Analysis of high yield issuance for 12 months through August 2007

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

Yield

	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
5%-5.99%	0	0	0	0	0	0	0	0.184	0	0	0	0
6%-6.99%	1.620	0.620	0	0.994	0.300	1.327	1.498	0.749	4.401	1.547	0	0
7%-7.99%	1.257	4.602	4.582	3.200	2.900	5.575	4.912	2.460	10.138	7.437	0	0
8%-8.99%	3.020	0.771	8.550	4.306	4.536	3.248	7.003	1.096	0.360	1.917	0.225	0
9%-9.99%	1.402	5.125	10.095	3.328	2.318	2.811	2.710	2.191	2.691	5.080	2.039	1.500
10%-10.99%	0.420	1.000	2.530	0.860	0.773	0.173	0.810	2.308	1.840	3.558	0.372	0.026
11% and higher	0.772	2.053	1.321	0.609	0.025	0.614	0.632	1.402	0.708	2.856	0.417	0.546
Floater	0.700	2.200	2.725	3.136	1.379	1.116	1.839	1.655	4.952	2.232	0	0
Total	9.191	16.370	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071
	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	0.16%
6%-6.99%	1.614	3	3.125	8	6.698	16	0	0	9.822	24	13.057	31	8.66%
7%-7.99%	12.384	23	13.386	40	20.035	39	0	0	33.421	79	47.062	107	29.48%
8%-8.99%	13.627	21	14.786	28	3.373	12	0.225	1	18.384	41	35.031	68	16.21%
9%-9.99%	18.548	27	7.839	25	9.962	25	3.539	6	21.340	56	41.290	87	18.82%
10%-10.99%	4.390	10	1.756	9	7.707	18	0.398	3	9.861	30	14.671	43	8.70%
11% and higher	3.983	16	1.271	6	4.966	11	0.962	4	7.201	21	11.956	40	6.35%
Floater	8.061	22	4.333	12	8.839	29	0	0	13.172	41	21.933	66	11.62%
Total	62.607	122	46.497	128	61.764	151	5.125	14	113.385	293	185.184	443	100.00%
Versus Talk
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Lower	0	1.940	4.070	0.100	1.335	1.079	0.800	1.085	0	0	0	0
Low end	3.120	3.453	7.900	7.651	4.933	6.677	1.525	3.374	9.648	1.724	0.200	0
Middle	3.936	4.674	8.775	4.945	4.126	3.904	6.370	5.973	9.951	8.751	0.394	2.071
High end	0.490	3.175	5.015	1.525	0.600	1.748	2.238	1.614	2.277	6.940	0.150	0
Higher	0.694	1.950	3.788	1.258	0	0	6.500	0	0	3.966	2.114	0
NA	0.952	1.178	0.254	0.955	1.236	1.456	1.970	0	3.215	3.246	0.196	0
Total	9.191	16.370	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071
	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	10.409	27	3.79%
Low end	19.003	32	13.135	36	14.747	42	0.200	1	28.082	79	50.205	119	24.77%
Middle	18.395	38	14.399	41	24.674	53	2.465	5	41.539	99	63.869	149	36.64%
High end	9.715	16	4.587	11	10.831	20	0.150	1	15.568	32	25.773	49	13.73%
Higher	6.996	13	6.500	3	3.966	8	2.114	5	12.580	16	20.269	31	11.09%
NA	2.388	14	4.662	24	6.461	23	0.196	2	11.318	49	14.658	68	9.98%
Total	62.607	122	46.497	128	61.764	151	5.125	14	113.385	293	185.184	443	100.00%
Upsized?
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Yes	2.713	2.347	2.841	6.863	4.178	4.951	2.457	2.634	8.325	3.403	0	0.165
No	5.785	12.304	24.264	7.696	6.047	8.772	14.113	5.425	16.536	15.924	2.856	0.406
Downsized	0.694	1.720	2.698	1.875	2.005	1.140	2.833	3.987	0.230	5.300	0.197	1.500
Total	9.191	16.370	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071
	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	0.165	1	26.113	70	40.875	103	23.03%
No	44.264	84	28.932	79	37.886	104	3.263	10	70.081	193	120.130	295	61.81%
Downsized	6.293	13	5.978	14	9.516	13	1.697	3	17.192	30	24.178	45	15.16%
Total	62.607	122	46.497	128	61.764	151	5.125	14	113.385	293	185.184	443	100.00%
Quick Sale?
