Analysis of high yield issuance for 12 months through July 2008

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

Yield

	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Less than 7%	0	0	0.198	0	0	0	0	0	0	0	0	0
7%-7.99%	0	0.750	1.657	0.176	0.500	0.600	0	0.375	0.924	6.644	0.600	0
8%-8.99%	0	2.276	2.953	2.472	0	0	0	0	2.573	3.049	4.999	0
9%-9.99%	1.500	0.750	0.707	0.312	0.550	0	0.424	0	1.998	0.953	1.867	2.613
10%-10.99%	0.026	2.078	8.312	1.980	0.456	6.585	0	0	0.219	2.403	0.904	2.620
11%-11.99%	0.546	2.116	5.577	5.507	0	0	0.200	0.500	0.100	0.904	6.478	0.788
12% and higher	0	0.554	1.090	0.774	0.207	0	0.296	0.953	1.924	0.549	2.308	0.898
Floater	0	0.105	0.150	0	0.195	0	0	0	0	0	0	0
NA	0	0.041	0	0	0	0	0	0	0.743	0.195	0	0.077
Total	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	6.996
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Less than 7%	0.198	1	0	0	0	0	0	0	0	0	0.198	1	0.00%
7%-7.99%	2.334	7	0.975	2	8.168	18	0	0	9.143	20	12.227	29	15.97%
8%-8.99%	5.424	10	0	0	10.620	23	0	0	10.620	23	18.321	37	18.55%
9%-9.99%	1.569	5	0.424	2	4.818	11	2.613	4	7.854	17	11.673	24	13.72%
10%-10.99%	10.748	12	6.585	3	3.526	11	2.620	5	12.731	19	25.582	36	22.23%
11%-11.99%	11.084	16	0.700	2	7.483	8	0.788	2	8.971	12	22.717	33	15.67%
12% and higher	2.072	8	1.249	4	4.783	13	0.898	2	6.930	19	9.556	31	12.10%
Floater	0.345	3	0	0	0	0	0	0	0	0	0.450	4	0.00%
NA	0	0	0	0	0.938	3	0.077	1	1.015	4	1.056	5	1.77%
Total	33.776	62	9.933	13	40.335	87	6.996	14	57.265	114	101.781	200	100.00%
Versus Talk
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Lower	0	0	0	0.601	0	0	0	0	0	0	0	0
Low end	0	0	1.180	0.575	0.456	0	0	0.413	1.117	1.932	0.375	0
Middle	2.071	3.178	11.276	0.387	0.546	0.600	0.599	0.500	5.082	6.137	4.232	2.120
High end	0	0	3.061	2.321	0.550	0	0	0.375	0.448	2.321	1.671	0
Higher	0	0	0.640	1.105	0	0	0.225	0.540	0	0.296	0.250	0.736
NA	0	5.491	4.488	6.233	0.356	6.585	0.096	0	1.835	4.011	10.628	4.140
Total	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	6.996
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Lower	0.601	3	0	0	0	0	0	0	0	0	0.601	3	0.00%
Low end	2.211	5	0.413	1	3.425	10	0	0	3.838	11	6.049	16	6.70%
Middle	12.210	20	1.699	5	15.451	31	2.120	3	19.269	39	36.728	70	33.65%
High end	5.932	9	0.375	1	4.440	10	0	0	4.815	11	10.747	20	8.41%
Higher	1.745	6	0.765	2	0.546	2	0.736	3	2.047	7	3.792	13	3.57%
NA	11.077	19	6.681	4	16.475	34	4.140	8	27.296	46	43.864	78	47.67%
Total	33.776	62	9.933	13	40.335	87	6.996	14	57.265	114	101.781	200	100.00%
Upsized?
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Yes	0.165	3.009	10.781	1.488	0.550	0.600	0	0.375	1.895	5.219	2.915	0.700
No	0.406	5.660	7.952	9.434	1.151	0	0.297	1.040	6.487	9.478	12.972	5.390
Downsized	1.500	0	1.911	0.300	0.207	6.585	0.624	0.413	0.100	0	1.269	0.906
Total	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	6.996
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	12.819	13	0.975	2	10.029	23	0.700	1	11.704	26	27.697	46	20.44%
No	18.538	43	1.336	4	28.937	59	5.390	9	35.664	72	60.268	131	62.28%
Downsized	2.419	6	7.622	7	1.369	5	0.906	4	9.897	16	13.816	23	17.28%
Total	33.776	62	9.933	13	40.335	87	6.996	14	57.265	114	101.781	200	100.00%
Quick Sale?
