Jefferies-Energy Power Shipping Price Sheet-Jan 2005-Greg Imbruce

H IGH Y IELD AND SPEC IAL S ITUAT IONS GROUP

WWW.JEFCO.COM

High YieldResearch

Energy/Power &Utilities/Shipping

Pricing Sheet

Best Picks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Winners & Losers . . . . . . . . . . . . . . . . . . . . . . . . 3Coal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Drillers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4Exploration & Production . . . . . . . . . . . . . . . . . . . . . . . . . 4Oil Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Power & Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7Propane . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10Refining & Marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . .10Shipping . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11Supply Vessels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11Tankers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11

Sorted by Category

Bonds in Default . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12Non-Call Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13Callable Now Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14Callable Make-Whole Bonds . . . . . . . . . . . . . . . . . . . . . .15Spread-to-Worst (YTW) . . . . . . . . . . . . . . . . . . . . . . . . . .17Ratings by STW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21Yield-to-Worst (YTW) . . . . . . . . . . . . . . . . . . . . . . . . . . . .26Current Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30Duration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34Bond Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39

WWW.JEFCO.COM

January 10, 2005

RESEARCH

Brett M. Levy, Co-Director [email protected] (203) 708-5806Bob Welch, Co-Director [email protected] (203) 708-5983

Restaurant, Food and Consumer Products Kenneth Bann [email protected] (973) 912-2790Michael Schwartz [email protected] (973) 912-2790

Aerospace & Defense, Packaging, Paper and Forest ProductsBradley K. Bryan [email protected] (310) 575-5113

Gaming, Lodging and LeisureRaymond S. Cheesman [email protected] (970) 926-5309

Maritime, Financial Services and Movie TheatresRaymond Wu [email protected] (203) 708-5807

Energy, Power and Utilities Greg Imbruce [email protected] (203) 708-5800

Metals, Forest Products Brett M. Levy [email protected] (203) 708-5806

Communications and MediaRomeo A. Reyes [email protected] (203) 708-5800Chak K. Gude [email protected] (203) 708-5800Steve Sweeney, CFA [email protected] (203) 708-5800

HealthcareKyle D. Smith [email protected] (973) 912-2790

Industrials, Automotive Supply, Chemicals and Special SituationsJoseph P. Von Meister, CFA [email protected] (973) 912-2790

TRADING

David W. Schwartz, Executive Vice President (203) 708-5800

John Budish (973) 912-2790Michael Satzberg (310) 575-5100

SALES

Steve Baker (203) 708-5800Harrison Bubrosky (203) 708-5800Laury Carr (203) 708-5800Don Dizon (203) 708-5800Howard Fife (203) 708-5800Drew Hall (203) 708-5800Mark Neuner (310) 575-5800Steve Sander (203) 708-5800Michael Shapiro (203) 708-5800Tony Ulehla (203) 708-5800Paul Voigt (203) 708-5800

CAPITAL MARKETS

Eric Macy, Executive Vice President (973) 912-2888

Travis Black (973) 912-2888Timothy Lepore (973) 912-2888

PRIVATE PLACEMENTS

Andrew Woolford (203) 708-5878Neil Wessan (203) 708-5874Fred Buffone (203) 708-5877Dan Polner (203) 708-5875Tom Tuchscher (203) 708-5810

Coal: Brett Levy [email protected] 203/708-5806Energy /Power & Utilities: Greg Imbruce [email protected] 203/708- 5804

OSV/Shipping/Tankers: Raymond Wu [email protected] 203/708- 5807

HIGH YIELD RESEARCH

COAL:ENERGY/POWER/UTILITIES:OSV/SHIPPING:

Amt. O/SCompany Bond Description Ratings USD $MM YTW STW Duration

STRONGEST BUYS:Northern Offshore 10 Sr. Nts. 05 C / NR $143 106.0 IN DEFAULT 0.1 STRONG BUYS:ATP Oil & Gas 8.818 Sr. Sec. Nts.-1st Lien 09 NR / NR $184 102.0 7.29% 455 0.7 Calpine Corp. 9.625 Sr. Sec. Nts.-1st Lien 14 NR / B+ $785 101.5 9.34% 561 5.2 Calpine Corp. 8.5 Sr. Sec. Nts.-2nd Lien 10 NR / B $1,150 82.0 13.20% 947 3.9 Energy Corp. of America 9.5 Sr. Sub. Nts. 07 Caa3 / NR $92 95.3 11.87% 864 2.0 Crown Central Petroleum 10.875 Sr. Nts. 05 Ca / NR $125 96.0 117.85% 9,235 0.0 Mission Resources 9.875 Sr. Nts. 11 Caa2 / CCC $130 106.3 8.37% 462 4.0 S.Point/Broad River/RockGen (Calpine) 9.825 Pass Thru Certs. 19 B2 / B $200 84.0 12.21% 792 6.9 Seitel 11.75 Sr. Nts. 11 B3 / B- $193 107.3 10.20% 645 4.3 Tiverton/Rumford Power (Calpine) 9 Pass Thru Certs. 18 B3 / B $364 82.0 13.66% 793 3.9 United Refining 10.5 Sr. Nts. 12 B3 / B- $200 105.5 9.21% 547 4.0 BUYS:Aquila 14.875 Sr. Nts. 12 B2 / B- $500 139.5 7.79% 405 5.0 Baytex Energy 9.625 Sr. Sub. Nts. 10 B3 / B- $180 106.8 7.82% 442 3.5 Bluewater 10.25 Sr. Nts. 12 B1 / B $335 110.0 7.31% 392 1.8 Belden & Blake 8.75 Sr. Sec. Nts.-2nd Lien 12 B3 /*- / CCC+ $193 102.5 8.18% 443 4.1 Callon Petroleum 9.75 Sr. Nts. 10 NR / NR $200 106.6 8.35% 460 3.9 Energy Partners 8.75 Sr. Nts. 10 B2 / B+ $150 109.0 6.43% 303 2.9 Hilcorp Energy 10.5 Sr. Nts. 10 B3 / B $275 113.8 6.58% 318 2.2 J Ray McDermott 11 Sr. Sec. Nts.-2nd Lien 13 Caa1 / CCC+ $200 111.8 8.61% 486 3.2 Lone Star Technologies 9 Sr. Sub. Nts. 11 B3 / B- $149 107.5 6.40% 300 1.3 North American Energy 8.75 Sr. Nts. 11 B2 / B $200 102.0 8.24% 451 3.9 Parker Drilling 9.625 Sr. Nts. 13 B2 / B- $175 112.1 7.01% 328 3.1 Parker Drilling 10.125 Sr. Nts. 09 B2 / B- $156 105.2 7.61% 494 0.8 Shaw Group 10.75 Sr. Nts. 10 Ba3 / B+ $253 112.0 7.02% 364 1.9 Venoco 8.75 Sr. Nts. 11 Caa1 / CCC+ $150 103.0 8.10% 435 4.6 SWAPS:Out of:Calpine Corp. 8.5 Sr. Nts. 11 Caa1 / CCC+ $1,991 72.0 15.83% 1,210 4.1 Into:Tiverton/Rumford Power (Calpine) 9 Pass Thru Certs. 18 B3 / B $364 82.0 13.66% 793 3.9 or Into:Calpine Corp. 7.82 Sr. Sec. Nts.-2nd Lien 07 NR / B $494 92.0 14.33% 1,127 1.5 or Into:Calpine Corp. 8.5 Sr. Nts. 08 Caa1 / CCC+ $2,030 75.0 19.03% 1,566 2.6 SELLS:Abraxas Petroleum 9.72 Sr. Sec. Nts.-1st Lien 09 NR / NR $125 99.0 10.56% 685 4.9 Magnum Hunter 9.6 Sr. Nts. 12 B2 / B+ $195 114.5 4.62% 123 1.9 Newpark Resources 8.625 Sr. Sub. Nts. 07 B2 / B $125 101.8 4.20% 184 0.1

Price

Brett Levy Greg Imbruce Raymond Wu

203/708-5806203/708-5804203/708-5807

[email protected]@[email protected]

[]

HIGH YIELD RESEARCH

203/708-5806 203/708-5804 203/708-5807

Winners12-MONTH PRICE PERFORMANCE QTD PRICE PERFORMANCE Last 30-Days PRICE PERFORMANCE

1/10/04 1/10/05 Chg.% 1/1/05 1/10/05 Chg.% 12/11/04 1/10/05 Chg.%1 Vectura Group Inc 11.25 Sr. Nts. 08 11.5 143.5 1147.8% 1 Northern Offshore Asa 10 Sr. Nts. 05 94.5 101.0 6.9% 1 South Pt/Broad Riv/Rockg 8.4 Pass Thru Certs. 12 81.3 94.5 16.3%2 Northern Offshore Asa 10 Sr. Nts. 05 35.0 101.0 188.6% 2 Tiverton/Rumford Pwr Ass 9 Pass Thru Certs. 18 80.0 82.0 2.5% 2 Tiverton/Rumford Pwr Ass 9 Pass Thru Certs. 18 73.5 82.0 11.6%3 Navigator Gas Transport 10.5 Sr. Nts. 07 42.3 75.0 77.5% 3 Enterprise Products Oper 6.875 Sr. Nts. 33 104.9 107.3 2.2% 3 Vectura Group Inc 11.25 Sr. Nts. 08 131.5 143.5 9.1%4 Oglebay Norton Co 10 Sr. Sub. Nts. 09 48.0 73.0 52.1% 4 Vectura Group Inc 11.25 Sr. Nts. 08 141.0 143.5 1.8% 4 South Pt/Broad Riv/Rockg 9.825 Pass Thru Certs. 19 77.0 84.0 9.1%5 Crown Central Petroleum 10.875 Sr. Nts. 05 65.0 95.8 47.3% 5 Seitel Inc 11.75 Sr. Nts. 11 105.5 107.3 1.7% 5 Northern Offshore Asa 10 Sr. Nts. 05 94.8 101.0 6.6%6 Ram Energy Inc 11.5 Sr. Nts. 08 75.0 101.8 35.7% 6 Cedar Brakes I Llc 8.5 Sr. Sec. Nts.-2nd Lien 14 113.3 115.0 1.5% 6 United Refining Co 10.5 Sr. Nts. 12 99.0 105.5 6.6%7 Sonat Inc 7 Sr. Nts. 18 78.5 93.3 18.8% 7 El Paso Corporation 7.75 Sr. Nts. 32 95.8 97.1 1.4% 7 Pride International Inc 2.5 Cnvrt. Sr. Nts. 07 $16.51 118.0 125.1 6.0%8 Hanover Compressor Co 0 Sr. Sub. Nts. 07 74.3 86.5 16.5% 8 Sonat Inc 7 Sr. Nts. 18 92.0 93.3 1.4% 8 Trico Marine Services 8.875 Sr. Nts. 12 63.0 66.0 4.8%9 Energy Corp Of America 9.5 Sr. Sub. Nts. 07 82.0 95.3 16.2% 9 Alpha Natural Resources 10 Sr. Nts. 12 114.0 115.5 1.3% 9 Calpine Corp 7.82 Sr. Sec. Nts.-2nd Lien 07 88.5 92.0 4.0%

10 Cedar Brakes I Llc 8.5 Sr. Sec. Nts.-2nd Lien 14 101.0 115.0 13.9% 10 Williams Cos Inc 7.75 Sr. Nts. 31 104.8 106.1 1.3% 10 El Paso Corporation 7.75 Sr. Nts. 32 93.5 97.1 3.9%11 Paramount Resources Ltd 7.875 Sr. Nts. 10 101.5 113.0 11.3% 11 Petroleum Geo-Services 10 Sr. Nts. 10 114.0 115.5 1.3% 11 Calpine Corp 8.5 Sr. Nts. 11 73.0 75.5 3.4%12 Paiton Energy Funding Bv 9.34 Sr. Nts. 14 104.8 115.8 10.5% 12 Trico Marine Services 8.875 Sr. Nts. 12 65.3 66.0 1.1% 12 Seitel Inc 11.75 Sr. Nts. 11 104.0 107.3 3.1%13 Ocean Rig Norway As 10.25 Sr. Sec. Nts.-1st Lien 08 94.5 103.6 9.7% 13 Pride International Inc 2.5 Cnvrt. Sr. Nts. 07 $16.51 123.8 125.1 1.1% 13 Aquila Inc 14.875 Sr. Nts. 12 135.8 139.5 2.8%14 Mcdermott Inc 8.75 Sr. Nts. 23 84.0 92.0 9.5% 14 Belden & Blake Corp 8.75 Sr. Sec. Nts.-2nd Lien 12 101.5 102.5 1.0% 14 Sonat Inc 6.75 Sr. Nts. 07 102.3 104.8 2.4%15 Golden State Petro Trans 8.04 Sr. Sec. Nts.-1st Lien 19 100.6 109.8 9.2% 15 El Paso Corporation 6.75 Sr. Nts. 09 101.5 102.5 1.0% 15 El Paso Natural Gas 8.375 Sr. Nts. 32 108.6 111.3 2.4%16 El Paso Natural Gas 8.625 Sr. Nts. 22 105.5 114.8 8.8% 16 Enterprise Products Oper 6.65 Sr. Nts. 34 102.5 103.4 0.9% 16 Edison Mission Enrgy Fdg 7.33 Sr. Nts. 08 104.0 106.3 2.2%17 Sonat Inc 6.75 Sr. Nts. 07 96.5 104.8 8.5% 17 Magnum Hunter Re 9.6 Sr. Nts. 12 113.5 114.5 0.9% 17 J Ray Mcdermott Sa 11 Sr. Sec. Nts.-2nd Lien 13 109.5 111.8 2.1%18 El Paso Natural Gas 8.375 Sr. Nts. 32 102.8 111.3 8.3% 18 Williams Cos Inc 7.5 Sr. Nts. 31 103.5 104.4 0.8% 18 Swift Energy Co 7.625 Sr. Nts. 11 105.9 108.0 2.0%19 El Paso Natural Gas 7.5 Sr. Nts. 26 97.3 103.8 6.7% 19 Williams Cos Inc 8.75 Sr. Nts. 32 114.9 115.8 0.8% 19 Harvest Energy Trust 9 Cnvrt. Sr. Sub. Nts. 09 C$14.00 156.0 159.0 1.9%20 Range Resources Corp 7.375 Sr. Sub. Nts. 13 101.0 107.8 6.7% 20 Transcont Gas Pipe Corp 8.875 Sr. Nts. 12 121.6 122.5 0.7% 20 Calpine Corp 9.625 Sr. Sec. Nts.-2nd Lien 14 100.0 101.8 1.8%21 Sea Containers Ltd 12.5 Sr. Nts. 09 103.6 110.5 6.6% 21 Golden State Petro Trans 8.04 Sr. Sec. Nts.-1st Lien 19 109.0 109.8 0.7% 21 Paramount Resources Ltd 7.875 Sr. Nts. 10 111.0 113.0 1.8%22 El Paso Corporation 7.75 Sr. Nts. 32 91.3 97.1 6.4% 22 Hanover Compressor Co 9 Sr. Nts. 14 111.3 112.0 0.7% 22 Calpine Corp 8.5 Sr. Sec. Nts.-2nd Lien 10 81.6 83.0 1.7%23 El Paso Cgp Co 6.375 Sr. Nts. 09 93.5 99.5 6.4% 23 Hilcorp Energy/Finance 10.5 Sr. Nts. 10 113.0 113.8 0.7% 23 Stone Energy Corp 8.25 Sr. Sub. Nts. 11 106.5 108.3 1.6%24 Calpine Corp 7.625 Sr. Nts. 06 90.4 96.0 6.2% 24 Forest Oil Corporation 8 Sr. Nts. 11 114.3 115.0 0.7% 24 El Paso Corporation 6.75 Sr. Nts. 09 101.0 102.5 1.5%25 Petroleum Geo-Services 10 Sr. Nts. 10 109.0 115.5 6.0% 25 Stena Ab 9.625 Sr. Nts. 12 113.0 113.7 0.7% 25 Paramount Resources Ltd 8.875 Sr. Nts. 14 119.5 121.3 1.5%

Losers12-MONTH PRICE PERFORMANCE QTD PRICE PERFORMANCE Last 30-Days PRICE PERFORMANCE

1/10/04 1/10/05 Chg.% 1/1/05 1/10/05 Chg.% 12/11/04 1/10/05 Chg.%1 Trico Marine Services 8.875 Sr. Nts. 12 79.0 66.0 -16.5% 1 Denbury Resources Inc 7.5 Sr. Sub. Nts. 13 108.0 103.2 -4.5% 1 Belden & Blake Corp 8.75 Sr. Sec. Nts.-2nd Lien 12 108.0 102.5 -5.1%2 Calpine Corp 8.5 Sr. Sec. Nts.-2nd Lien 10 98.5 83.0 -15.7% 2 Calpine Canada Ener Fin 8.5 Sr. Nts. 08 82.0 78.5 -4.3% 2 Calpine Corp 7.625 Sr. Nts. 06 100.0 96.0 -4.0%3 Calpine Corp 8.5 Sr. Nts. 11 82.5 75.5 -8.5% 3 Calpine Corp 8.5 Sr. Sec. Nts.-2nd Lien 10 85.8 83.0 -3.2% 3 Williams Cos Inc 8.75 Sr. Nts. 32 119.0 115.8 -2.7%4 South Pt/Broad Riv/Rockg 9.825 Pass Thru Certs. 19 91.5 84.0 -8.2% 4 Chesapeake Energy Corp 8.375 Sr. Nts. 08 108.4 105.4 -2.8% 4 Chesapeake Energy Corp 8.375 Sr. Nts. 08 108.0 105.4 -2.4%5 Dynegy Inc 4.75 Cnvrt. Sr. Sub. Nts. 23 $4.12 150.0 138.5 -7.7% 5 Hanover Compress Co 4.75 Cnvrt. Sr. Nts. 14 $15.00 127.3 123.8 -2.8% 5 Sonat Inc 7 Sr. Nts. 18 95.4 93.3 -2.2%6 Tiverton/Rumford Pwr Ass 9 Pass Thru Certs. 18 87.8 82.0 -6.6% 6 Calpine Corp 7.625 Sr. Nts. 06 98.3 96.0 -2.3% 6 Dynegy Holdings Inc 9.875 Sr. Sec. Nts.-2nd Lien 10 113.0 110.5 -2.2%7 Calpine Corp 7.82 Sr. Sec. Nts.-2nd Lien 07 98.3 92.0 -6.4% 7 Dynegy Inc 4.75 Cnvrt. Sr. Sub. Nts. 23 $4.12 141.6 138.5 -2.2% 7 Hanover Compressor Co 4.75 Cnvrt. Sr. Nts. 08 $43.94 97.4 95.5 -1.9%8 Calpine Canada Ener Fin 8.5 Sr. Nts. 08 83.0 78.5 -5.4% 8 Hanover Compressor Co 4.75 Cnvrt. Sr. Nts. 08 $43.94 97.4 95.5 -1.9% 8 Newfield Exploration Co 7.45 Sr. Nts. 07 109.9 108.0 -1.7%9 Chesapeake Energy Corp 8.375 Sr. Nts. 08 111.0 105.4 -5.1% 9 El Paso Natural Gas 8.625 Sr. Nts. 22 116.6 114.8 -1.6% 9 Evergreen Resources Inc 5.875 Sr. Sub. Nts. 12 92.0 90.5 -1.6%

10 Chesapeake Energy Corp 8.125 Sr. Nts. 11 112.5 107.8 -4.2% 10 Western Oil Sands Inc 8.375 Sr. Sec. Nts.-3rd Lien 12 116.9 115.0 -1.6% 10 Overseas Shiphldg Group 8.75 Sr. Nts. 13 115.1 113.3 -1.6%11 Pioneer Natural Resource 9.625 Sr. Nts. 10 127.3 121.9 -4.2% 11 Giant Industries 11 Sr. Sub. Nts. 12 116.0 114.3 -1.5% 11 Premcor Refining Group 7.5 Sr. Nts. 15 108.5 106.8 -1.6%12 Dynegy Holdings Inc 7.45 Sr. Nts. 06 100.0 96.5 -3.5% 12 Premcor Refining Group 7.5 Sr. Nts. 15 108.3 106.8 -1.4% 12 Dynegy Holdings Inc 10.125 Sr. Sec. Nts.-2nd Lien 13 115.1 113.4 -1.5%13 Teco Energy Inc 10.5 Sr. Nts. 07 119.0 114.9 -3.5% 13 Petroleum Helicopters 9.375 Sr. Nts. 09 109.5 108.0 -1.4% 13 Hanover Compress Co 4.75 Cnvrt. Sr. Nts. 14 $15.00 125.6 123.8 -1.5%14 Consolidated Coal 8.25 Sr. Nts. 07 108.9 105.2 -3.4% 14 Oglebay Norton Co 10 Sr. Sub. Nts. 09 74.0 73.0 -1.4% 14 El Paso Cgp Co 6.5 Sr. Nts. 06 105.3 103.8 -1.4%15 Pogo Producing Co 8.25 Sr. Sub. Nts. 11 112.0 108.5 -3.1% 15 Dynegy Holdings Inc 8.75 Sr. Nts. 12 104.8 103.5 -1.2% 15 Foundation Pa Coal Co 7.25 Sr. Nts. 14 106.8 105.3 -1.4%16 Dynegy Holdings Inc 9.875 Sr. Sec. Nts.-2nd Lien 10 114.0 110.5 -3.1% 16 Cp Ships Limited 10.375 Sr. Nts. 12 115.4 114.0 -1.2% 16 Tesoro Corp 9.625 Sr. Sub. Nts. 12 116.1 114.5 -1.4%17 Brand Services Inc 12 Sr. Nts. 12 115.6 112.5 -2.7% 17 Orion Power Holdings Inc 12 Sr. Nts. 10 127.0 125.5 -1.2% 17 Navigator Gas Transport 10.5 Sr. Nts. 07 76.0 75.0 -1.3%18 Newfield Exploration Co 7.45 Sr. Nts. 07 111.0 108.0 -2.7% 18 Foundation Pa Coal Co 7.25 Sr. Nts. 14 106.5 105.3 -1.2% 18 Chesapeake Energy Corp 9 Sr. Nts. 12 115.9 114.5 -1.2%19 Parker Drilling Co 10.125 Sr. Nts. 09 108.0 105.2 -2.6% 19 Teco Energy Inc 7 Sr. Nts. 12 109.3 108.0 -1.1% 19 Premcor Refining Group 9.5 Sr. Nts. 13 116.6 115.3 -1.2%20 Cp Ships Limited 10.375 Sr. Nts. 12 117.0 114.0 -2.6% 20 Dynegy Holdings Inc 9.875 Sr. Sec. Nts.-2nd Lien 10 111.8 110.5 -1.1% 20 Omi Corp 7.625 Sr. Nts. 13 107.1 105.9 -1.2%21 Key Energy Services Inc 8.375 Sr. Nts. 08 107.8 105.0 -2.6% 21 Omi Corp 7.625 Sr. Nts. 13 107.0 105.9 -1.1% 21 Vintage Petroleum 7.875 Sr. Sub. Nts. 11 107.5 106.3 -1.2%22 Amerigas Part/Eagle Fin 10 Sr. Nts. 06 109.8 107.0 -2.5% 22 Dynegy Holdings Inc 6.875 Sr. Nts. 11 96.3 95.3 -1.0% 22 Pioneer Natural Resource 6.5 Sr. Nts. 08 108.1 106.8 -1.1%23 Teekay Shipping Corp 8.32 Sr. Nts. 06 104.5 102.0 -2.4% 23 Calpine Corp 8.25 Sr. Nts. 05 101.0 100.0 -1.0% 23 Consol Energy Inc 7.875 Sr. Nts. 12 113.0 111.8 -1.1%24 Denbury Resources Inc 7.5 Sr. Sub. Nts. 13 105.5 103.2 -2.2% 24 Calpine Corp 8.5 Sr. Nts. 11 76.3 75.5 -1.0% 24 Western Oil Sands Inc 8.375 Sr. Sec. Nts.-3rd Lien 12 116.3 115.0 -1.1%25 Dynegy Holdings Inc 10.125 Sr. Sec. Nts.-2nd Lien 13 115.8 113.4 -2.1% 25 Dynegy Holdings Inc 10.125 Sr. Sec. Nts.-2nd Lien 13 114.5 113.4 -1.0% 25 Golden State Petro Trans 8.04 Sr. Sec. Nts.-1st Lien 19 110.9 109.8 -1.0%

[email protected] [email protected] [email protected]

COAL: ENERGY/POWER/UTILITIES: OSV/SHIPPING:

Brett LevyGreg ImbruceRaymond Wu

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HIGH YIELD RESEARCH17 18 20 22 25 27 28 29 30 32 33 34 36 38 39

Amt.O/S USD Current MW Cpn. Freq.-

Issuer/issue Notes $MM Rating Price Yld. YTW STW Dur. Call Date Price Nxt. Cpn. %/Px UntilCOAL Brett Levy 203/708-5806 [email protected] Natural Res. Private/ALPNAT10 Sr. Nts. 12 $175 B3 / CCC+ 115.5 8.66% 6.20% 245 2.9 6/1/08 105.00 2-6/1/05 35/110.0 6/07Arch Coal ACI/ACI6.75 Sr. Nts. 13 $700 Ba3 / BB 103.3 6.54% 6.13% 238 5.2 7/1/08 103.38 2-7/1/05 35/106.8 7/06CONSOL Energy8.25 Sr. Nts. 07 $45 Ba2 / NR 105.2 7.84% 5.86% 263 2.1 NC NC 2-6/1/05 NA NA7.875 Sr. Nts. 12 $250 Ba2 / BB 111.8 7.05% 5.84% 209 5.4 >P,45 Anytime 2-3/1/05 NA NAFoundation PA Private/FOUNDA7.25 Sr. Nts. 14 $300 B1 / B 105.3 6.89% 6.36% 261 5.6 50 8/1/09 103.63 2-2/1/05 NA NALuscar Coal Private/LUSUCN9.75 Sr. Nts. 11 $275 Ba3 / BB 112.8 8.65% 4.77% 154 1.6 10/15/06 104.88 2-4/15/05 ExpiredMassey Energy MEE/MEE6.95 Sr. Nts. 07 $300 B1 / B+ 104.0 6.68% 4.95% 171 1.9 >P,5 Anytime 2-3/1/05 NA NA6.625 Sr. Nts. 10 $360 Ba3 / BB 103.0 6.43% 5.90% 217 4.1 11/15/07 103.31 2-5/15/05 35/106.6 11/064.75 Cnvrt. Sr. Nts. 23 $19.39 Put-09 $132 B1 / B+ 177.1 2.68% (9.25%) (1,298) 4.3 5/20/09 100.00 2-5/15/05 NA NA2.25 Cnvrt. Sr. Nts. 24 $33.60 Put-11 $175 Ba3 / BB 123.7 1.82% (1.38%) (512) 5.9 4/6/11 100.00 2-4/1/05 NA NADRILLERS Greg Imbruce 203/708-5804 [email protected] Wolf GW/GW3.75 Cnvrt. Sr. Nts. 23 $6.45 Put-13 $150 B1 / BB- 103.5 3.62% 2.65% (75) 3.1 5/14/08 100.00 2-5/7/05 NA NA2.51 Cnvrt. Sr. Nts. 24 $6.51 Put-14 $125 NR / NR 110.8 2.27% 1.27% NA 9.2 4/7/14 100.00 4-4/1/05 NA NAKey Energy Services KEG/KEG8.375 Sr. Nts. 08 $275 B1 /*- / B /* 105.0 7.98% 1.99% (37) 0.1 3/1/05 104.19 2-3/1/05 Expired6.375 Sr. Nts. 13 $150 B1 /*- / B /* 101.3 6.30% 6.18% 189 6.3 50 Anytime 2-5/1/05 NA NANorthern Offshore NOF NO/NOF DEFAULT7.48 Sr. Nts. 04 3moN+550, 102.5 $16 NR / NR 106.0 DFLT NA NA NA NC NC 4-10/6/04 NA NA10 Sr. Nts. 05 $143 C / NR 106.0 DFLT (78.37%) (8,075) 0.1 Now 100.00 2-5/15/05 ExpiredOcean Rig Norway OCR NO/OCRNO10.25 Sr. Sec. Nts.-1st Lien 08 $225 B3 / CCC 103.6 9.89% 4.97% 230 0.4 Now 103.42 2-6/1/05 ExpiredParker Drilling PKD/PKD10.125 Sr. Nts. 09 $156 B2 / B- 105.2 9.63% 7.61% 494 0.8 Now 105.06 2-5/15/05 NA NA9.625 Sr. Nts. 13 $175 B2 / B- 112.1 8.58% 7.01% 328 3.1 10/1/08 104.81 2-4/1/05 35/109.6 10/067.15 Sr. Nts. 10 3moL+475 $150 B2e / B- 104.3 6.86% 5.75% 266 1.6 9/1/06 102.00 4-3/1/05 35/NA 9/06Pride International PDE/PDE2.5 Cnvrt. Sr. Nts. 07 $16.51 $300 NR / BB- 125.1 2.00% (105.8%) NM 0.3 3/4/05 101.00 2-3/1/05 NA NA7.375 Sr. Nts. 14 $500 Ba2 / BB- 109.8 6.72% 5.63% 188 3.7 50 7/15/09 103.69 2-1/15/05 NA NA3.25 Cnvrt. Sr. Nts. 33 $25.70 Put-08 $300 NR / BB- 108.4 3.00% 0.67% (270) 3.1 5/5/08 100.00 2-5/1/05 NA NAEXPLORATION & PRODUCTION Greg Imbruce 203/708-5804 [email protected] Petroleum ABP/ABP9.72 Sr. Sec. Nts.-1st Lien 09 6moL+750 $125 NR / NR 99.0 9.82% 10.56% 685 4.9 NC NC 2-12/1/05 NA NAATP Oil & Gas ATPG/NA8.818 Sr. Sec. Nts.-1st Lien 09 L+625 Sink $184 NR / NR 102.0 8.64% 7.29% 454 0.7 Now 102.00 4-3/29/05 NA NA12.568 Sr. Sec. Nts.-2nd Lien 09 L+1,000 Sink $35 NR / NR 102.0 12.32% 10.97% 822 0.7 Now 102.00 4-3/29/05 NA NABaytex Energy BTE CN/BTE9.625 Sr. Sub. Nts. 10 $180 B3 / B- 106.8 9.02% 7.82% 442 3.5 7/15/07 104.81 2-1/15/05 NA NABelden & Blake Private/BELD8.75 Sr. Sec. Nts.-2nd Lien 12 $193 B3 /*- / CCC+ 102.5 8.54% 8.18% 443 4.1 75 7/15/08 104.38 2-1/15/05 35/108.8 7/07Callon Petroleum CPE/CPE9.75 Sr. Nts. 10 $200 NR / NR 106.6 9.14% 8.35% 460 3.9 12/8/07 105.00 4-3/31/05 NA NAChesapeake Energy CHK/CHK8.375 Sr. Nts. 08 $19 Ba3 / BB- 105.4 7.95% 6.25% 301 2.4 11/1/05 104.19 2-5/1/05 Expired8.125 Sr. Nts. 11 $270 Ba3 / BB- 107.8 7.54% 4.76% 153 1.1 50 4/1/06 104.06 2-4/1/05 Expired9 Sr. Nts. 12 $300 Ba3 / BB- 114.5 7.86% -- -- -- >P,50 8/15/07 104.50 2-2/15/05 35/109.0 8/057.5 Sr. Nts. 14 $300 Ba3 / BB- 109.9 6.82% 5.69% 195 3.8 6/15/09 103.75 2-6/15/05 35/107.5 6/077.75 Sr. Nts. 15 $223 Ba3 / BB- 108.0 7.18% -- -- -- 1/15/08 103.88 2-1/15/05 35/107.8 1/066.375 Sr. Nts. 15 $600 Ba3 / BB- 103.4 6.16% 5.83% 154 6.2 12/15/09 103.19 2-6/15/05 35/106.4 12/076.875 Sr. Nts. 16 $670 Ba3 / BB- 103.9 6.61% 6.17% 244 5.4 0 1/15/09 103.44 2-1/15/05 35/106.9 1/07Compton Petroleum CMT CN,CPUXF/CPUXF9.9 Sr. Nts. 09 $165 B2 / B 110.5 8.96% 5.27% 204 1.2 5/15/06 104.95 2-5/15/05 35/109.9 5/05

January 10, 2005



203/708-5806 203/708-5804 203/708-5807


Next CallYield to WorstCall Features

Equity Claw

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Issuer/issue Notes $MM Rating Price Yld. YTW STW Dur. Call Date Price Nxt. Cpn. %/Px Until

January 10, 2005



203/708-5806 203/708-5804 203/708-5807



Equity Claw

Comstock Resources CRK/CRK6.875 Sr. Nts. 12 $175 B2 / B 103.5 6.64% 6.07% 232 4.2 3/1/08 103.44 2-3/1/05 35/106.9 3/07Denbury Resources DNR/DNR7.5 Sr. Sub. Nts. 13 $225 B2 / B 103.2 7.27% 6.86% 312 4.8 4/1/08 103.75 2-4/1/05 35/107.5 4/06Encore Acquisition EAC/EAC8.375 Sr. Sub. Nts. 12 $150 B2 / B 111.3 7.53% 5.03% 163 2.2 50 6/15/07 104.19 2-6/15/05 35/108.4 6/056.25 Sr. Sub. Nts. 14 $150 B2 / B 94.8 6.59% 7.02% 275 6.7 4/15/09 103.13 2-4/15/05 35/106.3 4/07Energy Corp. of Amer. Private/ENRGY9.5 Sr. Sub. Nts. 07 $92 Caa3 / NR 95.3 9.97% 11.87% 864 2.0 Now 101.58 2-5/15/05 ExpiredEnergy Partners EPL/EPL8.75 Sr. Nts. 10 $150 B2 / B+ 109.0 8.03% 6.43% 303 2.9 8/1/07 104.38 2-2/1/05 35/108.8 8/06Exco Resources Private/EXCO7.25 Sr. Nts. 11 $450 B2 / B 107.0 6.78% 5.63% 188 4.1 1/15/07 105.44 2-1/15/05 35/107.3 1/07Forest Oil FST/FST8 Sr. Nts. 08 $265 Ba3 / BB- 109.3 7.32% 5.02% 164 3.0 >P,50 Anytime 2-6/15/05 NA NA8 Sr. Nts. 11 $285 Ba3 / BB- 115.0 6.96% 5.37% 162 5.4 >P,50 Anytime 2-6/15/05 NA NA7.75 Sr. Nts. 14 $150 Ba3 / BB- 108.5 7.14% 5.37% 162 2.1 5/1/07 103.88 2-5/1/05 NA NAHarvest Energy Trust HVEGF/HRVST9 Cnvrt. Sr. Sub. Nts. 09 C$14.00 $41 NR / NR 159.0 5.66% (10.03%) (1,332) 2.3 5/31/07 105.00 2-5/31/05 NA NA8 Cnvrt. Sr. Sub. Nts. 09 C$16.25 $66 NR / NR NA NA NA NA NA 9/30/07 102.00 2-3/31/05 NA NA7.875 Sr. Nts. 11 $250 B3 / B- 101.5 7.76% 7.55% 380 4.5 10/15/08 103.94 2-4/15/05 35/107.9 10/10Hilcorp Energy Co. Private/HILCRP10.5 Sr. Nts. 10 $275 B3 / B 113.8 9.23% 6.58% 318 2.2 9/1/07 105.25 2-3/1/05 35/110.5 9/06Houston Exploration Co. THX/THX7 Sr. Sub. Nts. 13 $175 B2 / B+ 105.3 6.65% 6.00% 225 5.1 6/15/08 103.50 2-6/15/05 35/107.0 6/06KCS Energy KCS/KCS7.125 Sr. Nts. 12 $175 B3 / B- 105.5 6.75% 5.88% 213 4.3 4/1/08 103.56 2-4/1/05 35/107.1 4/07Magnum Hunter Resources MHR/MHR9.6 Sr. Nts. 12 $195 B2 / B+ 114.5 8.38% 4.62% 123 1.9 3/15/07 104.80 2-3/15/05 35/109.6 3/052.49 Cnvrt. Sr. Nts. 23 $12.19 Put-08 3moL+0 $125 NR / NR 113.3 2.20% -- -- 3.9 12/15/08 100.00 4-3/15/05 NA NAMission Resources MSSN/MSSN9.875 Sr. Nts. 11 $130 Caa2 / CCC 106.3 9.29% 8.37% 462 4.0 4/1/08 104.94 2-4/1/05 35/109.9 4/08Newfield Exploration NFX/NFX7.45 Sr. Nts. 07 $125 Ba2 / BB+ 108.0 6.90% 4.33% 94 2.5 25 Anytime 2-4/15/05 NA NA7.625 Sr. Nts. 11 $175 Ba2 / BB+ 112.3 6.79% 5.26% 151 4.8 >P,50 Anytime 2-3/1/05 NA NA8.375 Sr. Sub. Nts. 12 $250 Ba3 / BB- 111.9 7.49% 4.96% 157 2.3 >P,50 8/15/07 104.19 2-2/15/05 35/108.4 8/056.625 Sr. Sub. Nts. 14 $325 Ba3 / BB- 103.9 6.38% 5.98% 225 5.8 9/1/09 103.31 2-3/1/05 35/106.6 8/07Paramount Resources POU CN,PAREF/POUCN7.875 Sr. Nts. 10 $133 B3 / B /*- 113.0 6.97% 4.24% 84 2.5 11/1/07 103.94 2-5/1/05 NA NA8.875 Sr. Nts. 14 $81 B3 / B /*- 121.3 7.32% 4.51% 76 3.7 7/15/09 104.44 2-1/15/05 35/108.9 7/07Pioneer Natural Resources PXD/PXD8.875 Sr. Nts. 05 $136 Baa3 / BBB- 101.7 8.73% 2.24% (12) 0.2 NC NC 2-4/15/05 NA NA8.25 Sr. Nts. 07 $32 Baa3 / BBB- 115.1 7.17% 2.20% (119) 2.3 NC NC 2-2/15/05 NA NA6.5 Sr. Nts. 08 $350 Baa3 / BBB- 106.8 6.09% 4.08% 70 2.6 20 Anytime 2-1/15/05 NA NA9.625 Sr. Nts. 10 $64 Baa3 / BBB- 121.9 7.90% 4.82% 107 4.1 50 Anytime 2-4/1/05 NA NA5.875 Sr. Sub. Nts. 12 Put NA EVG $200 Baa3 / BBB- 104.2 5.64% 4.95% 122 4.4 3/15/08 102.94 2-3/15/05 35/105.9 3/077.5 Sr. Nts. 12 $16 Baa3 / BBB- 113.7 6.59% 5.20% 147 5.6 50 Anytime 2-4/15/05 NA NA5.875 Sr. Nts. 16 $527 Baa3 / BBB- 104.0 5.65% 5.41% 113 8.1 20 Anytime 2-1/15/05 NA NA4.75 Cnvrt. Sr. Nts. 21 $25.00 Put-06 EVG $100 NR / BBB- 176.9 2.69% (24.08%) (2,730) 2.1 12/20/06 100.00 2-6/15/05 NA NA7.2 Sr. Nts. 28 $250 Baa3 / BBB- 114.8 6.27% 6.01% 119 11.6 25 Anytime 2-1/15/05 NA NAPlains E&P PXP/PXP8.75 Sr. Sub. Nts. 12 $275 Ba3 / B+ 111.8 7.83% 5.29% 205 2.2 Anytime 2-NA 35/108.8 7/057.125 Sr. Nts. 14 $250 Ba2 / BB- 109.8 6.49% 5.34% 161 3.8 50 6/15/09 103.56 2-6/15/05 35/107.1 7/07Pogo Producing PPP/PPP8.25 Sr. Sub. Nts. 11 $200 Ba3 / BB 108.5 7.60% 4.43% 120 1.2 4/15/06 104.13 2-4/15/05 NA NARam Energy Private/RAME11.5 Sr. Nts. 08 $28 WR / NR 101.8 11.30% 10.81% 741 2.4 2/15/05 111.50 2-2/15/05 ExpiredRange Resources RRC/RRC7.375 Sr. Sub. Nts. 13 $200 B3 / B 107.8 6.84% 5.86% 211 3.0 7/15/08 103.69 2-1/15/05 35/107.4 7/06

