Analysis of high yield issuance for 12 months through May 2008

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

Yield

	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Less than 7%	1.547	0	0	0	0.198	0	0	0	0	0	0	0
7%-7.99%	7.437	0	0	0.750	1.657	0.176	0.500	0.600	0	0.375	0.924	6.644
8%-8.99%	1.917	0.225	0	2.276	2.953	2.472	0	0	0	0	2.573	3.049
9%-9.99%	5.080	2.039	1.500	0.750	0.707	0.312	0.550	0	0.424	0	1.998	0.953
10%-10.99%	3.558	0.372	0.026	2.078	8.312	1.980	0.456	6.585	0	0	0.219	2.403
11%-11.99%	2.441	0.417	0.546	2.116	5.577	5.507	0	0	0.200	0.500	0.100	0.904
12% and higher	0.415	0	0	0.554	1.090	0.774	0.207	0	0.296	0.953	1.924	0.549
Floater	2.232	0	0	0.105	0.150	0	0.195	0	0	0	0	0
NA	0	0	0	0.041	0	0	0	0	0	0	0.743	0.195
Total	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697
	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	1.745	6	0.00%
7%-7.99%	0.750	2	2.334	7	0.975	2	7.568	16	8.543	18	19.064	41	25.80%
8%-8.99%	2.501	5	5.424	10	0	0	5.622	12	5.622	12	15.464	33	16.98%
9%-9.99%	4.289	7	1.569	5	0.424	2	2.951	8	3.375	10	14.314	29	10.19%
10%-10.99%	2.476	7	10.748	12	6.585	3	2.621	6	9.206	9	25.988	36	27.80%
11%-11.99%	3.078	7	11.084	16	0.700	2	1.004	3	1.705	5	18.308	33	5.15%
12% and higher	0.554	4	2.072	8	1.249	4	2.473	7	3.723	11	6.765	25	11.25%
Floater	0.105	1	0.345	3	0	0	0	0	0	0	2.682	13	0.00%
NA	0.041	1	0	0	0	0	0.938	3	0.938	3	0.979	4	2.83%
Total	13.794	34	33.776	62	9.933	13	23.179	55	33.112	68	105.309	220	100.00%
Versus Talk
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Lower	0	0	0	0	0	0.601	0	0	0	0	0	0
Low end	1.724	0.200	0	0	1.180	0.575	0.456	0	0	0.413	1.117	1.932
Middle	8.751	0.394	2.071	3.178	11.276	0.387	0.546	0.600	0.599	0.500	5.082	6.137
High end	6.941	0.150	0	0	3.061	2.321	0.550	0	0	0.375	0.448	2.321
Higher	3.966	2.114	0	0	0.640	1.105	0	0	0.225	0.540	0	0.296
NA	3.246	0.196	0	5.491	4.488	6.233	0.356	6.585	0.096	0	1.835	4.011
Total	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697
	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	3.050	9	3.463	10	7.598	22	10.46%
Middle	5.643	12	12.210	20	1.699	5	11.218	21	12.917	26	39.521	77	39.01%
High end	0.150	1	5.932	9	0.375	1	2.769	6	3.144	7	16.166	27	9.50%
Higher	2.114	5	1.745	6	0.765	2	0.296	1	1.061	3	8.886	22	3.20%
NA	5.687	15	11.077	19	6.681	4	5.846	18	12.528	22	32.537	69	37.84%
Total	13.794	34	33.776	62	9.933	13	23.179	55	33.112	68	105.309	220	100.00%
Upsized?
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Yes	3.403	0	0.165	3.009	10.781	1.488	0.550	0.600	0	0.375	1.895	5.219
No	15.924	2.856	0.406	5.660	7.952	9.434	1.151	0	0.297	1.040	6.487	9.478
Downsized	5.300	0.197	1.500	0	1.911	0.300	0.207	6.585	0.624	0.413	0.100	0
Total	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697
	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	7.114	17	8.089	19	27.485	48	24.43%
No	8.923	24	18.538	43	1.336	4	15.965	37	17.302	41	60.686	150	52.25%
Downsized	1.697	3	2.419	6	7.622	7	0.100	1	7.722	8	17.138	22	23.32%
Total	13.794	34	33.776	62	9.933	13	23.179	55	33.112	68	105.309	220	100.00%
Quick Sale?
