Analysis of high yield issuance for 2007

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

Yield

	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
5%-5.99%	0	0	0	0.184	0	0	0	0	0	0.198	0	0
6%-6.99%	0.300	1.327	1.498	0.749	4.401	1.547	0	0	0	0	0	0
7%-7.99%	2.900	5.575	4.912	2.460	10.138	7.437	0	0	0.750	1.657	0.176	0.500
8%-8.99%	4.536	3.248	7.003	1.096	0.360	1.917	0.225	0	2.276	2.953	2.472	0
9%-9.99%	2.318	2.811	2.710	2.191	2.691	5.080	2.039	1.500	0.750	0.707	0.312	0.550
10%-10.99%	0.773	0.173	0.810	2.308	1.840	3.558	0.372	0.026	2.078	8.312	1.980	0.456
11% and higher	0.025	0.614	0.632	1.402	0.708	2.856	0.417	0.546	2.670	6.667	6.281	0.207
Floater	1.379	1.116	1.839	1.655	4.952	2.232	0	0	0.105	0.150	0	0.195
NA	0	0	0	0	0	0	0	0	0.041	0	0	0
Total	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
5%-5.99%	0	0	0.184	1	0	0	0.198	1	0.383	2	0.383	2	0.25%
6%-6.99%	3.125	8	6.698	16	0	0	0	0	9.822	24	9.822	24	6.30%
7%-7.99%	13.386	40	20.035	39	0.750	2	2.334	7	36.505	88	36.505	88	23.43%
8%-8.99%	14.786	28	3.373	12	2.501	5	5.424	10	26.085	55	26.085	55	16.74%
9%-9.99%	7.839	25	9.962	25	4.289	7	1.569	5	23.660	62	23.660	62	15.18%
10%-10.99%	1.756	9	7.707	18	2.476	7	10.748	12	22.686	46	22.686	46	14.56%
11% and higher	1.271	6	4.966	11	3.632	11	13.156	24	23.027	52	23.027	52	14.78%
Floater	4.333	12	8.839	29	0.105	1	0.345	3	13.622	45	13.622	45	8.74%
NA	0	0	0	0	0.041	1	0	0	0.041	1	0.041	1	0.03%
Total	46.497	128	61.764	151	13.794	34	33.776	62	155.830	375	155.830	375	100.00%
Versus Talk
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Lower	1.335	1.079	0.800	1.085	0	0	0	0	0	0	0.601	0
Low end	4.933	6.677	1.525	3.374	9.648	1.724	0.200	0	0	1.180	0.575	0.456
Middle	4.126	3.904	6.370	5.973	9.951	8.751	0.394	2.071	3.178	11.276	0.387	0.546
High end	0.600	1.748	2.238	1.614	2.277	6.941	0.150	0	0	3.061	2.321	0.550
Higher	0	0	6.500	0	0	3.966	2.114	0	0	0.640	1.105	0
NA	1.236	1.456	1.970	0	3.215	3.246	0.196	0	5.491	4.488	6.233	0.356
Total	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Lower	3.214	13	1.085	5	0	0	0.601	3	4.900	21	4.900	21	3.14%
Low end	13.135	36	14.747	42	0.200	1	2.211	5	30.293	84	30.293	84	19.44%
Middle	14.399	41	24.674	53	5.643	12	12.210	20	56.926	126	56.926	126	36.53%
High end	4.587	11	10.832	20	0.150	1	5.932	9	21.500	41	21.500	41	13.80%
Higher	6.500	3	3.966	8	2.114	5	1.745	6	14.325	22	14.325	22	9.19%
NA	4.662	24	6.461	23	5.687	15	11.077	19	27.886	81	27.886	81	17.90%
Total	46.497	128	61.764	151	13.794	34	33.776	62	155.830	375	155.830	375	100.00%
Upsized?
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Yes	4.178	4.951	2.457	2.634	8.325	3.403	0	0.165	3.009	10.781	1.488	0.550
No	6.047	8.772	14.113	5.425	16.536	15.924	2.856	0.406	5.660	7.952	9.434	1.151
Downsized	2.005	1.140	2.833	3.987	0.230	5.300	0.197	1.500	0	1.911	0.300	0.207
Total	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	11.586	35	14.362	34	3.174	7	12.819	13	41.941	89	41.941	89	26.91%
No	28.932	79	37.886	104	8.923	24	18.538	43	94.279	250	94.279	250	60.50%
Downsized	5.978	14	9.517	13	1.697	3	2.419	6	19.611	36	19.611	36	12.58%
Total	46.497	128	61.764	151	13.794	34	33.776	62	155.830	375	155.830	375	100.00%
Quick Sale?
