Analysis of high yield issuance for 12 months through February 2008

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

Yield

	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
5%-5.99%	0	0.184	0	0	0	0	0	0.198	0	0	0	0
6%-6.99%	1.498	0.749	4.401	1.547	0	0	0	0	0	0	0	0
7%-7.99%	4.912	2.460	10.138	7.437	0	0	0.750	1.657	0.176	0.500	0.600	0
8%-8.99%	7.003	1.096	0.360	1.917	0.225	0	2.276	2.953	2.472	0	0	0
9%-9.99%	2.710	2.191	2.691	5.080	2.039	1.500	0.750	0.707	0.312	0.550	0	0.424
10%-10.99%	0.810	2.308	1.840	3.558	0.372	0.026	2.078	8.312	1.980	0.456	6.585	0
11% and higher	0.632	1.402	0.708	2.856	0.417	0.546	2.670	6.667	6.281	0.207	0	0.496
Floater	1.839	1.655	4.952	2.232	0	0	0.105	0.150	0	0.195	0	0
NA	0	0	0	0	0	0	0.041	0	0	0	0	0
Total	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
5%-5.99%	0.184	1	0	0	0.198	1	0	0	0	0	0.383	2	0.00%
6%-6.99%	6.698	16	0	0	0	0	0	0	0	0	8.195	20	0.00%
7%-7.99%	20.035	39	0.750	2	2.334	7	0.600	1	0.600	1	28.631	64	7.40%
8%-8.99%	3.373	12	2.501	5	5.424	10	0	0	0	0	18.301	35	0.00%
9%-9.99%	9.962	25	4.289	7	1.569	5	0.424	2	0.424	2	18.955	45	5.23%
10%-10.99%	7.707	18	2.476	7	10.748	12	6.585	3	6.585	3	28.325	44	81.25%
11% and higher	4.966	11	3.632	11	13.156	24	0.496	3	0.496	3	22.884	52	6.12%
Floater	8.839	29	0.105	1	0.345	3	0	0	0	0	11.128	37	0.00%
NA	0	0	0.041	1	0	0	0	0	0	0	0.041	1	0.00%
Total	61.764	151	13.794	34	33.776	62	8.105	9	8.105	9	136.842	300	100.00%
Versus Talk
	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
Lower	0.800	1.085	0	0	0	0	0	0	0.601	0	0	0
Low end	1.525	3.374	9.648	1.724	0.200	0	0	1.180	0.575	0.456	0	0
Middle	6.370	5.973	9.951	8.751	0.394	2.071	3.178	11.276	0.387	0.546	0.600	0.599
High end	2.238	1.614	2.277	6.941	0.150	0	0	3.061	2.321	0.550	0	0
Higher	6.500	0	0	3.966	2.114	0	0	0.640	1.105	0	0	0.225
NA	1.970	0	3.215	3.246	0.196	0	5.491	4.488	6.233	0.356	6.585	0.096
Total	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Lower	1.085	5	0	0	0.601	3	0	0	0	0	2.486	11	0.00%
Low end	14.747	42	0.200	1	2.211	5	0	0	0	0	18.683	54	0.00%
Middle	24.674	53	5.643	12	12.210	20	1.199	4	1.199	4	50.096	105	14.79%
High end	10.832	20	0.150	1	5.932	9	0	0	0	0	19.152	36	0.00%
Higher	3.966	8	2.114	5	1.745	6	0.225	1	0.225	1	14.550	23	2.78%
NA	6.461	23	5.687	15	11.077	19	6.681	4	6.681	4	31.876	71	82.43%
Total	61.764	151	13.794	34	33.776	62	8.105	9	8.105	9	136.842	300	100.00%
Upsized?
	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
Yes	2.457	2.634	8.325	3.403	0	0.165	3.009	10.781	1.488	0.550	0.600	0
No	14.113	5.425	16.536	15.924	2.856	0.406	5.660	7.952	9.434	1.151	0	0.297
Downsized	2.833	3.987	0.230	5.300	0.197	1.500	0	1.911	0.300	0.207	6.585	0.624
Total	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	14.362	34	3.174	7	12.819	13	0.600	1	0.600	1	33.411	63	7.40%
No	37.886	104	8.923	24	18.538	43	0.297	2	0.297	2	79.757	200	3.66%
Downsized	9.517	13	1.697	3	2.419	6	7.209	6	7.209	6	23.675	37	88.95%
Total	61.764	151	13.794	34	33.776	62	8.105	9	8.105	9	136.842	300	100.00%
Quick Sale?
