Analysis of high yield issuance for 12 months through April 2008

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

Yield

	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Less than 7%	4.401	1.547	0	0	0	0.198	0	0	0	0	0	0
7%-7.99%	10.138	7.437	0	0	0.750	1.657	0.176	0.500	0.600	0	0.375	0.924
8%-8.99%	0.360	1.917	0.225	0	2.276	2.953	2.472	0	0	0	0	2.573
9%-9.99%	2.691	5.080	2.039	1.500	0.750	0.707	0.312	0.550	0	0.424	0	1.998
10%-10.99%	1.840	3.558	0.372	0.026	2.078	8.312	1.980	0.456	6.585	0	0	0.219
11%-11.99%	0.113	2.441	0.417	0.546	2.116	5.577	5.507	0	0	0.200	0.500	0.100
12% and higher	0.595	0.415	0	0	0.554	1.090	0.774	0.207	0	0.296	0.953	1.924
Floater	4.952	2.232	0	0	0.105	0.150	0	0.195	0	0	0	0
NA	0	0	0	0	0.041	0	0	0	0	0	0	0.743
Total	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Less than 7%	0	0	0.198	1	0	0	0	0	0	0	6.146	15	0.00%
7%-7.99%	0.750	2	2.334	7	0.975	2	0.924	4	1.899	6	22.558	47	10.31%
8%-8.99%	2.501	5	5.424	10	0	0	2.573	5	2.573	5	12.775	28	13.97%
9%-9.99%	4.289	7	1.569	5	0.424	2	1.998	3	2.422	5	16.052	33	13.15%
10%-10.99%	2.476	7	10.748	12	6.585	3	0.219	1	6.804	4	25.426	37	36.95%
11%-11.99%	3.078	7	11.084	16	0.700	2	0.100	1	0.800	3	17.516	32	4.34%
12% and higher	0.554	4	2.072	8	1.249	4	1.924	4	3.174	8	6.811	23	17.24%
Floater	0.105	1	0.345	3	0	0	0	0	0	0	7.634	26	0.00%
NA	0.041	1	0	0	0	0	0.743	2	0.743	2	0.784	3	4.03%
Total	13.794	34	33.776	62	9.933	13	8.482	20	18.415	33	115.703	244	100.00%
Versus Talk
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Lower	0	0	0	0	0	0	0.601	0	0	0	0	0
Low end	9.648	1.724	0.200	0	0	1.180	0.575	0.456	0	0	0.413	1.117
Middle	9.951	8.751	0.394	2.071	3.178	11.276	0.387	0.546	0.600	0.599	0.500	5.082
High end	2.277	6.941	0.150	0	0	3.061	2.321	0.550	0	0	0.375	0.448
Higher	0	3.966	2.114	0	0	0.640	1.105	0	0	0.225	0.540	0
NA	3.215	3.246	0.196	0	5.491	4.488	6.233	0.356	6.585	0.096	0	1.835
Total	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Lower	0	0	0.601	3	0	0	0	0	0	0	0.601	3	0.00%
Low end	0.200	1	2.211	5	0.413	1	1.117	3	1.530	4	15.314	40	8.31%
Middle	5.643	12	12.210	20	1.699	5	5.082	9	6.781	14	43.335	85	36.82%
High end	0.150	1	5.932	9	0.375	1	0.448	1	0.823	2	16.122	27	4.47%
Higher	2.114	5	1.745	6	0.765	2	0	0	0.765	2	8.590	21	4.15%
NA	5.687	15	11.077	19	6.681	4	1.835	7	8.516	11	31.741	68	46.24%
Total	13.794	34	33.776	62	9.933	13	8.482	20	18.415	33	115.703	244	100.00%
Upsized?
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Yes	8.325	3.403	0	0.165	3.009	10.781	1.488	0.550	0.600	0	0.375	1.895
No	16.536	15.924	2.856	0.406	5.660	7.952	9.434	1.151	0	0.297	1.040	6.487
Downsized	0.230	5.300	0.197	1.500	0	1.911	0.300	0.207	6.585	0.624	0.413	0.100
Total	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	3.174	7	12.819	13	0.975	2	1.895	6	2.870	8	30.590	53	15.59%
No	8.923	24	18.538	43	1.336	4	6.487	13	7.824	17	67.745	168	42.49%
Downsized	1.697	3	2.419	6	7.622	7	0.100	1	7.722	8	17.368	23	41.93%
Total	13.794	34	33.776	62	9.933	13	8.482	20	18.415	33	115.703	244	100.00%
Quick Sale?