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January 10, 2005



203/708-5806 203/708-5804 203/708-5807



Equity Claw

Stone Energy SGY/SGY8.25 Sr. Sub. Nts. 11 $200 B2 / B+ 108.3 7.62% 5.71% 232 1.8 12/15/06 104.13 2-6/15/05 Expired6.75 Sr. Sub. Nts. 14 $200 B2 / B+ 99.0 6.82% 6.89% 260 7.1 50 12/15/09 103.38 2-6/15/05 35/106.8 12/07Swift Energy SFY/SFY7.625 Sr. Nts. 11 $150 B1 / BB- 108.0 7.06% 5.90% 215 4.3 7/15/08 103.81 2-1/15/05 35/107.6 7/079.375 Sr. Sub. Nts. 12 $200 B2 / B 112.5 8.33% 5.45% 205 2.0 5/1/07 104.69 2-5/1/05 33/109.4 5/05Venoco Private/VENOC8.75 Sr. Nts. 11 $150 Caa1 / CCC+ 103.0 8.50% 8.10% 435 4.6 50 12/15/08 104.38 2-6/15/05 35/108.8 12/08Vintage Petroleum VPI/VPI7.875 Sr. Sub. Nts. 11 $200 B1 / B 106.3 7.41% 5.81% 242 1.2 5/15/06 103.94 2-5/15/05 Expired8.25 Sr. Nts. 12 $350 Ba3 / BB- 110.0 7.50% 5.28% 188 2.1 5/1/07 104.13 2-5/1/05 35/108.3 5/05Western Oil Sands WTO CN,WTOIF/WTOCN8.375 Sr. Sec. Nts.-3rd Lien 12 $450 Ba2 / BB+ 116.5 7.19% 5.59% 185 5.5 0 Anytime 2-5/1/05 NA NAWhiting Petroleum WLL/WPETRO7.25 Sr. Sub. Nts. 12 $150 B2 / B- 104.5 6.94% 6.24% 250 4.3 5/1/08 103.63 2-5/1/05 35/107.3 5/07XTO Energy XTO/XTO7.5 Sr. Nts. 12 $350 Baa3 / BBB- 116.5 6.44% 4.78% 105 5.6 50 Anytime 2-4/15/05 NA NA6.25 Sr. Nts. 13 $400 Baa3 / BBB- 109.0 5.73% 4.91% 63 6.4 50 Anytime 2-4/15/05 NA NA4.9 Sr. Nts. 14 $500 Baa3 / BBB- 99.4 4.93% 4.98% 71 7.1 15 Anytime 2-2/1/05 NA NA5 Sr. Nts. 15 $350 Baa3 / BBB- 98.7 5.06% 5.16% 89 7.7 15 Anytime 2-1/31/05 NA NAOIL SERVICES Greg Imbruce 203/708-5804 [email protected] Energy Services Private/BLUWAT10.25 Sr. Nts. 12 $335 B1 / B 110.0 9.32% 7.31% 392 1.8 2/15/07 105.13 2-2/15/05 35/110.3 2/05Brand Services Private/BRAND12 Sr. Nts. 12 $150 B3 / CCC+ 112.5 10.67% 8.75% 536 2.3 10/15/07 106.00 2-4/15/05 NA 10/05CHC Helicopter FLY/A CN,FLI/FLYA7.375 Sr. Sub. Nts. 14 $250 B2 / B 105.3 7.01% 6.46% 271 5.6 5/1/09 103.69 2-5/1/05 35/107.4 5/07Comp. Gen. de Geophysique GGY/GGY10.625 Sr. Nts. 07 $225 Ba3 /*- / BB 105.5 10.07% 6.86% 419 0.8 50 Now 105.31 2-5/15/05 ExpiredDresser Inc. Private/DRESSR9.375 Sr. Sub. Nts. 11 $550 B2 / B 109.1 8.59% 5.40% 217 1.2 4/15/06 104.69 2-4/15/05 ExpiredDresser-Rand Group Inc. Private/DRRAND7.375 Sr. Sub. Nts. 14 $420 B3 / B- 102.4 7.20% 6.97% 270 5.8 11/1/09 103.69 2-5/1/05 35/107.4 11/07Grant Prideco GRP/GRP9.625 Sr. Nts. 07 $200 Ba3 / BB- 112.0 8.59% 5.09% 169 2.5 >P,50 Anytime 2-6/1/05 NA NA9 Sr. Nts. 09 $175 Ba3 / BB- 111.3 8.09% 5.04% 164 1.8 12/15/06 104.50 2-6/15/05 NA NAHanover Compressor HC/HC0 Sr. Sub. Nts. 07 $263 Caa1 / B- 86.5 -- NA NA NA 3/31/06 102.50 -1/0/00 NA NA4.75 Cnvrt. Sr. Nts. 08 $43.94 $192 B3 / B 96.0 4.95% 6.15% 277 2.8 Now 102.71 2-3/15/05 NA NA8.5 Sr. Sec. Nts.-2nd Lien 08 $300 B2 / B+ 106.8 7.96% 4.25% 157 0.6 9/1/05 104.25 2-3/1/05 Expired8.625 Sr. Sub. Nts. 10 $200 B3 / B 109.5 7.88% 6.34% 259 3.3 12/15/07 104.31 2-6/15/05 35/108.6 12/068.75 Sr. Sec. Nts.-2nd Lien 11 $250 B2 / B+ 109.0 8.03% 5.50% 210 1.5 9/1/06 104.38 2-3/1/05 Expired4.75 Cnvrt. Sr. Nts. 14 $15.00 $144 B3 / B 123.8 3.84% 1.58% (271) 6.7 1/15/13 100.00 2-1/15/05 NA NA9 Sr. Nts. 14 $200 B3 / B 111.0 8.11% 6.94% 320 3.6 50 6/1/09 104.50 2-6/1/05 35/109.0 6/07Lone Star Technologies LSS/LSS9 Sr. Sub. Nts. 11 $150 B3 / B- 107.5 8.37% 6.40% 300 1.3 6/1/06 104.50 2-6/1/05 ExpiredMcDermott Inc. MDR/MDR7.84 Sr. Nts. 05 $10 B3 / CCC 100.9 7.77% 3.84% 145 0.2 NC NC 2-4/4/05 NA NA8.75 Sr. Nts. 23 $50 B3 / CCC 92.0 9.51% 9.69% 540 8.5 Now 103.94 2-5/15/05 NA NAJ Ray McDermott11 Sr. Sec. Nts.-2nd Lien 13 $200 Caa1 / CCC+ 111.8 9.84% 8.61% 486 3.2 12/15/08 105.50 2-6/15/05 35/111.0 12/06MSW Energy Holdings LLC Private/MSWENE7.375 Sr. Nts. 10 $225 Ba2 / BB- 105.0 7.02% 6.12% 237 3.8 9/1/07 103.69 2-3/1/05 35/107.4 9/068.5 Sr. Sec. Nts.-2nd Lien 10 $200 Ba1 / BB 109.5 7.76% 6.05% 265 2.3 50 9/1/07 104.25 2-3/1/05 35/108.5 9/06Newpark Resources NR/NR8.625 Sr. Sub. Nts. 07 $125 B2 / B 101.8 8.48% 4.20% 184 0.1 Now 101.44 2-6/15/05 ExpiredNorth American Energy Ptnrs. Private/NAEPI8.75 Sr. Nts. 11 $200 B2 / B 102.0 8.58% 8.24% 451 3.9 12/1/07 104.38 2-6/1/05 35/108.8 12/06

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January 10, 2005



203/708-5806 203/708-5804 203/708-5807



Equity Claw

Offshore Logistics OLG/OLG6.125 Sr. Nts. 13 $230 Ba2 / BB+ 101.5 6.03% 5.84% 211 5.2 6/15/08 103.06 2-6/15/05 35/106.1 6/06Petroleum Geo-Services PGEOY/PGSNO8 Sr. Nts. 06 $250 NR / NR 102.5 7.80% 1.05% (131) 0.1 Now 102.00 2-6/30/05 NA NA10 Sr. Nts. 10 $746 NR / NR 113.8 8.79% 6.25% 287 2.5 11/5/07 105.00 2-6/30/05 NA NAPetroleum Helicopters PHEL/PHEL9.375 Sr. Nts. 09 $200 B1 / BB- 108.0 8.68% 6.36% 313 1.2 5/1/06 104.69 2-5/1/05 35/109.4 5/05Seitel SELA/SELA11.75 Sr. Nts. 11 $193 B3 / B- 107.3 10.96% 10.20% 645 4.3 NC NC 2-1/15/05 35/111.8 7/07Shaw Group SGR/SGR10.75 Sr. Nts. 10 $253 Ba3 / B+ 112.0 9.60% 7.02% 364 1.9 3/15/07 105.38 2-3/15/05 35/110.8 3/06Superior Energy Service SPN/SPN8.875 Sr. Nts. 11 $200 B1 / BB- 109.3 8.12% 4.89% 165 1.2 5/15/06 104.44 2-5/15/05 ExpiredTransmontaigne Inc. TMG/TMG9.125 Sr. Sub. Nts. 10 $200 B3 / B /* 109.4 8.34% 6.57% 320 2.1 50 6/1/07 104.56 2-6/1/05 35/109.1 6/07Universal Compression UCO/UCO7.25 Sr. Nts. 10 $175 Ba3 / B 107.0 6.78% 5.41% 202 3.7 5/15/07 103.63 2-5/15/05 35/107.3 5/06Veritas DGC VTS/VTS1.74 Cnvrt. Sr. Nts. 24 $24.03 Put-09 3moL-75 $155 NR / NR 116.4 1.49% NA NA 4.2 3/20/09 100.00 4-3/15/05 NA NAWolverine Tube WLV/WLV7.375 Sr. Nts. 08 $150 B3 / B+ 98.8 7.47% 7.78% 439 3.0 25 Anytime 2-2/1/05 NA NA10.5 Sr. Nts. 09 $120 B3 / B+ 108.3 9.70% 7.46% 423 1.1 4/1/06 105.25 2-4/1/05 35/110.5 4/05POWER & UTILITIES Greg Imbruce 203/708-5804 [email protected] Inc. ILA/ILA14.875 Sr. Nts. 12 $500 B2 / B- 139.5 10.66% 7.79% 405 5.0 50 Anytime 2-7/1/05 NA NAAES Corp. AES/AESAES China Generating Co. AES/CHGNF8.25 Sr. Nts. 10 $175 B2 / B+ 97.7 8.45% 8.80% 505 4.3 6/26/06 103.50 2-6/26/05 NA NAAES Chivor AES/CHIVOR9.75 Sr. Nts. 14 $170 B1 / B 113.0 8.63% 7.84% 355 6.5 75 Anytime 2-6/30/05 NA NAAES Ironwood LLC AES/AESIRN8.857 Sr. Sec. Nts.-2nd Lien 25 Sink $295 B2 / B+ 113.5 7.80% NA NA NA >P,50 Anytime 4-2/28/05 NA NAAES Red Oak LLC AES/AESRED8.54 Sr. Sec. Nts.-2nd Lien 19 Sink $210 B2 / B+ 112.5 7.59% NA NA NA 50 Anytime 4-2/28/05 NA NA9.2 Sr. Sec. Nts.-2nd Lien 29 Sink $160 B2 / B+ 112.5 8.18% 7.99% 383 9.3 50 Anytime 4-2/28/05 NA NACalpine Corp. CPN/CPN9.625 Sr. Sec. Nts.-1st Lien 14 $785 NR / B+ 101.5 9.48% 9.34% 561 5.2 100 10/1/09 104.81 2-4/1/05 35/109.6 10/097.82 Sr. Sec. Nts.-2nd Lien 07 Sink 3moL+575 $494 NR / B 92.0 8.50% 14.33% 1,127 1.5 7/15/05 103.00 4-1/18/05 35/Cpn 7/058.5 Sr. Sec. Nts.-2nd Lien 10 $1,150 NR / B 82.0 10.37% 13.20% 947 3.9 100 7/15/07 104.25 2-1/15/05 35/108.5 7/068.25 Sr. Nts. 05 $250 Caa1 / CCC+ 102.1 8.08% 4.65% 199 0.6 37.5 Anytime 2-2/15/05 NA NA7.625 Sr. Nts. 06 $250 Caa1 / CCC+ 96.9 7.87% 10.33% 766 1.1 NC NC 2-4/15/05 NA NA10.5 Sr. Nts. 06 $180 Caa1 / CCC+ 100.0 10.50% 10.32% 766 0.1 Now 100.00 2-5/15/05 Expired8.5 Sr. Nts. 08 $2,030 Caa1 / CCC+ 75.0 11.33% 19.03% 1,566 2.6 >P,37.5 Anytime 2-5/1/05 NA NA8.625 Sr. Nts. 10 $750 Caa1 / CCC+ 72.5 11.89% 16.30% 1,255 3.8 >P,37.5 Anytime 2-2/15/05 NA NA8.5 Sr. Nts. 11 $1,991 Caa1 / CCC+ 72.0 11.81% 15.83% 1,210 4.1 >P,37.5 Anytime 2-2/15/05 NA NATiverton/Rumford Power9 Pass Thru Certs. 18 Sink $364 B3 / B 82.0 10.98% 13.66% 793 3.9 50 Anytime 2-1/15/05 NA NAS.Point/Broad River/RockGen8.4 Pass Thru Certs. 12 Sink $281 B2 / B 94.5 8.89% 10.04% 605 3.5 50 Anytime 2-5/30/05 NA NA9.825 Pass Thru Certs. 19 $200 B2 / B 84.0 11.70% 12.21% 792 6.9 50 Anytime 2-5/30/05 NA NA

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January 10, 2005



203/708-5806 203/708-5804 203/708-5807



Equity Claw

Dynegy Inc. DYN/DYN4.75 Cnvrt. Sr. Sub. Nts. 23 $4.12 Put-13 $225 Caa2 / CCC+ 138.5 3.43% (1.76%) (551) 5.1 8/20/10 100.00 2-2/15/05 NA NADynegy Holdings Inc.8.02 Sr. Sec. Nts.-2nd Lien 08 3moL+650 $225 B3 / B- 108.5 7.39% 5.28% 222 1.5 7/15/06 103.00 2-1/18/05 +650 7/06 7/069.875 Sr. Sec. Nts.-2nd Lien 10 $625 B3 / B- 110.5 8.94% 7.06% 367 2.1 7/15/07 104.94 2-1/15/05 35/109.9 7/0610.125 Sr. Sec. Nts.-2nd Lien 13 $900 B3 / B- 113.4 8.93% 7.05% 330 2.8 7/15/08 105.06 2-1/15/05 NA 7/068.125 Sr. Nts. 05 $18 Caa2 / CCC+ 100.3 8.10% 6.53% 409 0.2 >P,25 Anytime 2-3/15/05 NA NA7.45 Sr. Nts. 06 $20 Caa2 / CCC+ 96.5 7.72% 10.02% 679 1.3 >P,25 Anytime 2-1/15/05 NA NA6.875 Sr. Nts. 11 $500 Caa2 / CCC+ 94.3 7.29% 8.07% 433 4.8 >P,25 Anytime 2-4/1/05 NA NA8.75 Sr. Nts. 12 $500 Caa2 / CCC+ 102.9 8.51% 8.21% 447 5.1 >P,50 Anytime 2-2/15/05 NA NADynegy-Roseton Danska (Non-Recourse)7.27 Pass Thru Certs. 10 Sink $250 Caa2 / B 101.0 7.20% 6.99% 366 3.5 50 Anytime 2-5/8/05 NA NA7.67 Pass Thru Certs. 16 Sink $550 Caa2 / B 95.0 8.07% 8.46% 405 6.3 50 Anytime 2-5/8/05 NA NASithe Independence (Non-Recourse)(Expected to Close YE)8.5 Sr. Nts. 07 Sink $91 Ba1 /*- / BBB- /*- NA NA NA NA NA NC NC 2-6/30/05 NA NA9 Sr. Nts. 13 Sink $409 Ba1 /*- / BBB- /*- 116.9 7.70% 5.74% 274 4.9 NC NC 2-6/30/05 NA NAEdison International EIX/EIXMission Energy Holding13.5 Sr. Sec. Nts.-2nd Lien 08 $800 B3 / CCC /*+ 122.0 11.07% 6.39% 301 2.7 >P,50 Anytime 2-1/15/05 NA NAEdison Mission Energy7.73 Sr. Nts. 09 $600 B1 / B /*+ 107.5 7.19% 5.78% 205 3.7 >P,37.5 Anytime 2-6/15/05 NA NA10 Sr. Nts. 08 $400 B1 / B /*+ 113.2 8.83% 5.85% 248 2.9 >P,75 Anytime 2-2/15/05 NA NA7.33 Sr. Nts. 08 Sink $139 Ba3 / B /*+ 106.3 6.90% 3.01% 219 1.4 35 Anytime 2-3/15/05 NA NA9.875 Sr. Nts. 11 $600 B1 / B /*+ 117.8 8.39% 6.38% 265 4.7 >P,75 Anytime 2-4/15/05 NA NAEdison Mission Hldgs. (Homer City)8.137 Sr. Nts. 19 Sink $294 WR / BB /*+ 113.4 7.18% 5.98% 296 5.9 50 Anytime 2-4/1/05 NA NA8.734 Sr. Nts. 26 Sink $529 WR / BB /*+ 123.1 7.10% 6.25% 243 8.7 50 Anytime 2-4/1/05 NA NAMidwest Generation8.3 Pass Thru Certs. 09 Sink $334 B1 / B /*+ 104.9 7.91% 6.60% 363 2.8 50 Anytime 2-7/2/05 NA NA8.56 Pass Thru Certs. 16 Sink $814 B1 / B /*+ 113.5 7.54% 5.97% 306 5.0 50 Anytime 2-7/2/05 NA NA8.75 Sr. Sec. Nts.-2nd Lien 34 Put-14 $1,000 B1 / B- /*+ 112.4 7.79% 6.32% 258 3.6 5/1/09 104.38 2-5/1/05 35/108.8 5/07Paiton Energy Funding BV9.34 Sr. Nts. 14 Sink $180 B2 / B- 104.8 8.91% 8.46% 493 4.8 75 Anytime 4-2/15/05 NA NAEl Paso Corp. EP/EP6.75 Sr. Nts. 09 $500 Caa1 / CCC+ 100.0 6.75% 6.75% 301 3.7 >P,25 Anytime 2-5/15/05 NA NA7.875 Sr. Nts. 12 $500 Caa1 / CCC+ 104.5 7.54% 7.08% 333 5.6 50 Anytime 2-6/15/05 NA NA7.375 Sr. Nts. 12 $300 Caa1 / CCC+ 101.5 7.27% 7.12% 339 5.9 25 Anytime 2-6/15/05 NA NA7.75 Sr. Nts. 32 $1,100 Caa1 / CCC+ 96.6 8.02% 8.06% 379 10.6 25 Anytime 2-1/15/05 NA NACedar Brakes I LLC (Non-Recourse)8.5 Sr. Sec. Nts.-2nd Lien 14 Sink $286 Caa1 /*+ / CCC+ /*+ 115.0 7.39% 5.17% 256 4.2 50 Anytime 2-2/15/05 NA NACedar Brakes II LLC (Non-Recourse)9.875 Sr. Sec. Nts.-2nd Lien 13 Sink $380 Caa1 /*+ / CCC+ /*+ 116.0 8.51% 5.81% 359 3.8 50 Anytime 2-3/1/05 NA NACoastal6.5 Sr. Nts. 06 $200 Caa1 / CCC+ 103.8 6.27% 3.60% 36 1.3 NC NC 2-5/15/05 NA NA6.375 Sr. Nts. 09 $200 Caa1 / CCC+ 98.8 6.46% 6.73% 335 3.4 NC NC 2-2/1/05 NA NA7.75 Sr. Nts. 10 $400 Caa1 / CCC+ 103.8 7.47% 6.91% 316 4.4 NC NC 2-6/15/05 NA NAEl Paso Production Hldg.7.75 Sr. Nts. 13 $1,200 B3 / B- 104.5 7.42% 6.87% 313 5.0 6/1/08 103.88 2-6/1/05 35/107.8 6/06El Paso Natural Gas7.625 Sr. Nts. 10 $355 B1 / B- 109.9 6.94% 4.88% 150 2.3 75 8/1/07 103.81 2-2/1/05 NA NA8.625 Sr. Nts. 22 $260 B1 / B- 114.8 7.52% 7.12% 283 9.1 NC NC 2-1/15/05 NA NA7.5 Sr. Nts. 26 $200 B1 / B- 103.8 7.23% 7.16% 287 10.7 NC NC 2-5/15/05 NA NA8.375 Sr. Nts. 32 $300 B1 / B- 111.3 7.53% 7.41% 258 11.4 50 Anytime 2-6/15/05 NA NASonat Inc.6.875 Sr. Nts. 05 $200 Caa1 / CCC+ 101.1 6.80% 3.85% 117 0.4 NC NC 2-6/1/05 NA NA6.75 Sr. Nts. 07 $100 Caa1 / CCC+ 104.8 6.44% 4.86% 146 2.4 NC NC 2-4/1/05 NA NA6.625 Sr. Nts. 08 $100 Caa1 / CCC+ 101.3 6.54% 6.17% 277 2.7 10 Anytime 2-2/1/05 NA NA7.625 Sr. Nts. 11 $600 Caa1 / CCC+ 102.0 7.48% 7.23% 350 4.9 >P,+25 Anytime 2-1/15/05 NA NA7 Sr. Nts. 18 $100 Caa1 / CCC+ 93.3 7.51% 7.84% 355 8.0 20 Anytime 2-2/1/05 NA NA

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January 10, 2005



203/708-5806 203/708-5804 203/708-5807



Equity Claw

Enterprise Products Partners EPD/EPD8.25 Sr. Nts. 05 $350 Baa3 / BB+ 100.3 8.22% 6.29% 386 0.2 >P,25 Anytime 2-3/15/05 NA NA4 Sr. Nts. 07 $500 Baa3 / BB+ 99.7 4.01% 4.11% 72 2.6 20 Anytime 2-4/15/05 NA NA4.625 Sr. Nts. 09 $500 Baa3 / BB+ 99.5 4.65% 4.74% 99 4.2 25 Anytime 2-4/15/05 NA NA7.5 Sr. Nts. 11 $450 Baa3 / BB+ 113.0 6.63% 4.98% 124 4.8 >P,30 Anytime 2-2/1/05 NA NA6.375 Sr. Nts. 13 $350 Baa3 / BB+ 106.9 5.97% 5.31% 104 6.1 >P,30 Anytime 2-2/1/05 NA NA5.6 Sr. Nts. 14 $650 Baa3 / BB+ 100.2 5.59% 5.58% 129 7.3 30 Anytime 2-4/15/05 NA NA6.875 Sr. Nts. 33 $500 Baa3 / BB+ 107.0 6.42% 6.34% 152 12.6 >P,35 Anytime 2-3/1/05 NA NA6.65 Sr. Nts. 34 $350 Baa3 / BB+ 103.4 6.43% 6.39% 156 12.9 30 Anytime 2-4/15/05 NA NAMarkWest Energy Partners MWE/MWE6.875 Sr. Nts. 14 $225 B1 / B+ 101.4 6.78% 6.64% 237 5.9 50 11/1/09 103.44 2-5/1/05 35/106.9 11/07Mirant MIRKQ/MIRKQ DEFAULTMirant Corp.7.4 Sr. Nts. 04 $200 WR / NR 74.5 DFLT NA NA NA 25 Anytime 2-7/15/04 NA NA5.75 Cnvrt. Sr. Nts. 07 (Px=$7.58) $370 WR / NR 74.5 DFLT 19.02% 1,579 2.1 7/20/05 100.00 2-1/15/05 NA NA7.9 Sr. Nts. 09 $500 WR / NR 76.3 DFLT 15.40% 1,200 3.5 35 Anytime 2-1/15/05 NA NA2.5 Cnvrt. Sr. Nts. 21 (Px=$67.95) Put-06 $750 Ca / NR 71.5 DFLT 27.19% 2,396 1.2 6/18/06 100.00 2-6/15/05 NA NAMirant Americas Generation (MAGI)7.625 Sr. Nts. 06 $500 WR / NR 111.4 DFLT (2.66%) (588) 1.3 25 Anytime 2-5/1/05 NA NA7.2 Sr. Nts. 08 $300 Caa3 / NR 109.5 DFLT 3.98% 58 3.3 25 Anytime 2-4/1/05 NA NA8.3 Sr. Nts. 11 $850 WR / NR 109.5 DFLT 6.00% 227 5.1 25 Anytime 2-5/1/05 NA NA8.5 Sr. Nts. 21 $450 WR / NR 108.0 DFLT 7.47% 319 9.4 37 Anytime 2-4/1/05 NA NA9.125 Sr. Nts. 31 $400 WR / NR 107.5 DFLT 8.18% 390 10.8 37.5 Anytime 2-5/1/05 NA NAMirant Mid-Atlantic8.625 Pass Thru Certs. 12 Sink $299 B3 / NR 112.4 DFLT 5.90% 215 5.8 50 Anytime 2-6/30/05 NA NA9.125 Pass Thru Certs. 17 Sink $389 B3 / NR 122.3 DFLT 6.08% 179 8.3 50 Anytime 2-6/30/05 NA NA10.06 Pass Thru Certs. 28 Sink $326 B3 / NR 128.0 DFLT 7.20% 237 11.0 50 Anytime 2-6/30/05 NA NANRG Energy NRG/NRG8 Sr. Sec. Nts.-2nd Lien 13 $1,725 B1 / B 108.8 7.36% 6.36% 261 3.3 12/15/08 104.00 2-6/15/05 NA NAPacific Energy Ptnrs. LP PPX/PPX7.125 Sr. Nts. 14 $250 Ba2 / BB /*- 105.0 6.79% 6.27% 254 5.7 6/15/09 103.56 2-6/15/05 35/107.1 6/07Reliant Energy RRI/RRI9.25 Sr. Sec. Nts.-2nd Lien 10 $550 B1 / B+ 109.0 8.49% 6.89% 351 3.5 7/15/07 104.63 2-1/15/05 35/109.3 7/069.5 Sr. Sec. Nts.-2nd Lien 13 $550 B1 / B+ 111.0 8.56% 7.12% 338 2.9 7/15/08 104.75 2-1/15/05 35/109.5 7/066.75 Sr. Sec. Nts.-2nd Lien 14 $750 B1 / B+ 98.1 6.88% 7.02% 274 7.1 12/15/09 103.38 2-6/15/05 35/106.8 12/07Orion Power Holdings Inc.12 Sr. Nts. 10 $400 B2 / B 125.5 9.56% 6.26% 252 4.0 NC NC 2-5/1/05 35/112.0 6/07TECO Energy TE/TE6.125 Sr. Nts. 07 $300 Ba2 / BB 99.5 6.16% 6.36% 313 2.1 25 Anytime 2-5/1/05 NA NA10.5 Sr. Nts. 07 $380 Ba2 / BB 116.0 9.05% 4.51% 113 2.5 >P,50 Anytime 2-6/1/05 NA NA7.5 Sr. Nts. 10 $300 Ba2 / BB 111.5 6.73% 5.05% 131 4.5 50 Anytime 2-6/15/05 NA NA7.2 Sr. Nts. 11 $600 Ba2 / BB 108.3 6.65% 5.62% 189 5.0 >P,25 Anytime 2-5/1/05 NA NA7 Sr. Nts. 12 $400 Ba2 / BB 108.2 6.47% 5.62% 188 5.7 25 Anytime 2-5/1/05 NA NATexas Genco Private/TGN6.875 Sr. Nts. 14 $1,125 B1 / B 103.8 6.63% 6.27% 198 6.0 50 12/15/09 103.44 2-6/15/05 40/106.9 12/09Williams Companies WMB/WMB7.125 Sr. Nts. 11 $750 B1 / B+ 108.8 6.55% 5.53% 179 5.2 >P,25 Anytime 2-3/1/05 NA NA8.125 Sr. Nts. 12 $648 B1 / B+ 115.0 7.07% 5.56% 182 5.4 >P,37 Anytime 2-3/15/05 NA NA7.5 Sr. Nts. 31 $696 B1 / B+ 104.6 7.17% 7.11% 229 11.3 >P,30 Anytime 2-1/15/05 NA NA7.75 Sr. Nts. 31 $480 B1 / B+ 105.9 7.32% 7.25% 243 11.5 >P,30 Anytime 2-6/15/05 NA NA8.75 Sr. Nts. 32 $850 B1 / B+ 115.5 7.58% 7.42% 260 11.0 >P,37 Anytime 2-3/15/05 NA NANorthwest Pipeline Corp.8.125 Sr. Nts. 10 $175 Ba2 / B+ 110.8 7.34% 4.60% 121 1.9 50 3/1/07 104.06 2-3/1/05 NA 3/06Transcontinental Gas Pipe Corp.7 Sr. Nts. 11 $300 Ba2 / B+ 110.3 6.35% 5.14% 140 5.2 >P,25 Anytime 2-2/15/05 NA NA8.875 Sr. Nts. 12 $325 Ba2 / B+ 122.5 7.24% 5.21% 146 5.5 >P,50 Anytime 2-1/15/05 NA NA

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January 10, 2005



203/708-5806 203/708-5804 203/708-5807



Equity Claw

PROPANE Greg Imbruce 203/708-5804 [email protected] Partners APU/APU10 Sr. Nts. 06 $60 B2 / BB- 107.0 9.35% 4.20% 152 1.2 NC NC 2-4/15/05 NA NA8.875 Sr. Nts. 11 $388 B2 / BB- 108.5 8.18% 5.46% 223 1.3 5/20/06 104.44 2-5/20/05 ExpiredAventine Renewable Energy FGP/FGP8.50125 Sr. Sec. Nts.-1st Lien 11 3moL+600 $160 B3 / CCC+ 101.0 8.42% 8.32% 459 4.9 12/15/06 103.00 4-3/15/05 NA NAFerrellgas Partners Private/AVNTIN6.75 Sr. Nts. 14 $250 Ba3 / BB- 101.4 6.66% 6.51% 278 5.6 5/1/09 103.38 2-5/1/05 35/106.8 5/078.75 Sr. Nts. 12 $268 B2 / B 108.0 8.10% 6.80% 306 2.2 6/15/07 104.38 2-6/15/05 35/108.8 6/05Star Gas Partners SGU/SGU10.25 Sr. Nts. 13 $265 Caa3 /* / CCC /*- 109.3 9.38% 8.25% 450 3.2 2/15/08 105.13 2-2/15/05 35/110.3 2/06Suburban Propane SPH/SPH6.875 Sr. Nts. 13 $175 B1 / B 102.4 6.72% 6.44% 271 5.4 12/15/08 103.44 2-6/15/05 35/106.9 12/06REFINING & MARKETING Greg Imbruce 203/708-5804 [email protected] Petroleum Private/CITPET7.875 Sr. Nts. 06 $200 Ba2 / BB 104.8 7.52% 4.18% 94 1.3 NC NC 2-5/15/05 NA NA6 Sr. Nts. 11 $250 Ba2 / BB 100.5 5.97% 5.90% 216 4.7 50 10/15/08 103.00 2-4/15/05 35/106.0 10/07Crown Central Petroleum Private/ROSEMO10.875 Sr. Nts. 05 $125 Ca / NR 96.0 11.33% 117.8% 9,235 0.0 Anytime 2-2/1/05 NA NAFrontier Oil FTO/FTO6.625 Sr. Nts. 11 $150 B1 / B+ 101.8 6.51% 6.25% 250 4.6 75 10/1/07 103.31 2-4/1/05 35/106.6 10/07Giant Industries GI/GI11 Sr. Sub. Nts. 12 $149 B3 / B- 114.3 9.63% 6.53% 314 2.0 >P,50 5/15/07 105.50 2-5/15/05 35/111.0 5/058 Sr. Sub. Nts. 14 $150 B3 / B- 105.0 7.62% 7.11% 338 5.5 5/15/09 104.00 2-5/15/05 35/108.0 5/07Petro Stopping Centers Private/PETROS9 Sr. Sec. Nts.-2nd Lien 12 $225 B3 / B- 105.5 8.53% 7.67% 392 3.9 2/15/08 104.50 2-2/15/05 35/109.0 2/07Premcor Refining Group PCO/PREMCO9.25 Sr. Nts. 10 $175 Ba3 / BB- 112.3 8.24% 5.05% 165 1.8 2/1/07 104.63 2-2/1/05 35/109.3 2/066.75 Sr. Nts. 11 $210 Ba3 / BB- 106.8 6.32% 5.43% 168 4.8 NC NC 2-2/1/05 NA NA6.125 Sr. Nts. 11 $200 Ba3 / BB- 104.0 5.89% 5.37% 162 5.1 NC NC 2-5/1/05 NA NA7.75 Sr. Sub. Nts. 12 $175 B2 / B 112.5 6.89% 4.51% 78 2.7 2/1/08 103.88 2-2/1/05 35/107.8 2/069.5 Sr. Nts. 13 $350 Ba3 / BB- 115.3 8.24% 5.45% 206 2.6 2/1/08 104.75 2-2/1/05 35/109.5 2/066.75 Sr. Nts. 14 $200 Ba3 / BB- 105.5 6.40% 5.81% 206 5.7 5/1/09 103.38 2-5/1/05 35/106.8 5/077.5 Sr. Nts. 15 $300 Ba3 / BB- 106.8 7.03% 6.21% 246 5.1 6/15/08 103.75 2-6/15/05 35/107.5 6/06Tesoro Petroleum TSO/TSO8 Sr. Sec. Nts.-2nd Lien 08 $375 Ba2 / BBB- 108.0 7.41% 4.23% 101 2.0 4/15/06 104.00 2-4/15/05 35/108.0 4/069.625 Sr. Sub. Nts. 08 $215 B2 / BB- 108.8 8.85% 4.32% 165 0.8 11/1/05 104.81 2-5/1/05 Expired9.625 Sr. Sub. Nts. 12 $450 B2 / BB- 113.5 8.48% 5.17% 179 2.0 4/1/07 104.81 2-4/1/05 35/109.4 4/05United Refining Private/UNITED10.5 Sr. Nts. 12 $200 B3 / B- 105.5 9.95% 9.21% 547 4.0 50 8/15/08 105.25 2-2/15/05 NA NA

