Analysis of high yield issuance for 12 months through November 2008

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

Yield

	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
7%-7.99%	0.500	0.600	0	0.375	0.924	6.644	0.600	0	0	0	0	0
8%-8.99%	0	0	0	0	2.573	3.049	4.999	0	0.280	0.197	0	0
9%-9.99%	0.550	0	0.424	0	1.998	0.953	1.867	2.613	0	0	0.700	0
10%-10.99%	0.456	6.585	0	0	0.219	2.403	0.904	3.600	0	5.059	0.750	0
11%-11.99%	0	0	0.200	0.500	0.100	0.904	6.478	2.118	0.600	2.645	0	0.160
12% and higher	0.207	0	0.296	0.953	1.924	0.549	2.308	0.898	0.798	0.124	0.698	0
Floater	0.195	0	0	0	0	0	0	0	0	0	0	0
NA	0	0	0	0	0.743	0.195	0	0	0	0	0	0.330
Total	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490
	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	9.643	21	12.73%
8%-8.99%	0	0	10.620	23	0.477	2	0	0	11.097	25	11.097	25	15.45%
9%-9.99%	0.424	2	4.818	11	2.613	4	0.700	1	8.554	18	9.104	19	11.91%
10%-10.99%	6.585	3	3.526	11	8.659	9	0.750	1	19.520	24	19.976	25	27.17%
11%-11.99%	0.700	2	7.483	8	5.363	7	0.160	1	13.706	18	13.706	18	19.08%
12% and higher	1.249	4	4.783	13	1.820	6	0.698	1	8.551	24	8.758	25	11.90%
Floater	0	0	0	0	0	0	0	0	0	0	0.195	2	0.00%
NA	0	0	0.938	3	0	0	0.330	1	1.268	4	1.268	4	1.77%
Total	9.933	13	40.335	87	18.932	28	2.638	5	71.839	133	73.748	139	100.00%
Versus Talk
	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
Low end	0.456	0	0	0.413	1.117	1.932	0.375	0	0.280	0	0	0
Middle	0.546	0.600	0.599	0.500	5.082	6.137	4.232	2.120	0	0.691	0	0
High end	0.550	0	0	0.375	0.448	2.321	1.671	0	0	0	0.698	0
Higher	0	0	0.225	0.540	0	0.296	0.250	0.736	0.146	0	0	0
NA	0.356	6.585	0.096	0	1.835	4.011	10.628	6.373	1.252	7.334	1.450	0.490
Total	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Low end	0.413	1	3.425	10	0.280	1	0	0	4.117	12	4.573	13	5.73%
Middle	1.699	5	15.451	31	2.812	5	0	0	19.961	41	20.507	43	27.79%
High end	0.375	1	4.440	10	0	0	0.698	1	5.513	12	6.063	13	7.67%
Higher	0.765	2	0.546	2	0.882	4	0	0	2.193	8	2.193	8	3.05%
NA	6.681	4	16.475	34	14.959	18	1.940	4	40.055	60	40.411	62	55.76%
Total	9.933	13	40.335	87	18.932	28	2.638	5	71.839	133	73.748	139	100.00%
Upsized?
	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
Yes	0.550	0.600	0	0.375	1.895	5.219	2.915	0.700	0.280	0	0	0
No	1.151	0	0.297	1.040	6.487	9.478	12.972	7.623	1.398	7.532	2.148	0.490
Downsized	0.207	6.585	0.624	0.413	0.100	0	1.269	0.906	0	0.494	0	0
Total	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490
	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	12.534	28	16.68%
No	1.336	4	28.937	59	16.552	21	2.638	5	49.464	89	50.615	93	68.85%
Downsized	7.622	7	1.369	5	1.400	5	0	0	10.391	17	10.599	18	14.46%
Total	9.933	13	40.335	87	18.932	28	2.638	5	71.839	133	73.748	139	100.00%
Quick Sale?
	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
Yes	0	0	0	0.875	1.393	8.336	9.776	1.363	0	0.322	0.698	0
No	1.908	7.185	0.920	0.953	7.089	6.361	7.380	7.866	1.678	7.704	1.450	0.490
Total	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490
	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	22.763	41	31.69%
No	9.058	11	20.830	54	17.248	23	1.940	4	49.077	92	50.985	98	68.32%
Total	9.933	13	40.335	87	18.932	28	2.638	5	71.839	133	73.748	139	100.00%
Seniority
	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
senior secured	0.456	0	0.522	0.913	1.362	1.632	1.119	0	0.146	0.269	0.698	0
senior	1.452	7.185	0.399	0.915	7.120	11.465	15.137	9.105	1.532	5.256	1.450	0.490
senior subordinated	0	0	0	0	0	1.600	0.900	0.124	0	2.500	0	0
Total	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490
	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	7.118	18	9.27%
senior	8.499	8	33.722	71	15.893	23	1.940	4	60.053	106	61.506	111	83.59%
senior subordinated	0	0	2.500	8	2.624	2	0	0	5.124	10	5.124	10	7.13%
Total	9.933	13	40.335	87	18.932	28	2.638	5	71.839	133	73.748	139	100.00%
Moody's Rating
	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
Ba1	0	0	0	0	0.394	1.142	1.250	0	0	0	0.698	0
Ba2	0.500	0.600	0.225	0.375	2.619	1.099	1.169	1.488	0	0	0	0