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Yes	1.213	3.135	3.695	6.637	1.172	3.580	4.158	1.490	10.239	5.530	0	0.165
No	7.978	13.235	26.108	9.797	11.057	11.283	15.245	10.556	14.851	19.097	3.053	1.906
Total	9.191	16.370	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071
	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	0.165	1	26.334	70	41.015	101	23.23%
No	49.140	96	37.586	102	44.505	108	4.960	13	87.051	223	144.169	342	76.77%
Total	62.607	122	46.497	128	61.764	151	5.125	14	113.385	293	185.184	443	100.00%
Seniority
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
mortgage	0	0	0	0	0	0	0	0	0.675	0.675	0	0
senior secured	1.045	4.026	8.180	0.960	0.093	2.489	1.065	0.681	2.791	1.932	1.250	0.546
secured	0	0	0.049	0	0.150	0	0	0	0	0	0	0
senior	7.472	10.042	19.018	13.639	10.883	9.315	16.228	9.466	18.809	19.202	1.382	1.526
senior subordinated	0.622	1.450	2.555	1.410	1.103	1.960	2.111	1.899	1.566	2.818	0.322	0
subordinated	0.052	0.852	0	0.425	0	1.098	0	0	1.249	0	0.100	0
Total	9.191	16.370	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071
	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	1.19%
senior secured	13.166	19	3.648	12	5.404	22	1.795	3	10.848	37	25.059	60	9.57%
secured	0.049	1	0.150	1	0	0	0	0	0.150	1	0.199	2	0.13%
senior	42.699	84	36.427	92	47.478	105	2.907	8	86.811	205	136.983	310	76.56%
senior subordinated	5.415	13	5.174	20	6.283	18	0.322	2	11.779	40	17.816	55	10.39%
subordinated	1.277	5	1.098	3	1.249	3	0.100	1	2.448	7	3.777	13	2.16%
Total	62.607	122	46.497	128	61.764	151	5.125	14	113.385	293	185.184	443	100.00%
Moody's Rating
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Ba1	1.548	1.992	0	0.994	0.494	1.446	0.498	0.384	4.346	1.774	0	0
Ba2	0.984	2.681	1.185	1.150	0.697	0.078	2.835	0	2.595	1.156	0	0
Ba3	1.200	0.465	2.506	1.850	1.123	1.575	1.758	0.330	0.700	3.383	1.450	0
B1	2.947	2.240	6.675	4.656	0.877	2.087	1.130	1.099	5.867	3.639	0.616	1.500
B2	0.947	3.025	12.505	4.099	0.510	2.307	6.876	0.391	2.475	1.109	0.225	0
B3	0.298	1.475	4.073	2.418	4.799	3.241	4.441	1.191	1.898	6.034	0	0.406
Caa1	0.175	2.133	1.795	0.820	1.397	1.057	0.947	5.273	3.544	5.924	0.247	0
Caa2	0	1.750	0.914	0.227	0.148	1.900	0.720	0.859	1.290	1.125	0.317	0
NR	1.093	0.609	0.150	0.220	2.184	1.173	0.198	2.519	2.376	0.483	0.199	0.165
Total	9.191	16.370	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071
	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	13.477	30	7.89%
Ba2	5.016	8	3.610	10	3.751	10	0	0	7.361	20	13.361	32	6.49%
Ba3	4.821	10	4.455	12	4.413	11	1.450	2	10.318	25	16.339	39	9.10%
B1	13.572	19	4.094	14	10.605	22	2.116	3	16.816	39	33.334	64	14.83%
B2	19.629	28	9.693	18	3.975	12	0.225	1	13.893	31	34.469	62	12.25%
B3	7.966	27	12.482	34	9.123	20	0.406	2	22.011	56	30.275	84	19.41%
Caa1	4.748	15	3.401	11	14.741	36	0.247	2	18.389	49	23.312	65	16.22%
Caa2	2.890	5	2.768	8	3.274	7	0.317	1	6.359	16	9.249	21	5.61%
NR	0.979	5	3.555	16	5.378	17	0.364	3	9.296	36	11.368	46	8.20%
Total	62.607	122	46.497	128	61.764	151	5.125	14	113.385	293	185.184	443	100.00%
Use of Proceeds
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Acquisition	1.409	2.045	0	1.960	1.972	1.465	6.923	1.406	2.751	3.939	0.097	0.381
Capex	0	0.600	0.049	0.245	0.330	0	0.689	0.295	1.123	0.925	0	0
Dividend/recap	0.160	1.000	3.716	1.145	0.148	0.167	0.446	1.380	0.148	0.681	0	0
GCP	0.350	0.370	0.200	3.951	0.647	3.201	0	0	4.894	1.291	0	0.165
LBO	1.350	6.394	14.298	1.300	2.480	3.215	3.932	6.127	3.160	6.635	0.317	1.500