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January 10, 2005



203/708-5806 203/708-5804 203/708-5807



Equity Claw

SHIPPING Ray Wu 203/708-5807 [email protected] Commercial Lines Private/VECTUR DEFAULT11.25 Sr. Nts. 08 $135 WR / NR 141.0 DFLT -- -- -- Now 106.63 2-6/30/05 NA NA12 Sr. Sub. Nts. 08 PIK $113 WR / NR 0.1 DFLT NA NA NA Now 100.00 2-6/30/05 NA NACP Ships Limited TEU/TEUCN10.375 Sr. Nts. 12 $200 Ba3 / BB+ 114.0 9.10% 6.20% 280 2.1 50 7/15/07 105.19 2-1/15/05 35/110.4 7/05Great Lakes Dredge Private/GREATL7.75 Sr. Sub. Nts. 13 $175 Caa2 /*- / CCC 91.3 8.49% 9.21% 547 6.2 12/15/08 103.88 2-6/15/05 35/107.8 12/06Horizon Lines LLC Private/CARGRO9 Sr. Nts. 12 $250 B3 / CCC+ 107.3 8.39% 7.43% 369 4.4 11/1/08 104.50 2-5/1/05 35/109.0 11/07Intl. Shipholding ISH/ISH7.75 Sr. Nts. 07 $73 B1 / B- 99.6 7.78% 7.90% 450 2.4 NC NC 2-4/15/05 NA NAOglebay Norton OGLE/OGLE10 Sr. Sub. Nts. 09 $100 WR / NR 72.5 13.79% 22.44% 1,907 2.8 Now 103.33 2-2/1/05 ExpiredSea Containers SCRA/SCR10.75 Sr. Nts. 06 $115 B3 / B 103.5 10.39% (0.46%) (282) 0.1 Now 102.69 2-4/15/05 NA NA13 Sr. Nts. 06 $23 NR / NR 104.0 12.50% 4.19% 152 0.5 7/1/05 100.00 2-7/1/05 NA NA7.875 Sr. Nts. 08 $150 B3 / B 102.1 7.71% (15.74%) (1,809) 0.1 Now 101.97 2-2/15/05 NA NA12.5 Sr. Nts. 09 $19 NR / NR 110.5 11.31% (9.13%) (1,180) 0.5 7/1/05 100.00 2-6/1/05 NA NA10.5 Sr. Nts. 12 $103 (P)B3 / B 107.2 9.79% 8.77% 503 4.0 5/15/08 105.25 2-5/15/05 NA NAShip Finance Intl. Ltd. SFL/SHIPFI8.5 Sr. Nts. 13 $580 B1 / B 102.5 8.29% 8.02% 429 5.2 50 12/15/08 104.25 2-6/15/05 35/108.5 12/06Stena AB Private/STENA9.625 Sr. Nts. 12 $200 Ba3 / BB- 113.8 8.46% 5.92% 252 2.5 12/1/07 104.81 2-6/1/05 NA NA7.5 Sr. Nts. 13 $175 Ba3 / BB- 104.8 7.16% 6.62% 287 5.2 11/1/08 103.75 2-5/1/05 NA NASUPPLY VESSELS Ray Wu 203/708-5807 [email protected] Offshore GMRK/GMRK7.75 Sr. Nts. 14 $160 B2 / BB- 105.8 7.33% 6.76% 301 5.5 50 7/15/09 103.88 2-1/15/05 35/107.8 7/07Hornbeck Offshore Services HOS/HRNBEC6.125 Sr. Nts. 14 $225 Ba3 / BB- 99.3 6.17% 6.23% 195 7.3 >P,50 12/1/09 103.06 2-6/1/05 35/106.1 12/09Seabulk International SBLK/SBLK9.5 Sr. Nts. 13 $150 B2 / B 107.5 8.84% 8.01% 426 4.7 8/15/08 104.75 2-2/15/05 35/109.5 8/06Trico Marine International TMAR/TMAR DEFAULT8.875 Sr. Nts. 12 $250 Ca / NR 66.0 DFLT 16.33% 1,258 4.9 5/15/07 104.44 2-5/15/05 35/108.9 5/05TANKERS Ray Wu 203/708-5807 [email protected] Maritime GMR/GMR10 Sr. Nts. 13 $250 B1 / B+ 115.5 8.66% 6.01% 261 2.7 3/15/08 105.00 2-3/15/05 35/110.0 3/06Golden State Petro Private/GOLDEN8.04 Sr. Sec. Nts.-1st Lien 19 Sink $127 Baa2 / BB+ 109.8 7.32% 6.66% 265 6.7 37.5 Anytime 2-2/1/05 NA NANavigator Gas Trans. Private/NAVGAS DEFAULT10.5 Sr. Nts. 07 $217 WR / NR 75.0 DFLT 21.76% 1,853 2.1 Now 101.75 2-6/30/05 Expired12 Sr. Sec. Nts.-2nd Lien 07 $87 WR / NR 2.3 DFLT NA NA NA Anytime 2-6/30/05 ExpiredOMI Corp. OMM/OMM7.625 Sr. Nts. 13 $200 B1 / B+ 105.9 7.20% 6.55% 280 5.3 12/1/08 103.81 2-6/1/05 NA NA2.875 Cnvrt. Sr. Nts. 24 (Px=$30.74) Put-11 $225 NR / B+ 96.6 2.98% 3.44% (30) 6.2 12/1/11 100.00 2-6/1/05 NA NAOverseas Shiphldg. Group OSG/OSG8.25 Sr. Nts. 13 $200 Ba1 /*- / BB+ /*- 110.8 7.45% 5.70% 195 2.7 3/15/08 104.13 2-3/15/05 NA NA8.75 Sr. Nts. 13 $85 Ba1 /*- / BB+ /*- 113.3 7.73% 6.74% 245 6.3 0 Anytime 2-6/1/05 NA NA7.5 Sr. Nts. 24 $150 Ba1 /*- / BB+ /*- 102.3 7.33% 7.28% 299 9.9 NC NC 2-2/15/05 NA NATeekay Shipping TK/TK8.32 Sr. Nts. 06 Sink $52 Ba1 / BB+ 102.0 8.16% 6.31% 364 1.0 NC NC 2-2/1/05 NA NA8.875 Sr. Nts. 11 $350 Ba2 / BB- 115.5 7.68% 5.96% 223 4.9 >P,50 Anytime 2-1/15/05 NA NAUltraPetrol Ltd. Private/ULTRAP10.5 Sr. Sec. Nts.-1st Lien 08 $0 WR / NR 103.1 10.18% NA NA NA Anytime 2-NA NA NA

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HIGH YIELD RESEARCH

Bonds in Default1/10/05 Current Ratings

Issuer Description Price Yld. YTW STW Moody's S&PMIRANT AMERICAS GENR INC 8.3 Sr. Nts. 11 109.5 DFLT 6.00% 227 WR NRMIRANT AMERICAS GENR LLC 8.5 Sr. Nts. 21 108.0 DFLT 7.47% 319 WR NRMIRANT AMERICAS GENR LLC 7.2 Sr. Nts. 08 109.5 DFLT 3.98% 58 Caa3 NRMIRANT AMERICAS GENR LLC 9.125 Sr. Nts. 31 107.5 DFLT 8.18% 390 WR NRMIRANT AMERICAS GENR LLC 7.625 Sr. Nts. 06 111.4 DFLT (2.66%) (588) WR NRMIRANT CORP 10.06 Pass Thru Certs. 28 128.0 DFLT 7.20% 237 B3 NRMIRANT CORP 9.125 Pass Thru Certs. 17 122.3 DFLT 6.08% 179 B3 NRMIRANT CORP 8.625 Pass Thru Certs. 12 112.4 DFLT 5.90% 215 B3 NRMIRANT CORP 7.4 Sr. Nts. 04 74.5 DFLT NA NA WR NRMIRANT CORP 7.9 Sr. Nts. 09 76.3 DFLT 15.40% 1,200 WR NRMIRANT CORP 5.75 Cnvrt. Sr. Nts. 07 (Px=$7.58) 74.5 DFLT 19.02% 1,579 WR NRMIRANT CORP 2.5 Cnvrt. Sr. Nts. 21 (Px=$67.95) 71.5 DFLT 27.19% 2,396 Ca NRNAVIGATOR GAS TRANSPORT 12 Sr. Sec. Nts.-2nd Lien 07 2.3 DFLT NA NA WR NRNAVIGATOR GAS TRANSPORT 10.5 Sr. Nts. 07 75.0 DFLT 21.76% 1,853 WR NRNORTHERN OFFSHORE ASA 7.48 Sr. Nts. 04 106.0 DFLT NA NA NR NRNORTHERN OFFSHORE ASA 10 Sr. Nts. 05 106.0 DFLT (78.37%) (8,075) C NRTRICO MARINE SERVICES 8.875 Sr. Nts. 12 66.0 DFLT 16.33% 1,258 Ca NRVECTURA GROUP INC 12 Sr. Sub. Nts. 08 0.1 DFLT NA NA WR NRVECTURA GROUP INC 11.25 Sr. Nts. 08 141.0 DFLT NA NA WR NR



203/708-5806203/708-5804203/708-5807


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HIGH YIELD RESEARCH

NON-CALLABLE BONDS1/10/05 Current Ratings

Issuer Description Price Yld. YTW STW Moody's S&P



203/708-5806203/708-5804203/708-5807


ABRAXAS PETROLEUM CORP 9.72 Sr. Sec. Nts.-1st Lien 09 99.0 9.82% 10.56% 685 NR NRAMERIGAS PART/EAGLE FIN 10 Sr. Nts. 06 107.0 9.35% 4.20% 152 B2 BB-CALPINE CORP 7.625 Sr. Nts. 06 96.9 7.87% 10.33% 766 Caa1 CCC+CITGO PETROLEUM CORP 7.875 Sr. Nts. 06 104.8 7.52% 4.18% 94 Ba2 BBEL PASO CGP CO 6.375 Sr. Nts. 09 98.8 6.46% 6.73% 335 Caa1 CCC+EL PASO CGP CO 6.5 Sr. Nts. 06 103.8 6.27% 3.60% 36 Caa1 CCC+EL PASO CGP CO 7.75 Sr. Nts. 10 103.8 7.47% 6.91% 316 Caa1 CCC+CONSOLIDATED COAL 8.25 Sr. Nts. 07 105.2 7.84% 5.86% 263 Ba2 NREL PASO NATURAL GAS 8.625 Sr. Nts. 22 114.8 7.52% 7.12% 283 B1 B-EL PASO NATURAL GAS 7.5 Sr. Nts. 26 103.8 7.23% 7.16% 287 B1 B-INTL SHIPHOLDING CORP 7.75 Sr. Nts. 07 99.6 7.78% 7.90% 450 B1 B-MCDERMOTT INC 7.84 Sr. Nts. 05 100.9 7.77% 3.84% 145 B3 CCCORION POWER HOLDINGS INC 12 Sr. Nts. 10 125.5 9.56% 6.26% 252 B2 BOVERSEAS SHIPHLDG GROUP 7.5 Sr. Nts. 24 102.3 7.33% 7.28% 299 Ba1 /*- BB+ /*-PIONEER NATL RESOURCES 8.875 Sr. Nts. 05 101.7 8.73% 2.24% (12) Baa3 BBB-PIONEER NATL RESOURCES 8.25 Sr. Nts. 07 115.1 7.17% 2.20% (119) Baa3 BBB-PREMCOR REFINING GROUP 6.75 Sr. Nts. 11 106.8 6.32% 5.43% 168 Ba3 BB-PREMCOR REFINING GROUP 6.125 Sr. Nts. 11 104.0 5.89% 5.37% 162 Ba3 BB-SEITEL INC 11.75 Sr. Nts. 11 107.3 10.96% 10.20% 645 B3 B-SITHE/INDEPENDENCE FNDG 8.5 Sr. Nts. 07 106.1 8.01% 4.24% 258 Ba1 /*- BBB- /*-SITHE/INDEPENDENCE FNDG 9 Sr. Nts. 13 116.9 7.70% 5.74% 274 Ba1 /*- BBB- /*-SONAT INC 6.875 Sr. Nts. 05 101.1 6.80% 3.85% 117 Caa1 CCC+SONAT INC 6.75 Sr. Nts. 07 104.8 6.44% 4.86% 146 Caa1 CCC+TEEKAY SHIPPING CORP 8.32 Sr. Nts. 06 102.0 8.16% 6.31% 364 Ba1 BB+NORTHERN OFFSHORE ASA 7.48 Sr. Nts. 04 106.0 DFLT NA NA NR NR

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HIGH YIELD RESEARCH

CALLABLE NOW - Sorted by STW1/10/05 Current Ratings




203/708-5806203/708-5804203/708-5807


OGLEBAY NORTON CO 10 Sr. Sub. Nts. 09 72.5 13.79% 22.44% 1,907 WR NRNAVIGATOR GAS TRANSPORT 10.5 Sr. Nts. 07 75.0 DFLT 21.76% 1,853 WR NRENERGY CORP OF AMERICA 9.5 Sr. Sub. Nts. 07 95.3 9.97% 11.87% 864 Caa3 NRATP OIL & GAS CORPORATION 12.568 Sr. Sec. Nts.-2nd Lien 09 102.0 12.32% 10.97% 823 NR NRCALPINE CORP 10.5 Sr. Nts. 06 100.0 10.50% 10.32% 766 Caa1 CCC+MCDERMOTT INC 8.75 Sr. Nts. 23 92.0 9.51% 9.69% 540 B3 CCCPARKER DRILLING CO 10.125 Sr. Nts. 09 105.2 9.63% 7.61% 494 B2 B-ATP OIL & GAS CORPORATION 8.818 Sr. Sec. Nts.-1st Lien 09 102.0 8.64% 7.29% 455 NR NRCIE GENER DE GEOPHYSIQUE 10.625 Sr. Nts. 07 105.5 10.07% 6.86% 419 Ba3 /*- BBHANOVER COMPRESSOR CO 4.75 Cnvrt. Sr. Nts. 08 $43.94 96.0 4.95% 6.15% 277 B3 BOCEAN RIG NORWAY AS 10.25 Sr. Sec. Nts.-1st Lien 08 103.6 9.89% 4.97% 230 B3 CCCNEWPARK RESOURCES INC 8.625 Sr. Sub. Nts. 07 101.8 8.48% 4.20% 184 B2 BVECTURA GROUP INC 12 Sr. Sub. Nts. 08 0.1 DFLT NA NA WR NRVECTURA GROUP INC 11.25 Sr. Nts. 08 141.0 DFLT NA NA WR NRPETROLEUM GEO-SERVICES 8 Sr. Nts. 06 102.5 7.80% 1.05% (131) NR NRSEA CONTAINERS LTD 10.75 Sr. Nts. 06 103.5 10.39% (0.46%) (282) B3 BSEA CONTAINERS 7.875 Sr. Nts. 08 102.1 7.71% (15.74%) (1,809) B3 BNORTHERN OFFSHORE ASA 10 Sr. Nts. 05 106.0 DFLT (78.37%) (8,075) C NR

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HIGH YIELD RESEARCH

MAKE WHOLE CALLABLE - Sorted by STW1/10/05 Current Ratings




203/708-5806203/708-5804203/708-5807


MIRANT CORP 7.4 Sr. Nts. 04 74.5 DFLT NA NA WR NRNAVIGATOR GAS TRANSPORT 12 Sr. Sec. Nts.-2nd Lien 07 2.3 DFLT NA NA WR NRULTRAPETROL(BAHAMAS) LTD 10.5 Sr. Sec. Nts.-1st Lien 08 103.1 10.18% NA NA WR NRAES IRONWOOD LLC 8.857 Sr. Sec. Nts.-2nd Lien 25 113.5 7.80% NA NA B2 B+AES RED OAK LLC 8.54 Sr. Sec. Nts.-2nd Lien 19 112.5 7.59% NA NA B2 B+CROWN CENTRAL PETROLEUM 10.875 Sr. Nts. 05 96.0 11.33% 117.85% 9,235 Ca NRCALPINE CANADA ENER FIN 8.5 Sr. Nts. 08 75.0 11.33% 19.03% 1,566 Caa1 CCC+CALPINE CORP 8.625 Sr. Nts. 10 72.5 11.89% 16.30% 1,255 Caa1 CCC+CALPINE CORP 8.5 Sr. Nts. 11 72.0 11.81% 15.83% 1,210 Caa1 CCC+MIRANT CORP 7.9 Sr. Nts. 09 76.3 DFLT 15.40% 1,200 WR NRTIVERTON/RUMFORD PWR ASS 9 Pass Thru Certs. 18 82.0 10.98% 13.66% 793 B3 BSOUTH PT/BROAD RIV/ROCKG 9.825 Pass Thru Certs. 19 84.0 11.70% 12.21% 792 B2 BDYNEGY HOLDINGS INC 7.45 Sr. Nts. 06 96.5 7.72% 10.02% 679 Caa2 CCC+SOUTH PT/BROAD RIV/ROCKG 8.4 Pass Thru Certs. 12 94.5 8.89% 10.04% 605 B2 BPAITON ENERGY FUNDING BV 9.34 Sr. Nts. 14 104.8 8.91% 8.46% 493 B2 B-DYNEGY HOLDINGS INC 8.75 Sr. Nts. 12 102.9 8.51% 8.21% 447 Caa2 CCC+WOLVERINE TUBE INC 7.375 Sr. Nts. 08 98.8 7.47% 7.78% 439 B3 B+DYNEGY HOLDINGS INC 6.875 Sr. Nts. 11 94.3 7.29% 8.07% 433 Caa2 CCC+DYNEGY HOLDINGS INC 8.125 Sr. Nts. 05 100.3 8.10% 6.53% 409 Caa2 CCC+DYNEGY-ROSETON DANSKAMME 7.67 Pass Thru Certs. 16 95.0 8.07% 8.46% 405 Caa2 BAQUILA INC 14.875 Sr. Nts. 12 139.5 10.66% 7.79% 405 B2 B-MIRANT AMERICAS GENR LLC 9.125 Sr. Nts. 31 107.5 DFLT 8.18% 390 WR NRENTERPRISE PRODUCTS OPER 8.25 Sr. Nts. 05 100.3 8.22% 6.29% 386 Baa3 BB+AES RED OAK LLC 9.2 Sr. Sec. Nts.-2nd Lien 29 112.5 8.18% 7.99% 383 B2 B+EL PASO CORPORATION 7.75 Sr. Nts. 32 96.6 8.02% 8.06% 379 Caa1 CCC+DYNEGY-ROSETON DANSKAMME 7.27 Pass Thru Certs. 10 101.0 7.20% 6.99% 366 Caa2 BMIDWEST GENERATION LLC 8.3 Pass Thru Certs. 09 104.9 7.91% 6.60% 363 B1 B /*+CEDAR BRAKES II LLC 9.875 Sr. Sec. Nts.-2nd Lien 13 116.0 8.51% 5.81% 359 Caa1 /*+ CCC+ /*+AES CHIVOR 9.75 Sr. Nts. 14 113.0 8.63% 7.84% 355 B1 BSONAT INC 7 Sr. Nts. 18 93.3 7.51% 7.84% 355 Caa1 CCC+SONAT INC 7.625 Sr. Nts. 11 102.0 7.48% 7.23% 350 Caa1 CCC+EL PASO CORPORATION 7.375 Sr. Nts. 12 101.5 7.27% 7.12% 339 Caa1 CCC+EL PASO CORPORATION 7.875 Sr. Nts. 12 104.5 7.54% 7.08% 333 Caa1 CCC+MIRANT AMERICAS GENR LLC 8.5 Sr. Nts. 21 108.0 DFLT 7.47% 319 WR NRTECO ENERGY INC 6.125 Sr. Nts. 07 99.5 6.16% 6.36% 313 Ba2 BBMIDWEST GENERATION LLC 8.56 Pass Thru Certs. 16 113.5 7.54% 5.97% 306 B1 B /*+MISSION ENERGY HOLDING 13.5 Sr. Sec. Nts.-2nd Lien 08 122.0 11.07% 6.39% 301 B3 CCC /*+EL PASO CORPORATION 6.75 Sr. Nts. 09 100.0 6.75% 6.75% 301 Caa1 CCC+EDISON MISSION HLDGS CO 8.137 Sr. Nts. 19 113.4 7.18% 5.98% 296 WR BB /*+SONAT INC 6.625 Sr. Nts. 08 101.3 6.54% 6.17% 277 Caa1 CCC+GOLDEN STATE PETRO TRANS 8.04 Sr. Sec. Nts.-1st Lien 19 109.8 7.32% 6.66% 265 Baa2 BB+EDISON MISSION 9.875 Sr. Nts. 11 117.8 8.39% 6.38% 265 B1 B /*+WILLIAMS COS INC 8.75 Sr. Nts. 32 115.5 7.58% 7.42% 260 B1 B+EL PASO NATURAL GAS 8.375 Sr. Nts. 32 111.3 7.53% 7.41% 258 B1 B-CEDAR BRAKES I LLC 8.5 Sr. Sec. Nts.-2nd Lien 14 115.0 7.39% 5.17% 256 Caa1 /*+ CCC+ /*+EDISON MISSION ENERGY 10 Sr. Nts. 08 113.2 8.83% 5.85% 248 B1 B /*+OVERSEAS SHIPHLDG GROUP 8.75 Sr. Nts. 13 113.3 7.73% 6.74% 245 Ba1 /*- BB+ /*-WILLIAMS COS INC 7.75 Sr. Nts. 31 105.9 7.32% 7.25% 243 B1 B+EDISON MISSION HLDGS CO 8.734 Sr. Nts. 26 123.1 7.10% 6.25% 243 WR BB /*+MIRANT CORP 10.06 Pass Thru Certs. 28 128.0 DFLT 7.20% 237 B3 NRWILLIAMS COS INC 7.5 Sr. Nts. 31 104.6 7.17% 7.11% 229 B1 B+MIRANT AMERICAS GENR INC 8.3 Sr. Nts. 11 109.5 DFLT 6.00% 227 WR NRTEEKAY SHIPPING CORP 8.875 Sr. Nts. 11 115.5 7.68% 5.96% 223 Ba2 BB-EDISON MISSION ENRGY FDG 7.33 Sr. Nts. 08 106.3 6.90% 3.01% 219 Ba3 B /*+MIRANT CORP 8.625 Pass Thru Certs. 12 112.4 DFLT 5.90% 215 B3 NRCONSOL ENERGY INC 7.875 Sr. Nts. 12 111.8 7.05% 5.84% 209 Ba2 BBPLAINS E&P COMPANY 8.75 Sr. Sub. Nts. 12 111.8 7.83% 5.29% 205 Ba3 B+EDISON MISSION ENERGY 7.73 Sr. Nts. 09 107.5 7.19% 5.78% 205 B1 B /*+CALPINE CORP 8.25 Sr. Nts. 05 102.1 8.08% 4.65% 199 Caa1 CCC+KEY ENERGY SERVICES INC 6.375 Sr. Nts. 13 101.3 6.30% 6.18% 189 B1 /*- B /*TECO ENERGY INC 7.2 Sr. Nts. 11 108.3 6.65% 5.62% 189 Ba2 BBTECO ENERGY INC 7 Sr. Nts. 12 108.2 6.47% 5.62% 188 Ba2 BBWESTERN OIL SANDS INC 8.375 Sr. Sec. Nts.-3rd Lien 12 116.5 7.19% 5.59% 185 Ba2 BB+WILLIAMS COS INC 8.125 Sr. Nts. 12 115.0 7.07% 5.56% 182 B1 B+

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HIGH YIELD RESEARCH

MAKE WHOLE CALLABLE - Sorted by STW1/10/05 Current Ratings




203/708-5806203/708-5804203/708-5807


WILLIAMS COS INC 7.125 Sr. Nts. 11 108.8 6.55% 5.53% 179 B1 B+MIRANT CORP 9.125 Pass Thru Certs. 17 122.3 DFLT 6.08% 179 B3 NRMASSEY ENERGY CO 6.95 Sr. Nts. 07 104.0 6.68% 4.95% 171 B1 B+GRANT PRIDECO INC 9.625 Sr. Nts. 07 112.0 8.59% 5.09% 169 Ba3 BB-FOREST OIL CORPORATION 8 Sr. Nts. 08 109.3 7.32% 5.02% 164 Ba3 BB-FOREST OIL CORPORATION 8 Sr. Nts. 11 115.0 6.96% 5.37% 162 Ba3 BB-ENTERPRISE PRODUCTS OPER 6.65 Sr. Nts. 34 103.4 6.43% 6.39% 156 Baa3 BB+ENTERPRISE PRODUCTS OPER 6.875 Sr. Nts. 33 107.0 6.42% 6.34% 152 Baa3 BB+NEWFIELD EXPLORATION CO 7.625 Sr. Nts. 11 112.3 6.79% 5.26% 151 Ba2 BB+PIONEER NATURAL RESOURCE 7.5 Sr. Nts. 12 113.7 6.59% 5.20% 147 Baa3 BBB-TRANSCONT GAS PIPE CORP 8.875 Sr. Nts. 12 122.5 7.24% 5.21% 146 Ba2 B+TRANSCONT GAS PIPE CORP 7 Sr. Nts. 11 110.3 6.35% 5.14% 140 Ba2 B+TECO ENERGY INC 7.5 Sr. Nts. 10 111.5 6.73% 5.05% 131 Ba2 BBENTERPRISE PRODUCTS OPER 5.6 Sr. Nts. 14 100.2 5.59% 5.58% 129 Baa3 BB+ENTERPRISE PRODUCTS OPER 7.5 Sr. Nts. 11 113.0 6.63% 4.98% 124 Baa3 BB+PIONEER NATURAL RESOURCE 7.2 Sr. Nts. 28 114.8 6.27% 6.01% 119 Baa3 BBB-TECO ENERGY INC 10.5 Sr. Nts. 07 116.0 9.05% 4.51% 113 Ba2 BBPIONEER NATURAL RESOURCE 5.875 Sr. Nts. 16 104.0 5.65% 5.41% 113 Baa3 BBB-PIONEER NATURAL RESOURCE 9.625 Sr. Nts. 10 121.9 7.90% 4.82% 107 Baa3 BBB-XTO ENERGY INC 7.5 Sr. Nts. 12 116.5 6.44% 4.78% 105 Baa3 BBB-ENTERPRISE PRODUCTS OPER 6.375 Sr. Nts. 13 106.9 5.97% 5.31% 104 Baa3 BB+ENTERPRISE PRODUCTS OPER 4.625 Sr. Nts. 09 99.5 4.65% 4.74% 99 Baa3 BB+NEWFIELD EXPLORATION CO 7.45 Sr. Nts. 07 108.0 6.90% 4.33% 94 Ba2 BB+XTO ENERGY INC 5 Sr. Nts. 15 98.7 5.06% 5.16% 89 Baa3 BBB-ENTERPRISE PRODUCTS OPER 4 Sr. Nts. 07 99.7 4.01% 4.11% 72 Baa3 BB+XTO ENERGY INC 4.9 Sr. Nts. 14 99.4 4.93% 4.98% 71 Baa3 BBB-PIONEER NATURAL RESOURCE 6.5 Sr. Nts. 08 106.8 6.09% 4.08% 70 Baa3 BBB-XTO ENERGY INC 6.25 Sr. Nts. 13 109.0 5.73% 4.91% 63 Baa3 BBB-MIRANT AMERICAS GENR LLC 7.2 Sr. Nts. 08 109.5 DFLT 3.98% 58 Caa3 NRALL STAR GAS CORP 11 Sr. Sec. Nts.-2nd Lien 03 NA NA NA NA NR NRMIRANT AMERICAS GENR LLC 7.625 Sr. Nts. 06 111.4 DFLT (2.66%) (588) WR NR

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HIGH YIELD RESEARCH

STW Sort1/10/05 Current Ratings

Issuer Description Price Yld. YTW STW Moody's S&PCROWN CENTRAL PETROLEUM 10.875 Sr. Nts. 05 96.0 11.33% 117.85% 9,235 Ca NRMIRANT CORP 2.5 Cnvrt. Sr. Nts. 21 (Px=$67.95) 71.5 DFLT 27.19% 2,396 Ca NROGLEBAY NORTON CO 10 Sr. Sub. Nts. 09 72.5 13.79% 22.44% 1,907 WR NRNAVIGATOR GAS TRANSPORT 10.5 Sr. Nts. 07 75.0 DFLT 21.76% 1,853 WR NRMIRANT CORP 5.75 Cnvrt. Sr. Nts. 07 (Px=$7.58) 74.5 DFLT 19.02% 1,579 WR NRCALPINE CANADA ENER FIN 8.5 Sr. Nts. 08 75.0 11.33% 19.03% 1,566 Caa1 CCC+TRICO MARINE SERVICES 8.875 Sr. Nts. 12 66.0 DFLT 16.33% 1,258 Ca NRCALPINE CORP 8.625 Sr. Nts. 10 72.5 11.89% 16.30% 1,255 Caa1 CCC+CALPINE CORP 8.5 Sr. Nts. 11 72.0 11.81% 15.83% 1,210 Caa1 CCC+MIRANT CORP 7.9 Sr. Nts. 09 76.3 DFLT 15.40% 1,200 WR NRCALPINE CORP 7.82 Sr. Sec. Nts.-2nd Lien 07 92.0 8.50% 14.33% 1,126 NR BCALPINE CORP 8.5 Sr. Sec. Nts.-2nd Lien 10 82.0 10.37% 13.20% 947 NR BENERGY CORP OF AMERICA 9.5 Sr. Sub. Nts. 07 95.3 9.97% 11.87% 864 Caa3 NRATP OIL & GAS CORPORATION 12.568 Sr. Sec. Nts.-2nd Lien 09 102.0 12.32% 10.97% 823 NR NRTIVERTON/RUMFORD PWR ASS 9 Pass Thru Certs. 18 82.0 10.98% 13.66% 793 B3 BSOUTH PT/BROAD RIV/ROCKG 9.825 Pass Thru Certs. 19 84.0 11.70% 12.21% 792 B2 BCALPINE CORP 10.5 Sr. Nts. 06 100.0 10.50% 10.32% 766 Caa1 CCC+CALPINE CORP 7.625 Sr. Nts. 06 96.9 7.87% 10.33% 766 Caa1 CCC+RAM ENERGY INC 11.5 Sr. Nts. 08 101.8 11.30% 10.81% 741 WR NRABRAXAS PETROLEUM CORP 9.72 Sr. Sec. Nts.-1st Lien 09 99.0 9.82% 10.56% 685 NR NRDYNEGY HOLDINGS INC 7.45 Sr. Nts. 06 96.5 7.72% 10.02% 679 Caa2 CCC+SEITEL INC 11.75 Sr. Nts. 11 107.3 10.96% 10.20% 645 B3 B-SOUTH PT/BROAD RIV/ROCKG 8.4 Pass Thru Certs. 12 94.5 8.89% 10.04% 605 B2 BCALPINE CORP 9.625 Sr. Sec. Nts.-1st Lien 14 101.5 9.48% 9.34% 561 NR B+GREAT LAKES DREDGE&DOCK 7.75 Sr. Sub. Nts. 13 91.3 8.49% 9.21% 547 Caa2 /*- CCCUNITED REFINING CO 10.5 Sr. Nts. 12 105.5 9.95% 9.21% 547 B3 B-MCDERMOTT INC 8.75 Sr. Nts. 23 92.0 9.51% 9.69% 540 B3 CCCBRAND SERVICES INC 12 Sr. Nts. 12 112.5 10.67% 8.75% 536 B3 CCC+AES CHINA GENERATING CO 8.25 Sr. Nts. 10 97.7 8.45% 8.80% 505 B2 B+SEA CONTAINERS LTD 10.5 Sr. Nts. 12 107.2 9.79% 8.77% 503 (P)B3 BPARKER DRILLING CO 10.125 Sr. Nts. 09 105.2 9.63% 7.61% 494 B2 B-PAITON ENERGY FUNDING BV 9.34 Sr. Nts. 14 104.8 8.91% 8.46% 493 B2 B-J RAY MCDERMOTT SA 11 Sr. Sec. Nts.-2nd Lien 13 111.8 9.84% 8.61% 486 Caa1 CCC+MISSION RESOURCES CORP 9.875 Sr. Nts. 11 106.3 9.29% 8.37% 462 Caa2 CCCCALLON PETROLEUM CO 9.75 Sr. Nts. 10 106.6 9.14% 8.35% 460 NR NRAVENTINE RENEWABLE ENRGY 8.50125 Sr. Sec. Nts.-1st Lien 11 101.0 8.42% 8.32% 460 B3 CCC+ATP OIL & GAS CORPORATION 8.818 Sr. Sec. Nts.-1st Lien 09 102.0 8.64% 7.29% 455 NR NRNORTH AMER ENERGY PARTNR 8.75 Sr. Nts. 11 102.0 8.58% 8.24% 451 B2 BSTAR GAS PARTNER/FINANCE 10.25 Sr. Nts. 13 109.3 9.38% 8.25% 450 Caa3 /* CCC /*-INTL SHIPHOLDING CORP 7.75 Sr. Nts. 07 99.6 7.78% 7.90% 450 B1 B-DYNEGY HOLDINGS INC 8.75 Sr. Nts. 12 102.9 8.51% 8.21% 447 Caa2 CCC+BELDEN & BLAKE CORP 8.75 Sr. Sec. Nts.-2nd Lien 12 102.5 8.54% 8.18% 443 B3 /*- CCC+BAYTEX ENERGY LTD 9.625 Sr. Sub. Nts. 10 106.8 9.02% 7.82% 442 B3 B-WOLVERINE TUBE INC 7.375 Sr. Nts. 08 98.8 7.47% 7.78% 439 B3 B+VENOCO INC 8.75 Sr. Nts. 11 103.0 8.50% 8.10% 435 Caa1 CCC+DYNEGY HOLDINGS INC 6.875 Sr. Nts. 11 94.3 7.29% 8.07% 433 Caa2 CCC+SHIP FINANCE INTL LTD 8.5 Sr. Nts. 13 102.5 8.29% 8.02% 429 B1 BSEABULK INTL INC 9.5 Sr. Nts. 13 107.5 8.84% 8.01% 426 B2 BWOLVERINE TUBE INC 10.5 Sr. Nts. 09 108.3 9.70% 7.46% 423 B3 B+CIE GENER DE GEOPHYSIQUE 10.625 Sr. Nts. 07 105.5 10.07% 6.86% 419 Ba3 /*- BBDYNEGY HOLDINGS INC 8.125 Sr. Nts. 05 100.3 8.10% 6.53% 409 Caa2 CCC+DYNEGY-ROSETON DANSKAMME 7.67 Pass Thru Certs. 16 95.0 8.07% 8.46% 405 Caa2 BAQUILA INC 14.875 Sr. Nts. 12 139.5 10.66% 7.79% 405 B2 B-BLUEWATER FINANCE LTD 10.25 Sr. Nts. 12 110.0 9.32% 7.31% 392 B1 BPETRO STOPPING CTR/FINL 9 Sr. Sec. Nts.-2nd Lien 12 105.5 8.53% 7.67% 392 B3 B-MIRANT AMERICAS GENR LLC 9.125 Sr. Nts. 31 107.5 DFLT 8.18% 390 WR NRENTERPRISE PRODUCTS OPER 8.25 Sr. Nts. 05 100.3 8.22% 6.29% 386 Baa3 BB+AES RED OAK LLC 9.2 Sr. Sec. Nts.-2nd Lien 29 112.5 8.18% 7.99% 383 B2 B+HARVEST OPERATIONS CORP 7.875 Sr. Nts. 11 101.5 7.76% 7.55% 380 B3 B-EL PASO CORPORATION 7.75 Sr. Nts. 32 96.6 8.02% 8.06% 379 Caa1 CCC+HORIZON LINES LLC 9 Sr. Nts. 12 107.3 8.39% 7.43% 369 B3 CCC+DYNEGY HOLDINGS INC 9.875 Sr. Sec. Nts.-2nd Lien 10 110.5 8.94% 7.06% 367 B3 B-DYNEGY-ROSETON DANSKAMME 7.27 Pass Thru Certs. 10 101.0 7.20% 6.99% 366 Caa2 BSHAW GROUP INC 10.75 Sr. Nts. 10 112.0 9.60% 7.02% 364 Ba3 B+