	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
Yes	4.158	1.490	10.239	5.530	0	0.165	3.089	3.806	3.633	0	0	0
No	15.245	10.556	14.851	19.098	3.053	1.906	5.580	16.839	7.589	1.908	7.185	0.920
Total	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	17.259	43	3.254	8	7.439	18	0	0	0	0	32.110	81	0.00%
No	44.505	108	10.540	26	26.336	44	8.105	9	8.105	9	104.733	219	100.00%
Total	61.764	151	13.794	34	33.776	62	8.105	9	8.105	9	136.842	300	100.00%
Seniority
	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
mortgage	0	0	0.675	0.675	0	0	0	0	0	0	0	0
senior secured	1.065	0.681	2.791	1.932	1.250	0.546	0.216	1.000	0.691	0.456	0	0.522
secured	0	0	0	0	0	0	0	0.220	0	0	0	0
senior	16.228	9.466	18.809	19.203	1.382	1.526	7.012	18.947	8.783	1.452	7.185	0.399
senior subordinated	2.111	1.899	1.566	2.818	0.322	0	1.441	0.478	1.748	0	0	0
subordinated	0	0	1.249	0	0.100	0	0	0	0	0	0	0
Total	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
mortgage	1.350	3	0	0	0	0	0	0	0	0	1.350	3	0.00%
senior secured	5.404	22	2.011	5	2.147	7	0.522	3	0.522	3	11.150	42	6.44%
secured	0	0	0	0	0.220	1	0	0	0	0	0.220	1	0.00%
senior	47.478	105	9.919	22	29.182	47	7.584	6	7.584	6	110.390	210	93.57%
senior subordinated	6.283	18	1.763	6	2.226	7	0	0	0	0	12.383	40	0.00%
subordinated	1.249	3	0.100	1	0	0	0	0	0	0	1.349	4	0.00%
Total	61.764	151	13.794	34	33.776	62	8.105	9	8.105	9	136.842	300	100.00%
Moody's Rating
	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
Ba1	0.498	0.384	4.346	1.774	0	0	0.500	0	0.500	0	0	0
Ba2	2.835	0	2.595	1.156	0	0	0.492	0.700	0.051	0.500	0.600	0.225
Ba3	1.758	0.330	0.700	3.383	1.450	0	0.379	0.261	1.510	0.148	0	0.199
B1	1.130	1.099	5.867	3.639	0.616	1.500	0	2.220	1.017	0	0	0
B2	6.876	0.391	2.475	1.109	0.225	0	0.656	0.575	0.586	0.663	0	0.200
B3	4.441	1.191	1.898	6.034	0	0.406	3.078	11.613	4.819	0.550	6.585	0.297
Caa1	0.947	5.273	3.544	5.924	0.247	0	1.052	2.080	2.190	0.046	0	0
Caa2	0.720	0.859	1.290	1.125	0.317	0	0	1.767	0.100	0	0	0
NR	0.198	2.519	2.376	0.483	0.199	0.165	2.513	1.428	0.450	0	0	0
Total	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Ba1	6.504	16	0.500	1	0.500	1	0	0	0	0	8.003	19	0.00%
Ba2	3.751	10	0.492	1	1.251	3	0.825	2	0.825	2	9.153	23	10.18%
Ba3	4.413	11	1.828	4	1.919	5	0.199	1	0.199	1	10.117	25	2.46%
B1	10.605	22	2.116	3	3.237	5	0	0	0	0	17.089	36	0.00%
B2	3.975	12	0.881	2	1.825	7	0.200	1	0.200	1	13.757	30	2.47%
B3	9.124	20	3.485	9	16.982	18	6.882	5	6.882	5	40.914	61	84.91%
Caa1	14.741	36	1.299	4	4.317	10	0	0	0	0	21.303	53	0.00%
Caa2	3.274	7	0.317	1	1.867	6	0	0	0	0	6.177	18	0.00%
NR	5.378	17	2.876	9	1.878	7	0	0	0	0	10.330	35	0.00%
Total	61.764	151	13.794	34	33.776	62	8.105	9	8.105	9	136.842	300	100.00%
Use of Proceeds
	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
Acquisition	6.923	1.406	2.751	3.939	0.097	0.381	0.111	0.854	0.810	0	0	0.295
Capex	0.689	0.295	1.123	0.925	0	0	0.244	0	0.264	0	0	0
Dividend/recap	0.446	1.380	0.148	0.681	0	0	0.129	0	0	0	0	0
GCP	0	0	4.894	1.291	0	0.165	0.532	0.197	0.899	0.500	0	0
LBO	3.932	6.127	3.160	6.635	0.317	1.500	3.652	14.835	6.247	0	6.335	0.225
