Analysis of high yield issuance for 12 months through March 2007

Total year-to-date issuance: $46.472 billion in 127 deals

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

Yield

	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
6%-6.99%	1.346	1.047	0.072	0	0.497	1.620	0.620	0	0.994	0.300	1.327	1.498
7%-7.99%	2.138	4.927	1.751	0.500	2.451	1.257	4.602	4.582	3.200	2.900	5.575	4.912
8%-8.99%	1.970	0.742	2.002	1.030	0	3.020	0.771	8.550	4.306	4.536	3.248	7.003
9%-9.99%	2.007	1.354	4.230	1.585	2.887	1.402	5.125	10.095	3.328	2.318	2.811	2.710
10%-10.99%	0.625	0.937	1.630	0.707	2.425	1.050	1.000	2.530	0.860	0.773	0.173	0.810
11% and higher	1.380	0.725	2.604	0.855	1.195	0.772	2.053	1.321	0.609	0	0.614	0.632
Floater	3.520	0.427	2.456	0.250	1.540	0.700	2.200	2.725	3.136	1.379	1.116	1.839
Total	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205	14.863	19.403
	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	3.125	8	3.125	8	9.321	23	6.72%
7%-7.99%	8.816	28	4.208	13	12.384	23	13.386	40	13.386	40	38.794	104	28.80%
8%-8.99%	4.714	16	4.051	11	13.627	21	14.786	28	14.786	28	37.178	76	31.82%
9%-9.99%	7.591	20	5.874	13	18.548	27	7.839	25	7.839	25	39.852	85	16.87%
10%-10.99%	3.192	13	4.182	11	4.390	10	1.756	9	1.756	9	13.520	43	3.78%
11% and higher	4.709	18	2.822	11	3.983	16	1.246	5	1.246	5	12.763	50	2.69%
Floater	6.403	16	2.490	9	8.061	22	4.333	12	4.333	12	21.287	59	9.32%
Total	37.891	118	25.744	73	62.607	122	46.472	127	46.472	127	172.714	440	100.00%
Versus Talk
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Lower	1.308	0	0.084	0.250	0.185	0	1.940	4.070	0.100	1.335	1.079	0.800
Low end	4.265	1.227	0.654	1.847	1.692	3.120	3.453	7.900	7.651	4.933	6.677	1.525
Middle	4.675	4.479	5.860	0.990	5.746	4.566	4.674	8.775	4.945	4.126	3.904	6.370
High end	1.044	2.706	4.457	0	2.665	0.490	3.175	5.015	1.525	0.600	1.748	2.238
Higher	1.022	0.340	1.429	1.540	0.417	0.694	1.950	3.788	1.258	0	0	6.500
NA	0.671	1.408	2.262	0.300	0.289	0.952	1.178	0.254	0.955	1.211	1.456	1.970
Total	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205	14.863	19.403
	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	3.214	13	3.214	13	11.152	29	6.92%
Low end	6.145	19	6.659	18	19.003	32	13.135	36	13.135	36	44.943	105	28.26%
Middle	15.014	38	11.302	28	18.395	38	14.399	41	14.399	41	59.110	145	30.98%
High end	8.207	22	3.155	6	9.715	16	4.587	11	4.587	11	25.663	55	9.87%
Higher	2.791	9	2.651	11	6.996	13	6.500	3	6.500	3	18.938	36	13.99%
NA	4.342	25	1.542	8	2.388	14	4.637	23	4.637	23	12.908	70	9.98%
Total	37.891	118	25.744	73	62.607	122	46.472	127	46.472	127	172.714	440	100.00%
Upsized?
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Yes	6.126	2.465	1.007	0.626	7.307	3.343	2.347	2.841	6.863	4.178	4.951	2.457
No	4.646	6.978	10.303	3.516	3.403	5.785	12.304	24.264	7.696	6.022	8.772	14.113
Downsized	2.214	0.717	3.435	0.785	0.285	0.694	1.720	2.698	1.875	2.005	1.140	2.833
Total	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205	14.863	19.403
	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	11.586	35	11.586	35	44.510	108	24.93%
No	21.927	74	12.704	42	44.264	84	28.907	78	28.907	78	107.802	278	62.20%
Downsized	6.366	21	1.764	6	6.293	13	5.978	14	5.978	14	20.401	54	12.86%
Total	37.891	118	25.744	73	62.607	122	46.472	127	46.472	127	172.714	440	100.00%
Quick Sale?