203/708-5806203/708-5804203/708-5807


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HIGH YIELD RESEARCH





203/708-5806203/708-5804203/708-5807


TEEKAY SHIPPING CORP 8.32 Sr. Nts. 06 102.0 8.16% 6.31% 364 Ba1 BB+MIDWEST GENERATION LLC 8.3 Pass Thru Certs. 09 104.9 7.91% 6.60% 363 B1 B /*+CEDAR BRAKES II LLC 9.875 Sr. Sec. Nts.-2nd Lien 13 116.0 8.51% 5.81% 359 Caa1 /*+ CCC+ /*+AES CHIVOR 9.75 Sr. Nts. 14 113.0 8.63% 7.84% 355 B1 BSONAT INC 7 Sr. Nts. 18 93.3 7.51% 7.84% 355 Caa1 CCC+RELIANT ENERGY INC 9.25 Sr. Sec. Nts.-2nd Lien 10 109.0 8.49% 6.89% 351 B1 B+SONAT INC 7.625 Sr. Nts. 11 102.0 7.48% 7.23% 350 Caa1 CCC+EL PASO CORPORATION 7.375 Sr. Nts. 12 101.5 7.27% 7.12% 339 Caa1 CCC+RELIANT ENERGY INC 9.5 Sr. Sec. Nts.-2nd Lien 13 111.0 8.56% 7.12% 338 B1 B+GIANT INDUSTRIES 8 Sr. Sub. Nts. 14 105.0 7.62% 7.11% 338 B3 B-EL PASO CGP CO 6.375 Sr. Nts. 09 98.8 6.46% 6.73% 335 Caa1 CCC+EL PASO CORPORATION 7.875 Sr. Nts. 12 104.5 7.54% 7.08% 333 Caa1 CCC+DYNEGY HOLDINGS INC 10.125 Sr. Sec. Nts.-2nd Lien 13 113.4 8.93% 7.05% 330 B3 B-PARKER DRILLING CO 9.625 Sr. Nts. 13 112.1 8.58% 7.01% 328 B2 B-HANOVER COMPRESSOR CO 9 Sr. Nts. 14 111.0 8.11% 6.94% 320 B3 BTRANSMONTAIGNE INC 9.125 Sr. Sub. Nts. 10 109.4 8.34% 6.57% 320 B3 B /*MIRANT AMERICAS GENR LLC 8.5 Sr. Nts. 21 108.0 DFLT 7.47% 319 WR NRHILCORP ENERGY/FINANCE 10.5 Sr. Nts. 10 113.8 9.23% 6.58% 318 B3 BEL PASO CGP CO 7.75 Sr. Nts. 10 103.8 7.47% 6.91% 316 Caa1 CCC+GIANT INDUSTRIES 11 Sr. Sub. Nts. 12 114.3 9.63% 6.53% 314 B3 B-TECO ENERGY INC 6.125 Sr. Nts. 07 99.5 6.16% 6.36% 313 Ba2 BBPETROLEUM HELICOPTERS 9.375 Sr. Nts. 09 108.0 8.68% 6.36% 313 B1 BB-EL PASO PRODUCTION HLDG 7.75 Sr. Nts. 13 104.5 7.42% 6.87% 313 B3 B-DENBURY RESOURCES INC 7.5 Sr. Sub. Nts. 13 103.2 7.27% 6.86% 312 B2 BFERRELLGAS PARTNERS LP 8.75 Sr. Nts. 12 108.0 8.10% 6.80% 306 B2 BMIDWEST GENERATION LLC 8.56 Pass Thru Certs. 16 113.5 7.54% 5.97% 306 B1 B /*+ENERGY PARTNERS LTD 8.75 Sr. Nts. 10 109.0 8.03% 6.43% 303 B2 B+CHESAPEAKE ENERGY CORP 8.375 Sr. Nts. 08 105.4 7.95% 6.25% 301 Ba3 BB-MISSION ENERGY HOLDING 13.5 Sr. Sec. Nts.-2nd Lien 08 122.0 11.07% 6.39% 301 B3 CCC /*+EL PASO CORPORATION 6.75 Sr. Nts. 09 100.0 6.75% 6.75% 301 Caa1 CCC+GULFMARK OFFSHORE INC 7.75 Sr. Nts. 14 105.8 7.33% 6.76% 301 B2 BB-LONE STAR TECHNOLOGIES 9 Sr. Sub. Nts. 11 107.5 8.37% 6.40% 300 B3 B-OVERSEAS SHIPHLDG GROUP 7.5 Sr. Nts. 24 102.3 7.33% 7.28% 299 Ba1 /*- BB+ /*-EDISON MISSION HLDGS CO 8.137 Sr. Nts. 19 113.4 7.18% 5.98% 296 WR BB /*+STENA AB 7.5 Sr. Nts. 13 104.8 7.16% 6.62% 287 Ba3 BB-PETROLEUM GEO-SERVICES 10 Sr. Nts. 10 113.8 8.79% 6.25% 287 NR NREL PASO NATURAL GAS 7.5 Sr. Nts. 26 103.8 7.23% 7.16% 287 B1 B-EL PASO NATURAL GAS 8.625 Sr. Nts. 22 114.8 7.52% 7.12% 283 B1 B-CP SHIPS LIMITED 10.375 Sr. Nts. 12 114.0 9.10% 6.20% 280 Ba3 BB+OMI CORP 7.625 Sr. Nts. 13 105.9 7.20% 6.55% 280 B1 B+FERRELLGAS LP/FINANCE 6.75 Sr. Nts. 14 101.4 6.66% 6.51% 278 Ba3 BB-SONAT INC 6.625 Sr. Nts. 08 101.3 6.54% 6.17% 277 Caa1 CCC+HANOVER COMPRESSOR CO 4.75 Cnvrt. Sr. Nts. 08 $43.94 96.0 4.95% 6.15% 277 B3 BENCORE ACQUISITION CO 6.25 Sr. Sub. Nts. 14 94.8 6.59% 7.02% 275 B2 BSITHE/INDEPENDENCE FNDG 9 Sr. Nts. 13 116.9 7.70% 5.74% 274 Ba1 /*- BBB- /*-RELIANT ENERGY INC 6.75 Sr. Sec. Nts.-2nd Lien 14 98.1 6.88% 7.02% 274 B1 B+CHC HELICOPTER CORP 7.375 Sr. Sub. Nts. 14 105.3 7.01% 6.46% 271 B2 BSUBURBAN PROPANE PARTNRS 6.875 Sr. Nts. 13 102.4 6.72% 6.44% 271 B1 BDRESSER-RAND GROUP INC 7.375 Sr. Sub. Nts. 14 102.4 7.20% 6.97% 270 B3 B-MSW ENERGY HLDGS/FINANCE 8.5 Sr. Sec. Nts.-2nd Lien 10 109.5 7.76% 6.05% 265 Ba1 BBPARKER DRILLING CO 7.15 Sr. Nts. 10 104.3 6.86% 5.75% 265 B2e B-GOLDEN STATE PETRO TRANS 8.04 Sr. Sec. Nts.-1st Lien 19 109.8 7.32% 6.66% 265 Baa2 BB+EDISON MISSION 9.875 Sr. Nts. 11 117.8 8.39% 6.38% 265 B1 B /*+CONSOLIDATED COAL 8.25 Sr. Nts. 07 105.2 7.84% 5.86% 263 Ba2 NRGENERAL MARITIME CORP 10 Sr. Nts. 13 115.5 8.66% 6.01% 261 B1 B+FOUNDATION PA COAL CO 7.25 Sr. Nts. 14 105.3 6.89% 6.36% 261 B1 BNRG ENERGY INC 8 Sr. Sec. Nts.-2nd Lien 13 108.8 7.36% 6.36% 261 B1 BSTONE ENERGY CORP 6.75 Sr. Sub. Nts. 14 99.0 6.82% 6.89% 260 B2 B+WILLIAMS COS INC 8.75 Sr. Nts. 32 115.5 7.58% 7.42% 260 B1 B+HANOVER COMPRESS CO 8.625 Sr. Sub. Nts. 10 109.5 7.88% 6.34% 259 B3 BEL PASO NATURAL GAS 8.375 Sr. Nts. 32 111.3 7.53% 7.41% 258 B1 B-SITHE/INDEPENDENCE FNDG 8.5 Sr. Nts. 07 106.1 8.01% 4.24% 258 Ba1 /*- BBB- /*-MIDWEST GENERATION LLC 8.75 Sr. Sec. Nts.-2nd Lien 34 112.4 7.79% 6.32% 258 B1 B- /*+CEDAR BRAKES I LLC 8.5 Sr. Sec. Nts.-2nd Lien 14 115.0 7.39% 5.17% 256 Caa1 /*+ CCC+ /*+

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HIGH YIELD RESEARCH





203/708-5806203/708-5804203/708-5807


PACIFIC ENERGY PRTNR/FIN 7.125 Sr. Nts. 14 105.0 6.79% 6.27% 254 Ba2 BB /*-STENA AB 9.625 Sr. Nts. 12 113.8 8.46% 5.92% 252 Ba3 BB-ORION POWER HOLDINGS INC 12 Sr. Nts. 10 125.5 9.56% 6.26% 252 B2 BWHITING PETROLEUM CORP 7.25 Sr. Sub. Nts. 12 104.5 6.94% 6.24% 250 B2 B-FRONTIER OIL CORP 6.625 Sr. Nts. 11 101.8 6.51% 6.25% 250 B1 B+EDISON MISSION ENERGY 10 Sr. Nts. 08 113.2 8.83% 5.85% 248 B1 B /*+PREMCOR REFINING GROUP 7.5 Sr. Nts. 15 106.8 7.03% 6.21% 246 Ba3 BB-OVERSEAS SHIPHLDG GROUP 8.75 Sr. Nts. 13 113.3 7.73% 6.74% 245 Ba1 /*- BB+ /*-ALPHA NATURAL RESOURCES 10 Sr. Nts. 12 115.5 8.66% 6.20% 245 B3 CCC+CHESAPEAKE ENERGY CORP 6.875 Sr. Nts. 16 103.9 6.61% 6.17% 244 Ba3 BB-WILLIAMS COS INC 7.75 Sr. Nts. 31 105.9 7.32% 7.25% 243 B1 B+EDISON MISSION HLDGS CO 8.734 Sr. Nts. 26 123.1 7.10% 6.25% 243 WR BB /*+VINTAGE PETROLEUM 7.875 Sr. Sub. Nts. 11 106.3 7.41% 5.81% 242 B1 BARCH WESTERN FINANCE 6.75 Sr. Nts. 13 103.3 6.54% 6.13% 238 Ba3 BBMIRANT CORP 10.06 Pass Thru Certs. 28 128.0 DFLT 7.20% 237 B3 NRMSW ENERGY HLDGS/FIN II 7.375 Sr. Nts. 10 105.0 7.02% 6.12% 237 Ba2 BB-MARKWEST ENERGY PART/FIN 6.875 Sr. Nts. 14 101.4 6.78% 6.64% 237 B1 B+COMSTOCK RESOURCES INC 6.875 Sr. Nts. 12 103.5 6.64% 6.07% 232 B2 BSTONE ENERGY CORP 8.25 Sr. Sub. Nts. 11 108.3 7.62% 5.71% 232 B2 B+OCEAN RIG NORWAY AS 10.25 Sr. Sec. Nts.-1st Lien 08 103.6 9.89% 4.97% 230 B3 CCCWILLIAMS COS INC 7.5 Sr. Nts. 31 104.6 7.17% 7.11% 229 B1 B+MIRANT AMERICAS GENR INC 8.3 Sr. Nts. 11 109.5 DFLT 6.00% 227 WR NRHOUSTON EXPLORATION CO 7 Sr. Sub. Nts. 13 105.3 6.65% 6.00% 225 B2 B+NEWFIELD EXPLORATION CO 6.625 Sr. Sub. Nts. 14 103.9 6.38% 5.98% 225 Ba3 BB-TEEKAY SHIPPING CORP 8.875 Sr. Nts. 11 115.5 7.68% 5.96% 223 Ba2 BB-AMERIGAS PART/EAGLE FIN 8.875 Sr. Nts. 11 108.5 8.18% 5.46% 223 B2 BB-DYNEGY HOLDINGS INC 8.02 Sr. Sec. Nts.-2nd Lien 08 108.5 7.39% 5.28% 222 B3 B-EDISON MISSION ENRGY FDG 7.33 Sr. Nts. 08 106.3 6.90% 3.01% 219 Ba3 B /*+DRESSER INC 9.375 Sr. Sub. Nts. 11 109.1 8.59% 5.40% 217 B2 BMASSEY ENERGY CO 6.625 Sr. Nts. 10 103.0 6.43% 5.90% 217 Ba3 BBCITGO PETROLEUM CORP 6 Sr. Nts. 11 100.5 5.97% 5.90% 216 Ba2 BBMIRANT CORP 8.625 Pass Thru Certs. 12 112.4 DFLT 5.90% 215 B3 NRSWIFT ENERGY CO 7.625 Sr. Nts. 11 108.0 7.06% 5.90% 215 B1 BB-KCS ENERGY INC 7.125 Sr. Nts. 12 105.5 6.75% 5.88% 213 B3 B-RANGE RESOURCES CORP 7.375 Sr. Sub. Nts. 13 107.8 6.84% 5.86% 211 B3 BOFFSHORE LOGISTIC 6.125 Sr. Nts. 13 101.5 6.03% 5.84% 211 Ba2 BB+HANOVER EQUIP TRUST 01 B 8.75 Sr. Sec. Nts.-2nd Lien 11 109.0 8.03% 5.50% 210 B2 B+CONSOL ENERGY INC 7.875 Sr. Nts. 12 111.8 7.05% 5.84% 209 Ba2 BBPREMCOR REFINING GROUP 6.75 Sr. Nts. 14 105.5 6.40% 5.81% 206 Ba3 BB-PREMCOR REFINING GROUP 9.5 Sr. Nts. 13 115.3 8.24% 5.45% 206 Ba3 BB-PLAINS E&P COMPANY 8.75 Sr. Sub. Nts. 12 111.8 7.83% 5.29% 205 Ba3 B+SWIFT ENERGY CO 9.375 Sr. Sub. Nts. 12 112.5 8.33% 5.45% 205 B2 BEDISON MISSION ENERGY 7.73 Sr. Nts. 09 107.5 7.19% 5.78% 205 B1 B /*+COMPTON PETROLEUM CORP 9.9 Sr. Nts. 09 110.5 8.96% 5.27% 204 B2 BUNIVERSAL COMPRESSN INC 7.25 Sr. Nts. 10 107.0 6.78% 5.41% 202 Ba3 BCALPINE CORP 8.25 Sr. Nts. 05 102.1 8.08% 4.65% 199 Caa1 CCC+TEXAS GENCO LLC/FINANCNG 6.875 Sr. Nts. 14 103.8 6.63% 6.27% 198 B1 BHORNBECK OFFSHORE SERV 6.125 Sr. Nts. 14 99.3 6.17% 6.23% 195 Ba3 BB-CHESAPEAKE ENERGY CORP 7.5 Sr. Nts. 14 109.9 6.82% 5.69% 195 Ba3 BB-OVERSEAS SHIPHLDG GROUP 8.25 Sr. Nts. 13 110.8 7.45% 5.70% 195 Ba1 /*- BB+ /*-KEY ENERGY SERVICES INC 6.375 Sr. Nts. 13 101.3 6.30% 6.18% 189 B1 /*- B /*TECO ENERGY INC 7.2 Sr. Nts. 11 108.3 6.65% 5.62% 189 Ba2 BBVINTAGE PETROLEUM 8.25 Sr. Nts. 12 110.0 7.50% 5.28% 188 Ba3 BB-TECO ENERGY INC 7 Sr. Nts. 12 108.2 6.47% 5.62% 188 Ba2 BBEXCO RESOURCES INC 7.25 Sr. Nts. 11 107.0 6.78% 5.63% 188 B2 BPRIDE INTERNATIONAL INC 7.375 Sr. Nts. 14 109.8 6.72% 5.63% 188 Ba2 BB-WESTERN OIL SANDS INC 8.375 Sr. Sec. Nts.-3rd Lien 12 116.5 7.19% 5.59% 185 Ba2 BB+NEWPARK RESOURCES INC 8.625 Sr. Sub. Nts. 07 101.8 8.48% 4.20% 184 B2 BWILLIAMS COS INC 8.125 Sr. Nts. 12 115.0 7.07% 5.56% 182 B1 B+WILLIAMS COS INC 7.125 Sr. Nts. 11 108.8 6.55% 5.53% 179 B1 B+MIRANT CORP 9.125 Pass Thru Certs. 17 122.3 DFLT 6.08% 179 B3 NRTESORO CORP 9.625 Sr. Sub. Nts. 12 113.5 8.48% 5.17% 179 B2 BB-MASSEY ENERGY CO 6.95 Sr. Nts. 07 104.0 6.68% 4.95% 171 B1 B+GRANT PRIDECO INC 9.625 Sr. Nts. 07 112.0 8.59% 5.09% 169 Ba3 BB-

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HIGH YIELD RESEARCH





203/708-5806203/708-5804203/708-5807


PREMCOR REFINING GROUP 6.75 Sr. Nts. 11 106.8 6.32% 5.43% 168 Ba3 BB-SESI, L.L.C. 8.875 Sr. Nts. 11 109.3 8.12% 4.89% 165 B1 BB-TESORO CORP 9.625 Sr. Sub. Nts. 08 108.8 8.85% 4.32% 165 B2 BB-PREMCOR REFINING GROUP 9.25 Sr. Nts. 10 112.3 8.24% 5.05% 165 Ba3 BB-GRANT PRIDECO INC 9 Sr. Nts. 09 111.3 8.09% 5.04% 164 Ba3 BB-FOREST OIL CORPORATION 8 Sr. Nts. 08 109.3 7.32% 5.02% 164 Ba3 BB-ENCORE ACQUISITION CO 8.375 Sr. Sub. Nts. 12 111.3 7.53% 5.03% 163 B2 BFOREST OIL CORPORATION 8 Sr. Nts. 11 115.0 6.96% 5.37% 162 Ba3 BB-PREMCOR REFINING GROUP 6.125 Sr. Nts. 11 104.0 5.89% 5.37% 162 Ba3 BB-FOREST OIL CORPORATION 7.75 Sr. Nts. 14 108.5 7.14% 5.37% 162 Ba3 BB-PLAINS E&P COMPANY 7.125 Sr. Nts. 14 109.8 6.49% 5.34% 161 Ba2 BB-HANOVER EQUIP TRUST 01 A 8.5 Sr. Sec. Nts.-2nd Lien 08 106.8 7.96% 4.25% 157 B2 B+NEWFIELD EXPLORATION CO 8.375 Sr. Sub. Nts. 12 111.9 7.49% 4.96% 157 Ba3 BB-ENTERPRISE PRODUCTS OPER 6.65 Sr. Nts. 34 103.4 6.43% 6.39% 156 Baa3 BB+LUSCAR COAL LTD 9.75 Sr. Nts. 11 112.8 8.65% 4.77% 154 Ba3 BBCHESAPEAKE ENERGY CORP 6.375 Sr. Nts. 15 103.4 6.16% 5.83% 154 Ba3 BB-CHESAPEAKE ENERGY CORP 8.125 Sr. Nts. 11 107.8 7.54% 4.76% 153 Ba3 BB-AMERIGAS PART/EAGLE FIN 10 Sr. Nts. 06 107.0 9.35% 4.20% 152 B2 BB-ENTERPRISE PRODUCTS OPER 6.875 Sr. Nts. 33 107.0 6.42% 6.34% 152 Baa3 BB+SEA CONTAINERS LTD 13 Sr. Nts. 06 104.0 12.50% 4.19% 152 NR NRNEWFIELD EXPLORATION CO 7.625 Sr. Nts. 11 112.3 6.79% 5.26% 151 Ba2 BB+EL PASO NATURAL GAS 7.625 Sr. Nts. 10 109.9 6.94% 4.88% 150 B1 B-PIONEER NATURAL RESOURCE 7.5 Sr. Nts. 12 113.7 6.59% 5.20% 147 Baa3 BBB-TRANSCONT GAS PIPE CORP 8.875 Sr. Nts. 12 122.5 7.24% 5.21% 146 Ba2 B+SONAT INC 6.75 Sr. Nts. 07 104.8 6.44% 4.86% 146 Caa1 CCC+MCDERMOTT INC 7.84 Sr. Nts. 05 100.9 7.77% 3.84% 145 B3 CCCTRANSCONT GAS PIPE CORP 7 Sr. Nts. 11 110.3 6.35% 5.14% 140 Ba2 B+TECO ENERGY INC 7.5 Sr. Nts. 10 111.5 6.73% 5.05% 131 Ba2 BBENTERPRISE PRODUCTS OPER 5.6 Sr. Nts. 14 100.2 5.59% 5.58% 129 Baa3 BB+ENTERPRISE PRODUCTS OPER 7.5 Sr. Nts. 11 113.0 6.63% 4.98% 124 Baa3 BB+MAGNUM HUNTER RE 9.6 Sr. Nts. 12 114.5 8.38% 4.62% 123 B2 B+EVERGREEN RESOURCES INC 5.875 Sr. Sub. Nts. 12 104.2 5.64% 4.95% 122 Baa3 BBB-NORTHWEST PIPELINE CORP 8.125 Sr. Nts. 10 110.8 7.34% 4.60% 121 Ba2 B+POGO PRODUCING CO 8.25 Sr. Sub. Nts. 11 108.5 7.60% 4.43% 120 Ba3 BBPIONEER NATURAL RESOURCE 7.2 Sr. Nts. 28 114.8 6.27% 6.01% 119 Baa3 BBB-SONAT INC 6.875 Sr. Nts. 05 101.1 6.80% 3.85% 117 Caa1 CCC+TECO ENERGY INC 10.5 Sr. Nts. 07 116.0 9.05% 4.51% 113 Ba2 BBPIONEER NATURAL RESOURCE 5.875 Sr. Nts. 16 104.0 5.65% 5.41% 113 Baa3 BBB-PIONEER NATURAL RESOURCE 9.625 Sr. Nts. 10 121.9 7.90% 4.82% 107 Baa3 BBB-XTO ENERGY INC 7.5 Sr. Nts. 12 116.5 6.44% 4.78% 105 Baa3 BBB-ENTERPRISE PRODUCTS OPER 6.375 Sr. Nts. 13 106.9 5.97% 5.31% 104 Baa3 BB+TESORO CORP 8 Sr. Sec. Nts.-2nd Lien 08 108.0 7.41% 4.23% 101 Ba2 BBB-ENTERPRISE PRODUCTS OPER 4.625 Sr. Nts. 09 99.5 4.65% 4.74% 99 Baa3 BB+CITGO PETROLEUM CORP 7.875 Sr. Nts. 06 104.8 7.52% 4.18% 94 Ba2 BBNEWFIELD EXPLORATION CO 7.45 Sr. Nts. 07 108.0 6.90% 4.33% 94 Ba2 BB+XTO ENERGY INC 5 Sr. Nts. 15 98.7 5.06% 5.16% 89 Baa3 BBB-PARAMOUNT RESOURCES LTD 7.875 Sr. Nts. 10 113.0 6.97% 4.24% 84 B3 B /*-PREMCOR REFINING GROUP 7.75 Sr. Sub. Nts. 12 112.5 6.89% 4.51% 78 B2 BPARAMOUNT RESOURCES LTD 8.875 Sr. Nts. 14 121.3 7.32% 4.51% 76 B3 B /*-ENTERPRISE PRODUCTS OPER 4 Sr. Nts. 07 99.7 4.01% 4.11% 72 Baa3 BB+XTO ENERGY INC 4.9 Sr. Nts. 14 99.4 4.93% 4.98% 71 Baa3 BBB-PIONEER NATURAL RESOURCE 6.5 Sr. Nts. 08 106.8 6.09% 4.08% 70 Baa3 BBB-XTO ENERGY INC 6.25 Sr. Nts. 13 109.0 5.73% 4.91% 63 Baa3 BBB-MIRANT AMERICAS GENR LLC 7.2 Sr. Nts. 08 109.5 DFLT 3.98% 58 Caa3 NREL PASO CGP CO 6.5 Sr. Nts. 06 103.8 6.27% 3.60% 36 Caa1 CCC+AES IRONWOOD LLC 8.857 Sr. Sec. Nts.-2nd Lien 25 113.5 7.80% NA NA B2 B+CHESAPEAKE ENERGY CORP 7.75 Sr. Nts. 15 108.0 7.18% NA NA Ba3 BB-AES RED OAK LLC 8.54 Sr. Sec. Nts.-2nd Lien 19 112.5 7.59% NA NA B2 B+CHESAPEAKE ENERGY CORP 9 Sr. Nts. 12 114.5 7.86% NA NA Ba3 BB-NA NA NA NA NA NA NR NR

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HIGH YIELD RESEARCH

RATINGS (Moody's or if unavailable, S&P Equivalent) by STW1/10/05 Current Ratings

Issuer Description Price Yld. YTW STW Moody's S&PNOT RATEDOGLEBAY NORTON CO 10 Sr. Sub. Nts. 09 72.5 13.79% 22.44% 1,907 WR NRNAVIGATOR GAS TRANSPORT 10.5 Sr. Nts. 07 75.0 DFLT 21.76% 1,853 WR NRMIRANT CORP 5.75 Cnvrt. Sr. Nts. 07 (Px=$7.58) 74.5 DFLT 19.02% 1,579 WR NRMIRANT CORP 7.9 Sr. Nts. 09 76.3 DFLT 15.40% 1,200 WR NRATP OIL & GAS CORPORATION 12.568 Sr. Sec. Nts.-2nd Lien 09 102.0 12.32% 10.97% 823 NR NRRAM ENERGY INC 11.5 Sr. Nts. 08 101.8 11.30% 10.81% 741 WR NRABRAXAS PETROLEUM CORP 9.72 Sr. Sec. Nts.-1st Lien 09 99.0 9.82% 10.56% 685 NR NRCALLON PETROLEUM CO 9.75 Sr. Nts. 10 106.6 9.14% 8.35% 460 NR NRATP OIL & GAS CORPORATION 8.818 Sr. Sec. Nts.-1st Lien 09 102.0 8.64% 7.29% 455 NR NRMIRANT AMERICAS GENR LLC 9.125 Sr. Nts. 31 107.5 DFLT 8.18% 390 WR NRMIRANT AMERICAS GENR LLC 8.5 Sr. Nts. 21 108.0 DFLT 7.47% 319 WR NRPETROLEUM GEO-SERVICES 10 Sr. Nts. 10 113.8 8.79% 6.25% 287 NR NRMIRANT AMERICAS GENR INC 8.3 Sr. Nts. 11 109.5 DFLT 6.00% 227 WR NRSEA CONTAINERS LTD 13 Sr. Nts. 06 104.0 12.50% 4.19% 152 NR NRHARVEST ENERGY TRUST 8 Cnvrt. Sr. Sub. Nts. 09 C$16.25 NA NA NA NA NR NRMAGNUM HUNTER RE 2.49 Cnvrt. Sr. Nts. 23 $12.19 113.3 2.20% NA NA NR NRVERITAS DGC INC 1.74 Cnvrt. Sr. Nts. 24 $24.03 116.4 1.49% NA NA NR NRMIRANT CORP 7.4 Sr. Nts. 04 74.5 DFLT NA NA WR NRALL STAR GAS CORP 11 Sr. Sec. Nts.-2nd Lien 03 NA NA NA NA NR NREMPIRE GAS CORP 9 Sr. Nts. 07 NA NA NA NA WR NRVECTURA GROUP INC 12 Sr. Sub. Nts. 08 0.1 DFLT NA NA WR NRNAVIGATOR GAS TRANSPORT 12 Sr. Sec. Nts.-2nd Lien 07 2.3 DFLT NA NA WR NRULTRAPETROL(BAHAMAS) LTD 10.5 Sr. Sec. Nts.-1st Lien 08 103.1 10.18% NA NA WR NRGREY WOLF INC 2.51 Cnvrt. Sr. Nts. 24 $6.51 110.8 2.27% 1.27% NA NR NRNORTHERN OFFSHORE ASA 7.48 Sr. Nts. 04 106.0 DFLT NA NA NR NRVECTURA GROUP INC 11.25 Sr. Nts. 08 141.0 DFLT NA NA WR NRPETROLEUM GEO-SERVICES 8 Sr. Nts. 06 102.5 7.80% 1.05% (131) NR NRMIRANT AMERICAS GENR LLC 7.625 Sr. Nts. 06 111.4 DFLT (2.66%) (588) WR NRSEA CONTAINERS LTD 12.5 Sr. Nts. 09 110.5 11.31% (9.13%) (1,180) NR NRHARVEST ENERGY TRUST 9 Cnvrt. Sr. Sub. Nts. 09 C$14.00 159.0 5.66% (10.03%) (1,332) NR NRCAA1 OR LOWERCROWN CENTRAL PETROLEUM 10.875 Sr. Nts. 05 96.0 11.33% 117.85% 9,235 Ca NRMIRANT CORP 2.5 Cnvrt. Sr. Nts. 21 (Px=$67.95) 71.5 DFLT 27.19% 2,396 Ca NRCALPINE CANADA ENER FIN 8.5 Sr. Nts. 08 75.0 11.33% 19.03% 1,566 Caa1 CCC+TRICO MARINE SERVICES 8.875 Sr. Nts. 12 66.0 DFLT 16.33% 1,258 Ca NRCALPINE CORP 8.625 Sr. Nts. 10 72.5 11.89% 16.30% 1,255 Caa1 CCC+CALPINE CORP 8.5 Sr. Nts. 11 72.0 11.81% 15.83% 1,210 Caa1 CCC+ENERGY CORP OF AMERICA 9.5 Sr. Sub. Nts. 07 95.3 9.97% 11.87% 864 Caa3 NRCALPINE CORP 10.5 Sr. Nts. 06 100.0 10.50% 10.32% 766 Caa1 CCC+CALPINE CORP 7.625 Sr. Nts. 06 96.9 7.87% 10.33% 766 Caa1 CCC+DYNEGY HOLDINGS INC 7.45 Sr. Nts. 06 96.5 7.72% 10.02% 679 Caa2 CCC+GREAT LAKES DREDGE&DOCK 7.75 Sr. Sub. Nts. 13 91.3 8.49% 9.21% 547 Caa2 /*- CCCJ RAY MCDERMOTT SA 11 Sr. Sec. Nts.-2nd Lien 13 111.8 9.84% 8.61% 486 Caa1 CCC+MISSION RESOURCES CORP 9.875 Sr. Nts. 11 106.3 9.29% 8.37% 462 Caa2 CCCSTAR GAS PARTNER/FINANCE 10.25 Sr. Nts. 13 109.3 9.38% 8.25% 450 Caa3 /* CCC /*-DYNEGY HOLDINGS INC 8.75 Sr. Nts. 12 102.9 8.51% 8.21% 447 Caa2 CCC+VENOCO INC 8.75 Sr. Nts. 11 103.0 8.50% 8.10% 435 Caa1 CCC+DYNEGY HOLDINGS INC 6.875 Sr. Nts. 11 94.3 7.29% 8.07% 433 Caa2 CCC+DYNEGY HOLDINGS INC 8.125 Sr. Nts. 05 100.3 8.10% 6.53% 409 Caa2 CCC+DYNEGY-ROSETON DANSKAMME 7.67 Pass Thru Certs. 16 95.0 8.07% 8.46% 405 Caa2 BEL PASO CORPORATION 7.75 Sr. Nts. 32 96.6 8.02% 8.06% 379 Caa1 CCC+DYNEGY-ROSETON DANSKAMME 7.27 Pass Thru Certs. 10 101.0 7.20% 6.99% 366 Caa2 BCEDAR BRAKES II LLC 9.875 Sr. Sec. Nts.-2nd Lien 13 116.0 8.51% 5.81% 359 Caa1 /*+ CCC+ /*+SONAT INC 7 Sr. Nts. 18 93.3 7.51% 7.84% 355 Caa1 CCC+SONAT INC 7.625 Sr. Nts. 11 102.0 7.48% 7.23% 350 Caa1 CCC+EL PASO CORPORATION 7.375 Sr. Nts. 12 101.5 7.27% 7.12% 339 Caa1 CCC+EL PASO CGP CO 6.375 Sr. Nts. 09 98.8 6.46% 6.73% 335 Caa1 CCC+EL PASO CORPORATION 7.875 Sr. Nts. 12 104.5 7.54% 7.08% 333 Caa1 CCC+EL PASO CGP CO 7.75 Sr. Nts. 10 103.8 7.47% 6.91% 316 Caa1 CCC+EL PASO CORPORATION 6.75 Sr. Nts. 09 100.0 6.75% 6.75% 301 Caa1 CCC+SONAT INC 6.625 Sr. Nts. 08 101.3 6.54% 6.17% 277 Caa1 CCC+CEDAR BRAKES I LLC 8.5 Sr. Sec. Nts.-2nd Lien 14 115.0 7.39% 5.17% 256 Caa1 /*+ CCC+ /*+



203/708-5806203/708-5804203/708-5807


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HIGH YIELD RESEARCH





203/708-5806203/708-5804203/708-5807


CALPINE CORP 8.25 Sr. Nts. 05 102.1 8.08% 4.65% 199 Caa1 CCC+SONAT INC 6.75 Sr. Nts. 07 104.8 6.44% 4.86% 146 Caa1 CCC+SONAT INC 6.875 Sr. Nts. 05 101.1 6.80% 3.85% 117 Caa1 CCC+MIRANT AMERICAS GENR LLC 7.2 Sr. Nts. 08 109.5 DFLT 3.98% 58 Caa3 NREL PASO CGP CO 6.5 Sr. Nts. 06 103.8 6.27% 3.60% 36 Caa1 CCC+HANOVER COMPRESSOR CO 0 Sr. Sub. Nts. 07 86.5 NA NA NA Caa1 B-DYNEGY INC 4.75 Cnvrt. Sr. Sub. Nts. 23 $4.12 138.5 3.43% (1.76%) (551) Caa2 CCC+NORTHERN OFFSHORE ASA 10 Sr. Nts. 05 106.0 DFLT (78.37%) (8,075) C NRB3-RATEDTIVERTON/RUMFORD PWR ASS 9 Pass Thru Certs. 18 82.0 10.98% 13.66% 793 B3 BSEITEL INC 11.75 Sr. Nts. 11 107.3 10.96% 10.20% 645 B3 B-UNITED REFINING CO 10.5 Sr. Nts. 12 105.5 9.95% 9.21% 547 B3 B-MCDERMOTT INC 8.75 Sr. Nts. 23 92.0 9.51% 9.69% 540 B3 CCCBRAND SERVICES INC 12 Sr. Nts. 12 112.5 10.67% 8.75% 536 B3 CCC+SEA CONTAINERS LTD 10.5 Sr. Nts. 12 107.2 9.79% 8.77% 503 (P)B3 BAVENTINE RENEWABLE ENRGY 8.50125 Sr. Sec. Nts.-1st Lien 11 101.0 8.42% 8.32% 459 B3 CCC+BELDEN & BLAKE CORP 8.75 Sr. Sec. Nts.-2nd Lien 12 102.5 8.54% 8.18% 443 B3 /*- CCC+BAYTEX ENERGY LTD 9.625 Sr. Sub. Nts. 10 106.8 9.02% 7.82% 442 B3 B-WOLVERINE TUBE INC 7.375 Sr. Nts. 08 98.8 7.47% 7.78% 439 B3 B+WOLVERINE TUBE INC 10.5 Sr. Nts. 09 108.3 9.70% 7.46% 423 B3 B+PETRO STOPPING CTR/FINL 9 Sr. Sec. Nts.-2nd Lien 12 105.5 8.53% 7.67% 392 B3 B-HARVEST OPERATIONS CORP 7.875 Sr. Nts. 11 101.5 7.76% 7.55% 380 B3 B-HORIZON LINES LLC 9 Sr. Nts. 12 107.3 8.39% 7.43% 369 B3 CCC+DYNEGY HOLDINGS INC 9.875 Sr. Sec. Nts.-2nd Lien 10 110.5 8.94% 7.06% 367 B3 B-GIANT INDUSTRIES 8 Sr. Sub. Nts. 14 105.0 7.62% 7.11% 338 B3 B-DYNEGY HOLDINGS INC 10.125 Sr. Sec. Nts.-2nd Lien 13 113.4 8.93% 7.05% 330 B3 B-HANOVER COMPRESSOR CO 9 Sr. Nts. 14 111.0 8.11% 6.94% 320 B3 BTRANSMONTAIGNE INC 9.125 Sr. Sub. Nts. 10 109.4 8.34% 6.57% 320 B3 B /*HILCORP ENERGY/FINANCE 10.5 Sr. Nts. 10 113.8 9.23% 6.58% 318 B3 BGIANT INDUSTRIES 11 Sr. Sub. Nts. 12 114.3 9.63% 6.53% 314 B3 B-EL PASO PRODUCTION HLDG 7.75 Sr. Nts. 13 104.5 7.42% 6.87% 313 B3 B-MISSION ENERGY HOLDING 13.5 Sr. Sec. Nts.-2nd Lien 08 122.0 11.07% 6.39% 301 B3 CCC /*+LONE STAR TECHNOLOGIES 9 Sr. Sub. Nts. 11 107.5 8.37% 6.40% 300 B3 B-HANOVER COMPRESSOR CO 4.75 Cnvrt. Sr. Nts. 08 $43.94 96.0 4.95% 6.15% 277 B3 BDRESSER-RAND GROUP INC 7.375 Sr. Sub. Nts. 14 102.4 7.20% 6.97% 270 B3 B-HANOVER COMPRESS CO 8.625 Sr. Sub. Nts. 10 109.5 7.88% 6.34% 259 B3 BALPHA NATURAL RESOURCES 10 Sr. Nts. 12 115.5 8.66% 6.20% 245 B3 CCC+MIRANT CORP 10.06 Pass Thru Certs. 28 128.0 DFLT 7.20% 237 B3 NROCEAN RIG NORWAY AS 10.25 Sr. Sec. Nts.-1st Lien 08 103.6 9.89% 4.97% 230 B3 CCCDYNEGY HOLDINGS INC 8.02 Sr. Sec. Nts.-2nd Lien 08 108.5 7.39% 5.28% 222 B3 B-MIRANT CORP 8.625 Pass Thru Certs. 12 112.4 DFLT 5.90% 215 B3 NRKCS ENERGY INC 7.125 Sr. Nts. 12 105.5 6.75% 5.88% 213 B3 B-RANGE RESOURCES CORP 7.375 Sr. Sub. Nts. 13 107.8 6.84% 5.86% 211 B3 BMIRANT CORP 9.125 Pass Thru Certs. 17 122.3 DFLT 6.08% 179 B3 NRMCDERMOTT INC 7.84 Sr. Nts. 05 100.9 7.77% 3.84% 145 B3 CCCPARAMOUNT RESOURCES LTD 7.875 Sr. Nts. 10 113.0 6.97% 4.24% 84 B3 B /*-PARAMOUNT RESOURCES LTD 8.875 Sr. Nts. 14 121.3 7.32% 4.51% 76 B3 B /*-HANOVER COMPRESS CO 4.75 Cnvrt. Sr. Nts. 14 $15.00 123.8 3.84% 1.58% (271) B3 BSEA CONTAINERS LTD 10.75 Sr. Nts. 06 103.5 10.39% (0.46%) (282) B3 BSEA CONTAINERS 7.875 Sr. Nts. 08 102.1 7.71% (15.74%) (1,809) B3 BB2-RATEDCALPINE CORP 7.82 Sr. Sec. Nts.-2nd Lien 07 92.0 8.50% 14.33% 1,126 NR BCALPINE CORP 8.5 Sr. Sec. Nts.-2nd Lien 10 82.0 10.37% 13.20% 947 NR BSOUTH PT/BROAD RIV/ROCKG 9.825 Pass Thru Certs. 19 84.0 11.70% 12.21% 792 B2 BSOUTH PT/BROAD RIV/ROCKG 8.4 Pass Thru Certs. 12 94.5 8.89% 10.04% 605 B2 BAES CHINA GENERATING CO 8.25 Sr. Nts. 10 97.7 8.45% 8.80% 505 B2 B+PARKER DRILLING CO 10.125 Sr. Nts. 09 105.2 9.63% 7.61% 494 B2 B-PAITON ENERGY FUNDING BV 9.34 Sr. Nts. 14 104.8 8.91% 8.46% 493 B2 B-NORTH AMER ENERGY PARTNR 8.75 Sr. Nts. 11 102.0 8.58% 8.24% 451 B2 BSEABULK INTL INC 9.5 Sr. Nts. 13 107.5 8.84% 8.01% 426 B2 BAQUILA INC 14.875 Sr. Nts. 12 139.5 10.66% 7.79% 405 B2 B-AES RED OAK LLC 9.2 Sr. Sec. Nts.-2nd Lien 29 112.5 8.18% 7.99% 383 B2 B+PARKER DRILLING CO 9.625 Sr. Nts. 13 112.1 8.58% 7.01% 328 B2 B-DENBURY RESOURCES INC 7.5 Sr. Sub. Nts. 13 103.2 7.27% 6.86% 312 B2 B