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Yes	10.239	5.530	0	0.165	3.089	3.806	3.633	0	0	0	0.875	1.393
No	14.851	19.098	3.053	1.906	5.580	16.839	7.589	1.908	7.185	0.920	0.953	7.089
Total	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	3.254	8	7.439	18	0.875	2	1.393	3	2.268	5	28.730	67	12.32%
No	10.540	26	26.336	44	9.058	11	7.089	17	16.147	28	86.972	177	87.68%
Total	13.794	34	33.776	62	9.933	13	8.482	20	18.415	33	115.703	244	100.00%
Seniority
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
mortgage	0.675	0.675	0	0	0	0	0	0	0	0	0	0
senior secured	2.791	1.932	1.250	0.546	0.216	1.000	0.691	0.456	0	0.522	0.913	1.362
secured	0	0	0	0	0	0.220	0	0	0	0	0	0
senior	18.809	19.203	1.382	1.526	7.012	18.947	8.783	1.452	7.185	0.399	0.915	7.120
senior subordinated	1.566	2.818	0.322	0	1.441	0.478	1.748	0	0	0	0	0
subordinated	1.249	0	0.100	0	0	0	0	0	0	0	0	0
Total	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
mortgage	0	0	0	0	0	0	0	0	0	0	1.350	3	0.00%
senior secured	2.011	5	2.147	7	1.435	5	1.362	3	2.797	8	11.679	38	15.19%
secured	0	0	0.220	1	0	0	0	0	0	0	0.220	1	0.00%
senior	9.919	22	29.182	47	8.499	8	7.120	17	15.618	25	92.731	172	84.81%
senior subordinated	1.763	6	2.226	7	0	0	0	0	0	0	8.373	26	0.00%
subordinated	0.100	1	0	0	0	0	0	0	0	0	1.349	4	0.00%
Total	13.794	34	33.776	62	9.933	13	8.482	20	18.415	33	115.703	244	100.00%
Moody's Rating
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Ba1	4.346	1.774	0	0	0.500	0	0.500	0	0	0	0	0.394
Ba2	2.595	1.156	0	0	0.492	0.700	0.051	0.500	0.600	0.225	0.375	2.619
Ba3	0.700	3.383	1.450	0	0.379	0.261	1.510	0.148	0	0.199	0	1.600
B1	5.867	3.639	0.616	1.500	0	2.220	1.017	0	0	0	0.413	2.112
B2	2.475	1.109	0.225	0	0.656	0.575	0.586	0.663	0	0.200	0	0.499
B3	1.898	6.034	0	0.406	3.078	11.613	4.819	0.550	6.585	0.297	1.040	0.559
Caa1	3.544	5.924	0.247	0	1.052	2.080	2.190	0.046	0	0	0	0.498
Caa2	1.290	1.125	0.317	0	0	1.767	0.100	0	0	0	0	0
NR	2.376	0.483	0.199	0.165	2.513	1.428	0.450	0	0	0	0	0.201
Total	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Ba1	0.500	1	0.500	1	0	0	0.394	1	0.394	1	7.514	17	2.14%
Ba2	0.492	1	1.251	3	1.200	3	2.619	5	3.819	8	9.312	22	20.74%
Ba3	1.828	4	1.919	5	0.199	1	1.600	2	1.799	3	9.629	22	9.77%
B1	2.116	3	3.237	5	0.413	1	2.112	5	2.525	6	17.385	32	13.71%
B2	0.881	2	1.825	7	0.200	1	0.499	2	0.699	3	6.988	22	3.80%
B3	3.485	9	16.982	18	7.921	7	0.559	2	8.480	9	36.880	51	46.05%
Caa1	1.299	4	4.317	10	0	0	0.498	2	0.498	2	15.581	38	2.70%
Caa2	0.317	1	1.867	6	0	0	0	0	0	0	4.599	13	0.00%
NR	2.876	9	1.878	7	0	0	0.201	1	0.201	1	7.814	27	1.09%
Total	13.794	34	33.776	62	9.933	13	8.482	20	18.415	33	115.703	244	100.00%
Use of Proceeds
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Acquisition	2.751	3.939	0.097	0.381	0.111	0.854	0.810	0	0	0.295	0.540	0.319
Capex	1.123	0.925	0	0	0.244	0	0.264	0	0	0	0	0.372
Dividend/recap	0.148	0.681	0	0	0.129	0	0	0	0	0	0	0
GCP	4.894	1.291	0	0.165	0.532	0.197	0.899	0.500	0	0	0	3.195
LBO	3.160	6.635	0.317	1.500	3.652	14.835	6.247	0	6.335	0.225	0	0
