Analysis of high yield issuance for year to date through November

Total issuance: $91.541 billion in 356 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	11/2005
Less than 6%	0	0.496	0.200	0	0	0.298	0.150	0	0.895	0	0
6%-6.99%	1.449	2.896	3.046	0.695	0.672	3.612	1.991	2.314	1.873	0.400	1.350
7%-7.99%	3.682	2.167	2.845	1.027	0.368	3.173	0.675	1.250	2.401	0.621	2.637
8%-8.99%	3.627	0.371	1.130	0.798	0.175	1.260	1.225	1.148	2.821	0.600	1.619
9%-9.99%	1.752	1.812	0.415	1.068	0.299	0.979	1.900	1.493	0.993	0	1.019
10%-10.99%	0.472	0.250	0.740	0.471	0.123	0.916	1.151	0.076	0.837	0.443	1.301
11% and higher	0.150	0.160	0.305	0.817	0.750	0.522	0.270	0.119	0.521	0.043	1.446
Floater	1.233	1.054	1.015	0.705	0.148	1.858	0.548	0.682	1.123	1.014	0.588
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960
	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	2.23%
6%-6.99%	7.392	28	4.980	15	6.178	21	1.750	5	20.298	69	22.17%
7%-7.99%	8.694	26	4.568	18	4.326	20	3.258	10	20.845	74	22.77%
8%-8.99%	5.128	16	2.234	10	5.194	16	2.219	8	14.775	50	16.14%
9%-9.99%	3.978	17	2.346	12	4.386	11	1.019	4	11.730	44	12.81%
10%-10.99%	1.463	7	1.510	8	2.065	6	1.744	6	6.781	27	7.41%
11% and higher	0.615	9	2.089	14	0.910	6	1.489	9	5.102	38	5.58%
Floater	3.302	14	2.711	12	2.354	12	1.601	9	9.969	47	10.89%
Total	31.266	120	20.736	90	26.458	95	13.080	51	91.541	356	100.00%
Versus Talk
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
Lower	0.920	0.475	0.074	0	0	0.548	0.200	0	0.824	0	0
Low end	2.008	3.585	1.263	0.640	0.848	1.458	4.591	2.103	0.853	0	1.075
Middle	3.192	2.406	4.794	1.068	0.492	4.376	2.126	3.266	3.899	1.865	2.832
High end	3.535	1.035	1.675	1.717	0.781	2.466	0	0.721	1.517	0.301	3.761
Higher	2.115	1.118	0.971	1.976	0.285	1.912	0	0.289	3.572	0.266	1.350
NA	0.593	0.587	0.919	0.180	0.130	1.857	0.993	0.702	0.801	0.688	0.942
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960
	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	3.32%
Low end	6.857	23	2.945	15	7.548	23	1.075	3	18.424	64	20.13%
Middle	10.392	37	5.936	21	9.291	29	4.697	16	30.317	103	33.12%
High end	6.245	21	4.965	18	2.238	9	4.062	15	17.510	63	19.13%
Higher	4.205	16	4.173	16	3.861	15	1.616	6	13.855	53	15.14%
NA	2.099	17	2.167	17	2.496	15	1.630	11	8.393	60	9.17%
Total	31.266	120	20.736	90	26.458	95	13.080	51	91.541	356	100.00%
Upsized?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
Yes	2.516	3.115	2.854	0.856	0.350	3.214	5.395	2.349	4.795	0.575	1.374
No	9.249	5.392	6.403	3.557	1.194	8.914	2.515	3.801	5.212	2.029	7.924
Downsized	0.600	0.700	0.439	1.169	0.992	0.491	0	0.931	1.459	0.516	0.662
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960
	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	1.949	7	27.392	82	29.92%
No	21.043	88	13.665	60	11.529	54	9.953	38	56.190	240	61.38%
Downsized	1.739	6	2.652	15	2.390	7	1.178	6	7.959	34	8.69%
Total	31.266	120	20.736	90	26.458	95	13.080	51	91.541	356	100.00%
Quick Sale?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
Yes	3.393	3.309	2.931	1.166	0.497	7.131	2.391	4.013	2.125	1.290	1.264
No	8.971	5.898	6.764	4.416	2.039	5.488	5.519	3.068	9.341	1.830	8.696
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960
