Analysis of high yield issuance for year to date and 12 months through September

Total year-to-date issuance: $94.637 billion in 274 deals

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

Yield

	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Less than 6%	0	0	0	0.209	0	0	0	0	0	0	0	0
6%-6.99%	0.400	1.350	1.074	1.415	1.346	4.194	1.346	1.047	0.072	0	0.497	1.620
7%-7.99%	0.621	2.637	2.175	7.216	1.674	1.299	2.138	4.927	1.751	0.500	2.436	1.257
8%-8.99%	0.600	1.623	2.845	4.668	0.369	1.750	1.970	0.742	2.002	1.030	0	3.020
9%-9.99%	0	1.019	1.123	0.160	0.672	0.382	2.007	1.354	4.230	1.585	2.887	1.402
10%-10.99%	0.443	1.301	1.764	0.440	0.682	1.130	0.625	0.937	1.630	0.707	2.425	1.050
11% and higher	0.043	1.446	1.936	1.009	0.300	0.953	1.380	0.725	2.604	0.855	1.195	0.772
Floater	1.014	0.588	1.672	0.200	0.650	0.300	3.520	0.427	2.456	0.250	1.540	0.700
Total	3.120	9.964	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.980	9.821
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Less than 6%	0	0	0.209	1	0	0	0	0	0.209	1	0.209	1	0.22%
6%-6.99%	2.824	10	6.955	17	2.465	7	2.117	5	11.537	29	14.361	39	12.19%
7%-7.99%	5.433	15	10.189	20	8.816	28	4.193	13	23.198	61	28.630	76	24.51%
8%-8.99%	5.068	13	6.787	16	4.714	16	4.051	11	15.552	43	20.620	56	16.43%
9%-9.99%	2.142	9	1.213	7	7.591	20	5.874	13	14.679	40	16.821	49	15.51%
10%-10.99%	3.508	13	2.252	8	3.192	13	4.182	11	9.627	32	13.134	45	10.17%
11% and higher	3.426	21	2.262	10	4.709	18	2.822	11	9.793	39	13.217	60	10.35%
Floater	3.274	15	1.150	4	6.403	16	2.490	9	10.044	29	13.317	44	10.61%
Total	25.672	96	31.017	83	37.891	118	25.729	73	94.637	274	120.310	370	100.00%
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Lower	0	0	1.244	0.300	0	0	1.308	0	0.084	0.250	0.185	0
Low end	0	1.075	4.651	4.947	1.714	0.798	4.265	1.227	0.654	1.847	1.678	3.120
Middle	1.865	2.832	3.112	7.492	2.900	3.544	4.675	4.479	5.860	0.990	5.746	4.566
High end	0.301	3.765	0.957	1.684	0.150	3.879	1.044	2.706	4.457	0	2.665	0.490
Higher	0.266	1.350	1.142	0.684	0	0.840	1.022	0.340	1.429	1.540	0.417	0.694
NA	0.688	0.942	1.483	0.209	0.930	0.946	0.671	1.408	2.262	0.300	0.289	0.952
Total	3.120	9.964	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.980	9.821
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Lower	1.244	3	0.300	1	1.392	5	0.435	2	2.127	8	3.371	11	2.25%
Low end	5.726	12	7.460	18	6.145	19	6.644	18	20.249	55	25.975	67	21.40%
Middle	7.809	30	13.936	33	15.014	38	11.302	28	40.252	99	48.061	129	42.53%
High end	5.022	20	5.713	15	8.207	22	3.155	6	17.074	43	22.097	63	18.04%
Higher	2.758	12	1.524	6	2.791	9	2.651	11	6.966	26	9.724	38	7.36%
NA	3.113	19	2.085	10	4.342	25	1.542	8	7.969	43	11.082	62	8.42%
Total	25.672	96	31.017	83	37.891	118	25.729	73	94.637	274	120.310	370	100.00%
Upsized?
