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

Total year-to-date issuance: $69.563 billion in 199 deals

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

Yield

	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Less than 6%	0.150	0	0.895	0	0	0	0.209	0	0	0	0	0
6%-6.99%	1.991	2.314	1.873	0.400	1.350	1.074	1.415	1.346	4.194	1.346	1.047	0.072
7%-7.99%	0.675	1.250	2.401	0.621	2.637	2.175	7.216	1.674	1.299	2.282	4.927	1.652
8%-8.99%	1.225	1.148	2.821	0.600	1.619	2.845	4.668	0.369	1.750	1.970	0.742	2.002
9%-9.99%	1.900	1.493	0.993	0	1.019	1.123	0.699	0.672	0.382	2.007	1.354	4.230
10%-10.99%	1.151	0.076	0.837	0.443	1.301	1.764	0.440	0.682	1.130	0.625	0.937	1.630
11% and higher	0.270	0.119	0.521	0.043	1.446	1.936	1.009	0.300	0.953	1.380	0.725	2.530
Floater	0.548	0.682	1.123	1.014	0.588	1.672	0.200	0.650	0.300	3.664	0.427	2.456
Total	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274	10.160	14.572
	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	1.255	4	0.30%
6%-6.99%	6.178	21	2.824	10	6.955	17	2.465	7	9.420	24	18.421	55	13.54%
7%-7.99%	4.326	20	5.433	15	10.189	20	8.861	27	19.050	47	28.808	82	27.39%
8%-8.99%	5.194	16	5.064	13	6.787	16	4.714	16	11.501	32	21.760	61	16.53%
9%-9.99%	4.386	11	2.142	9	1.753	7	7.591	20	9.344	27	15.872	47	13.43%
10%-10.99%	2.065	6	3.508	13	2.252	8	3.192	13	5.445	21	11.017	40	7.83%
11% and higher	0.910	6	3.426	21	2.262	10	4.635	17	6.896	27	11.231	54	9.92%
Floater	2.354	12	3.274	15	1.150	4	6.548	16	7.698	20	13.326	47	11.07%
Total	26.458	95	25.669	96	31.557	83	38.006	116	69.563	199	121.690	390	100.00%
Versus Talk
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Lower	0.200	0	0.824	0	0	1.244	0.300	0	0	1.308	0	0.084
Low end	4.591	2.103	0.853	0	1.075	4.651	4.947	1.714	0.798	4.265	1.227	0.654
Middle	2.126	3.266	3.899	1.865	2.832	3.112	7.492	2.900	3.544	4.964	4.479	5.860
High end	0	0.721	1.517	0.301	3.761	0.957	2.223	0.150	3.879	1.044	2.706	4.457
Higher	0	0.289	3.572	0.266	1.350	1.142	0.684	0	0.840	1.022	0.340	1.429
NA	0.993	0.702	0.801	0.688	0.942	1.483	0.209	0.930	0.946	0.671	1.408	2.089
Total	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274	10.160	14.572
	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	1.392	5	1.692	6	3.959	13	2.43%
Low end	7.548	23	5.726	12	7.460	18	6.145	19	13.605	37	26.878	72	19.56%
Middle	9.291	29	7.809	30	13.936	33	15.303	38	29.239	71	46.339	130	42.03%
High end	2.238	9	5.018	20	6.252	15	8.207	22	14.459	37	21.715	66	20.79%
Higher	3.861	15	2.758	12	1.524	6	2.791	9	4.315	15	10.935	42	6.20%
NA	2.496	15	3.113	19	2.085	10	4.168	23	6.254	33	11.863	67	8.99%
Total	26.458	95	25.669	96	31.557	83	38.006	116	69.563	199	121.690	390	100.00%
Upsized?
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Yes	5.395	2.349	4.795	0.575	1.374	1.593	4.683	1.449	4.228	6.126	2.465	1.007
No	2.515	3.801	5.212	2.029	7.924	8.344	9.739	3.979	4.870	4.646	6.978	10.130
Downsized	0	0.931	1.459	0.516	0.662	2.652	1.434	0.265	0.910	2.503	0.717	3.435
Total	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274	10.160	14.572
	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	9.598	23	19.958	47	36.039	92	28.69%
No	11.529	54	18.297	75	18.588	51	21.753	72	40.341	123	70.167	252	57.99%
Downsized	2.390	7	3.830	10	2.609	8	6.655	21	9.263	29	15.483	46	13.32%
Total	26.458	95	25.669	96	31.557	83	38.006	116	69.563	199	121.690	390	100.00%
Quick Sale?
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Yes	2.391	4.013	2.125	1.290	1.264	1.020	5.357	2.666	5.090	3.839	2.488	2.868
No	5.519	3.068	9.341	1.830	8.696	11.568	10.499	3.028	4.918	9.435	7.672	11.704
Total	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274	10.160	14.572
	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	9.195	30	22.307	63	34.411	111	32.07%
No	17.929	64	22.094	79	18.444	50	28.812	86	47.256	136	87.279	279	67.93%
Total	26.458	95	25.669	96	31.557	83	38.006	116	69.563	199	121.690	390	100.00%
Add on?
