Analysis of high yield issuance for year to date through September

Total issuance: $78.436 billion in 305 deals

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

Yield

	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005
Less than 6%	0	0.496	0.200	0	0	0.298	0.150	0	0.895
6%-6.99%	1.449	2.896	3.046	0.695	0.672	3.612	1.991	2.314	1.873
7%-7.99%	3.682	2.167	2.845	1.027	0.368	3.173	0.675	1.250	2.501
8%-8.99%	3.627	0.371	1.130	0.798	0.175	1.260	1.225	1.148	2.821
9%-9.99%	1.752	1.812	0.415	1.068	0.299	0.979	1.900	1.493	0.993
10%-10.99%	0.472	0.250	0.740	0.471	0.123	0.916	1.151	0.076	0.837
11% and higher	0.150	0.160	0.305	0.817	0.750	0.522	0.270	0.119	0.521
Floater	1.233	1.054	1.015	0.580	0.148	1.858	0.548	0.682	1.123
Total	12.364	9.206	9.696	5.457	2.536	12.619	7.910	7.081	11.567
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Less than 6%	0.696	3	0.298	1	1.046	3	2.040	7	2.60%
6%-6.99%	7.392	28	4.980	15	6.178	21	18.549	64	23.65%
7%-7.99%	8.694	26	4.568	18	4.426	21	17.687	65	22.55%
8%-8.99%	5.128	16	2.234	10	5.194	16	12.556	42	16.01%
9%-9.99%	3.978	17	2.346	12	4.386	11	10.710	40	13.65%
10%-10.99%	1.463	7	1.510	8	2.065	6	5.037	21	6.42%
11% and higher	0.615	9	2.089	14	0.910	6	3.614	29	4.61%
Floater	3.302	14	2.586	11	2.354	12	8.243	37	10.51%
Total	31.266	120	20.611	89	26.558	96	78.436	305	100.00%
Versus Talk
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005
Lower	0.920	0.475	0.074	0	0	0.548	0.200	0	0.824
Low end	2.008	3.585	1.263	0.640	0.848	1.458	4.591	2.103	0.853
Middle	3.192	2.406	4.794	1.068	0.492	4.376	2.126	3.266	3.899
High end	3.535	1.035	1.675	1.717	0.781	2.466	0	0.721	1.517
Higher	2.115	1.118	0.971	1.976	0.285	1.912	0	0.289	3.572
NA	0.593	0.587	0.919	0.056	0.130	1.857	0.993	0.702	0.901
Total	12.364	9.206	9.696	5.457	2.536	12.619	7.910	7.081	11.567
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Lower	1.469	6	0.548	3	1.024	4	3.041	13	3.88%
Low end	6.857	23	2.945	15	7.548	23	17.350	61	22.12%
Middle	10.392	37	5.936	21	9.291	29	25.620	87	32.66%
High end	6.245	21	4.965	18	2.238	9	13.449	48	17.15%
Higher	4.205	16	4.173	16	3.861	15	12.239	47	15.60%
NA	2.099	17	2.042	16	2.596	16	6.738	49	8.59%
Total	31.266	120	20.611	89	26.558	96	78.436	305	100.00%
Upsized?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005
Yes	2.516	3.115	2.854	0.856	0.350	3.214	5.395	2.349	4.795
No	9.249	5.392	6.403	3.432	1.194	8.914	2.515	3.801	5.312
Downsized	0.600	0.700	0.439	1.169	0.992	0.491	0	0.931	1.459
Total	12.364	9.206	9.696	5.457	2.536	12.619	7.910	7.081	11.567
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Yes	8.484	26	4.419	15	12.539	34	25.443	75	32.44%
No	21.043	88	13.540	59	11.629	55	46.212	202	58.92%
Downsized	1.739	6	2.652	15	2.390	7	6.781	28	8.65%
Total	31.266	120	20.611	89	26.558	96	78.436	305	100.00%
Quick Sale?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005
Yes	3.393	3.309	2.931	1.166	0.497	7.131	2.391	4.013	2.125
No	8.971	5.898	6.764	4.291	2.039	5.488	5.519	3.068	9.441