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Yes	5.530	0	0.165	3.089	3.806	3.633	0	0	0	0.875	1.393	8.336
No	19.098	3.053	1.906	5.580	16.839	7.589	1.908	7.185	0.920	0.953	7.089	6.361
Total	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697
	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	9.729	20	10.604	22	26.827	61	32.02%
No	10.540	26	26.336	44	9.058	11	13.450	35	22.508	46	78.482	159	67.98%
Total	13.794	34	33.776	62	9.933	13	23.179	55	33.112	68	105.309	220	100.00%
Seniority
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
mortgage	0.675	0	0	0	0	0	0	0	0	0	0	0
senior secured	1.932	1.250	0.546	0.216	1.000	0.691	0.456	0	0.522	0.913	1.362	1.632
secured	0	0	0	0	0.220	0	0	0	0	0	0	0
senior	19.203	1.382	1.526	7.012	18.947	8.783	1.452	7.185	0.399	0.915	7.120	11.465
senior subordinated	2.818	0.322	0	1.441	0.478	1.748	0	0	0	0	0	1.600
subordinated	0	0.100	0	0	0	0	0	0	0	0	0	0
Total	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697
	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	0.675	2	0.00%
senior secured	2.011	5	2.147	7	1.435	5	2.994	6	4.429	11	10.520	31	13.38%
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	18.585	44	27.083	52	85.387	159	81.79%
senior subordinated	1.763	6	2.226	7	0	0	1.600	5	1.600	5	8.407	26	4.83%
subordinated	0.100	1	0	0	0	0	0	0	0	0	0.100	1	0.00%
Total	13.794	34	33.776	62	9.933	13	23.179	55	33.112	68	105.309	220	100.00%
Moody's Rating
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Ba1	1.774	0	0	0.500	0	0.500	0	0	0	0	0.394	1.142
Ba2	1.156	0	0	0.492	0.700	0.051	0.500	0.600	0.225	0.375	2.619	1.099
Ba3	3.383	1.450	0	0.379	0.261	1.510	0.148	0	0.199	0	1.600	5.293
B1	3.639	0.616	1.500	0	2.220	1.017	0	0	0	0.413	2.112	2.818
B2	1.109	0.225	0	0.656	0.575	0.586	0.663	0	0.200	0	0.499	0.275
B3	6.034	0	0.406	3.078	11.613	4.819	0.550	6.585	0.297	1.040	0.559	2.771
Caa1	5.924	0.247	0	1.052	2.080	2.190	0.046	0	0	0	0.498	1.053
Caa2	1.125	0.317	0	0	1.767	0.100	0	0	0	0	0	0
NR	0.483	0.199	0.165	2.513	1.428	0.450	0	0	0	0	0.201	0.246
Total	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697
	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	1.536	4	1.536	4	4.310	12	4.64%
Ba2	0.492	1	1.251	3	1.200	3	3.718	10	4.919	13	7.817	21	14.86%
Ba3	1.828	4	1.919	5	0.199	1	6.893	10	7.091	11	14.222	29	21.42%
B1	2.116	3	3.237	5	0.413	1	4.930	11	5.343	12	14.336	28	16.14%
B2	0.881	2	1.825	7	0.200	1	0.774	3	0.974	4	4.788	17	2.94%
B3	3.485	9	16.982	18	7.921	7	3.330	8	11.251	15	37.753	50	33.98%
Caa1	1.299	4	4.317	10	0	0	1.551	7	1.551	7	13.091	33	4.68%
Caa2	0.317	1	1.867	6	0	0	0	0	0	0	3.309	9	0.00%
NR	2.876	9	1.878	7	0	0	0.447	2	0.447	2	5.685	21	1.35%
Total	13.794	34	33.776	62	9.933	13	23.179	55	33.112	68	105.309	220	100.00%
Use of Proceeds
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Acquisition	3.939	0.097	0.381	0.111	0.854	0.810	0	0	0.295	0.540	0.319	0
Capex	0.925	0	0	0.244	0	0.264	0	0	0	0	0.372	0
Dividend/recap	0.681	0	0	0.129	0	0	0	0	0	0	0	0
GCP	1.291	0	0.165	0.532	0.197	0.899	0.500	0	0	0	3.195	4.415
LBO	6.635	0.317	1.500	3.652	14.835	6.247	0	6.335	0.225	0	0	0
