Analysis of high yield issuance for 12 months through July 2007

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

Yield

	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
5%-5.99%	0	0	0	0	0	0	0	0	0.184	0	0	0
6%-6.99%	0.497	1.620	0.620	0	0.994	0.300	1.327	1.498	0.749	4.401	1.547	0
7%-7.99%	2.451	1.257	4.602	4.582	3.200	2.900	5.575	4.912	2.460	10.138	7.437	0
8%-8.99%	0	3.020	0.771	8.550	4.306	4.536	3.248	7.003	1.096	0.360	1.917	0.225
9%-9.99%	2.887	1.402	5.125	10.095	3.328	2.318	2.811	2.710	2.191	2.691	5.080	2.039
10%-10.99%	2.425	0.420	1.000	2.530	0.860	0.773	0.173	0.810	2.308	1.840	3.558	0.372
11% and higher	1.195	0.772	2.053	1.321	0.609	0	0.614	0.632	1.402	0.708	2.856	0.417
Floater	1.540	0.700	2.200	2.725	3.136	1.379	1.116	1.839	1.655	4.952	2.232	0
Total	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.046	25.091	24.627	3.053
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
5%-5.99%	0	0	0	0	0.184	1	0	0	0.184	1	0.184	1	0.17%
6%-6.99%	1.614	3	3.125	8	6.698	16	0	0	9.822	24	13.553	32	8.83%
7%-7.99%	12.384	23	13.386	40	20.035	39	0	0	33.421	79	49.512	114	30.03%
8%-8.99%	13.627	21	14.786	28	3.373	12	0.225	1	18.384	41	35.031	68	16.52%
9%-9.99%	18.548	27	7.839	25	9.962	25	2.039	5	19.840	55	42.677	91	17.83%
10%-10.99%	4.390	10	1.756	9	7.707	18	0.372	2	9.835	29	17.070	47	8.84%
11% and higher	3.983	16	1.246	5	4.966	11	0.417	2	6.630	18	12.581	41	5.96%
Floater	8.061	22	4.333	12	8.839	29	0	0	13.172	41	23.473	71	11.84%
Total	62.607	122	46.472	127	61.764	151	3.053	10	111.289	288	194.083	465	100.00%
Versus Talk
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Lower	0.185	0	1.940	4.070	0.100	1.335	1.079	0.800	1.085	0	0	0
Low end	1.692	3.120	3.453	7.900	7.651	4.933	6.677	1.525	3.374	9.648	1.724	0.200
Middle	5.746	3.936	4.674	8.775	4.945	4.126	3.904	6.370	5.973	9.951	8.751	0.394
High end	2.665	0.490	3.175	5.015	1.525	0.600	1.748	2.238	1.614	2.277	6.940	0.150
Higher	0.417	0.694	1.950	3.788	1.258	0	0	6.500	0	0	3.966	2.114
NA	0.289	0.952	1.178	0.254	0.955	1.211	1.456	1.970	0	3.215	3.246	0.196
Total	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.046	25.091	24.627	3.053
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Lower	6.110	9	3.214	13	1.085	5	0	0	4.299	18	10.595	28	3.86%
Low end	19.003	32	13.135	36	14.747	42	0.200	1	28.082	79	51.898	124	25.23%
Middle	18.395	38	14.399	41	24.674	53	0.394	1	39.467	95	67.544	156	35.46%
High end	9.715	16	4.587	11	10.831	20	0.150	1	15.568	32	28.438	54	13.99%
Higher	6.996	13	6.500	3	3.966	8	2.114	5	12.580	16	20.687	34	11.30%
NA	2.388	14	4.637	23	6.461	23	0.196	2	11.293	48	14.922	69	10.15%
Total	62.607	122	46.472	127	61.764	151	3.053	10	111.289	288	194.083	465	100.00%
Upsized?
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Yes	7.307	2.713	2.347	2.841	6.863	4.178	4.951	2.457	2.634	8.325	3.403	0
No	3.403	5.785	12.304	24.264	7.696	6.022	8.772	14.113	5.425	16.536	15.924	2.856
Downsized	0.285	0.694	1.720	2.698	1.875	2.005	1.140	2.833	3.987	0.230	5.300	0.197
Total	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.046	25.091	24.627	3.053
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	12.050	25	11.586	35	14.362	34	0	0	25.948	69	48.017	116	23.32%
No	44.264	84	28.907	78	37.886	104	2.856	8	69.650	190	123.102	303	62.58%
Downsized	6.293	13	5.978	14	9.516	13	0.197	2	15.692	29	22.963	46	14.10%
Total	62.607	122	46.472	127	61.764	151	3.053	10	111.289	288	194.083	465	100.00%
Quick Sale?
