Analysis of investment grade issuance for 12 months through October 2008

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Spread

	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Less than 75 bps	0.995	0	11.222	0	2.988	1.998	1.247	5.983	0	1.244	0.999	0
75	0	0	0	0.499	0	3.986	3.991	2.491	2.997	0	1.749	0
100	1.399	0.500	0.145	0.251	0	0.311	0.250	1.598	0	3.987	0	0.999
125	8.034	0.499	5.341	4.241	0	0	4.886	0.025	0	0.849	0	3.989
150	5.086	4.992	11.443	5.641	1.498	3.434	15.189	1.202	2.038	0.398	0	0
175	11.359	10.811	6.770	4.977	3.018	16.048	17.977	2.144	4.041	1.396	0	0
200	12.219	8.580	12.559	1.347	5.520	16.027	10.421	5.445	1.118	0.997	1.345	0
225	4.529	4.012	3.016	6.924	4.668	12.635	20.166	7.302	1.991	3.096	0.750	0
250	0.897	5.507	2.235	4.281	5.409	8.961	3.290	9.468	1.888	3.267	1.398	0
275	1.027	3.000	3.982	0.246	5.690	5.079	7.416	1.198	2.047	1.645	0.997	0.799
300	0	2.112	0	0.250	4.322	16.228	8.020	0.898	5.042	0.749	6.088	0
325 bps and higher	1.980	3.492	4.237	1.992	10.231	8.526	9.681	8.372	5.398	8.794	2.404	18.851
Floater	5.175	5.723	40.172	14.170	6.400	13.873	18.486	7.112	7.270	6.675	5.169	0
NA	1.925	5.749	14.992	12.239	3.476	5.032	12.304	10.000	0.077	0.475	4.718	2.995
Total	54.625	54.977	116.115	57.057	53.219	112.138	133.324	63.240	33.907	33.572	25.618	27.633
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Less than 75 bps	14.211	6	9.228	5	2.243	2	0	0	25.682	13	26.677	14	3.92%
75	0.499	1	10.469	4	4.746	2	0	0	15.714	7	15.714	7	2.40%
100	0.395	2	2.159	4	3.987	1	0.999	1	7.540	8	9.439	11	1.15%
125	9.582	13	4.911	8	0.849	1	3.989	1	19.330	23	27.863	32	2.95%
150	18.582	22	19.825	25	2.436	4	0	0	40.842	51	50.921	70	6.23%
175	14.765	17	36.169	32	5.437	10	0	0	56.371	59	78.541	78	8.60%
200	19.426	28	31.893	35	3.460	8	0	0	54.780	71	75.579	96	8.35%
225	14.608	18	40.103	48	5.837	12	0	0	60.547	78	69.089	91	9.23%
250	11.925	17	21.720	23	6.553	12	0	0	40.198	52	46.602	59	6.13%
275	9.919	13	13.692	24	4.689	9	0.799	1	29.099	47	33.126	51	4.44%
300	4.571	11	25.146	19	11.879	22	0	0	41.597	52	43.709	57	6.34%
325 bps and higher	16.461	25	26.581	35	16.597	18	18.851	23	78.488	101	83.959	103	11.95%
Floater	60.742	84	39.471	63	19.114	41	0	0	119.327	188	130.225	212	18.20%
NA	30.707	40	27.335	46	5.271	16	2.995	6	66.308	108	73.982	126	10.11%
Total	226.391	297	308.701	371	93.097	158	27.633	32	655.823	858	765.425	1007	100.00%
Tenor
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Less than 2	1.275	2.500	6.630	7.560	0.750	3.350	2.968	0.775	2.320	1.780	2.300	0.100
2	3.059	0.346	6.800	3.650	5.050	0.328	10.219	4.175	0.500	2.825	0.450	0
2.5 to 4.75 years	0.924	4.273	23.150	1.967	0.930	5.553	7.301	6.879	1.200	4.503	6.377	7.037
5	9.016	6.420	35.693	12.331	9.026	39.331	28.541	16.730	10.976	11.280	5.025	3.834
5.25 to 9.75	3.744	1.669	3.245	3.453	5.967	7.060	5.973	2.166	4.735	0.924	0.520	4.141
10	22.328	17.748	18.224	16.985	19.604	34.688	40.616	18.242	10.278	6.995	6.136	9.298
10.25 to 20	0.797	3.863	2.895	0.289	2.942	0.796	3.761	1.593	0	0.997	0.850	0.749
25 and longer	13.482	13.865	13.873	8.123	6.654	11.204	25.346	9.182	0.648	2.269	1.959	2.475
Perpetual/NA	0	4.293	5.605	2.700	2.296	9.828	8.599	3.500	3.250	2.000	2.000	0
Total	54.625	54.977	116.115	57.057	53.219	112.138	133.324	63.240	33.907	33.572	25.618	27.633
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Less than 2	14.940	37	7.092	19	6.400	20	0.100	1	28.532	77	32.307	84	4.35%
2	15.500	26	14.722	25	3.775	12	0	0	33.997	63	37.402	70	5.18%
