Analysis of high yield issuance for 12 months through May 2007

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

Yield

	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
5%-5.99%	0	0	0	0	0	0	0	0	0	0	0.184	0
6%-6.99%	0.072	0	0.497	1.620	0.620	0	0.994	0.300	1.327	1.498	0.749	4.401
7%-7.99%	1.751	0.500	2.451	1.257	4.602	4.582	3.200	2.900	5.575	4.912	2.460	10.138
8%-8.99%	2.002	1.030	0	3.020	0.771	8.550	4.306	4.536	3.248	7.003	1.096	0.360
9%-9.99%	4.230	1.585	2.887	1.402	5.125	10.095	3.328	2.318	2.811	2.710	2.741	2.691
10%-10.99%	1.630	0.707	2.425	0.420	1.000	2.530	0.860	0.773	0.173	0.810	2.308	1.840
11% and higher	2.604	0.855	1.195	0.772	2.053	1.321	0.609	0	0.614	0.632	1.402	0.708
Floater	2.456	0.250	1.540	0.700	2.200	2.725	3.136	1.379	1.116	1.839	1.655	4.952
Total	14.745	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.596	25.091
	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	0.22%
6%-6.99%	2.117	5	1.614	3	3.125	8	5.151	11	8.275	19	12.079	28	9.83%
7%-7.99%	4.208	13	12.384	23	13.386	40	12.598	25	25.984	65	44.326	108	30.87%
8%-8.99%	4.051	11	13.627	21	14.786	28	1.456	6	16.243	34	35.922	73	19.30%
9%-9.99%	5.874	13	18.548	27	7.839	25	5.432	19	13.271	44	41.923	91	15.77%
10%-10.99%	3.552	11	4.390	10	1.756	9	4.148	10	5.904	19	15.476	45	7.02%
11% and higher	2.822	11	3.983	16	1.246	5	2.110	4	3.357	9	12.767	44	3.98%
Floater	2.490	9	8.061	22	4.333	12	6.607	20	10.939	32	23.947	69	13.00%
Total	25.114	73	62.607	122	46.472	127	37.687	96	84.159	223	186.625	459	100.00%
Versus Talk
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Lower	0.084	0.250	0.185	0	1.940	4.070	0.100	1.335	1.079	0.800	1.085	0
Low end	0.654	1.847	1.692	3.120	3.453	7.900	7.651	4.933	6.677	1.525	3.924	9.648
Middle	5.860	0.990	5.746	3.936	4.674	8.775	4.945	4.126	3.904	6.370	5.973	9.951
High end	4.457	0	2.665	0.490	3.175	5.015	1.525	0.600	1.748	2.238	1.614	2.277
Higher	1.429	1.540	0.417	0.694	1.950	3.788	1.258	0	0	6.500	0	0
NA	2.262	0.300	0.289	0.952	1.178	0.254	0.955	1.211	1.456	1.970	0	3.215
Total	14.745	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.596	25.091
	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	5.11%
Low end	6.659	18	19.003	32	13.135	36	13.573	37	26.708	73	53.024	126	31.74%
Middle	10.672	28	18.395	38	14.399	41	15.923	34	30.322	75	65.249	151	36.03%
High end	3.155	6	9.715	16	4.587	11	3.891	10	8.478	21	25.804	54	10.07%
Higher	2.651	11	6.996	13	6.500	3	0	0	6.500	3	17.576	31	7.72%
NA	1.542	8	2.388	14	4.637	23	3.215	10	7.852	33	14.043	67	9.33%
Total	25.114	73	62.607	122	46.472	127	37.687	96	84.159	223	186.625	459	100.00%
Upsized?
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Yes	1.007	0.626	7.307	2.713	2.347	2.841	6.863	4.178	4.951	2.457	2.634	8.325
No	10.303	3.516	3.403	5.785	12.304	24.264	7.696	6.022	8.772	14.113	5.425	16.536
Downsized	3.435	0.785	0.285	0.694	1.720	2.698	1.875	2.005	1.140	2.833	4.537	0.230
Total	14.745	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.596	25.091
	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	10.959	25	22.545	60	46.248	114	26.79%
No	12.704	42	44.264	84	28.907	78	21.962	62	50.869	140	118.140	296	60.44%
Downsized	1.764	6	6.293	13	5.978	14	4.767	9	10.745	23	22.237	49	12.77%
Total	25.114	73	62.607	122	46.472	127	37.687	96	84.159	223	186.625	459	100.00%
Quick Sale?
