Analysis of high yield issuance for year to date through October

Total issuance: $81.581 billion in 322 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	10/2005
Less than 6%	0	0.496	0.200	0	0	0.298	0.150	0	0.895	0
6%-6.99%	1.449	2.896	3.046	0.695	0.672	3.612	1.991	2.314	1.873	0.400
7%-7.99%	3.682	2.167	2.845	1.027	0.368	3.173	0.675	1.250	2.401	0.621
8%-8.99%	3.627	0.371	1.130	0.798	0.175	1.260	1.225	1.148	2.821	0.600
9%-9.99%	1.752	1.812	0.415	1.068	0.299	0.979	1.900	1.493	0.993	0
10%-10.99%	0.472	0.250	0.740	0.471	0.123	0.916	1.151	0.076	0.837	0.443
11% and higher	0.150	0.160	0.305	0.817	0.750	0.522	0.270	0.119	0.521	0.043
Floater	1.233	1.054	1.015	0.705	0.148	1.858	0.548	0.682	1.123	1.014
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Less than 6%	0.696	3	0.298	1	1.046	3	0	0	2.040	7	2.50%
6%-6.99%	7.392	28	4.980	15	6.178	21	0.400	1	18.948	65	23.23%
7%-7.99%	8.694	26	4.568	18	4.326	20	0.621	3	18.209	67	22.32%
8%-8.99%	5.128	16	2.234	10	5.194	16	0.600	3	13.156	45	16.13%
9%-9.99%	3.978	17	2.346	12	4.386	11	0	0	10.710	40	13.13%
10%-10.99%	1.463	7	1.510	8	2.065	6	0.443	3	5.480	24	6.72%
11% and higher	0.615	9	2.089	14	0.910	6	0.043	1	3.657	30	4.48%
Floater	3.302	14	2.711	12	2.354	12	1.014	6	9.381	44	11.50%
Total	31.266	120	20.736	90	26.458	95	3.120	17	81.581	322	100.00%
Versus Talk
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Lower	0.920	0.475	0.074	0	0	0.548	0.200	0	0.824	0
Low end	2.008	3.585	1.263	0.640	0.848	1.458	4.591	2.103	0.853	0
Middle	3.192	2.406	4.794	1.068	0.492	4.376	2.126	3.266	3.899	1.865
High end	3.535	1.035	1.675	1.717	0.781	2.466	0	0.721	1.517	0.301
Higher	2.115	1.118	0.971	1.976	0.285	1.912	0	0.289	3.572	0.266
NA	0.593	0.587	0.919	0.180	0.130	1.857	0.993	0.702	0.801	0.688
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Lower	1.469	6	0.548	3	1.024	4	0	0	3.041	13	3.73%
Low end	6.857	23	2.945	15	7.548	23	0	0	17.350	61	21.27%
Middle	10.392	37	5.936	21	9.291	29	1.865	8	27.484	95	33.69%
High end	6.245	21	4.965	18	2.238	9	0.301	2	13.749	50	16.85%
Higher	4.205	16	4.173	16	3.861	15	0.266	1	12.506	48	15.33%
NA	2.099	17	2.167	17	2.496	15	0.688	6	7.451	55	9.13%
Total	31.266	120	20.736	90	26.458	95	3.120	17	81.581	322	100.00%
Upsized?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Yes	2.516	3.115	2.854	0.856	0.350	3.214	5.395	2.349	4.795	0.575
No	9.249	5.392	6.403	3.557	1.194	8.914	2.515	3.801	5.212	2.029
Downsized	0.600	0.700	0.439	1.169	0.992	0.491	0	0.931	1.459	0.516
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Yes	8.484	26	4.419	15	12.539	34	0.575	2	26.018	77	31.89%
No	21.043	88	13.665	60	11.529	54	2.029	13	48.266	215	59.16%
Downsized	1.739	6	2.652	15	2.390	7	0.516	2	7.297	30	8.94%
Total	31.266	120	20.736	90	26.458	95	3.120	17	81.581	322	100.00%
Quick Sale?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Yes	3.393	3.309	2.931	1.166	0.497	7.131	2.391	4.013	2.125	1.290
No	8.971	5.898	6.764	4.416	2.039	5.488	5.519	3.068	9.341	1.830
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Yes	9.634	43	8.794	28	8.529	31	1.290	6	28.247	108	34.62%