2.5 to 4.75 years	26.047	29	19.730	36	12.081	15	7.037	5	64.894	85	70.091	97	9.90%
5	57.050	58	84.603	80	27.281	43	3.834	7	172.768	188	188.204	211	26.34%
5.25 to 9.75	12.666	14	15.200	22	6.180	11	4.141	5	38.184	52	43.596	67	5.82%
10	54.813	67	93.546	104	23.409	36	9.298	10	181.065	217	221.141	257	27.61%
10.25 to 20	6.126	14	6.151	11	1.847	3	0.749	1	14.872	29	19.532	35	2.27%
25 and longer	28.649	40	45.732	56	4.876	15	2.475	3	81.733	114	109.082	150	12.45%
Perpetual/NA	10.601	12	21.927	18	7.250	3	0	0	39.778	33	44.071	36	6.07%
Total	226.391	297	308.701	371	93.097	158	27.633	32	655.823	858	765.425	1007	100.00%
Upsized?
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Yes	6.884	3.999	10.723	5.583	12.696	8.651	20.414	4.246	4.593	5.291	0.798	5.298
No	45.644	50.578	105.142	51.474	40.523	103.487	112.910	58.994	29.315	28.282	24.820	22.335
Downsized	2.097	0.400	0.250	0	0	0	0	0	0	0	0	0
Total	54.625	54.977	116.115	57.057	53.219	112.138	133.324	63.240	33.907	33.572	25.618	27.633
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	29.002	45	33.311	34	10.681	23	5.298	5	78.292	107	89.175	119	11.94%
No	197.140	251	275.390	337	82.416	135	22.335	27	577.281	750	673.503	883	88.02%
Downsized	0.250	1	0	0	0	0	0	0	0.250	1	2.746	5	0.04%
Total	226.391	297	308.701	371	93.097	158	27.633	32	655.823	858	765.425	1007	100.00%
Moody's Rating
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Aaa	8.904	0.203	32.054	13.971	3.863	27.829	13.730	15.416	6.714	6.711	7.323	6.338
Aa1	3.475	8.387	22.488	2.458	1.000	3.311	9.348	2.313	3.250	1.169	0	0.799
Aa2	11.682	8.553	14.692	3.933	2.199	16.602	13.353	2.853	3.497	2.747	0	1.995
Aa3	1.800	2.739	14.310	8.199	8.140	21.628	21.536	1.319	0.800	10.495	5.681	0
A1	6.124	9.906	9.225	2.044	4.557	4.134	14.964	3.049	3.288	0.698	0.299	4.970
A2	6.418	9.730	15.602	9.087	6.264	13.945	22.520	3.449	4.442	2.043	5.039	5.425
A3	5.124	3.012	0.699	8.099	7.509	9.513	10.125	10.162	2.104	3.296	2.831	6.689
Baa1	4.328	1.897	1.850	5.129	7.379	4.715	2.616	10.009	4.392	3.697	2.097	0.268
Baa2	4.885	6.629	3.842	2.646	4.813	4.787	15.462	11.428	2.675	2.219	0.850	0.749
Baa3	0.250	3.920	1.101	1.491	7.095	3.926	8.161	3.095	2.745	0.499	1.498	0.400
Ba1	0	0	0.250	0	0	0	0.298	0	0	0	0	0
Ba2	0.389	0	0	0	0	0	0	0	0	0	0	0
Ba3	0	0	0	0	0	0	0	0.148	0	0	0	0
NR	1.248	0	0	0	0.400	1.748	1.210	0	0	0	0	0
Total	54.625	54.977	116.115	57.057	53.219	112.138	133.324	63.240	33.907	33.572	25.618	27.633
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Aaa	49.888	55	56.975	60	20.749	31	6.338	5	133.951	151	143.057	163	20.42%
Aa1	25.946	12	14.971	13	4.419	4	0.799	1	46.135	30	57.997	38	7.03%
Aa2	20.824	22	32.809	25	6.244	5	1.995	1	61.872	53	82.107	70	9.43%
Aa3	30.649	36	44.483	39	16.976	22	0	0	92.108	97	96.647	105	14.04%
A1	15.826	16	22.146	23	4.286	6	4.970	4	47.228	49	63.258	66	7.20%
A2	30.954	50	39.914	55	11.524	23	5.425	9	87.816	137	103.964	163	13.39%
A3	16.308	30	29.800	43	8.231	24	6.689	9	61.027	106	69.163	127	9.31%
Baa1	14.358	27	17.340	31	10.186	20	0.268	1	42.151	79	48.376	93	6.43%
Baa2	11.301	25	31.676	43	5.744	14	0.749	1	49.469	83	60.983	101	7.54%
Baa3	9.687	22	15.182	30	4.741	9	0.400	1	30.010	62	34.180	68	4.58%
Ba1	0.250	1	0.298	1	0	0	0	0	0.548	2	0.548	2	0.08%
Ba2	0	0	0	0	0	0	0	0	0	0	0.389	1	0.00%
Ba3	0	0	0.148	1	0	0	0	0	0.148	1	0.148	1	0.02%
NR	0.400	1	2.959	7	0	0	0	0	3.359	8	4.607	9	0.51%
Total	226.391	297	308.701	371	93.097	158	27.633	32	655.823	858	765.425	1007	100.00%
Floater