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Yes	2.868	0.700	5.208	1.213	3.135	3.695	6.637	1.172	3.580	4.158	1.490	10.239
No	11.877	4.227	5.788	7.978	13.235	26.108	9.797	11.032	11.283	15.245	11.106	14.851
Total	14.745	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.596	25.091
	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	11.729	30	20.640	56	44.096	113	24.53%
No	17.993	55	49.140	96	37.561	101	25.958	66	63.519	167	142.529	346	75.47%
Total	25.114	73	62.607	122	46.472	127	37.687	96	84.159	223	186.625	459	100.00%
Seniority
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
mortgage	0.184	0	0	0	0	0	0	0	0	0	0	0.675
senior secured	0.540	0.775	2.800	1.045	4.026	8.180	0.960	0.093	2.489	1.065	0.681	2.791
secured	0	0	0	0	0	0.049	0	0.150	0	0	0	0
senior	12.835	2.972	6.679	7.472	10.042	19.018	13.639	10.858	9.315	16.228	10.016	18.809
senior subordinated	1.187	0.880	1.310	0.622	1.450	2.555	1.410	1.103	1.960	2.111	1.899	1.566
subordinated	0	0.300	0.206	0.052	0.852	0	0.425	0	1.098	0	0	1.249
Total	14.745	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.596	25.091
	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	0.675	1	0.675	1	0.859	3	0.80%
senior secured	4.620	14	13.166	19	3.648	12	3.472	14	7.120	26	25.446	62	8.46%
secured	0	0	0.049	1	0.150	1	0	0	0.150	1	0.199	2	0.18%
senior	17.123	45	42.699	84	36.402	91	28.825	68	65.227	159	137.884	319	77.50%
senior subordinated	2.812	11	5.415	13	5.174	20	3.465	10	8.639	30	18.053	59	10.27%
subordinated	0.558	3	1.277	5	1.098	3	1.249	3	2.348	6	4.183	14	2.79%
Total	25.114	73	62.607	122	46.472	127	37.687	96	84.159	223	186.625	459	100.00%
Moody's Rating
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Ba1	0.883	0.300	0.206	1.548	1.992	0	0.994	0.494	1.446	0.498	0.384	4.346
Ba2	0.690	0	1.341	0.984	2.681	1.185	1.150	0.697	0.078	2.835	0	2.595
Ba3	2.653	0	5.365	1.200	0.465	2.506	1.850	1.123	1.575	1.758	0.330	0.700
B1	0	0.900	0	2.947	2.240	6.675	4.656	0.877	2.087	1.130	1.099	5.867
B2	2.422	1.050	0.292	0.947	3.025	12.505	4.099	0.510	2.307	6.876	0.391	2.475
B3	5.619	1.850	2.430	0.298	1.475	4.073	2.418	4.774	3.241	4.441	1.191	1.898
Caa1	2.067	0.580	1.175	0.175	2.133	1.795	0.820	1.397	1.057	0.947	5.823	3.544
Caa2	0.147	0	0	0	1.750	0.914	0.227	0.148	1.900	0.720	0.859	1.290
NR	0.265	0.247	0.185	1.093	0.609	0.150	0.220	2.184	1.173	0.198	2.519	2.376
Total	14.745	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.596	25.091
	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	4.730	10	7.168	15	13.092	31	8.52%
Ba2	2.326	7	5.016	8	3.610	10	2.595	6	6.205	16	14.236	33	7.37%
Ba3	6.565	13	4.821	10	4.455	12	1.030	2	5.485	14	19.525	40	6.52%
B1	3.847	9	13.572	19	4.094	14	6.966	14	11.060	28	28.479	56	13.14%
B2	2.289	7	19.629	28	9.693	18	2.866	8	12.559	26	36.898	67	14.92%
B3	4.578	16	7.966	27	12.457	33	3.089	12	15.546	45	33.709	104	18.47%
Caa1	1.930	8	4.748	15	3.401	11	9.367	25	12.768	36	21.513	63	15.17%
Caa2	0	0	2.890	5	2.768	8	2.149	5	4.917	13	7.954	19	5.84%
NR	1.525	7	0.979	5	3.555	16	4.895	14	8.449	30	11.218	46	10.04%
Total	25.114	73	62.607	122	46.472	127	37.687	96	84.159	223	186.625	459	100.00%
Use of Proceeds
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Acquisition	7.009	0	1.265	1.409	2.045	0	1.960	1.972	1.465	6.923	1.406	2.751
Capex	0.305	0.154	1.750	0	0.600	0.049	0.245	0.330	0	0.689	0.295	1.123
Dividend/recap	0.593	0	0.442	0.160	1.000	3.716	1.145	0.148	0.167	0.446	1.380	0.148
GCP	0.174	0	3.368	0.350	0.370	0.200	3.951	0.647	3.201	0	0	4.894
LBO	0.362	2.060	2.175	1.350	6.394	14.298	1.300	2.480	3.215	3.932	6.677	3.160
