Analysis of high yield issuance for 2005

Total issuance: $104.129 billion in 401 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	12/2005
Less than 6%	0	0.496	0.200	0	0	0.298	0.150	0	0.895	0	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	1.074
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	2.175
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	2.845
9%-9.99%	1.752	1.812	0.415	1.068	0.299	0.979	1.900	1.493	0.993	0	1.019	1.123
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	1.764
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	1.936
Floater	1.233	1.054	1.015	0.705	0.148	1.858	0.548	0.682	1.123	1.014	0.588	1.672
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589
	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	2.04	7	1.96%
6%-6.99%	7.392	28	4.980	15	6.178	21	2.824	10	21.372	74	20.52%
7%-7.99%	8.694	26	4.568	18	4.326	20	5.433	15	23.02	79	22.11%
8%-8.99%	5.128	16	2.234	10	5.194	16	5.064	13	17.62	55	16.92%
9%-9.99%	3.978	17	2.346	12	4.386	11	2.142	9	12.853	49	12.34%
10%-10.99%	1.463	7	1.510	8	2.065	6	3.508	13	8.545	34	8.21%
11% and higher	0.615	9	2.089	14	0.910	6	3.426	21	7.039	50	6.76%
Floater	3.302	14	2.711	12	2.354	12	3.274	15	11.641	53	11.18%
Total	31.266	120	20.736	90	26.458	95	25.669	96	104.129	401	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	12/2005
Lower	0.920	0.475	0.074	0	0	0.548	0.200	0	0.824	0	0	1.244
Low end	2.008	3.585	1.263	0.640	0.848	1.458	4.591	2.103	0.853	0	1.075	4.651
Middle	3.192	2.406	4.794	1.068	0.492	4.376	2.126	3.266	3.899	1.865	2.832	3.112
High end	3.535	1.035	1.675	1.717	0.781	2.466	0	0.721	1.517	0.301	3.761	0.957
Higher	2.115	1.118	0.971	1.976	0.285	1.912	0	0.289	3.572	0.266	1.350	1.142
NA	0.593	0.587	0.919	0.180	0.130	1.857	0.993	0.702	0.801	0.688	0.942	1.483
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589
	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	1.244	3	4.285	16	4.11%
Low end	6.857	23	2.945	15	7.548	23	5.726	12	23.075	73	22.16%
Middle	10.392	37	5.936	21	9.291	29	7.809	30	33.429	117	32.10%
High end	6.245	21	4.965	18	2.238	9	5.018	20	18.467	68	17.73%
Higher	4.205	16	4.173	16	3.861	15	2.758	12	14.998	59	14.40%
NA	2.099	17	2.167	17	2.496	15	3.113	19	9.876	68	9.48%
Total	31.266	120	20.736	90	26.458	95	25.669	96	104.129	401	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	12/2005
Yes	2.516	3.115	2.854	0.856	0.350	3.214	5.395	2.349	4.795	0.575	1.374	1.593
No	9.249	5.392	6.403	3.557	1.194	8.914	2.515	3.801	5.212	2.029	7.924	8.344
Downsized	0.600	0.700	0.439	1.169	0.992	0.491	0	0.931	1.459	0.516	0.662	2.652
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589
	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	3.542	11	28.985	86	27.84%
No	21.043	88	13.665	60	11.529	54	18.297	75	64.534	277	61.98%
Downsized	1.739	6	2.652	15	2.390	7	3.830	10	10.611	38	10.19%
Total	31.266	120	20.736	90	26.458	95	25.669	96	104.129	401	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	12/2005
Yes	3.393	3.309	2.931	1.166	0.497	7.131	2.391	4.013	2.125	1.290	1.264	1.020
No	8.971	5.898	6.764	4.416	2.039	5.488	5.519	3.068	9.341	1.830	8.696	11.568
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589
	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	3.575	17	30.531	119	29.32%