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Yes	5.208	1.213	3.135	3.695	6.637	1.172	3.580	4.158	1.490	10.239	5.530	0
No	5.788	7.978	13.235	26.108	9.797	11.032	11.283	15.245	10.556	14.851	19.097	3.053
Total	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.046	25.091	24.627	3.053
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	13.467	26	8.910	26	17.259	43	0	0	26.169	69	46.057	111	23.51%
No	49.140	96	37.561	101	44.505	108	3.053	10	85.120	219	148.025	354	76.49%
Total	62.607	122	46.472	127	61.764	151	3.053	10	111.289	288	194.083	465	100.00%
Seniority
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
mortgage	0	0	0	0	0	0	0	0	0	0.675	0.675	0
senior secured	2.800	1.045	4.026	8.180	0.960	0.093	2.489	1.065	0.681	2.791	1.932	1.250
secured	0	0	0	0.049	0	0.150	0	0	0	0	0	0
senior	6.679	7.472	10.042	19.018	13.639	10.858	9.315	16.228	9.466	18.809	19.202	1.382
senior subordinated	1.310	0.622	1.450	2.555	1.410	1.103	1.960	2.111	1.899	1.566	2.818	0.322
subordinated	0.206	0.052	0.852	0	0.425	0	1.098	0	0	1.249	0	0.100
Total	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.046	25.091	24.627	3.053
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
mortgage	0	0	0	0	1.350	3	0	0	1.350	3	1.350	3	1.21%
senior secured	13.166	19	3.648	12	5.404	22	1.250	1	10.302	35	27.313	65	9.26%
secured	0.049	1	0.150	1	0	0	0	0	0.150	1	0.199	2	0.13%
senior	42.699	84	36.402	91	47.478	105	1.382	6	85.261	202	142.111	321	76.61%
senior subordinated	5.415	13	5.174	20	6.283	18	0.322	2	11.779	40	19.126	60	10.58%
subordinated	1.277	5	1.098	3	1.249	3	0.100	1	2.448	7	3.983	14	2.20%
Total	62.607	122	46.472	127	61.764	151	3.053	10	111.289	288	194.083	465	100.00%
Moody's Rating
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Ba1	0.206	1.548	1.992	0	0.994	0.494	1.446	0.498	0.384	4.346	1.774	0
Ba2	1.341	0.984	2.681	1.185	1.150	0.697	0.078	2.835	0	2.595	1.156	0
Ba3	5.365	1.200	0.465	2.506	1.850	1.123	1.575	1.758	0.330	0.700	3.383	1.450
B1	0	2.947	2.240	6.675	4.656	0.877	2.087	1.130	1.099	5.867	3.639	0.616
B2	0.292	0.947	3.025	12.505	4.099	0.510	2.307	6.876	0.391	2.475	1.109	0.225
B3	2.430	0.298	1.475	4.073	2.418	4.774	3.241	4.441	1.191	1.898	6.034	0
Caa1	1.175	0.175	2.133	1.795	0.820	1.397	1.057	0.947	5.273	3.544	5.924	0.247
Caa2	0	0	1.750	0.914	0.227	0.148	1.900	0.720	0.859	1.290	1.125	0.317
NR	0.185	1.093	0.609	0.150	0.220	2.184	1.173	0.198	2.519	2.376	0.483	0.199
Total	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.046	25.091	24.627	3.053
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Ba1	2.987	5	2.438	5	6.504	16	0	0	8.942	21	13.684	31	8.03%
Ba2	5.016	8	3.610	10	3.751	10	0	0	7.361	20	14.702	35	6.61%
Ba3	4.821	10	4.455	12	4.413	11	1.450	2	10.318	25	21.705	48	9.27%
B1	13.572	19	4.094	14	10.605	22	0.616	2	15.316	38	31.834	63	13.76%
B2	19.629	28	9.693	18	3.975	12	0.225	1	13.893	31	34.760	64	12.48%
B3	7.966	27	12.457	33	9.123	20	0	0	21.580	53	32.274	88	19.39%
Caa1	4.748	15	3.401	11	14.741	36	0.247	2	18.389	49	24.487	69	16.52%
Caa2	2.890	5	2.768	8	3.274	7	0.317	1	6.359	16	9.249	21	5.71%
NR	0.979	5	3.555	16	5.378	17	0.199	2	9.131	35	11.388	46	8.20%
Total	62.607	122	46.472	127	61.764	151	3.053	10	111.289	288	194.083	465	100.00%
Use of Proceeds
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Acquisition	1.265	1.409	2.045	0	1.960	1.972	1.465	6.923	1.406	2.751	3.939	0.097
Capex	1.750	0	0.600	0.049	0.245	0.330	0	0.689	0.295	1.123	0.925	0
Dividend/recap	0.442	0.160	1.000	3.716	1.145	0.148	0.167	0.446	1.380	0.148	0.681	0
GCP	3.368	0.350	0.370	0.200	3.951	0.647	3.201	0	0	4.894	1.291	0
