Analysis of high yield issuance for 12 months through September 2008

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

Yield

	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Less than 7%	0.198	0	0	0	0	0	0	0	0	0	0	0
7%-7.99%	1.657	0.176	0.500	0.600	0	0.375	0.924	6.644	0.600	0	0	0
8%-8.99%	2.953	2.472	0	0	0	0	2.573	3.049	4.999	0	0.280	0.197
9%-9.99%	0.707	0.312	0.550	0	0.424	0	1.998	0.953	1.867	2.613	0	0
10%-10.99%	8.312	1.980	0.456	6.585	0	0	0.219	2.403	0.904	3.600	0	5.059
11%-11.99%	5.577	5.507	0	0	0.200	0.500	0.100	0.904	6.478	2.118	0.600	2.645
12% and higher	1.090	0.774	0.207	0	0.296	0.953	1.924	0.549	2.308	0.898	0.798	0.124
Floater	0.150	0	0.195	0	0	0	0	0	0	0	0	0
NA	3.800	0	0	0	0	0	0.743	0.195	0	0	0	0
Total	24.445	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Less than 7%	0.198	1	0	0	0	0	0	0	0	0	0.198	1	0.00%
7%-7.99%	2.334	7	0.975	2	8.168	18	0	0	9.143	20	11.477	27	13.21%
8%-8.99%	5.424	10	0	0	10.620	23	0.477	2	11.097	25	16.521	35	16.04%
9%-9.99%	1.569	5	0.424	2	4.818	11	2.613	4	7.854	17	9.423	22	11.35%
10%-10.99%	10.748	12	6.585	3	3.526	11	8.659	9	18.770	23	29.518	35	27.12%
11%-11.99%	11.084	16	0.700	2	7.483	8	5.363	7	13.546	17	24.631	33	19.57%
12% and higher	2.072	8	1.249	4	4.783	13	1.820	6	7.852	23	9.924	31	11.35%
Floater	0.345	3	0	0	0	0	0	0	0	0	0.345	3	0.00%
NA	3.800	2	0	0	0.938	3	0	0	0.938	3	4.738	5	1.36%
Total	37.576	64	9.933	13	40.335	87	18.932	28	69.201	128	106.776	192	100.00%
Versus Talk
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Lower	0	0.601	0	0	0	0	0	0	0	0	0	0
Low end	1.180	0.575	0.456	0	0	0.413	1.117	1.932	0.375	0	0.280	0
Middle	11.276	0.387	0.546	0.600	0.599	0.500	5.082	6.137	4.232	2.120	0	0.691
High end	3.061	2.321	0.550	0	0	0.375	0.448	2.321	1.671	0	0	0
Higher	0.640	1.105	0	0	0.225	0.540	0	0.296	0.250	0.736	0.146	0
NA	8.288	6.233	0.356	6.585	0.096	0	1.835	4.011	10.628	6.373	1.252	7.334
Total	24.445	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Lower	0.601	3	0	0	0	0	0	0	0	0	0.601	3	0.00%
Low end	2.211	5	0.413	1	3.425	10	0.280	1	4.117	12	6.328	17	5.95%
Middle	12.210	20	1.699	5	15.451	31	2.812	5	19.961	41	32.170	61	28.84%
High end	5.932	9	0.375	1	4.440	10	0	0	4.815	11	10.747	20	6.96%
Higher	1.745	6	0.765	2	0.546	2	0.882	4	2.193	8	3.938	14	3.17%
NA	14.877	21	6.681	4	16.475	34	14.959	18	38.115	56	52.992	77	55.08%
Total	37.576	64	9.933	13	40.335	87	18.932	28	69.201	128	106.776	192	100.00%
Upsized?
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Yes	10.781	1.488	0.550	0.600	0	0.375	1.895	5.219	2.915	0.700	0.280	0
No	11.752	9.434	1.151	0	0.297	1.040	6.487	9.478	12.972	7.623	1.398	7.532
Downsized	1.911	0.300	0.207	6.585	0.624	0.413	0.100	0	1.269	0.906	0	0.494
Total	24.445	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	12.819	13	0.975	2	10.029	23	0.980	2	11.984	27	24.803	40	17.32%
No	22.338	45	1.336	4	28.937	59	16.552	21	46.826	84	69.163	129	67.67%
Downsized	2.419	6	7.622	7	1.369	5	1.400	5	10.391	17	12.810	23	15.02%
Total	37.576	64	9.933	13	40.335	87	18.932	28	69.201	128	106.776	192	100.00%
Quick Sale?
