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

Total year-to-date issuance: $54.456 billion in 158 deals

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

Yield

	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Less than 6%	0.298	0.150	0	0.895	0	0	0	0.209	0	0	0	0
6%-6.99%	3.612	1.991	2.314	1.873	0.400	1.350	1.074	1.415	1.346	4.194	1.346	1.047
7%-7.99%	3.173	0.675	1.250	2.401	0.621	2.637	2.175	7.216	1.674	1.299	2.282	4.927
8%-8.99%	1.260	1.225	1.148	2.821	0.600	1.619	2.845	4.668	0.369	1.750	1.970	0.742
9%-9.99%	0.979	1.900	1.493	0.993	0	1.019	1.123	0.699	0.672	0.382	2.007	1.354
10%-10.99%	0.916	1.151	0.076	0.837	0.443	1.301	1.764	0.440	0.682	1.130	0.625	0.937
11% and higher	0.522	0.270	0.119	0.521	0.043	1.446	1.936	1.009	0.300	0.953	1.380	0.190
Floater	1.858	0.548	0.682	1.123	1.014	0.588	1.672	0.200	0.650	0.300	3.664	0.427
Total	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274	9.625
	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	0.38%
6%-6.99%	6.178	21	2.824	10	6.955	17	2.393	6	9.348	23	21.961	64	17.17%
7%-7.99%	4.326	20	5.433	15	10.189	20	7.209	21	17.398	41	30.329	87	31.95%
8%-8.99%	5.194	16	5.064	13	6.787	16	2.712	9	9.499	25	21.018	59	17.44%
9%-9.99%	4.386	11	2.142	9	1.753	7	3.361	13	5.114	20	12.621	45	9.39%
10%-10.99%	2.065	6	3.508	13	2.252	8	1.562	8	3.815	16	10.303	40	7.01%
11% and higher	0.910	6	3.426	21	2.262	10	1.570	8	3.832	18	8.689	50	7.03%
Floater	2.354	12	3.274	15	1.150	4	4.091	10	5.242	14	12.728	48	9.63%
Total	26.458	95	25.669	96	31.557	83	22.899	75	54.456	158	119.201	398	100.00%
Versus Talk
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Lower	0.548	0.200	0	0.824	0	0	1.244	0.300	0	0	1.308	0
Low end	1.458	4.591	2.103	0.853	0	1.075	4.651	4.947	1.714	0.798	4.265	1.227
Middle	4.376	2.126	3.266	3.899	1.865	2.832	3.112	7.492	2.900	3.544	4.964	4.479
High end	2.466	0	0.721	1.517	0.301	3.761	0.957	2.223	0.150	3.879	1.044	2.706
Higher	1.912	0	0.289	3.572	0.266	1.350	1.142	0.684	0	0.840	1.022	0.340
NA	1.857	0.993	0.702	0.801	0.688	0.942	1.483	0.209	0.930	0.946	0.671	0.873
Total	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274	9.625
	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	2.95%
Low end	7.548	23	5.726	12	7.460	18	5.492	16	12.951	34	27.682	76	23.78%
Middle	9.291	29	7.809	30	13.936	33	9.442	28	23.379	61	44.855	134	42.93%
High end	2.238	9	5.018	20	6.252	15	3.750	11	10.002	26	19.725	61	18.37%
Higher	3.861	15	2.758	12	1.524	6	1.362	5	2.886	11	11.418	44	5.30%
NA	2.496	15	3.113	19	2.085	10	1.544	11	3.630	21	11.097	68	6.67%
Total	26.458	95	25.669	96	31.557	83	22.899	75	54.456	158	119.201	398	100.00%
Upsized?
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Yes	3.214	5.395	2.349	4.795	0.575	1.374	1.593	4.683	1.449	4.228	6.126	2.465
No	8.914	2.515	3.801	5.212	2.029	7.924	8.344	9.739	3.979	4.870	4.646	6.443
Downsized	0.491	0	0.931	1.459	0.516	0.662	2.652	1.434	0.265	0.910	2.503	0.717
Total	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274	9.625
	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	8.591	19	18.951	43	38.246	97	34.80%
No	11.529	54	18.297	75	18.588	51	11.089	42	29.676	93	68.416	260	54.50%
Downsized	2.390	7	3.830	10	2.609	8	3.220	14	5.828	22	12.539	41	10.70%
Total	26.458	95	25.669	96	31.557	83	22.899	75	54.456	158	119.201	398	100.00%
Quick Sale?
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Yes	7.131	2.391	4.013	2.125	1.290	1.264	1.020	5.357	2.666	5.090	3.839	2.488
No	5.488	5.519	3.068	9.341	1.830	8.696	11.568	10.499	3.028	4.918	9.435	7.137
Total	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274	9.625
	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	6.327	17	19.439	50	38.674	120	35.70%
No	17.929	64	22.094	79	18.444	50	16.573	58	35.017	108	80.527	278	64.30%
Total	26.458	95	25.669	96	31.557	83	22.899	75	54.456	158	119.201	398	100.00%
Add on?
