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

Total year-to-date issuance: $140.826 billion in 358 deals

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

Yield

	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Less than 6%	0	0.209	0	0	0	0	0	0	0	0	0	0
6%-6.99%	1.074	1.415	1.346	4.194	1.346	1.047	0.072	0	0.497	1.620	0.620	0
7%-7.99%	2.175	7.216	1.674	1.299	2.138	4.927	1.751	0.500	2.451	1.257	4.602	4.582
8%-8.99%	2.845	4.668	0.369	1.750	1.970	0.742	2.002	1.030	0	3.020	0.771	8.550
9%-9.99%	1.123	0.160	0.672	0.382	2.007	1.354	4.230	1.585	2.887	1.402	5.125	10.095
10%-10.99%	1.764	0.440	0.682	1.130	0.625	0.937	1.630	0.707	2.425	1.050	1.000	2.530
11% and higher	1.936	1.009	0.300	0.953	1.380	0.725	2.604	0.855	1.195	0.772	2.053	1.321
Floater	1.672	0.200	0.650	0.300	3.520	0.427	2.456	0.250	1.540	0.700	2.200	2.725
Total	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803
	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	0.15%
6%-6.99%	6.955	17	2.465	7	2.117	5	0.620	2	12.157	31	13.231	36	8.63%
7%-7.99%	10.189	20	8.816	28	4.208	13	9.184	16	32.396	77	34.571	82	23.00%
8%-8.99%	6.787	16	4.714	16	4.051	11	9.321	14	24.873	57	27.717	62	17.66%
9%-9.99%	1.213	7	7.591	20	5.874	13	15.220	18	29.899	58	31.022	63	21.23%
10%-10.99%	2.252	8	3.192	13	4.182	11	3.530	7	13.157	39	14.921	46	9.34%
11% and higher	2.262	10	4.709	18	2.822	11	3.374	14	13.166	53	15.102	65	0.0935
Floater	1.150	4	6.403	16	2.490	9	4.925	13	14.969	42	16.641	48	10.63%
Total	31.017	83	37.891	118	25.744	73	46.173	84	140.826	358	153.414	403	100.00%
Versus Talk
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Lower	1.244	0.300	0	0	1.308	0	0.084	0.250	0.185	0	1.940	4.070
Low end	4.651	4.947	1.714	0.798	4.265	1.227	0.654	1.847	1.692	3.120	3.453	7.900
Middle	3.112	7.492	2.900	3.544	4.675	4.479	5.860	0.990	5.746	4.566	4.674	8.775
High end	0.957	1.684	0.150	3.879	1.044	2.706	4.457	0	2.665	0.490	3.175	5.015
Higher	1.142	0.684	0	0.840	1.022	0.340	1.429	1.540	0.417	0.694	1.950	3.788
NA	1.483	0.209	0.930	0.946	0.671	1.408	2.262	0.300	0.289	0.952	1.178	0.254
Total	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803
	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	6.010	8	8.137	16	9.381	19	5.78%
Low end	7.460	18	6.145	19	6.659	18	11.353	21	31.617	76	36.268	85	22.45%
Middle	13.936	33	15.014	38	11.302	28	13.450	23	53.702	122	56.813	136	38.13%
High end	5.713	15	8.207	22	3.155	6	8.190	13	25.264	56	26.221	61	17.94%
Higher	1.524	6	2.791	9	2.651	11	5.738	11	12.704	37	13.846	43	9.02%
NA	2.085	10	4.342	25	1.542	8	1.433	8	9.401	51	10.884	59	6.68%
Total	31.017	83	37.891	118	25.744	73	46.173	84	140.826	358	153.414	403	100.00%
Upsized?
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Yes	1.593	4.144	1.449	4.228	6.126	2.465	1.007	0.626	7.307	3.343	2.347	2.841
No	8.344	9.739	3.979	4.870	4.646	6.978	10.303	3.516	3.403	5.785	12.304	24.264
Downsized	2.652	1.434	0.265	0.910	2.214	0.717	3.435	0.785	0.285	0.694	1.720	2.698
Total	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803
	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	5.188	14	35.883	86	37.476	90	25.48%
No	18.588	51	21.927	74	12.704	42	36.568	62	89.786	229	98.130	266	63.76%
Downsized	2.609	8	6.366	21	1.764	6	4.418	8	15.157	43	17.809	47	10.76%
Total	31.017	83	37.891	118	25.744	73	46.173	84	140.826	358	153.414	403	100.00%
Quick Sale?
