Analysis of high yield issuance for 12 months through October 2008

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

Yield

	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
7%-7.99%	0.176	0.500	0.600	0	0.375	0.924	6.644	0.600	0	0	0	0
8%-8.99%	2.472	0	0	0	0	2.573	3.049	4.999	0	0.280	0.197	0
9%-9.99%	0.312	0.550	0	0.424	0	1.998	0.953	1.867	2.613	0	0	0.700
10%-10.99%	1.980	0.456	6.585	0	0	0.219	2.403	0.904	3.600	0	5.059	0.750
11%-11.99%	5.507	0	0	0.200	0.500	0.100	0.904	6.478	2.118	0.600	2.645	0
12% and higher	0.774	0.207	0	0.296	0.953	1.924	0.549	2.308	0.898	0.798	0.124	0.698
Floater	0	0.195	0	0	0	0	0	0	0	0	0	0
NA	0	0	0	0	0	0.743	0.195	0	0	0	0	0
Total	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
7%-7.99%	0.975	2	8.168	18	0	0	0	0	9.143	20	9.820	23	12.81%
8%-8.99%	0	0	10.620	23	0.477	2	0	0	11.097	25	13.569	30	15.55%
9%-9.99%	0.424	2	4.818	11	2.613	4	0.700	1	8.554	18	9.416	21	11.99%
10%-10.99%	6.585	3	3.526	11	8.659	9	0.750	1	19.520	24	21.956	29	27.36%
11%-11.99%	0.700	2	7.483	8	5.363	7	0	0	13.546	17	19.054	24	18.99%
12% and higher	1.249	4	4.783	13	1.820	6	0.698	1	8.551	24	9.533	28	11.98%
Floater	0	0	0	0	0	0	0	0	0	0	0.195	2	0.00%
NA	0	0	0.938	3	0	0	0	0	0.938	3	0.938	3	1.31%
Total	9.933	13	40.335	87	18.932	28	2.148	3	71.349	131	84.480	160	100.00%
Versus Talk
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Lower	0.601	0	0	0	0	0	0	0	0	0	0	0
Low end	0.575	0.456	0	0	0.413	1.117	1.932	0.375	0	0.280	0	0
Middle	0.387	0.546	0.600	0.599	0.500	5.082	6.137	4.232	2.120	0	0.691	0
High end	2.321	0.550	0	0	0.375	0.448	2.321	1.671	0	0	0	0.698
Higher	1.105	0	0	0.225	0.540	0	0.296	0.250	0.736	0.146	0	0
NA	6.233	0.356	6.585	0.096	0	1.835	4.011	10.628	6.373	1.252	7.334	1.450
Total	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Lower	0	0	0	0	0	0	0	0	0	0	0.601	3	0.00%
Low end	0.413	1	3.425	10	0.280	1	0	0	4.117	12	5.148	14	5.77%
Middle	1.699	5	15.451	31	2.812	5	0	0	19.961	41	20.895	45	27.98%
High end	0.375	1	4.440	10	0	0	0.698	1	5.513	12	8.385	18	7.73%
Higher	0.765	2	0.546	2	0.882	4	0	0	2.193	8	3.298	11	3.07%
NA	6.681	4	16.475	34	14.959	18	1.450	2	39.565	58	46.154	69	55.45%
Total	9.933	13	40.335	87	18.932	28	2.148	3	71.349	131	84.480	160	100.00%
Upsized?
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Yes	1.488	0.550	0.600	0	0.375	1.895	5.219	2.915	0.700	0.280	0	0
No	9.434	1.151	0	0.297	1.040	6.487	9.478	12.972	7.623	1.398	7.532	2.148
Downsized	0.300	0.207	6.585	0.624	0.413	0.100	0	1.269	0.906	0	0.494	0
Total	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	0.975	2	10.029	23	0.980	2	0	0	11.984	27	14.022	32	16.80%
No	1.336	4	28.937	59	16.552	21	2.148	3	48.974	87	59.560	109	68.64%
Downsized	7.622	7	1.369	5	1.400	5	0	0	10.391	17	10.899	19	14.56%
Total	9.933	13	40.335	87	18.932	28	2.148	3	71.349	131	84.480	160	100.00%
Quick Sale?