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Yes	0.075	1.151	0.455	0.418	0.110	0.144	1.105	0.282	0.196	0.610	0.036	0.184
No	7.835	5.930	11.012	2.702	9.850	12.444	14.750	5.412	9.812	12.665	10.124	14.388
Total	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274	10.160	14.572
	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	0.829	7	2.412	14	4.766	36	3.47%
No	24.777	81	24.996	88	29.974	76	37.177	109	67.151	185	116.924	354	96.53%
Total	26.458	95	25.669	96	31.557	83	38.006	116	69.563	199	121.690	390	100.00%
Seniority
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
mortgage	0	0	0	0	0	0	0.209	0	0.819	0	0.249	0.184
senior secured	0.425	0.537	0.596	0.210	0.165	2.200	0.267	0.719	0.637	0.167	2.993	0.540
secured	0	0.090	0	0	0	0	0	0	0.100	0	0	0
senior	5.224	4.541	7.556	2.609	8.307	7.960	13.759	4.359	6.702	10.808	5.806	12.661
senior subordinated	2.261	1.913	2.814	0.301	1.487	2.429	1.621	0.564	1.750	2.225	1.112	1.187
subordinated	0	0	0.500	0	0	0	0	0.052	0	0.075	0	0
Total	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274	10.160	14.572
	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	0.433	3	1.462	7	1.462	7	2.10%
senior secured	1.558	10	2.575	14	1.623	6	3.699	12	5.322	18	9.456	42	7.65%
secured	0.090	1	0	0	0.100	1	0	0	0.100	1	0.190	2	0.14%
senior	17.322	59	18.876	65	24.819	59	29.275	83	54.094	142	90.291	266	77.76%
senior subordinated	6.988	24	4.218	17	3.934	12	4.524	17	8.459	29	19.664	70	12.16%
subordinated	0.500	1	0	0	0.052	1	0.075	1	0.127	2	0.627	3	0.18%
Total	26.458	95	25.669	96	31.557	83	38.006	116	69.563	199	121.690	390	100.00%
Moody's Rating
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Ba1	0.550	0.295	0.600	0	1.600	0	0.709	0.300	0.848	2.147	1.391	0.883
Ba2	1.050	1.220	2.295	0.400	0.494	0.199	1.694	1.198	2.895	2.589	2.339	0.690
Ba3	0.991	0.994	2.465	0.349	0.197	1.440	1.815	1.372	1.100	1.599	0.663	2.653
B1	0.820	0.704	1.727	0.647	2.379	4.926	5.247	0	0	0.875	1.664	0
B2	0.250	1.626	2.242	0.780	1.670	1.185	2.070	0.470	2.560	1.597	0.745	2.422
B3	2.850	1.150	1.326	0.467	2.033	1.934	1.541	1.494	1.146	0.433	0.925	5.619
Caa1	1.151	1.015	0.472	0.367	0.844	1.104	2.779	0	0.587	1.728	1.177	2.067
Caa2	0	0.076	0	0	0.423	0.672	0	0	0.336	0.800	0.297	0.147
Ca	0	0	0.150	0	0	0	0	0	0	0	0	0
NR	0.248	0	0.190	0.110	0.320	1.128	0	0.859	0.536	1.507	0.960	0.092
Total	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274	10.160	14.572
	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	4.421	12	6.278	18	9.323	27	9.02%
Ba2	4.564	15	1.093	4	5.787	14	5.617	11	11.404	25	17.061	44	16.39%
Ba3	4.450	12	1.986	7	4.287	10	4.915	11	9.202	21	15.638	40	13.23%
B1	3.251	15	7.953	20	5.247	7	2.539	9	7.786	16	18.990	51	11.19%
B2	4.118	15	3.635	16	5.101	15	4.763	15	9.864	30	17.617	61	14.18%
B3	5.326	17	4.434	17	4.180	15	6.977	23	11.157	38	20.917	72	16.04%
Caa1	2.638	10	2.316	13	3.366	8	4.973	16	8.339	24	13.293	47	11.99%
Caa2	0.076	1	1.094	7	0.336	1	1.244	4	1.580	5	2.751	13	2.27%
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	2.558	15	3.954	22	5.949	34	5.68%
Total	26.458	95	25.669	96	31.557	83	38.006	116	69.563	199	121.690	390	100.00%
Use of Proceeds
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Acquisition	1.416	0	2.319	1.082	0.794	0.465	7.785	0.150	2.396	0.456	1.891	7.009
Capex	0	0.076	0.075	0	0.150	0.600	0.248	0.420	0.725	0.075	0.125	0.305
Chapter 11 exit	0	0	0	0	0	0.850	0	0	0	0	0	0
Dividend/recap	0.148	0.729	0.349	0.150	0.183	0.546	0	0.052	0.336	0	0.297	0.519
GCP	0.050	0.491	0.600	0.134	0.060	0.901	0	0.200	1.178	0.200	0	0.174
