Analysis of high yield issuance for year to date through February

Total issuance: $21.723 billion in 52 deals

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

Yield

1/2006 2/2006

Less than 6%	0.209	0
6%-6.99%	1.415	1.346
7%-7.99%	7.390	1.674
8%-8.99%	4.668	0.369
9%-9.99%	0.699	0.672
10%-10.99%	0.440	0.682
11% and higher	1.009	0.300
Floater	0.200	0.650
Total	16.030	5.694
	Q1/2006	Count	Total	Count	Share
Less than 6%	0.209	1	0.209	1	0.96%
6%-6.99%	2.761	8	2.761	8	12.71%
7%-7.99%	9.064	14	9.064	14	41.73%
8%-8.99%	5.037	12	5.037	12	23.19%
9%-9.99%	1.371	5	1.371	5	6.31%
10%-10.99%	1.122	4	1.122	4	5.17%
11% and higher	1.309	6	1.309	6	6.03%
Floater	0.850	2	0.850	2	3.91%
Total	21.723	52	21.723	52	100.00%
Versus Talk
	1/2006	2/2006
Lower	0.300	0
Low end	5.122	1.714
Middle	7.492	2.900
High end	2.223	0.150
Higher	0.684	0
NA	0.209	0.930
Total	16.030	5.694
	Q1/2006	Count	Total	Count	Share
Lower	0.300	1	0.300	1	1.38%
Low end	6.836	15	6.836	15	31.47%
Middle	10.392	20	10.392	20	47.84%
High end	2.373	6	2.373	6	10.92%
Higher	0.684	3	0.684	3	3.15%
NA	1.139	7	1.139	7	5.24%
Total	21.723	52	21.723	52	100.00%
Upsized?
	1/2006	2/2006
Yes	4.683	1.449
No	9.913	3.979
Downsized	1.434	0.265
Total	16.030	5.694
	Q1/2006	Count	Total	Count	Share
Yes	6.132	14	6.132	14	28.23%
No	13.892	33	13.892	33	63.95%
Downsized	1.699	5	1.699	5	7.82%
Total	21.723	52	21.723	52	100.00%
Quick Sale?
	1/2006	2/2006
Yes	5.531	2.666
No	10.499	3.028
Total	16.030	5.694
	Q1/2006	Count	Total	Count	Share
Yes	8.197	20	8.197	20	37.73%
No	13.526	32	13.526	32	62.27%
Total	21.723	52	21.723	52	100.00%
Add on?
	1/2006	2/2006
Yes	1.105	0.282
No	14.924	5.412
Total	16.030	5.694
	Q1/2006	Count	Total	Count	Share
Yes	1.387	5	1.387	5	6.38%
No	20.336	47	20.336	47	93.62%
Total	21.723	52	21.723	52	100.00%
Seniority
	1/2006	2/2006
mortgage	0.209	0
senior secured	0.267	0.719
senior	13.933	4.359
senior subordinated	1.621	0.564
subordinated	0	0.052
Total	16.030	5.694
	Q1/2006	Count	Total	Count	Share
mortgage	0.209	1	0.209	1	0.96%
senior secured	0.986	3	0.986	3	4.54%
senior	18.292	40	18.292	40	84.21%
senior subordinated	2.184	7	2.184	7	10.05%
subordinated	0.052	1	0.052	1	0.24%
Total	21.723	52	21.723	52	100.00%
Moody's Rating
	1/2006	2/2006
Ba1	0.709	0.300
Ba2	1.694	1.198
Ba3	1.815	1.372
B1	5.247	0
B2	2.244	0.470
B3	1.541	1.494
Caa1	2.779	0
NR	0	0.859
Total	16.030	5.694
	Q1/2006	Count	Total	Count	Share
Ba1	1.009	3	1.009	3	4.64%
Ba2	2.892	8	2.892	8	13.31%
Ba3	3.187	7	3.187	7	14.67%
B1	5.247	7	5.247	7	24.15%
B2	2.715	8	2.715	8	12.50%
B3	3.035	9	3.035	9	13.97%
Caa1	2.779	5	2.779	5	12.79%
NR	0.859	5	0.859	5	3.95%
Total	21.723	52	21.723	52	100.00%
Use of Proceeds
	1/2006	2/2006
Acquisition	7.785	0.150
Capex	0.248	0.420
Dividend/recap	0	0.052
GCP	0	0.200
LBO	0.684	1.405
Redeem notes	2.693	0.324
Refinance	1.202	0.969
Repay bank debt	1.968	1.726
Multiple/Other/NA	1.450	0.447
Total	16.030	5.694
	Q1/2006	Count	Total	Count	Share
Acquisition	7.935	10	7.935	10	36.53%
Capex	0.669	3	0.669	3	3.08%
Dividend/recap	0.052	1	0.052	1	0.24%
GCP	0.200	2	0.200	2	0.92%
LBO	2.089	7	2.089	7	9.62%
Redeem notes	3.017	6	3.017	6	13.89%
Refinance	2.171	6	2.171	6	9.99%
Repay bank debt	3.694	11	3.694	11	17.01%
Multiple/Other/NA	1.897	6	1.897	6	8.73%
Total	21.723	52	21.723	52	100.00%
Industry Sector (by SIC code)
	1/2006	2/2006
Agriculture (0xxx)	0.300	0.150
Mining (1xxx)	0	0.400
Oil and gas (13xx)	1.365	0
Construction (15xx)	0	0.300
Manufacturing (2xxx, 3xxx)	2.686	1.358
Transportation (4xxx)	0	0.300
Communications (48xx)	3.532	0.382
Electric, gas, sanitary services (49xx)	4.034	0.449
Wholesale (5xxx)	0.550	0.650
Finance, insurance, real estate (6xxx)	0.500	0.996
Services (7xxx)	2.716	0.709
Health services (8xxx)	0.347	0
Total	16.030	5.694
	Q1/2006	Count	Total	Count	Share
Agriculture (0xxx)	0.450	2	0.450	2	2.07%
Mining (1xxx)	0.400	1	0.400	1	1.84%
Oil and gas (13xx)	1.365	3	1.365	3	6.28%
Construction (15xx)	0.300	1	0.300	1	1.38%
Manufacturing (2xxx, 3xxx)	4.044	13	4.044	13	18.62%
Transportation (4xxx)	0.300	1	0.300	1	1.38%
Communications (48xx)	3.913	9	3.913	9	18.01%
Electric, gas, sanitary services (49xx)	4.484	7	4.484	7	20.64%
Wholesale (5xxx)	1.200	3	1.200	3	5.52%
Finance, insurance, real estate (6xxx)	1.496	2	1.496	2	6.89%
Services (7xxx)	3.425	8	3.425	8	15.77%
Health services (8xxx)	0.347	2	0.347	2	1.60%
Total	21.723	52	21.723	52	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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