Analysis of high yield issuance for 12 months through April 2007

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

Yield

	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
5%-5.99%	0	0	0	0	0	0	0	0	0	0	0	0.184
6%-6.99%	1.047	0.072	0	0.497	1.620	0.620	0	0.994	0.300	1.327	1.498	0.749
7%-7.99%	4.927	1.751	0.500	2.451	1.257	4.602	4.582	3.200	2.900	5.575	4.912	2.460
8%-8.99%	0.742	2.002	1.030	0	3.020	0.771	8.550	4.306	4.536	3.248	7.003	1.096
9%-9.99%	1.354	4.230	1.585	2.887	1.402	5.125	10.095	3.328	2.318	2.811	2.710	2.741
10%-10.99%	0.937	1.630	0.707	2.425	0.420	1.000	2.530	0.860	0.773	0.173	0.810	2.308
11% and higher	0.725	2.604	0.855	1.195	0.772	2.053	1.321	0.609	0	0.614	0.632	1.402
Floater	0.427	2.456	0.250	1.540	0.700	2.200	2.725	3.136	1.379	1.116	1.839	1.655
Total	10.160	14.745	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.596
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
5%-5.99%	0	0	0	0	0	0	0.184	1	0.184	1	0.184	1	0.31%
6%-6.99%	2.117	5	1.614	3	3.125	8	0.749	2	3.874	10	8.724	21	6.56%
7%-7.99%	4.208	13	12.384	23	13.386	40	2.460	7	15.846	47	39.116	103	26.83%
8%-8.99%	4.051	11	13.627	21	14.786	28	1.096	4	15.882	32	36.304	73	26.89%
9%-9.99%	5.874	13	18.548	27	7.839	25	2.741	10	10.580	35	40.586	87	17.91%
10%-10.99%	3.552	11	4.390	10	1.756	9	2.308	4	4.064	13	14.573	43	6.88%
11% and higher	2.822	11	3.983	16	1.246	5	1.402	2	2.649	7	12.784	45	4.49%
Floater	2.490	9	8.061	22	4.333	12	1.655	7	5.988	19	19.422	58	10.14%
Total	25.114	73	62.607	122	46.472	127	12.596	37	59.068	164	171.694	431	100.00%
Versus Talk
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Lower	0	0.084	0.250	0.185	0	1.940	4.070	0.100	1.335	1.079	0.800	1.085
Low end	1.227	0.654	1.847	1.692	3.120	3.453	7.900	7.651	4.933	6.677	1.525	3.924
Middle	4.479	5.860	0.990	5.746	3.936	4.674	8.775	4.945	4.126	3.904	6.370	5.973
High end	2.706	4.457	0	2.665	0.490	3.175	5.015	1.525	0.600	1.748	2.238	1.614
Higher	0.340	1.429	1.540	0.417	0.694	1.950	3.788	1.258	0	0	6.500	0
NA	1.408	2.262	0.300	0.289	0.952	1.178	0.254	0.955	1.211	1.456	1.970	0
Total	10.160	14.745	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.596
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Lower	0.435	2	6.110	9	3.214	13	1.085	5	4.299	18	10.928	30	7.28%
Low end	6.659	18	19.003	32	13.135	36	3.924	13	17.059	49	44.603	106	28.88%
Middle	10.672	28	18.395	38	14.399	41	5.973	14	20.372	55	59.778	143	34.49%
High end	3.155	6	9.715	16	4.587	11	1.614	5	6.201	16	26.233	55	10.50%
Higher	2.651	11	6.996	13	6.500	3	0	0	6.500	3	17.916	33	11.00%
NA	1.542	8	2.388	14	4.637	23	0	0	4.637	23	12.236	64	7.85%
Total	25.114	73	62.607	122	46.472	127	12.596	37	59.068	164	171.694	431	100.00%
Upsized?
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Yes	2.465	1.007	0.626	7.307	2.713	2.347	2.841	6.863	4.178	4.951	2.457	2.634
No	6.978	10.303	3.516	3.403	5.785	12.304	24.264	7.696	6.022	8.772	14.113	5.425
Downsized	0.717	3.435	0.785	0.285	0.694	1.720	2.698	1.875	2.005	1.140	2.833	4.537
Total	10.160	14.745	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.596
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	10.646	25	12.050	25	11.586	35	2.634	9	14.220	44	40.388	104	24.07%
No	12.704	42	44.264	84	28.907	78	5.425	20	34.333	98	108.582	275	58.12%
Downsized	1.764	6	6.293	13	5.978	14	4.537	8	10.515	22	22.724	52	17.80%
Total	25.114	73	62.607	122	46.472	127	12.596	37	59.068	164	171.694	431	100.00%
Quick Sale?
