Analysis of high yield issuance for 12 months through February 2007

Total year-to-date issuance: $27.068 billion in 83 deals

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

Yield

	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
6%-6.99%	4.194	1.346	1.047	0.072	0	0.497	1.620	0.620	0	0.994	0.300	1.327
7%-7.99%	1.299	2.138	4.927	1.751	0.500	2.451	1.257	4.602	4.582	3.200	2.900	5.575
8%-8.99%	1.750	1.970	0.742	2.002	1.030	0	3.020	0.771	8.550	4.306	4.536	3.248
9%-9.99%	0.382	2.007	1.354	4.230	1.585	2.887	1.402	5.125	10.095	3.328	2.318	2.811
10%-10.99%	1.130	0.625	0.937	1.630	0.707	2.425	1.050	1.000	2.530	0.860	0.773	0.173
11% and higher	0.953	1.380	0.725	2.604	0.855	1.195	0.772	2.053	1.321	0.609	0	0.614
Floater	0.300	3.520	0.427	2.456	0.250	1.540	0.700	2.200	2.725	3.136	1.379	1.116
Total	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205	14.863
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
6%-6.99%	2.465	7	2.117	5	1.614	3	1.627	4	1.627	4	12.018	28	6.01%
7%-7.99%	8.816	28	4.208	13	12.384	23	8.474	25	8.474	25	35.180	95	31.31%
8%-8.99%	4.714	16	4.051	11	13.627	21	7.784	20	7.784	20	31.925	72	28.76%
9%-9.99%	7.591	20	5.874	13	18.548	27	5.129	19	5.129	19	37.524	81	18.95%
10%-10.99%	3.192	13	4.182	11	4.390	10	0.946	5	0.946	5	13.840	43	3.49%
11% and higher	4.709	18	2.822	11	3.983	16	0.614	2	0.614	2	13.082	51	2.27%
Floater	6.403	16	2.490	9	8.061	22	2.494	8	2.494	8	19.749	57	9.21%
Total	37.891	118	25.744	73	62.607	122	27.068	83	27.068	83	163.318	427	100.00%
Versus Talk
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Lower	0	1.308	0	0.084	0.250	0.185	0	1.940	4.070	0.100	1.335	1.079
Low end	0.798	4.265	1.227	0.654	1.847	1.692	3.120	3.453	7.900	7.651	4.933	6.677
Middle	3.544	4.675	4.479	5.860	0.990	5.746	4.566	4.674	8.775	4.945	4.126	3.904
High end	3.879	1.044	2.706	4.457	0	2.665	0.490	3.175	5.015	1.525	0.600	1.748
Higher	0.840	1.022	0.340	1.429	1.540	0.417	0.694	1.950	3.788	1.258	0	0
NA	0.946	0.671	1.408	2.262	0.300	0.289	0.952	1.178	0.254	0.955	1.211	1.456
Total	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205	14.863
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Lower	1.392	5	0.435	2	6.110	9	2.414	10	2.414	10	10.352	26	8.92%
Low end	6.145	19	6.659	18	19.003	32	11.610	30	11.610	30	44.216	102	42.89%
Middle	15.014	38	11.302	28	18.395	38	8.029	25	8.029	25	56.284	142	29.66%
High end	8.207	22	3.155	6	9.715	16	2.348	5	2.348	5	27.304	58	8.67%
Higher	2.791	9	2.651	11	6.996	13	0	0	0	0	13.278	36	0.00%
NA	4.342	25	1.542	8	2.388	14	2.667	13	2.667	13	11.884	63	9.85%
Total	37.891	118	25.744	73	62.607	122	27.068	83	27.068	83	163.318	427	100.00%
Upsized?
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Yes	4.228	6.126	2.465	1.007	0.626	7.307	3.343	2.347	2.841	6.863	4.178	4.951
No	4.870	4.646	6.978	10.303	3.516	3.403	5.785	12.304	24.264	7.696	6.022	8.772
Downsized	0.910	2.214	0.717	3.435	0.785	0.285	0.694	1.720	2.698	1.875	2.005	1.140
Total	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205	14.863
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	9.598	23	11.276	25	12.050	25	9.129	27	9.129	27	46.282	110	33.73%
No	21.927	74	12.704	42	44.264	84	14.794	51	14.794	51	98.558	269	54.65%
Downsized	6.366	21	1.764	6	6.293	13	3.145	5	3.145	5	18.478	48	11.62%
Total	37.891	118	25.744	73	62.607	122	27.068	83	27.068	83	163.318	427	100.00%
Quick Sale?
