Analysis of high yield issuance for 12 months through January 2007

Total year-to-date issuance: $12.205 billion in 39 deals

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

Yield

	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
6%-6.99%	1.346	4.194	1.346	1.047	0.072	0	0.497	1.620	0.620	0	0.994	0.300
7%-7.99%	1.674	1.299	2.138	4.927	1.751	0.500	2.451	1.257	4.602	4.582	3.200	2.900
8%-8.99%	0.369	1.750	1.970	0.742	2.002	1.030	0	3.020	0.771	8.550	4.306	4.536
9%-9.99%	0.672	0.382	2.007	1.354	4.230	1.585	2.887	1.402	5.125	10.095	3.328	2.318
10%-10.99%	0.682	1.130	0.625	0.937	1.630	0.707	2.425	1.050	1.000	2.530	0.860	0.773
11% and higher	0.300	0.953	1.380	0.725	2.604	0.855	1.195	0.772	2.053	1.321	0.609	0
Floater	0.650	0.300	3.520	0.427	2.456	0.250	1.540	0.700	2.200	2.725	3.136	1.379
Total	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
6%-6.99%	2.465	7	2.117	5	1.614	3	0.300	1	0.300	1	12.037	28	2.46%
7%-7.99%	8.816	28	4.208	13	12.384	23	2.900	9	2.900	9	31.279	84	23.76%
8%-8.99%	4.714	16	4.051	11	13.627	21	4.536	13	4.536	13	29.047	68	37.17%
9%-9.99%	7.591	20	5.874	13	18.548	27	2.318	8	2.318	8	35.384	74	18.99%
10%-10.99%	3.192	13	4.182	11	4.390	10	0.773	4	0.773	4	14.350	45	6.33%
11% and higher	4.709	18	2.822	11	3.983	16	0	0	0	0	12.767	51	0.00%
Floater	6.403	16	2.490	9	8.061	22	1.379	4	1.379	4	19.283	54	11.30%
Total	37.891	118	25.744	73	62.607	122	12.205	39	12.205	39	154.148	404	100.00%
Versus Talk
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Lower	0	0	1.308	0	0.084	0.250	0.185	0	1.940	4.070	0.100	1.335
Low end	1.714	0.798	4.265	1.227	0.654	1.847	1.692	3.120	3.453	7.900	7.651	4.933
Middle	2.900	3.544	4.675	4.479	5.860	0.990	5.746	4.566	4.674	8.775	4.945	4.126
High end	0.150	3.879	1.044	2.706	4.457	0	2.665	0.490	3.175	5.015	1.525	0.600
Higher	0	0.840	1.022	0.340	1.429	1.540	0.417	0.694	1.950	3.788	1.258	0
NA	0.930	0.946	0.671	1.408	2.262	0.300	0.289	0.952	1.178	0.254	0.955	1.211
Total	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Lower	1.392	5	0.435	2	6.110	9	1.335	5	1.335	5	9.272	21	10.94%
Low end	6.145	19	6.659	18	19.003	32	4.933	14	4.933	14	39.254	92	40.42%
Middle	15.014	38	11.302	28	18.395	38	4.126	13	4.126	13	55.280	138	33.81%
High end	8.207	22	3.155	6	9.715	16	0.600	2	0.600	2	25.706	56	4.92%
Higher	2.791	9	2.651	11	6.996	13	0	0	0	0	13.278	36	0.00%
NA	4.342	25	1.542	8	2.388	14	1.211	5	1.211	5	11.358	61	9.92%
Total	37.891	118	25.744	73	62.607	122	12.205	39	12.205	39	154.148	404	100.00%
Upsized?
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Yes	1.449	4.228	6.126	2.465	1.007	0.626	7.307	3.343	2.347	2.841	6.863	4.178
No	3.979	4.870	4.646	6.978	10.303	3.516	3.403	5.785	12.304	24.264	7.696	6.022
Downsized	0.265	0.910	2.214	0.717	3.435	0.785	0.285	0.694	1.720	2.698	1.875	2.005
Total	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	9.598	23	11.276	25	12.050	25	4.178	14	4.178	14	42.780	102	34.23%
No	21.927	74	12.704	42	44.264	84	6.022	22	6.022	22	93.765	255	49.34%
Downsized	6.366	21	1.764	6	6.293	13	2.005	3	2.005	3	17.603	47	16.43%
Total	37.891	118	25.744	73	62.607	122	12.205	39	12.205	39	154.148	404	100.00%
Quick Sale?