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Yes	0.575	1.374	1.593	4.144	1.449	4.228	6.126	2.465	1.007	0.626	7.307	3.343
No	2.029	7.928	8.344	9.739	3.979	4.870	4.646	6.978	10.303	3.516	3.388	5.785
Downsized	0.516	0.662	2.652	1.434	0.265	0.910	2.214	0.717	3.435	0.785	0.285	0.694
Total	3.120	9.964	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.980	9.821
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	3.542	11	9.821	24	9.598	23	11.276	25	30.695	72	34.237	83	32.43%
No	18.301	75	18.588	51	21.927	74	12.689	42	53.203	167	71.504	242	56.22%
Downsized	3.830	10	2.609	8	6.366	21	1.764	6	10.739	35	14.569	45	11.35%
Total	25.672	96	31.017	83	37.891	118	25.729	73	94.637	274	120.310	370	100.00%
Quick Sale?
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Yes	1.290	1.264	1.020	5.357	2.666	5.090	3.839	2.488	2.868	0.700	5.193	1.213
No	1.830	8.700	11.568	9.959	3.028	4.918	9.147	7.672	11.877	4.227	5.788	8.608
Total	3.120	9.964	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.980	9.821
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	3.575	17	13.112	33	9.195	30	7.106	18	29.413	81	32.988	98	31.08%
No	22.098	79	17.905	50	28.696	88	18.623	55	65.224	193	87.322	272	68.92%
Total	25.672	96	31.017	83	37.891	118	25.729	73	94.637	274	120.310	370	100.00%
Add on?
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Yes	0.418	0.110	0.144	1.105	0.282	0.196	0.610	0.036	0.184	0.280	1.351	0.350
No	2.702	9.853	12.444	14.211	5.412	9.812	12.376	10.124	14.562	4.647	9.629	9.472
Total	3.120	9.964	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.980	9.821
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	0.672	8	1.583	7	0.829	7	1.981	9	4.394	23	5.066	31	4.64%
No	25.000	88	29.434	76	37.062	111	23.747	64	90.244	251	115.244	339	95.36%
Total	25.672	96	31.017	83	37.891	118	25.729	73	94.637	274	120.310	370	100.00%
Seniority
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
mortgage	0	0	0	0.209	0	0.819	0	0.249	0.184	0	0	0
senior secured	0.210	0.165	2.200	0.267	0.719	0.637	0.167	2.993	0.540	0.775	2.800	1.675
secured	0	0	0	0	0	0.100	0	0	0	0	0	0
senior	2.609	8.307	7.960	13.219	4.359	6.702	10.519	5.806	12.835	2.972	6.679	7.472
senior subordinated	0.301	1.491	2.429	1.621	0.564	1.750	2.225	1.112	1.187	0.880	1.295	0.622
subordinated	0	0	0	0	0.052	0	0.075	0	0	0.300	0.206	0.052
Total	3.120	9.964	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.980	9.821
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
mortgage	0	0	1.029	4	0.433	3	0	0	1.462	7	1.462	7	1.54%
senior secured	2.575	14	1.623	6	3.699	12	5.250	14	10.572	32	13.147	46	11.17%
secured	0	0	0.100	1	0	0	0	0	0.100	1	0.100	1	0.11%
senior	18.876	65	24.280	59	29.160	85	17.123	45	70.563	189	89.439	254	74.56%
senior subordinated	4.221	17	3.934	12	4.524	17	2.797	11	11.256	40	15.477	57	11.89%