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Yes	1.172	3.580	4.158	1.490	10.239	5.530	0	0.165	3.089	3.806	3.633	0
No	11.057	11.283	15.245	10.556	14.851	19.098	3.053	1.906	5.580	16.839	7.589	1.908
Total	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	8.910	26	17.259	43	3.254	8	7.439	18	36.862	95	36.862	95	23.66%
No	37.586	102	44.505	108	10.540	26	26.336	44	118.968	280	118.968	280	76.34%
Total	46.497	128	61.764	151	13.794	34	33.776	62	155.830	375	155.830	375	100.00%
Seniority
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
mortgage	0	0	0	0	0.675	0.675	0	0	0	0	0	0
senior secured	0.093	2.489	1.065	0.681	2.791	1.932	1.250	0.546	0.216	1.000	0.691	0.456
secured	0	0	0	0	0	0	0	0	0	0.220	0	0
senior	11.033	9.315	16.228	9.466	18.809	19.203	1.382	1.526	7.012	18.947	8.783	1.452
senior subordinated	1.103	1.960	2.111	1.899	1.566	2.818	0.322	0	1.441	0.478	1.748	0
subordinated	0	1.098	0	0	1.249	0	0.100	0	0	0	0	0
Total	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
mortgage	0	0	1.350	3	0	0	0	0	1.350	3	1.350	3	0.87%
senior secured	3.648	12	5.404	22	2.011	5	2.147	7	13.211	46	13.211	46	8.48%
secured	0	0	0	0	0	0	0.220	1	0.220	1	0.220	1	0.14%
senior	36.577	93	47.478	105	9.919	22	29.182	47	123.156	267	123.156	267	79.03%
senior subordinated	5.174	20	6.283	18	1.763	6	2.226	7	15.446	51	15.446	51	9.91%
subordinated	1.098	3	1.249	3	0.100	1	0	0	2.448	7	2.448	7	1.57%
Total	46.497	128	61.764	151	13.794	34	33.776	62	155.830	375	155.830	375	100.00%
Moody's Rating
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Ba1	0.494	1.446	0.498	0.384	4.346	1.774	0	0	0.500	0	0.500	0
Ba2	0.697	0.078	2.835	0	2.595	1.156	0	0	0.492	0.700	0.051	0.500
Ba3	1.123	1.575	1.758	0.330	0.700	3.383	1.450	0	0.379	0.261	1.510	0.148
B1	0.877	2.087	1.130	1.099	5.867	3.639	0.616	1.500	0	2.220	1.017	0
B2	0.510	2.307	6.876	0.391	2.475	1.109	0.225	0	0.656	0.575	0.586	0.663
B3	4.799	3.241	4.441	1.191	1.898	6.034	0	0.406	3.078	11.613	4.819	0.550
Caa1	1.397	1.057	0.947	5.273	3.544	5.924	0.247	0	1.052	2.080	2.190	0.046
Caa2	0.148	1.900	0.720	0.859	1.290	1.125	0.317	0	0	1.767	0.100	0
NR	2.184	1.173	0.198	2.519	2.376	0.483	0.199	0.165	2.513	1.428	0.450	0
Total	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Ba1	2.438	5	6.504	16	0.500	1	0.500	1	9.942	23	9.942	23	6.38%
Ba2	3.610	10	3.751	10	0.492	1	1.251	3	9.103	24	9.103	24	5.84%
Ba3	4.455	12	4.413	11	1.828	4	1.919	5	12.616	32	12.616	32	8.10%
B1	4.094	14	10.605	22	2.116	3	3.237	5	20.053	44	20.053	44	12.87%
B2	9.693	18	3.975	12	0.881	2	1.825	7	16.374	39	16.374	39	10.51%
B3	12.482	34	9.124	20	3.485	9	16.982	18	42.072	81	42.072	81	27.00%
Caa1	3.401	11	14.741	36	1.299	4	4.317	10	23.758	61	23.758	61	15.25%
Caa2	2.768	8	3.274	7	0.317	1	1.867	6	8.226	22	8.226	22	5.28%
NR	3.555	16	5.378	17	2.876	9	1.878	7	13.687	49	13.687	49	8.78%
Total	46.497	128	61.764	151	13.794	34	33.776	62	155.830	375	155.830	375	100.00%
Use of Proceeds
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Acquisition	1.972	1.465	6.923	1.406	2.751	3.939	0.097	0.381	0.111	0.854	0.810	0
Capex	0.330	0	0.689	0.295	1.123	0.925	0	0	0.244	0	0.264	0
Dividend/recap	0.148	0.167	0.446	1.380	0.148	0.681	0	0	0.129	0	0	0
GCP	0.647	3.201	0	0	4.894	1.291	0	0.165	0.532	0.197	0.899	0.500
LBO	2.480	3.215	3.932	6.127	3.160	6.635	0.317	1.500	3.652	14.835	6.247	0