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Yes	2.666	5.090	3.839	2.488	2.868	0.700	5.208	1.213	3.135	3.695	6.637	1.172
No	3.028	4.918	9.147	7.672	11.877	4.227	5.788	8.608	13.235	26.108	9.797	11.032
Total	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	9.195	30	7.121	18	13.467	26	1.172	3	1.172	3	38.711	97	9.60%
No	28.696	88	18.623	55	49.140	96	11.032	36	11.032	36	115.437	307	90.39%
Total	37.891	118	25.744	73	62.607	122	12.205	39	12.205	39	154.148	404	100.00%
Seniority
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
mortgage	0	0.819	0	0.249	0.184	0	0	0	0	0	0	0
senior secured	0.719	0.637	0.167	2.993	0.540	0.775	2.800	1.675	4.026	8.180	0.960	0.093
secured	0	0.100	0	0	0	0	0	0	0	0.049	0	0.150
senior	4.359	6.702	10.519	5.806	12.835	2.972	6.679	7.472	10.042	19.018	13.639	10.858
senior subordinated	0.564	1.750	2.225	1.112	1.187	0.880	1.310	0.622	1.450	2.555	1.410	1.103
subordinated	0.052	0	0.075	0	0	0.300	0.206	0.052	0.852	0	0.425	0
Total	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
mortgage	0.433	3	0	0	0	0	0	0	0	0	1.252	6	0.00%
senior secured	3.699	12	5.250	14	13.166	19	0.093	1	0.093	1	23.565	51	0.76%
secured	0	0	0	0	0.049	1	0.150	1	0.150	1	0.299	3	1.23%
senior	29.160	85	17.123	45	42.699	84	10.858	33	10.858	33	110.901	282	88.96%
senior subordinated	4.524	17	2.812	11	5.415	13	1.103	4	1.103	4	16.168	52	9.04%
subordinated	0.075	1	0.558	3	1.277	5	0	0	0	0	1.962	10	0.00%
Total	37.891	118	25.744	73	62.607	122	12.205	39	12.205	39	154.148	404	100.00%
Moody's Rating
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Ba1	0.300	0.848	2.147	1.391	0.883	0.300	0.206	1.548	1.992	0	0.994	0.494
Ba2	1.198	2.895	2.300	2.339	0.690	0	1.341	0.984	2.681	1.185	1.150	0.697
Ba3	1.372	1.100	1.599	0.663	2.653	0	5.365	1.200	0.465	2.506	1.850	1.123
B1	0	0	0.875	1.664	0	0.900	0	2.947	2.240	6.675	4.656	0.877
B2	0.470	2.560	1.597	0.745	2.422	1.050	0.292	0.947	3.025	12.505	3.799	0.510
B3	1.494	1.146	0.433	0.925	5.619	1.850	2.430	0.298	1.475	4.073	2.418	4.774
Caa1	0	0.587	1.728	1.177	2.067	0.580	1.175	0.175	2.133	1.795	0.820	1.397
Caa2	0	0.336	0.800	0.297	0.147	0	0	0	1.750	0.914	0.227	0.148
NR	0.859	0.536	1.507	0.960	0.265	0.247	0.185	1.723	0.609	0.150	0.520	2.184
Total	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Ba1	4.421	12	2.055	6	2.987	5	0.494	1	0.494	1	11.104	28	4.05%
Ba2	5.328	11	2.326	7	5.016	8	0.697	2	0.697	2	17.459	37	5.71%
Ba3	4.915	11	6.565	13	4.821	10	1.123	3	1.123	3	19.897	44	9.20%
B1	2.539	9	3.847	9	13.572	19	0.877	3	0.877	3	20.834	40	7.19%
B2	4.763	15	2.289	7	19.329	27	0.510	3	0.510	3	29.921	62	4.18%
B3	6.977	23	4.578	16	7.966	27	4.774	14	4.774	14	26.935	91	39.12%
Caa1	4.973	16	1.930	8	4.748	15	1.397	4	1.397	4	13.634	46	11.45%
Caa2	1.244	4	0	0	2.890	5	0.148	1	0.148	1	4.619	11	1.21%
NR	2.731	17	2.155	7	1.279	6	2.184	8	2.184	8	9.745	45	17.89%
Total	37.891	118	25.744	73	62.607	122	12.205	39	12.205	39	154.148	404	100.00%
Use of Proceeds
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Acquisition	0.150	2.396	0.456	1.891	7.009	0	1.265	1.409	2.045	0	1.960	1.972
Capex	0.420	0.725	0.075	0.125	0.305	0.154	1.750	0	0.600	0.049	0.245	0.330
Dividend/recap	0.052	0.336	0	0.297	0.593	0	0.442	0.160	1.000	3.716	1.145	0.148
GCP	0.200	1.178	0.200	0	0.174	0	3.368	0.350	0.370	0.200	3.951	0.647
LBO	1.405	0.525	1.714	1.497	0.362	2.060	2.175	1.350	6.394	14.298	1.300	2.480