subordinated	0	0	0.052	1	0.075	1	0.558	3	0.685	5	0.685	5	0.72%
Total	25.672	96	31.017	83	37.891	118	25.729	73	94.637	274	120.310	370	100.00%
Moody's Rating
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Ba1	0	1.600	0	0.709	0.300	0.848	2.147	1.391	0.883	0.300	0.206	1.548
Ba2	0.400	0.494	0.199	1.694	1.198	2.895	2.300	2.339	0.690	0	1.341	0.984
Ba3	0.349	0.201	1.440	1.815	1.372	1.100	1.599	0.663	2.653	0	5.351	1.200
B1	0.647	2.379	4.926	5.247	0	0	0.875	1.664	0	0.900	0	2.947
B2	0.780	1.670	1.185	2.070	0.470	2.560	1.597	0.745	2.422	1.050	0.292	0.947
B3	0.467	2.033	1.934	1.002	1.494	1.146	0.433	0.925	5.619	1.850	2.430	0.298
Caa1	0.367	0.844	1.104	2.779	0	0.587	1.728	1.177	2.067	0.580	1.175	0.175
Caa2	0	0.423	0.672	0	0	0.336	0.800	0.297	0.147	0	0	0
NR	0.110	0.320	1.128	0	0.859	0.536	1.507	0.960	0.265	0.247	0.185	1.723
Total	3.120	9.964	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.980	9.821
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Ba1	1.600	4	1.857	6	4.421	12	2.055	6	8.333	24	9.932	28	8.81%
Ba2	1.093	4	5.787	14	5.328	11	2.326	7	13.441	32	14.534	36	14.20%
Ba3	1.990	7	4.287	10	4.915	11	6.551	13	15.753	34	17.742	41	16.65%
B1	7.953	20	5.247	7	2.539	9	3.847	9	11.632	25	19.585	45	12.29%
B2	3.635	16	5.101	15	4.763	15	2.289	7	12.153	37	15.788	53	12.84%
B3	4.434	17	3.641	15	6.977	23	4.578	16	15.196	54	19.630	71	16.06%
Caa1	2.316	13	3.366	8	4.973	16	1.930	8	10.269	32	12.585	45	10.85%
Caa2	1.094	7	0.336	1	1.244	4	0	0	1.580	5	2.674	12	1.67%
NR	1.557	8	1.396	7	2.731	17	2.155	7	6.282	31	7.839	39	6.64%
Total	25.672	96	31.017	83	37.891	118	25.729	73	94.637	274	120.310	370	100.00%
Use of Proceeds
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Acquisition	1.082	0.794	0.465	7.245	0.150	2.396	0.456	1.891	7.009	0	1.265	1.409
Capex	0	0.150	0.600	0.248	0.420	0.725	0.075	0.125	0.305	0.154	1.750	0
Chapter 11 exit	0	0	0.850	0	0	0	0	0	0	0	0	0
Dividend/recap	0.150	0.183	0.546	0	0.052	0.336	0	0.297	0.593	0	0.442	0.160
GCP	0.134	0.060	0.901	0	0.200	1.178	0.200	0	0.174	0	3.368	0.350
LBO	0.460	2.642	3.602	0.684	1.405	0.525	1.714	1.497	0.362	2.060	2.175	1.350
Redeem notes	0.175	2.173	1.975	2.693	0.324	2.299	1.816	3.073	0.669	0.690	0	0.273
Refinance	0.200	0.635	2.076	1.027	0.969	0.350	3.357	0.674	1.316	1.097	0	2.440
Repay bank debt	0.210	1.067	0.688	1.968	1.726	0.799	2.111	1.482	1.247	0.926	1.980	1.421
Multiple/Other/NA	0.709	2.260	0.886	1.450	0.447	1.400	3.257	1.122	3.071	0	0	2.419
Total	3.120	9.964	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.980	9.821
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	2.341	12	9.791	16	9.356	17	2.674	10	21.821	43	24.162	55	23.06%
Capex	0.750	3	1.394	7	0.505	3	1.904	5	3.802	15	4.552	18	4.02%
Chapter 11 exit	0.850	1	0	0	0	0	0	0	0	0	0.850	1	0.00%
Dividend/recap	0.879	4	0.388	2	0.890	5	0.602	3	1.881	10	2.760	14	1.99%