No	21.633	77	11.943	62	17.929	64	22.094	79	73.598	282	70.68%
Total	31.266	120	20.736	90	26.458	95	25.669	96	104.129	401	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	12/2005
Yes	1.382	0.328	0.506	0.156	0	1.269	0.075	1.151	0.455	0.418	0.110	0.144
No	10.982	8.878	9.189	5.426	2.536	11.350	7.835	5.930	11.012	2.702	9.850	12.444
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589
	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	0.672	8	5.995	49	5.76%
No	29.050	104	19.312	79	24.777	81	24.996	88	98.135	352	94.24%
Total	31.266	120	20.736	90	26.458	95	25.669	96	104.129	401	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	12/2005
senior secured	0.527	0.639	1.305	0.961	0.148	2.651	0.425	0.537	0.596	0.210	0.165	2.200
secured	0	0	0	0	0	0	0	0.090	0	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	7.960
senior subordinated	3.558	2.631	2.026	0.472	0.100	1.260	2.261	1.913	2.814	0.301	1.487	2.429
subordinated	0	0	0	0	0	0	0	0	0.500	0	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	12.589
	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	2.575	14	10.365	57	9.95%
secured	0	0	0	0	0.090	1	0	0	0.09	1	0.09%
senior	20.581	75	15.143	64	17.322	59	18.876	65	71.921	263	69.07%
senior subordinated	8.215	30	1.832	8	6.988	24	4.218	17	21.253	79	20.41%
subordinated	0	0	0	0	0.500	1	0	0	0.5	1	0.48%
Total	31.266	120	20.736	90	26.458	95	25.669	96	104.129	401	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	12/2005
Ba1	0	0.496	0.693	0.197	0.297	0.747	0.550	0.295	0.600	0	1.600	0
Ba2	0.596	0.830	0.149	0	0.200	2.337	1.050	1.220	2.295	0.400	0.494	0.199
Ba3	0.824	1.271	1.597	1.283	0.350	2.524	0.991	0.994	2.465	0.349	0.197	1.440
B1	4.693	1.350	1.578	0.325	0.563	1.805	0.820	0.704	1.727	0.647	2.379	4.926
B2	1.280	1.107	1.901	1.593	0.315	0.963	0.250	1.626	2.242	0.780	1.670	1.185
B3	2.915	2.638	1.832	1.561	0.508	2.460	2.850	1.150	1.326	0.467	2.033	1.934
Caa1	1.894	0.984	0.775	0.300	0.123	0.293	1.151	1.015	0.472	0.367	0.844	1.104
Caa2	0.083	0.476	0.600	0.197	0	0.245	0	0.076	0	0	0.423	0.672
Caa3	0	0	0.380	0	0	0	0	0	0	0	0	0
Ca	0	0	0	0	0	0	0	0	0.150	0	0	0
NR	0.080	0.055	0.190	0.125	0.179	1.245	0.248	0	0.190	0.110	0.320	1.128
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589
	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	5.26%
Ba2	1.575	6	2.537	8	4.564	15	1.093	4	9.77	33	9.38%
Ba3	3.692	13	4.157	14	4.450	12	1.986	7	14.285	46	13.72%
B1	7.621	18	2.693	12	3.251	15	7.953	20	21.517	65	20.66%
B2	4.288	21	2.871	13	4.118	15	3.635	16	14.912	65	14.32%
B3	7.385	29	4.529	24	5.326	17	4.434	17	21.674	87	20.81%
Caa1	3.653	16	0.717	6	2.638	10	2.316	13	9.324	45	8.95%
Caa2	1.159	8	0.442	2	0.076	1	1.094	7	2.772	18	2.66%
Caa3	0.380	1	0	0	0	0	0	0	0.38	1	0.36%
Ca	0	0	0	0	0.150	1	0	0	0.15	1	0.14%
NR	0.324	5	1.549	6	0.438	4	1.557	8	3.87	23	3.72%
Total	31.266	120	20.736	90	26.458	95	25.669	96	104.129	401	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	12/2005
Acquisition	1.235	0.150	0.345	1.291	1.108	0.724	1.416	0	2.319	1.082	0.794	0.465
Capex	0	0.423	0.130	0	0	0.040	0	0.076	0.075	0	0.150	0.600
Chapter 11 exit	0	0	0	0	0	0	0	0	0	0	0	0.850
Dividend/recap	0.552	1.933	0.280	0.125	0	0	0.148	0.729	0.349	0.150	0.183	0.546