Redeem notes	0.324	2.299	1.816	3.073	0.669	0.690	0	0.273	1.050	2.850	1.031	0.777
Refinance	0.969	0.350	3.357	0.674	1.316	1.097	0	2.440	1.500	0.450	2.008	2.620
Repay bank debt	1.726	0.799	2.111	1.482	1.247	0.926	1.994	1.421	0.375	1.450	1.800	1.841
Multiple/Other/NA	0.447	1.400	3.257	1.122	3.071	0	0	2.419	3.037	6.790	2.994	1.389
Total	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	9.356	17	2.674	10	4.005	8	1.972	6	1.972	6	20.552	48	16.16%
Capex	0.505	3	1.904	5	0.894	3	0.330	2	0.330	2	4.779	19	2.70%
Dividend/recap	0.890	5	0.602	3	5.860	12	0.148	1	0.148	1	7.889	23	1.21%
GCP	0.374	2	3.718	8	4.521	6	0.647	2	0.647	2	10.638	23	5.30%
LBO	3.573	16	5.585	16	21.992	27	2.480	5	2.480	5	35.560	71	20.32%
Redeem notes	5.557	19	0.963	5	4.931	14	0.777	3	0.777	3	14.851	49	6.37%
Refinance	5.347	15	3.537	7	3.958	11	2.620	8	2.620	8	16.781	45	21.47%
Repay bank debt	4.840	19	4.342	12	3.625	10	1.841	7	1.841	7	17.172	55	15.08%
Multiple/Other/NA	7.449	22	2.419	7	12.821	31	1.389	5	1.389	5	25.926	71	11.38%
Total	37.891	118	25.744	73	62.607	122	12.205	39	12.205	39	154.148	404	100.00%
Industry Sector (by SIC code)
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Agriculture (0xxx)	0.150	0	0.125	0	0	0.300	0	0	0	0	0.225	0.397
Mining (1xxx)	0.400	0	0	0	0.175	0	1.650	0	0.897	0.400	0.325	0
Oil and gas (13xx)	0	1.050	0.869	0.445	2.158	0.126	0.445	0	0.200	0.650	1.410	0.872
Construction (15xx)	0.300	0.298	0.400	0	0.525	0	0	0	0	0	0	0.150
Manufacturing (2xxx, 3xxx)	1.358	3.031	3.517	4.011	3.079	1.925	5.224	5.587	5.711	15.358	7.862	4.640
Transportation (4xxx)	0.300	0.200	0.583	0.130	0	0.200	0.100	0	0	0.598	0.298	0
Communications (48xx)	0.382	0.868	2.323	0.880	5.418	0.704	0.935	1.538	2.350	0.500	1.946	0.875
Electric, gas, sanitary services (49xx)	0.449	1.299	0.399	1.880	0.954	1.047	0.391	0.177	2.553	3.132	1.370	0.554
Wholesale (5xxx)	0.650	0.685	1.409	0	0.380	0	0.250	0.150	2.083	1.831	0.893	1.930
Finance, insurance, real estate (6xxx)	0.996	0	1.698	1.377	0	0	0	1.494	0.555	6.200	0.150	1.640
Services (7xxx)	0.709	2.575	1.662	0.502	0.886	0.625	2.000	0.660	2.021	1.135	1.955	0.897
Health services (8xxx)	0	0	0	0.935	1.171	0	0	0.215	0	0	0	0.250
Total	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.125	1	0.300	1	0.225	1	0.397	1	0.397	1	1.197	5	3.25%
Mining (1xxx)	0.175	1	1.650	3	1.622	5	0	0	0	0	3.847	10	0.00%
Oil and gas (13xx)	3.472	11	0.571	4	2.260	5	0.872	3	0.872	3	8.225	26	7.14%
Construction (15xx)	0.925	4	0	0	0	0	0.150	1	0.150	1	1.673	7	1.23%
Manufacturing (2xxx, 3xxx)	10.607	31	12.736	28	28.931	47	4.640	15	4.640	15	61.303	135	38.02%
Transportation (4xxx)	0.713	4	0.300	2	0.896	5	0	0	0	0	2.409	13	0.00%
Communications (48xx)	8.621	15	3.176	8	4.796	11	0.875	2	0.875	2	18.718	43	7.17%
Electric, gas, sanitary services (49xx)	3.233	14	1.616	7	7.055	13	0.554	2	0.554	2	14.206	42	4.54%
Wholesale (5xxx)	1.789	9	0.400	2	4.806	14	1.930	3	1.930	3	10.261	31	15.81%
Finance, insurance, real estate (6xxx)	3.075	8	1.494	6	6.905	9	1.640	6	1.640	6	14.110	30	13.44%
Services (7xxx)	3.050	14	3.285	11	5.111	12	0.897	5	0.897	5	15.628	54	7.35%
Health services (8xxx)	2.106	6	0.215	1	0	0	0.250	1	0.250	1	2.571	8	2.05%
Total	37.891	118	25.744	73	62.607	122	12.205	39	12.205	39	154.148	404	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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