Analysis of high yield issuance for 12 months through June 2007

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

Yield

	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
5%-5.99%	0	0	0	0	0	0	0	0	0	0.184	0	0
6%-6.99%	0	0.497	1.620	0.620	0	0.994	0.300	1.327	1.498	0.749	4.401	1.547
7%-7.99%	0.500	2.451	1.257	4.602	4.582	3.200	2.900	5.575	4.912	2.460	10.138	7.437
8%-8.99%	1.030	0	3.020	0.771	8.550	4.306	4.536	3.248	7.003	1.096	0.360	1.917
9%-9.99%	1.585	2.887	1.402	5.125	10.095	3.328	2.318	2.811	2.710	2.191	2.691	5.080
10%-10.99%	0.707	2.425	0.420	1.000	2.530	0.860	0.773	0.173	0.810	2.308	1.840	3.558
11% and higher	0.855	1.195	0.772	2.053	1.321	0.609	0	0.614	0.632	1.402	0.708	2.817
Floater	0.250	1.540	0.700	2.200	2.725	3.136	1.379	1.116	1.839	1.655	4.952	2.232
Total	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.046	25.091	24.588
	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	0.17%
6%-6.99%	2.117	5	1.614	3	3.125	8	6.698	16	9.822	24	13.553	32	9.08%
7%-7.99%	4.208	13	12.384	23	13.386	40	20.035	39	33.421	79	50.012	115	30.89%
8%-8.99%	4.051	11	13.627	21	14.786	28	3.373	12	18.159	40	35.837	72	16.78%
9%-9.99%	5.874	13	18.548	27	7.839	25	9.962	25	17.801	50	42.223	90	16.45%
10%-10.99%	3.552	11	4.390	10	1.756	9	7.707	18	9.463	27	17.405	48	8.75%
11% and higher	2.822	11	3.983	16	1.246	5	4.927	10	6.175	15	12.980	42	5.70%
Floater	2.490	9	8.061	22	4.333	12	8.839	29	13.172	41	23.723	72	12.17%
Total	25.114	73	62.607	122	46.472	127	61.725	150	108.196	277	195.917	472	100.00%
Versus Talk
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Lower	0.250	0.185	0	1.940	4.070	0.100	1.335	1.079	0.800	1.085	0	0
Low end	1.847	1.692	3.120	3.453	7.900	7.651	4.933	6.677	1.525	3.374	9.648	1.724
Middle	0.990	5.746	3.936	4.674	8.775	4.945	4.126	3.904	6.370	5.973	9.951	8.751
High end	0	2.665	0.490	3.175	5.015	1.525	0.600	1.748	2.238	1.614	2.277	6.940
Higher	1.540	0.417	0.694	1.950	3.788	1.258	0	0	6.500	0	0	3.966
NA	0.300	0.289	0.952	1.178	0.254	0.955	1.211	1.456	1.970	0	3.215	3.207
Total	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.046	25.091	24.588
	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	10.845	29	3.97%
Low end	6.659	18	19.003	32	13.135	36	14.747	42	27.882	78	53.544	128	25.77%
Middle	10.672	28	18.395	38	14.399	41	24.674	53	39.073	94	68.140	160	36.11%
High end	3.155	6	9.715	16	4.587	11	10.831	20	15.418	31	28.288	53	14.25%
Higher	2.651	11	6.996	13	6.500	3	3.966	8	10.466	11	20.113	35	9.67%
NA	1.542	8	2.388	14	4.637	23	6.422	22	11.058	45	14.987	67	10.22%
Total	25.114	73	62.607	122	46.472	127	61.725	150	108.196	277	195.917	472	100.00%
Upsized?
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Yes	0.626	7.307	2.713	2.347	2.841	6.863	4.178	4.951	2.457	2.634	8.325	3.403
No	3.516	3.403	5.785	12.304	24.264	7.696	6.022	8.772	14.113	5.425	16.536	15.885
Downsized	0.785	0.285	0.694	1.720	2.698	1.875	2.005	1.140	2.833	3.987	0.230	5.300
Total	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.046	25.091	24.588
	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	14.362	34	25.948	69	48.644	119	23.98%
No	12.704	42	44.264	84	28.907	78	37.847	103	66.754	181	123.722	307	61.70%
Downsized	1.764	6	6.293	13	5.978	14	9.516	13	15.495	27	23.551	46	14.32%
Total	25.114	73	62.607	122	46.472	127	61.725	150	108.196	277	195.917	472	100.00%
Quick Sale?