GCP	0.647	1.176	0.693	0.300	0	0.323	0.050	0.491	0.600	0.134	0.060	0.901
LBO	4.283	1.405	0.885	1.542	0.030	0.795	3.300	0.765	2.038	0.460	2.642	3.602
Redeem notes	2.131	2.198	2.636	1.319	0.349	2.484	0.450	0.811	2.919	0.175	2.173	1.975
Refinance	1.610	0.385	1.175	0	0.260	4.380	0.520	1.025	0.264	0.200	0.635	2.076
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	0.688
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	0.886
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589
	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	2.341	12	10.93	44	10.50%
Capex	0.553	3	0.040	1	0.151	2	0.750	3	1.494	9	1.43%
Chapter 11 exit	0	0	0	0	0	0	0.850	1	0.85	1	0.82%
Dividend/recap	2.765	18	0.125	1	1.227	7	0.879	4	4.996	30	4.80%
GCP	2.517	8	0.623	3	1.141	4	1.094	6	5.375	21	5.16%
LBO	6.573	21	2.367	15	6.103	13	6.704	21	21.747	70	20.88%
Redeem notes	6.966	24	4.153	15	4.180	15	4.322	11	19.62	65	18.84%
Refinance	3.170	10	4.640	14	1.809	9	2.912	13	12.53	46	12.03%
Repay bank debt	4.267	18	2.110	12	2.095	12	1.961	11	10.434	53	10.02%
Multiple/Other/NA	2.725	11	3.554	14	6.019	23	3.854	14	16.152	62	15.51%
Total	31.266	120	20.736	90	26.458	95	25.669	96	104.129	401	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	12/2005
Agriculture (0xxx)	0	0.223	0	0	0.195	0.225	0.100	0	0	0	0	0.195
Mining (1xxx)	0.304	0	0	0	0.150	0.600	0	0	0	0.150	0	1.430
Oil and gas (13xx)	0	0	0.597	1.193	0.123	0.913	0.225	0.594	1.450	0.175	1.264	0.150
Construction (15xx)	0	0.645	0.349	0	0.297	0.796	0.050	0.795	0.372	0	0	0.201
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	1.196
Transportation (4xxx)	0.333	0.525	0.849	0.460	0	0.234	0	0	0.075	0	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	1.881
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	1.632
Wholesale (5xxx)	1.323	0.868	0.833	0.415	0.415	0	0.025	0.367	3.782	0	0.586	1.049
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	1.172
Services (7xxx)	0.704	1.648	1.310	0.596	0.193	1.535	3.550	1.483	1.480	0.787	0.538	3.485
Health services (8xxx)	1.047	0.980	1.975	0	0.030	0.220	0.200	0.150	0.622	0	0.215	0.199
Total	12.364	9.206	9.696	5.582	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589
	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	0.195	2	0.938	6	0.90%
Mining (1xxx)	0.304	2	0.750	2	0	0	1.580	5	2.634	9	2.53%
Oil and gas (13xx)	0.597	3	2.229	10	2.269	7	1.589	6	6.684	26	6.42%
Construction (15xx)	0.994	4	1.093	5	1.217	7	0.201	1	3.505	17	3.37%
Manufacturing (2xxx, 3xxx)	9.417	36	5.866	29	5.892	22	6.792	23	27.967	110	26.86%
Transportation (4xxx)	1.707	8	0.694	3	0.075	1	0	0	2.476	12	2.38%
Communications (48xx)	5.457	15	4.395	12	2.211	9	2.862	11	14.925	47	14.33%
Electric, gas, sanitary services (49xx)	1.000	4	0.661	3	0.889	5	2.923	9	5.473	21	5.26%
Wholesale (5xxx)	3.024	19	0.830	3	4.174	14	1.635	8	9.663	44	9.28%
Finance, insurance, real estate (6xxx)	0.880	3	1.225	8	2.145	8	2.668	12	6.918	31	6.64%
Services (7xxx)	3.662	17	2.324	11	6.513	16	4.810	17	17.308	61	16.62%
Health services (8xxx)	4.002	8	0.250	2	0.972	5	0.414	2	5.638	17	5.41%
Total	31.266	120	20.736	90	26.458	95	25.669	96	104.129	401	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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