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

Total year-to-date issuance: $44.831 billion in 129 deals

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

Yield

	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Less than 6%	0	0.298	0.150	0	0.895	0	0	0	0.209	0	0	0
6%-6.99%	0.672	3.612	1.991	2.314	1.873	0.400	1.350	1.074	1.415	1.346	4.194	1.346
7%-7.99%	0.368	3.173	0.675	1.250	2.401	0.621	2.637	2.175	7.216	1.674	1.299	2.282
8%-8.99%	0.175	1.260	1.225	1.148	2.821	0.600	1.619	2.845	4.668	0.369	1.750	1.970
9%-9.99%	0.299	0.979	1.900	1.493	0.993	0	1.019	1.123	0.699	0.672	0.382	2.007
10%-10.99%	0.123	0.916	1.151	0.076	0.837	0.443	1.301	1.764	0.440	0.682	1.130	0.625
11% and higher	0.750	0.522	0.270	0.119	0.521	0.043	1.446	1.936	1.009	0.300	0.953	1.380
Floater	0.148	1.858	0.548	0.682	1.123	1.014	0.588	1.672	0.200	0.650	0.300	3.664
Total	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Less than 6%	1.046	3	0	0	0.209	1	0	0	0.209	1	1.553	5	0.47%
6%-6.99%	6.178	21	2.824	10	6.955	17	1.346	4	8.301	21	21.587	65	18.52%
7%-7.99%	4.326	20	5.433	15	10.189	20	2.282	8	12.471	28	25.770	76	27.82%
8%-8.99%	5.194	16	5.064	13	6.787	16	1.970	7	8.757	23	20.451	58	19.53%
9%-9.99%	4.386	11	2.142	9	1.753	7	2.007	8	3.759	15	11.566	42	8.38%
10%-10.99%	2.065	6	3.508	13	2.252	8	0.625	4	2.877	12	9.489	37	6.42%
11% and higher	0.910	6	3.426	21	2.262	10	1.380	7	3.642	17	9.248	54	0.0812
Floater	2.354	12	3.274	15	1.150	4	3.664	8	4.815	12	12.449	47	10.74%
Total	26.458	95	25.669	96	31.557	83	13.274	46	44.831	129	112.112	384	100.00%
Versus Talk
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Lower	0	0.548	0.200	0	0.824	0	0	1.244	0.300	0	0	1.308
Low end	0.848	1.458	4.591	2.103	0.853	0	1.075	4.651	4.947	1.714	0.798	4.265
Middle	0.492	4.376	2.126	3.266	3.899	1.865	2.832	3.112	7.492	2.900	3.544	4.964
High end	0.781	2.466	0	0.721	1.517	0.301	3.761	0.957	2.223	0.150	3.879	1.044
Higher	0.285	1.912	0	0.289	3.572	0.266	1.350	1.142	0.684	0	0.840	1.022
NA	0.130	1.857	0.993	0.702	0.801	0.688	0.942	1.483	0.209	0.930	0.946	0.671
Total	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Lower	1.024	4	1.244	3	0.300	1	1.308	4	1.608	5	4.424	15	3.59%
Low end	7.548	23	5.726	12	7.460	18	4.265	12	11.724	30	27.303	77	26.15%
Middle	9.291	29	7.809	30	13.936	33	4.964	16	18.900	49	40.868	124	42.16%
High end	2.238	9	5.018	20	6.252	15	1.044	5	7.296	20	17.801	59	16.27%
Higher	3.861	15	2.758	12	1.524	6	1.022	3	2.546	9	11.363	44	5.68%
NA	2.496	15	3.113	19	2.085	10	0.671	6	2.757	16	10.353	65	6.15%
Total	26.458	95	25.669	96	31.557	83	13.274	46	44.831	129	112.112	384	100.00%
Upsized?