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Yes	3.633	0	0	0	0.875	1.393	8.336	9.776	1.363	0	0.322	0.698
No	7.589	1.908	7.185	0.920	0.953	7.089	6.361	7.380	7.866	1.678	7.704	1.450
Total	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	0.875	2	19.505	33	1.684	5	0.698	1	22.763	41	26.396	50	31.90%
No	9.058	11	20.830	54	17.248	23	1.450	2	48.587	90	58.084	110	68.10%
Total	9.933	13	40.335	87	18.932	28	2.148	3	71.349	131	84.480	160	100.00%
Seniority
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
senior secured	0.691	0.456	0	0.522	0.913	1.362	1.632	1.119	0	0.146	0.269	0.698
senior	8.783	1.452	7.185	0.399	0.915	7.120	11.465	15.137	9.105	1.532	5.256	1.450
senior subordinated	1.748	0	0	0	0	0	1.600	0.900	0.124	0	2.500	0
Total	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
senior secured	1.435	5	4.114	8	0.415	3	0.698	1	6.662	17	7.810	20	9.34%
senior	8.499	8	33.722	71	15.893	23	1.450	2	59.563	104	69.799	126	83.48%
senior subordinated	0	0	2.500	8	2.624	2	0	0	5.124	10	6.871	14	7.18%
Total	9.933	13	40.335	87	18.932	28	2.148	3	71.349	131	84.480	160	100.00%
Moody's Rating
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Ba1	0.500	0	0	0	0	0.394	1.142	1.250	0	0	0	0.698
Ba2	0.051	0.500	0.600	0.225	0.375	2.619	1.099	1.169	1.488	0	0	0
Ba3	1.510	0.148	0	0.199	0	1.600	5.293	1.269	0.470	0.530	0.197	0
B1	1.017	0	0	0	0.413	2.112	2.818	0.694	0	0	0	0
B2	0.586	0.663	0	0.200	0	0.499	0.275	1.216	0.124	0	0.145	0
B3	4.819	0.550	6.585	0.297	1.040	0.559	2.771	3.086	2.389	0.146	1.550	0
Caa1	2.190	0.046	0	0	0	0.498	1.053	1.325	3.208	0.777	0.494	1.450
Caa2	0.100	0	0	0	0	0	0	6.161	0	0	0	0
NR	0.450	0	0	0	0	0.201	0.246	0.987	1.550	0.225	5.639	0
Total	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Ba1	0	0	2.786	6	0	0	0.698	1	3.484	7	3.984	8	4.88%
Ba2	1.200	3	4.888	13	1.488	2	0	0	7.576	18	8.127	20	10.62%
Ba3	0.199	1	8.161	13	1.197	5	0	0	9.557	19	11.215	23	13.39%
B1	0.413	1	5.624	12	0	0	0	0	6.037	13	7.054	15	8.46%
B2	0.200	1	1.990	9	0.269	2	0	0	2.459	12	3.708	17	3.45%
B3	7.921	7	6.416	15	4.085	5	0	0	18.422	27	23.792	34	25.82%
Caa1	0	0	2.876	10	4.479	7	1.450	2	8.805	19	11.042	24	12.34%
Caa2	0	0	6.161	5	0	0	0	0	6.161	5	6.260	6	8.64%
NR	0	0	1.433	4	7.414	7	0	0	8.848	11	9.298	13	12.40%
Total	9.933	13	40.335	87	18.932	28	2.148	3	71.349	131	84.480	160	100.00%
Use of Proceeds
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Acquisition	0.810	0	0	0.295	0.540	0.319	0	0.600	0	0	0.494	0
Capex	0.264	0	0	0	0	0.372	0	0	0	0	0	0
Dividend/recap	0	0	0	0	0	0	0	0	0.300	0	0	0
GCP	0.899	0.500	0	0	0	3.195	4.415	2.241	0	0	0.197	0
LBO	6.247	0	6.335	0.225	0	0	0	0	4.058	0.777	7.065	1.450
Refinance	0.676	0.356	0.850	0.200	0.788	2.199	4.934	11.648	1.939	0.651	0	0