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HIGH YIELD RESEARCH





203/708-5806203/708-5804203/708-5807


FERRELLGAS PARTNERS LP 8.75 Sr. Nts. 12 108.0 8.10% 6.80% 306 B2 BENERGY PARTNERS LTD 8.75 Sr. Nts. 10 109.0 8.03% 6.43% 303 B2 B+GULFMARK OFFSHORE INC 7.75 Sr. Nts. 14 105.8 7.33% 6.76% 301 B2 BB-ENCORE ACQUISITION CO 6.25 Sr. Sub. Nts. 14 94.8 6.59% 7.02% 275 B2 BCHC HELICOPTER CORP 7.375 Sr. Sub. Nts. 14 105.3 7.01% 6.46% 271 B2 BPARKER DRILLING CO 7.15 Sr. Nts. 10 104.3 6.86% 5.75% 265 B2e B-STONE ENERGY CORP 6.75 Sr. Sub. Nts. 14 99.0 6.82% 6.89% 260 B2 B+ORION POWER HOLDINGS INC 12 Sr. Nts. 10 125.5 9.56% 6.26% 252 B2 BWHITING PETROLEUM CORP 7.25 Sr. Sub. Nts. 12 104.5 6.94% 6.24% 250 B2 B-COMSTOCK RESOURCES INC 6.875 Sr. Nts. 12 103.5 6.64% 6.07% 232 B2 BSTONE ENERGY CORP 8.25 Sr. Sub. Nts. 11 108.3 7.62% 5.71% 232 B2 B+HOUSTON EXPLORATION CO 7 Sr. Sub. Nts. 13 105.3 6.65% 6.00% 225 B2 B+AMERIGAS PART/EAGLE FIN 8.875 Sr. Nts. 11 108.5 8.18% 5.46% 223 B2 BB-DRESSER INC 9.375 Sr. Sub. Nts. 11 109.1 8.59% 5.40% 217 B2 BHANOVER EQUIP TRUST 01 B 8.75 Sr. Sec. Nts.-2nd Lien 11 109.0 8.03% 5.50% 210 B2 B+SWIFT ENERGY CO 9.375 Sr. Sub. Nts. 12 112.5 8.33% 5.45% 205 B2 BCOMPTON PETROLEUM CORP 9.9 Sr. Nts. 09 110.5 8.96% 5.27% 204 B2 BEXCO RESOURCES INC 7.25 Sr. Nts. 11 107.0 6.78% 5.63% 188 B2 BNEWPARK RESOURCES INC 8.625 Sr. Sub. Nts. 07 101.8 8.48% 4.20% 184 B2 BTESORO CORP 9.625 Sr. Sub. Nts. 12 113.5 8.48% 5.17% 179 B2 BB-TESORO CORP 9.625 Sr. Sub. Nts. 08 108.8 8.85% 4.32% 165 B2 BB-ENCORE ACQUISITION CO 8.375 Sr. Sub. Nts. 12 111.3 7.53% 5.03% 163 B2 BHANOVER EQUIP TRUST 01 A 8.5 Sr. Sec. Nts.-2nd Lien 08 106.8 7.96% 4.25% 157 B2 B+AMERIGAS PART/EAGLE FIN 10 Sr. Nts. 06 107.0 9.35% 4.20% 152 B2 BB-MAGNUM HUNTER RE 9.6 Sr. Nts. 12 114.5 8.38% 4.62% 123 B2 B+PREMCOR REFINING GROUP 7.75 Sr. Sub. Nts. 12 112.5 6.89% 4.51% 78 B2 BAES IRONWOOD LLC 8.857 Sr. Sec. Nts.-2nd Lien 25 113.5 7.80% NA NA B2 B+AES RED OAK LLC 8.54 Sr. Sec. Nts.-2nd Lien 19 112.5 7.59% NA NA B2 B+B1-RATEDCALPINE CORP 9.625 Sr. Sec. Nts.-1st Lien 14 101.5 9.48% 9.34% 561 NR B+INTL SHIPHOLDING CORP 7.75 Sr. Nts. 07 99.6 7.78% 7.90% 450 B1 B-SHIP FINANCE INTL LTD 8.5 Sr. Nts. 13 102.5 8.29% 8.02% 429 B1 BBLUEWATER FINANCE LTD 10.25 Sr. Nts. 12 110.0 9.32% 7.31% 392 B1 BMIDWEST GENERATION LLC 8.3 Pass Thru Certs. 09 104.9 7.91% 6.60% 363 B1 B /*+AES CHIVOR 9.75 Sr. Nts. 14 113.0 8.63% 7.84% 355 B1 BRELIANT ENERGY INC 9.25 Sr. Sec. Nts.-2nd Lien 10 109.0 8.49% 6.89% 351 B1 B+RELIANT ENERGY INC 9.5 Sr. Sec. Nts.-2nd Lien 13 111.0 8.56% 7.12% 338 B1 B+PETROLEUM HELICOPTERS 9.375 Sr. Nts. 09 108.0 8.68% 6.36% 313 B1 BB-MIDWEST GENERATION LLC 8.56 Pass Thru Certs. 16 113.5 7.54% 5.97% 306 B1 B /*+EL PASO NATURAL GAS 7.5 Sr. Nts. 26 103.8 7.23% 7.16% 287 B1 B-EL PASO NATURAL GAS 8.625 Sr. Nts. 22 114.8 7.52% 7.12% 283 B1 B-OMI CORP 7.625 Sr. Nts. 13 105.9 7.20% 6.55% 280 B1 B+RELIANT ENERGY INC 6.75 Sr. Sec. Nts.-2nd Lien 14 98.1 6.88% 7.02% 274 B1 B+SUBURBAN PROPANE PARTNRS 6.875 Sr. Nts. 13 102.4 6.72% 6.44% 271 B1 BEDISON MISSION 9.875 Sr. Nts. 11 117.8 8.39% 6.38% 265 B1 B /*+GENERAL MARITIME CORP 10 Sr. Nts. 13 115.5 8.66% 6.01% 261 B1 B+FOUNDATION PA COAL CO 7.25 Sr. Nts. 14 105.3 6.89% 6.36% 261 B1 BNRG ENERGY INC 8 Sr. Sec. Nts.-2nd Lien 13 108.8 7.36% 6.36% 261 B1 BWILLIAMS COS INC 8.75 Sr. Nts. 32 115.5 7.58% 7.42% 260 B1 B+EL PASO NATURAL GAS 8.375 Sr. Nts. 32 111.3 7.53% 7.41% 258 B1 B-MIDWEST GENERATION LLC 8.75 Sr. Sec. Nts.-2nd Lien 34 112.4 7.79% 6.32% 258 B1 B- /*+FRONTIER OIL CORP 6.625 Sr. Nts. 11 101.8 6.51% 6.25% 250 B1 B+EDISON MISSION ENERGY 10 Sr. Nts. 08 113.2 8.83% 5.85% 248 B1 B /*+WILLIAMS COS INC 7.75 Sr. Nts. 31 105.9 7.32% 7.25% 243 B1 B+VINTAGE PETROLEUM 7.875 Sr. Sub. Nts. 11 106.3 7.41% 5.81% 242 B1 BMARKWEST ENERGY PART/FIN 6.875 Sr. Nts. 14 101.4 6.78% 6.64% 237 B1 B+WILLIAMS COS INC 7.5 Sr. Nts. 31 104.6 7.17% 7.11% 229 B1 B+SWIFT ENERGY CO 7.625 Sr. Nts. 11 108.0 7.06% 5.90% 215 B1 BB-EDISON MISSION ENERGY 7.73 Sr. Nts. 09 107.5 7.19% 5.78% 205 B1 B /*+TEXAS GENCO LLC/FINANCNG 6.875 Sr. Nts. 14 103.8 6.63% 6.27% 198 B1 BKEY ENERGY SERVICES INC 6.375 Sr. Nts. 13 101.3 6.30% 6.18% 189 B1 /*- B /*WILLIAMS COS INC 8.125 Sr. Nts. 12 115.0 7.07% 5.56% 182 B1 B+WILLIAMS COS INC 7.125 Sr. Nts. 11 108.8 6.55% 5.53% 179 B1 B+MASSEY ENERGY CO 6.95 Sr. Nts. 07 104.0 6.68% 4.95% 171 B1 B+

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HIGH YIELD RESEARCH





203/708-5806203/708-5804203/708-5807


SESI, L.L.C. 8.875 Sr. Nts. 11 109.3 8.12% 4.89% 165 B1 BB-EL PASO NATURAL GAS 7.625 Sr. Nts. 10 109.9 6.94% 4.88% 150 B1 B-OMI CORP 2.875 Cnvrt. Sr. Nts. 24 (Px=$30.74) 96.6 2.98% 3.44% (30) NR B+KEY ENERGY SERVICES INC 8.375 Sr. Nts. 08 105.0 7.98% 1.99% (37) B1 /*- B /*GREY WOLF INC 3.75 Cnvrt. Sr. Nts. 23 $6.45 103.5 3.62% 2.65% (75) B1 BB-MASSEY ENERGY CO 4.75 Cnvrt. Sr. Nts. 23 $19.39 177.1 2.68% (9.25%) (1,298) B1 B+BA3-RATEDCIE GENER DE GEOPHYSIQUE 10.625 Sr. Nts. 07 105.5 10.07% 6.86% 419 Ba3 /*- BBSHAW GROUP INC 10.75 Sr. Nts. 10 112.0 9.60% 7.02% 364 Ba3 B+TECO ENERGY INC 6.125 Sr. Nts. 07 99.5 6.16% 6.36% 313 Ba2 BBCHESAPEAKE ENERGY CORP 8.375 Sr. Nts. 08 105.4 7.95% 6.25% 301 Ba3 BB-EDISON MISSION HLDGS CO 8.137 Sr. Nts. 19 113.4 7.18% 5.98% 296 WR BB /*+STENA AB 7.5 Sr. Nts. 13 104.8 7.16% 6.62% 287 Ba3 BB-CP SHIPS LIMITED 10.375 Sr. Nts. 12 114.0 9.10% 6.20% 280 Ba3 BB+FERRELLGAS LP/FINANCE 6.75 Sr. Nts. 14 101.4 6.66% 6.51% 278 Ba3 BB-CONSOLIDATED COAL 8.25 Sr. Nts. 07 105.2 7.84% 5.86% 263 Ba2 NRPACIFIC ENERGY PRTNR/FIN 7.125 Sr. Nts. 14 105.0 6.79% 6.27% 254 Ba2 BB /*-STENA AB 9.625 Sr. Nts. 12 113.8 8.46% 5.92% 252 Ba3 BB-PREMCOR REFINING GROUP 7.5 Sr. Nts. 15 106.8 7.03% 6.21% 246 Ba3 BB-CHESAPEAKE ENERGY CORP 6.875 Sr. Nts. 16 103.9 6.61% 6.17% 244 Ba3 BB-EDISON MISSION HLDGS CO 8.734 Sr. Nts. 26 123.1 7.10% 6.25% 243 WR BB /*+ARCH WESTERN FINANCE 6.75 Sr. Nts. 13 103.3 6.54% 6.13% 238 Ba3 BBMSW ENERGY HLDGS/FIN II 7.375 Sr. Nts. 10 105.0 7.02% 6.12% 237 Ba2 BB-NEWFIELD EXPLORATION CO 6.625 Sr. Sub. Nts. 14 103.9 6.38% 5.98% 225 Ba3 BB-TEEKAY SHIPPING CORP 8.875 Sr. Nts. 11 115.5 7.68% 5.96% 223 Ba2 BB-EDISON MISSION ENRGY FDG 7.33 Sr. Nts. 08 106.3 6.90% 3.01% 219 Ba3 B /*+MASSEY ENERGY CO 6.625 Sr. Nts. 10 103.0 6.43% 5.90% 217 Ba3 BBCITGO PETROLEUM CORP 6 Sr. Nts. 11 100.5 5.97% 5.90% 216 Ba2 BBOFFSHORE LOGISTIC 6.125 Sr. Nts. 13 101.5 6.03% 5.84% 211 Ba2 BB+CONSOL ENERGY INC 7.875 Sr. Nts. 12 111.8 7.05% 5.84% 209 Ba2 BBPREMCOR REFINING GROUP 6.75 Sr. Nts. 14 105.5 6.40% 5.81% 206 Ba3 BB-PREMCOR REFINING GROUP 9.5 Sr. Nts. 13 115.3 8.24% 5.45% 206 Ba3 BB-PLAINS E&P COMPANY 8.75 Sr. Sub. Nts. 12 111.8 7.83% 5.29% 205 Ba3 B+UNIVERSAL COMPRESSN INC 7.25 Sr. Nts. 10 107.0 6.78% 5.41% 202 Ba3 BHORNBECK OFFSHORE SERV 6.125 Sr. Nts. 14 99.3 6.17% 6.23% 195 Ba3 BB-CHESAPEAKE ENERGY CORP 7.5 Sr. Nts. 14 109.9 6.82% 5.69% 195 Ba3 BB-TECO ENERGY INC 7.2 Sr. Nts. 11 108.3 6.65% 5.62% 189 Ba2 BBVINTAGE PETROLEUM 8.25 Sr. Nts. 12 110.0 7.50% 5.28% 188 Ba3 BB-TECO ENERGY INC 7 Sr. Nts. 12 108.2 6.47% 5.62% 188 Ba2 BBPRIDE INTERNATIONAL INC 7.375 Sr. Nts. 14 109.8 6.72% 5.63% 188 Ba2 BB-WESTERN OIL SANDS INC 8.375 Sr. Sec. Nts.-3rd Lien 12 116.5 7.19% 5.59% 185 Ba2 BB+GRANT PRIDECO INC 9.625 Sr. Nts. 07 112.0 8.59% 5.09% 169 Ba3 BB-PREMCOR REFINING GROUP 6.75 Sr. Nts. 11 106.8 6.32% 5.43% 168 Ba3 BB-PREMCOR REFINING GROUP 9.25 Sr. Nts. 10 112.3 8.24% 5.05% 165 Ba3 BB-GRANT PRIDECO INC 9 Sr. Nts. 09 111.3 8.09% 5.04% 164 Ba3 BB-FOREST OIL CORPORATION 8 Sr. Nts. 08 109.3 7.32% 5.02% 164 Ba3 BB-FOREST OIL CORPORATION 8 Sr. Nts. 11 115.0 6.96% 5.37% 162 Ba3 BB-PREMCOR REFINING GROUP 6.125 Sr. Nts. 11 104.0 5.89% 5.37% 162 Ba3 BB-FOREST OIL CORPORATION 7.75 Sr. Nts. 14 108.5 7.14% 5.37% 162 Ba3 BB-PLAINS E&P COMPANY 7.125 Sr. Nts. 14 109.8 6.49% 5.34% 161 Ba2 BB-NEWFIELD EXPLORATION CO 8.375 Sr. Sub. Nts. 12 111.9 7.49% 4.96% 157 Ba3 BB-LUSCAR COAL LTD 9.75 Sr. Nts. 11 112.8 8.65% 4.77% 154 Ba3 BBCHESAPEAKE ENERGY CORP 6.375 Sr. Nts. 15 103.4 6.16% 5.83% 154 Ba3 BB-CHESAPEAKE ENERGY CORP 8.125 Sr. Nts. 11 107.8 7.54% 4.76% 153 Ba3 BB-NEWFIELD EXPLORATION CO 7.625 Sr. Nts. 11 112.3 6.79% 5.26% 151 Ba2 BB+TRANSCONT GAS PIPE CORP 8.875 Sr. Nts. 12 122.5 7.24% 5.21% 146 Ba2 B+TRANSCONT GAS PIPE CORP 7 Sr. Nts. 11 110.3 6.35% 5.14% 140 Ba2 B+TECO ENERGY INC 7.5 Sr. Nts. 10 111.5 6.73% 5.05% 131 Ba2 BBNORTHWEST PIPELINE CORP 8.125 Sr. Nts. 10 110.8 7.34% 4.60% 121 Ba2 B+POGO PRODUCING CO 8.25 Sr. Sub. Nts. 11 108.5 7.60% 4.43% 120 Ba3 BBTECO ENERGY INC 10.5 Sr. Nts. 07 116.0 9.05% 4.51% 113 Ba2 BBTESORO CORP 8 Sr. Sec. Nts.-2nd Lien 08 108.0 7.41% 4.23% 101 Ba2 BBB-CITGO PETROLEUM CORP 7.875 Sr. Nts. 06 104.8 7.52% 4.18% 94 Ba2 BBNEWFIELD EXPLORATION CO 7.45 Sr. Nts. 07 108.0 6.90% 4.33% 94 Ba2 BB+

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HIGH YIELD RESEARCH





203/708-5806203/708-5804203/708-5807


CHESAPEAKE ENERGY CORP 7.75 Sr. Nts. 15 108.0 7.18% NA NA Ba3 BB-CHESAPEAKE ENERGY CORP 9 Sr. Nts. 12 114.5 7.86% NA NA Ba3 BB-PRIDE INTERNATIONAL INC 2.5 Cnvrt. Sr. Nts. 07 $16.51 125.1 2.00% (105.82%) NA NR BB-PRIDE INTERNATIONAL INC 3.25 Cnvrt. Sr. Nts. 33 $25.70 108.4 3.00% 0.67% (270) NR BB-MASSEY ENERGY CO 2.25 Cnvrt. Sr. Nts. 24 $33.60 123.7 1.82% (1.38%) (512) Ba3 BBBA2-RATEDBA1-RATEDTEEKAY SHIPPING CORP 8.32 Sr. Nts. 06 102.0 8.16% 6.31% 364 Ba1 BB+OVERSEAS SHIPHLDG GROUP 7.5 Sr. Nts. 24 102.3 7.33% 7.28% 299 Ba1 /*- BB+ /*-SITHE/INDEPENDENCE FNDG 9 Sr. Nts. 13 116.9 7.70% 5.74% 274 Ba1 /*- BBB- /*-MSW ENERGY HLDGS/FINANCE 8.5 Sr. Sec. Nts.-2nd Lien 10 109.5 7.76% 6.05% 265 Ba1 BBSITHE/INDEPENDENCE FNDG 8.5 Sr. Nts. 07 106.1 8.01% 4.24% 258 Ba1 /*- BBB- /*-OVERSEAS SHIPHLDG GROUP 8.75 Sr. Nts. 13 113.3 7.73% 6.74% 245 Ba1 /*- BB+ /*-OVERSEAS SHIPHLDG GROUP 8.25 Sr. Nts. 13 110.8 7.45% 5.70% 195 Ba1 /*- BB+ /*-BAA3-RATEDENTERPRISE PRODUCTS OPER 8.25 Sr. Nts. 05 100.3 8.22% 6.29% 386 Baa3 BB+GOLDEN STATE PETRO TRANS 8.04 Sr. Sec. Nts.-1st Lien 19 109.8 7.32% 6.66% 265 Baa2 BB+ENTERPRISE PRODUCTS OPER 6.65 Sr. Nts. 34 103.4 6.43% 6.39% 156 Baa3 BB+ENTERPRISE PRODUCTS OPER 6.875 Sr. Nts. 33 107.0 6.42% 6.34% 152 Baa3 BB+PIONEER NATURAL RESOURCE 7.5 Sr. Nts. 12 113.7 6.59% 5.20% 147 Baa3 BBB-ENTERPRISE PRODUCTS OPER 5.6 Sr. Nts. 14 100.2 5.59% 5.58% 129 Baa3 BB+ENTERPRISE PRODUCTS OPER 7.5 Sr. Nts. 11 113.0 6.63% 4.98% 124 Baa3 BB+EVERGREEN RESOURCES INC 5.875 Sr. Sub. Nts. 12 104.2 5.64% 4.95% 122 Baa3 BBB-PIONEER NATURAL RESOURCE 7.2 Sr. Nts. 28 114.8 6.27% 6.01% 119 Baa3 BBB-PIONEER NATURAL RESOURCE 5.875 Sr. Nts. 16 104.0 5.65% 5.41% 113 Baa3 BBB-PIONEER NATURAL RESOURCE 9.625 Sr. Nts. 10 121.9 7.90% 4.82% 107 Baa3 BBB-XTO ENERGY INC 7.5 Sr. Nts. 12 116.5 6.44% 4.78% 105 Baa3 BBB-ENTERPRISE PRODUCTS OPER 6.375 Sr. Nts. 13 106.9 5.97% 5.31% 104 Baa3 BB+ENTERPRISE PRODUCTS OPER 4.625 Sr. Nts. 09 99.5 4.65% 4.74% 99 Baa3 BB+XTO ENERGY INC 5 Sr. Nts. 15 98.7 5.06% 5.16% 89 Baa3 BBB-ENTERPRISE PRODUCTS OPER 4 Sr. Nts. 07 99.7 4.01% 4.11% 72 Baa3 BB+XTO ENERGY INC 4.9 Sr. Nts. 14 99.4 4.93% 4.98% 71 Baa3 BBB-PIONEER NATURAL RESOURCE 6.5 Sr. Nts. 08 106.8 6.09% 4.08% 70 Baa3 BBB-XTO ENERGY INC 6.25 Sr. Nts. 13 109.0 5.73% 4.91% 63 Baa3 BBB-PIONEER NATL RESOURCES 8.875 Sr. Nts. 05 101.7 8.73% 2.24% (12) Baa3 BBB-PIONEER NATL RESOURCES 8.25 Sr. Nts. 07 115.1 7.17% 2.20% (119) Baa3 BBB-EVERGREEN RESOURCES INC 4.75 Cnvrt. Sr. Nts. 21 $25.00 176.9 2.69% (24.08%) (2,730) NR BBB-

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HIGH YIELD RESEARCH

YTW Sort1/10/05 Current Ratings

Issuer Description Price Yld. YTW STW Moody's S&PCROWN CENTRAL PETROLEUM 10.875 Sr. Nts. 05 96.0 11.33% 117.85% 9,235 Ca NRMIRANT CORP 2.5 Cnvrt. Sr. Nts. 21 (Px=$67.95) 71.5 DFLT 27.19% 2,396 Ca NROGLEBAY NORTON CO 10 Sr. Sub. Nts. 09 72.5 13.79% 22.44% 1,907 WR NRNAVIGATOR GAS TRANSPORT 10.5 Sr. Nts. 07 75.0 DFLT 21.76% 1,853 WR NRCALPINE CANADA ENER FIN 8.5 Sr. Nts. 08 75.0 11.33% 19.03% 1,566 Caa1 CCC+MIRANT CORP 5.75 Cnvrt. Sr. Nts. 07 (Px=$7.58) 74.5 DFLT 19.02% 1,579 WR NRTRICO MARINE SERVICES 8.875 Sr. Nts. 12 66.0 DFLT 16.33% 1,258 Ca NRCALPINE CORP 8.625 Sr. Nts. 10 72.5 11.89% 16.30% 1,255 Caa1 CCC+CALPINE CORP 8.5 Sr. Nts. 11 72.0 11.81% 15.83% 1,210 Caa1 CCC+MIRANT CORP 7.9 Sr. Nts. 09 76.3 DFLT 15.40% 1,200 WR NRCALPINE CORP 7.82 Sr. Sec. Nts.-2nd Lien 07 92.0 8.50% 14.33% 1,126 NR BTIVERTON/RUMFORD PWR ASS 9 Pass Thru Certs. 18 82.0 10.98% 13.66% 793 B3 BCALPINE CORP 8.5 Sr. Sec. Nts.-2nd Lien 10 82.0 10.37% 13.20% 947 NR BSOUTH PT/BROAD RIV/ROCKG 9.825 Pass Thru Certs. 19 84.0 11.70% 12.21% 792 B2 BENERGY CORP OF AMERICA 9.5 Sr. Sub. Nts. 07 95.3 9.97% 11.87% 864 Caa3 NRATP OIL & GAS CORPORATION 12.568 Sr. Sec. Nts.-2nd Lien 09 102.0 12.32% 10.97% 823 NR NRRAM ENERGY INC 11.5 Sr. Nts. 08 101.8 11.30% 10.81% 741 WR NRABRAXAS PETROLEUM CORP 9.72 Sr. Sec. Nts.-1st Lien 09 99.0 9.82% 10.56% 685 NR NRCALPINE CORP 7.625 Sr. Nts. 06 96.9 7.87% 10.33% 766 Caa1 CCC+CALPINE CORP 10.5 Sr. Nts. 06 100.0 10.50% 10.32% 766 Caa1 CCC+SEITEL INC 11.75 Sr. Nts. 11 107.3 10.96% 10.20% 645 B3 B-SOUTH PT/BROAD RIV/ROCKG 8.4 Pass Thru Certs. 12 94.5 8.89% 10.04% 605 B2 BDYNEGY HOLDINGS INC 7.45 Sr. Nts. 06 96.5 7.72% 10.02% 679 Caa2 CCC+MCDERMOTT INC 8.75 Sr. Nts. 23 92.0 9.51% 9.69% 540 B3 CCCCALPINE CORP 9.625 Sr. Sec. Nts.-1st Lien 14 101.5 9.48% 9.34% 561 NR B+UNITED REFINING CO 10.5 Sr. Nts. 12 105.5 9.95% 9.21% 547 B3 B-GREAT LAKES DREDGE&DOCK 7.75 Sr. Sub. Nts. 13 91.3 8.49% 9.21% 547 Caa2 /*- CCCAES CHINA GENERATING CO 8.25 Sr. Nts. 10 97.7 8.45% 8.80% 505 B2 B+SEA CONTAINERS LTD 10.5 Sr. Nts. 12 107.2 9.79% 8.77% 503 (P)B3 BBRAND SERVICES INC 12 Sr. Nts. 12 112.5 10.67% 8.75% 536 B3 CCC+J RAY MCDERMOTT SA 11 Sr. Sec. Nts.-2nd Lien 13 111.8 9.84% 8.61% 486 Caa1 CCC+DYNEGY-ROSETON DANSKAMME 7.67 Pass Thru Certs. 16 95.0 8.07% 8.46% 405 Caa2 BPAITON ENERGY FUNDING BV 9.34 Sr. Nts. 14 104.8 8.91% 8.46% 493 B2 B-MISSION RESOURCES CORP 9.875 Sr. Nts. 11 106.3 9.29% 8.37% 462 Caa2 CCCCALLON PETROLEUM CO 9.75 Sr. Nts. 10 106.6 9.14% 8.35% 460 NR NRAVENTINE RENEWABLE ENRGY 8.50125 Sr. Sec. Nts.-1st Lien 11 101.0 8.42% 8.32% 459 B3 CCC+STAR GAS PARTNER/FINANCE 10.25 Sr. Nts. 13 109.3 9.38% 8.25% 450 Caa3 /* CCC /*-NORTH AMER ENERGY PARTNR 8.75 Sr. Nts. 11 102.0 8.58% 8.24% 451 B2 BDYNEGY HOLDINGS INC 8.75 Sr. Nts. 12 102.9 8.51% 8.21% 447 Caa2 CCC+MIRANT AMERICAS GENR LLC 9.125 Sr. Nts. 31 107.5 DFLT 8.18% 390 WR NRBELDEN & BLAKE CORP 8.75 Sr. Sec. Nts.-2nd Lien 12 102.5 8.54% 8.18% 443 B3 /*- CCC+VENOCO INC 8.75 Sr. Nts. 11 103.0 8.50% 8.10% 435 Caa1 CCC+DYNEGY HOLDINGS INC 6.875 Sr. Nts. 11 94.3 7.29% 8.07% 433 Caa2 CCC+EL PASO CORPORATION 7.75 Sr. Nts. 32 96.6 8.02% 8.06% 379 Caa1 CCC+SHIP FINANCE INTL LTD 8.5 Sr. Nts. 13 102.5 8.29% 8.02% 429 B1 BSEABULK INTL INC 9.5 Sr. Nts. 13 107.5 8.84% 8.01% 426 B2 BAES RED OAK LLC 9.2 Sr. Sec. Nts.-2nd Lien 29 112.5 8.18% 7.99% 383 B2 B+INTL SHIPHOLDING CORP 7.75 Sr. Nts. 07 99.6 7.78% 7.90% 450 B1 B-AES CHIVOR 9.75 Sr. Nts. 14 113.0 8.63% 7.84% 355 B1 BSONAT INC 7 Sr. Nts. 18 93.3 7.51% 7.84% 355 Caa1 CCC+BAYTEX ENERGY LTD 9.625 Sr. Sub. Nts. 10 106.8 9.02% 7.82% 442 B3 B-AQUILA INC 14.875 Sr. Nts. 12 139.5 10.66% 7.79% 405 B2 B-WOLVERINE TUBE INC 7.375 Sr. Nts. 08 98.8 7.47% 7.78% 439 B3 B+PETRO STOPPING CTR/FINL 9 Sr. Sec. Nts.-2nd Lien 12 105.5 8.53% 7.67% 392 B3 B-PARKER DRILLING CO 10.125 Sr. Nts. 09 105.2 9.63% 7.61% 494 B2 B-HARVEST OPERATIONS CORP 7.875 Sr. Nts. 11 101.5 7.76% 7.55% 380 B3 B-MIRANT AMERICAS GENR LLC 8.5 Sr. Nts. 21 108.0 DFLT 7.47% 319 WR NRWOLVERINE TUBE INC 10.5 Sr. Nts. 09 108.3 9.70% 7.46% 423 B3 B+HORIZON LINES LLC 9 Sr. Nts. 12 107.3 8.39% 7.43% 369 B3 CCC+WILLIAMS COS INC 8.75 Sr. Nts. 32 115.5 7.58% 7.42% 260 B1 B+EL PASO NATURAL GAS 8.375 Sr. Nts. 32 111.3 7.53% 7.41% 258 B1 B-BLUEWATER FINANCE LTD 10.25 Sr. Nts. 12 110.0 9.32% 7.31% 392 B1 BATP OIL & GAS CORPORATION 8.818 Sr. Sec. Nts.-1st Lien 09 102.0 8.64% 7.29% 455 NR NROVERSEAS SHIPHLDG GROUP 7.5 Sr. Nts. 24 102.3 7.33% 7.28% 299 Ba1 /*- BB+ /*-



203/708-5806203/708-5804203/708-5807


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HIGH YIELD RESEARCH





203/708-5806203/708-5804203/708-5807


WILLIAMS COS INC 7.75 Sr. Nts. 31 105.9 7.32% 7.25% 243 B1 B+SONAT INC 7.625 Sr. Nts. 11 102.0 7.48% 7.23% 350 Caa1 CCC+MIRANT CORP 10.06 Pass Thru Certs. 28 128.0 DFLT 7.20% 237 B3 NREL PASO NATURAL GAS 7.5 Sr. Nts. 26 103.8 7.23% 7.16% 287 B1 B-EL PASO CORPORATION 7.375 Sr. Nts. 12 101.5 7.27% 7.12% 339 Caa1 CCC+EL PASO NATURAL GAS 8.625 Sr. Nts. 22 114.8 7.52% 7.12% 283 B1 B-RELIANT ENERGY INC 9.5 Sr. Sec. Nts.-2nd Lien 13 111.0 8.56% 7.12% 338 B1 B+GIANT INDUSTRIES 8 Sr. Sub. Nts. 14 105.0 7.62% 7.11% 338 B3 B-WILLIAMS COS INC 7.5 Sr. Nts. 31 104.6 7.17% 7.11% 229 B1 B+EL PASO CORPORATION 7.875 Sr. Nts. 12 104.5 7.54% 7.08% 333 Caa1 CCC+DYNEGY HOLDINGS INC 9.875 Sr. Sec. Nts.-2nd Lien 10 110.5 8.94% 7.06% 367 B3 B-DYNEGY HOLDINGS INC 10.125 Sr. Sec. Nts.-2nd Lien 13 113.4 8.93% 7.05% 330 B3 B-ENCORE ACQUISITION CO 6.25 Sr. Sub. Nts. 14 94.8 6.59% 7.02% 275 B2 BSHAW GROUP INC 10.75 Sr. Nts. 10 112.0 9.60% 7.02% 364 Ba3 B+RELIANT ENERGY INC 6.75 Sr. Sec. Nts.-2nd Lien 14 98.1 6.88% 7.02% 274 B1 B+PARKER DRILLING CO 9.625 Sr. Nts. 13 112.1 8.58% 7.01% 328 B2 B-DYNEGY-ROSETON DANSKAMME 7.27 Pass Thru Certs. 10 101.0 7.20% 6.99% 366 Caa2 BDRESSER-RAND GROUP INC 7.375 Sr. Sub. Nts. 14 102.4 7.20% 6.97% 270 B3 B-HANOVER COMPRESSOR CO 9 Sr. Nts. 14 111.0 8.11% 6.94% 320 B3 BEL PASO CGP CO 7.75 Sr. Nts. 10 103.8 7.47% 6.91% 316 Caa1 CCC+RELIANT ENERGY INC 9.25 Sr. Sec. Nts.-2nd Lien 10 109.0 8.49% 6.89% 351 B1 B+STONE ENERGY CORP 6.75 Sr. Sub. Nts. 14 99.0 6.82% 6.89% 260 B2 B+EL PASO PRODUCTION HLDG 7.75 Sr. Nts. 13 104.5 7.42% 6.87% 313 B3 B-DENBURY RESOURCES INC 7.5 Sr. Sub. Nts. 13 103.2 7.27% 6.86% 312 B2 BCIE GENER DE GEOPHYSIQUE 10.625 Sr. Nts. 07 105.5 10.07% 6.86% 419 Ba3 /*- BBFERRELLGAS PARTNERS LP 8.75 Sr. Nts. 12 108.0 8.10% 6.80% 306 B2 BGULFMARK OFFSHORE INC 7.75 Sr. Nts. 14 105.8 7.33% 6.76% 301 B2 BB-EL PASO CORPORATION 6.75 Sr. Nts. 09 100.0 6.75% 6.75% 301 Caa1 CCC+OVERSEAS SHIPHLDG GROUP 8.75 Sr. Nts. 13 113.3 7.73% 6.74% 245 Ba1 /*- BB+ /*-EL PASO CGP CO 6.375 Sr. Nts. 09 98.8 6.46% 6.73% 335 Caa1 CCC+GOLDEN STATE PETRO TRANS 8.04 Sr. Sec. Nts.-1st Lien 19 109.8 7.32% 6.66% 265 Baa2 BB+MARKWEST ENERGY PART/FIN 6.875 Sr. Nts. 14 101.4 6.78% 6.64% 237 B1 B+STENA AB 7.5 Sr. Nts. 13 104.8 7.16% 6.62% 287 Ba3 BB-MIDWEST GENERATION LLC 8.3 Pass Thru Certs. 09 104.9 7.91% 6.60% 363 B1 B /*+HILCORP ENERGY/FINANCE 10.5 Sr. Nts. 10 113.8 9.23% 6.58% 318 B3 BTRANSMONTAIGNE INC 9.125 Sr. Sub. Nts. 10 109.4 8.34% 6.57% 320 B3 B /*OMI CORP 7.625 Sr. Nts. 13 105.9 7.20% 6.55% 280 B1 B+GIANT INDUSTRIES 11 Sr. Sub. Nts. 12 114.3 9.63% 6.53% 314 B3 B-DYNEGY HOLDINGS INC 8.125 Sr. Nts. 05 100.3 8.10% 6.53% 409 Caa2 CCC+FERRELLGAS LP/FINANCE 6.75 Sr. Nts. 14 101.4 6.66% 6.51% 278 Ba3 BB-CHC HELICOPTER CORP 7.375 Sr. Sub. Nts. 14 105.3 7.01% 6.46% 271 B2 BSUBURBAN PROPANE PARTNRS 6.875 Sr. Nts. 13 102.4 6.72% 6.44% 271 B1 BENERGY PARTNERS LTD 8.75 Sr. Nts. 10 109.0 8.03% 6.43% 303 B2 B+LONE STAR TECHNOLOGIES 9 Sr. Sub. Nts. 11 107.5 8.37% 6.40% 300 B3 B-MISSION ENERGY HOLDING 13.5 Sr. Sec. Nts.-2nd Lien 08 122.0 11.07% 6.39% 301 B3 CCC /*+ENTERPRISE PRODUCTS OPER 6.65 Sr. Nts. 34 103.4 6.43% 6.39% 156 Baa3 BB+EDISON MISSION 9.875 Sr. Nts. 11 117.8 8.39% 6.38% 265 B1 B /*+PETROLEUM HELICOPTERS 9.375 Sr. Nts. 09 108.0 8.68% 6.36% 313 B1 BB-FOUNDATION PA COAL CO 7.25 Sr. Nts. 14 105.3 6.89% 6.36% 261 B1 BTECO ENERGY INC 6.125 Sr. Nts. 07 99.5 6.16% 6.36% 313 Ba2 BBNRG ENERGY INC 8 Sr. Sec. Nts.-2nd Lien 13 108.8 7.36% 6.36% 261 B1 BHANOVER COMPRESS CO 8.625 Sr. Sub. Nts. 10 109.5 7.88% 6.34% 259 B3 BENTERPRISE PRODUCTS OPER 6.875 Sr. Nts. 33 107.0 6.42% 6.34% 152 Baa3 BB+MIDWEST GENERATION LLC 8.75 Sr. Sec. Nts.-2nd Lien 34 112.4 7.79% 6.32% 258 B1 B- /*+TEEKAY SHIPPING CORP 8.32 Sr. Nts. 06 102.0 8.16% 6.31% 364 Ba1 BB+ENTERPRISE PRODUCTS OPER 8.25 Sr. Nts. 05 100.3 8.22% 6.29% 386 Baa3 BB+PACIFIC ENERGY PRTNR/FIN 7.125 Sr. Nts. 14 105.0 6.79% 6.27% 254 Ba2 BB /*-TEXAS GENCO LLC/FINANCNG 6.875 Sr. Nts. 14 103.8 6.63% 6.27% 198 B1 BORION POWER HOLDINGS INC 12 Sr. Nts. 10 125.5 9.56% 6.26% 252 B2 BFRONTIER OIL CORP 6.625 Sr. Nts. 11 101.8 6.51% 6.25% 250 B1 B+EDISON MISSION HLDGS CO 8.734 Sr. Nts. 26 123.1 7.10% 6.25% 243 WR BB /*+PETROLEUM GEO-SERVICES 10 Sr. Nts. 10 113.8 8.79% 6.25% 287 NR NRCHESAPEAKE ENERGY CORP 8.375 Sr. Nts. 08 105.4 7.95% 6.25% 301 Ba3 BB-WHITING PETROLEUM CORP 7.25 Sr. Sub. Nts. 12 104.5 6.94% 6.24% 250 B2 B-