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Yes	3.839	2.488	2.868	0.700	5.208	1.213	3.135	3.695	6.637	1.172	3.580	4.158
No	9.147	7.672	11.877	4.227	5.788	8.608	13.235	26.108	9.797	11.032	11.283	15.245
Total	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205	14.863	19.403
	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	8.910	26	8.910	26	38.693	100	19.17%
No	28.696	88	18.623	55	49.140	96	37.561	101	37.561	101	134.020	340	80.83%
Total	37.891	118	25.744	73	62.607	122	46.472	127	46.472	127	172.714	440	100.00%
Seniority
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
mortgage	0	0.249	0.184	0	0	0	0	0	0	0	0	0
senior secured	0.167	2.993	0.540	0.775	2.800	1.675	4.026	8.180	0.960	0.093	2.489	1.065
secured	0	0	0	0	0	0	0	0.049	0	0.150	0	0
senior	10.519	5.806	12.835	2.972	6.679	7.472	10.042	19.018	13.639	10.858	9.315	16.228
senior subordinated	2.225	1.112	1.187	0.880	1.310	0.622	1.450	2.555	1.410	1.103	1.960	2.111
subordinated	0.075	0	0	0.300	0.206	0.052	0.852	0	0.425	0	1.098	0
Total	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205	14.863	19.403
	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	0.433	3	0.00%
senior secured	3.699	12	5.250	14	13.166	19	3.648	12	3.648	12	25.763	57	7.85%
secured	0	0	0	0	0.049	1	0.150	1	0.150	1	0.199	2	0.32%
senior	29.160	85	17.123	45	42.699	84	36.402	91	36.402	91	125.384	305	78.33%
senior subordinated	4.524	17	2.812	11	5.415	13	5.174	20	5.174	20	17.925	61	11.13%
subordinated	0.075	1	0.558	3	1.277	5	1.098	3	1.098	3	3.009	12	2.36%
Total	37.891	118	25.744	73	62.607	122	46.472	127	46.472	127	172.714	440	100.00%
Moody's Rating
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Ba1	2.147	1.391	0.883	0.300	0.206	1.548	1.992	0	0.994	0.494	1.446	0.498
Ba2	2.300	2.339	0.690	0	1.341	0.984	2.681	1.185	1.150	0.697	0.078	2.835
Ba3	1.599	0.663	2.653	0	5.365	1.200	0.465	2.506	1.850	1.123	1.575	1.758
B1	0.875	1.664	0	0.900	0	2.947	2.240	6.675	4.656	0.877	2.087	1.130
B2	1.597	0.745	2.422	1.050	0.292	0.947	3.025	12.505	4.099	0.510	2.307	6.876
B3	0.433	0.925	5.619	1.850	2.430	0.298	1.475	4.073	2.418	4.774	3.241	4.441
Caa1	1.728	1.177	2.067	0.580	1.175	0.175	2.133	1.795	0.820	1.397	1.057	0.947
Caa2	0.800	0.297	0.147	0	0	0	1.750	0.914	0.227	0.148	1.900	0.720
NR	1.507	0.960	0.265	0.247	0.185	1.723	0.609	0.150	0.220	2.184	1.173	0.198
Total	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205	14.863	19.403
	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	2.438	5	2.438	5	11.900	28	5.25%
Ba2	5.328	11	2.326	7	5.016	8	3.610	10	3.610	10	16.280	36	7.77%
Ba3	4.915	11	6.565	13	4.821	10	4.455	12	4.455	12	20.757	46	9.59%
B1	2.539	9	3.847	9	13.572	19	4.094	14	4.094	14	24.051	51	8.81%
B2	4.763	15	2.289	7	19.629	28	9.693	18	9.693	18	36.374	68	20.86%
B3	6.977	23	4.578	16	7.966	27	12.457	33	12.457	33	31.978	99	26.81%
Caa1	4.973	16	1.930	8	4.748	15	3.401	11	3.401	11	15.052	50	7.32%
Caa2	1.244	4	0	0	2.890	5	2.768	8	2.768	8	6.903	17	5.96%
NR	2.731	17	2.155	7	0.979	5	3.555	16	3.555	16	9.420	45	7.65%
Total	37.891	118	25.744	73	62.607	122	46.472	127	46.472	127	172.714	440	100.00%
Use of Proceeds
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Acquisition	0.456	1.891	7.009	0	1.265	1.409	2.045	0	1.960	1.972	1.465	6.923
Capex	0.075	0.125	0.305	0.154	1.750	0	0.600	0.049	0.245	0.330	0	0.689
Dividend/recap	0	0.297	0.593	0	0.442	0.160	1.000	3.716	1.145	0.148	0.167	0.446
GCP	0.200	0	0.174	0	3.368	0.350	0.370	0.200	3.951	0.647	3.201	0
LBO	1.714	1.497	0.362	2.060	2.175	1.350	6.394	14.298	1.300	2.480	3.215	3.932