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Yes	1.269	0.075	1.151	0.455	0.418	0.110	0.144	1.105	0.282	0.196	0.610	0.036
No	11.350	7.835	5.930	11.012	2.702	9.850	12.444	14.750	5.412	9.812	12.665	9.589
Total	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274	9.625
	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	0.646	5	2.229	12	5.851	43	4.09%
No	24.777	81	24.996	88	29.974	76	22.254	70	52.227	146	113.351	355	95.91%
Total	26.458	95	25.669	96	31.557	83	22.899	75	54.456	158	119.201	398	100.00%
Seniority
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
mortgage	0	0	0	0	0	0	0	0.209	0	0.819	0	0.249
senior secured	2.651	0.425	0.537	0.596	0.210	0.165	2.200	0.267	0.719	0.637	0.167	2.993
secured	0	0	0.090	0	0	0	0	0	0	0.100	0	0
senior	8.707	5.224	4.541	7.556	2.609	8.307	7.960	13.759	4.359	6.702	10.808	5.271
senior subordinated	1.260	2.261	1.913	2.814	0.301	1.487	2.429	1.621	0.564	1.750	2.225	1.112
subordinated	0	0	0	0.500	0	0	0	0	0.052	0	0.075	0
Total	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274	9.625
	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	0.249	1	1.278	5	1.278	5	2.35%
senior secured	1.558	10	2.575	14	1.623	6	3.159	9	4.782	15	11.567	51	8.78%
secured	0.090	1	0	0	0.100	1	0	0	0.100	1	0.190	2	0.18%
senior	17.322	59	18.876	65	24.819	59	16.079	52	40.897	111	85.802	268	75.10%
senior subordinated	6.988	24	4.218	17	3.934	12	3.337	12	7.271	24	19.737	69	13.35%
subordinated	0.500	1	0	0	0.052	1	0.075	1	0.127	2	0.627	3	0.23%
Total	26.458	95	25.669	96	31.557	83	22.899	75	54.456	158	119.201	398	100.00%
Moody's Rating
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Ba1	0.747	0.550	0.295	0.600	0	1.600	0	0.709	0.300	0.848	2.147	1.391
Ba2	2.337	1.050	1.220	2.295	0.400	0.494	0.199	1.694	1.198	2.895	2.589	2.339
Ba3	2.524	0.991	0.994	2.465	0.349	0.197	1.440	1.815	1.372	1.100	1.599	0.663
B1	1.805	0.820	0.704	1.727	0.647	2.379	4.926	5.247	0	0	0.875	1.664
B2	0.963	0.250	1.626	2.242	0.780	1.670	1.185	2.070	0.470	2.560	1.597	0.745
B3	2.460	2.850	1.150	1.326	0.467	2.033	1.934	1.541	1.494	1.146	0.433	0.925
Caa1	0.293	1.151	1.015	0.472	0.367	0.844	1.104	2.779	0	0.587	1.728	1.177
Caa2	0.245	0	0.076	0	0	0.423	0.672	0	0	0.336	0.800	0.297
Ca	0	0	0	0.150	0	0	0	0	0	0	0	0
NR	1.245	0.248	0	0.190	0.110	0.320	1.128	0	0.859	0.536	1.507	0.425
Total	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274	9.625
	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	3.538	7	5.395	13	9.187	25	9.91%
Ba2	4.564	15	1.093	4	5.787	14	4.927	9	10.714	23	18.709	49	19.67%
Ba3	4.450	12	1.986	7	4.287	10	2.262	8	6.549	18	15.509	45	12.03%
B1	3.251	15	7.953	20	5.247	7	2.539	9	7.786	16	20.794	58	14.30%
B2	4.118	15	3.635	16	5.101	15	2.341	9	7.442	24	16.158	61	13.67%
B3	5.326	17	4.434	17	4.180	15	1.358	7	5.538	22	17.758	67	10.17%
Caa1	2.638	10	2.316	13	3.366	8	2.906	12	6.272	20	11.519	46	11.52%
Caa2	0.076	1	1.094	7	0.336	1	1.097	3	1.433	4	2.849	13	2.63%
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	1.932	11	3.327	18	6.568	33	6.11%
Total	26.458	95	25.669	96	31.557	83	22.899	75	54.456	158	119.201	398	100.00%
Use of Proceeds
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Acquisition	0.724	1.416	0	2.319	1.082	0.794	0.465	7.785	0.150	2.396	0.456	1.891
Capex	0.040	0	0.076	0.075	0	0.150	0.600	0.248	0.420	0.725	0.075	0.125
Chapter 11 exit	0	0	0	0	0	0	0.850	0	0	0	0	0
Dividend/recap	0	0.148	0.729	0.349	0.150	0.183	0.546	0	0.052	0.336	0	0.297
GCP	0.323	0.050	0.491	0.600	0.134	0.060	0.901	0	0.200	1.178	0.200	0