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HIGH YIELD RESEARCH





203/708-5806203/708-5804203/708-5807


HORNBECK OFFSHORE SERV 6.125 Sr. Nts. 14 99.3 6.17% 6.23% 195 Ba3 BB-PREMCOR REFINING GROUP 7.5 Sr. Nts. 15 106.8 7.03% 6.21% 246 Ba3 BB-CP SHIPS LIMITED 10.375 Sr. Nts. 12 114.0 9.10% 6.20% 280 Ba3 BB+ALPHA NATURAL RESOURCES 10 Sr. Nts. 12 115.5 8.66% 6.20% 245 B3 CCC+KEY ENERGY SERVICES INC 6.375 Sr. Nts. 13 101.3 6.30% 6.18% 189 B1 /*- B /*CHESAPEAKE ENERGY CORP 6.875 Sr. Nts. 16 103.9 6.61% 6.17% 244 Ba3 BB-SONAT INC 6.625 Sr. Nts. 08 101.3 6.54% 6.17% 277 Caa1 CCC+HANOVER COMPRESSOR CO 4.75 Cnvrt. Sr. Nts. 08 $43.94 96.0 4.95% 6.15% 277 B3 BARCH WESTERN FINANCE 6.75 Sr. Nts. 13 103.3 6.54% 6.13% 238 Ba3 BBMSW ENERGY HLDGS/FIN II 7.375 Sr. Nts. 10 105.0 7.02% 6.12% 237 Ba2 BB-MIRANT CORP 9.125 Pass Thru Certs. 17 122.3 DFLT 6.08% 179 B3 NRCOMSTOCK RESOURCES INC 6.875 Sr. Nts. 12 103.5 6.64% 6.07% 232 B2 BMSW ENERGY HLDGS/FINANCE 8.5 Sr. Sec. Nts.-2nd Lien 10 109.5 7.76% 6.05% 265 Ba1 BBPIONEER NATURAL RESOURCE 7.2 Sr. Nts. 28 114.8 6.27% 6.01% 119 Baa3 BBB-GENERAL MARITIME CORP 10 Sr. Nts. 13 115.5 8.66% 6.01% 261 B1 B+HOUSTON EXPLORATION CO 7 Sr. Sub. Nts. 13 105.3 6.65% 6.00% 225 B2 B+MIRANT AMERICAS GENR INC 8.3 Sr. Nts. 11 109.5 DFLT 6.00% 227 WR NREDISON MISSION HLDGS CO 8.137 Sr. Nts. 19 113.4 7.18% 5.98% 296 WR BB /*+NEWFIELD EXPLORATION CO 6.625 Sr. Sub. Nts. 14 103.9 6.38% 5.98% 225 Ba3 BB-MIDWEST GENERATION LLC 8.56 Pass Thru Certs. 16 113.5 7.54% 5.97% 306 B1 B /*+TEEKAY SHIPPING CORP 8.875 Sr. Nts. 11 115.5 7.68% 5.96% 223 Ba2 BB-STENA AB 9.625 Sr. Nts. 12 113.8 8.46% 5.92% 252 Ba3 BB-MIRANT CORP 8.625 Pass Thru Certs. 12 112.4 DFLT 5.90% 215 B3 NRSWIFT ENERGY CO 7.625 Sr. Nts. 11 108.0 7.06% 5.90% 215 B1 BB-MASSEY ENERGY CO 6.625 Sr. Nts. 10 103.0 6.43% 5.90% 217 Ba3 BBCITGO PETROLEUM CORP 6 Sr. Nts. 11 100.5 5.97% 5.90% 216 Ba2 BBKCS ENERGY INC 7.125 Sr. Nts. 12 105.5 6.75% 5.88% 213 B3 B-CONSOLIDATED COAL 8.25 Sr. Nts. 07 105.2 7.84% 5.86% 263 Ba2 NRRANGE RESOURCES CORP 7.375 Sr. Sub. Nts. 13 107.8 6.84% 5.86% 211 B3 BEDISON MISSION ENERGY 10 Sr. Nts. 08 113.2 8.83% 5.85% 248 B1 B /*+OFFSHORE LOGISTIC 6.125 Sr. Nts. 13 101.5 6.03% 5.84% 211 Ba2 BB+CONSOL ENERGY INC 7.875 Sr. Nts. 12 111.8 7.05% 5.84% 209 Ba2 BBCHESAPEAKE ENERGY CORP 6.375 Sr. Nts. 15 103.4 6.16% 5.83% 154 Ba3 BB-VINTAGE PETROLEUM 7.875 Sr. Sub. Nts. 11 106.3 7.41% 5.81% 242 B1 BCEDAR BRAKES II LLC 9.875 Sr. Sec. Nts.-2nd Lien 13 116.0 8.51% 5.81% 359 Caa1 /*+ CCC+ /*+PREMCOR REFINING GROUP 6.75 Sr. Nts. 14 105.5 6.40% 5.81% 206 Ba3 BB-EDISON MISSION ENERGY 7.73 Sr. Nts. 09 107.5 7.19% 5.78% 205 B1 B /*+PARKER DRILLING CO 7.15 Sr. Nts. 10 104.3 6.86% 5.75% 265 B2e B-SITHE/INDEPENDENCE FNDG 9 Sr. Nts. 13 116.9 7.70% 5.74% 274 Ba1 /*- BBB- /*-STONE ENERGY CORP 8.25 Sr. Sub. Nts. 11 108.3 7.62% 5.71% 232 B2 B+OVERSEAS SHIPHLDG GROUP 8.25 Sr. Nts. 13 110.8 7.45% 5.70% 195 Ba1 /*- BB+ /*-CHESAPEAKE ENERGY CORP 7.5 Sr. Nts. 14 109.9 6.82% 5.69% 195 Ba3 BB-PRIDE INTERNATIONAL INC 7.375 Sr. Nts. 14 109.8 6.72% 5.63% 188 Ba2 BB-EXCO RESOURCES INC 7.25 Sr. Nts. 11 107.0 6.78% 5.63% 188 B2 BTECO ENERGY INC 7.2 Sr. Nts. 11 108.3 6.65% 5.62% 189 Ba2 BBTECO ENERGY INC 7 Sr. Nts. 12 108.2 6.47% 5.62% 188 Ba2 BBWESTERN OIL SANDS INC 8.375 Sr. Sec. Nts.-3rd Lien 12 116.5 7.19% 5.59% 185 Ba2 BB+ENTERPRISE PRODUCTS OPER 5.6 Sr. Nts. 14 100.2 5.59% 5.58% 129 Baa3 BB+WILLIAMS COS INC 8.125 Sr. Nts. 12 115.0 7.07% 5.56% 182 B1 B+WILLIAMS COS INC 7.125 Sr. Nts. 11 108.8 6.55% 5.53% 179 B1 B+HANOVER EQUIP TRUST 01 B 8.75 Sr. Sec. Nts.-2nd Lien 11 109.0 8.03% 5.50% 210 B2 B+AMERIGAS PART/EAGLE FIN 8.875 Sr. Nts. 11 108.5 8.18% 5.46% 223 B2 BB-PREMCOR REFINING GROUP 9.5 Sr. Nts. 13 115.3 8.24% 5.45% 206 Ba3 BB-SWIFT ENERGY CO 9.375 Sr. Sub. Nts. 12 112.5 8.33% 5.45% 205 B2 BPREMCOR REFINING GROUP 6.75 Sr. Nts. 11 106.8 6.32% 5.43% 168 Ba3 BB-UNIVERSAL COMPRESSN INC 7.25 Sr. Nts. 10 107.0 6.78% 5.41% 202 Ba3 BPIONEER NATURAL RESOURCE 5.875 Sr. Nts. 16 104.0 5.65% 5.41% 113 Baa3 BBB-DRESSER INC 9.375 Sr. Sub. Nts. 11 109.1 8.59% 5.40% 217 B2 BFOREST OIL CORPORATION 8 Sr. Nts. 11 115.0 6.96% 5.37% 162 Ba3 BB-FOREST OIL CORPORATION 7.75 Sr. Nts. 14 108.5 7.14% 5.37% 162 Ba3 BB-PREMCOR REFINING GROUP 6.125 Sr. Nts. 11 104.0 5.89% 5.37% 162 Ba3 BB-PLAINS E&P COMPANY 7.125 Sr. Nts. 14 109.8 6.49% 5.34% 161 Ba2 BB-ENTERPRISE PRODUCTS OPER 6.375 Sr. Nts. 13 106.9 5.97% 5.31% 104 Baa3 BB+PLAINS E&P COMPANY 8.75 Sr. Sub. Nts. 12 111.8 7.83% 5.29% 205 Ba3 B+

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HIGH YIELD RESEARCH





203/708-5806203/708-5804203/708-5807


DYNEGY HOLDINGS INC 8.02 Sr. Sec. Nts.-2nd Lien 08 108.5 7.39% 5.28% 222 B3 B-VINTAGE PETROLEUM 8.25 Sr. Nts. 12 110.0 7.50% 5.28% 188 Ba3 BB-COMPTON PETROLEUM CORP 9.9 Sr. Nts. 09 110.5 8.96% 5.27% 204 B2 BNEWFIELD EXPLORATION CO 7.625 Sr. Nts. 11 112.3 6.79% 5.26% 151 Ba2 BB+TRANSCONT GAS PIPE CORP 8.875 Sr. Nts. 12 122.5 7.24% 5.21% 146 Ba2 B+PIONEER NATURAL RESOURCE 7.5 Sr. Nts. 12 113.7 6.59% 5.20% 147 Baa3 BBB-CEDAR BRAKES I LLC 8.5 Sr. Sec. Nts.-2nd Lien 14 115.0 7.39% 5.17% 256 Caa1 /*+ CCC+ /*+TESORO CORP 9.625 Sr. Sub. Nts. 12 113.5 8.48% 5.17% 179 B2 BB-XTO ENERGY INC 5 Sr. Nts. 15 98.7 5.06% 5.16% 89 Baa3 BBB-TRANSCONT GAS PIPE CORP 7 Sr. Nts. 11 110.3 6.35% 5.14% 140 Ba2 B+GRANT PRIDECO INC 9.625 Sr. Nts. 07 112.0 8.59% 5.09% 169 Ba3 BB-TECO ENERGY INC 7.5 Sr. Nts. 10 111.5 6.73% 5.05% 131 Ba2 BBPREMCOR REFINING GROUP 9.25 Sr. Nts. 10 112.3 8.24% 5.05% 165 Ba3 BB-GRANT PRIDECO INC 9 Sr. Nts. 09 111.3 8.09% 5.04% 164 Ba3 BB-ENCORE ACQUISITION CO 8.375 Sr. Sub. Nts. 12 111.3 7.53% 5.03% 163 B2 BFOREST OIL CORPORATION 8 Sr. Nts. 08 109.3 7.32% 5.02% 164 Ba3 BB-XTO ENERGY INC 4.9 Sr. Nts. 14 99.4 4.93% 4.98% 71 Baa3 BBB-ENTERPRISE PRODUCTS OPER 7.5 Sr. Nts. 11 113.0 6.63% 4.98% 124 Baa3 BB+OCEAN RIG NORWAY AS 10.25 Sr. Sec. Nts.-1st Lien 08 103.6 9.89% 4.97% 230 B3 CCCNEWFIELD EXPLORATION CO 8.375 Sr. Sub. Nts. 12 111.9 7.49% 4.96% 157 Ba3 BB-EVERGREEN RESOURCES INC 5.875 Sr. Sub. Nts. 12 104.2 5.64% 4.95% 122 Baa3 BBB-MASSEY ENERGY CO 6.95 Sr. Nts. 07 104.0 6.68% 4.95% 171 B1 B+XTO ENERGY INC 6.25 Sr. Nts. 13 109.0 5.73% 4.91% 63 Baa3 BBB-SESI, L.L.C. 8.875 Sr. Nts. 11 109.3 8.12% 4.89% 165 B1 BB-EL PASO NATURAL GAS 7.625 Sr. Nts. 10 109.9 6.94% 4.88% 150 B1 B-SONAT INC 6.75 Sr. Nts. 07 104.8 6.44% 4.86% 146 Caa1 CCC+PIONEER NATURAL RESOURCE 9.625 Sr. Nts. 10 121.9 7.90% 4.82% 107 Baa3 BBB-XTO ENERGY INC 7.5 Sr. Nts. 12 116.5 6.44% 4.78% 105 Baa3 BBB-LUSCAR COAL LTD 9.75 Sr. Nts. 11 112.8 8.65% 4.77% 154 Ba3 BBCHESAPEAKE ENERGY CORP 8.125 Sr. Nts. 11 107.8 7.54% 4.76% 153 Ba3 BB-ENTERPRISE PRODUCTS OPER 4.625 Sr. Nts. 09 99.5 4.65% 4.74% 99 Baa3 BB+CALPINE CORP 8.25 Sr. Nts. 05 102.1 8.08% 4.65% 199 Caa1 CCC+MAGNUM HUNTER RE 9.6 Sr. Nts. 12 114.5 8.38% 4.62% 123 B2 B+NORTHWEST PIPELINE CORP 8.125 Sr. Nts. 10 110.8 7.34% 4.60% 121 Ba2 B+PREMCOR REFINING GROUP 7.75 Sr. Sub. Nts. 12 112.5 6.89% 4.51% 78 B2 BTECO ENERGY INC 10.5 Sr. Nts. 07 116.0 9.05% 4.51% 113 Ba2 BBPARAMOUNT RESOURCES LTD 8.875 Sr. Nts. 14 121.3 7.32% 4.51% 76 B3 B /*-POGO PRODUCING CO 8.25 Sr. Sub. Nts. 11 108.5 7.60% 4.43% 120 Ba3 BBNEWFIELD EXPLORATION CO 7.45 Sr. Nts. 07 108.0 6.90% 4.33% 94 Ba2 BB+TESORO CORP 9.625 Sr. Sub. Nts. 08 108.8 8.85% 4.32% 165 B2 BB-HANOVER EQUIP TRUST 01 A 8.5 Sr. Sec. Nts.-2nd Lien 08 106.8 7.96% 4.25% 157 B2 B+SITHE/INDEPENDENCE FNDG 8.5 Sr. Nts. 07 106.1 8.01% 4.24% 258 Ba1 /*- BBB- /*-PARAMOUNT RESOURCES LTD 7.875 Sr. Nts. 10 113.0 6.97% 4.24% 84 B3 B /*-TESORO CORP 8 Sr. Sec. Nts.-2nd Lien 08 108.0 7.41% 4.23% 101 Ba2 BBB-NEWPARK RESOURCES INC 8.625 Sr. Sub. Nts. 07 101.8 8.48% 4.20% 184 B2 BAMERIGAS PART/EAGLE FIN 10 Sr. Nts. 06 107.0 9.35% 4.20% 152 B2 BB-SEA CONTAINERS LTD 13 Sr. Nts. 06 104.0 12.50% 4.19% 152 NR NRCITGO PETROLEUM CORP 7.875 Sr. Nts. 06 104.8 7.52% 4.18% 94 Ba2 BBENTERPRISE PRODUCTS OPER 4 Sr. Nts. 07 99.7 4.01% 4.11% 72 Baa3 BB+PIONEER NATURAL RESOURCE 6.5 Sr. Nts. 08 106.8 6.09% 4.08% 70 Baa3 BBB-MIRANT AMERICAS GENR LLC 7.2 Sr. Nts. 08 109.5 DFLT 3.98% 58 Caa3 NRSONAT INC 6.875 Sr. Nts. 05 101.1 6.80% 3.85% 117 Caa1 CCC+MCDERMOTT INC 7.84 Sr. Nts. 05 100.9 7.77% 3.84% 145 B3 CCCEL PASO CGP CO 6.5 Sr. Nts. 06 103.8 6.27% 3.60% 36 Caa1 CCC+OMI CORP 2.875 Cnvrt. Sr. Nts. 24 (Px=$30.74) 96.6 2.98% 3.44% (30) NR B+EDISON MISSION ENRGY FDG 7.33 Sr. Nts. 08 106.3 6.90% 3.01% 219 Ba3 B /*+GREY WOLF INC 3.75 Cnvrt. Sr. Nts. 23 $6.45 103.5 3.62% 2.65% (75) B1 BB-PIONEER NATL RESOURCES 8.875 Sr. Nts. 05 101.7 8.73% 2.24% (12) Baa3 BBB-PIONEER NATL RESOURCES 8.25 Sr. Nts. 07 115.1 7.17% 2.20% (119) Baa3 BBB-KEY ENERGY SERVICES INC 8.375 Sr. Nts. 08 105.0 7.98% 1.99% (37) B1 /*- B /*HANOVER COMPRESS CO 4.75 Cnvrt. Sr. Nts. 14 $15.00 123.8 3.84% 1.58% (271) B3 BGREY WOLF INC 2.51 Cnvrt. Sr. Nts. 24 $6.51 110.8 2.27% 1.27% NA NR NRPETROLEUM GEO-SERVICES 8 Sr. Nts. 06 102.5 7.80% 1.05% (131) NR NRPRIDE INTERNATIONAL INC 3.25 Cnvrt. Sr. Nts. 33 $25.70 108.4 3.00% 0.67% (270) NR BB-

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HIGH YIELD RESEARCH

CURRENT YIELD Sort1/10/05 Current Ratings

Issuer Description Price Yld. YTW STW Moody's S&POGLEBAY NORTON CO 10 Sr. Sub. Nts. 09 72.5 13.79% 22.44% 1,907 WR NRSEA CONTAINERS LTD 13 Sr. Nts. 06 104.0 12.50% 4.19% 152 NR NRATP OIL & GAS CORPORATION 12.568 Sr. Sec. Nts.-2nd Lien 09 102.0 12.32% 10.97% 823 NR NRSOUTH PT/BROAD RIV/ROCKG 9.825 Pass Thru Certs. 19 84.0 11.70% 12.21% 792 B2 BCALPINE CORP 8.625 Sr. Nts. 10 72.5 11.89% 16.30% 1,255 Caa1 CCC+CROWN CENTRAL PETROLEUM 10.875 Sr. Nts. 05 96.0 11.33% 117.85% 9,235 Ca NRSEA CONTAINERS LTD 12.5 Sr. Nts. 09 110.5 11.31% (9.13%) (1,180) NR NRRAM ENERGY INC 11.5 Sr. Nts. 08 101.8 11.30% 10.81% 741 WR NRCALPINE CORP 8.5 Sr. Nts. 11 72.0 11.81% 15.83% 1,210 Caa1 CCC+MISSION ENERGY HOLDING 13.5 Sr. Sec. Nts.-2nd Lien 08 122.0 11.07% 6.39% 301 B3 CCC /*+TIVERTON/RUMFORD PWR ASS 9 Pass Thru Certs. 18 82.0 10.98% 13.66% 793 B3 BSEITEL INC 11.75 Sr. Nts. 11 107.3 10.96% 10.20% 645 B3 B-CALPINE CANADA ENER FIN 8.5 Sr. Nts. 08 75.0 11.33% 19.03% 1,566 Caa1 CCC+BRAND SERVICES INC 12 Sr. Nts. 12 112.5 10.67% 8.75% 536 B3 CCC+AQUILA INC 14.875 Sr. Nts. 12 139.5 10.66% 7.79% 405 B2 B-CALPINE CORP 10.5 Sr. Nts. 06 100.0 10.50% 10.32% 766 Caa1 CCC+SEA CONTAINERS LTD 10.75 Sr. Nts. 06 103.5 10.39% (0.46%) (282) B3 BCALPINE CORP 8.5 Sr. Sec. Nts.-2nd Lien 10 82.0 10.37% 13.20% 947 NR BULTRAPETROL(BAHAMAS) LTD 10.5 Sr. Sec. Nts.-1st Lien 08 103.1 10.18% NA NA WR NRCIE GENER DE GEOPHYSIQUE 10.625 Sr. Nts. 07 105.5 10.07% 6.86% 419 Ba3 /*- BBENERGY CORP OF AMERICA 9.5 Sr. Sub. Nts. 07 95.3 9.97% 11.87% 864 Caa3 NRUNITED REFINING CO 10.5 Sr. Nts. 12 105.5 9.95% 9.21% 547 B3 B-SEA CONTAINERS LTD 10.5 Sr. Nts. 12 107.2 9.79% 8.77% 503 (P)B3 BOCEAN RIG NORWAY AS 10.25 Sr. Sec. Nts.-1st Lien 08 103.6 9.89% 4.97% 230 B3 CCCJ RAY MCDERMOTT SA 11 Sr. Sec. Nts.-2nd Lien 13 111.8 9.84% 8.61% 486 Caa1 CCC+ABRAXAS PETROLEUM CORP 9.72 Sr. Sec. Nts.-1st Lien 09 99.0 9.82% 10.56% 685 NR NRWOLVERINE TUBE INC 10.5 Sr. Nts. 09 108.3 9.70% 7.46% 423 B3 B+PARKER DRILLING CO 10.125 Sr. Nts. 09 105.2 9.63% 7.61% 494 B2 B-GIANT INDUSTRIES 11 Sr. Sub. Nts. 12 114.3 9.63% 6.53% 314 B3 B-SHAW GROUP INC 10.75 Sr. Nts. 10 112.0 9.60% 7.02% 364 Ba3 B+ORION POWER HOLDINGS INC 12 Sr. Nts. 10 125.5 9.56% 6.26% 252 B2 BMCDERMOTT INC 8.75 Sr. Nts. 23 92.0 9.51% 9.69% 540 B3 CCCCALPINE CORP 9.625 Sr. Sec. Nts.-1st Lien 14 101.5 9.48% 9.34% 561 NR B+BLUEWATER FINANCE LTD 10.25 Sr. Nts. 12 110.0 9.32% 7.31% 392 B1 BSTAR GAS PARTNER/FINANCE 10.25 Sr. Nts. 13 109.3 9.38% 8.25% 450 Caa3 /* CCC /*-AMERIGAS PART/EAGLE FIN 10 Sr. Nts. 06 107.0 9.35% 4.20% 152 B2 BB-MISSION RESOURCES CORP 9.875 Sr. Nts. 11 106.3 9.29% 8.37% 462 Caa2 CCCHILCORP ENERGY/FINANCE 10.5 Sr. Nts. 10 113.8 9.23% 6.58% 318 B3 BCALLON PETROLEUM CO 9.75 Sr. Nts. 10 106.6 9.14% 8.35% 460 NR NRCP SHIPS LIMITED 10.375 Sr. Nts. 12 114.0 9.10% 6.20% 280 Ba3 BB+TECO ENERGY INC 10.5 Sr. Nts. 07 116.0 9.05% 4.51% 113 Ba2 BBBAYTEX ENERGY LTD 9.625 Sr. Sub. Nts. 10 106.8 9.02% 7.82% 442 B3 B-COMPTON PETROLEUM CORP 9.9 Sr. Nts. 09 110.5 8.96% 5.27% 204 B2 BDYNEGY HOLDINGS INC 9.875 Sr. Sec. Nts.-2nd Lien 10 110.5 8.94% 7.06% 367 B3 B-DYNEGY HOLDINGS INC 10.125 Sr. Sec. Nts.-2nd Lien 13 113.4 8.93% 7.05% 330 B3 B-SOUTH PT/BROAD RIV/ROCKG 8.4 Pass Thru Certs. 12 94.5 8.89% 10.04% 605 B2 BPAITON ENERGY FUNDING BV 9.34 Sr. Nts. 14 104.8 8.91% 8.46% 493 B2 B-TESORO CORP 9.625 Sr. Sub. Nts. 08 108.8 8.85% 4.32% 165 B2 BB-SEABULK INTL INC 9.5 Sr. Nts. 13 107.5 8.84% 8.01% 426 B2 BEDISON MISSION ENERGY 10 Sr. Nts. 08 113.2 8.83% 5.85% 248 B1 B /*+PIONEER NATL RESOURCES 8.875 Sr. Nts. 05 101.7 8.73% 2.24% (12) Baa3 BBB-PETROLEUM HELICOPTERS 9.375 Sr. Nts. 09 108.0 8.68% 6.36% 313 B1 BB-ALPHA NATURAL RESOURCES 10 Sr. Nts. 12 115.5 8.66% 6.20% 245 B3 CCC+PETROLEUM GEO-SERVICES 10 Sr. Nts. 10 113.8 8.79% 6.25% 287 NR NRGENERAL MARITIME CORP 10 Sr. Nts. 13 115.5 8.66% 6.01% 261 B1 B+LUSCAR COAL LTD 9.75 Sr. Nts. 11 112.8 8.65% 4.77% 154 Ba3 BBAES CHIVOR 9.75 Sr. Nts. 14 113.0 8.63% 7.84% 355 B1 BATP OIL & GAS CORPORATION 8.818 Sr. Sec. Nts.-1st Lien 09 102.0 8.64% 7.29% 455 NR NRGRANT PRIDECO INC 9.625 Sr. Nts. 07 112.0 8.59% 5.09% 169 Ba3 BB-DRESSER INC 9.375 Sr. Sub. Nts. 11 109.1 8.59% 5.40% 217 B2 BPARKER DRILLING CO 9.625 Sr. Nts. 13 112.1 8.58% 7.01% 328 B2 B-NORTH AMER ENERGY PARTNR 8.75 Sr. Nts. 11 102.0 8.58% 8.24% 451 B2 BGREAT LAKES DREDGE&DOCK 7.75 Sr. Sub. Nts. 13 91.3 8.49% 9.21% 547 Caa2 /*- CCCBELDEN & BLAKE CORP 8.75 Sr. Sec. Nts.-2nd Lien 12 102.5 8.54% 8.18% 443 B3 /*- CCC+



203/708-5806203/708-5804203/708-5807


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HIGH YIELD RESEARCH





203/708-5806203/708-5804203/708-5807


PETRO STOPPING CTR/FINL 9 Sr. Sec. Nts.-2nd Lien 12 105.5 8.53% 7.67% 392 B3 B-CEDAR BRAKES II LLC 9.875 Sr. Sec. Nts.-2nd Lien 13 116.0 8.51% 5.81% 359 Caa1 /*+ CCC+ /*+CALPINE CORP 7.82 Sr. Sec. Nts.-2nd Lien 07 92.0 8.50% 14.33% 1,126 NR BVENOCO INC 8.75 Sr. Nts. 11 103.0 8.50% 8.10% 435 Caa1 CCC+NEWPARK RESOURCES INC 8.625 Sr. Sub. Nts. 07 101.8 8.48% 4.20% 184 B2 BDYNEGY HOLDINGS INC 8.75 Sr. Nts. 12 102.9 8.51% 8.21% 447 Caa2 CCC+STENA AB 9.625 Sr. Nts. 12 113.8 8.46% 5.92% 252 Ba3 BB-AES CHINA GENERATING CO 8.25 Sr. Nts. 10 97.7 8.45% 8.80% 505 B2 B+RELIANT ENERGY INC 9.5 Sr. Sec. Nts.-2nd Lien 13 111.0 8.56% 7.12% 338 B1 B+AVENTINE RENEWABLE ENRGY 8.50125 Sr. Sec. Nts.-1st Lien 11 101.0 8.42% 8.32% 459 B3 CCC+HORIZON LINES LLC 9 Sr. Nts. 12 107.3 8.39% 7.43% 369 B3 CCC+EDISON MISSION 9.875 Sr. Nts. 11 117.8 8.39% 6.38% 265 B1 B /*+MAGNUM HUNTER RE 9.6 Sr. Nts. 12 114.5 8.38% 4.62% 123 B2 B+LONE STAR TECHNOLOGIES 9 Sr. Sub. Nts. 11 107.5 8.37% 6.40% 300 B3 B-TESORO CORP 9.625 Sr. Sub. Nts. 12 113.5 8.48% 5.17% 179 B2 BB-RELIANT ENERGY INC 9.25 Sr. Sec. Nts.-2nd Lien 10 109.0 8.49% 6.89% 351 B1 B+TRANSMONTAIGNE INC 9.125 Sr. Sub. Nts. 10 109.4 8.34% 6.57% 320 B3 B /*SWIFT ENERGY CO 9.375 Sr. Sub. Nts. 12 112.5 8.33% 5.45% 205 B2 BFERRELLGAS PARTNERS LP 8.75 Sr. Nts. 12 108.0 8.10% 6.80% 306 B2 BSHIP FINANCE INTL LTD 8.5 Sr. Nts. 13 102.5 8.29% 8.02% 429 B1 BCALPINE CORP 8.25 Sr. Nts. 05 102.1 8.08% 4.65% 199 Caa1 CCC+PREMCOR REFINING GROUP 9.5 Sr. Nts. 13 115.3 8.24% 5.45% 206 Ba3 BB-PREMCOR REFINING GROUP 9.25 Sr. Nts. 10 112.3 8.24% 5.05% 165 Ba3 BB-ENTERPRISE PRODUCTS OPER 8.25 Sr. Nts. 05 100.3 8.22% 6.29% 386 Baa3 BB+AMERIGAS PART/EAGLE FIN 8.875 Sr. Nts. 11 108.5 8.18% 5.46% 223 B2 BB-AES RED OAK LLC 9.2 Sr. Sec. Nts.-2nd Lien 29 112.5 8.18% 7.99% 383 B2 B+TEEKAY SHIPPING CORP 8.32 Sr. Nts. 06 102.0 8.16% 6.31% 364 Ba1 BB+SESI, L.L.C. 8.875 Sr. Nts. 11 109.3 8.12% 4.89% 165 B1 BB-DYNEGY HOLDINGS INC 8.125 Sr. Nts. 05 100.3 8.10% 6.53% 409 Caa2 CCC+GRANT PRIDECO INC 9 Sr. Nts. 09 111.3 8.09% 5.04% 164 Ba3 BB-DYNEGY-ROSETON DANSKAMME 7.67 Pass Thru Certs. 16 95.0 8.07% 8.46% 405 Caa2 BHANOVER COMPRESSOR CO 9 Sr. Nts. 14 111.0 8.11% 6.94% 320 B3 BENERGY PARTNERS LTD 8.75 Sr. Nts. 10 109.0 8.03% 6.43% 303 B2 B+HANOVER EQUIP TRUST 01 B 8.75 Sr. Sec. Nts.-2nd Lien 11 109.0 8.03% 5.50% 210 B2 B+SITHE/INDEPENDENCE FNDG 8.5 Sr. Nts. 07 106.1 8.01% 4.24% 258 Ba1 /*- BBB- /*-KEY ENERGY SERVICES INC 8.375 Sr. Nts. 08 105.0 7.98% 1.99% (37) B1 /*- B /*EL PASO CORPORATION 7.75 Sr. Nts. 32 96.6 8.02% 8.06% 379 Caa1 CCC+HANOVER EQUIP TRUST 01 A 8.5 Sr. Sec. Nts.-2nd Lien 08 106.8 7.96% 4.25% 157 B2 B+CHESAPEAKE ENERGY CORP 8.375 Sr. Nts. 08 105.4 7.95% 6.25% 301 Ba3 BB-CALPINE CORP 7.625 Sr. Nts. 06 96.9 7.87% 10.33% 766 Caa1 CCC+MIDWEST GENERATION LLC 8.3 Pass Thru Certs. 09 104.9 7.91% 6.60% 363 B1 B /*+PIONEER NATURAL RESOURCE 9.625 Sr. Nts. 10 121.9 7.90% 4.82% 107 Baa3 BBB-HANOVER COMPRESS CO 8.625 Sr. Sub. Nts. 10 109.5 7.88% 6.34% 259 B3 BCHESAPEAKE ENERGY CORP 9 Sr. Nts. 12 114.5 7.86% NA NA Ba3 BB-CONSOLIDATED COAL 8.25 Sr. Nts. 07 105.2 7.84% 5.86% 263 Ba2 NRPLAINS E&P COMPANY 8.75 Sr. Sub. Nts. 12 111.8 7.83% 5.29% 205 Ba3 B+PETROLEUM GEO-SERVICES 8 Sr. Nts. 06 102.5 7.80% 1.05% (131) NR NRAES IRONWOOD LLC 8.857 Sr. Sec. Nts.-2nd Lien 25 113.5 7.80% NA NA B2 B+INTL SHIPHOLDING CORP 7.75 Sr. Nts. 07 99.6 7.78% 7.90% 450 B1 B-MCDERMOTT INC 7.84 Sr. Nts. 05 100.9 7.77% 3.84% 145 B3 CCCMSW ENERGY HLDGS/FINANCE 8.5 Sr. Sec. Nts.-2nd Lien 10 109.5 7.76% 6.05% 265 Ba1 BBHARVEST OPERATIONS CORP 7.875 Sr. Nts. 11 101.5 7.76% 7.55% 380 B3 B-MIDWEST GENERATION LLC 8.75 Sr. Sec. Nts.-2nd Lien 34 112.4 7.79% 6.32% 258 B1 B- /*+OVERSEAS SHIPHLDG GROUP 8.75 Sr. Nts. 13 113.3 7.73% 6.74% 245 Ba1 /*- BB+ /*-DYNEGY HOLDINGS INC 7.45 Sr. Nts. 06 96.5 7.72% 10.02% 679 Caa2 CCC+TEEKAY SHIPPING CORP 8.875 Sr. Nts. 11 115.5 7.68% 5.96% 223 Ba2 BB-SEA CONTAINERS 7.875 Sr. Nts. 08 102.1 7.71% (15.74%) (1,809) B3 BSITHE/INDEPENDENCE FNDG 9 Sr. Nts. 13 116.9 7.70% 5.74% 274 Ba1 /*- BBB- /*-GIANT INDUSTRIES 8 Sr. Sub. Nts. 14 105.0 7.62% 7.11% 338 B3 B-STONE ENERGY CORP 8.25 Sr. Sub. Nts. 11 108.3 7.62% 5.71% 232 B2 B+MIDWEST GENERATION LLC 8.56 Pass Thru Certs. 16 113.5 7.54% 5.97% 306 B1 B /*+POGO PRODUCING CO 8.25 Sr. Sub. Nts. 11 108.5 7.60% 4.43% 120 Ba3 BBAES RED OAK LLC 8.54 Sr. Sec. Nts.-2nd Lien 19 112.5 7.59% NA NA B2 B+CHESAPEAKE ENERGY CORP 8.125 Sr. Nts. 11 107.8 7.54% 4.76% 153 Ba3 BB-

