Analysis of bank loan issuance for 12 months through July 2007

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

Rate (L+)

	Aug-06	Sep-06	Oct-06	Nov-06	Dec-06	Jan-07	Feb-07	Mar-07	Apr-07	May-07	Jun-07	Jul-07
Below 125 bps	0.45	7.598	1.965	5.925	0.2	1.65	1.59	2	5.8	3.95	8.45	1.2
125	0.925	0.148	1.225	1	0.325	3.5	0.4	3.36	0.95	2.435	0.84	1.45
150	0.865	1.74	3.08	5.05	1.18	3.37	11.559	10.25	11.04	3.962	6.33	2.5
175	3.76	4.863	6.692	7.929	0.475	5.794	12.68	8.428	8.515	5.585	4.684	1.375
200	8.271	4.255	6.375	8.885	1.515	7.8	11.14	12.04	3.61	6.464	4.206	2.856
225	1.9	3.455	3.32	2.832	3.398	10.763	20.672	13.313	11.3	6.692	11.225	1.361
250	1.382	6.227	14.476	4.74	4.41	3.163	3.235	3.66	5.9	7.505	4.74	11.151
275	0.89	1.485	13.565	12.525	4.846	2.092	1.68	6.055	3.269	2.26	12.714	1.83
300	0.97	1.314	6.572	8.447	1.395	1.086	2.018	4.5	9.941	1.205	7.106	2.321
325 bps and upwards	2.633	5.148	3.355	9.59	4.548	6.78	7.253	10.22	4.652	5.133	16.168	7.323
Fixed rate	0.103	0	0.18	0.4	0.265	0	0.141	0.925	0	0.53	0.029	0.075
NA	5.58	6.563	13.147	3.859	2.085	2.772	3.222	5.743	8.24	29.115	29.73	10.447
Other	0	0.21	0	0	0	0	0	0.35	0	0	0	0
Prime based	0.085	0.075	0	0	0.075	0	0.075	0	0	0	0	0
Total	27.813	43.08	73.952	71.182	24.716	48.77	75.664	80.845	73.217	74.835	106.221	43.888
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Below 125 bps	8.09	15	5.24	13	18.2	19	1.2	2	24.64	29	40.778	60	0.049
125	2.55	9	7.26	11	4.225	11	1.45	3	12.935	19	16.558	40	2.57%
150	9.31	25	25.178	57	21.332	42	2.5	2	49.011	63	60.925	139	9.74%
175	15.096	33	26.902	38	18.784	43	1.375	5	47.061	41	70.779	138	9.35%
200	16.775	23	30.98	70	14.28	44	2.856	9	48.116	66	77.416	169	9.56%
225	9.55	25	44.748	98	29.218	84	1.361	10	75.328	85	90.233	228	14.96%
250	23.625	50	10.059	42	18.145	68	11.151	17	39.354	61	70.588	208	7.82%
275	30.936	36	9.828	45	18.243	46	1.83	17	29.901	49	63.212	157	5.94%
300	16.413	38	7.604	28	18.252	47	2.321	15	28.177	42	46.874	152	5.60%
325 bps and upwards	17.493	99	24.252	138	25.953	139	7.323	48	57.527	107	82.8	470	0.114
Fixed rate	0.845	5	1.066	7	0.559	5	0.075	1	1.7	6	2.648	20	0.34%
NA	19.091	77	11.737	70	67.085	106	10.447	73	89.269	173	120.503	377	17.73%
Other	0	0	0.35	1	0	0	0	0	0.35	1	0.56	2	0.07%
Prime based	0.075	1	0.075	1	0	0	0	0	0.075	1	0.31	5	0.01%
Total	169.85	230	205.279	306	254.273	321	43.888	95	503.44	722	744.184	1086	100.00%
Upsized?
	Aug-06	Sep-06	Oct-06	Nov-06	Dec-06	Jan-07	Feb-07	Mar-07	Apr-07	May-07	Jun-07	Jul-07
Yes	0.525	1.755	3.895	14.567	4.76	11.89	15.945	8.547	6.312	3.368	8.456	0.925
No	27.288	39.412	70.057	53.49	19.956	36.75	59.529	70.862	65.505	71.257	97.565	42.738