No	21.633	77	11.943	62	17.929	64	1.830	11	53.334	214	65.38%
Total	31.266	120	20.736	90	26.458	95	3.120	17	81.581	322	100.00%
Add on?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Yes	1.382	0.328	0.506	0.156	0	1.269	0.075	1.151	0.455	0.418
No	10.982	8.878	9.189	5.426	2.536	11.350	7.835	5.930	11.012	2.702
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Yes	2.217	16	1.425	11	1.681	14	0.418	3	5.740	44	7.04%
No	29.050	104	19.312	79	24.777	81	2.702	14	75.841	278	92.96%
Total	31.266	120	20.736	90	26.458	95	3.120	17	81.581	322	100.00%
Seniority
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
senior secured	0.527	0.639	1.305	0.961	0.148	2.651	0.425	0.537	0.596	0.210
secured	0	0	0	0	0	0	0	0.090	0	0
senior	8.279	5.937	6.365	4.148	2.288	8.707	5.224	4.541	7.556	2.609
senior subordinated	3.558	2.631	2.026	0.472	0.100	1.260	2.261	1.913	2.814	0.301
subordinated	0	0	0	0	0	0	0	0	0.500	0
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
senior secured	2.471	15	3.761	18	1.558	10	0.210	2	8.001	45	9.81%
secured	0	0	0	0	0.090	1	0	0	0.090	1	0.11%
senior	20.581	75	15.143	64	17.322	59	2.609	13	55.654	211	68.22%
senior subordinated	8.215	30	1.832	8	6.988	24	0.301	2	17.336	64	21.25%
subordinated	0	0	0	0	0.500	1	0	0	0.500	1	0.61%
Total	31.266	120	20.736	90	26.458	95	3.120	17	81.581	322	100.00%
Moody's Rating
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Ba1	0	0.496	0.693	0.197	0.297	0.747	0.550	0.295	0.600	0
Ba2	0.596	0.830	0.149	0	0.200	2.337	1.050	1.220	2.295	0.400
Ba3	0.824	1.271	1.597	1.283	0.350	2.524	0.991	0.994	2.465	0.349
B1	4.693	1.350	1.578	0.325	0.563	1.805	0.820	0.704	1.727	0.647
B2	1.280	1.107	1.901	1.593	0.315	0.963	0.250	1.626	2.242	0.780
B3	2.915	2.638	1.832	1.561	0.508	2.460	2.850	1.150	1.326	0.467
Caa1	1.894	0.984	0.775	0.300	0.123	0.293	1.151	1.015	0.472	0.367
Caa2	0.083	0.476	0.600	0.197	0	0.245	0	0.076	0	0
Caa3	0	0	0.380	0	0	0	0	0	0	0
Ca	0	0	0	0	0	0	0	0	0.150	0
NR	0.080	0.055	0.190	0.125	0.179	1.245	0.248	0	0.190	0.110
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Ba1	1.189	3	1.241	5	1.445	5	0	0	3.876	13	4.75%
Ba2	1.575	6	2.537	8	4.564	15	0.400	1	9.077	30	11.13%
Ba3	3.692	13	4.157	14	4.450	12	0.349	2	12.648	41	15.50%
B1	7.621	18	2.693	12	3.251	15	0.647	2	14.211	47	17.42%
B2	4.288	21	2.871	13	4.118	15	0.780	4	12.057	53	14.78%
B3	7.385	29	4.529	24	5.326	17	0.467	3	17.707	73	21.70%
Caa1	3.653	16	0.717	6	2.638	10	0.367	4	7.375	36	9.04%
Caa2	1.159	8	0.442	2	0.076	1	0	0	1.678	11	2.06%
Caa3	0.380	1	0	0	0	0	0	0	0.380	1	0.47%
Ca	0	0	0	0	0.150	1	0	0	0.150	1	0.18%
NR	0.324	5	1.549	6	0.438	4	0.110	1	2.422	16	2.97%
Total	31.266	120	20.736	90	26.458	95	3.120	17	81.581	322	100.00%
Use of Proceeds
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Acquisition	1.235	0.150	0.345	1.291	1.108	0.724	1.416	0	2.319	1.082
Capex	0	0.423	0.130	0	0	0.040	0	0.076	0.075	0
Dividend/recap	0.552	1.933	0.280	0.125	0	0	0.148	0.729	0.349	0.150
GCP	0.647	1.176	0.693	0.300	0	0.323	0.050	0.491	0.600	0.134