Redeem notes	0.273	1.050	2.850	1.031	0.777	0.855	2.233	0.730	5.020	2.841	0	0
Refinance	2.440	1.500	0.450	2.008	2.620	1.336	2.433	0.824	2.443	1.849	1.573	0
Repay bank debt	0.791	0.375	1.450	1.800	1.841	2.076	1.333	0.300	2.148	2.590	0.372	0
Multiple/Other/NA	2.419	3.037	6.790	2.994	1.414	2.548	1.414	0.985	3.404	3.875	0.694	0.026
Total	9.191	16.370	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071
	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	0.478	2	18.934	34	24.347	47	16.70%
Capex	0.894	3	1.019	5	2.343	6	0	0	3.362	11	4.256	14	2.97%
Dividend/recap	5.860	12	0.761	4	2.209	10	0	0	2.970	14	8.990	27	2.62%
GCP	4.521	6	3.849	10	6.185	13	0.165	1	10.198	24	15.069	32	8.99%
LBO	21.992	27	9.627	22	15.922	37	1.817	2	27.366	61	50.708	92	24.14%
Redeem notes	4.931	14	3.865	11	8.591	21	0	0	12.456	32	17.660	47	10.99%
Refinance	3.958	11	6.388	22	5.116	12	1.573	3	13.078	37	19.476	52	11.53%
Repay bank debt	3.625	10	5.250	19	5.038	13	0.372	2	10.660	34	15.076	48	9.40%
Multiple/Other/NA	12.821	31	5.377	18	8.265	24	0.720	4	14.361	46	29.601	84	12.67%
Total	62.607	122	46.497	128	61.764	151	5.125	14	113.385	293	185.184	443	100.00%
Industry Sector (by SIC code)
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Agriculture (0xxx)	0	0	0	0.225	0.397	0	0	0	0.250	0.325	0	0
Mining (1xxx)	0	0.897	0.400	0.325	0	0.078	6.000	0	0.997	0.175	0	0
Oil and gas (13xx)	0	0.200	0.650	1.410	0.872	1.431	1.184	1.100	0.550	2.670	0.150	0
Construction (15xx)	0	0	0	0	0.150	0.150	0	0.300	0.200	0	0.394	0
Manufacturing (2xxx, 3xxx)	5.587	5.711	15.358	7.862	4.640	2.666	5.211	2.436	6.338	3.688	0.517	1.665
Transportation (4xxx)	0	0	0.598	0.298	0	0	0.389	0.794	1.295	0.632	0	0.381
Communications (48xx)	0.908	2.350	0.500	1.946	0.900	4.375	2.250	0.675	1.791	0.671	0.447	0.026
Electric, gas, sanitary services (49xx)	0.177	2.553	3.132	1.370	0.554	0.750	0.914	0.359	6.099	4.629	1.348	0
Wholesale (5xxx)	0.150	2.083	1.831	0.893	1.930	1.917	1.561	1.410	2.136	3.746	0	0
Finance, insurance, real estate (6xxx)	1.494	0.555	6.200	0.150	1.640	1.546	0.675	4.427	2.914	1.600	0.100	0
Services (7xxx)	0.660	2.021	1.135	1.955	0.897	1.235	0.603	0.105	2.263	1.418	0.097	0
Health services (8xxx)	0.215	0	0	0	0.250	0.716	0.617	0.440	0.257	5.072	0	0
Total	9.191	16.370	29.803	16.434	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071
	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	0.86%
Mining (1xxx)	1.622	5	6.078	4	1.172	2	0	0	7.250	6	8.872	11	6.39%
Oil and gas (13xx)	2.260	5	3.488	12	4.320	11	0.150	1	7.958	24	10.218	29	7.02%
Construction (15xx)	0	0	0.300	2	0.500	2	0.394	1	1.194	5	1.194	5	1.05%
Manufacturing (2xxx, 3xxx)	28.931	47	12.517	42	12.462	33	2.182	4	27.161	79	61.680	138	23.95%
Transportation (4xxx)	0.896	5	0.389	2	2.721	12	0.381	1	3.491	15	4.387	20	3.08%
Communications (48xx)	4.796	11	7.525	14	3.137	12	0.473	3	11.135	29	16.839	43	9.82%
Electric, gas, sanitary services (49xx)	7.055	13	2.218	5	11.088	21	1.348	2	14.654	28	21.887	43	12.92%
Wholesale (5xxx)	4.806	14	5.408	17	7.292	16	0	0	12.700	33	17.656	48	11.20%
Finance, insurance, real estate (6xxx)	6.905	9	3.860	12	8.941	20	0.100	1	12.901	33	21.300	48	11.38%
Services (7xxx)	5.111	12	2.735	11	3.786	11	0.097	1	6.617	23	12.388	38	5.84%
Health services (8xxx)	0	0	1.582	6	5.769	9	0	0	7.351	15	7.566	16	6.48%
Total	62.607	122	46.497	128	61.764	151	5.125	14	113.385	293	185.184	443	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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