117.060	274	126.857	303	76.05%
Total	46.497	128	61.764	151	13.794	34	31.867	56	153.922	369	170.356	407	100.00%
Seniority
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
mortgage	0	0	0	0	0	0.675	0.675	0	0	0	0	0
senior secured	0.960	0.093	2.489	1.065	0.681	2.791	1.932	1.250	0.546	0.216	1.000	0.691
secured	0	0	0	0	0	0	0	0	0	0	0.220	0
senior	13.639	11.033	9.315	16.228	9.466	18.809	19.203	1.382	1.526	7.012	18.947	8.783
senior subordinated	1.410	1.103	1.960	2.111	1.899	1.566	2.818	0.322	0	1.441	0.478	1.748
subordinated	0.425	0	1.098	0	0	1.249	0	0.100	0	0	0	0
Total	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222
	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	0.88%
senior secured	3.648	12	5.404	22	2.011	5	1.691	6	12.755	45	13.715	50	8.29%
secured	0	0	0	0	0	0	0.220	1	0.220	1	0.220	1	0.14%
senior	36.577	93	47.478	105	9.919	22	27.730	42	121.703	262	135.342	290	79.07%
senior subordinated	5.174	20	6.283	18	1.763	6	2.226	7	15.446	51	16.856	54	10.03%
subordinated	1.098	3	1.249	3	0.100	1	0	0	2.448	7	2.873	9	1.59%
Total	46.497	128	61.764	151	13.794	34	31.867	56	153.922	369	170.356	407	100.00%
Moody's Rating
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Ba1	0.994	0.494	1.446	0.498	0.384	4.346	1.774	0	0	0.500	0	0.500
Ba2	1.150	0.697	0.078	2.835	0	2.595	1.156	0	0	0.492	0.700	0.051
Ba3	1.850	1.123	1.575	1.758	0.330	0.700	3.383	1.450	0	0.379	0.261	1.510
B1	4.656	0.877	2.087	1.130	1.099	5.867	3.639	0.616	1.500	0	2.220	1.017
B2	4.099	0.510	2.307	6.876	0.391	2.475	1.109	0.225	0	0.656	0.575	0.586
B3	2.418	4.799	3.241	4.441	1.191	1.898	6.034	0	0.406	3.078	11.613	4.819
Caa1	0.820	1.397	1.057	0.947	5.273	3.544	5.924	0.247	0	1.052	2.080	2.190
Caa2	0.227	0.148	1.900	0.720	0.859	1.290	1.125	0.317	0	0	1.767	0.100
NR	0.220	2.184	1.173	0.198	2.519	2.376	0.483	0.199	0.165	2.513	1.428	0.450
Total	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222
	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	0.500	1	9.942	23	10.937	24	6.46%
Ba2	3.610	10	3.751	10	0.492	1	0.751	2	8.603	23	9.753	25	5.59%
Ba3	4.455	12	4.413	11	1.828	4	1.771	4	12.467	31	14.317	34	8.10%
B1	4.094	14	10.605	22	2.116	3	3.237	5	20.053	44	24.709	51	13.03%
B2	9.693	18	3.975	12	0.881	2	1.161	5	15.710	37	19.809	49	10.21%
B3	12.482	34	9.124	20	3.485	9	16.432	17	41.522	80	43.940	88	26.98%
Caa1	3.401	11	14.741	36	1.299	4	4.270	9	23.711	60	24.531	63	15.40%
Caa2	2.768	8	3.274	7	0.317	1	1.867	6	8.226	22	8.453	23	5.34%
NR	3.555	16	5.378	17	2.876	9	1.878	7	13.687	49	13.907	50	8.89%
Total	46.497	128	61.764	151	13.794	34	31.867	56	153.922	369	170.356	407	100.00%
Use of Proceeds
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Acquisition	1.960	1.972	1.465	6.923	1.406	2.751	3.939	0.097	0.381	0.111	0.854	0.810
Capex	0.245	0.330	0	0.689	0.295	1.123	0.925	0	0	0.244	0	0.264
Dividend/recap	1.145	0.148	0.167	0.446	1.380	0.148	0.681	0	0	0.129	0	0
GCP	3.951	0.647	3.201	0	0	4.894	1.291	0	0.165	0.532	0.197	0.899
LBO	1.300	2.480	3.215	3.932	6.127	3.160	6.635	0.317	1.500	3.652	14.835	6.247
Redeem notes	1.031	0.777	0.855	2.233	0.730	5.020	2.841	0	0	0.520	0	0.250
Refinance	2.008	2.620	1.336	2.433	0.824	2.443	1.849	1.573	0	2.556	1.029	0.426
Repay bank debt	1.800	1.841	2.076	1.333	0.300	2.148	2.590	0.372	0	0.750	0.761	0.137
