Analysis of high yield issuance for January

Total issuance: $16.030 billion in 31 deals

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

Yield

1/2006

Less than 6% 0.209

6%-6.99% 1.415

7%-7.99% 7.390

8%-8.99% 4.668

9%-9.99% 0.699

10%-10.99% 0.440

11% and higher 1.009

Floater 0.200

Total 16.030

	Q1/2006	Count	Total	Count	Share
Less than 6%	0.209	1	0.209	1	1.30%
6%-6.99%	1.415	5	1.415	5	8.83%
7%-7.99%	7.390	9	7.390	9	46.10%
8%-8.99%	4.668	9	4.668	9	29.12%
9%-9.99%	0.699	1	0.699	1	4.36%
10%-10.99%	0.440	1	0.440	1	2.74%
11% and higher	1.009	4	1.009	4	6.29%
Floater	0.200	1	0.200	1	1.25%
Total	16.030	31	16.030	31	100.00%
Versus Talk
	1/2006
Low end	5.122
Middle	7.792
High end	2.223
Higher	0.684
NA	0.209
Total	16.030
	Q1/2006	Count	Total	Count	Share
Low end	5.122	9	5.122	9	31.95%
Middle	7.792	13	7.792	13	48.61%
High end	2.223	5	2.223	5	13.87%
Higher	0.684	3	0.684	3	4.27%
NA	0.209	1	0.209	1	1.30%
Total	16.030	31	16.030	31	100.00%
Upsized?
	1/2006
Yes	4.683
No	9.913
Downsized	1.434
Total	16.030
	Q1/2006	Count	Total	Count	Share
Yes	4.683	9	4.683	9	29.21%
No	9.913	18	9.913	18	61.84%
Downsized	1.434	4	1.434	4	8.95%
Total	16.030	31	16.030	31	100.00%
Quick Sale?
	1/2006
Yes	5.531
No	10.499
Total	16.030
	Q1/2006	Count	Total	Count	Share
Yes	5.531	13	5.531	13	34.50%
No	10.499	18	10.499	18	65.50%
Total	16.030	31	16.030	31	100.00%
Add on?
	1/2006
Yes	1.105
No	14.924
Total	16.030
	Q1/2006	Count	Total	Count	Share
Yes	1.105	3	1.105	3	6.89%
No	14.924	28	14.924	28	93.10%
Total	16.030	31	16.030	31	100.00%
Seniority
	1/2006
mortgage	0.209
senior secured	0.267
senior	13.933
senior subordinated	1.621
Total	16.030
	Q1/2006	Count	Total	Count	Share
mortgage	0.209	1	0.209	1	1.30%
senior secured	0.267	1	0.267	1	1.67%
senior	13.933	24	13.933	24	86.92%
senior subordinated	1.621	5	1.621	5	10.11%
Total	16.030	31	16.030	31	100.00%
Moody's Rating
	1/2006
Ba1	0.709
Ba2	1.694
Ba3	1.815
B1	5.247
B2	2.244
B3	1.541
Caa1	2.779
Total	16.030
	Q1/2006	Count	Total	Count	Share
Ba1	0.709	2	0.709	2	4.42%
Ba2	1.694	5	1.694	5	10.57%
Ba3	1.815	3	1.815	3	11.32%
B1	5.247	7	5.247	7	32.73%
B2	2.244	5	2.244	5	14.00%
B3	1.541	4	1.541	4	9.61%
Caa1	2.779	5	2.779	5	17.34%
Total	16.030	31	16.030	31	100.00%
Use of Proceeds
	1/2006
Acquisition	7.785
Capex	0.248
LBO	0.684
Redeem notes	2.693
Refinance	1.202
Repay bank debt	1.968
Multiple/Other/NA	1.450
Total	16.030
	Q1/2006	Count	Total	Count	Share
Acquisition	7.785	9	7.785	9	48.57%
Capex	0.248	1	0.248	1	1.55%
LBO	0.684	3	0.684	3	4.27%
Redeem notes	2.693	4	2.693	4	16.80%
Refinance	1.202	3	1.202	3	7.50%
Repay bank debt	1.968	7	1.968	7	12.28%
Multiple/Other/NA	1.450	4	1.450	4	9.05%
Total	16.030	31	16.030	31	100.00%
Industry Sector (by SIC code)
	1/2006
Agriculture (0xxx)	0.300
Oil and gas (13xx)	1.365
Manufacturing (2xxx, 3xxx)	2.686
Communications (48xx)	3.532
Electric, gas, sanitary services (49xx)	4.034
Wholesale (5xxx)	0.550
Finance, insurance, real estate (6xxx)	0.500
Services (7xxx)	2.716
Health services (8xxx)	0.347
Total	16.030
	Q1/2006	Count	Total	Count	Share
Agriculture (0xxx)	0.300	1	0.300	1	1.87%
Oil and gas (13xx)	1.365	3	1.365	3	8.52%
Manufacturing (2xxx, 3xxx)	2.686	7	2.686	7	16.76%
Communications (48xx)	3.532	6	3.532	6	22.03%
Electric, gas, sanitary services (49xx)	4.034	4	4.034	4	25.17%
Wholesale (5xxx)	0.550	2	0.550	2	3.43%
Finance, insurance, real estate (6xxx)	0.500	1	0.500	1	3.12%
Services (7xxx)	2.716	5	2.716	5	16.94%
Health services (8xxx)	0.347	2	0.347	2	2.16%
Total	16.030	31	16.030	31	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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