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Yes	0.350	3.214	5.395	2.349	4.795	0.575	1.374	1.593	4.683	1.449	4.228	6.126
No	1.194	8.914	2.515	3.801	5.212	2.029	7.924	8.344	9.739	3.979	4.870	4.646
Downsized	0.992	0.491	0	0.931	1.459	0.516	0.662	2.652	1.434	0.265	0.910	2.503
Total	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	12.539	34	3.542	11	10.360	24	6.126	13	16.486	37	36.131	93	36.77%
No	11.529	54	18.297	75	18.588	51	4.646	23	23.233	74	63.167	248	51.82%
Downsized	2.390	7	3.830	10	2.609	8	2.503	10	5.111	18	12.814	43	11.40%
Total	26.458	95	25.669	96	31.557	83	13.274	46	44.831	129	112.112	384	100.00%
Quick Sale?
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Yes	0.497	7.131	2.391	4.013	2.125	1.290	1.264	1.020	5.357	2.666	5.090	3.839
No	2.039	5.488	5.519	3.068	9.341	1.830	8.696	11.568	10.499	3.028	4.918	9.435
Total	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	8.529	31	3.575	17	13.112	33	3.839	9	16.952	42	36.684	114	37.81%
No	17.929	64	22.094	79	18.444	50	9.435	37	27.879	87	75.429	270	62.19%
Total	26.458	95	25.669	96	31.557	83	13.274	46	44.831	129	112.112	384	100.00%
Add on?
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Yes	0	1.269	0.075	1.151	0.455	0.418	0.110	0.144	1.105	0.282	0.196	0.610
No	2.536	11.350	7.835	5.930	11.012	2.702	9.850	12.444	14.750	5.412	9.812	12.665
Total	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	1.681	14	0.672	8	1.583	7	0.610	4	2.193	11	5.814	42	4.89%
No	24.777	81	24.996	88	29.974	76	12.665	42	42.638	118	106.298	342	95.11%
Total	26.458	95	25.669	96	31.557	83	13.274	46	44.831	129	112.112	384	100.00%
Seniority
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
mortgage	0	0	0	0	0	0	0	0	0.209	0	0.819	0
senior secured	0.148	2.651	0.425	0.537	0.596	0.210	0.165	2.200	0.267	0.719	0.637	0.167
secured	0	0	0	0.090	0	0	0	0	0	0	0.100	0
senior	2.288	8.707	5.224	4.541	7.556	2.609	8.307	7.960	13.759	4.359	6.702	10.808
senior subordinated	0.100	1.260	2.261	1.913	2.814	0.301	1.487	2.429	1.621	0.564	1.750	2.225
subordinated	0	0	0	0	0.500	0	0	0	0	0.052	0	0.075
Total	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
mortgage	0	0	0	0	1.029	4	0	0	1.029	4	1.029	4	2.30%
senior secured	1.558	10	2.575	14	1.623	6	0.167	1	1.789	7	8.723	44	3.99%
secured	0.090	1	0	0	0.100	1	0	0	0.100	1	0.190	2	0.22%
senior	17.322	59	18.876	65	24.819	59	10.808	37	35.627	96	82.819	266	79.47%
senior subordinated	6.988	24	4.218	17	3.934	12	2.225	7	6.159	19	18.725	65	13.74%
subordinated	0.500	1	0	0	0.052	1	0.075	1	0.127	2	0.627	3	0.28%
Total	26.458	95	25.669	96	31.557	83	13.274	46	44.831	129	112.112	384	100.00%
Moody's Rating