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Yes	2.488	2.868	0.700	5.208	1.213	3.135	3.695	6.637	1.172	3.580	4.158	1.490
No	7.672	11.877	4.227	5.788	7.978	13.235	26.108	9.797	11.032	11.283	15.245	11.106
Total	10.160	14.745	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.596
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	7.121	18	13.467	26	8.910	26	1.490	7	10.400	33	36.344	98	17.61%
No	17.993	55	49.140	96	37.561	101	11.106	30	48.668	131	135.350	333	82.39%
Total	25.114	73	62.607	122	46.472	127	12.596	37	59.068	164	171.694	431	100.00%
Seniority
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
mortgage	0.249	0.184	0	0	0	0	0	0	0	0	0	0
senior secured	2.993	0.540	0.775	2.800	1.045	4.026	8.180	0.960	0.093	2.489	1.065	0.681
secured	0	0	0	0	0	0	0.049	0	0.150	0	0	0
senior	5.806	12.835	2.972	6.679	7.472	10.042	19.018	13.639	10.858	9.315	16.228	10.016
senior subordinated	1.112	1.187	0.880	1.310	0.622	1.450	2.555	1.410	1.103	1.960	2.111	1.899
subordinated	0	0	0.300	0.206	0.052	0.852	0	0.425	0	1.098	0	0
Total	10.160	14.745	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.596
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
mortgage	0	0	0	0	0	0	0	0	0	0	0.433	3	0.00%
senior secured	4.620	14	13.166	19	3.648	12	0.681	4	4.329	16	25.648	60	7.33%
secured	0	0	0.049	1	0.150	1	0	0	0.150	1	0.199	2	0.25%
senior	17.123	45	42.699	84	36.402	91	10.016	28	46.418	119	124.881	296	78.58%
senior subordinated	2.812	11	5.415	13	5.174	20	1.899	5	7.073	25	17.599	59	11.97%
subordinated	0.558	3	1.277	5	1.098	3	0	0	1.098	3	2.934	11	1.86%
Total	25.114	73	62.607	122	46.472	127	12.596	37	59.068	164	171.694	431	100.00%
Moody's Rating
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Ba1	1.391	0.883	0.300	0.206	1.548	1.992	0	0.994	0.494	1.446	0.498	0.384
Ba2	2.339	0.690	0	1.341	0.984	2.681	1.185	1.150	0.697	0.078	2.835	0
Ba3	0.663	2.653	0	5.365	1.200	0.465	2.506	1.850	1.123	1.575	1.758	0.330
B1	1.664	0	0.900	0	2.947	2.240	6.675	4.656	0.877	2.087	1.130	1.099
B2	0.745	2.422	1.050	0.292	0.947	3.025	12.505	4.099	0.510	2.307	6.876	0.391
B3	0.925	5.619	1.850	2.430	0.298	1.475	4.073	2.418	4.774	3.241	4.441	1.290
Caa1	1.177	2.067	0.580	1.175	0.175	2.133	1.795	0.820	1.397	1.057	0.947	5.823
Caa2	0.297	0.147	0	0	0	1.750	0.914	0.227	0.148	1.900	0.720	0.859
NR	0.960	0.265	0.247	0.185	1.093	0.609	0.150	0.220	2.184	1.173	0.198	2.420
Total	10.160	14.745	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.596
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Ba1	2.055	6	2.987	5	2.438	5	0.384	2	2.823	7	10.138	26	4.78%
Ba2	2.326	7	5.016	8	3.610	10	0	0	3.610	10	13.980	32	6.11%
Ba3	6.565	13	4.821	10	4.455	12	0.330	1	4.785	13	19.488	41	8.10%
B1	3.847	9	13.572	19	4.094	14	1.099	4	5.193	18	24.275	52	8.79%
B2	2.289	7	19.629	28	9.693	18	0.391	2	10.084	20	35.168	63	17.07%
B3	4.578	16	7.966	27	12.457	33	1.290	6	13.747	39	32.835	102	23.28%
Caa1	1.930	8	4.748	15	3.401	11	5.823	15	9.224	26	19.146	57	15.62%
Caa2	0	0	2.890	5	2.768	8	0.859	1	3.627	9	6.961	16	6.14%
NR	1.525	7	0.979	5	3.555	16	2.420	6	5.975	22	9.703	42	10.12%
Total	25.114	73	62.607	122	46.472	127	12.596	37	59.068	164	171.694	431	100.00%
Use of Proceeds
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Acquisition	1.891	7.009	0	1.265	1.409	2.045	0	1.960	1.972	1.465	6.923	1.406
Capex	0.125	0.305	0.154	1.750	0	0.600	0.049	0.245	0.330	0	0.689	0.295
Dividend/recap	0.297	0.593	0	0.442	0.160	1.000	3.716	1.145	0.148	0.167	0.446	1.380
GCP	0	0.174	0	3.368	0.350	0.370	0.200	3.951	0.647	3.201	0	0