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Yes	5.090	3.839	2.488	2.868	0.700	5.208	1.213	3.135	3.695	6.637	1.172	3.580
No	4.918	9.147	7.672	11.877	4.227	5.788	8.608	13.235	26.108	9.797	11.032	11.283
Total	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205	14.863
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	9.195	30	7.121	18	13.467	26	4.752	14	4.752	14	39.625	101	17.56%
No	28.696	88	18.623	55	49.140	96	22.316	69	22.316	69	123.693	326	82.44%
Total	37.891	118	25.744	73	62.607	122	27.068	83	27.068	83	163.318	427	100.00%
Seniority
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
mortgage	0.819	0	0.249	0.184	0	0	0	0	0	0	0	0
senior secured	0.637	0.167	2.993	0.540	0.775	2.800	1.675	4.026	8.180	0.960	0.093	2.489
secured	0.100	0	0	0	0	0	0	0	0.049	0	0.150	0
senior	6.702	10.519	5.806	12.835	2.972	6.679	7.472	10.042	19.018	13.639	10.858	9.315
senior subordinated	1.750	2.225	1.112	1.187	0.880	1.310	0.622	1.450	2.555	1.410	1.103	1.960
subordinated	0	0.075	0	0	0.300	0.206	0.052	0.852	0	0.425	0	1.098
Total	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205	14.863
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
mortgage	0.433	3	0	0	0	0	0	0	0	0	1.252	6	0.00%
senior secured	3.699	12	5.250	14	13.166	19	2.583	7	2.583	7	25.335	55	9.54%
secured	0	0	0	0	0.049	1	0.150	1	0.150	1	0.299	3	0.55%
senior	29.160	85	17.123	45	42.699	84	20.174	61	20.174	61	115.858	294	74.53%
senior subordinated	4.524	17	2.812	11	5.415	13	3.063	11	3.063	11	17.564	57	11.32%
subordinated	0.075	1	0.558	3	1.277	5	1.098	3	1.098	3	3.009	12	4.06%
Total	37.891	118	25.744	73	62.607	122	27.068	83	27.068	83	163.318	427	100.00%
Moody's Rating
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Ba1	0.848	2.147	1.391	0.883	0.300	0.206	1.548	1.992	0	0.994	0.494	1.446
Ba2	2.895	2.300	2.339	0.690	0	1.341	0.984	2.681	1.185	1.150	0.697	0.078
Ba3	1.100	1.599	0.663	2.653	0	5.365	1.200	0.465	2.506	1.850	1.123	1.575
B1	0	0.875	1.664	0	0.900	0	2.947	2.240	6.675	4.656	0.877	2.087
B2	2.560	1.597	0.745	2.422	1.050	0.292	0.947	3.025	12.505	4.099	0.510	2.307
B3	1.146	0.433	0.925	5.619	1.850	2.430	0.298	1.475	4.073	2.418	4.774	3.241
Caa1	0.587	1.728	1.177	2.067	0.580	1.175	0.175	2.133	1.795	0.820	1.397	1.057
Caa2	0.336	0.800	0.297	0.147	0	0	0	1.750	0.914	0.227	0.148	1.900
NR	0.536	1.507	0.960	0.265	0.247	0.185	1.723	0.609	0.150	0.220	2.184	1.173
Total	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205	14.863
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Ba1	4.421	12	2.055	6	2.987	5	1.940	4	1.940	4	12.250	30	7.17%
Ba2	5.328	11	2.326	7	5.016	8	0.775	3	0.775	3	16.339	35	2.86%
Ba3	4.915	11	6.565	13	4.821	10	2.697	8	2.697	8	20.100	45	9.96%
B1	2.539	9	3.847	9	13.572	19	2.964	8	2.964	8	22.921	45	10.95%
B2	4.763	15	2.289	7	19.629	28	2.817	10	2.817	10	32.058	67	10.41%
B3	6.977	23	4.578	16	7.966	27	8.015	24	8.015	24	28.682	96	29.61%
Caa1	4.973	16	1.930	8	4.748	15	2.454	8	2.454	8	14.691	50	9.07%
Caa2	1.244	4	0	0	2.890	5	2.049	4	2.049	4	6.519	14	7.57%
NR	2.731	17	2.155	7	0.979	5	3.357	14	3.357	14	9.758	45	12.40%
Total	37.891	118	25.744	73	62.607	122	27.068	83	27.068	83	163.318	427	100.00%
Use of Proceeds
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Acquisition	2.396	0.456	1.891	7.009	0	1.265	1.409	2.045	0	1.960	1.972	1.465
Capex	0.725	0.075	0.125	0.305	0.154	1.750	0	0.600	0.049	0.245	0.330	0
Dividend/recap	0.336	0	0.297	0.593	0	0.442	0.160	1.000	3.716	1.145	0.148	0.167
GCP	1.178	0.200	0	0.174	0	3.368	0.350	0.370	0.200	3.951	0.647	3.201