Multiple/Other/NA	2.994	1.414	2.548	1.414	0.985	3.404	3.875	0.694	0.026	0.175	2.970	2.189
Total	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222
	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	1.664	4	20.709	39	22.669	42	13.45%
Capex	1.019	5	2.343	6	0.244	2	0.264	2	3.870	15	4.115	16	2.51%
Dividend/recap	0.761	4	2.209	10	0.129	1	0	0	3.099	15	4.243	20	2.01%
GCP	3.849	10	6.185	13	0.697	3	1.096	3	11.827	29	15.778	32	7.68%
LBO	9.627	22	15.922	37	5.469	8	21.082	26	52.100	93	53.400	97	33.85%
Redeem notes	3.865	11	8.591	21	0.520	1	0.250	1	13.226	34	14.257	37	8.59%
Refinance	6.388	22	5.116	12	4.130	7	1.454	5	17.089	46	19.097	53	11.10%
Repay bank debt	5.250	19	5.038	13	1.122	4	0.898	3	12.308	39	14.108	43	8.00%
Multiple/Other/NA	5.377	18	8.265	24	0.895	5	5.159	12	19.695	59	22.689	67	12.80%
Total	46.497	128	61.764	151	13.794	34	31.867	56	153.922	369	170.356	407	100.00%
Industry Sector (by SIC code)
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Agriculture (0xxx)	0.225	0.397	0	0	0	0.250	0.325	0	0	0	0	0
Mining (1xxx)	0.325	0	0.078	6.000	0	0.997	0.175	0	0	0	0	0.235
Oil and gas (13xx)	1.410	0.872	1.431	1.184	1.100	0.550	2.670	0.150	0	0.361	0.123	1.416
Construction (15xx)	0	0.150	0.150	0	0.300	0.200	0	0.394	0	0	0.197	0
Manufacturing (2xxx, 3xxx)	7.862	4.640	2.666	5.211	2.436	6.338	3.688	0.517	1.665	2.973	2.870	2.647
Transportation (4xxx)	0.298	0	0	0.389	0.794	1.295	0.632	0	0.381	0.150	0.220	0.051
Communications (48xx)	1.946	0.900	4.375	2.250	0.675	1.791	0.671	0.447	0.026	1.156	0	0.915
Electric, gas, sanitary services (49xx)	1.370	0.554	0.750	0.914	0.359	6.099	4.629	1.348	0	0.925	10.478	3.658
Wholesale (5xxx)	0.893	1.930	1.917	1.561	1.410	2.136	3.746	0	0	0	0.729	0
Finance, insurance, real estate (6xxx)	0.150	1.640	1.546	0.675	4.427	2.914	1.600	0.100	0	1.532	3.126	1.450
Services (7xxx)	1.955	0.897	1.235	0.603	0.105	2.263	1.418	0.097	0	1.571	1.603	0.713
Health services (8xxx)	0	0.250	0.716	0.617	0.440	0.257	5.073	0	0	0	1.300	0.137
Total	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222
	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	0.63%
Mining (1xxx)	6.078	4	1.172	2	0	0	0.235	1	7.485	7	7.810	9	4.86%
Oil and gas (13xx)	3.488	12	4.320	11	0.511	3	1.539	5	9.857	31	11.267	34	6.40%
Construction (15xx)	0.300	2	0.500	2	0.394	1	0.197	1	1.391	6	1.391	6	0.90%
Manufacturing (2xxx, 3xxx)	12.517	42	12.462	33	5.155	9	5.517	14	35.652	98	43.514	113	23.16%
Transportation (4xxx)	0.389	2	2.721	12	0.531	2	0.271	2	3.912	18	4.210	19	2.54%
Communications (48xx)	7.525	14	3.137	12	1.629	5	0.915	1	13.206	32	15.152	37	8.58%
Electric, gas, sanitary services (49xx)	2.218	5	11.088	21	2.273	4	14.136	11	29.715	41	31.085	44	19.31%
Wholesale (5xxx)	5.408	17	7.292	16	0	0	0.729	3	13.429	36	14.321	40	8.72%
Finance, insurance, real estate (6xxx)	3.860	12	8.941	20	1.632	4	4.576	7	19.009	43	19.159	44	12.35%
Services (7xxx)	2.735	11	3.786	11	1.668	6	2.317	8	10.505	36	12.460	39	6.82%
Health services (8xxx)	1.582	6	5.769	9	0	0	1.437	3	8.789	18	8.789	18	5.71%
Total	46.497	128	61.764	151	13.794	34	31.867	56	153.922	369	170.356	407	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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