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

Total year-to-date issuance: $111.023 billion in 310 deals

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

Yield

	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Less than 6%	0	0	0.209	0	0	0	0	0	0	0	0	0
6%-6.99%	1.350	1.074	1.415	1.346	4.194	1.346	1.047	0.072	0	0.497	1.620	0.620
7%-7.99%	2.637	2.175	7.216	1.674	1.299	2.138	4.927	1.751	0.500	2.451	1.257	4.602
8%-8.99%	1.623	2.845	4.668	0.369	1.750	1.970	0.742	2.002	1.030	0	3.020	0.771
9%-9.99%	1.019	1.123	0.160	0.672	0.382	2.007	1.354	4.230	1.585	2.887	1.402	5.125
10%-10.99%	1.301	1.764	0.440	0.682	1.130	0.625	0.937	1.630	0.707	2.425	1.050	1.000
11% and higher	1.446	1.936	1.009	0.300	0.953	1.380	0.725	2.604	0.855	1.195	0.772	2.053
Floater	0.588	1.672	0.200	0.650	0.300	3.520	0.427	2.456	0.250	1.540	0.700	2.200
Total	9.964	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Less than 6%	0.209	1	0	0	0	0	0	0	0.209	1	0.209	1	0.19%
6%-6.99%	6.955	17	2.465	7	2.117	5	0.620	2	12.157	31	14.581	40	10.95%
7%-7.99%	10.189	20	8.816	28	4.208	13	4.602	9	27.814	70	32.625	82	25.05%
8%-8.99%	6.787	16	4.714	16	4.051	11	0.771	4	16.323	47	20.791	57	14.70%
9%-9.99%	1.213	7	7.591	20	5.874	13	5.125	7	19.804	47	21.946	56	17.84%
10%-10.99%	2.252	8	3.192	13	4.182	11	1.000	2	10.627	34	13.692	44	9.57%
11% and higher	2.262	10	4.709	18	2.822	11	2.053	8	11.846	47	15.227	67	10.68%
Floater	1.150	4	6.403	16	2.490	9	2.200	4	12.244	33	14.504	42	11.03%
Total	31.017	83	37.891	118	25.744	73	16.370	36	111.023	310	133.575	389	100.00%
Versus Talk
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Lower	0	1.244	0.300	0	0	1.308	0	0.084	0.250	0.185	0	1.940
Low end	1.075	4.651	4.947	1.714	0.798	4.265	1.227	0.654	1.847	1.692	3.120	3.453
Middle	2.832	3.112	7.492	2.900	3.544	4.675	4.479	5.860	0.990	5.746	4.566	4.674
High end	3.765	0.957	1.684	0.150	3.879	1.044	2.706	4.457	0	2.665	0.490	3.175
Higher	1.350	1.142	0.684	0	0.840	1.022	0.340	1.429	1.540	0.417	0.694	1.950
NA	0.942	1.483	0.209	0.930	0.946	0.671	1.408	2.262	0.300	0.289	0.952	1.178
Total	9.964	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Lower	0.300	1	1.392	5	0.435	2	1.940	5	4.067	13	5.311	16	3.66%
Low end	7.460	18	6.145	19	6.659	18	3.453	7	23.717	62	29.443	74	21.36%
Middle	13.936	33	15.014	38	11.302	28	4.674	8	44.926	107	50.870	129	40.47%
High end	5.713	15	8.207	22	3.155	6	3.175	6	20.249	49	24.971	67	18.24%
Higher	1.524	6	2.791	9	2.651	11	1.950	5	8.916	31	11.408	42	8.03%
NA	2.085	10	4.342	25	1.542	8	1.178	5	9.147	48	11.572	61	8.24%
Total	31.017	83	37.891	118	25.744	73	16.370	36	111.023	310	133.575	389	100.00%
Upsized?
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Yes	1.374	1.593	4.144	1.449	4.228	6.126	2.465	1.007	0.626	7.307	3.343	2.347
No	7.928	8.344	9.739	3.979	4.870	4.646	6.978	10.303	3.516	3.403	5.785	12.304
Downsized	0.662	2.652	1.434	0.265	0.910	2.214	0.717	3.435	0.785	0.285	0.694	1.720
Total	9.964	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	9.821	24	9.598	23	11.276	25	2.347	6	33.042	78	36.009	87	29.76%
No	18.588	51	21.927	74	12.704	42	12.304	26	65.522	193	81.794	255	59.02%
Downsized	2.609	8	6.366	21	1.764	6	1.720	4	12.459	39	15.772	47	11.22%
Total	31.017	83	37.891	118	25.744	73	16.370	36	111.023	310	133.575	389	100.00%
Quick Sale?