LBO	2.175	1.350	6.394	14.298	1.300	2.480	3.215	3.932	6.127	3.160	6.635	0.317
Redeem notes	0	0.273	1.050	2.850	1.031	0.777	0.855	2.233	0.730	5.020	2.841	0
Refinance	0	2.440	1.500	0.450	2.008	2.620	1.336	2.433	0.824	2.443	1.849	1.573
Repay bank debt	1.994	0.791	0.375	1.450	1.800	1.841	2.076	1.333	0.300	2.148	2.590	0.372
Multiple/Other/NA	0	2.419	3.037	6.790	2.994	1.389	2.548	1.414	0.985	3.404	3.875	0.694
Total	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.046	25.091	24.627	3.053
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	4.005	8	10.361	17	8.096	15	0.097	1	18.553	33	25.232	51	16.67%
Capex	0.894	3	1.019	5	2.343	6	0	0	3.362	11	6.006	18	3.02%
Dividend/recap	5.860	12	0.761	4	2.209	10	0	0	2.970	14	9.433	29	2.67%
GCP	4.521	6	3.849	10	6.185	13	0	0	10.033	23	18.272	37	9.02%
LBO	21.992	27	9.627	22	15.922	37	0.317	1	25.866	60	51.383	96	23.24%
Redeem notes	4.931	14	3.865	11	8.591	21	0	0	12.456	32	17.660	47	11.19%
Refinance	3.958	11	6.388	22	5.116	12	1.573	3	13.078	37	19.476	52	11.75%
Repay bank debt	3.625	10	5.250	19	5.038	13	0.372	2	10.660	34	17.071	53	9.58%
Multiple/Other/NA	12.821	31	5.352	17	8.265	24	0.694	3	14.310	44	29.550	82	12.86%
Total	62.607	122	46.472	127	61.764	151	3.053	10	111.289	288	194.083	465	100.00%
Industry Sector (by SIC code)
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Agriculture (0xxx)	0	0	0	0	0.225	0.397	0	0	0	0.250	0.325	0
Mining (1xxx)	1.650	0	0.897	0.400	0.325	0	0.078	6.000	0	0.997	0.175	0
Oil and gas (13xx)	0.445	0	0.200	0.650	1.410	0.872	1.431	1.184	1.100	0.550	2.670	0.150
Construction (15xx)	0	0	0	0	0	0.150	0.150	0	0.300	0.200	0	0.394
Manufacturing (2xxx, 3xxx)	5.224	5.587	5.711	15.358	7.862	4.640	2.666	5.211	2.436	6.338	3.688	0.517
Transportation (4xxx)	0.100	0	0	0.598	0.298	0	0	0.389	0.794	1.295	0.632	0
Communications (48xx)	0.935	0.908	2.350	0.500	1.946	0.875	4.375	2.250	0.675	1.791	0.671	0.447
Electric, gas, sanitary services (49xx)	0.391	0.177	2.553	3.132	1.370	0.554	0.750	0.914	0.359	6.099	4.629	1.348
Wholesale (5xxx)	0.250	0.150	2.083	1.831	0.893	1.930	1.917	1.561	1.410	2.136	3.746	0
Finance, insurance, real estate (6xxx)	0	1.494	0.555	6.200	0.150	1.640	1.546	0.675	4.427	2.914	1.600	0.100
Services (7xxx)	2.000	0.660	2.021	1.135	1.955	0.897	1.425	0.603	0.105	2.263	1.418	0.097
Health services (8xxx)	0	0.215	0	0	0	0.250	0.526	0.617	0.440	0.257	5.072	0
Total	10.995	9.191	16.370	29.803	16.434	12.205	14.863	19.403	12.046	25.091	24.627	3.053
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.225	1	0.397	1	0.575	2	0	0	0.972	3	1.197	4	0.87%
Mining (1xxx)	1.622	5	6.078	4	1.172	2	0	0	7.250	6	10.522	14	6.51%
Oil and gas (13xx)	2.260	5	3.488	12	4.320	11	0.150	1	7.958	24	10.662	32	7.15%
Construction (15xx)	0	0	0.300	2	0.500	2	0.394	1	1.194	5	1.194	5	1.07%
Manufacturing (2xxx, 3xxx)	28.931	47	12.517	42	12.462	33	0.517	2	25.496	77	65.239	145	22.91%
Transportation (4xxx)	0.896	5	0.389	2	2.721	12	0	0	3.111	14	4.106	20	2.80%
Communications (48xx)	4.796	11	7.500	13	3.137	12	0.447	2	11.084	27	17.723	44	9.96%
Electric, gas, sanitary services (49xx)	7.055	13	2.218	5	11.088	21	1.348	2	14.654	28	22.278	45	13.17%
Wholesale (5xxx)	4.806	14	5.408	17	7.292	16	0	0	12.700	33	17.906	49	11.41%
Finance, insurance, real estate (6xxx)	6.905	9	3.860	12	8.941	20	0.100	1	12.901	33	21.300	48	11.59%
Services (7xxx)	5.111	12	2.925	12	3.786	11	0.097	1	6.807	24	14.579	44	6.12%
Health services (8xxx)	0	0	1.392	5	5.769	9	0	0	7.161	14	7.376	15	6.43%
Total	62.607	122	46.472	127	61.764	151	3.053	10	111.289	288	194.083	465	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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