	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	2.554	11	29.511	113	32.24%
No	21.633	77	11.943	62	17.929	64	10.526	40	62.030	243	67.76%
Total	31.266	120	20.736	90	26.458	95	13.080	51	91.541	356	100.00%
Add on?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
Yes	1.382	0.328	0.506	0.156	0	1.269	0.075	1.151	0.455	0.418	0.110
No	10.982	8.878	9.189	5.426	2.536	11.350	7.835	5.930	11.012	2.702	9.850
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960
	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	0.528	5	5.851	46	6.39%
No	29.050	104	19.312	79	24.777	81	12.552	46	85.690	310	93.61%
Total	31.266	120	20.736	90	26.458	95	13.080	51	91.541	356	100.00%
Seniority
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
senior secured	0.527	0.639	1.305	0.961	0.148	2.651	0.425	0.537	0.596	0.210	0.165
secured	0	0	0	0	0	0	0	0.090	0	0	0
senior	8.279	5.937	6.365	4.148	2.288	8.707	5.224	4.541	7.556	2.609	8.307
senior subordinated	3.558	2.631	2.026	0.472	0.100	1.260	2.261	1.913	2.814	0.301	1.487
subordinated	0	0	0	0	0	0	0	0	0.500	0	0
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960
	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	0.375	3	8.166	46	8.92%
secured	0	0	0	0	0.090	1	0	0	0.090	1	0.10%
senior	20.581	75	15.143	64	17.322	59	10.916	39	63.962	237	69.87%
senior subordinated	8.215	30	1.832	8	6.988	24	1.788	9	18.823	71	20.56%
subordinated	0	0	0	0	0.500	1	0	0	0.500	1	0.55%
Total	31.266	120	20.736	90	26.458	95	13.080	51	91.541	356	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	11/2005
Ba1	0	0.496	0.693	0.197	0.297	0.747	0.550	0.295	0.600	0	1.600
Ba2	0.596	0.830	0.149	0	0.200	2.337	1.050	1.220	2.295	0.400	0.494
Ba3	0.824	1.271	1.597	1.283	0.350	2.524	0.991	0.994	2.465	0.349	0.197
B1	4.693	1.350	1.578	0.325	0.563	1.805	0.820	0.704	1.727	0.647	2.379
B2	1.280	1.107	1.901	1.593	0.315	0.963	0.250	1.626	2.242	0.780	1.670
B3	2.915	2.638	1.832	1.561	0.508	2.460	2.850	1.150	1.326	0.467	2.033
Caa1	1.894	0.984	0.775	0.300	0.123	0.293	1.151	1.015	0.472	0.367	0.844
Caa2	0.083	0.476	0.600	0.197	0	0.245	0	0.076	0	0	0.423
Caa3	0	0	0.380	0	0	0	0	0	0	0	0
Ca	0	0	0	0	0	0	0	0	0.150	0	0
NR	0.080	0.055	0.190	0.125	0.179	1.245	0.248	0	0.190	0.110	0.320
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960
	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	1.600	4	5.475	17	5.98%
Ba2	1.575	6	2.537	8	4.564	15	0.894	2	9.571	31	10.46%
Ba3	3.692	13	4.157	14	4.450	12	0.546	3	12.845	42	14.03%
B1	7.621	18	2.693	12	3.251	15	3.027	10	16.591	55	18.12%
B2	4.288	21	2.871	13	4.118	15	2.450	10	13.727	59	15.00%
B3	7.385	29	4.529	24	5.326	17	2.499	9	19.740	79	21.56%
Caa1	3.653	16	0.717	6	2.638	10	1.211	8	8.220	40	8.98%
Caa2	1.159	8	0.442	2	0.076	1	0.423	2	2.100	13	2.29%
Caa3	0.380	1	0	0	0	0	0	0	0.380	1	0.42%
Ca	0	0	0	0	0.150	1	0	0	0.150	1	0.16%
NR	0.324	5	1.549	6	0.438	4	0.430	3	2.742	18	3.00%
Total	31.266	120	20.736	90	26.458	95	13.080	51	91.541	356	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	11/2005
Acquisition	1.235	0.150	0.345	1.291	1.108	0.724	1.416	0	2.319	1.082	0.794
Capex	0	0.423	0.130	0	0	0.040	0	0.076	0.075	0	0.150
Dividend/recap	0.552	1.933	0.280	0.125	0	0	0.148	0.729	0.349	0.150	0.183