Total	12.364	9.206	9.696	5.457	2.536	12.619	7.910	7.081	11.567
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Yes	9.634	43	8.794	28	8.529	31	26.957	102	34.37%
No	21.633	77	11.818	61	18.029	65	51.479	203	65.63%
Total	31.266	120	20.611	89	26.558	96	78.436	305	100.00%
Add on?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005
Yes	1.382	0.328	0.506	0.156	0	1.269	0.075	1.151	0.455
No	10.982	8.878	9.189	5.301	2.536	11.350	7.835	5.930	11.112
Total	12.364	9.206	9.696	5.457	2.536	12.619	7.910	7.081	11.567
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Yes	2.217	16	1.425	11	1.681	14	5.322	41	6.79%
No	29.050	104	19.187	78	24.877	82	73.113	264	93.21%
Total	31.266	120	20.611	89	26.558	96	78.436	305	100.00%
Seniority
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005
senior secured	0.527	0.639	1.305	0.961	0.148	2.651	0.425	0.537	0.596
secured	0	0	0	0	0	0	0	0.090	0
senior	8.279	5.937	6.365	4.023	2.288	8.707	5.224	4.541	7.556
senior subordinated	3.558	2.631	2.026	0.472	0.100	1.260	2.261	1.913	2.814
subordinated	0	0	0	0	0	0	0	0	0.600
Total	12.364	9.206	9.696	5.457	2.536	12.619	7.910	7.081	11.567
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
senior secured	2.471	15	3.761	18	1.558	10	7.790	43	9.93%
secured	0	0	0	0	0.090	1	0.090	1	0.11%
senior	20.581	75	15.018	63	17.322	59	52.920	197	67.47%
senior subordinated	8.215	30	1.832	8	6.988	24	17.035	62	21.72%
subordinated	0	0	0	0	0.600	2	0.600	2	0.76%
Total	31.266	120	20.611	89	26.558	96	78.436	305	100.00%
Moody's Rating
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005
Ba1	0	0.496	0.693	0.197	0.297	0.747	0.550	0.295	0.600
Ba2	0.596	0.830	0.149	0	0.200	2.337	1.050	1.220	2.295
Ba3	0.824	1.271	1.597	1.283	0.350	2.524	0.991	0.994	2.465
B1	4.693	1.350	1.578	0.325	0.563	1.805	0.820	0.704	1.727
B2	1.280	1.107	1.901	1.593	0.315	0.963	0.250	1.626	2.242
B3	2.915	2.638	1.832	1.561	0.508	2.460	2.850	1.150	1.326
Caa1	1.894	0.984	0.775	0.300	0.123	0.293	1.151	1.015	0.472
Caa2	0.083	0.476	0.600	0.197	0	0.245	0	0.076	0
Caa3	0	0	0.380	0	0	0	0	0	0
Ca	0	0	0	0	0	0	0	0	0.150
NR	0.080	0.055	0.190	0	0.179	1.245	0.248	0	0.290
Total	12.364	9.206	9.696	5.457	2.536	12.619	7.910	7.081	11.567
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Ba1	1.189	3	1.241	5	1.445	5	3.876	13	4.94%
Ba2	1.575	6	2.537	8	4.564	15	8.677	29	11.06%
Ba3	3.692	13	4.157	14	4.450	12	12.299	39	15.68%
B1	7.621	18	2.693	12	3.251	15	13.564	45	17.29%
B2	4.288	21	2.871	13	4.118	15	11.277	49	14.38%
B3	7.385	29	4.529	24	5.326	17	17.240	70	21.98%
Caa1	3.653	16	0.717	6	2.638	10	7.008	32	8.93%
Caa2	1.159	8	0.442	2	0.076	1	1.678	11	2.14%
Caa3	0.380	1	0	0	0	0	0.380	1	0.48%
Ca	0	0	0	0	0.150	1	0.150	1	0.19%
NR	0.324	5	1.424	5	0.538	5	2.287	15	2.92%
Total	31.266	120	20.611	89	26.558	96	78.436	305	100.00%
Use of Proceeds
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005
Acquisition	1.235	0.150	0.345	1.291	1.108	0.724	1.416	0	2.319
Capex	0	0.423	0.130	0	0	0.040	0	0.076	0.075
Dividend/recap	0.552	1.933	0.280	0.125	0	0	0.148	0.729	0.349