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Yes	1.020	5.357	2.666	5.090	3.839	2.488	2.868	0.700	5.208	1.213	3.135	3.695
No	11.568	9.959	3.028	4.918	9.147	7.672	11.877	4.227	5.788	8.608	13.235	26.108
Total	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803
	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	6.830	17	36.258	98	37.279	104	25.75%
No	17.905	50	28.696	88	18.623	55	39.343	67	104.567	260	116.135	299	74.25%
Total	31.017	83	37.891	118	25.744	73	46.173	84	140.826	358	153.414	403	100.00%
Seniority
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
mortgage	0	0.209	0	0.819	0	0.249	0.184	0	0	0	0	0
senior secured	2.200	0.267	0.719	0.637	0.167	2.993	0.540	0.775	2.800	1.675	4.026	8.180
secured	0	0	0	0.100	0	0	0	0	0	0	0	0.049
senior	7.960	13.219	4.359	6.702	10.519	5.806	12.835	2.972	6.679	7.472	10.042	19.018
senior subordinated	2.429	1.621	0.564	1.750	2.225	1.112	1.187	0.880	1.310	0.622	1.450	2.555
subordinated	0	0	0.052	0	0.075	0	0	0.300	0.206	0.052	0.852	0
Total	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803
	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	1.04%
senior secured	1.623	6	3.699	12	5.250	14	12.206	14	22.778	46	24.978	57	16.17%
secured	0.100	1	0	0	0	0	0.049	1	0.149	2	0.149	2	0.11%
senior	24.280	59	29.160	85	17.123	45	29.061	56	99.623	245	107.583	271	70.74%
senior subordinated	3.934	12	4.524	17	2.812	11	4.005	10	15.276	50	17.705	58	10.85%
subordinated	0.052	1	0.075	1	0.558	3	0.852	3	1.537	8	1.537	8	1.09%
Total	31.017	83	37.891	118	25.744	73	46.173	84	140.826	358	153.414	403	100.00%
Moody's Rating
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Ba1	0	0.709	0.300	0.848	2.147	1.391	0.883	0.300	0.206	1.548	1.992	0
Ba2	0.199	1.694	1.198	2.895	2.300	2.339	0.690	0	1.341	0.984	2.681	1.185
Ba3	1.440	1.815	1.372	1.100	1.599	0.663	2.653	0	5.365	1.200	0.465	2.506
B1	4.926	5.247	0	0	0.875	1.664	0	0.900	0	2.947	2.240	6.675
B2	1.185	2.070	0.470	2.560	1.597	0.745	2.422	1.050	0.292	0.947	3.025	12.505
B3	1.934	1.002	1.494	1.146	0.433	0.925	5.619	1.850	2.430	0.298	1.475	4.073
Caa1	1.104	2.779	0	0.587	1.728	1.177	2.067	0.580	1.175	0.175	2.133	1.795
Caa2	0.672	0	0	0.336	0.800	0.297	0.147	0	0	0	1.750	0.914
NR	1.128	0	0.859	0.536	1.507	0.960	0.265	0.247	0.185	1.723	0.609	0.150
Total	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803
	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	10.325	28	7.33%
Ba2	5.787	14	5.328	11	2.326	7	3.866	6	17.307	38	17.506	40	12.29%
Ba3	4.287	10	4.915	11	6.565	13	2.971	7	18.739	41	20.179	45	13.31%
B1	5.247	7	2.539	9	3.847	9	8.915	12	20.547	37	25.474	47	14.59%
B2	5.101	15	4.763	15	2.289	7	15.530	16	27.683	53	28.868	59	19.66%
B3	3.641	15	6.977	23	4.578	16	5.548	19	20.744	73	22.679	81	14.73%
Caa1	3.366	8	4.973	16	1.930	8	3.928	12	14.197	44	15.301	49	10.08%
Caa2	0.336	1	1.244	4	0	0	2.664	4	4.244	9	4.915	14	3.01%
NR	1.396	7	2.731	17	2.155	7	0.759	4	7.041	35	8.168	40	5.00%
Total	31.017	83	37.891	118	25.744	73	46.173	84	140.826	358	153.414	403	100.00%
Use of Proceeds
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Acquisition	0.465	7.245	0.150	2.396	0.456	1.891	7.009	0	1.265	1.409	2.045	0
Capex	0.600	0.248	0.420	0.725	0.075	0.125	0.305	0.154	1.750	0	0.600	0.049
Chapter 11 exit	0.850	0	0	0	0	0	0	0	0	0	0	0
Dividend/recap	0.546	0	0.052	0.336	0	0.297	0.593	0	0.442	0.160	1.000	3.716
GCP	0.901	0	0.200	1.178	0.200	0	0.174	0	3.368	0.350	0.370	0.200
LBO	3.602	0.684	1.405	0.525	1.714	1.497	0.362	2.060	2.175	1.350	6.394	14.298