LBO	0.795	3.300	0.765	2.038	0.460	2.642	3.602	0.684	1.405	0.525	1.714	0.962
Redeem notes	2.484	0.450	0.811	2.919	0.175	2.173	1.975	2.693	0.324	2.299	1.816	3.073
Refinance	4.380	0.520	1.025	0.264	0.200	0.635	2.076	1.027	0.969	0.350	3.357	0.674
Repay bank debt	1.331	0.151	1.544	0.400	0.210	1.063	0.688	1.968	1.726	0.799	2.111	1.482
Multiple/Other/NA	2.540	1.875	1.640	2.504	0.709	2.260	0.886	1.450	0.447	1.400	3.545	1.122
Total	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274	9.625
	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	2.347	6	12.677	22	19.478	48	23.28%
Capex	0.151	2	0.750	3	1.394	7	0.200	2	1.594	9	2.535	15	2.93%
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	0.297	1	0.685	3	2.791	14	1.26%
GCP	1.141	4	1.094	6	1.378	5	0.200	1	1.578	6	4.136	18	2.90%
LBO	6.103	13	6.704	21	2.614	10	2.676	11	5.290	21	18.892	61	9.71%
Redeem notes	4.180	15	4.322	11	5.316	12	4.888	15	10.205	27	21.191	61	18.74%
Refinance	1.809	9	2.912	13	2.347	7	4.032	11	6.378	18	15.479	52	11.71%
Repay bank debt	2.095	12	1.961	11	4.493	14	3.593	14	8.086	28	13.474	59	14.85%
Multiple/Other/NA	6.019	23	3.854	14	3.297	10	4.667	14	7.964	24	20.377	69	14.62%
Total	26.458	95	25.669	96	31.557	83	22.899	75	54.456	158	119.201	398	100.00%
Industry Sector (by SIC code)
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Agriculture (0xxx)	0.225	0.100	0	0	0	0	0.195	0.300	0.150	0	0.125	0
Mining (1xxx)	0.600	0	0	0	0.150	0	1.430	0	0.400	0	0	0
Oil and gas (13xx)	0.913	0.225	0.594	1.450	0.175	1.264	0.150	1.365	0	1.050	0.869	0.445
Construction (15xx)	0.796	0.050	0.795	0.372	0	0	0.201	0	0.300	0.298	0.400	0
Manufacturing (2xxx, 3xxx)	3.687	2.539	1.922	1.431	0.778	4.818	1.196	2.686	1.358	3.031	3.517	3.476
Transportation (4xxx)	0.234	0	0	0.075	0	0	0	0	0.300	0.200	0.583	0.130
Communications (48xx)	3.720	0.721	0.991	0.499	0.134	0.848	1.881	3.357	0.382	0.868	2.323	0.880
Electric, gas, sanitary services (49xx)	0.461	0	0.715	0.174	0.650	0.642	1.632	4.034	0.449	1.299	0.399	1.880
Wholesale (5xxx)	0	0.025	0.367	3.782	0	0.586	1.049	0.550	0.650	0.685	1.698	0
Finance, insurance, real estate (6xxx)	0.229	0.500	0.064	1.581	0.446	1.050	1.172	0.500	0.996	0	1.698	1.377
Services (7xxx)	1.535	3.550	1.483	1.480	0.787	0.538	3.485	2.716	0.709	2.575	1.662	0.502
Health services (8xxx)	0.220	0.200	0.150	0.622	0	0.215	0.199	0.347	0	0	0	0.935
Total	12.619	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274	9.625
	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	1.095	7	1.06%
Mining (1xxx)	0	0	1.580	5	0.400	1	0	0	0.400	1	2.580	7	0.73%
Oil and gas (13xx)	2.269	7	1.589	6	2.415	6	1.314	5	3.729	11	8.501	27	6.85%
Construction (15xx)	1.217	7	0.201	1	0.598	2	0.400	2	0.998	4	3.212	16	1.83%
Manufacturing (2xxx, 3xxx)	5.892	22	6.792	23	7.075	21	6.993	20	14.068	41	30.439	103	25.83%
Transportation (4xxx)	0.075	1	0	0	0.500	2	0.713	4	1.213	6	1.522	9	2.23%
Communications (48xx)	2.211	9	2.862	11	4.608	13	3.202	9	7.810	22	16.603	50	14.34%
Electric, gas, sanitary services (49xx)	0.889	5	2.923	9	5.783	10	2.279	7	8.062	17	12.336	33	14.80%
Wholesale (5xxx)	4.174	14	1.635	8	1.885	5	1.698	6	3.583	11	9.391	33	6.58%
Finance, insurance, real estate (6xxx)	2.145	8	2.668	12	1.496	2	3.075	8	4.571	10	9.612	33	8.39%
Services (7xxx)	6.513	16	4.810	17	6.000	17	2.164	10	8.164	27	21.021	67	14.99%
Health services (8xxx)	0.972	5	0.414	2	0.347	2	0.935	3	1.282	5	2.888	13	2.35%
Total	26.458	95	25.669	96	31.557	83	22.899	75	54.456	158	119.201	398	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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