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Yes	1.264	1.020	5.357	2.666	5.090	3.839	2.488	2.868	0.700	5.208	1.213	3.135
No	8.700	11.568	9.959	3.028	4.918	9.147	7.672	11.877	4.227	5.788	8.608	13.235
Total	9.964	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	13.112	33	9.195	30	7.121	18	3.135	9	32.563	90	34.848	101	29.33%
No	17.905	50	28.696	88	18.623	55	13.235	27	78.459	220	98.727	288	70.67%
Total	31.017	83	37.891	118	25.744	73	16.370	36	111.023	310	133.575	389	100.00%
Seniority
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
mortgage	0	0	0.209	0	0.819	0	0.249	0.184	0	0	0	0
senior secured	0.165	2.200	0.267	0.719	0.637	0.167	2.993	0.540	0.775	2.800	1.675	4.026
secured	0	0	0	0	0.100	0	0	0	0	0	0	0
senior	8.307	7.960	13.219	4.359	6.702	10.519	5.806	12.835	2.972	6.679	7.472	10.042
senior subordinated	1.491	2.429	1.621	0.564	1.750	2.225	1.112	1.187	0.880	1.310	0.622	1.450
subordinated	0	0	0	0.052	0	0.075	0	0	0.300	0.206	0.052	0.852
Total	9.964	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
mortgage	1.029	4	0.433	3	0	0	0	0	1.462	7	1.462	7	1.32%
senior secured	1.623	6	3.699	12	5.250	14	4.026	7	14.598	39	16.963	51	13.15%
secured	0.100	1	0	0	0	0	0	0	0.100	1	0.100	1	0.09%
senior	24.280	59	29.160	85	17.123	45	10.042	21	80.605	210	96.872	262	72.60%
senior subordinated	3.934	12	4.524	17	2.812	11	1.450	5	12.721	45	16.641	60	11.46%
subordinated	0.052	1	0.075	1	0.558	3	0.852	3	1.537	8	1.537	8	1.38%
Total	31.017	83	37.891	118	25.744	73	16.370	36	111.023	310	133.575	389	100.00%
Moody's Rating
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Ba1	1.600	0	0.709	0.300	0.848	2.147	1.391	0.883	0.300	0.206	1.548	1.992
Ba2	0.494	0.199	1.694	1.198	2.895	2.300	2.339	0.690	0	1.341	0.984	2.681
Ba3	0.201	1.440	1.815	1.372	1.100	1.599	0.663	2.653	0	5.365	1.200	0.465
B1	2.379	4.926	5.247	0	0	0.875	1.664	0	0.900	0	2.947	2.240
B2	1.670	1.185	2.070	0.470	2.560	1.597	0.745	2.422	1.050	0.292	0.947	3.025
B3	2.033	1.934	1.002	1.494	1.146	0.433	0.925	5.619	1.850	2.430	0.298	1.475
Caa1	0.844	1.104	2.779	0	0.587	1.728	1.177	2.067	0.580	1.175	0.175	2.133
Caa2	0.423	0.672	0	0	0.336	0.800	0.297	0.147	0	0	0	1.750
NR	0.320	1.128	0	0.859	0.536	1.507	0.960	0.265	0.247	0.185	1.723	0.609
Total	9.964	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Ba1	1.857	6	4.421	12	2.055	6	1.992	4	10.325	28	11.924	32	9.30%
Ba2	5.787	14	5.328	11	2.326	7	2.681	3	16.122	35	16.815	38	14.52%
Ba3	4.287	10	4.915	11	6.565	13	0.465	2	16.232	36	17.873	41	14.62%
B1	5.247	7	2.539	9	3.847	9	2.240	5	13.872	30	21.178	48	12.49%
B2	5.101	15	4.763	15	2.289	7	3.025	6	15.178	43	18.033	55	13.67%
B3	3.641	15	6.977	23	4.578	16	1.475	5	16.671	59	20.638	73	15.02%
Caa1	3.366	8	4.973	16	1.930	8	2.133	6	12.402	38	14.351	47	11.17%
Caa2	0.336	1	1.244	4	0	0	1.750	2	3.330	7	4.424	14	3.00%
NR	1.396	7	2.731	17	2.155	7	0.609	3	6.891	34	8.338	41	6.21%
Total	31.017	83	37.891	118	25.744	73	16.370	36	111.023	310	133.575	389	100.00%
Use of Proceeds
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Acquisition	0.794	0.465	7.245	0.150	2.396	0.456	1.891	7.009	0	1.265	1.409	2.045
Capex	0.150	0.600	0.248	0.420	0.725	0.075	0.125	0.305	0.154	1.750	0	0.600
Chapter 11 exit	0	0.850	0	0	0	0	0	0	0	0	0	0
Dividend/recap	0.183	0.546	0	0.052	0.336	0	0.297	0.593	0	0.442	0.160	1.000
GCP	0.060	0.901	0	0.200	1.178	0.200	0	0.174	0	3.368	0.350	0.370
LBO	2.642	3.602	0.684	1.405	0.525	1.714	1.497	0.362	2.060	2.175	1.350	6.394