Redeem notes	0.777	0.855	2.233	0.730	5.020	2.841	0	0	0.520	0	0.250	0
Refinance	2.620	1.336	2.433	0.824	2.443	1.849	1.573	0	2.556	1.029	0.426	0.356
Repay bank debt	1.841	2.076	1.333	0.300	2.148	2.590	0.372	0	0.750	0.761	0.137	0.550
Multiple/Other/NA	1.414	2.548	1.414	0.985	3.404	3.875	0.694	0.026	0.175	2.970	2.189	0.502
Total	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	10.361	17	8.096	15	0.589	3	1.664	4	20.709	39	20.709	39	13.29%
Capex	1.019	5	2.343	6	0.244	2	0.264	2	3.870	15	3.870	15	2.48%
Dividend/recap	0.761	4	2.209	10	0.129	1	0	0	3.099	15	3.099	15	1.99%
GCP	3.849	10	6.185	13	0.697	3	1.596	4	12.327	30	12.327	30	7.91%
LBO	9.627	22	15.922	37	5.469	8	21.082	26	52.100	93	52.100	93	33.43%
Redeem notes	3.865	11	8.591	21	0.520	1	0.250	1	13.226	34	13.226	34	8.49%
Refinance	6.388	22	5.116	12	4.130	7	1.810	7	17.444	48	17.444	48	11.19%
Repay bank debt	5.250	19	5.038	13	1.122	4	1.448	4	12.858	40	12.858	40	8.25%
Multiple/Other/NA	5.377	18	8.265	24	0.895	5	5.661	14	20.197	61	20.197	61	12.96%
Total	46.497	128	61.764	151	13.794	34	33.776	62	155.830	375	155.830	375	100.00%
Industry Sector (by SIC code)
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Agriculture (0xxx)	0.397	0	0	0	0.250	0.325	0	0	0	0	0	0
Mining (1xxx)	0	0.078	6.000	0	0.997	0.175	0	0	0	0	0.235	0
Oil and gas (13xx)	0.872	1.431	1.184	1.100	0.550	2.670	0.150	0	0.361	0.123	1.416	0.550
Construction (15xx)	0.150	0.150	0	0.300	0.200	0	0.394	0	0	0.197	0	0
Manufacturing (2xxx, 3xxx)	4.640	2.666	5.211	2.436	6.338	3.688	0.517	1.665	2.973	2.870	2.647	0.956
Transportation (4xxx)	0	0	0.389	0.794	1.295	0.632	0	0.381	0.150	0.220	0.051	0.046
Communications (48xx)	0.900	4.375	2.250	0.675	1.791	0.671	0.447	0.026	1.156	0	0.915	0
Electric, gas, sanitary services (49xx)	0.554	0.750	0.914	0.359	6.099	4.629	1.348	0	0.925	10.478	3.658	0
Wholesale (5xxx)	1.930	1.917	1.561	1.410	2.136	3.746	0	0	0	0.729	0	0.148
Finance, insurance, real estate (6xxx)	1.640	1.546	0.675	4.427	2.914	1.600	0.100	0	1.532	3.126	1.450	0
Services (7xxx)	0.897	1.235	0.603	0.105	2.263	1.418	0.097	0	1.571	1.603	0.713	0.207
Health services (8xxx)	0.250	0.716	0.617	0.440	0.257	5.073	0	0	0	1.300	0.137	0
Total	12.230	14.863	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.397	1	0.575	2	0	0	0	0	0.972	3	0.972	3	0.62%
Mining (1xxx)	6.078	4	1.172	2	0	0	0.235	1	7.485	7	7.485	7	4.80%
Oil and gas (13xx)	3.488	12	4.320	11	0.511	3	2.089	6	10.407	32	10.407	32	6.68%
Construction (15xx)	0.300	2	0.500	2	0.394	1	0.197	1	1.391	6	1.391	6	0.89%
Manufacturing (2xxx, 3xxx)	12.517	42	12.462	33	5.155	9	6.473	16	36.608	100	36.608	100	23.49%
Transportation (4xxx)	0.389	2	2.721	12	0.531	2	0.317	3	3.959	19	3.959	19	2.54%
Communications (48xx)	7.525	14	3.137	12	1.629	5	0.915	1	13.206	32	13.206	32	8.47%
Electric, gas, sanitary services (49xx)	2.218	5	11.088	21	2.273	4	14.136	11	29.715	41	29.715	41	19.07%
Wholesale (5xxx)	5.408	17	7.292	16	0	0	0.877	4	13.577	37	13.577	37	8.71%
Finance, insurance, real estate (6xxx)	3.860	12	8.941	20	1.632	4	4.576	7	19.009	43	19.009	43	12.20%
Services (7xxx)	2.735	11	3.786	11	1.668	6	2.524	9	10.712	37	10.712	37	6.87%
Health services (8xxx)	1.582	6	5.769	9	0	0	1.437	3	8.789	18	8.789	18	5.64%
Total	46.497	128	61.764	151	13.794	34	33.776	62	155.830	375	155.830	375	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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