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Yes	0.165	3.089	3.806	3.633	0	0	0	0.875	1.393	8.336	9.776	1.363
No	1.906	5.580	16.839	7.589	1.908	7.185	0.920	0.953	7.089	6.361	7.380	5.634
Total	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	6.996
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	7.439	18	0.875	2	19.505	33	1.363	3	21.743	38	32.436	64	37.97%
No	26.336	44	9.058	11	20.830	54	5.634	11	35.522	76	69.345	136	62.03%
Total	33.776	62	9.933	13	40.335	87	6.996	14	57.265	114	101.781	200	100.00%
Seniority
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
senior secured	0.546	0.216	1.000	0.691	0.456	0	0.522	0.913	1.362	1.632	1.119	0
secured	0	0	0.220	0	0	0	0	0	0	0	0	0
senior	1.526	7.012	18.947	8.783	1.452	7.185	0.399	0.915	7.120	11.465	15.137	6.795
senior subordinated	0	1.441	0.478	1.748	0	0	0	0	0	1.600	0.900	0.124
subordinated	0	0	0	0	0	0	0	0	0	0	0	0.077
Total	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	6.996
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
senior secured	2.147	7	1.435	5	4.114	8	0	0	5.548	13	8.457	24	9.69%
secured	0.220	1	0	0	0	0	0	0	0	0	0.220	1	0.00%
senior	29.182	47	8.499	8	33.722	71	6.795	12	49.015	91	86.735	154	85.59%
senior subordinated	2.226	7	0	0	2.500	8	0.124	1	2.624	9	6.291	20	4.58%
subordinated	0	0	0	0	0	0	0.077	1	0.077	1	0.077	1	0.13%
Total	33.776	62	9.933	13	40.335	87	6.996	14	57.265	114	101.781	200	100.00%
Moody's Rating
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Ba1	0	0.500	0	0.500	0	0	0	0	0.394	1.142	1.250	0
Ba2	0	0.492	0.700	0.051	0.500	0.600	0.225	0.375	2.619	1.099	1.169	1.488
Ba3	0	0.379	0.261	1.510	0.148	0	0.199	0	1.600	5.293	1.269	0.470
B1	1.500	0	2.220	1.017	0	0	0	0.413	2.112	2.818	0.694	0
B2	0	0.656	0.575	0.586	0.663	0	0.200	0	0.499	0.275	1.216	0.124
B3	0.406	3.078	11.613	4.819	0.550	6.585	0.297	1.040	0.559	2.771	3.086	2.389
Caa1	0	1.052	2.080	2.190	0.046	0	0	0	0.498	1.053	1.325	0.898
Caa2	0	0	1.767	0.100	0	0	0	0	0	0	6.161	0
NR	0.165	2.513	1.428	0.450	0	0	0	0	0.201	0.246	0.987	1.627
Total	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	6.996
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Ba1	0.500	1	0	0	2.786	6	0	0	2.786	6	3.786	8	4.87%
Ba2	1.251	3	1.200	3	4.888	13	1.488	2	7.576	18	9.318	22	13.23%
Ba3	1.919	5	0.199	1	8.161	13	0.470	2	8.830	16	11.128	23	15.42%
B1	3.237	5	0.413	1	5.624	12	0	0	6.037	13	10.774	19	10.54%
B2	1.825	7	0.200	1	1.990	9	0.124	1	2.314	11	4.795	19	4.04%
B3	16.982	18	7.921	7	6.416	15	2.389	3	16.726	25	37.194	52	29.21%
Caa1	4.317	10	0	0	2.876	10	0.898	2	3.774	12	9.142	24	6.59%
Caa2	1.867	6	0	0	6.161	5	0	0	6.161	5	8.028	11	10.76%
NR	1.878	7	0	0	1.433	4	1.627	4	3.061	8	7.617	22	5.35%
Total	33.776	62	9.933	13	40.335	87	6.996	14	57.265	114	101.781	200	100.00%
Use of Proceeds
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Acquisition	0.381	0.111	0.854	0.810	0	0	0.295	0.540	0.319	0	0.600	0
Capex	0	0.244	0	0.264	0	0	0	0	0.372	0	0	0
Dividend/recap	0	0.129	0	0	0	0	0	0	0	0	0	0.300
GCP	0.165	0.532	0.197	0.899	0.500	0	0	0	3.195	4.415	2.241	0