Ba3	0.148	0	0.199	0	1.600	5.293	1.269	0.470	0.530	0.197	0	0
B1	0	0	0	0.413	2.112	2.818	0.694	0	0	0	0	0
B2	0.663	0	0.200	0	0.499	0.275	1.216	0.124	0	0.145	0	0
B3	0.550	6.585	0.297	1.040	0.559	2.771	3.086	2.389	0.146	1.550	0	0
Caa1	0.046	0	0	0	0.498	1.053	1.325	3.208	0.777	0.494	1.450	0.490
Caa2	0	0	0	0	0	0	6.161	0	0	0	0	0
NR	0	0	0	0	0.201	0.246	0.987	1.550	0.225	5.639	0	0
Total	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490
	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	3.484	7	4.85%
Ba2	1.200	3	4.888	13	1.488	2	0	0	7.576	18	8.076	19	10.55%
Ba3	0.199	1	8.161	13	1.197	5	0	0	9.557	19	9.705	20	13.30%
B1	0.413	1	5.624	12	0	0	0	0	6.037	13	6.037	13	8.40%
B2	0.200	1	1.990	9	0.269	2	0	0	2.459	12	3.122	14	3.42%
B3	7.921	7	6.416	15	4.085	5	0	0	18.422	27	18.972	28	25.64%
Caa1	0	0	2.876	10	4.479	7	1.940	4	9.295	21	9.342	22	12.94%
Caa2	0	0	6.161	5	0	0	0	0	6.161	5	6.161	5	8.58%
NR	0	0	1.433	4	7.414	7	0	0	8.848	11	8.848	11	12.32%
Total	9.933	13	40.335	87	18.932	28	2.638	5	71.839	133	73.748	139	100.00%
Use of Proceeds
	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
Acquisition	0	0	0.295	0.540	0.319	0	0.600	0	0	0.494	0	0
Capex	0	0	0	0	0.372	0	0	0	0	0	0	0
Dividend/recap	0	0	0	0	0	0	0	0.300	0	0	0	0
GCP	0.500	0	0	0	3.195	4.415	2.241	0	0	0.197	0	0
LBO	0	6.335	0.225	0	0	0	0	4.058	0.777	7.065	1.450	0.490
Refinance	0.356	0.850	0.200	0.788	2.199	4.934	11.648	1.939	0.651	0	0	0
Repay bank debt	0.550	0	0.200	0.500	0	2.057	2.293	1.444	0	0.124	0	0
Multiple/Other/NA	0.502	0	0	0	2.397	3.291	0.375	1.488	0.250	0.145	0.698	0
Total	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490
	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	2.248	7	3.13%
Capex	0	0	0.372	2	0	0	0	0	0.372	2	0.372	2	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	10.548	21	13.99%
LBO	6.560	3	0	0	11.900	11	1.940	4	20.400	18	20.400	18	28.40%
Refinance	1.838	5	18.781	38	2.590	6	0	0	23.209	49	23.564	51	32.31%
Repay bank debt	0.700	2	4.350	13	1.568	4	0	0	6.618	19	7.168	20	9.21%
Multiple/Other/NA	0	0	6.063	12	1.883	4	0.698	1	8.645	17	9.147	19	12.03%
Total	9.933	13	40.335	87	18.932	28	2.638	5	71.839	133	73.748	139	100.00%
Industry Sector (by SIC code)
	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
Agriculture (0xxx)	0	0	0	0	0	0.296	0	0	0	0	0	0
Mining (1xxx)	0	0	0	0	0	0	1.250	0	0	0	0	0
Oil and gas (13xx)	0.550	0.850	0.400	0	0.279	3.948	1.015	0	0	0.197	0	0
Construction (15xx)	0	0	0	0	0.201	0.594	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.956	0	0.520	0.788	3.985	3.038	2.277	1.250	0.505	0	1.450	0
Transportation (4xxx)	0.046	0	0	0	0	0.275	0.694	0	0	0	0	0
Communications (48xx)	0	0	0	1.040	2.448	3.117	9.524	4.447	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0.939	1.628	0.500	0	0	0.145	0	0
Wholesale (5xxx)	0.148	0	0	0	0.204	0.296	0.856	1.958	0.923	0.124	0	0
Finance, insurance, real estate (6xxx)	0	0	0	0	0	0.500	0	0	0.250	7.065	0	0
Services (7xxx)	0.207	6.335	0	0	0.426	0	1.040	0.300	0	0.494	0.698	0.490
Health services (8xxx)	0	0	0	0	0	1.006	0	1.274	0	0	0	0
Total	1.908	7.185	0.920	1.828	8.482	14.697	17.156	9.229	1.678	8.026	2.148	0.490
	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	1.250	2	1.74%
Oil and gas (13xx)	1.250	4	5.242	13	0.197	1	0	0	6.689	18	7.239	19	9.31%
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	14.768	35	19.23%
Transportation (4xxx)	0	0	0.969	3	0	0	0	0	0.969	3	1.016	4	1.35%
Communications (48xx)	1.040	2	15.088	19	4.447	6	0	0	20.574	27	20.574	27	28.64%
Electric, gas, sanitary services (49xx)	0	0	3.067	10	0.145	1	0	0	3.212	11	3.212	11	4.47%
Wholesale (5xxx)	0	0	1.356	5	3.006	9	0	0	4.362	14	4.511	15	6.07%
Finance, insurance, real estate (6xxx)	0	0	0.500	1	7.315	4	0	0	7.815	5	7.815	5	10.88%
Services (7xxx)	6.335	2	1.466	5	0.794	2	1.188	3	9.784	12	9.991	13	13.62%
Health services (8xxx)	0	0	1.006	3	1.274	2	0	0	2.280	5	2.280	5	3.17%
Total	9.933	13	40.335	87	18.932	28	2.638	5	71.839	133	73.748	139	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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