Redeem notes	2.233	0.730	5.020	2.841	0	0	0.520	0	0.250	0	0	0
Refinance	2.433	0.824	2.443	1.849	1.573	0	2.556	1.029	0.426	0.356	0.850	0.200
Repay bank debt	1.333	0.300	2.148	2.590	0.372	0	0.750	0.761	0.137	0.550	0	0.200
Multiple/Other/NA	1.414	0.985	3.404	3.875	0.694	0.026	0.175	2.970	2.189	0.502	0	0
Total	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	8.096	15	0.589	3	1.664	4	0.295	2	0.295	2	17.567	31	3.64%
Capex	2.343	6	0.244	2	0.264	2	0	0	0	0	3.540	13	0.00%
Dividend/recap	2.209	10	0.129	1	0	0	0	0	0	0	2.783	13	0.00%
GCP	6.185	13	0.697	3	1.596	4	0	0	0	0	8.478	20	0.00%
LBO	15.922	37	5.469	8	21.082	26	6.560	3	6.560	3	52.965	83	80.94%
Redeem notes	8.591	21	0.520	1	0.250	1	0	0	0	0	11.594	29	0.00%
Refinance	5.116	12	4.130	7	1.810	7	1.050	3	1.050	3	14.539	38	12.95%
Repay bank debt	5.038	13	1.122	4	1.448	4	0.200	1	0.200	1	9.142	27	2.47%
Multiple/Other/NA	8.265	24	0.895	5	5.661	14	0	0	0	0	16.235	46	0.00%
Total	61.764	151	13.794	34	33.776	62	8.105	9	8.105	9	136.842	300	100.00%
Industry Sector (by SIC code)
	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
Agriculture (0xxx)	0	0	0.250	0.325	0	0	0	0	0	0	0	0
Mining (1xxx)	6.000	0	0.997	0.175	0	0	0	0	0.235	0	0	0
Oil and gas (13xx)	1.184	1.100	0.550	2.670	0.150	0	0.361	0.123	1.416	0.550	0.850	0.400
Construction (15xx)	0	0.300	0.200	0	0.394	0	0	0.197	0	0	0	0
Manufacturing (2xxx, 3xxx)	5.211	2.436	6.338	3.688	0.517	1.665	2.973	2.870	2.647	0.956	0	0.295
Transportation (4xxx)	0.389	0.794	1.295	0.632	0	0.381	0.150	0.220	0.051	0.046	0	0
Communications (48xx)	2.250	0.675	1.791	0.671	0.447	0.026	1.156	0	0.915	0	0	0
Electric, gas, sanitary services (49xx)	0.914	0.359	6.099	4.629	1.348	0	0.925	10.478	3.658	0	0	0
Wholesale (5xxx)	1.561	1.410	2.136	3.746	0	0	0	0.729	0	0.148	0	0.225
Finance, insurance, real estate (6xxx)	0.675	4.427	2.914	1.600	0.100	0	1.532	3.126	1.450	0	0	0
Services (7xxx)	0.603	0.105	2.263	1.418	0.097	0	1.571	1.603	0.713	0.207	6.335	0
Health services (8xxx)	0.617	0.440	0.257	5.073	0	0	0	1.300	0.137	0	0	0
Total	19.403	12.046	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.575	2	0	0	0	0	0	0	0	0	0.575	2	0.00%
Mining (1xxx)	1.172	2	0	0	0.235	1	0	0	0	0	7.407	6	0.00%
Oil and gas (13xx)	4.320	11	0.511	3	2.089	6	1.250	4	1.250	4	9.354	28	15.42%
Construction (15xx)	0.500	2	0.394	1	0.197	1	0	0	0	0	1.091	4	0.00%
Manufacturing (2xxx, 3xxx)	12.462	33	5.155	9	6.473	16	0.295	2	0.295	2	29.597	75	3.64%
Transportation (4xxx)	2.721	12	0.531	2	0.317	3	0	0	0	0	3.959	19	0.00%
Communications (48xx)	3.137	12	1.629	5	0.915	1	0	0	0	0	7.931	21	0.00%
Electric, gas, sanitary services (49xx)	11.088	21	2.273	4	14.136	11	0	0	0	0	28.411	38	0.00%
Wholesale (5xxx)	7.292	16	0	0	0.877	4	0.225	1	0.225	1	9.955	29	2.78%
Finance, insurance, real estate (6xxx)	8.941	20	1.632	4	4.576	7	0	0	0	0	15.824	33	0.00%
Services (7xxx)	3.786	11	1.668	6	2.524	9	6.335	2	6.335	2	14.915	31	78.16%
Health services (8xxx)	5.769	9	0	0	1.437	3	0	0	0	0	7.823	14	0.00%
Total	61.764	151	13.794	34	33.776	62	8.105	9	8.105	9	136.842	300	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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