Downsized	0	1.913	0	3.125	0	0.13	0.19	1.435	1.4	0.21	0.2	0.225
Total	27.813	43.08	73.952	71.182	24.716	48.77	75.664	80.845	73.217	74.835	106.221	43.888
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	23.222	21	36.383	59	18.136	34	0.925	2	55.444	32	80.945	120	11.01%
No	143.503	410	167.142	550	234.327	613	42.738	198	444.207	686	654.411	2013	88.23%
Downsized	3.125	5	1.755	10	1.81	7	0.225	2	3.79	4	8.828	32	0.75%
Total	169.85	230	205.279	306	254.273	321	43.888	95	503.44	722	744.184	1086	100.00%
Flex?
	Aug-06	Sep-06	Oct-06	Nov-06	Dec-06	Jan-07	Feb-07	Mar-07	Apr-07	May-07	Jun-07	Jul-07
Down	1.35	10.65	15.43	16.919	9.239	19.757	23.951	12.885	9.389	7.722	6.495	0
No	25.063	29.798	54.077	51.358	13.707	28.533	49.088	56.742	51.406	62.654	75.512	38.868
Up	1.4	2.632	4.445	2.905	1.77	0.48	2.625	11.217	12.423	4.46	24.214	5.02
Total	27.813	43.08	73.952	71.182	24.716	48.77	75.664	80.845	73.217	74.835	106.221	43.888
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Down	41.588	77	56.594	146	23.605	69	0	0	80.199	43	133.787	323	15.93%
No	119.143	329	134.363	442	189.571	510	38.868	187	362.802	644	536.806	1678	72.06%
Up	9.12	30	14.322	31	41.097	75	5.02	15	60.439	35	73.591	164	12.01%
Total	169.85	230	205.279	306	254.273	321	43.888	95	503.44	722	744.184	1086	100.00%
Type
	Aug-06	Sep-06	Oct-06	Nov-06	Dec-06	Jan-07	Feb-07	Mar-07	Apr-07	May-07	Jun-07	Jul-07
Revolver	7.183	14.085	21.37	26.685	5.64	11.955	15.923	23.76	19.423	22.623	45.023	12.509
TLA	2.145	5.058	4.598	4.43	0.11	0.75	2.73	2.125	1.05	1.385	2.86	1.9
Term	10.036	12.082	19.981	16.068	6.33	12.584	22.418	26.739	21.983	27.291	25.938	9.062
Institutional	6.166	8.662	26.036	18.631	7.883	19.887	28.555	16.178	24.325	17.503	22.201	16.586
Second/third/junior lien	1.205	2.921	1.395	3.498	3.938	2.325	3.313	6.922	2.753	3.614	6.994	2.867
Delayed draw	0.41	0.165	0.289	0.41	0.25	0.255	2.353	2.765	3.178	1.515	2.875	0.384
LoC	0.669	0.108	0.284	1.46	0.565	1.015	0.373	2.355	0.505	0.905	0.33	0.58
Total	27.813	43.08	73.952	71.182	24.716	48.77	75.664	80.845	73.217	74.835	106.221	43.888
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Revolver	53.695	174	51.638	231	87.069	254	12.509	76	151.215	541	226.178	847	30.04%
TLA	9.137	12	5.605	10	5.295	9	1.9	5	12.8	4	29.14	44	2.54%
Term	42.379	106	61.741	150	75.212	155	9.062	48	146.015	101	210.512	518	29.00%
Institutional	52.55	68	64.621	102	64.028	105	16.586	35	145.235	58	212.613	349	28.85%
Second/third/junior lien	8.831	42	12.559	72	13.361	83	2.867	26	28.788	13	41.745	247	5.72%
Delayed draw	0.949	11	5.372	24	7.568	35	0.384	7	13.325	6	14.849	84	2.65%