GCP	0.647	1.176	0.693	0.300	0	0.323	0.050	0.491	0.600	0.134	0.060
LBO	4.283	1.405	0.885	1.542	0.030	0.795	3.300	0.765	2.038	0.460	2.642
Redeem notes	2.131	2.198	2.636	1.319	0.349	2.484	0.450	0.811	2.919	0.175	2.173
Refinance	1.610	0.385	1.175	0	0.260	4.380	0.520	1.025	0.264	0.200	0.635
Repay bank debt	0.531	1.026	2.711	0.482	0.297	1.331	0.151	1.544	0.400	0.210	1.063
Multiple/Other/NA	1.375	0.510	0.840	0.522	0.491	2.540	1.875	1.640	2.504	0.709	2.260
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960
	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	1.877	7	10.466	39	11.43%
Capex	0.553	3	0.040	1	0.151	2	0.150	1	0.894	7	0.98%
Dividend/recap	2.765	18	0.125	1	1.227	7	0.333	2	4.449	28	4.86%
GCP	2.517	8	0.623	3	1.141	4	0.194	2	4.475	17	4.89%
LBO	6.573	21	2.367	15	6.103	13	3.102	13	18.144	62	19.82%
Redeem notes	6.966	24	4.153	15	4.180	15	2.348	6	17.646	60	19.28%
Refinance	3.170	10	4.640	14	1.809	9	0.835	4	10.454	37	11.42%
Repay bank debt	4.267	18	2.110	12	2.095	12	1.274	7	9.746	49	10.65%
Multiple/Other/NA	2.725	11	3.554	14	6.019	23	2.969	9	15.266	57	16.68%
Total	31.266	120	20.736	90	26.458	95	13.080	51	91.541	356	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	11/2005
Agriculture (0xxx)	0	0.223	0	0	0.195	0.225	0.100	0	0	0	0
Mining (1xxx)	0.304	0	0	0	0.150	0.600	0	0	0	0.150	0
Oil and gas (13xx)	0	0	0.597	1.193	0.123	0.913	0.225	0.594	1.450	0.175	1.264
Construction (15xx)	0	0.645	0.349	0	0.297	0.796	0.050	0.795	0.372	0	0
Manufacturing (2xxx, 3xxx)	4.578	2.180	2.660	1.596	0.583	3.687	2.539	1.922	1.431	0.778	4.818
Transportation (4xxx)	0.333	0.525	0.849	0.460	0	0.234	0	0	0.075	0	0
Communications (48xx)	3.826	1.558	0.074	0.675	0	3.720	0.721	0.991	0.499	0.134	0.848
Electric, gas, sanitary services (49xx)	0.100	0.100	0.800	0	0.200	0.461	0	0.715	0.174	0.650	0.642
Wholesale (5xxx)	1.323	0.868	0.833	0.415	0.415	0	0.025	0.367	3.782	0	0.586
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	1.050
Services (7xxx)	0.704	1.648	1.310	0.596	0.193	1.535	3.550	1.483	1.480	0.787	0.538
Health services (8xxx)	1.047	0.980	1.975	0	0.030	0.220	0.200	0.150	0.622	0	0.215
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960
	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	0.81%
Mining (1xxx)	0.304	2	0.750	2	0	0	0.150	1	1.204	5	1.32%
Oil and gas (13xx)	0.597	3	2.229	10	2.269	7	1.439	5	6.534	25	7.14%
Construction (15xx)	0.994	4	1.093	5	1.217	7	0	0	3.304	16	3.61%
Manufacturing (2xxx, 3xxx)	9.417	36	5.866	29	5.892	22	5.596	17	26.771	104	29.25%
Transportation (4xxx)	1.707	8	0.694	3	0.075	1	0	0	2.476	12	2.70%
Communications (48xx)	5.457	15	4.395	12	2.211	9	0.981	4	13.044	40	14.25%
Electric, gas, sanitary services (49xx)	1.000	4	0.661	3	0.889	5	1.292	4	3.842	16	4.20%
Wholesale (5xxx)	3.024	19	0.830	3	4.174	14	0.586	4	8.614	40	9.41%
Finance, insurance, real estate (6xxx)	0.880	3	1.225	8	2.145	8	1.496	6	5.747	25	6.28%
Services (7xxx)	3.662	17	2.324	11	6.513	16	1.324	9	13.823	53	15.10%
Health services (8xxx)	4.002	8	0.250	2	0.972	5	0.215	1	5.439	16	5.94%
Total	31.266	120	20.736	90	26.458	95	13.080	51	91.541	356	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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