LBO	4.283	1.405	0.885	1.542	0.030	0.795	3.300	0.765	2.038	0.460
Redeem notes	2.131	2.198	2.636	1.319	0.349	2.484	0.450	0.811	2.919	0.175
Refinance	1.610	0.385	1.175	0	0.260	4.380	0.520	1.025	0.264	0.200
Repay bank debt	0.531	1.026	2.711	0.482	0.297	1.331	0.151	1.544	0.400	0.210
Multiple/Other/NA	1.375	0.510	0.840	0.522	0.491	2.540	1.875	1.640	2.504	0.709
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Acquisition	1.730	7	3.124	15	3.735	10	1.082	5	9.671	37	11.85%
Capex	0.553	3	0.040	1	0.151	2	0	0	0.744	6	0.91%
Dividend/recap	2.765	18	0.125	1	1.227	7	0.150	1	4.267	27	5.23%
GCP	2.517	8	0.623	3	1.141	4	0.134	1	4.415	16	5.41%
LBO	6.573	21	2.367	15	6.103	13	0.460	3	15.503	52	19.00%
Redeem notes	6.966	24	4.153	15	4.180	15	0.175	1	15.473	55	18.97%
Refinance	3.170	10	4.640	14	1.809	9	0.200	1	9.819	34	12.04%
Repay bank debt	4.267	18	2.110	12	2.095	12	0.210	2	8.683	44	10.64%
Multiple/Other/NA	2.725	11	3.554	14	6.019	23	0.709	3	13.007	51	15.94%
Total	31.266	120	20.736	90	26.458	95	3.120	17	81.581	322	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	10/2005
Agriculture (0xxx)	0	0.223	0	0	0.195	0.225	0.100	0	0	0
Mining (1xxx)	0.304	0	0	0	0.150	0.600	0	0	0	0.150
Oil and gas (13xx)	0	0	0.597	1.193	0.123	0.913	0.225	0.594	1.450	0.175
Construction (15xx)	0	0.645	0.349	0	0.297	0.796	0.050	0.795	0.372	0
Manufacturing (2xxx, 3xxx)	4.578	2.180	2.660	1.596	0.583	3.687	2.539	1.922	1.431	0.778
Transportation (4xxx)	0.333	0.525	0.849	0.460	0	0.234	0	0	0.075	0
Communications (48xx)	3.826	1.558	0.074	0.675	0	3.720	0.721	0.991	0.499	0.134
Electric, gas, sanitary services (49xx)	0.100	0.100	0.800	0	0.200	0.461	0	0.715	0.174	0.650
Wholesale (5xxx)	1.323	0.868	0.833	0.415	0.415	0	0.025	0.367	3.782	0
Finance, insurance, real estate (6xxx)	0.150	0.480	0.250	0.647	0.350	0.229	0.500	0.064	1.581	0.446
Services (7xxx)	0.704	1.648	1.310	0.596	0.193	1.535	3.550	1.483	1.480	0.787
Health services (8xxx)	1.047	0.980	1.975	0	0.030	0.220	0.200	0.150	0.622	0
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Agriculture (0xxx)	0.223	1	0.420	2	0.100	1	0	0	0.743	4	0.91%
Mining (1xxx)	0.304	2	0.750	2	0	0	0.150	1	1.204	5	1.48%
Oil and gas (13xx)	0.597	3	2.229	10	2.269	7	0.175	1	5.270	21	6.46%
Construction (15xx)	0.994	4	1.093	5	1.217	7	0	0	3.304	16	4.05%
Manufacturing (2xxx, 3xxx)	9.417	36	5.866	29	5.892	22	0.778	4	21.953	91	26.91%
Transportation (4xxx)	1.707	8	0.694	3	0.075	1	0	0	2.476	12	3.04%
Communications (48xx)	5.457	15	4.395	12	2.211	9	0.134	1	12.196	37	14.95%
Electric, gas, sanitary services (49xx)	1.000	4	0.661	3	0.889	5	0.650	2	3.200	14	3.92%
Wholesale (5xxx)	3.024	19	0.830	3	4.174	14	0	0	8.028	36	9.84%
Finance, insurance, real estate (6xxx)	0.880	3	1.225	8	2.145	8	0.446	2	4.697	21	5.76%
Services (7xxx)	3.662	17	2.324	11	6.513	16	0.787	6	13.285	50	16.28%
Health services (8xxx)	4.002	8	0.250	2	0.972	5	0	0	5.224	15	6.40%
Total	31.266	120	20.736	90	26.458	95	3.120	17	81.581	322	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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