LBO	1.500	3.652	14.835	6.247	0	6.335	0.225	0	0	0	0	1.748
Refinance	0	3.076	1.029	0.676	0.356	0.850	0.200	0.788	2.199	4.934	11.648	1.939
Repay bank debt	0	0.750	0.761	0.137	0.550	0	0.200	0.500	0	2.057	2.293	1.444
Multiple/Other/NA	0.026	0.175	2.970	2.189	0.502	0	0	0	2.397	3.291	0.375	1.566
Total	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	6.996
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	1.664	4	0.835	3	0.919	3	0	0	1.754	6	3.909	12	3.06%
Capex	0.264	2	0	0	0.372	2	0	0	0.372	2	0.880	6	0.65%
Dividend/recap	0	0	0	0	0	0	0.300	1	0.300	1	0.428	2	0.52%
GCP	1.596	4	0	0	9.850	19	0	0	9.850	19	12.144	26	17.20%
LBO	21.082	26	6.560	3	0	0	1.748	4	8.308	7	34.542	40	14.51%
Refinance	2.060	8	1.838	5	18.781	38	1.939	3	22.558	46	27.694	59	39.39%
Repay bank debt	1.448	4	0.700	2	4.350	13	1.444	3	6.494	18	8.692	24	11.34%
Multiple/Other/NA	5.661	14	0	0	6.063	12	1.566	3	7.629	15	13.491	31	13.32%
Total	33.776	62	9.933	13	40.335	87	6.996	14	57.265	114	101.781	200	100.00%
Industry Sector (by SIC code)
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0.296	0	0
Mining (1xxx)	0	0	0	0.235	0	0	0	0	0	0	1.250	0
Oil and gas (13xx)	0	0.361	0.123	1.416	0.550	0.850	0.400	0	0.279	3.948	1.015	0
Construction (15xx)	0	0	0.197	0	0	0	0	0	0.201	0.594	0	0
Manufacturing (2xxx, 3xxx)	1.665	2.973	2.870	2.647	0.956	0	0.520	0.788	3.985	3.038	2.277	1.250
Transportation (4xxx)	0.381	0.150	0.220	0.051	0.046	0	0	0	0	0.275	0.694	0
Communications (48xx)	0.026	1.156	0	0.915	0	0	0	1.040	2.448	3.117	9.524	2.137
Electric, gas, sanitary services (49xx)	0	0.925	10.478	3.658	0	0	0	0	0.939	1.628	0.500	0
Wholesale (5xxx)	0	0	0.729	0	0.148	0	0	0	0.204	0.296	0.856	1.958
Finance, insurance, real estate (6xxx)	0	1.532	3.126	1.450	0	0	0	0	0	0.500	0	0.077
Services (7xxx)	0	1.571	1.603	0.713	0.207	6.335	0	0	0.426	0	1.040	0.300
Health services (8xxx)	0	0	1.300	0.137	0	0	0	0	0	1.006	0	1.274
Total	2.071	8.669	20.645	11.222	1.908	7.185	0.920	1.828	8.482	14.697	17.156	6.996
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.296	1	0	0	0.296	1	0.296	1	0.52%
Mining (1xxx)	0.235	1	0	0	1.250	2	0	0	1.250	2	1.485	3	2.18%
Oil and gas (13xx)	2.089	6	1.250	4	5.242	13	0	0	6.492	17	8.942	25	11.34%
Construction (15xx)	0.197	1	0	0	0.795	2	0	0	0.795	2	0.992	3	1.39%
Manufacturing (2xxx, 3xxx)	6.473	16	1.308	5	9.299	23	1.250	1	11.858	29	22.969	52	20.71%
Transportation (4xxx)	0.317	3	0	0	0.969	3	0	0	0.969	3	1.817	8	1.69%
Communications (48xx)	0.915	1	1.040	2	15.088	19	2.137	4	18.264	25	20.361	29	31.89%
Electric, gas, sanitary services (49xx)	14.136	11	0	0	3.067	10	0	0	3.067	10	18.127	23	5.36%
Wholesale (5xxx)	0.877	4	0	0	1.356	5	1.958	5	3.315	10	4.192	14	5.79%
Finance, insurance, real estate (6xxx)	4.576	7	0	0	0.500	1	0.077	1	0.578	2	6.686	12	1.01%
Services (7xxx)	2.524	9	6.335	2	1.466	5	0.300	1	8.101	8	12.196	22	14.15%
Health services (8xxx)	1.437	3	0	0	1.006	3	1.274	2	2.280	5	3.717	8	3.98%
Total	33.776	62	9.933	13	40.335	87	6.996	14	57.265	114	101.781	200	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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