LBO	3.300	0.765	2.038	0.460	2.642	3.602	0.684	1.405	0.525	1.714	1.497	0.362
Redeem notes	0.450	0.811	2.919	0.175	2.173	1.975	2.693	0.324	2.299	1.816	3.073	0.669
Refinance	0.520	1.025	0.264	0.200	0.635	2.076	1.027	0.969	0.350	3.357	0.674	1.316
Repay bank debt	0.151	1.544	0.400	0.210	1.063	0.688	1.968	1.726	0.799	2.111	1.482	1.247
Multiple/Other/NA	1.875	1.640	2.504	0.709	2.260	0.886	1.450	0.447	1.400	3.545	1.122	2.972
Total	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274	10.160	14.572
	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	9.356	17	19.686	33	25.763	55	28.30%
Capex	0.151	2	0.750	3	1.394	7	0.505	3	1.899	10	2.800	15	2.73%
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	0.816	4	1.204	6	3.310	17	1.73%
GCP	1.141	4	1.094	6	1.378	5	0.374	2	1.752	7	3.987	17	2.52%
LBO	6.103	13	6.704	21	2.614	10	3.573	16	6.186	26	18.993	60	8.89%
Redeem notes	4.180	15	4.322	11	5.316	12	5.557	19	10.873	31	19.375	57	15.63%
Refinance	1.809	9	2.912	13	2.347	7	5.347	15	7.694	22	12.414	44	11.06%
Repay bank debt	2.095	12	1.961	11	4.493	14	4.840	19	9.333	33	13.389	56	13.42%
Multiple/Other/NA	6.019	23	3.854	14	3.297	10	7.638	21	10.936	31	20.809	68	15.72%
Total	26.458	95	25.669	96	31.557	83	38.006	116	69.563	199	121.690	390	100.00%
Industry Sector (by SIC code)
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Agriculture (0xxx)	0.100	0	0	0	0	0.195	0.300	0.150	0	0.125	0	0
Mining (1xxx)	0	0	0	0	0	1.205	0	0.400	0	0	0	0.175
Oil and gas (13xx)	0.225	0.594	1.450	0.175	1.264	0.150	1.365	0	1.050	0.869	0.445	2.158
Construction (15xx)	0.050	0.795	0.372	0.150	0	0.426	0	0.300	0.298	0.400	0	0.525
Manufacturing (2xxx, 3xxx)	2.539	1.922	1.431	0.778	4.818	1.196	2.686	1.358	3.031	3.517	4.011	3.079
Transportation (4xxx)	0	0	0.075	0	0	0	0	0.300	0.200	0.583	0.130	0
Communications (48xx)	0.721	0.991	0.499	0.134	0.848	1.881	3.357	0.382	0.868	2.323	0.880	5.418
Electric, gas, sanitary services (49xx)	0	0.715	0.174	0.650	0.642	1.632	4.034	0.449	1.299	0.399	1.880	0.855
Wholesale (5xxx)	0.025	0.367	3.782	0	0.586	1.049	0.550	0.650	0.685	1.698	0	0.380
Finance, insurance, real estate (6xxx)	0.500	0.064	1.581	0.446	1.050	1.172	0.500	0.996	0	1.698	1.377	0
Services (7xxx)	3.550	1.483	1.480	0.787	0.538	3.485	2.716	0.709	2.575	1.662	0.502	0.812
Health services (8xxx)	0.200	0.150	0.622	0	0.215	0.199	0.347	0	0	0	0.935	1.171
Total	7.910	7.081	11.467	3.120	9.960	12.589	15.855	5.694	10.008	13.274	10.160	14.572
	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	0.870	6	0.83%
Mining (1xxx)	0	0	1.205	3	0.400	1	0.175	1	0.575	2	1.780	5	0.83%
Oil and gas (13xx)	2.269	7	1.589	6	2.415	6	3.472	11	5.887	17	9.745	30	8.46%
Construction (15xx)	1.217	7	0.576	3	0.598	2	0.925	4	1.523	6	3.316	16	2.19%
Manufacturing (2xxx, 3xxx)	5.892	22	6.792	23	7.075	21	10.607	31	17.682	52	30.366	97	25.42%
Transportation (4xxx)	0.075	1	0	0	0.500	2	0.713	4	1.213	6	1.288	7	1.74%
Communications (48xx)	2.211	9	2.862	11	4.608	13	8.621	15	13.228	28	18.302	48	19.02%
Electric, gas, sanitary services (49xx)	0.889	5	2.923	9	5.783	10	3.134	13	8.917	23	12.730	37	12.82%
Wholesale (5xxx)	4.174	14	1.635	8	1.885	5	2.078	9	3.963	14	9.771	36	5.70%
Finance, insurance, real estate (6xxx)	2.145	8	2.668	12	1.496	2	3.075	8	4.571	10	9.384	30	6.57%
Services (7xxx)	6.513	16	4.810	17	6.000	17	2.976	13	8.976	30	20.298	63	12.90%
Health services (8xxx)	0.972	5	0.414	2	0.347	2	2.106	6	2.453	8	3.839	15	3.53%
Total	26.458	95	25.669	96	31.557	83	38.006	116	69.563	199	121.690	390	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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