Redeem notes	1.816	3.073	0.669	0.690	0	0.273	1.050	2.850	1.031	0.777	0.855	2.233
Refinance	3.357	0.674	1.316	1.097	0	2.440	1.500	0.450	2.008	2.620	1.336	2.433
Repay bank debt	2.111	1.482	1.247	0.926	1.994	1.421	0.375	1.450	1.800	1.841	2.076	1.333
Multiple/Other/NA	3.257	1.122	3.071	0	0	2.419	3.037	6.790	2.994	1.389	2.548	1.414
Total	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205	14.863	19.403
	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	10.361	17	10.361	17	26.395	52	22.30%
Capex	0.505	3	1.904	5	0.894	3	1.019	5	1.019	5	4.323	16	2.19%
Dividend/recap	0.890	5	0.602	3	5.860	12	0.761	4	0.761	4	8.114	24	1.64%
GCP	0.374	2	3.718	8	4.521	6	3.849	10	3.849	10	12.462	26	8.28%
LBO	3.573	16	5.585	16	21.992	27	9.627	22	9.627	22	40.777	81	20.72%
Redeem notes	5.557	19	0.963	5	4.931	14	3.865	11	3.865	11	15.316	49	8.32%
Refinance	5.347	15	3.537	7	3.958	11	6.388	22	6.388	22	19.230	55	13.75%
Repay bank debt	4.840	19	4.342	12	3.625	10	5.250	19	5.250	19	18.057	60	11.30%
Multiple/Other/NA	7.449	22	2.419	7	12.821	31	5.352	17	5.352	17	28.041	77	11.52%
Total	37.891	118	25.744	73	62.607	122	46.472	127	46.472	127	172.714	440	100.00%
Industry Sector (by SIC code)
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Agriculture (0xxx)	0.125	0	0	0.300	0	0	0	0	0.225	0.397	0	0
Mining (1xxx)	0	0	0.175	0	1.650	0	0.897	0.400	0.325	0	0.078	6.000
Oil and gas (13xx)	0.869	0.445	2.158	0.126	0.445	0	0.200	0.650	1.410	0.872	1.431	1.184
Construction (15xx)	0.400	0	0.525	0	0	0	0	0	0	0.150	0.150	0
Manufacturing (2xxx, 3xxx)	3.517	4.011	3.079	1.925	5.224	5.587	5.711	15.358	7.862	4.640	2.666	5.211
Transportation (4xxx)	0.583	0.130	0	0.200	0.100	0	0	0.598	0.298	0	0	0.389
Communications (48xx)	2.323	0.880	5.418	0.704	0.935	1.538	2.350	0.500	1.946	0.875	4.375	2.250
Electric, gas, sanitary services (49xx)	0.399	1.880	0.954	1.047	0.391	0.177	2.553	3.132	1.370	0.554	0.750	0.914
Wholesale (5xxx)	1.409	0	0.380	0	0.250	0.150	2.083	1.831	0.893	1.930	1.917	1.561
Finance, insurance, real estate (6xxx)	1.698	1.377	0	0	0	1.494	0.555	6.200	0.150	1.640	1.546	0.675
Services (7xxx)	1.662	0.502	0.886	0.625	2.000	0.660	2.021	1.135	1.955	0.897	1.425	0.603
Health services (8xxx)	0	0.935	1.171	0	0	0.215	0	0	0	0.250	0.526	0.617
Total	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205	14.863	19.403
	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	1.047	4	0.85%
Mining (1xxx)	0.175	1	1.650	3	1.622	5	6.078	4	6.078	4	9.525	13	13.08%
Oil and gas (13xx)	3.472	11	0.571	4	2.260	5	3.488	12	3.488	12	9.790	32	7.51%
Construction (15xx)	0.925	4	0	0	0	0	0.300	2	0.300	2	1.225	6	0.65%
Manufacturing (2xxx, 3xxx)	10.607	31	12.736	28	28.931	47	12.517	42	12.517	42	64.791	148	26.93%
Transportation (4xxx)	0.713	4	0.300	2	0.896	5	0.389	2	0.389	2	2.298	13	0.84%
Communications (48xx)	8.621	15	3.176	8	4.796	11	7.500	13	7.500	13	24.093	47	16.14%
Electric, gas, sanitary services (49xx)	3.233	14	1.616	7	7.055	13	2.218	5	2.218	5	14.122	39	4.77%
Wholesale (5xxx)	1.789	9	0.400	2	4.806	14	5.408	17	5.408	17	12.403	42	11.64%
Finance, insurance, real estate (6xxx)	3.075	8	1.494	6	6.905	9	3.860	12	3.860	12	15.335	35	8.31%
Services (7xxx)	3.050	14	3.285	11	5.111	12	2.925	12	2.925	12	14.372	49	6.29%
Health services (8xxx)	2.106	6	0.215	1	0	0	1.392	5	1.392	5	3.713	12	3.00%
Total	37.891	118	25.744	73	62.607	122	46.472	127	46.472	127	172.714	440	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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