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Yes	5.175	9.215	40.172	14.170	6.400	13.873	18.486	7.112	7.270	6.675	5.169	0
No	49.450	45.762	75.943	42.887	46.819	98.265	114.838	56.127	26.637	26.897	20.449	27.633
Total	54.625	54.977	116.115	57.057	53.219	112.138	133.324	63.240	33.907	33.572	25.618	27.633
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	60.742	84	39.471	63	19.114	41	0	0	119.327	188	133.717	213	18.20%
No	165.649	213	269.230	308	73.984	117	27.633	32	536.496	670	631.708	794	81.80%
Total	226.391	297	308.701	371	93.097	158	27.633	32	655.823	858	765.425	1007	100.00%
Industry Sector (by SIC code)
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Mining (1xxx)	0.498	1.224	0	0	0	0.300	0	5.619	0	0	1.248	0
Oil and gas (13xx)	1.497	5.495	1.949	0.575	2.492	3.945	1.746	4.480	1.882	2.219	2.744	0.991
Manufacturing (2xxx, 3xxx)	11.969	10.966	5.921	11.778	11.499	8.676	35.038	6.374	9.182	2.947	2.832	12.107
Transportation (4xxx)	0	0.806	5.031	0.199	2.448	2.191	0.996	0	2.500	0.196	0	1.099
Communications (48xx)	0	4.187	3.992	4.727	2.729	5.364	8.494	4.991	1.747	1.499	0	3.207
Electric, gas, sanitary services (49xx)	3.665	0.647	4.596	2.500	10.885	5.478	7.376	8.930	2.215	4.142	4.130	2.898
Wholesale (5xxx)	1.781	0.593	6.221	2.992	0.772	3.143	0.299	1.149	2.044	0	0.350	0
Finance, insurance, real estate (6xxx)	32.330	31.059	87.095	32.337	19.510	78.045	77.577	31.549	14.338	22.271	14.314	7.331
Services (7xxx)	2.885	0	0.923	1.950	1.399	4.996	1.647	0.148	0	0.299	0	0
Health services (8xxx)	0	0	0.387	0	1.486	0	0.151	0	0	0	0	0
Total	54.625	54.977	116.115	57.057	53.219	112.138	133.324	63.240	33.907	33.572	25.618	27.633
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	0	0	5.919	6	1.248	3	0	0	7.167	9	8.889	14	1.09%
Oil and gas (13xx)	5.016	9	10.171	13	6.845	13	0.991	1	23.023	36	30.015	44	3.51%
Manufacturing (2xxx, 3xxx)	29.197	48	50.087	64	14.960	25	12.107	12	106.352	149	129.287	185	16.22%
Transportation (4xxx)	7.678	11	3.188	8	2.696	4	1.099	2	14.660	25	15.466	27	2.24%
Communications (48xx)	11.448	10	18.850	18	3.246	4	3.207	2	36.750	34	40.937	38	5.60%
Electric, gas, sanitary services (49xx)	17.980	48	21.784	57	10.486	30	2.898	9	53.148	144	57.460	160	8.10%
Wholesale (5xxx)	9.985	13	4.591	6	2.394	4	0	0	16.969	23	19.343	28	2.59%
Finance, insurance, real estate (6xxx)	138.942	146	187.171	190	50.924	74	7.331	6	384.367	416	447.756	485	58.61%
Services (7xxx)	4.272	8	6.791	8	0.299	1	0	0	11.362	17	14.247	21	1.73%
Health services (8xxx)	1.873	4	0.151	1	0	0	0	0	2.024	5	2.024	5	0.31%
Total	226.391	297	308.701	371	93.097	158	27.633	32	655.823	858	765.425	1007	100.00%

Criteria

• U.S. tables include all underwritten dollar-denominated offerings sold in the United States as public or Rule 144A deals reported to Prospect News.

• Convertibles, trust preferreds and preferred stock are excluded.

• Minimum $75 million deal size

• Deals rated investment grade by either Standard & Poor's or Moody's Investors Service are included.

• Offerings are included in the time period in which they price.

• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the bookrunner. For multiple leads, the total value is divided equally among joint bookrunners.

• 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.

• Remarketings are excluded.

• The headquarters location of the parent company is used for the country criteria (i.e. registrations in tax havens and offshore finance subsidiaries are ignored)

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