Redeem notes	2.173	1.975	2.693	0.324	2.299	1.816	3.073	0.669	0.690	0	0.273	1.050
Refinance	0.635	2.076	1.027	0.969	0.350	3.357	0.674	1.316	1.097	0	2.440	1.500
Repay bank debt	1.067	0.688	1.968	1.726	0.799	2.111	1.482	1.247	0.926	1.994	1.421	0.375
Multiple/Other/NA	2.260	0.886	1.450	0.447	1.400	3.257	1.122	3.071	0	0	2.419	3.037
Total	9.964	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	9.791	16	9.356	17	2.674	10	2.045	5	23.866	48	25.125	55	21.50%
Capex	1.394	7	0.505	3	1.904	5	0.600	1	4.402	16	5.152	19	3.96%
Chapter 11 exit	0	0	0	0	0	0	0	0	0	0	0.850	1	0.00%
Dividend/recap	0.388	2	0.890	5	0.602	3	1.000	3	2.881	13	3.610	16	2.59%
GCP	1.378	5	0.374	2	3.718	8	0.370	2	5.840	17	6.801	22	5.26%
LBO	2.614	10	3.573	16	5.585	16	6.394	9	18.166	51	24.410	69	16.36%
Redeem notes	5.316	12	5.557	19	0.963	5	1.050	4	12.886	40	17.033	50	11.61%
Refinance	2.347	7	5.347	15	3.537	7	1.500	2	12.731	31	15.442	43	11.47%
Repay bank debt	4.493	14	4.840	19	4.342	12	0.375	2	14.050	47	15.805	56	12.66%
Multiple/Other/NA	3.297	10	7.449	22	2.419	7	3.037	8	16.202	47	19.347	58	14.59%
Total	31.017	83	37.891	118	25.744	73	16.370	36	111.023	310	133.575	389	100.00%
Industry Sector (by SIC code)
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Agriculture (0xxx)	0	0.195	0.300	0.150	0	0.125	0	0	0.300	0	0	0
Mining (1xxx)	0	1.205	0	0.400	0	0	0	0.175	0	1.650	0	0.897
Oil and gas (13xx)	1.264	0.150	0.825	0	1.050	0.869	0.445	2.158	0.126	0.445	0	0.200
Construction (15xx)	0	0.426	0	0.300	0.298	0.400	0	0.525	0	0	0	0
Manufacturing (2xxx, 3xxx)	4.822	1.196	2.686	1.358	3.031	3.517	4.011	3.079	1.925	5.224	5.587	5.711
Transportation (4xxx)	0	0	0	0.300	0.200	0.583	0.130	0	0.200	0.100	0	0
Communications (48xx)	0.848	1.881	3.357	0.382	0.868	2.323	0.880	5.418	0.704	0.935	1.538	2.350
Electric, gas, sanitary services (49xx)	0.642	1.632	4.034	0.449	1.299	0.399	1.880	0.954	1.047	0.391	0.177	2.553
Wholesale (5xxx)	0.586	1.049	0.550	0.650	0.685	1.409	0	0.380	0	0.250	0.150	2.083
Finance, insurance, real estate (6xxx)	1.050	1.172	0.500	0.996	0	1.698	1.377	0	0	0	1.494	0.555
Services (7xxx)	0.538	3.485	2.716	0.709	2.575	1.662	0.502	0.886	0.625	2.000	0.660	2.021
Health services (8xxx)	0.215	0.199	0.347	0	0	0	0.935	1.171	0	0	0.215	0
Total	9.964	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.450	2	0.125	1	0.300	1	0	0	0.875	4	1.070	6	0.79%
Mining (1xxx)	0.400	1	0.175	1	1.650	3	0.897	2	3.122	7	4.327	10	2.81%
Oil and gas (13xx)	1.876	6	3.472	11	0.571	4	0.200	1	6.119	22	7.533	27	5.51%
Construction (15xx)	0.598	2	0.925	4	0	0	0	0	1.523	6	1.949	8	1.37%
Manufacturing (2xxx, 3xxx)	7.075	21	10.607	31	12.736	28	5.711	10	36.129	90	42.146	109	32.54%
Transportation (4xxx)	0.500	2	0.713	4	0.300	2	0	0	1.513	8	1.513	8	1.36%
Communications (48xx)	4.608	13	8.621	15	3.176	8	2.350	3	18.755	39	21.483	49	16.89%
Electric, gas, sanitary services (49xx)	5.783	10	3.233	14	1.616	7	2.553	7	13.185	38	15.458	45	11.88%
Wholesale (5xxx)	1.885	5	1.789	9	0.400	2	2.083	5	6.157	21	7.792	29	5.55%
Finance, insurance, real estate (6xxx)	1.496	2	3.075	8	1.494	6	0.555	3	6.620	19	8.841	29	5.96%
Services (7xxx)	6.000	17	3.050	14	3.285	11	2.021	5	14.357	47	18.380	58	12.93%
Health services (8xxx)	0.347	2	2.106	6	0.215	1	0	0	2.668	9	3.081	11	2.40%
Total	31.017	83	37.891	118	25.744	73	16.370	36	111.023	310	133.575	389	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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