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HIGH YIELD RESEARCH





203/708-5806203/708-5804203/708-5807


EL PASO CORPORATION 7.875 Sr. Nts. 12 104.5 7.54% 7.08% 333 Caa1 CCC+WILLIAMS COS INC 8.75 Sr. Nts. 32 115.5 7.58% 7.42% 260 B1 B+ENCORE ACQUISITION CO 8.375 Sr. Sub. Nts. 12 111.3 7.53% 5.03% 163 B2 BEL PASO NATURAL GAS 8.375 Sr. Nts. 32 111.3 7.53% 7.41% 258 B1 B-CITGO PETROLEUM CORP 7.875 Sr. Nts. 06 104.8 7.52% 4.18% 94 Ba2 BBEL PASO NATURAL GAS 8.625 Sr. Nts. 22 114.8 7.52% 7.12% 283 B1 B-SONAT INC 7 Sr. Nts. 18 93.3 7.51% 7.84% 355 Caa1 CCC+VINTAGE PETROLEUM 8.25 Sr. Nts. 12 110.0 7.50% 5.28% 188 Ba3 BB-NEWFIELD EXPLORATION CO 8.375 Sr. Sub. Nts. 12 111.9 7.49% 4.96% 157 Ba3 BB-EL PASO CGP CO 7.75 Sr. Nts. 10 103.8 7.47% 6.91% 316 Caa1 CCC+WOLVERINE TUBE INC 7.375 Sr. Nts. 08 98.8 7.47% 7.78% 439 B3 B+OVERSEAS SHIPHLDG GROUP 8.25 Sr. Nts. 13 110.8 7.45% 5.70% 195 Ba1 /*- BB+ /*-TESORO CORP 8 Sr. Sec. Nts.-2nd Lien 08 108.0 7.41% 4.23% 101 Ba2 BBB-VINTAGE PETROLEUM 7.875 Sr. Sub. Nts. 11 106.3 7.41% 5.81% 242 B1 BSONAT INC 7.625 Sr. Nts. 11 102.0 7.48% 7.23% 350 Caa1 CCC+DYNEGY HOLDINGS INC 8.02 Sr. Sec. Nts.-2nd Lien 08 108.5 7.39% 5.28% 222 B3 B-CEDAR BRAKES I LLC 8.5 Sr. Sec. Nts.-2nd Lien 14 115.0 7.39% 5.17% 256 Caa1 /*+ CCC+ /*+NRG ENERGY INC 8 Sr. Sec. Nts.-2nd Lien 13 108.8 7.36% 6.36% 261 B1 BEL PASO PRODUCTION HLDG 7.75 Sr. Nts. 13 104.5 7.42% 6.87% 313 B3 B-NORTHWEST PIPELINE CORP 8.125 Sr. Nts. 10 110.8 7.34% 4.60% 121 Ba2 B+OVERSEAS SHIPHLDG GROUP 7.5 Sr. Nts. 24 102.3 7.33% 7.28% 299 Ba1 /*- BB+ /*-GULFMARK OFFSHORE INC 7.75 Sr. Nts. 14 105.8 7.33% 6.76% 301 B2 BB-GOLDEN STATE PETRO TRANS 8.04 Sr. Sec. Nts.-1st Lien 19 109.8 7.32% 6.66% 265 Baa2 BB+WILLIAMS COS INC 7.75 Sr. Nts. 31 105.9 7.32% 7.25% 243 B1 B+PARAMOUNT RESOURCES LTD 8.875 Sr. Nts. 14 121.3 7.32% 4.51% 76 B3 B /*-DENBURY RESOURCES INC 7.5 Sr. Sub. Nts. 13 103.2 7.27% 6.86% 312 B2 BEL PASO CORPORATION 7.375 Sr. Nts. 12 101.5 7.27% 7.12% 339 Caa1 CCC+TRANSCONT GAS PIPE CORP 8.875 Sr. Nts. 12 122.5 7.24% 5.21% 146 Ba2 B+FOREST OIL CORPORATION 8 Sr. Nts. 08 109.3 7.32% 5.02% 164 Ba3 BB-EL PASO NATURAL GAS 7.5 Sr. Nts. 26 103.8 7.23% 7.16% 287 B1 B-OMI CORP 7.625 Sr. Nts. 13 105.9 7.20% 6.55% 280 B1 B+DYNEGY-ROSETON DANSKAMME 7.27 Pass Thru Certs. 10 101.0 7.20% 6.99% 366 Caa2 BEDISON MISSION ENERGY 7.73 Sr. Nts. 09 107.5 7.19% 5.78% 205 B1 B /*+EDISON MISSION HLDGS CO 8.137 Sr. Nts. 19 113.4 7.18% 5.98% 296 WR BB /*+WESTERN OIL SANDS INC 8.375 Sr. Sec. Nts.-3rd Lien 12 116.5 7.19% 5.59% 185 Ba2 BB+DRESSER-RAND GROUP INC 7.375 Sr. Sub. Nts. 14 102.4 7.20% 6.97% 270 B3 B-WILLIAMS COS INC 7.5 Sr. Nts. 31 104.6 7.17% 7.11% 229 B1 B+DYNEGY HOLDINGS INC 6.875 Sr. Nts. 11 94.3 7.29% 8.07% 433 Caa2 CCC+PIONEER NATL RESOURCES 8.25 Sr. Nts. 07 115.1 7.17% 2.20% (119) Baa3 BBB-STENA AB 7.5 Sr. Nts. 13 104.8 7.16% 6.62% 287 Ba3 BB-FOREST OIL CORPORATION 7.75 Sr. Nts. 14 108.5 7.14% 5.37% 162 Ba3 BB-EDISON MISSION HLDGS CO 8.734 Sr. Nts. 26 123.1 7.10% 6.25% 243 WR BB /*+CHESAPEAKE ENERGY CORP 7.75 Sr. Nts. 15 108.0 7.18% NA NA Ba3 BB-WILLIAMS COS INC 8.125 Sr. Nts. 12 115.0 7.07% 5.56% 182 B1 B+SWIFT ENERGY CO 7.625 Sr. Nts. 11 108.0 7.06% 5.90% 215 B1 BB-CONSOL ENERGY INC 7.875 Sr. Nts. 12 111.8 7.05% 5.84% 209 Ba2 BBPREMCOR REFINING GROUP 7.75 Sr. Sub. Nts. 12 112.5 6.89% 4.51% 78 B2 BPREMCOR REFINING GROUP 7.5 Sr. Nts. 15 106.8 7.03% 6.21% 246 Ba3 BB-MSW ENERGY HLDGS/FIN II 7.375 Sr. Nts. 10 105.0 7.02% 6.12% 237 Ba2 BB-CHC HELICOPTER CORP 7.375 Sr. Sub. Nts. 14 105.3 7.01% 6.46% 271 B2 BPARAMOUNT RESOURCES LTD 7.875 Sr. Nts. 10 113.0 6.97% 4.24% 84 B3 B /*-FOREST OIL CORPORATION 8 Sr. Nts. 11 115.0 6.96% 5.37% 162 Ba3 BB-EL PASO NATURAL GAS 7.625 Sr. Nts. 10 109.9 6.94% 4.88% 150 B1 B-WHITING PETROLEUM CORP 7.25 Sr. Sub. Nts. 12 104.5 6.94% 6.24% 250 B2 B-EDISON MISSION ENRGY FDG 7.33 Sr. Nts. 08 106.3 6.90% 3.01% 219 Ba3 B /*+NEWFIELD EXPLORATION CO 7.45 Sr. Nts. 07 108.0 6.90% 4.33% 94 Ba2 BB+FOUNDATION PA COAL CO 7.25 Sr. Nts. 14 105.3 6.89% 6.36% 261 B1 BPARKER DRILLING CO 7.15 Sr. Nts. 10 104.3 6.86% 5.75% 265 B2e B-TECO ENERGY INC 7.5 Sr. Nts. 10 111.5 6.73% 5.05% 131 Ba2 BBRANGE RESOURCES CORP 7.375 Sr. Sub. Nts. 13 107.8 6.84% 5.86% 211 B3 BRELIANT ENERGY INC 6.75 Sr. Sec. Nts.-2nd Lien 14 98.1 6.88% 7.02% 274 B1 B+STONE ENERGY CORP 6.75 Sr. Sub. Nts. 14 99.0 6.82% 6.89% 260 B2 B+CHESAPEAKE ENERGY CORP 7.5 Sr. Nts. 14 109.9 6.82% 5.69% 195 Ba3 BB-SONAT INC 6.875 Sr. Nts. 05 101.1 6.80% 3.85% 117 Caa1 CCC+

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HIGH YIELD RESEARCH





203/708-5806203/708-5804203/708-5807


NEWFIELD EXPLORATION CO 7.625 Sr. Nts. 11 112.3 6.79% 5.26% 151 Ba2 BB+UNIVERSAL COMPRESSN INC 7.25 Sr. Nts. 10 107.0 6.78% 5.41% 202 Ba3 BMARKWEST ENERGY PART/FIN 6.875 Sr. Nts. 14 101.4 6.78% 6.64% 237 B1 B+KCS ENERGY INC 7.125 Sr. Nts. 12 105.5 6.75% 5.88% 213 B3 B-EXCO RESOURCES INC 7.25 Sr. Nts. 11 107.0 6.78% 5.63% 188 B2 BPRIDE INTERNATIONAL INC 7.375 Sr. Nts. 14 109.8 6.72% 5.63% 188 Ba2 BB-SUBURBAN PROPANE PARTNRS 6.875 Sr. Nts. 13 102.4 6.72% 6.44% 271 B1 BPACIFIC ENERGY PRTNR/FIN 7.125 Sr. Nts. 14 105.0 6.79% 6.27% 254 Ba2 BB /*-MASSEY ENERGY CO 6.95 Sr. Nts. 07 104.0 6.68% 4.95% 171 B1 B+HOUSTON EXPLORATION CO 7 Sr. Sub. Nts. 13 105.3 6.65% 6.00% 225 B2 B+COMSTOCK RESOURCES INC 6.875 Sr. Nts. 12 103.5 6.64% 6.07% 232 B2 BENTERPRISE PRODUCTS OPER 7.5 Sr. Nts. 11 113.0 6.63% 4.98% 124 Baa3 BB+FERRELLGAS LP/FINANCE 6.75 Sr. Nts. 14 101.4 6.66% 6.51% 278 Ba3 BB-TEXAS GENCO LLC/FINANCNG 6.875 Sr. Nts. 14 103.8 6.63% 6.27% 198 B1 BTECO ENERGY INC 7.2 Sr. Nts. 11 108.3 6.65% 5.62% 189 Ba2 BBEL PASO CORPORATION 6.75 Sr. Nts. 09 100.0 6.75% 6.75% 301 Caa1 CCC+ENCORE ACQUISITION CO 6.25 Sr. Sub. Nts. 14 94.8 6.59% 7.02% 275 B2 BCHESAPEAKE ENERGY CORP 6.875 Sr. Nts. 16 103.9 6.61% 6.17% 244 Ba3 BB-SONAT INC 6.625 Sr. Nts. 08 101.3 6.54% 6.17% 277 Caa1 CCC+ARCH WESTERN FINANCE 6.75 Sr. Nts. 13 103.3 6.54% 6.13% 238 Ba3 BBWILLIAMS COS INC 7.125 Sr. Nts. 11 108.8 6.55% 5.53% 179 B1 B+FRONTIER OIL CORP 6.625 Sr. Nts. 11 101.8 6.51% 6.25% 250 B1 B+PLAINS E&P COMPANY 7.125 Sr. Nts. 14 109.8 6.49% 5.34% 161 Ba2 BB-PIONEER NATURAL RESOURCE 7.5 Sr. Nts. 12 113.7 6.59% 5.20% 147 Baa3 BBB-SONAT INC 6.75 Sr. Nts. 07 104.8 6.44% 4.86% 146 Caa1 CCC+TECO ENERGY INC 7 Sr. Nts. 12 108.2 6.47% 5.62% 188 Ba2 BBXTO ENERGY INC 7.5 Sr. Nts. 12 116.5 6.44% 4.78% 105 Baa3 BBB-ENTERPRISE PRODUCTS OPER 6.65 Sr. Nts. 34 103.4 6.43% 6.39% 156 Baa3 BB+ENTERPRISE PRODUCTS OPER 6.875 Sr. Nts. 33 107.0 6.42% 6.34% 152 Baa3 BB+EL PASO CGP CO 6.375 Sr. Nts. 09 98.8 6.46% 6.73% 335 Caa1 CCC+PREMCOR REFINING GROUP 6.75 Sr. Nts. 14 105.5 6.40% 5.81% 206 Ba3 BB-MASSEY ENERGY CO 6.625 Sr. Nts. 10 103.0 6.43% 5.90% 217 Ba3 BBNEWFIELD EXPLORATION CO 6.625 Sr. Sub. Nts. 14 103.9 6.38% 5.98% 225 Ba3 BB-TRANSCONT GAS PIPE CORP 7 Sr. Nts. 11 110.3 6.35% 5.14% 140 Ba2 B+PREMCOR REFINING GROUP 6.75 Sr. Nts. 11 106.8 6.32% 5.43% 168 Ba3 BB-KEY ENERGY SERVICES INC 6.375 Sr. Nts. 13 101.3 6.30% 6.18% 189 B1 /*- B /*EL PASO CGP CO 6.5 Sr. Nts. 06 103.8 6.27% 3.60% 36 Caa1 CCC+PIONEER NATURAL RESOURCE 7.2 Sr. Nts. 28 114.8 6.27% 6.01% 119 Baa3 BBB-HORNBECK OFFSHORE SERV 6.125 Sr. Nts. 14 99.3 6.17% 6.23% 195 Ba3 BB-CHESAPEAKE ENERGY CORP 6.375 Sr. Nts. 15 103.4 6.16% 5.83% 154 Ba3 BB-TECO ENERGY INC 6.125 Sr. Nts. 07 99.5 6.16% 6.36% 313 Ba2 BBPIONEER NATURAL RESOURCE 6.5 Sr. Nts. 08 106.8 6.09% 4.08% 70 Baa3 BBB-OFFSHORE LOGISTIC 6.125 Sr. Nts. 13 101.5 6.03% 5.84% 211 Ba2 BB+CITGO PETROLEUM CORP 6 Sr. Nts. 11 100.5 5.97% 5.90% 216 Ba2 BBENTERPRISE PRODUCTS OPER 6.375 Sr. Nts. 13 106.9 5.97% 5.31% 104 Baa3 BB+PREMCOR REFINING GROUP 6.125 Sr. Nts. 11 104.0 5.89% 5.37% 162 Ba3 BB-XTO ENERGY INC 6.25 Sr. Nts. 13 109.0 5.73% 4.91% 63 Baa3 BBB-HARVEST ENERGY TRUST 9 Cnvrt. Sr. Sub. Nts. 09 C$14.00 159.0 5.66% (10.03%) (1,332) NR NRPIONEER NATURAL RESOURCE 5.875 Sr. Nts. 16 104.0 5.65% 5.41% 113 Baa3 BBB-EVERGREEN RESOURCES INC 5.875 Sr. Sub. Nts. 12 104.2 5.64% 4.95% 122 Baa3 BBB-ENTERPRISE PRODUCTS OPER 5.6 Sr. Nts. 14 100.2 5.59% 5.58% 129 Baa3 BB+XTO ENERGY INC 5 Sr. Nts. 15 98.7 5.06% 5.16% 89 Baa3 BBB-XTO ENERGY INC 4.9 Sr. Nts. 14 99.4 4.93% 4.98% 71 Baa3 BBB-HANOVER COMPRESSOR CO 4.75 Cnvrt. Sr. Nts. 08 $43.94 96.0 4.95% 6.15% 277 B3 BENTERPRISE PRODUCTS OPER 4.625 Sr. Nts. 09 99.5 4.65% 4.74% 99 Baa3 BB+ENTERPRISE PRODUCTS OPER 4 Sr. Nts. 07 99.7 4.01% 4.11% 72 Baa3 BB+HANOVER COMPRESS CO 4.75 Cnvrt. Sr. Nts. 14 $15.00 123.8 3.84% 1.58% (271) B3 BGREY WOLF INC 3.75 Cnvrt. Sr. Nts. 23 $6.45 103.5 3.62% 2.65% (75) B1 BB-DYNEGY INC 4.75 Cnvrt. Sr. Sub. Nts. 23 $4.12 138.5 3.43% (1.76%) (551) Caa2 CCC+PRIDE INTERNATIONAL INC 3.25 Cnvrt. Sr. Nts. 33 $25.70 108.4 3.00% 0.67% (270) NR BB-OMI CORP 2.875 Cnvrt. Sr. Nts. 24 (Px=$30.74) 96.6 2.98% 3.44% (30) NR B+EVERGREEN RESOURCES INC 4.75 Cnvrt. Sr. Nts. 21 $25.00 176.9 2.69% (24.08%) (2,730) NR BBB-MASSEY ENERGY CO 4.75 Cnvrt. Sr. Nts. 23 $19.39 177.1 2.68% (9.25%) (1,298) B1 B+GREY WOLF INC 2.51 Cnvrt. Sr. Nts. 24 $6.51 110.8 2.27% 1.27% NA NR NR

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HIGH YIELD RESEARCH





203/708-5806203/708-5804203/708-5807


MAGNUM HUNTER RE 2.49 Cnvrt. Sr. Nts. 23 $12.19 113.3 2.20% NA NA NR NRPRIDE INTERNATIONAL INC 2.5 Cnvrt. Sr. Nts. 07 $16.51 125.1 2.00% (105.82%) NA NR BB-MASSEY ENERGY CO 2.25 Cnvrt. Sr. Nts. 24 $33.60 123.7 1.82% (1.38%) (512) Ba3 BBVERITAS DGC INC 1.74 Cnvrt. Sr. Nts. 24 $24.03 116.4 1.49% NA NA NR NR

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HIGH YIELD RESEARCH

DURATION Sort1/10/05 Current Ratings

Issuer Description Price Yld. YTW STW Duration Moody's S&PVECTURA GROUP INC 11.25 Sr. Nts. 08 141.0 DFLT NA -- -- WR NRCHESAPEAKE ENERGY CORP 9 Sr. Nts. 12 114.5 7.86% NA -- -- Ba3 BB-CHESAPEAKE ENERGY CORP 7.75 Sr. Nts. 15 108.0 7.18% NA -- -- Ba3 BB-CROWN CENTRAL PETROLEUM 10.875 Sr. Nts. 05 96.0 11.33% 117.85% 9,235 0.0 Ca NRNEWPARK RESOURCES INC 8.625 Sr. Sub. Nts. 07 101.8 8.48% 4.20% 184 0.1 B2 BPETROLEUM GEO-SERVICES 8 Sr. Nts. 06 102.5 7.80% 1.05% (131) 0.1 NR NRSEA CONTAINERS LTD 10.75 Sr. Nts. 06 103.5 10.39% (0.46%) (282) 0.1 B3 BCALPINE CORP 10.5 Sr. Nts. 06 100.0 10.50% 10.32% 766 0.1 Caa1 CCC+NORTHERN OFFSHORE ASA 10 Sr. Nts. 05 106.0 DFLT (78.37%) (8,075) 0.1 C NRSEA CONTAINERS 7.875 Sr. Nts. 08 102.1 7.71% (15.74%) (1,809) 0.1 B3 BKEY ENERGY SERVICES INC 8.375 Sr. Nts. 08 105.0 7.98% 1.99% (37) 0.1 B1 /*- B /*DYNEGY HOLDINGS INC 8.125 Sr. Nts. 05 100.3 8.10% 6.53% 409 0.2 Caa2 CCC+ENTERPRISE PRODUCTS OPER 8.25 Sr. Nts. 05 100.3 8.22% 6.29% 386 0.2 Baa3 BB+MCDERMOTT INC 7.84 Sr. Nts. 05 100.9 7.77% 3.84% 145 0.2 B3 CCCPIONEER NATL RESOURCES 8.875 Sr. Nts. 05 101.7 8.73% 2.24% (12) 0.2 Baa3 BBB-PRIDE INTERNATIONAL INC 2.5 Cnvrt. Sr. Nts. 07 $16.51 125.1 2.00% (105.82%) NM 0.3 NR BB-OCEAN RIG NORWAY AS 10.25 Sr. Sec. Nts.-1st Lien 08 103.6 9.89% 4.97% 230 0.4 B3 CCCSONAT INC 6.875 Sr. Nts. 05 101.1 6.80% 3.85% 117 0.4 Caa1 CCC+SEA CONTAINERS LTD 13 Sr. Nts. 06 104.0 12.50% 4.19% 152 0.5 NR NRSEA CONTAINERS LTD 12.5 Sr. Nts. 09 110.5 11.31% (9.13%) (1,180) 0.5 NR NRCALPINE CORP 8.25 Sr. Nts. 05 102.1 8.08% 4.65% 199 0.6 Caa1 CCC+HANOVER EQUIP TRUST 01 A 8.5 Sr. Sec. Nts.-2nd Lien 08 106.8 7.96% 4.25% 157 0.6 B2 B+ATP OIL & GAS CORPORATION 12.568 Sr. Sec. Nts.-2nd Lien 09 102.0 12.32% 10.97% 823 0.7 NR NRATP OIL & GAS CORPORATION 8.818 Sr. Sec. Nts.-1st Lien 09 102.0 8.64% 7.29% 455 0.7 NR NRTESORO CORP 9.625 Sr. Sub. Nts. 08 108.8 8.85% 4.32% 165 0.8 B2 BB-PARKER DRILLING CO 10.125 Sr. Nts. 09 105.2 9.63% 7.61% 494 0.8 B2 B-CIE GENER DE GEOPHYSIQUE 10.625 Sr. Nts. 07 105.5 10.07% 6.86% 419 0.8 Ba3 /*- BBTEEKAY SHIPPING CORP 8.32 Sr. Nts. 06 102.0 8.16% 6.31% 364 1.0 Ba1 BB+WOLVERINE TUBE INC 10.5 Sr. Nts. 09 108.3 9.70% 7.46% 423 1.1 B3 B+CHESAPEAKE ENERGY CORP 8.125 Sr. Nts. 11 107.8 7.54% 4.76% 153 1.1 Ba3 BB-CALPINE CORP 7.625 Sr. Nts. 06 96.9 7.87% 10.33% 766 1.1 Caa1 CCC+DRESSER INC 9.375 Sr. Sub. Nts. 11 109.1 8.59% 5.40% 217 1.2 B2 BAMERIGAS PART/EAGLE FIN 10 Sr. Nts. 06 107.0 9.35% 4.20% 152 1.2 B2 BB-POGO PRODUCING CO 8.25 Sr. Sub. Nts. 11 108.5 7.60% 4.43% 120 1.2 Ba3 BBPETROLEUM HELICOPTERS 9.375 Sr. Nts. 09 108.0 8.68% 6.36% 313 1.2 B1 BB-COMPTON PETROLEUM CORP 9.9 Sr. Nts. 09 110.5 8.96% 5.27% 204 1.2 B2 BMIRANT CORP 2.5 Cnvrt. Sr. Nts. 21 (Px=$67.95) 71.5 DFLT 27.19% 2,396 1.2 Ca NRVINTAGE PETROLEUM 7.875 Sr. Sub. Nts. 11 106.3 7.41% 5.81% 242 1.2 B1 BSESI, L.L.C. 8.875 Sr. Nts. 11 109.3 8.12% 4.89% 165 1.2 B1 BB-CITGO PETROLEUM CORP 7.875 Sr. Nts. 06 104.8 7.52% 4.18% 94 1.3 Ba2 BBEL PASO CGP CO 6.5 Sr. Nts. 06 103.8 6.27% 3.60% 36 1.3 Caa1 CCC+LONE STAR TECHNOLOGIES 9 Sr. Sub. Nts. 11 107.5 8.37% 6.40% 300 1.3 B3 B-MIRANT AMERICAS GENR LLC 7.625 Sr. Nts. 06 111.4 DFLT (2.66%) (588) 1.3 WR NRDYNEGY HOLDINGS INC 7.45 Sr. Nts. 06 96.5 7.72% 10.02% 679 1.3 Caa2 CCC+EDISON MISSION ENRGY FDG 7.33 Sr. Nts. 08 106.3 6.90% 3.01% 219 1.4 Ba3 B /*+HANOVER EQUIP TRUST 01 B 8.75 Sr. Sec. Nts.-2nd Lien 11 109.0 8.03% 5.50% 210 1.5 B2 B+CALPINE CORP 7.82 Sr. Sec. Nts.-2nd Lien 07 92.0 8.50% 14.33% 1,126 1.5 NR BDYNEGY HOLDINGS INC 8.02 Sr. Sec. Nts.-2nd Lien 08 108.5 7.39% 5.28% 222 1.5 B3 B-LUSCAR COAL LTD 9.75 Sr. Nts. 11 112.8 8.65% 4.77% 154 1.6 Ba3 BBPARKER DRILLING CO 7.15 Sr. Nts. 10 104.3 6.86% 5.75% 265 1.6 B2e B-SITHE/INDEPENDENCE FNDG 8.5 Sr. Nts. 07 106.1 8.01% 4.24% 258 1.7 Ba1 /*- BBB- /*-GRANT PRIDECO INC 9 Sr. Nts. 09 111.3 8.09% 5.04% 164 1.8 Ba3 BB-STONE ENERGY CORP 8.25 Sr. Sub. Nts. 11 108.3 7.62% 5.71% 232 1.8 B2 B+BLUEWATER FINANCE LTD 10.25 Sr. Nts. 12 110.0 9.32% 7.31% 392 1.8 B1 BPREMCOR REFINING GROUP 9.25 Sr. Nts. 10 112.3 8.24% 5.05% 165 1.8 Ba3 BB-SHAW GROUP INC 10.75 Sr. Nts. 10 112.0 9.60% 7.02% 364 1.9 Ba3 B+NORTHWEST PIPELINE CORP 8.125 Sr. Nts. 10 110.8 7.34% 4.60% 121 1.9 Ba2 B+MASSEY ENERGY CO 6.95 Sr. Nts. 07 104.0 6.68% 4.95% 171 1.9 B1 B+MAGNUM HUNTER RE 9.6 Sr. Nts. 12 114.5 8.38% 4.62% 123 1.9 B2 B+TESORO CORP 9.625 Sr. Sub. Nts. 12 113.5 8.48% 5.17% 179 2.0 B2 BB-ENERGY CORP OF AMERICA 9.5 Sr. Sub. Nts. 07 95.3 9.97% 11.87% 864 2.0 Caa3 NRTESORO CORP 8 Sr. Sec. Nts.-2nd Lien 08 108.0 7.41% 4.23% 101 2.0 Ba2 BBB-GIANT INDUSTRIES 11 Sr. Sub. Nts. 12 114.3 9.63% 6.53% 314 2.0 B3 B-SWIFT ENERGY CO 9.375 Sr. Sub. Nts. 12 112.5 8.33% 5.45% 205 2.0 B2 B



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HIGH YIELD RESEARCH


Issuer Description Price Yld. YTW STW Duration Moody's S&P



203/708-5806203/708-5804203/708-5807


VINTAGE PETROLEUM 8.25 Sr. Nts. 12 110.0 7.50% 5.28% 188 2.1 Ba3 BB-FOREST OIL CORPORATION 7.75 Sr. Nts. 14 108.5 7.14% 5.37% 162 2.1 Ba3 BB-NAVIGATOR GAS TRANSPORT 10.5 Sr. Nts. 07 75.0 DFLT 21.76% 1,853 2.1 WR NRTECO ENERGY INC 6.125 Sr. Nts. 07 99.5 6.16% 6.36% 313 2.1 Ba2 BBTRANSMONTAIGNE INC 9.125 Sr. Sub. Nts. 10 109.4 8.34% 6.57% 320 2.1 B3 B /*DYNEGY HOLDINGS INC 9.875 Sr. Sec. Nts.-2nd Lien 10 110.5 8.94% 7.06% 367 2.1 B3 B-CP SHIPS LIMITED 10.375 Sr. Nts. 12 114.0 9.10% 6.20% 280 2.1 Ba3 BB+CONSOLIDATED COAL 8.25 Sr. Nts. 07 105.2 7.84% 5.86% 263 2.1 Ba2 NRMIRANT CORP 5.75 Cnvrt. Sr. Nts. 07 (Px=$7.58) 74.5 DFLT 19.02% 1,579 2.1 WR NREVERGREEN RESOURCES INC 4.75 Cnvrt. Sr. Nts. 21 $25.00 176.9 2.69% (24.08%) (2,730) 2.1 NR BBB-FERRELLGAS PARTNERS LP 8.75 Sr. Nts. 12 108.0 8.10% 6.80% 306 2.2 B2 BENCORE ACQUISITION CO 8.375 Sr. Sub. Nts. 12 111.3 7.53% 5.03% 163 2.2 B2 BPLAINS E&P COMPANY 8.75 Sr. Sub. Nts. 12 111.8 7.83% 5.29% 205 2.2 Ba3 B+HILCORP ENERGY/FINANCE 10.5 Sr. Nts. 10 113.8 9.23% 6.58% 318 2.2 B3 BEL PASO NATURAL GAS 7.625 Sr. Nts. 10 109.9 6.94% 4.88% 150 2.3 B1 B-NEWFIELD EXPLORATION CO 8.375 Sr. Sub. Nts. 12 111.9 7.49% 4.96% 157 2.3 Ba3 BB-MSW ENERGY HLDGS/FINANCE 8.5 Sr. Sec. Nts.-2nd Lien 10 109.5 7.76% 6.05% 265 2.3 Ba1 BBBRAND SERVICES INC 12 Sr. Nts. 12 112.5 10.67% 8.75% 536 2.3 B3 CCC+PIONEER NATL RESOURCES 8.25 Sr. Nts. 07 115.1 7.17% 2.20% (119) 2.3 Baa3 BBB-HARVEST ENERGY TRUST 9 Cnvrt. Sr. Sub. Nts. 09 C$14.00 159.0 5.66% (10.03%) (1,332) 2.3 NR NRINTL SHIPHOLDING CORP 7.75 Sr. Nts. 07 99.6 7.78% 7.90% 450 2.4 B1 B-SONAT INC 6.75 Sr. Nts. 07 104.8 6.44% 4.86% 146 2.4 Caa1 CCC+RAM ENERGY INC 11.5 Sr. Nts. 08 101.8 11.30% 10.81% 741 2.4 WR NRCHESAPEAKE ENERGY CORP 8.375 Sr. Nts. 08 105.4 7.95% 6.25% 301 2.4 Ba3 BB-NEWFIELD EXPLORATION CO 7.45 Sr. Nts. 07 108.0 6.90% 4.33% 94 2.5 Ba2 BB+PETROLEUM GEO-SERVICES 10 Sr. Nts. 10 113.8 8.79% 6.25% 287 2.5 NR NRPARAMOUNT RESOURCES LTD 7.875 Sr. Nts. 10 113.0 6.97% 4.24% 84 2.5 B3 B /*-TECO ENERGY INC 10.5 Sr. Nts. 07 116.0 9.05% 4.51% 113 2.5 Ba2 BBSTENA AB 9.625 Sr. Nts. 12 113.8 8.46% 5.92% 252 2.5 Ba3 BB-GRANT PRIDECO INC 9.625 Sr. Nts. 07 112.0 8.59% 5.09% 169 2.5 Ba3 BB-ENTERPRISE PRODUCTS OPER 4 Sr. Nts. 07 99.7 4.01% 4.11% 72 2.6 Baa3 BB+CALPINE CANADA ENER FIN 8.5 Sr. Nts. 08 75.0 11.33% 19.03% 1,566 2.6 Caa1 CCC+PREMCOR REFINING GROUP 9.5 Sr. Nts. 13 115.3 8.24% 5.45% 206 2.6 Ba3 BB-PIONEER NATURAL RESOURCE 6.5 Sr. Nts. 08 106.8 6.09% 4.08% 70 2.6 Baa3 BBB-SONAT INC 6.625 Sr. Nts. 08 101.3 6.54% 6.17% 277 2.7 Caa1 CCC+PREMCOR REFINING GROUP 7.75 Sr. Sub. Nts. 12 112.5 6.89% 4.51% 78 2.7 B2 BGENERAL MARITIME CORP 10 Sr. Nts. 13 115.5 8.66% 6.01% 261 2.7 B1 B+MISSION ENERGY HOLDING 13.5 Sr. Sec. Nts.-2nd Lien 08 122.0 11.07% 6.39% 301 2.7 B3 CCC /*+OVERSEAS SHIPHLDG GROUP 8.25 Sr. Nts. 13 110.8 7.45% 5.70% 195 2.7 Ba1 /*- BB+ /*-OGLEBAY NORTON CO 10 Sr. Sub. Nts. 09 72.5 13.79% 22.44% 1,907 2.8 WR NRMIDWEST GENERATION LLC 8.3 Pass Thru Certs. 09 104.9 7.91% 6.60% 363 2.8 B1 B /*+HANOVER COMPRESSOR CO 4.75 Cnvrt. Sr. Nts. 08 $43.94 96.0 4.95% 6.15% 277 2.8 B3 BDYNEGY HOLDINGS INC 10.125 Sr. Sec. Nts.-2nd Lien 13 113.4 8.93% 7.05% 330 2.8 B3 B-RELIANT ENERGY INC 9.5 Sr. Sec. Nts.-2nd Lien 13 111.0 8.56% 7.12% 338 2.9 B1 B+ALPHA NATURAL RESOURCES 10 Sr. Nts. 12 115.5 8.66% 6.20% 245 2.9 B3 CCC+EDISON MISSION ENERGY 10 Sr. Nts. 08 113.2 8.83% 5.85% 248 2.9 B1 B /*+ENERGY PARTNERS LTD 8.75 Sr. Nts. 10 109.0 8.03% 6.43% 303 2.9 B2 B+WOLVERINE TUBE INC 7.375 Sr. Nts. 08 98.8 7.47% 7.78% 439 3.0 B3 B+RANGE RESOURCES CORP 7.375 Sr. Sub. Nts. 13 107.8 6.84% 5.86% 211 3.0 B3 BFOREST OIL CORPORATION 8 Sr. Nts. 08 109.3 7.32% 5.02% 164 3.0 Ba3 BB-PARKER DRILLING CO 9.625 Sr. Nts. 13 112.1 8.58% 7.01% 328 3.1 B2 B-GREY WOLF INC 3.75 Cnvrt. Sr. Nts. 23 $6.45 103.5 3.62% 2.65% (75) 3.1 B1 BB-PRIDE INTERNATIONAL INC 3.25 Cnvrt. Sr. Nts. 33 $25.70 108.4 3.00% 0.67% (270) 3.1 NR BB-J RAY MCDERMOTT SA 11 Sr. Sec. Nts.-2nd Lien 13 111.8 9.84% 8.61% 486 3.2 Caa1 CCC+STAR GAS PARTNER/FINANCE 10.25 Sr. Nts. 13 109.3 9.38% 8.25% 450 3.2 Caa3 /* CCC /*-HANOVER COMPRESS CO 8.625 Sr. Sub. Nts. 10 109.5 7.88% 6.34% 259 3.3 B3 BMIRANT AMERICAS GENR LLC 7.2 Sr. Nts. 08 109.5 DFLT 3.98% 58 3.3 Caa3 NRNRG ENERGY INC 8 Sr. Sec. Nts.-2nd Lien 13 108.8 7.36% 6.36% 261 3.3 B1 BEL PASO CGP CO 6.375 Sr. Nts. 09 98.8 6.46% 6.73% 335 3.4 Caa1 CCC+BAYTEX ENERGY LTD 9.625 Sr. Sub. Nts. 10 106.8 9.02% 7.82% 442 3.5 B3 B-MIRANT CORP 7.9 Sr. Nts. 09 76.3 DFLT 15.40% 1,200 3.5 WR NRDYNEGY-ROSETON DANSKAMME 7.27 Pass Thru Certs. 10 101.0 7.20% 6.99% 366 3.5 Caa2 BSOUTH PT/BROAD RIV/ROCKG 8.4 Pass Thru Certs. 12 94.5 8.89% 10.04% 605 3.5 B2 BRELIANT ENERGY INC 9.25 Sr. Sec. Nts.-2nd Lien 10 109.0 8.49% 6.89% 351 3.5 B1 B+

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203/708-5806203/708-5804203/708-5807