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Ba1	0.297	0.747	0.550	0.295	0.600	0	1.600	0	0.709	0.300	0.848	2.147
Ba2	0.200	2.337	1.050	1.220	2.295	0.400	0.494	0.199	1.694	1.198	2.895	2.589
Ba3	0.350	2.524	0.991	0.994	2.465	0.349	0.197	1.440	1.815	1.372	1.100	1.599
B1	0.563	1.805	0.820	0.704	1.727	0.647	2.379	4.926	5.247	0	0	0.875
B2	0.315	0.963	0.250	1.626	2.242	0.780	1.670	1.185	2.070	0.470	2.560	1.597
B3	0.508	2.460	2.850	1.150	1.326	0.467	2.033	1.934	1.541	1.494	1.146	0.433
Caa1	0.123	0.293	1.151	1.015	0.472	0.367	0.844	1.104	2.779	0	0.587	1.728
Caa2	0	0.245	0	0.076	0	0	0.423	0.672	0	0	0.336	0.800
Ca	0	0	0	0	0.150	0	0	0	0	0	0	0
NR	0.179	1.245	0.248	0	0.190	0.110	0.320	1.128	0	0.859	0.536	1.507
Total	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Ba1	1.445	5	1.600	4	1.857	6	2.147	4	4.004	10	8.093	23	8.93%
Ba2	4.564	15	1.093	4	5.787	14	2.589	4	8.375	18	16.570	45	18.68%
Ba3	4.450	12	1.986	7	4.287	10	1.599	6	5.886	16	15.196	45	13.13%
B1	3.251	15	7.953	20	5.247	7	0.875	3	6.122	10	19.694	55	13.66%
B2	4.118	15	3.635	16	5.101	15	1.597	7	6.697	22	15.728	60	14.94%
B3	5.326	17	4.434	17	4.180	15	0.433	3	4.613	18	17.341	67	10.29%
Caa1	2.638	10	2.316	13	3.366	8	1.728	8	5.095	16	10.466	43	11.36%
Caa2	0.076	1	1.094	7	0.336	1	0.800	2	1.136	3	2.552	12	2.53%
Ca	0.150	1	0	0	0	0	0	0	0	0	0.150	1	0.00%
NR	0.438	4	1.557	8	1.396	7	1.507	9	2.902	16	6.322	33	6.47%
Total	26.458	95	25.669	96	31.557	83	13.274	46	44.831	129	112.112	384	100.00%
Use of Proceeds
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Acquisition	1.108	0.724	1.416	0	2.319	1.082	0.794	0.465	7.785	0.150	2.396	0.456
Capex	0	0.040	0	0.076	0.075	0	0.150	0.600	0.248	0.420	0.725	0.075
Chapter 11 exit	0	0	0	0	0	0	0	0.850	0	0	0	0
Dividend/recap	0	0	0.148	0.729	0.349	0.150	0.183	0.546	0	0.052	0.336	0
GCP	0	0.323	0.050	0.491	0.600	0.134	0.060	0.901	0	0.200	1.178	0.200
LBO	0.030	0.795	3.300	0.765	2.038	0.460	2.642	3.602	0.684	1.405	0.525	1.714
Redeem notes	0.349	2.484	0.450	0.811	2.919	0.175	2.173	1.975	2.693	0.324	2.299	1.816
Refinance	0.260	4.380	0.520	1.025	0.264	0.200	0.635	2.076	1.027	0.969	0.350	3.357
Repay bank debt	0.297	1.331	0.151	1.544	0.400	0.210	1.063	0.688	1.968	1.726	0.799	2.111
Multiple/Other/NA	0.491	2.540	1.875	1.640	2.504	0.709	2.260	0.886	1.450	0.447	1.400	3.545
Total	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	3.735	10	2.341	12	10.330	16	0.456	2	10.786	18	18.695	50	24.06%
Capex	0.151	2	0.750	3	1.394	7	0.075	1	1.469	8	2.410	14	3.28%
Chapter 11 exit	0	0	0.850	1	0	0	0	0	0	0	0.850	1	0.00%
Dividend/recap	1.227	7	0.879	4	0.388	2	0	0	0.388	2	2.494	13	0.87%
GCP	1.141	4	1.094	6	1.378	5	0.200	1	1.578	6	4.136	18	3.52%
LBO	6.103	13	6.704	21	2.614	10	1.714	8	4.328	18	17.959	59	9.65%
