Analysis of investment grade issuance through April 2008

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

Spread

	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Less than 75 bps	3.547	0.995	0	11.222	0	2.988	1.998
75	10.738	0	0	0	0.499	0	3.986
100	15.188	1.399	0.500	0.145	0.251	0	0.311
125	13.121	8.034	0.499	5.341	4.241	0	0
150	10.851	5.086	4.992	11.443	5.641	1.498	3.434
175	4.836	11.359	10.811	6.770	4.977	3.018	16.048
200	3.577	12.219	8.580	12.559	1.347	5.520	16.027
225	0	4.529	4.012	3.016	6.924	4.668	12.635
250	1.200	0.897	5.507	2.235	4.281	5.409	8.961
275	1.391	1.027	3.000	3.982	0.246	5.690	4.742
300	0.497	0	2.112	0	0.250	4.322	16.228
325 bps and higher	1.681	1.980	3.492	4.237	1.992	10.231	8.526
Floater	3.690	5.175	5.723	40.172	14.170	6.400	13.790
NA	7.140	1.925	5.749	14.992	12.239	3.476	7.232
Total	77.457	54.625	54.977	116.115	57.057	53.219	113.919
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Less than 75 bps	4.542	3	14.211	6	1.998	2	16.209	8	20.750	11	4.76%
75	10.738	5	0.499	1	3.986	1	4.485	2	15.223	7	1.32%
100	17.087	18	0.395	2	0.311	1	0.706	3	17.793	21	0.21%
125	21.654	31	9.582	13	0	0	9.582	13	31.236	44	2.82%
150	20.930	35	18.582	22	3.434	6	22.015	28	42.945	63	6.47%
175	27.006	27	14.765	17	16.048	13	30.813	30	57.819	57	9.05%
200	24.376	31	19.426	28	16.027	11	35.453	39	59.830	70	10.42%
225	8.542	13	14.608	18	12.635	14	27.242	32	35.784	45	8.01%
250	7.604	8	11.925	17	8.961	8	20.886	25	28.490	33	6.14%
275	5.418	6	9.919	13	4.742	8	14.661	21	20.079	27	4.31%
300	2.608	6	4.571	11	16.228	8	20.800	19	23.408	25	6.11%
325 bps and higher	7.153	4	16.461	25	8.526	12	24.986	37	32.139	41	7.35%
Floater	14.589	33	60.742	84	13.790	11	74.532	95	89.121	128	21.90%
NA	14.814	36	30.707	40	7.232	15	37.939	55	52.752	91	11.15%
Total	187.059	256	226.391	297	113.919	110	340.310	407	527.369	663	100.00%
Tenor
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Less than 2	0.140	1.275	2.500	6.630	7.560	0.750	3.350
2	5.649	3.059	0.346	6.800	3.650	5.050	0.245
2.5 to 4.75 years	1.944	0.924	4.273	23.150	1.967	0.930	5.553
5	29.671	9.016	6.420	35.693	12.331	9.026	39.033
5.25 to 9.75	1.395	3.744	1.669	3.245	3.453	5.967	7.060
10	13.983	22.328	17.748	18.224	16.985	18.555	34.352
10.25 to 15	6.540	0.797	3.863	2.895	0.289	2.942	0.796
25 and longer	12.498	13.482	13.865	13.873	8.123	6.254	11.204
Perpetual/NA	5.637	0	4.293	5.605	2.700	3.745	12.327
Total	77.457	54.625	54.977	116.115	57.057	53.219	113.919
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Less than 2	3.915	8	14.940	37	3.350	4	18.290	41	22.205	49	0.0538
2	9.054	17	15.500	26	0.245	2	15.745	28	24.799	45	4.63%
2.5 to 4.75 years	7.141	19	26.047	29	5.553	9	31.599	38	38.740	57	0.0929
5	45.107	48	57.050	58	39.033	30	96.083	88	141.190	136	28.23%
5.25 to 9.75	6.808	19	12.666	14	7.060	8	19.725	22	26.533	41	0.0581
10	54.059	63	53.764	65	34.352	30	88.116	95	142.175	158	25.89%
10.25 to 15	11.200	15	6.126	14	0.796	1	6.923	15	18.122	30	0.0203
25 and longer	39.845	56	28.249	39	11.204	14	39.454	53	79.300	109	0.1158
Perpetual/NA	9.930	11	12.050	15	12.327	12	24.377	27	34.307	38	7.16%
Total	187.059	256	226.391	297	113.919	110	340.310	407	527.369	663	100.00%
Upsized?
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Yes	6.485	6.884	3.999	10.723	5.583	12.696	8.651
No	70.972	45.644	50.578	105.142	51.474	40.523	105.267
Downsized	0	2.097	0.400	0.250	0	0	0
Total	77.457	54.625	54.977	116.115	57.057	53.219	113.919
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	17.369	21	29.002	45	8.651	11	37.653	56	55.022	77	11.06%
No	167.194	231	197.140	251	105.267	99	302.407	350	469.601	581	88.86%
Downsized	2.496	4	0.250	1	0	0	0.250	1	2.746	5	0.07%
Total	187.059	256	226.391	297	113.919	110	340.310	407	527.369	663	100.00%
Moody's Rating