LBO	0.525	1.714	1.497	0.362	2.060	2.175	1.350	6.394	14.298	1.300	2.480	3.215
Redeem notes	2.299	1.816	3.073	0.669	0.690	0	0.273	1.050	2.850	1.031	0.777	0.855
Refinance	0.350	3.357	0.674	1.316	1.097	0	2.440	1.500	0.450	2.008	2.620	1.336
Repay bank debt	0.799	2.111	1.482	1.247	0.926	1.994	1.421	0.375	1.450	1.800	1.841	2.076
Multiple/Other/NA	1.400	3.257	1.122	3.071	0	0	2.419	3.037	6.790	2.994	1.389	2.548
Total	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205	14.863
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	9.356	17	2.674	10	4.005	8	3.437	10	3.437	10	21.867	51	12.70%
Capex	0.505	3	1.904	5	0.894	3	0.330	2	0.330	2	4.358	17	1.22%
Dividend/recap	0.890	5	0.602	3	5.860	12	0.316	2	0.316	2	8.004	23	1.17%
GCP	0.374	2	3.718	8	4.521	6	3.849	10	3.849	10	13.640	29	14.22%
LBO	3.573	16	5.585	16	21.992	27	5.695	13	5.695	13	37.370	75	21.04%
Redeem notes	5.557	19	0.963	5	4.931	14	1.632	5	1.632	5	15.382	49	6.03%
Refinance	5.347	15	3.537	7	3.958	11	3.956	13	3.956	13	17.148	47	14.62%
Repay bank debt	4.840	19	4.342	12	3.625	10	3.916	14	3.916	14	17.522	58	14.47%
Multiple/Other/NA	7.449	22	2.419	7	12.821	31	3.938	14	3.938	14	28.027	78	14.55%
Total	37.891	118	25.744	73	62.607	122	27.068	83	27.068	83	163.318	427	100.00%
Industry Sector (by SIC code)
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Agriculture (0xxx)	0	0.125	0	0	0.300	0	0	0	0	0.225	0.397	0
Mining (1xxx)	0	0	0	0.175	0	1.650	0	0.897	0.400	0.325	0	0.078
Oil and gas (13xx)	1.050	0.869	0.445	2.158	0.126	0.445	0	0.200	0.650	1.410	0.872	1.431
Construction (15xx)	0.298	0.400	0	0.525	0	0	0	0	0	0	0.150	0.150
Manufacturing (2xxx, 3xxx)	3.031	3.517	4.011	3.079	1.925	5.224	5.587	5.711	15.358	7.862	4.640	2.666
Transportation (4xxx)	0.200	0.583	0.130	0	0.200	0.100	0	0	0.598	0.298	0	0
Communications (48xx)	0.868	2.323	0.880	5.418	0.704	0.935	1.538	2.350	0.500	1.946	0.875	4.375
Electric, gas, sanitary services (49xx)	1.299	0.399	1.880	0.954	1.047	0.391	0.177	2.553	3.132	1.370	0.554	0.750
Wholesale (5xxx)	0.685	1.409	0	0.380	0	0.250	0.150	2.083	1.831	0.893	1.930	1.917
Finance, insurance, real estate (6xxx)	0	1.698	1.377	0	0	0	1.494	0.555	6.200	0.150	1.640	1.546
Services (7xxx)	2.575	1.662	0.502	0.886	0.625	2.000	0.660	2.021	1.135	1.955	0.897	1.425
Health services (8xxx)	0	0	0.935	1.171	0	0	0.215	0	0	0	0.250	0.526
Total	10.008	12.986	10.160	14.745	4.927	10.995	9.821	16.370	29.803	16.434	12.205	14.863
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.125	1	0.300	1	0.225	1	0.397	1	0.397	1	1.047	4	1.47%
Mining (1xxx)	0.175	1	1.650	3	1.622	5	0.078	1	0.078	1	3.525	10	0.29%
Oil and gas (13xx)	3.472	11	0.571	4	2.260	5	2.304	8	2.304	8	9.657	31	8.51%
Construction (15xx)	0.925	4	0	0	0	0	0.300	2	0.300	2	1.523	7	1.11%
Manufacturing (2xxx, 3xxx)	10.607	31	12.736	28	28.931	47	7.306	27	7.306	27	62.611	141	26.99%
Transportation (4xxx)	0.713	4	0.300	2	0.896	5	0	0	0	0	2.109	12	0.00%
Communications (48xx)	8.621	15	3.176	8	4.796	11	5.250	10	5.250	10	22.711	48	19.40%
Electric, gas, sanitary services (49xx)	3.233	14	1.616	7	7.055	13	1.304	3	1.304	3	14.507	40	4.82%
Wholesale (5xxx)	1.789	9	0.400	2	4.806	14	3.847	9	3.847	9	11.528	36	14.21%
Finance, insurance, real estate (6xxx)	3.075	8	1.494	6	6.905	9	3.185	10	3.185	10	14.660	33	11.77%
Services (7xxx)	3.050	14	3.285	11	5.111	12	2.322	9	2.322	9	16.344	55	8.58%
Health services (8xxx)	2.106	6	0.215	1	0	0	0.776	3	0.776	3	3.096	10	2.87%
Total	37.891	118	25.744	73	62.607	122	27.068	83	27.068	83	163.318	427	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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