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Yes	3.806	3.633	0	0	0	0.875	1.393	8.336	9.776	1.363	0	0.322
No	20.639	7.589	1.908	7.185	0.920	0.953	7.089	6.361	7.380	7.866	1.678	7.704
Total	24.445	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	7.439	18	0.875	2	19.505	33	1.684	5	22.064	40	29.504	58	31.88%
No	30.136	46	9.058	11	20.830	54	17.248	23	47.137	88	77.273	134	68.12%
Total	37.576	64	9.933	13	40.335	87	18.932	28	69.201	128	106.776	192	100.00%
Seniority
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
senior secured	1.000	0.691	0.456	0	0.522	0.913	1.362	1.632	1.119	0	0.146	0.269
secured	0.220	0	0	0	0	0	0	0	0	0	0	0
senior	21.447	8.783	1.452	7.185	0.399	0.915	7.120	11.465	15.137	9.105	1.532	5.256
senior subordinated	1.778	1.748	0	0	0	0	0	1.600	0.900	0.124	0	2.500
Total	24.445	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
senior secured	2.147	7	1.435	5	4.114	8	0.415	3	5.964	16	8.111	23	8.62%
secured	0.220	1	0	0	0	0	0	0	0	0	0.220	1	0.00%
senior	31.682	48	8.499	8	33.722	71	15.893	23	58.113	102	89.796	150	83.98%
senior subordinated	3.526	8	0	0	2.500	8	2.624	2	5.124	10	8.650	18	7.40%
Total	37.576	64	9.933	13	40.335	87	18.932	28	69.201	128	106.776	192	100.00%
Moody's Rating
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Ba1	0	0.500	0	0	0	0	0.394	1.142	1.250	0	0	0
Ba2	0.700	0.051	0.500	0.600	0.225	0.375	2.619	1.099	1.169	1.488	0	0
Ba3	0.261	1.510	0.148	0	0.199	0	1.600	5.293	1.269	0.470	0.530	0.197
B1	2.220	1.017	0	0	0	0.413	2.112	2.818	0.694	0	0	0
B2	0.575	0.586	0.663	0	0.200	0	0.499	0.275	1.216	0.124	0	0.145
B3	14.113	4.819	0.550	6.585	0.297	1.040	0.559	2.771	3.086	2.389	0.146	1.550
Caa1	3.380	2.190	0.046	0	0	0	0.498	1.053	1.325	3.208	0.777	0.494
Caa2	1.767	0.100	0	0	0	0	0	0	6.161	0	0	0
NR	1.428	0.450	0	0	0	0	0.201	0.246	0.987	1.550	0.225	5.639
Total	24.445	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Ba1	0.500	1	0	0	2.786	6	0	0	2.786	6	3.286	7	4.03%
Ba2	1.251	3	1.200	3	4.888	13	1.488	2	7.576	18	8.827	21	10.95%
Ba3	1.919	5	0.199	1	8.161	13	1.197	5	9.557	19	11.476	24	13.81%
B1	3.237	5	0.413	1	5.624	12	0	0	6.037	13	9.274	18	8.72%
B2	1.825	7	0.200	1	1.990	9	0.269	2	2.459	12	4.283	19	3.55%
B3	19.482	19	7.921	7	6.416	15	4.085	5	18.422	27	37.905	46	26.62%
Caa1	5.617	11	0	0	2.876	10	4.479	7	7.355	17	12.972	28	10.63%
Caa2	1.867	6	0	0	6.161	5	0	0	6.161	5	8.028	11	8.90%
NR	1.878	7	0	0	1.433	4	7.414	7	8.848	11	10.726	18	12.79%
Total	37.576	64	9.933	13	40.335	87	18.932	28	69.201	128	106.776	192	100.00%
Use of Proceeds
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Acquisition	0.854	0.810	0	0	0.295	0.540	0.319	0	0.600	0	0	0.494
Capex	0	0.264	0	0	0	0	0.372	0	0	0	0	0
Dividend/recap	0	0	0	0	0	0	0	0	0	0.300	0	0
GCP	0.197	0.899	0.500	0	0	0	3.195	4.415	2.241	0	0	0.197
LBO	18.635	6.247	0	6.335	0.225	0	0	0	0	4.058	0.777	7.065
Redeem notes	0	0.250	0	0	0	0	0	0	0	0	0	0
Refinance	1.029	0.426	0.356	0.850	0.200	0.788	2.199	4.934	11.648	1.939	0.651	0