GCP	0.647	1.176	0.693	0.300	0	0.323	0.050	0.491	0.700
LBO	4.283	1.405	0.885	1.417	0.030	0.795	3.300	0.765	2.037
Redeem notes	2.131	2.198	2.636	1.319	0.349	2.484	0.450	0.811	2.919
Refinance	1.610	0.385	1.175	0	0.260	4.380	0.520	1.025	0.264
Repay bank debt	0.531	1.026	2.711	0.482	0.297	1.331	0.151	1.544	0.400
Multiple/Other/NA	1.375	0.510	0.840	0.522	0.491	2.540	1.875	1.640	2.504
Total	12.364	9.206	9.696	5.457	2.536	12.619	7.910	7.081	11.567
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Acquisition	1.730	7	3.124	15	3.735	10	8.589	32	10.95%
Capex	0.553	3	0.040	1	0.151	2	0.744	6	0.95%
Dividend/recap	2.765	18	0.125	1	1.227	7	4.117	26	5.25%
GCP	2.517	8	0.623	3	1.241	5	4.381	16	5.59%
LBO	6.573	21	2.242	14	6.102	13	14.918	48	19.02%
Redeem notes	6.966	24	4.153	15	4.180	15	15.298	54	19.50%
Refinance	3.170	10	4.640	14	1.809	9	9.619	33	12.26%
Repay bank debt	4.267	18	2.110	12	2.095	12	8.473	42	10.80%
Multiple/Other/NA	2.725	11	3.554	14	6.019	23	12.298	48	15.68%
Total	31.266	120	20.611	89	26.558	96	78.436	305	100.00%
Industry Sector (by SIC code)
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005
Agriculture (0xxx)	0	0.223	0	0	0.195	0.225	0.100	0	0
Mining (1xxx)	0.304	0	0	0	0.150	0.600	0	0	0
Oil and gas (13xx)	0	0	0.597	1.193	0.123	0.913	0.225	0.594	1.450
Construction (15xx)	0	0.645	0.349	0	0.297	0.796	0.050	0.795	0.472
Manufacturing (2xxx, 3xxx)	4.578	2.180	2.660	1.471	0.583	3.687	2.539	1.922	1.430
Transportation (4xxx)	0.333	0.525	0.849	0.460	0	0.234	0	0	0.075
Communications (48xx)	3.826	1.558	0.074	0.675	0	3.720	0.721	0.991	0.499
Electric, gas, sanitary services (49xx)	0.100	0.100	0.800	0	0.200	0.461	0	0.715	0.174
Wholesale (5xxx)	1.323	0.868	0.833	0.415	0.415	0	0.025	0.367	3.782
Finance, insurance, real estate (6xxx)	0.150	0.480	0.250	0.647	0.350	0.229	0.500	0.064	1.581
Services (7xxx)	0.704	1.648	1.310	0.596	0.193	1.535	3.550	1.483	1.480
Health services (8xxx)	1.047	0.980	1.975	0	0.030	0.220	0.200	0.150	0.622
Total	12.364	9.206	9.696	5.457	2.536	12.619	7.910	7.081	11.567
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Agriculture (0xxx)	0.223	1	0.420	2	0.100	1	0.743	4	0.95%
Mining (1xxx)	0.304	2	0.750	2	0	0	1.054	4	1.34%
Oil and gas (13xx)	0.597	3	2.229	10	2.269	7	5.095	20	6.50%
Construction (15xx)	0.994	4	1.093	5	1.317	8	3.404	17	4.34%
Manufacturing (2xxx, 3xxx)	9.417	36	5.741	28	5.892	22	21.050	86	26.83%
Transportation (4xxx)	1.707	8	0.694	3	0.075	1	2.476	12	3.16%
Communications (48xx)	5.457	15	4.395	12	2.211	9	12.063	36	15.38%
Electric, gas, sanitary services (49xx)	1.000	4	0.661	3	0.889	5	2.550	12	3.25%
Wholesale (5xxx)	3.024	19	0.830	3	4.174	14	8.028	36	10.24%
Finance, insurance, real estate (6xxx)	0.880	3	1.225	8	2.145	8	4.250	19	5.42%
Services (7xxx)	3.662	17	2.324	11	6.513	16	12.498	44	15.93%
Health services (8xxx)	4.002	8	0.250	2	0.972	5	5.224	15	6.66%
Total	31.266	120	20.611	89	26.558	96	78.436	305	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.

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