Redeem notes	2.841	0	0	0.520	0	0.250	0	0	0	0	0	0
Refinance	1.849	1.573	0	2.556	1.029	0.426	0.356	0.850	0.200	0.788	2.199	4.438
Repay bank debt	2.590	0.372	0	0.750	0.761	0.137	0.550	0	0.200	0.500	0	2.057
Multiple/Other/NA	3.875	0.694	0.026	0.175	2.970	2.189	0.502	0	0	0	2.397	3.787
Total	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697
	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	7.345	16	3.49%
Capex	0.244	2	0.264	2	0	0	0.372	2	0.372	2	1.805	9	1.12%
Dividend/recap	0.129	1	0	0	0	0	0	0	0	0	0.810	4	0.00%
GCP	0.697	3	1.596	4	0	0	7.610	14	7.610	14	11.194	25	22.98%
LBO	5.469	8	21.082	26	6.560	3	0	0	6.560	3	39.746	51	19.81%
Redeem notes	0.520	1	0.250	1	0	0	0	0	0	0	3.611	9	0.00%
Refinance	4.130	7	1.810	7	1.838	5	6.637	19	8.475	24	16.264	41	25.59%
Repay bank debt	1.122	4	1.448	4	0.700	2	2.057	6	2.757	8	7.918	23	8.33%
Multiple/Other/NA	0.895	5	5.661	14	0	0	6.184	12	6.184	12	16.615	42	18.68%
Total	13.794	34	33.776	62	9.933	13	23.179	55	33.112	68	105.309	220	100.00%
Industry Sector (by SIC code)
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Agriculture (0xxx)	0.325	0	0	0	0	0	0	0	0	0	0	0.296
Mining (1xxx)	0.175	0	0	0	0	0.235	0	0	0	0	0	0
Oil and gas (13xx)	2.670	0.150	0	0.361	0.123	1.416	0.550	0.850	0.400	0	0.279	3.948
Construction (15xx)	0	0.394	0	0	0.197	0	0	0	0	0	0.201	0.594
Manufacturing (2xxx, 3xxx)	3.688	0.517	1.665	2.973	2.870	2.647	0.956	0	0.520	0.788	3.985	3.038
Transportation (4xxx)	0.632	0	0.381	0.150	0.220	0.051	0.046	0	0	0	0	0.275
Communications (48xx)	0.671	0.447	0.026	1.156	0	0.915	0	0	0	1.040	2.448	3.117
Electric, gas, sanitary services (49xx)	4.629	1.348	0	0.925	10.478	3.658	0	0	0	0	0.939	1.628
Wholesale (5xxx)	3.746	0	0	0	0.729	0	0.148	0	0	0	0.204	0.296
Finance, insurance, real estate (6xxx)	1.600	0.100	0	1.532	3.126	1.450	0	0	0	0	0	0.500
Services (7xxx)	1.418	0.097	0	1.571	1.603	0.713	0.207	6.335	0	0	0.426	0
Health services (8xxx)	5.073	0	0	0	1.300	0.137	0	0	0	0	0	1.006
Total	24.627	3.053	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697
	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	0.296	1	0.296	1	0.621	2	0.89%
Mining (1xxx)	0	0	0.235	1	0	0	0	0	0	0	0.410	2	0.00%
Oil and gas (13xx)	0.511	3	2.089	6	1.250	4	4.227	10	5.477	14	10.747	28	16.54%
Construction (15xx)	0.394	1	0.197	1	0	0	0.795	2	0.795	2	1.386	4	2.40%
Manufacturing (2xxx, 3xxx)	5.155	9	6.473	16	1.308	5	7.022	17	8.331	22	23.646	59	25.16%
Transportation (4xxx)	0.531	2	0.317	3	0	0	0.275	1	0.275	1	1.755	10	0.83%
Communications (48xx)	1.629	5	0.915	1	1.040	2	5.564	8	6.604	10	9.820	18	19.94%
Electric, gas, sanitary services (49xx)	2.273	4	14.136	11	0	0	2.567	8	2.567	8	23.605	33	7.75%
Wholesale (5xxx)	0	0	0.877	4	0	0	0.500	2	0.500	2	5.123	12	1.51%
Finance, insurance, real estate (6xxx)	1.632	4	4.576	7	0	0	0.500	1	0.500	1	8.308	17	1.51%
Services (7xxx)	1.668	6	2.524	9	6.335	2	0.426	2	6.761	4	12.371	23	20.42%
Health services (8xxx)	0	0	1.437	3	0	0	1.006	3	1.006	3	7.516	12	3.04%
Total	13.794	34	33.776	62	9.933	13	23.179	55	33.112	68	105.309	220	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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