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Yes	0.700	5.208	1.213	3.135	3.695	6.637	1.172	3.580	4.158	1.490	10.239	5.530
No	4.227	5.788	7.978	13.235	26.108	9.797	11.032	11.283	15.245	10.556	14.851	19.058
Total	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.046	25.091	24.588
	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	17.259	43	26.169	69	46.757	113	24.19%
No	17.993	55	49.140	96	37.561	101	44.466	107	82.027	208	149.160	359	75.81%
Total	25.114	73	62.607	122	46.472	127	61.725	150	108.196	277	195.917	472	100.00%
Seniority
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
mortgage	0	0	0	0	0	0	0	0	0	0	0.675	0.675
senior secured	0.775	2.800	1.045	4.026	8.180	0.960	0.093	2.489	1.065	0.681	2.791	1.893
secured	0	0	0	0	0.049	0	0.150	0	0	0	0	0
senior	2.972	6.679	7.472	10.042	19.018	13.639	10.858	9.315	16.228	9.466	18.809	19.202
senior subordinated	0.880	1.310	0.622	1.450	2.555	1.410	1.103	1.960	2.111	1.899	1.566	2.818
subordinated	0.300	0.206	0.052	0.852	0	0.425	0	1.098	0	0	1.249	0
Total	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.046	25.091	24.588
	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	1.350	3	1.350	3	1.350	3	1.25%
senior secured	4.620	14	13.166	19	3.648	12	5.365	21	9.013	33	26.799	66	8.33%
secured	0	0	0.049	1	0.150	1	0	0	0.150	1	0.199	2	0.14%
senior	17.123	45	42.699	84	36.402	91	47.478	105	83.879	196	143.702	325	77.53%
senior subordinated	2.812	11	5.415	13	5.174	20	6.283	18	11.457	38	19.684	62	10.59%
subordinated	0.558	3	1.277	5	1.098	3	1.249	3	2.348	6	4.183	14	2.17%
Total	25.114	73	62.607	122	46.472	127	61.725	150	108.196	277	195.917	472	100.00%
Moody's Rating
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Ba1	0.300	0.206	1.548	1.992	0	0.994	0.494	1.446	0.498	0.384	4.346	1.774
Ba2	0	1.341	0.984	2.681	1.185	1.150	0.697	0.078	2.835	0	2.595	1.156
Ba3	0	5.365	1.200	0.465	2.506	1.850	1.123	1.575	1.758	0.330	0.700	3.383
B1	0.900	0	2.947	2.240	6.675	4.656	0.877	2.087	1.130	1.099	5.867	3.639
B2	1.050	0.292	0.947	3.025	12.505	4.099	0.510	2.307	6.876	0.391	2.475	1.069
B3	1.850	2.430	0.298	1.475	4.073	2.418	4.774	3.241	4.441	1.191	1.898	6.034
Caa1	0.580	1.175	0.175	2.133	1.795	0.820	1.397	1.057	0.947	5.273	3.544	5.924
Caa2	0	0	0	1.750	0.914	0.227	0.148	1.900	0.720	0.859	1.290	1.125
NR	0.247	0.185	1.093	0.609	0.150	0.220	2.184	1.173	0.198	2.519	2.376	0.483
Total	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.046	25.091	24.588
	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	6.504	16	8.942	21	13.984	32	8.26%
Ba2	2.326	7	5.016	8	3.610	10	3.751	10	7.361	20	14.702	35	6.80%
Ba3	6.565	13	4.821	10	4.455	12	4.413	11	8.868	23	20.255	46	8.20%
B1	3.847	9	13.572	19	4.094	14	10.605	22	14.699	36	32.118	64	13.59%
B2	2.289	7	19.629	28	9.693	18	3.936	11	13.629	29	35.546	64	12.60%
B3	4.578	16	7.966	27	12.457	33	9.123	20	21.580	53	34.124	96	19.95%
Caa1	1.930	8	4.748	15	3.401	11	14.741	36	18.142	47	24.820	70	16.77%
Caa2	0	0	2.890	5	2.768	8	3.274	7	6.042	15	8.933	20	5.58%
NR	1.525	7	0.979	5	3.555	16	5.378	17	8.933	33	11.436	45	8.26%
Total	25.114	73	62.607	122	46.472	127	61.725	150	108.196	277	195.917	472	100.00%
Use of Proceeds
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Acquisition	0	1.265	1.409	2.045	0	1.960	1.972	1.465	6.923	1.406	2.751	3.900
Capex	0.154	1.750	0	0.600	0.049	0.245	0.330	0	0.689	0.295	1.123	0.925
Dividend/recap	0	0.442	0.160	1.000	3.716	1.145	0.148	0.167	0.446	1.380	0.148	0.681
GCP	0	3.368	0.350	0.370	0.200	3.951	0.647	3.201	0	0	4.894	1.291
LBO	2.060	2.175	1.350	6.394	14.298	1.300	2.480	3.215	3.932	6.127	3.160	6.635