Redeem notes	1.975	2.693	0.324	2.299	1.816	3.073	0.669	0.690	0	0.273	1.050	2.850
Refinance	2.076	1.027	0.969	0.350	3.357	0.674	1.316	1.097	0	2.440	1.500	0.450
Repay bank debt	0.688	1.968	1.726	0.799	2.111	1.482	1.247	0.926	1.994	1.421	0.375	1.450
Multiple/Other/NA	0.886	1.450	0.447	1.400	3.257	1.122	3.071	0	0	2.419	3.037	6.790
Total	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803
	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	24.330	53	16.95%
Capex	1.394	7	0.505	3	1.904	5	0.649	2	4.452	17	5.052	19	3.16%
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	4.715	7	6.596	17	7.143	19	4.68%
GCP	1.378	5	0.374	2	3.718	8	0.570	3	6.040	18	6.941	22	4.29%
LBO	2.614	10	3.573	16	5.585	16	20.692	23	32.463	65	36.066	73	23.05%
Redeem notes	5.316	12	5.557	19	0.963	5	3.900	11	15.736	47	17.710	52	11.17%
Refinance	2.347	7	5.347	15	3.537	7	1.950	4	13.181	33	15.257	42	9.36%
Repay bank debt	4.493	14	4.840	19	4.342	12	1.825	6	15.500	51	16.188	55	11.01%
Multiple/Other/NA	3.297	10	7.449	22	2.419	7	9.827	23	22.992	62	23.878	67	16.33%
Total	31.017	83	37.891	118	25.744	73	46.173	84	140.826	358	153.414	403	100.00%
Industry Sector (by SIC code)
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Agriculture (0xxx)	0.195	0.300	0.150	0	0.125	0	0	0.300	0	0	0	0
Mining (1xxx)	1.205	0	0.400	0	0	0	0.175	0	1.650	0	0.897	0.400
Oil and gas (13xx)	0.150	0.825	0	1.050	0.869	0.445	2.158	0.126	0.445	0	0.200	0.650
Construction (15xx)	0.426	0	0.300	0.298	0.400	0	0.525	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	1.196	2.686	1.358	3.031	3.517	4.011	3.079	1.925	5.224	5.587	5.711	15.358
Transportation (4xxx)	0	0	0.300	0.200	0.583	0.130	0	0.200	0.100	0	0	0.598
Communications (48xx)	1.881	3.357	0.382	0.868	2.323	0.880	5.418	0.704	0.935	1.538	2.350	0.500
Electric, gas, sanitary services (49xx)	1.632	4.034	0.449	1.299	0.399	1.880	0.954	1.047	0.391	0.177	2.553	3.132
Wholesale (5xxx)	1.049	0.550	0.650	0.685	1.409	0	0.380	0	0.250	0.150	2.083	1.831
Finance, insurance, real estate (6xxx)	1.172	0.500	0.996	0	1.698	1.377	0	0	0	1.494	0.555	6.200
Services (7xxx)	3.485	2.716	0.709	2.575	1.662	0.502	0.886	0.625	2.000	0.660	2.021	1.135
Health services (8xxx)	0.199	0.347	0	0	0	0.935	1.171	0	0	0.215	0	0
Total	12.589	15.316	5.694	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803
	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	0.62%
Mining (1xxx)	0.400	1	0.175	1	1.650	3	1.297	3	3.522	8	4.727	11	2.50%
Oil and gas (13xx)	1.876	6	3.472	11	0.571	4	0.850	2	6.769	23	6.919	24	4.81%
Construction (15xx)	0.598	2	0.925	4	0	0	0	0	1.523	6	1.949	8	1.08%
Manufacturing (2xxx, 3xxx)	7.075	21	10.607	31	12.736	28	21.069	32	51.486	112	52.682	118	36.56%
Transportation (4xxx)	0.500	2	0.713	4	0.300	2	0.598	4	2.111	12	2.111	12	1.50%
Communications (48xx)	4.608	13	8.621	15	3.176	8	2.850	6	19.255	42	21.136	49	13.67%
Electric, gas, sanitary services (49xx)	5.783	10	3.233	14	1.616	7	5.685	10	16.317	41	17.949	46	11.59%
Wholesale (5xxx)	1.885	5	1.789	9	0.400	2	3.914	10	7.988	26	9.037	30	5.67%
Finance, insurance, real estate (6xxx)	1.496	2	3.075	8	1.494	6	6.755	8	12.820	24	13.992	30	9.10%
Services (7xxx)	6.000	17	3.050	14	3.285	11	3.156	9	15.492	51	18.977	59	11.00%
Health services (8xxx)	0.347	2	2.106	6	0.215	1	0	0	2.668	9	2.866	10	1.89%
Total	31.017	83	37.891	118	25.744	73	46.173	84	140.826	358	153.414	403	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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