Redeem notes	4.180	15	4.322	11	5.316	12	1.816	6	7.132	18	18.468	54	15.91%
Refinance	1.809	9	2.912	13	2.347	7	3.357	8	5.704	15	15.065	51	12.72%
Repay bank debt	2.095	12	1.961	11	4.493	14	2.111	10	6.604	24	12.289	56	14.73%
Multiple/Other/NA	6.019	23	3.854	14	3.297	10	3.545	10	6.842	20	19.747	68	15.26%
Total	26.458	95	25.669	96	31.557	83	13.274	46	44.831	129	112.112	384	100.00%
Industry Sector (by SIC code)
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Agriculture (0xxx)	0.195	0.225	0.100	0	0	0	0	0.195	0.300	0.150	0	0.125
Mining (1xxx)	0.150	0.600	0	0	0	0.150	0	1.430	0	0.400	0	0
Oil and gas (13xx)	0.123	0.913	0.225	0.594	1.450	0.175	1.264	0.150	1.365	0	1.050	0.869
Construction (15xx)	0.297	0.796	0.050	0.795	0.372	0	0	0.201	0	0.300	0.298	0.400
Manufacturing (2xxx, 3xxx)	0.583	3.687	2.539	1.922	1.431	0.778	4.818	1.196	2.686	1.358	3.031	3.517
Transportation (4xxx)	0	0.234	0	0	0.075	0	0	0	0	0.300	0.200	0.583
Communications (48xx)	0	3.720	0.721	0.991	0.499	0.134	0.848	1.881	3.357	0.382	0.868	2.323
Electric, gas, sanitary services (49xx)	0.200	0.461	0	0.715	0.174	0.650	0.642	1.632	4.034	0.449	1.299	0.399
Wholesale (5xxx)	0.415	0	0.025	0.367	3.782	0	0.586	1.049	0.550	0.650	0.685	1.698
Finance, insurance, real estate (6xxx)	0.350	0.229	0.500	0.064	1.581	0.446	1.050	1.172	0.500	0.996	0	1.698
Services (7xxx)	0.193	1.535	3.550	1.483	1.480	0.787	0.538	3.485	2.716	0.709	2.575	1.662
Health services (8xxx)	0.030	0.220	0.200	0.150	0.622	0	0.215	0.199	0.347	0	0	0
Total	2.536	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.100	1	0.195	2	0.450	2	0.125	1	0.575	3	1.290	8	1.28%
Mining (1xxx)	0	0	1.580	5	0.400	1	0	0	0.400	1	2.730	8	0.89%
Oil and gas (13xx)	2.269	7	1.589	6	2.415	6	0.869	3	3.284	9	8.179	26	7.33%
Construction (15xx)	1.217	7	0.201	1	0.598	2	0.400	2	0.998	4	3.509	17	2.23%
Manufacturing (2xxx, 3xxx)	5.892	22	6.792	23	7.075	21	3.517	11	10.592	32	27.545	98	23.63%
Transportation (4xxx)	0.075	1	0	0	0.500	2	0.583	3	1.083	5	1.392	8	2.42%
Communications (48xx)	2.211	9	2.862	11	4.608	13	2.323	6	6.930	19	15.724	47	15.46%
Electric, gas, sanitary services (49xx)	0.889	5	2.923	9	5.783	10	0.399	2	6.182	12	10.656	29	13.79%
Wholesale (5xxx)	4.174	14	1.635	8	1.885	5	1.698	6	3.583	11	9.806	35	7.99%
Finance, insurance, real estate (6xxx)	2.145	8	2.668	12	1.496	2	1.698	5	3.194	7	8.586	32	7.12%
Services (7xxx)	6.513	16	4.810	17	6.000	17	1.662	7	7.662	24	20.712	65	17.09%
Health services (8xxx)	0.972	5	0.414	2	0.347	2	0	0	0.347	2	1.983	11	0.77%
Total	26.458	95	25.669	96	31.557	83	13.274	46	44.831	129	112.112	384	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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