Repay bank debt	0.137	0.550	0	0.200	0.500	0	2.057	2.293	1.444	0	0.124	0
Multiple/Other/NA	2.189	0.502	0	0	0	2.397	3.291	0.375	1.488	0.250	0.145	0.698
Total	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.835	3	0.919	3	0.494	1	0	0	2.248	7	3.058	9	3.15%
Capex	0	0	0.372	2	0	0	0	0	0.372	2	0.636	4	0.52%
Dividend/recap	0	0	0	0	0.300	1	0	0	0.300	1	0.300	1	0.42%
GCP	0	0	9.850	19	0.197	1	0	0	10.048	20	11.447	23	14.08%
LBO	6.560	3	0	0	11.900	11	1.450	2	19.910	16	26.157	24	27.91%
Refinance	1.838	5	18.781	38	2.590	6	0	0	23.209	49	24.240	54	32.53%
Repay bank debt	0.700	2	4.350	13	1.568	4	0	0	6.618	19	7.305	21	9.28%
Multiple/Other/NA	0	0	6.063	12	1.883	4	0.698	1	8.645	17	11.336	24	12.12%
Total	9.933	13	40.335	87	18.932	28	2.148	3	71.349	131	84.480	160	100.00%
Industry Sector (by SIC code)
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Agriculture (0xxx)	0	0	0	0	0	0	0.296	0	0	0	0	0
Mining (1xxx)	0.235	0	0	0	0	0	0	1.250	0	0	0	0
Oil and gas (13xx)	1.416	0.550	0.850	0.400	0	0.279	3.948	1.015	0	0	0.197	0
Construction (15xx)	0	0	0	0	0	0.201	0.594	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	2.647	0.956	0	0.520	0.788	3.985	3.038	2.277	1.250	0.505	0	1.450
Transportation (4xxx)	0.051	0.046	0	0	0	0	0.275	0.694	0	0	0	0
Communications (48xx)	0.915	0	0	0	1.040	2.448	3.117	9.524	4.447	0	0	0
Electric, gas, sanitary services (49xx)	3.658	0	0	0	0	0.939	1.628	0.500	0	0	0.145	0
Wholesale (5xxx)	0	0.148	0	0	0	0.204	0.296	0.856	1.958	0.923	0.124	0
Finance, insurance, real estate (6xxx)	1.450	0	0	0	0	0	0.500	0	0	0.250	7.065	0
Services (7xxx)	0.713	0.207	6.335	0	0	0.426	0	1.040	0.300	0	0.494	0.698
Health services (8xxx)	0.137	0	0	0	0	0	1.006	0	1.274	0	0	0
Total	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.296	1	0	0	0	0	0.296	1	0.296	1	0.41%
Mining (1xxx)	0	0	1.250	2	0	0	0	0	1.250	2	1.485	3	1.75%
Oil and gas (13xx)	1.250	4	5.242	13	0.197	1	0	0	6.689	18	8.656	23	9.38%
Construction (15xx)	0	0	0.795	2	0	0	0	0	0.795	2	0.795	2	1.11%
Manufacturing (2xxx, 3xxx)	1.308	5	9.299	23	1.755	3	1.450	2	13.812	33	17.416	41	19.36%
Transportation (4xxx)	0	0	0.969	3	0	0	0	0	0.969	3	1.066	5	1.36%
Communications (48xx)	1.040	2	15.088	19	4.447	6	0	0	20.574	27	21.489	28	28.84%
Electric, gas, sanitary services (49xx)	0	0	3.067	10	0.145	1	0	0	3.212	11	6.869	14	4.50%
Wholesale (5xxx)	0	0	1.356	5	3.006	9	0	0	4.362	14	4.511	15	6.11%
Finance, insurance, real estate (6xxx)	0	0	0.500	1	7.315	4	0	0	7.815	5	9.265	9	10.95%
Services (7xxx)	6.335	2	1.466	5	0.794	2	0.698	1	9.294	10	10.215	13	13.03%
Health services (8xxx)	0	0	1.006	3	1.274	2	0	0	2.280	5	2.417	6	3.20%
Total	9.933	13	40.335	87	18.932	28	2.148	3	71.349	131	84.480	160	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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