LBO	1.497	0.362	2.060	2.175	1.350	6.394	14.298	1.300	2.480	3.215	3.932	6.677
Redeem notes	3.073	0.669	0.690	0	0.273	1.050	2.850	1.031	0.777	0.855	2.233	0.730
Refinance	0.674	1.316	1.097	0	2.440	1.500	0.450	2.008	2.620	1.336	2.433	0.824
Repay bank debt	1.482	1.247	0.926	1.994	0.791	0.375	1.450	1.800	1.841	2.076	1.333	0.300
Multiple/Other/NA	1.122	3.071	0	0	2.419	3.037	6.790	2.994	1.389	2.548	1.414	0.985
Total	10.160	14.745	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.596
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	2.674	10	4.005	8	10.361	17	1.406	4	11.767	21	27.345	54	19.92%
Capex	1.904	5	0.894	3	1.019	5	0.295	1	1.314	6	4.542	16	2.22%
Dividend/recap	0.602	3	5.860	12	0.761	4	1.380	6	2.141	10	9.494	30	3.62%
GCP	3.718	8	4.521	6	3.849	10	0	0	3.849	10	12.262	25	6.52%
LBO	5.585	16	21.992	27	9.627	22	6.677	14	16.304	36	45.739	87	27.60%
Redeem notes	0.963	5	4.931	14	3.865	11	0.730	4	4.595	15	14.230	47	7.78%
Refinance	3.537	7	3.958	11	6.388	22	0.824	4	7.212	26	16.697	51	12.21%
Repay bank debt	3.712	12	3.625	10	5.250	19	0.300	1	5.550	20	15.615	51	9.40%
Multiple/Other/NA	2.419	7	12.821	31	5.352	17	0.985	3	6.337	20	25.769	70	10.73%
Total	25.114	73	62.607	122	46.472	127	12.596	37	59.068	164	171.694	431	100.00%
Industry Sector (by SIC code)
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Agriculture (0xxx)	0	0	0.300	0	0	0	0	0.225	0.397	0	0	0
Mining (1xxx)	0	0.175	0	1.650	0	0.897	0.400	0.325	0	0.078	6.000	0
Oil and gas (13xx)	0.445	2.158	0.126	0.445	0	0.200	0.650	1.410	0.872	1.431	1.184	1.100
Construction (15xx)	0	0.525	0	0	0	0	0	0	0.150	0.150	0	0.300
Manufacturing (2xxx, 3xxx)	4.011	3.079	1.925	5.224	5.587	5.711	15.358	7.862	4.640	2.666	5.211	2.436
Transportation (4xxx)	0.130	0	0.200	0.100	0	0	0.598	0.298	0	0	0.389	0.794
Communications (48xx)	0.880	5.418	0.704	0.935	0.908	2.350	0.500	1.946	0.875	4.375	2.250	0.675
Electric, gas, sanitary services (49xx)	1.880	0.954	1.047	0.391	0.177	2.553	3.132	1.370	0.554	0.750	0.914	0.359
Wholesale (5xxx)	0	0.380	0	0.250	0.150	2.083	1.831	0.893	1.930	1.917	1.561	1.960
Finance, insurance, real estate (6xxx)	1.377	0	0	0	1.494	0.555	6.200	0.150	1.640	1.546	0.675	4.427
Services (7xxx)	0.502	0.886	0.625	2.000	0.660	2.021	1.135	1.955	0.897	1.425	0.603	0.105
Health services (8xxx)	0.935	1.171	0	0	0.215	0	0	0	0.250	0.526	0.617	0.440
Total	10.160	14.745	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.596
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.300	1	0.225	1	0.397	1	0	0	0.397	1	0.922	3	0.67%
Mining (1xxx)	1.650	3	1.622	5	6.078	4	0	0	6.078	4	9.525	13	10.29%
Oil and gas (13xx)	0.571	4	2.260	5	3.488	12	1.100	4	4.588	16	10.022	33	7.77%
Construction (15xx)	0	0	0	0	0.300	2	0.300	1	0.600	3	1.125	5	1.02%
Manufacturing (2xxx, 3xxx)	12.736	28	28.931	47	12.517	42	2.436	7	14.954	49	63.710	144	25.32%
Transportation (4xxx)	0.300	2	0.896	5	0.389	2	0.794	3	1.183	5	2.509	13	2.00%
Communications (48xx)	2.546	8	4.796	11	7.500	13	0.675	3	8.175	16	21.815	44	13.84%
Electric, gas, sanitary services (49xx)	1.616	7	7.055	13	2.218	5	0.359	2	2.577	7	14.082	39	4.36%
Wholesale (5xxx)	0.400	2	4.806	14	5.408	17	1.960	6	7.368	23	12.954	42	12.47%
Finance, insurance, real estate (6xxx)	1.494	6	6.905	9	3.860	12	4.427	8	8.287	20	18.063	38	14.03%
Services (7xxx)	3.285	11	5.111	12	2.925	12	0.105	1	3.030	13	12.815	43	5.13%
Health services (8xxx)	0.215	1	0	0	1.392	5	0.440	2	1.832	7	4.153	14	3.10%
Total	25.114	73	62.607	122	46.472	127	12.596	37	59.068	164	171.694	431	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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