Repay bank debt	0.761	0.137	0.550	0	0.200	0.500	0	2.057	2.293	1.444	0	0.124
Multiple/Other/NA	2.970	2.189	0.502	0	0	0	2.397	3.291	0.375	1.488	0.250	0.145
Total	24.445	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	1.664	4	0.835	3	0.919	3	0.494	1	2.248	7	3.912	11	3.25%
Capex	0.264	2	0	0	0.372	2	0	0	0.372	2	0.636	4	0.54%
Dividend/recap	0	0	0	0	0	0	0.300	1	0.300	1	0.300	1	0.43%
GCP	1.596	4	0	0	9.850	19	0.197	1	10.048	20	11.644	24	14.52%
LBO	24.882	28	6.560	3	0	0	11.900	11	18.460	14	43.342	42	26.68%
Redeem notes	0.250	1	0	0	0	0	0	0	0	0	0.250	1	0.00%
Refinance	1.810	7	1.838	5	18.781	38	2.590	6	23.209	49	25.019	56	33.54%
Repay bank debt	1.448	4	0.700	2	4.350	13	1.568	4	6.618	19	8.066	23	9.56%
Multiple/Other/NA	5.661	14	0	0	6.063	12	1.883	4	7.946	16	13.608	30	11.48%
Total	37.576	64	9.933	13	40.335	87	18.932	28	69.201	128	106.776	192	100.00%
Industry Sector (by SIC code)
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Agriculture (0xxx)	0	0	0	0	0	0	0	0.296	0	0	0	0
Mining (1xxx)	0	0.235	0	0	0	0	0	0	1.250	0	0	0
Oil and gas (13xx)	0.123	1.416	0.550	0.850	0.400	0	0.279	3.948	1.015	0	0	0.197
Construction (15xx)	0.197	0	0	0	0	0	0.201	0.594	0	0	0	0
Manufacturing (2xxx, 3xxx)	2.870	2.647	0.956	0	0.520	0.788	3.985	3.038	2.277	1.250	0.505	0
Transportation (4xxx)	0.220	0.051	0.046	0	0	0	0	0.275	0.694	0	0	0
Communications (48xx)	0	0.915	0	0	0	1.040	2.448	3.117	9.524	4.447	0	0
Electric, gas, sanitary services (49xx)	10.478	3.658	0	0	0	0	0.939	1.628	0.500	0	0	0.145
Wholesale (5xxx)	4.529	0	0.148	0	0	0	0.204	0.296	0.856	1.958	0.923	0.124
Finance, insurance, real estate (6xxx)	3.126	1.450	0	0	0	0	0	0.500	0	0	0.250	7.065
Services (7xxx)	1.603	0.713	0.207	6.335	0	0	0.426	0	1.040	0.300	0	0.494
Health services (8xxx)	1.300	0.137	0	0	0	0	0	1.006	0	1.274	0	0
Total	24.445	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.296	1	0	0	0.296	1	0.296	1	0.43%
Mining (1xxx)	0.235	1	0	0	1.250	2	0	0	1.250	2	1.485	3	1.81%
Oil and gas (13xx)	2.089	6	1.250	4	5.242	13	0.197	1	6.689	18	8.778	24	9.67%
Construction (15xx)	0.197	1	0	0	0.795	2	0	0	0.795	2	0.992	3	1.15%
Manufacturing (2xxx, 3xxx)	6.473	16	1.308	5	9.299	23	1.755	3	12.362	31	18.835	47	17.86%
Transportation (4xxx)	0.317	3	0	0	0.969	3	0	0	0.969	3	1.287	6	1.40%
Communications (48xx)	0.915	1	1.040	2	15.088	19	4.447	6	20.574	27	21.489	28	29.73%
Electric, gas, sanitary services (49xx)	14.136	11	0	0	3.067	10	0.145	1	3.212	11	17.347	22	4.64%
Wholesale (5xxx)	4.677	6	0	0	1.356	5	3.006	9	4.362	14	9.039	20	6.30%
Finance, insurance, real estate (6xxx)	4.576	7	0	0	0.500	1	7.315	4	7.815	5	12.391	12	11.29%
Services (7xxx)	2.524	9	6.335	2	1.466	5	0.794	2	8.596	9	11.119	18	12.42%
Health services (8xxx)	1.437	3	0	0	1.006	3	1.274	2	2.280	5	3.717	8	3.29%
Total	37.576	64	9.933	13	40.335	87	18.932	28	69.201	128	106.776	192	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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