Redeem notes	0.690	0	0.273	1.050	2.850	1.031	0.777	0.855	2.233	0.730	5.020	2.841
Refinance	1.097	0	2.440	1.500	0.450	2.008	2.620	1.336	2.433	0.824	2.443	1.849
Repay bank debt	0.926	1.994	0.791	0.375	1.450	1.800	1.841	2.076	1.333	0.300	2.148	2.590
Multiple/Other/NA	0	0	2.419	3.037	6.790	2.994	1.389	2.548	1.414	0.985	3.404	3.875
Total	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.046	25.091	24.588
	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	8.057	14	18.417	31	25.096	49	17.02%
Capex	1.904	5	0.894	3	1.019	5	2.343	6	3.362	11	6.160	19	3.11%
Dividend/recap	0.602	3	5.860	12	0.761	4	2.209	10	2.970	14	9.433	29	2.75%
GCP	3.718	8	4.521	6	3.849	10	6.185	13	10.033	23	18.272	37	9.27%
LBO	5.585	16	21.992	27	9.627	22	15.922	37	25.549	59	53.126	102	23.61%
Redeem notes	0.963	5	4.931	14	3.865	11	8.591	21	12.456	32	18.350	51	11.51%
Refinance	3.537	7	3.958	11	6.388	22	5.116	12	11.505	34	19.000	52	10.63%
Repay bank debt	3.712	12	3.625	10	5.250	19	5.038	13	10.288	32	17.625	54	9.51%
Multiple/Other/NA	2.419	7	12.821	31	5.352	17	8.265	24	13.616	41	28.856	79	12.58%
Total	25.114	73	62.607	122	46.472	127	61.725	150	108.196	277	195.917	472	100.00%
Industry Sector (by SIC code)
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Agriculture (0xxx)	0.300	0	0	0	0	0.225	0.397	0	0	0	0.250	0.325
Mining (1xxx)	0	1.650	0	0.897	0.400	0.325	0	0.078	6.000	0	0.997	0.175
Oil and gas (13xx)	0.126	0.445	0	0.200	0.650	1.410	0.872	1.431	1.184	1.100	0.550	2.670
Construction (15xx)	0	0	0	0	0	0	0.150	0.150	0	0.300	0.200	0
Manufacturing (2xxx, 3xxx)	1.925	5.224	5.587	5.711	15.358	7.862	4.640	2.666	5.211	2.436	6.338	3.688
Transportation (4xxx)	0.200	0.100	0	0	0.598	0.298	0	0	0.389	0.794	1.295	0.632
Communications (48xx)	0.704	0.935	0.908	2.350	0.500	1.946	0.875	4.375	2.250	0.675	1.791	0.671
Electric, gas, sanitary services (49xx)	1.047	0.391	0.177	2.553	3.132	1.370	0.554	0.750	0.914	0.359	6.099	4.629
Wholesale (5xxx)	0	0.250	0.150	2.083	1.831	0.893	1.930	1.917	1.561	1.410	2.136	3.746
Finance, insurance, real estate (6xxx)	0	0	1.494	0.555	6.200	0.150	1.640	1.546	0.675	4.427	2.914	1.600
Services (7xxx)	0.625	2.000	0.660	2.021	1.135	1.955	0.897	1.425	0.603	0.105	2.263	1.379
Health services (8xxx)	0	0	0.215	0	0	0	0.250	0.526	0.617	0.440	0.257	5.072
Total	4.927	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.046	25.091	24.588
	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	0.575	2	0.972	3	1.497	5	0.90%
Mining (1xxx)	1.650	3	1.622	5	6.078	4	1.172	2	7.250	6	10.522	14	6.70%
Oil and gas (13xx)	0.571	4	2.260	5	3.488	12	4.320	11	7.808	23	10.639	32	7.22%
Construction (15xx)	0	0	0	0	0.300	2	0.500	2	0.800	4	0.800	4	0.74%
Manufacturing (2xxx, 3xxx)	12.736	28	28.931	47	12.517	42	12.462	33	24.980	75	66.647	150	23.09%
Transportation (4xxx)	0.300	2	0.896	5	0.389	2	2.721	12	3.111	14	4.306	21	2.88%
Communications (48xx)	2.546	8	4.796	11	7.500	13	3.137	12	10.637	25	17.979	44	9.83%
Electric, gas, sanitary services (49xx)	1.616	7	7.055	13	2.218	5	11.088	21	13.306	26	21.977	46	12.30%
Wholesale (5xxx)	0.400	2	4.806	14	5.408	17	7.292	16	12.700	33	17.906	49	11.74%
Finance, insurance, real estate (6xxx)	1.494	6	6.905	9	3.860	12	8.941	20	12.801	32	21.200	47	11.83%
Services (7xxx)	3.285	11	5.111	12	2.925	12	3.747	10	6.671	22	15.068	45	6.17%
Health services (8xxx)	0.215	1	0	0	1.392	5	5.769	9	7.161	14	7.376	15	6.62%
Total	25.114	73	62.607	122	46.472	127	61.725	150	108.196	277	195.917	472	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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