LoC	2.309	23	3.743	30	1.74	13	0.58	5	6.063	4	9.148	76	1.20%
Total	169.85	230	205.279	306	254.273	321	43.888	95	503.44	722	744.184	1086	100.00%
Moody's Rating
	Aug-06	Sep-06	Oct-06	Nov-06	Dec-06	Jan-07	Feb-07	Mar-07	Apr-07	May-07	Jun-07	Jul-07
Baa3	0	0	0	4.322	0.225	0	0.5	0	0	2.5	0	0
Ba1	0	2.75	0.85	1.112	2	1.7	2.785	4.32	0.15	1.405	0.471	0.03
Ba2	6.625	4.785	10.29	4.824	2.05	5.32	13.709	4.675	19.177	2.805	2.499	3.75
Ba3	2.075	9.614	10.863	28.788	9.154	8.453	13.495	26.513	9.61	9.986	14.491	1.238
B1	0.135	2.88	6.43	1.965	3.035	8.52	17.545	12.22	11.805	8.149	15.926	10.994
B2	0.53	1.193	5.21	2.195	2.035	4.865	2.965	5.563	3.97	4.543	5.295	1.715
B3	0	1.065	0.78	4.08	1.09	0.15	0.215	2.37	1.84	3.44	4.07	0.8
Caa1	0.325	0.635	0.52	0.515	0.167	1.736	1.6	1.07	1.596	1.775	2.96	0.462
Caa2	0	0.062	0.21	0	0	0.1	0.795	0.235	0	1.315	0.115	0.6
NR	18.123	20.096	38.8	23.381	4.96	17.926	22.056	23.879	25.069	38.917	60.394	24.299
Total	27.813	43.08	73.952	71.182	24.716	48.77	75.664	80.845	73.217	74.835	106.221	43.888
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Baa3	4.547	4	0.5	1	2.5	3	0	0	3	2	7.547	8	0.60%
Ba1	3.962	7	8.805	17	2.026	5	0.03	1	10.861	15	17.573	32	2.16%
Ba2	17.164	28	23.703	39	24.481	40	3.75	9	51.934	38	80.508	138	10.32%
Ba3	48.804	69	48.461	85	34.087	77	1.238	9	83.786	77	144.28	268	16.64%
B1	11.43	56	38.285	91	35.88	113	10.994	17	85.159	106	99.604	294	16.92%
B2	9.44	28	13.393	39	13.807	45	1.715	9	28.916	41	40.078	134	5.74%
B3	5.95	17	2.735	12	9.35	26	0.8	4	12.885	8	19.9	63	2.56%
Caa1	1.202	12	4.406	25	6.331	36	0.462	5	11.198	7	13.361	86	2.22%
Caa2	0.21	2	1.13	4	1.43	8	0.6	3	3.16	3	3.432	18	0.63%
NR	67.141	213	63.861	306	124.381	301	24.299	145	212.541	427	317.901	1124	42.22%
Total	169.85	230	205.279	306	254.273	321	43.888	95	503.44	722	744.184	1086	100.00%
Industry Sector (by SIC code)
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Agriculture (0xxx)	0	0.138	0	0	0	0.525	0	0	0	0.160	0	0
Mining (1xxx)	0.175	3.177	0	0.335	0.125	0	11.960	0.200	0	0.300	5.050	0.219
Oil and gas (13xx)	1.850	3.915	1.275	1.445	1.280	1.280	2.665	7.275	1.945	1.375	6.269	0.880
Construction (15xx)	1.067	0.535	1.350	0.275	0.310	1.030	0.200	0	0	1.090	0.155	1.965
Manufacturing (2xxx, 3xxx)	17.308	9.831	20.212	43.457	11.414	17.128	16.045	30.579	28.189	24.401	22.143	19.236
Transportation (4xxx)	1.350	4.628	0.570	0.130	0.712	2.480	0.650	5.160	4.135	0.961	2.455	0.525
Communications (48xx)	0.493	4.145	2.660	0.535	0.875	3.770	22.185	2.275	1.585	7.760	4.910	1.280
Electric, gas, sanitary services (49xx)	0.778	1.603	2.052	5.595	2.200	2.715	11.104	8.475	7.290	3.469	6.410	5.625