Redeem notes	0.669	0.690	0	0.273	1.050	2.850	1.031	0.777	0.855	2.233	0.730	5.020
Refinance	1.316	1.097	0	2.440	1.500	0.450	2.008	2.620	1.336	2.433	0.824	2.443
Repay bank debt	1.247	0.926	1.994	0.791	0.375	1.450	1.800	1.841	2.076	1.333	0.300	2.148
Multiple/Other/NA	3.071	0	0	2.419	3.037	6.790	2.994	1.389	2.548	1.414	0.985	3.404
Total	14.745	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.596	25.091
	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	4.157	11	14.518	28	28.205	57	17.25%
Capex	1.904	5	0.894	3	1.019	5	1.418	3	2.437	8	5.540	17	2.90%
Dividend/recap	0.602	3	5.860	12	0.761	4	1.528	7	2.289	11	9.345	30	2.72%
GCP	3.718	8	4.521	6	3.849	10	4.894	9	8.742	19	17.156	34	10.39%
LBO	5.585	16	21.992	27	9.627	22	9.837	24	19.464	46	47.402	92	23.13%
Redeem notes	0.963	5	4.931	14	3.865	11	5.750	14	9.615	25	16.178	48	11.42%
Refinance	3.537	7	3.958	11	6.388	22	3.267	9	9.655	31	18.466	53	11.47%
Repay bank debt	3.712	12	3.625	10	5.250	19	2.448	6	7.698	25	16.281	52	9.15%
Multiple/Other/NA	2.419	7	12.821	31	5.352	17	4.389	13	9.741	30	28.052	76	11.57%
Total	25.114	73	62.607	122	46.472	127	37.687	96	84.159	223	186.625	459	100.00%
Industry Sector (by SIC code)
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Agriculture (0xxx)	0	0.300	0	0	0	0	0.225	0.397	0	0	0	0.250
Mining (1xxx)	0.175	0	1.650	0	0.897	0.400	0.325	0	0.078	6.000	0	0.997
Oil and gas (13xx)	2.158	0.126	0.445	0	0.200	0.650	1.410	0.872	1.431	1.184	1.100	0.550
Construction (15xx)	0.525	0	0	0	0	0	0	0.150	0.150	0	0.300	0.200
Manufacturing (2xxx, 3xxx)	3.079	1.925	5.224	5.587	5.711	15.358	7.862	4.640	2.666	5.211	2.436	6.338
Transportation (4xxx)	0	0.200	0.100	0	0	0.598	0.298	0	0	0.389	0.794	1.295
Communications (48xx)	5.418	0.704	0.935	0.908	2.350	0.500	1.946	0.875	4.375	2.250	0.675	1.791
Electric, gas, sanitary services (49xx)	0.954	1.047	0.391	0.177	2.553	3.132	1.370	0.554	0.750	0.914	0.359	6.099
Wholesale (5xxx)	0.380	0	0.250	0.150	2.083	1.831	0.893	1.930	1.917	1.561	1.960	2.136
Finance, insurance, real estate (6xxx)	0	0	0	1.494	0.555	6.200	0.150	1.640	1.546	0.675	4.427	2.914
Services (7xxx)	0.886	0.625	2.000	0.660	2.021	1.135	1.955	0.897	1.425	0.603	0.105	2.263
Health services (8xxx)	1.171	0	0	0.215	0	0	0	0.250	0.526	0.617	0.440	0.257
Total	14.745	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.596	25.091
	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	0.250	1	0.647	2	1.172	4	0.77%
Mining (1xxx)	1.650	3	1.622	5	6.078	4	0.997	1	7.075	5	10.522	14	8.41%
Oil and gas (13xx)	0.571	4	2.260	5	3.488	12	1.650	6	5.138	18	10.126	33	6.11%
Construction (15xx)	0	0	0	0	0.300	2	0.500	2	0.800	4	1.325	6	0.95%
Manufacturing (2xxx, 3xxx)	12.736	28	28.931	47	12.517	42	8.774	21	21.292	63	66.038	147	25.30%
Transportation (4xxx)	0.300	2	0.896	5	0.389	2	2.089	8	2.478	10	3.674	17	2.94%
Communications (48xx)	2.546	8	4.796	11	7.500	13	2.466	10	9.966	23	22.727	48	11.84%
Electric, gas, sanitary services (49xx)	1.616	7	7.055	13	2.218	5	6.459	11	8.677	16	18.301	43	10.31%
Wholesale (5xxx)	0.400	2	4.806	14	5.408	17	4.096	11	9.504	28	15.090	47	11.29%
Finance, insurance, real estate (6xxx)	1.494	6	6.905	9	3.860	12	7.341	15	11.201	27	19.600	42	13.31%
Services (7xxx)	3.285	11	5.111	12	2.925	12	2.368	7	5.292	19	14.575	46	6.29%
Health services (8xxx)	0.215	1	0	0	1.392	5	0.697	3	2.089	8	3.475	12	2.48%
Total	25.114	73	62.607	122	46.472	127	37.687	96	84.159	223	186.625	459	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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