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Aaa	6.635	8.904	0.203	32.054	13.971	3.863	27.746
Aa1	12.135	3.475	8.387	22.488	2.458	1.000	3.311
Aa2	4.303	11.682	8.553	14.692	3.933	2.199	16.602
Aa3	11.936	1.800	2.739	14.310	8.199	8.140	21.628
A1	6.991	6.124	9.906	9.225	2.044	4.557	6.334
A2	5.339	6.418	9.730	15.602	9.087	6.264	13.945
A3	5.665	5.124	3.012	0.699	8.099	7.509	9.513
Baa1	7.791	4.328	1.897	1.850	5.129	7.379	4.715
Baa2	10.411	4.885	6.629	3.842	2.646	4.813	4.787
Baa3	4.281	0.250	3.920	1.101	1.491	7.095	3.590
Ba1	0.713	0	0	0.250	0	0	0
Ba2	1.257	0.389	0	0	0	0	0
NR	0	1.248	0	0	0	0.400	1.748
Total	77.457	54.625	54.977	116.115	57.057	53.219	113.919
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Aaa	15.741	23	49.888	55	27.746	16	77.635	71	93.376	94	22.81%
Aa1	23.997	15	25.946	12	3.311	3	29.257	15	53.254	30	8.60%
Aa2	24.538	24	20.824	22	16.602	10	37.427	32	61.965	56	11.00%
Aa3	16.475	21	30.649	36	21.628	18	52.277	54	68.752	75	15.36%
A1	23.020	25	15.826	16	6.334	6	22.160	22	45.180	47	6.51%
A2	21.487	33	30.954	50	13.945	17	44.899	67	66.386	100	13.19%
A3	13.801	33	16.308	30	9.513	13	25.821	43	39.622	76	7.59%
Baa1	14.016	26	14.358	27	4.715	9	19.073	36	33.089	62	5.60%
Baa2	21.925	32	11.301	25	4.787	7	16.088	32	38.012	64	4.73%
Baa3	8.451	18	9.687	22	3.590	7	13.277	29	21.728	47	3.90%
Ba1	0.713	2	0.250	1	0	0	0.250	1	0.963	3	0.07%
Ba2	1.646	3	0	0	0	0	0	0	1.646	3	0.00%
NR	1.248	1	0.400	1	1.748	4	2.148	5	3.397	6	0.63%
Total	187.059	256	226.391	297	113.919	110	340.310	407	527.369	663	100.00%
Floater
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Yes	5.490	5.175	9.215	40.172	14.170	6.400	13.790
No	71.967	49.450	45.762	75.943	42.887	46.819	100.129
Total	77.457	54.625	54.977	116.115	57.057	53.219	113.919
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	19.880	35	60.742	84	13.790	11	74.532	95	94.412	130	21.90%
No	167.179	221	165.649	213	100.129	99	265.778	312	432.957	533	78.10%
Total	187.059	256	226.391	297	113.919	110	340.310	407	527.369	663	100.00%
Industry Sector (by SIC code)
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Mining (1xxx)	0	0.498	1.224	0	0	0	0.300
Oil and gas (13xx)	4.156	1.497	5.495	1.949	0.575	2.492	3.945
Manufacturing (2xxx, 3xxx)	13.616	11.969	10.966	5.921	11.778	11.499	8.676
Transportation (4xxx)	2.244	0	0.806	5.031	0.199	2.448	2.191
Communications (48xx)	2.106	0	4.187	3.992	4.727	2.729	5.364
Electric, gas, sanitary services (49xx)	3.891	3.665	0.647	4.596	2.500	10.885	5.141
Wholesale (5xxx)	7.084	1.781	0.593	6.221	2.992	0.772	3.143
Finance, insurance, real estate (6xxx)	41.224	32.330	31.059	87.095	32.337	19.510	80.162
Services (7xxx)	3.136	2.885	0	0.923	1.950	1.399	4.996
Health services (8xxx)	0	0	0	0.387	0	1.486	0
Total	77.457	54.625	54.977	116.115	57.057	53.219	113.919
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	1.722	5	0	0	0.300	1	0.300	1	2.022	6	0.09%
Oil and gas (13xx)	11.148	13	5.016	9	3.945	6	8.961	15	20.109	28	2.63%
Manufacturing (2xxx, 3xxx)	36.551	57	29.197	48	8.676	16	37.874	64	74.424	121	11.13%
Transportation (4xxx)	3.050	8	7.678	11	2.191	5	9.869	16	12.919	24	2.90%
Communications (48xx)	6.294	9	11.448	10	5.364	5	16.812	15	23.106	24	4.94%
Electric, gas, sanitary services (49xx)	8.203	25	17.980	48	5.141	12	23.122	60	31.325	85	6.79%
Wholesale (5xxx)	9.458	15	9.985	13	3.143	3	13.128	16	22.586	31	3.86%
Finance, insurance, real estate (6xxx)	104.613	116	138.942	146	80.162	59	219.104	205	323.717	321	64.38%
Services (7xxx)	6.021	8	4.272	8	4.996	3	9.268	11	15.289	19	2.72%
Health services (8xxx)	0	0	1.873	4	0	0	1.873	4	1.873	4	0.55%
Total	187.059	256	226.391	297	113.919	110	340.310	407	527.369	663	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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