Redeem notes	5.020	2.841	0	0	0.520	0	0.250	0	0	0	0	0
Refinance	2.443	1.849	1.573	0	2.556	1.029	0.426	0.356	0.850	0.200	0.788	2.199
Repay bank debt	2.148	2.590	0.372	0	0.750	0.761	0.137	0.550	0	0.200	0.500	0
Multiple/Other/NA	3.404	3.875	0.694	0.026	0.175	2.970	2.189	0.502	0	0	0	2.397
Total	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.589	3	1.664	4	0.835	3	0.319	2	1.154	5	10.096	23	6.27%
Capex	0.244	2	0.264	2	0	0	0.372	2	0.372	2	2.928	11	2.02%
Dividend/recap	0.129	1	0	0	0	0	0	0	0	0	0.957	5	0.00%
GCP	0.697	3	1.596	4	0	0	3.195	7	3.195	7	11.673	27	17.35%
LBO	5.469	8	21.082	26	6.560	3	0	0	6.560	3	42.906	61	35.62%
Redeem notes	0.520	1	0.250	1	0	0	0	0	0	0	8.631	19	0.00%
Refinance	4.130	7	1.810	7	1.838	5	2.199	6	4.037	11	14.269	33	21.92%
Repay bank debt	1.122	4	1.448	4	0.700	2	0	0	0.700	2	8.009	22	3.80%
Multiple/Other/NA	0.895	5	5.661	14	0	0	2.397	3	2.397	3	16.232	43	13.02%
Total	13.794	34	33.776	62	9.933	13	8.482	20	18.415	33	115.703	244	100.00%
Industry Sector (by SIC code)
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Agriculture (0xxx)	0.250	0.325	0	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0.997	0.175	0	0	0	0	0.235	0	0	0	0	0
Oil and gas (13xx)	0.550	2.670	0.150	0	0.361	0.123	1.416	0.550	0.850	0.400	0	0.279
Construction (15xx)	0.200	0	0.394	0	0	0.197	0	0	0	0	0	0.201
Manufacturing (2xxx, 3xxx)	6.338	3.688	0.517	1.665	2.973	2.870	2.647	0.956	0	0.520	0.788	3.985
Transportation (4xxx)	1.295	0.632	0	0.381	0.150	0.220	0.051	0.046	0	0	0	0
Communications (48xx)	1.791	0.671	0.447	0.026	1.156	0	0.915	0	0	0	1.040	2.448
Electric, gas, sanitary services (49xx)	6.099	4.629	1.348	0	0.925	10.478	3.658	0	0	0	0	0.939
Wholesale (5xxx)	2.136	3.746	0	0	0	0.729	0	0.148	0	0	0	0.204
Finance, insurance, real estate (6xxx)	2.914	1.600	0.100	0	1.532	3.126	1.450	0	0	0	0	0
Services (7xxx)	2.263	1.418	0.097	0	1.571	1.603	0.713	0.207	6.335	0	0	0.426
Health services (8xxx)	0.257	5.073	0	0	0	1.300	0.137	0	0	0	0	0
Total	25.091	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0.575	2	0.00%
Mining (1xxx)	0	0	0.235	1	0	0	0	0	0	0	1.407	3	0.00%
Oil and gas (13xx)	0.511	3	2.089	6	1.250	4	0.279	1	1.529	5	7.349	21	8.30%
Construction (15xx)	0.394	1	0.197	1	0	0	0.201	1	0.201	1	0.992	4	1.09%
Manufacturing (2xxx, 3xxx)	5.155	9	6.473	16	1.308	5	3.985	8	5.293	13	26.947	64	28.74%
Transportation (4xxx)	0.531	2	0.317	3	0	0	0	0	0	0	2.775	14	0.00%
Communications (48xx)	1.629	5	0.915	1	1.040	2	2.448	3	3.488	5	8.494	20	18.94%
Electric, gas, sanitary services (49xx)	2.273	4	14.136	11	0	0	0.939	4	0.939	4	28.077	38	5.10%
Wholesale (5xxx)	0	0	0.877	4	0	0	0.204	1	0.204	1	6.963	16	1.11%
Finance, insurance, real estate (6xxx)	1.632	4	4.576	7	0	0	0	0	0	0	10.722	23	0.00%
Services (7xxx)	1.668	6	2.524	9	6.335	2	0.426	2	6.761	4	14.634	29	36.71%
Health services (8xxx)	0	0	1.437	3	0	0	0	0	0	0	6.767	10	0.00%
Total	13.794	34	33.776	62	9.933	13	8.482	20	18.415	33	115.703	244	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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