GCP	1.094	6	1.378	5	0.374	2	3.718	8	5.470	15	6.565	21	5.78%
LBO	6.704	21	2.614	10	3.573	16	5.585	16	11.771	42	18.475	63	12.44%
Redeem notes	4.322	11	5.316	12	5.557	19	0.963	5	11.836	36	16.158	47	12.51%
Refinance	2.912	13	2.347	7	5.347	15	3.537	7	11.231	29	14.142	42	11.87%
Repay bank debt	1.965	11	4.493	14	4.840	19	4.327	12	13.660	45	15.625	56	14.43%
Multiple/Other/NA	3.854	14	3.297	10	7.449	22	2.419	7	13.165	39	17.019	53	13.91%
Total	25.672	96	31.017	83	37.891	118	25.729	73	94.637	274	120.310	370	100.00%
Industry Sector (by SIC code)
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Agriculture (0xxx)	0	0	0.195	0.300	0.150	0	0.125	0	0	0.300	0	0
Mining (1xxx)	0	0	1.205	0	0.400	0	0	0	0.175	0	1.650	0
Oil and gas (13xx)	0.175	1.264	0.150	0.825	0	1.050	0.869	0.445	2.158	0.126	0.445	0
Construction (15xx)	0.150	0	0.426	0	0.300	0.298	0.400	0	0.525	0	0	0
Manufacturing (2xxx, 3xxx)	0.778	4.822	1.196	2.686	1.358	3.031	3.517	4.011	3.079	1.925	5.224	5.587
Transportation (4xxx)	0	0	0	0	0.300	0.200	0.583	0.130	0	0.200	0.100	0
Communications (48xx)	0.134	0.848	1.881	3.357	0.382	0.868	2.323	0.880	5.418	0.704	0.935	1.538
Electric, gas, sanitary services (49xx)	0.650	0.642	1.632	4.034	0.449	1.299	0.399	1.880	0.954	1.047	0.391	0.177
Wholesale (5xxx)	0	0.586	1.049	0.550	0.650	0.685	1.409	0	0.380	0	0.250	0.150
Finance, insurance, real estate (6xxx)	0.446	1.050	1.172	0.500	0.996	0	1.698	1.377	0	0	0	1.494
Services (7xxx)	0.787	0.538	3.485	2.716	0.709	2.575	1.662	0.502	0.886	0.625	1.986	0.660
Health services (8xxx)	0	0.215	0.199	0.347	0	0	0	0.935	1.171	0	0	0.215
Total	3.120	9.964	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.980	9.821
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.195	2	0.450	2	0.125	1	0.300	1	0.875	4	1.070	6	0.92%
Mining (1xxx)	1.205	3	0.400	1	0.175	1	1.650	3	2.225	5	3.430	8	2.35%
Oil and gas (13xx)	1.589	6	1.876	6	3.472	11	0.571	4	5.919	21	7.508	27	6.25%
Construction (15xx)	0.576	3	0.598	2	0.925	4	0	0	1.523	6	2.099	9	1.61%
Manufacturing (2xxx, 3xxx)	6.796	23	7.075	21	10.607	31	12.736	28	30.418	80	37.214	103	32.14%
Transportation (4xxx)	0	0	0.500	2	0.713	4	0.300	2	1.513	8	1.513	8	1.60%
Communications (48xx)	2.862	11	4.608	13	8.621	15	3.176	8	16.405	36	19.267	47	17.33%
Electric, gas, sanitary services (49xx)	2.923	9	5.783	10	3.233	14	1.616	7	10.632	31	13.555	40	11.23%
Wholesale (5xxx)	1.635	8	1.885	5	1.789	9	0.400	2	4.074	16	5.709	24	4.30%
Finance, insurance, real estate (6xxx)	2.668	12	1.496	2	3.075	8	1.494	6	6.065	16	8.733	28	6.41%
Services (7xxx)	4.810	17	6.000	17	3.050	14	3.271	11	12.321	42	17.131	59	13.02%
Health services (8xxx)	0.414	2	0.347	2	2.106	6	0.215	1	2.668	9	3.081	11	2.82%
Total	25.672	96	31.017	83	37.891	118	25.729	73	94.637	274	120.310	370	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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