Wholesale (5xxx)	1.210	3.465	8.185	2.954	2.400	7.168	1.555	6.580	7.319	4.497	5.580	3.505
Finance, insurance, real estate (6xxx)	0.705	2.440	2.485	4.611	0.375	2.050	2.458	6.855	2.925	18.973	20.817	2.312
Services (7xxx)	2.222	6.946	17.458	10.580	4.426	5.459	6.577	11.562	17.485	10.410	12.234	6.003
Health services (8xxx)	0.655	2.257	17.706	1.265	0.600	5.165	0.266	1.883	2.344	1.135	20.198	1.813
Non-operating (9995)	0	0	0	0	0	0	0	0	0	0.305	0	0
Total	27.813	43.080	73.952	71.182	24.716	48.770	75.664	80.845	73.217	74.835	106.221	43.888
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.525	2	0.160	1	0	0	0.685	3	0.823	4	0.14%
Mining (1xxx)	0.460	3	12.160	4	5.350	4	0.219	1	17.729	9	21.541	15	3.52%
Oil and gas (13xx)	4.000	12	11.220	18	9.589	19	0.880	6	21.689	43	31.454	67	4.31%
Construction (15xx)	1.935	7	1.230	3	1.245	2	1.965	3	4.440	8	7.978	21	0.88%
Manufacturing (2xxx, 3xxx)	75.082	82	63.753	107	74.733	102	19.236	38	157.723	247	259.943	373	31.33%
Transportation (4xxx)	1.412	6	8.290	10	7.551	12	0.525	1	16.366	23	23.756	33	3.25%
Communications (48xx)	4.070	9	28.230	28	14.255	25	1.280	2	43.765	55	52.473	71	8.69%
Electric, gas, sanitary services (49xx)	9.847	12	22.294	23	17.169	24	5.625	4	45.087	51	57.315	70	8.96%
Wholesale (5xxx)	13.539	25	15.303	30	17.396	27	3.505	7	36.204	64	54.418	102	7.19%
Finance, insurance, real estate (6xxx)	7.471	17	11.363	16	42.715	21	2.312	6	56.390	43	67.006	72	11.20%
Services (7xxx)	32.464	44	23.599	49	40.129	57	6.003	18	69.731	124	111.363	185	13.85%
Health services (8xxx)	19.570	13	7.314	16	23.677	25	1.813	8	32.803	49	55.286	70	6.52%
Non-operating (9995)	0	0	0	0	0.305	2	0	0	0.305	2	0.305	2	0.06%
Total	169.850	230	205.279	306	254.273	321	43.888	95	503.440	722	744.184	1086	100.00%

Criteria

• The tables include dollar-denominated deals offered in the United States reported to Prospect News.

• Deals must be $75 million or bigger for inclusion.

• All loans are leveraged: either the interest rate margin is 150 bps or higher or they are rated speculative-grade by Moody's Investors Service or Standard & Poor's.

• Includes amended and restated loans where the maturity or size is changed but not repricings.

• Offerings are included in the time period in which the bank meeting was held (if available), otherwise the earlier of settlement date or date reported to Prospect News.

• Numeric totals are for the number of deals. Where individual tranches have different features (e.g. interest rate, flex), breakdown is by tranches, otherwise breakdown is by number of deals (e.g. use of proceeds, industry sector).

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