MIDWEST GENERATION LLC 8.75 Sr. Sec. Nts.-2nd Lien 34 112.4 7.79% 6.32% 258 3.6 B1 B- /*+HANOVER COMPRESSOR CO 9 Sr. Nts. 14 111.0 8.11% 6.94% 320 3.6 B3 BPARAMOUNT RESOURCES LTD 8.875 Sr. Nts. 14 121.3 7.32% 4.51% 76 3.7 B3 B /*-EL PASO CORPORATION 6.75 Sr. Nts. 09 100.0 6.75% 6.75% 301 3.7 Caa1 CCC+UNIVERSAL COMPRESSN INC 7.25 Sr. Nts. 10 107.0 6.78% 5.41% 202 3.7 Ba3 BPRIDE INTERNATIONAL INC 7.375 Sr. Nts. 14 109.8 6.72% 5.63% 188 3.7 Ba2 BB-EDISON MISSION ENERGY 7.73 Sr. Nts. 09 107.5 7.19% 5.78% 205 3.7 B1 B /*+CHESAPEAKE ENERGY CORP 7.5 Sr. Nts. 14 109.9 6.82% 5.69% 195 3.8 Ba3 BB-PLAINS E&P COMPANY 7.125 Sr. Nts. 14 109.8 6.49% 5.34% 161 3.8 Ba2 BB-MSW ENERGY HLDGS/FIN II 7.375 Sr. Nts. 10 105.0 7.02% 6.12% 237 3.8 Ba2 BB-CEDAR BRAKES II LLC 9.875 Sr. Sec. Nts.-2nd Lien 13 116.0 8.51% 5.81% 359 3.8 Caa1 /*+ CCC+ /*+CALPINE CORP 8.625 Sr. Nts. 10 72.5 11.89% 16.30% 1,255 3.8 Caa1 CCC+NORTH AMER ENERGY PARTNR 8.75 Sr. Nts. 11 102.0 8.58% 8.24% 451 3.9 B2 BTIVERTON/RUMFORD PWR ASS 9 Pass Thru Certs. 18 82.0 10.98% 13.66% 793 3.9 B3 BCALLON PETROLEUM CO 9.75 Sr. Nts. 10 106.6 9.14% 8.35% 460 3.9 NR NRCALPINE CORP 8.5 Sr. Sec. Nts.-2nd Lien 10 82.0 10.37% 13.20% 947 3.9 NR BMAGNUM HUNTER RE 2.49 Cnvrt. Sr. Nts. 23 $12.19 113.3 2.20% NA -- 3.9 NR NRPETRO STOPPING CTR/FINL 9 Sr. Sec. Nts.-2nd Lien 12 105.5 8.53% 7.67% 392 3.9 B3 B-MISSION RESOURCES CORP 9.875 Sr. Nts. 11 106.3 9.29% 8.37% 462 4.0 Caa2 CCCORION POWER HOLDINGS INC 12 Sr. Nts. 10 125.5 9.56% 6.26% 252 4.0 B2 BSEA CONTAINERS LTD 10.5 Sr. Nts. 12 107.2 9.79% 8.77% 503 4.0 (P)B3 BUNITED REFINING CO 10.5 Sr. Nts. 12 105.5 9.95% 9.21% 547 4.0 B3 B-EXCO RESOURCES INC 7.25 Sr. Nts. 11 107.0 6.78% 5.63% 188 4.1 B2 BMASSEY ENERGY CO 6.625 Sr. Nts. 10 103.0 6.43% 5.90% 217 4.1 Ba3 BBCALPINE CORP 8.5 Sr. Nts. 11 72.0 11.81% 15.83% 1,210 4.1 Caa1 CCC+PIONEER NATURAL RESOURCE 9.625 Sr. Nts. 10 121.9 7.90% 4.82% 107 4.1 Baa3 BBB-BELDEN & BLAKE CORP 8.75 Sr. Sec. Nts.-2nd Lien 12 102.5 8.54% 8.18% 443 4.1 B3 /*- CCC+ENTERPRISE PRODUCTS OPER 4.625 Sr. Nts. 09 99.5 4.65% 4.74% 99 4.2 Baa3 BB+VERITAS DGC INC 1.74 Cnvrt. Sr. Nts. 24 $24.03 116.4 1.49% NA NA 4.2 NR NRCOMSTOCK RESOURCES INC 6.875 Sr. Nts. 12 103.5 6.64% 6.07% 232 4.2 B2 BCEDAR BRAKES I LLC 8.5 Sr. Sec. Nts.-2nd Lien 14 115.0 7.39% 5.17% 256 4.2 Caa1 /*+ CCC+ /*+KCS ENERGY INC 7.125 Sr. Nts. 12 105.5 6.75% 5.88% 213 4.3 B3 B-MASSEY ENERGY CO 4.75 Cnvrt. Sr. Nts. 23 $19.39 177.1 2.68% (9.25%) (1,298) 4.3 B1 B+AES CHINA GENERATING CO 8.25 Sr. Nts. 10 97.7 8.45% 8.80% 505 4.3 B2 B+SEITEL INC 11.75 Sr. Nts. 11 107.3 10.96% 10.20% 645 4.3 B3 B-WHITING PETROLEUM CORP 7.25 Sr. Sub. Nts. 12 104.5 6.94% 6.24% 250 4.3 B2 B-SWIFT ENERGY CO 7.625 Sr. Nts. 11 108.0 7.06% 5.90% 215 4.3 B1 BB-EVERGREEN RESOURCES INC 5.875 Sr. Sub. Nts. 12 104.2 5.64% 4.95% 122 4.4 Baa3 BBB-EL PASO CGP CO 7.75 Sr. Nts. 10 103.8 7.47% 6.91% 316 4.4 Caa1 CCC+HORIZON LINES LLC 9 Sr. Nts. 12 107.3 8.39% 7.43% 369 4.4 B3 CCC+TECO ENERGY INC 7.5 Sr. Nts. 10 111.5 6.73% 5.05% 131 4.5 Ba2 BBHARVEST OPERATIONS CORP 7.875 Sr. Nts. 11 101.5 7.76% 7.55% 380 4.5 B3 B-VENOCO INC 8.75 Sr. Nts. 11 103.0 8.50% 8.10% 435 4.6 Caa1 CCC+FRONTIER OIL CORP 6.625 Sr. Nts. 11 101.8 6.51% 6.25% 250 4.6 B1 B+EDISON MISSION 9.875 Sr. Nts. 11 117.8 8.39% 6.38% 265 4.7 B1 B /*+SEABULK INTL INC 9.5 Sr. Nts. 13 107.5 8.84% 8.01% 426 4.7 B2 BCITGO PETROLEUM CORP 6 Sr. Nts. 11 100.5 5.97% 5.90% 216 4.7 Ba2 BBENTERPRISE PRODUCTS OPER 7.5 Sr. Nts. 11 113.0 6.63% 4.98% 124 4.8 Baa3 BB+PAITON ENERGY FUNDING BV 9.34 Sr. Nts. 14 104.8 8.91% 8.46% 493 4.8 B2 B-DYNEGY HOLDINGS INC 6.875 Sr. Nts. 11 94.3 7.29% 8.07% 433 4.8 Caa2 CCC+DENBURY RESOURCES INC 7.5 Sr. Sub. Nts. 13 103.2 7.27% 6.86% 312 4.8 B2 BNEWFIELD EXPLORATION CO 7.625 Sr. Nts. 11 112.3 6.79% 5.26% 151 4.8 Ba2 BB+PREMCOR REFINING GROUP 6.75 Sr. Nts. 11 106.8 6.32% 5.43% 168 4.8 Ba3 BB-TEEKAY SHIPPING CORP 8.875 Sr. Nts. 11 115.5 7.68% 5.96% 223 4.9 Ba2 BB-ABRAXAS PETROLEUM CORP 9.72 Sr. Sec. Nts.-1st Lien 09 99.0 9.82% 10.56% 685 4.9 NR NRSONAT INC 7.625 Sr. Nts. 11 102.0 7.48% 7.23% 350 4.9 Caa1 CCC+TRICO MARINE SERVICES 8.875 Sr. Nts. 12 66.0 DFLT 16.33% 1,258 4.9 Ca NRSITHE/INDEPENDENCE FNDG 9 Sr. Nts. 13 116.9 7.70% 5.74% 274 4.9 Ba1 /*- BBB- /*-AVENTINE RENEWABLE ENRGY 8.50125 Sr. Sec. Nts.-1st Lien 11 101.0 8.42% 8.32% 459 4.9 B3 CCC+EL PASO PRODUCTION HLDG 7.75 Sr. Nts. 13 104.5 7.42% 6.87% 313 5.0 B3 B-AQUILA INC 14.875 Sr. Nts. 12 139.5 10.66% 7.79% 405 5.0 B2 B-TECO ENERGY INC 7.2 Sr. Nts. 11 108.3 6.65% 5.62% 189 5.0 Ba2 BBMIDWEST GENERATION LLC 8.56 Pass Thru Certs. 16 113.5 7.54% 5.97% 306 5.0 B1 B /*+MIRANT AMERICAS GENR INC 8.3 Sr. Nts. 11 109.5 DFLT 6.00% 227 5.1 WR NR

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DYNEGY HOLDINGS INC 8.75 Sr. Nts. 12 102.9 8.51% 8.21% 447 5.1 Caa2 CCC+DYNEGY INC 4.75 Cnvrt. Sr. Sub. Nts. 23 $4.12 138.5 3.43% (1.76%) (551) 5.1 Caa2 CCC+PREMCOR REFINING GROUP 7.5 Sr. Nts. 15 106.8 7.03% 6.21% 246 5.1 Ba3 BB-HOUSTON EXPLORATION CO 7 Sr. Sub. Nts. 13 105.3 6.65% 6.00% 225 5.1 B2 B+PREMCOR REFINING GROUP 6.125 Sr. Nts. 11 104.0 5.89% 5.37% 162 5.1 Ba3 BB-SHIP FINANCE INTL LTD 8.5 Sr. Nts. 13 102.5 8.29% 8.02% 429 5.2 B1 BWILLIAMS COS INC 7.125 Sr. Nts. 11 108.8 6.55% 5.53% 179 5.2 B1 B+TRANSCONT GAS PIPE CORP 7 Sr. Nts. 11 110.3 6.35% 5.14% 140 5.2 Ba2 B+ARCH WESTERN FINANCE 6.75 Sr. Nts. 13 103.3 6.54% 6.13% 238 5.2 Ba3 BBOFFSHORE LOGISTIC 6.125 Sr. Nts. 13 101.5 6.03% 5.84% 211 5.2 Ba2 BB+STENA AB 7.5 Sr. Nts. 13 104.8 7.16% 6.62% 287 5.2 Ba3 BB-CALPINE CORP 9.625 Sr. Sec. Nts.-1st Lien 14 101.5 9.48% 9.34% 561 5.2 NR B+OMI CORP 7.625 Sr. Nts. 13 105.9 7.20% 6.55% 280 5.3 B1 B+CHESAPEAKE ENERGY CORP 6.875 Sr. Nts. 16 103.9 6.61% 6.17% 244 5.4 Ba3 BB-CONSOL ENERGY INC 7.875 Sr. Nts. 12 111.8 7.05% 5.84% 209 5.4 Ba2 BBFOREST OIL CORPORATION 8 Sr. Nts. 11 115.0 6.96% 5.37% 162 5.4 Ba3 BB-WILLIAMS COS INC 8.125 Sr. Nts. 12 115.0 7.07% 5.56% 182 5.4 B1 B+SUBURBAN PROPANE PARTNRS 6.875 Sr. Nts. 13 102.4 6.72% 6.44% 271 5.4 B1 BGIANT INDUSTRIES 8 Sr. Sub. Nts. 14 105.0 7.62% 7.11% 338 5.5 B3 B-TRANSCONT GAS PIPE CORP 8.875 Sr. Nts. 12 122.5 7.24% 5.21% 146 5.5 Ba2 B+GULFMARK OFFSHORE INC 7.75 Sr. Nts. 14 105.8 7.33% 6.76% 301 5.5 B2 BB-WESTERN OIL SANDS INC 8.375 Sr. Sec. Nts.-3rd Lien 12 116.5 7.19% 5.59% 185 5.5 Ba2 BB+CHC HELICOPTER CORP 7.375 Sr. Sub. Nts. 14 105.3 7.01% 6.46% 271 5.6 B2 BEL PASO CORPORATION 7.875 Sr. Nts. 12 104.5 7.54% 7.08% 333 5.6 Caa1 CCC+PIONEER NATURAL RESOURCE 7.5 Sr. Nts. 12 113.7 6.59% 5.20% 147 5.6 Baa3 BBB-XTO ENERGY INC 7.5 Sr. Nts. 12 116.5 6.44% 4.78% 105 5.6 Baa3 BBB-FOUNDATION PA COAL CO 7.25 Sr. Nts. 14 105.3 6.89% 6.36% 261 5.6 B1 BFERRELLGAS LP/FINANCE 6.75 Sr. Nts. 14 101.4 6.66% 6.51% 278 5.6 Ba3 BB-TECO ENERGY INC 7 Sr. Nts. 12 108.2 6.47% 5.62% 188 5.7 Ba2 BBPREMCOR REFINING GROUP 6.75 Sr. Nts. 14 105.5 6.40% 5.81% 206 5.7 Ba3 BB-PACIFIC ENERGY PRTNR/FIN 7.125 Sr. Nts. 14 105.0 6.79% 6.27% 254 5.7 Ba2 BB /*-DRESSER-RAND GROUP INC 7.375 Sr. Sub. Nts. 14 102.4 7.20% 6.97% 270 5.8 B3 B-MIRANT CORP 8.625 Pass Thru Certs. 12 112.4 DFLT 5.90% 215 5.8 B3 NRNEWFIELD EXPLORATION CO 6.625 Sr. Sub. Nts. 14 103.9 6.38% 5.98% 225 5.8 Ba3 BB-MARKWEST ENERGY PART/FIN 6.875 Sr. Nts. 14 101.4 6.78% 6.64% 237 5.9 B1 B+MASSEY ENERGY CO 2.25 Cnvrt. Sr. Nts. 24 $33.60 123.7 1.82% (1.38%) (512) 5.9 Ba3 BBEL PASO CORPORATION 7.375 Sr. Nts. 12 101.5 7.27% 7.12% 339 5.9 Caa1 CCC+EDISON MISSION HLDGS CO 8.137 Sr. Nts. 19 113.4 7.18% 5.98% 296 5.9 WR BB /*+TEXAS GENCO LLC/FINANCNG 6.875 Sr. Nts. 14 103.8 6.63% 6.27% 198 6.0 B1 BENTERPRISE PRODUCTS OPER 6.375 Sr. Nts. 13 106.9 5.97% 5.31% 104 6.1 Baa3 BB+GREAT LAKES DREDGE&DOCK 7.75 Sr. Sub. Nts. 13 91.3 8.49% 9.21% 547 6.2 Caa2 /*- CCCCHESAPEAKE ENERGY CORP 6.375 Sr. Nts. 15 103.4 6.16% 5.83% 154 6.2 Ba3 BB-OMI CORP 2.875 Cnvrt. Sr. Nts. 24 (Px=$30.74) 96.6 2.98% 3.44% (30) 6.2 NR B+OVERSEAS SHIPHLDG GROUP 8.75 Sr. Nts. 13 113.3 7.73% 6.74% 245 6.3 Ba1 /*- BB+ /*-DYNEGY-ROSETON DANSKAMME 7.67 Pass Thru Certs. 16 95.0 8.07% 8.46% 405 6.3 Caa2 BKEY ENERGY SERVICES INC 6.375 Sr. Nts. 13 101.3 6.30% 6.18% 189 6.3 B1 /*- B /*XTO ENERGY INC 6.25 Sr. Nts. 13 109.0 5.73% 4.91% 63 6.4 Baa3 BBB-AES CHIVOR 9.75 Sr. Nts. 14 113.0 8.63% 7.84% 355 6.5 B1 BGOLDEN STATE PETRO TRANS 8.04 Sr. Sec. Nts.-1st Lien 19 109.8 7.32% 6.66% 265 6.7 Baa2 BB+HANOVER COMPRESS CO 4.75 Cnvrt. Sr. Nts. 14 $15.00 123.8 3.84% 1.58% (271) 6.7 B3 BENCORE ACQUISITION CO 6.25 Sr. Sub. Nts. 14 94.8 6.59% 7.02% 275 6.7 B2 BSOUTH PT/BROAD RIV/ROCKG 9.825 Pass Thru Certs. 19 84.0 11.70% 12.21% 792 6.9 B2 BXTO ENERGY INC 4.9 Sr. Nts. 14 99.4 4.93% 4.98% 71 7.1 Baa3 BBB-RELIANT ENERGY INC 6.75 Sr. Sec. Nts.-2nd Lien 14 98.1 6.88% 7.02% 274 7.1 B1 B+STONE ENERGY CORP 6.75 Sr. Sub. Nts. 14 99.0 6.82% 6.89% 260 7.1 B2 B+HORNBECK OFFSHORE SERV 6.125 Sr. Nts. 14 99.3 6.17% 6.23% 195 7.3 Ba3 BB-ENTERPRISE PRODUCTS OPER 5.6 Sr. Nts. 14 100.2 5.59% 5.58% 129 7.3 Baa3 BB+XTO ENERGY INC 5 Sr. Nts. 15 98.7 5.06% 5.16% 89 7.7 Baa3 BBB-SONAT INC 7 Sr. Nts. 18 93.3 7.51% 7.84% 355 8.0 Caa1 CCC+PIONEER NATURAL RESOURCE 5.875 Sr. Nts. 16 104.0 5.65% 5.41% 113 8.1 Baa3 BBB-MIRANT CORP 9.125 Pass Thru Certs. 17 122.3 DFLT 6.08% 179 8.3 B3 NRMCDERMOTT INC 8.75 Sr. Nts. 23 92.0 9.51% 9.69% 540 8.5 B3 CCCEDISON MISSION HLDGS CO 8.734 Sr. Nts. 26 123.1 7.10% 6.25% 243 8.7 WR BB /*+EL PASO NATURAL GAS 8.625 Sr. Nts. 22 114.8 7.52% 7.12% 283 9.1 B1 B-

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GREY WOLF INC 2.51 Cnvrt. Sr. Nts. 24 $6.51 110.8 2.27% 1.27% NA 9.2 NR NRAES RED OAK LLC 9.2 Sr. Sec. Nts.-2nd Lien 29 112.5 8.18% 7.99% 383 9.3 B2 B+MIRANT AMERICAS GENR LLC 8.5 Sr. Nts. 21 108.0 DFLT 7.47% 319 9.4 WR NROVERSEAS SHIPHLDG GROUP 7.5 Sr. Nts. 24 102.3 7.33% 7.28% 299 9.9 Ba1 /*- BB+ /*-EL PASO CORPORATION 7.75 Sr. Nts. 32 96.6 8.02% 8.06% 379 10.6 Caa1 CCC+EL PASO NATURAL GAS 7.5 Sr. Nts. 26 103.8 7.23% 7.16% 287 10.7 B1 B-MIRANT AMERICAS GENR LLC 9.125 Sr. Nts. 31 107.5 DFLT 8.18% 390 10.8 WR NRWILLIAMS COS INC 8.75 Sr. Nts. 32 115.5 7.58% 7.42% 260 11.0 B1 B+MIRANT CORP 10.06 Pass Thru Certs. 28 128.0 DFLT 7.20% 237 11.0 B3 NRWILLIAMS COS INC 7.5 Sr. Nts. 31 104.6 7.17% 7.11% 229 11.3 B1 B+EL PASO NATURAL GAS 8.375 Sr. Nts. 32 111.3 7.53% 7.41% 258 11.4 B1 B-WILLIAMS COS INC 7.75 Sr. Nts. 31 105.9 7.32% 7.25% 243 11.5 B1 B+PIONEER NATURAL RESOURCE 7.2 Sr. Nts. 28 114.8 6.27% 6.01% 119 11.6 Baa3 BBB-ENTERPRISE PRODUCTS OPER 6.875 Sr. Nts. 33 107.0 6.42% 6.34% 152 12.6 Baa3 BB+ENTERPRISE PRODUCTS OPER 6.65 Sr. Nts. 34 103.4 6.43% 6.39% 156 12.9 Baa3 BB+AES RED OAK LLC 8.54 Sr. Sec. Nts.-2nd Lien 19 112.5 7.59% NA NA NA B2 B+AES IRONWOOD LLC 8.857 Sr. Sec. Nts.-2nd Lien 25 113.5 7.80% NA NA NA B2 B+

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HIGH YIELD RESEARCH

PRICE Sort1/10/05 Current Ratings

Issuer Description Price Yld. YTW STW Moody's S&PVECTURA GROUP INC 12 Sr. Sub. Nts. 08 0.1 DFLT NA NA WR NRNAVIGATOR GAS TRANSPORT 12 Sr. Sec. Nts.-2nd Lien 07 2.3 DFLT NA NA WR NRTRICO MARINE SERVICES 8.875 Sr. Nts. 12 66.0 DFLT 16.33% 1,258 Ca NRMIRANT CORP 2.5 Cnvrt. Sr. Nts. 21 (Px=$67.95) 71.5 DFLT 27.19% 2,396 Ca NRCALPINE CORP 8.5 Sr. Nts. 11 72.0 11.81% 15.83% 1,210 Caa1 CCC+OGLEBAY NORTON CO 10 Sr. Sub. Nts. 09 72.5 13.79% 22.44% 1,907 WR NRCALPINE CORP 8.625 Sr. Nts. 10 72.5 11.89% 16.30% 1,255 Caa1 CCC+MIRANT CORP 7.4 Sr. Nts. 04 74.5 DFLT NA NA WR NRMIRANT CORP 5.75 Cnvrt. Sr. Nts. 07 (Px=$7.58) 74.5 DFLT 19.02% 1,579 WR NRNAVIGATOR GAS TRANSPORT 10.5 Sr. Nts. 07 75.0 DFLT 21.76% 1,853 WR NRCALPINE CANADA ENER FIN 8.5 Sr. Nts. 08 75.0 11.33% 19.03% 1,566 Caa1 CCC+MIRANT CORP 7.9 Sr. Nts. 09 76.3 DFLT 15.40% 1,200 WR NRTIVERTON/RUMFORD PWR ASS 9 Pass Thru Certs. 18 82.0 10.98% 13.66% 793 B3 BCALPINE CORP 8.5 Sr. Sec. Nts.-2nd Lien 10 82.0 10.37% 13.20% 947 NR BSOUTH PT/BROAD RIV/ROCKG 9.825 Pass Thru Certs. 19 84.0 11.70% 12.21% 792 B2 BHANOVER COMPRESSOR CO 0 Sr. Sub. Nts. 07 86.5 NA NA NA Caa1 B-GREAT LAKES DREDGE&DOCK 7.75 Sr. Sub. Nts. 13 91.3 8.49% 9.21% 547 Caa2 /*- CCCMCDERMOTT INC 8.75 Sr. Nts. 23 92.0 9.51% 9.69% 540 B3 CCCCALPINE CORP 7.82 Sr. Sec. Nts.-2nd Lien 07 92.0 8.50% 14.33% 1,126 NR BSONAT INC 7 Sr. Nts. 18 93.3 7.51% 7.84% 355 Caa1 CCC+DYNEGY HOLDINGS INC 6.875 Sr. Nts. 11 94.3 7.29% 8.07% 433 Caa2 CCC+SOUTH PT/BROAD RIV/ROCKG 8.4 Pass Thru Certs. 12 94.5 8.89% 10.04% 605 B2 BENCORE ACQUISITION CO 6.25 Sr. Sub. Nts. 14 94.8 6.59% 7.02% 275 B2 BDYNEGY-ROSETON DANSKAMME 7.67 Pass Thru Certs. 16 95.0 8.07% 8.46% 405 Caa2 BENERGY CORP OF AMERICA 9.5 Sr. Sub. Nts. 07 95.3 9.97% 11.87% 864 Caa3 NRCROWN CENTRAL PETROLEUM 10.875 Sr. Nts. 05 96.0 11.33% 117.85% 9,235 Ca NRHANOVER COMPRESSOR CO 4.75 Cnvrt. Sr. Nts. 08 $43.94 96.0 4.95% 6.15% 277 B3 BDYNEGY HOLDINGS INC 7.45 Sr. Nts. 06 96.5 7.72% 10.02% 679 Caa2 CCC+OMI CORP 2.875 Cnvrt. Sr. Nts. 24 (Px=$30.74) 96.6 2.98% 3.44% (30) NR B+EL PASO CORPORATION 7.75 Sr. Nts. 32 96.6 8.02% 8.06% 379 Caa1 CCC+CALPINE CORP 7.625 Sr. Nts. 06 96.9 7.87% 10.33% 766 Caa1 CCC+AES CHINA GENERATING CO 8.25 Sr. Nts. 10 97.7 8.45% 8.80% 505 B2 B+RELIANT ENERGY INC 6.75 Sr. Sec. Nts.-2nd Lien 14 98.1 6.88% 7.02% 274 B1 B+XTO ENERGY INC 5 Sr. Nts. 15 98.7 5.06% 5.16% 89 Baa3 BBB-WOLVERINE TUBE INC 7.375 Sr. Nts. 08 98.8 7.47% 7.78% 439 B3 B+EL PASO CGP CO 6.375 Sr. Nts. 09 98.8 6.46% 6.73% 335 Caa1 CCC+ABRAXAS PETROLEUM CORP 9.72 Sr. Sec. Nts.-1st Lien 09 99.0 9.82% 10.56% 685 NR NRSTONE ENERGY CORP 6.75 Sr. Sub. Nts. 14 99.0 6.82% 6.89% 260 B2 B+HORNBECK OFFSHORE SERV 6.125 Sr. Nts. 14 99.3 6.17% 6.23% 195 Ba3 BB-XTO ENERGY INC 4.9 Sr. Nts. 14 99.4 4.93% 4.98% 71 Baa3 BBB-TECO ENERGY INC 6.125 Sr. Nts. 07 99.5 6.16% 6.36% 313 Ba2 BBENTERPRISE PRODUCTS OPER 4.625 Sr. Nts. 09 99.5 4.65% 4.74% 99 Baa3 BB+INTL SHIPHOLDING CORP 7.75 Sr. Nts. 07 99.6 7.78% 7.90% 450 B1 B-ENTERPRISE PRODUCTS OPER 4 Sr. Nts. 07 99.7 4.01% 4.11% 72 Baa3 BB+CALPINE CORP 10.5 Sr. Nts. 06 100.0 10.50% 10.32% 766 Caa1 CCC+EL PASO CORPORATION 6.75 Sr. Nts. 09 100.0 6.75% 6.75% 301 Caa1 CCC+ENTERPRISE PRODUCTS OPER 5.6 Sr. Nts. 14 100.2 5.59% 5.58% 129 Baa3 BB+DYNEGY HOLDINGS INC 8.125 Sr. Nts. 05 100.3 8.10% 6.53% 409 Caa2 CCC+ENTERPRISE PRODUCTS OPER 8.25 Sr. Nts. 05 100.3 8.22% 6.29% 386 Baa3 BB+CITGO PETROLEUM CORP 6 Sr. Nts. 11 100.5 5.97% 5.90% 216 Ba2 BBMCDERMOTT INC 7.84 Sr. Nts. 05 100.9 7.77% 3.84% 145 B3 CCCDYNEGY-ROSETON DANSKAMME 7.27 Pass Thru Certs. 10 101.0 7.20% 6.99% 366 Caa2 BAVENTINE RENEWABLE ENRGY 8.50125 Sr. Sec. Nts.-1st Lien 11 101.0 8.42% 8.32% 459 B3 CCC+SONAT INC 6.875 Sr. Nts. 05 101.1 6.80% 3.85% 117 Caa1 CCC+KEY ENERGY SERVICES INC 6.375 Sr. Nts. 13 101.3 6.30% 6.18% 189 B1 /*- B /*SONAT INC 6.625 Sr. Nts. 08 101.3 6.54% 6.17% 277 Caa1 CCC+FERRELLGAS LP/FINANCE 6.75 Sr. Nts. 14 101.4 6.66% 6.51% 278 Ba3 BB-MARKWEST ENERGY PART/FIN 6.875 Sr. Nts. 14 101.4 6.78% 6.64% 237 B1 B+HARVEST OPERATIONS CORP 7.875 Sr. Nts. 11 101.5 7.76% 7.55% 380 B3 B-OFFSHORE LOGISTIC 6.125 Sr. Nts. 13 101.5 6.03% 5.84% 211 Ba2 BB+EL PASO CORPORATION 7.375 Sr. Nts. 12 101.5 7.27% 7.12% 339 Caa1 CCC+CALPINE CORP 9.625 Sr. Sec. Nts.-1st Lien 14 101.5 9.48% 9.34% 561 NR B+PIONEER NATL RESOURCES 8.875 Sr. Nts. 05 101.7 8.73% 2.24% (12) Baa3 BBB-RAM ENERGY INC 11.5 Sr. Nts. 08 101.8 11.30% 10.81% 741 WR NR



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NEWPARK RESOURCES INC 8.625 Sr. Sub. Nts. 07 101.8 8.48% 4.20% 184 B2 BFRONTIER OIL CORP 6.625 Sr. Nts. 11 101.8 6.51% 6.25% 250 B1 B+ATP OIL & GAS CORPORATION 8.818 Sr. Sec. Nts.-1st Lien 09 102.0 8.64% 7.29% 455 NR NRATP OIL & GAS CORPORATION 12.568 Sr. Sec. Nts.-2nd Lien 09 102.0 12.32% 10.97% 823 NR NRNORTH AMER ENERGY PARTNR 8.75 Sr. Nts. 11 102.0 8.58% 8.24% 451 B2 BTEEKAY SHIPPING CORP 8.32 Sr. Nts. 06 102.0 8.16% 6.31% 364 Ba1 BB+SONAT INC 7.625 Sr. Nts. 11 102.0 7.48% 7.23% 350 Caa1 CCC+CALPINE CORP 8.25 Sr. Nts. 05 102.1 8.08% 4.65% 199 Caa1 CCC+SEA CONTAINERS 7.875 Sr. Nts. 08 102.1 7.71% (15.74%) (1,809) B3 BOVERSEAS SHIPHLDG GROUP 7.5 Sr. Nts. 24 102.3 7.33% 7.28% 299 Ba1 /*- BB+ /*-DRESSER-RAND GROUP INC 7.375 Sr. Sub. Nts. 14 102.4 7.20% 6.97% 270 B3 B-SUBURBAN PROPANE PARTNRS 6.875 Sr. Nts. 13 102.4 6.72% 6.44% 271 B1 BBELDEN & BLAKE CORP 8.75 Sr. Sec. Nts.-2nd Lien 12 102.5 8.54% 8.18% 443 B3 /*- CCC+PETROLEUM GEO-SERVICES 8 Sr. Nts. 06 102.5 7.80% 1.05% (131) NR NRSHIP FINANCE INTL LTD 8.5 Sr. Nts. 13 102.5 8.29% 8.02% 429 B1 BDYNEGY HOLDINGS INC 8.75 Sr. Nts. 12 102.9 8.51% 8.21% 447 Caa2 CCC+VENOCO INC 8.75 Sr. Nts. 11 103.0 8.50% 8.10% 435 Caa1 CCC+MASSEY ENERGY CO 6.625 Sr. Nts. 10 103.0 6.43% 5.90% 217 Ba3 BBULTRAPETROL(BAHAMAS) LTD 10.5 Sr. Sec. Nts.-1st Lien 08 103.1 10.18% NA NA WR NRDENBURY RESOURCES INC 7.5 Sr. Sub. Nts. 13 103.2 7.27% 6.86% 312 B2 BARCH WESTERN FINANCE 6.75 Sr. Nts. 13 103.3 6.54% 6.13% 238 Ba3 BBENTERPRISE PRODUCTS OPER 6.65 Sr. Nts. 34 103.4 6.43% 6.39% 156 Baa3 BB+CHESAPEAKE ENERGY CORP 6.375 Sr. Nts. 15 103.4 6.16% 5.83% 154 Ba3 BB-SEA CONTAINERS LTD 10.75 Sr. Nts. 06 103.5 10.39% (0.46%) (282) B3 BGREY WOLF INC 3.75 Cnvrt. Sr. Nts. 23 $6.45 103.5 3.62% 2.65% (75) B1 BB-COMSTOCK RESOURCES INC 6.875 Sr. Nts. 12 103.5 6.64% 6.07% 232 B2 BOCEAN RIG NORWAY AS 10.25 Sr. Sec. Nts.-1st Lien 08 103.6 9.89% 4.97% 230 B3 CCCEL PASO CGP CO 6.5 Sr. Nts. 06 103.8 6.27% 3.60% 36 Caa1 CCC+EL PASO CGP CO 7.75 Sr. Nts. 10 103.8 7.47% 6.91% 316 Caa1 CCC+EL PASO NATURAL GAS 7.5 Sr. Nts. 26 103.8 7.23% 7.16% 287 B1 B-TEXAS GENCO LLC/FINANCNG 6.875 Sr. Nts. 14 103.8 6.63% 6.27% 198 B1 BNEWFIELD EXPLORATION CO 6.625 Sr. Sub. Nts. 14 103.9 6.38% 5.98% 225 Ba3 BB-CHESAPEAKE ENERGY CORP 6.875 Sr. Nts. 16 103.9 6.61% 6.17% 244 Ba3 BB-PIONEER NATURAL RESOURCE 5.875 Sr. Nts. 16 104.0 5.65% 5.41% 113 Baa3 BBB-MASSEY ENERGY CO 6.95 Sr. Nts. 07 104.0 6.68% 4.95% 171 B1 B+PREMCOR REFINING GROUP 6.125 Sr. Nts. 11 104.0 5.89% 5.37% 162 Ba3 BB-SEA CONTAINERS LTD 13 Sr. Nts. 06 104.0 12.50% 4.19% 152 NR NREVERGREEN RESOURCES INC 5.875 Sr. Sub. Nts. 12 104.2 5.64% 4.95% 122 Baa3 BBB-PARKER DRILLING CO 7.15 Sr. Nts. 10 104.3 6.86% 5.75% 265 B2e B-EL PASO CORPORATION 7.875 Sr. Nts. 12 104.5 7.54% 7.08% 333 Caa1 CCC+WHITING PETROLEUM CORP 7.25 Sr. Sub. Nts. 12 104.5 6.94% 6.24% 250 B2 B-EL PASO PRODUCTION HLDG 7.75 Sr. Nts. 13 104.5 7.42% 6.87% 313 B3 B-WILLIAMS COS INC 7.5 Sr. Nts. 31 104.6 7.17% 7.11% 229 B1 B+SONAT INC 6.75 Sr. Nts. 07 104.8 6.44% 4.86% 146 Caa1 CCC+CITGO PETROLEUM CORP 7.875 Sr. Nts. 06 104.8 7.52% 4.18% 94 Ba2 BBSTENA AB 7.5 Sr. Nts. 13 104.8 7.16% 6.62% 287 Ba3 BB-PAITON ENERGY FUNDING BV 9.34 Sr. Nts. 14 104.8 8.91% 8.46% 493 B2 B-MIDWEST GENERATION LLC 8.3 Pass Thru Certs. 09 104.9 7.91% 6.60% 363 B1 B /*+GIANT INDUSTRIES 8 Sr. Sub. Nts. 14 105.0 7.62% 7.11% 338 B3 B-KEY ENERGY SERVICES INC 8.375 Sr. Nts. 08 105.0 7.98% 1.99% (37) B1 /*- B /*MSW ENERGY HLDGS/FIN II 7.375 Sr. Nts. 10 105.0 7.02% 6.12% 237 Ba2 BB-PACIFIC ENERGY PRTNR/FIN 7.125 Sr. Nts. 14 105.0 6.79% 6.27% 254 Ba2 BB /*-PARKER DRILLING CO 10.125 Sr. Nts. 09 105.2 9.63% 7.61% 494 B2 B-CONSOLIDATED COAL 8.25 Sr. Nts. 07 105.2 7.84% 5.86% 263 Ba2 NRFOUNDATION PA COAL CO 7.25 Sr. Nts. 14 105.3 6.89% 6.36% 261 B1 BHOUSTON EXPLORATION CO 7 Sr. Sub. Nts. 13 105.3 6.65% 6.00% 225 B2 B+CHC HELICOPTER CORP 7.375 Sr. Sub. Nts. 14 105.3 7.01% 6.46% 271 B2 BCHESAPEAKE ENERGY CORP 8.375 Sr. Nts. 08 105.4 7.95% 6.25% 301 Ba3 BB-KCS ENERGY INC 7.125 Sr. Nts. 12 105.5 6.75% 5.88% 213 B3 B-CIE GENER DE GEOPHYSIQUE 10.625 Sr. Nts. 07 105.5 10.07% 6.86% 419 Ba3 /*- BBPETRO STOPPING CTR/FINL 9 Sr. Sec. Nts.-2nd Lien 12 105.5 8.53% 7.67% 392 B3 B-PREMCOR REFINING GROUP 6.75 Sr. Nts. 14 105.5 6.40% 5.81% 206 Ba3 BB-UNITED REFINING CO 10.5 Sr. Nts. 12 105.5 9.95% 9.21% 547 B3 B-GULFMARK OFFSHORE INC 7.75 Sr. Nts. 14 105.8 7.33% 6.76% 301 B2 BB-

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WILLIAMS COS INC 7.75 Sr. Nts. 31 105.9 7.32% 7.25% 243 B1 B+OMI CORP 7.625 Sr. Nts. 13 105.9 7.20% 6.55% 280 B1 B+NORTHERN OFFSHORE ASA 7.48 Sr. Nts. 04 106.0 DFLT NA NA NR NRNORTHERN OFFSHORE ASA 10 Sr. Nts. 05 106.0 DFLT (78.37%) (8,075) C NRSITHE/INDEPENDENCE FNDG 8.5 Sr. Nts. 07 106.1 8.01% 4.24% 258 Ba1 /*- BBB- /*-MISSION RESOURCES CORP 9.875 Sr. Nts. 11 106.3 9.29% 8.37% 462 Caa2 CCCVINTAGE PETROLEUM 7.875 Sr. Sub. Nts. 11 106.3 7.41% 5.81% 242 B1 BEDISON MISSION ENRGY FDG 7.33 Sr. Nts. 08 106.3 6.90% 3.01% 219 Ba3 B /*+CALLON PETROLEUM CO 9.75 Sr. Nts. 10 106.6 9.14% 8.35% 460 NR NRBAYTEX ENERGY LTD 9.625 Sr. Sub. Nts. 10 106.8 9.02% 7.82% 442 B3 B-HANOVER EQUIP TRUST 01 A 8.5 Sr. Sec. Nts.-2nd Lien 08 106.8 7.96% 4.25% 157 B2 B+PREMCOR REFINING GROUP 6.75 Sr. Nts. 11 106.8 6.32% 5.43% 168 Ba3 BB-PREMCOR REFINING GROUP 7.5 Sr. Nts. 15 106.8 7.03% 6.21% 246 Ba3 BB-PIONEER NATURAL RESOURCE 6.5 Sr. Nts. 08 106.8 6.09% 4.08% 70 Baa3 BBB-ENTERPRISE PRODUCTS OPER 6.375 Sr. Nts. 13 106.9 5.97% 5.31% 104 Baa3 BB+UNIVERSAL COMPRESSN INC 7.25 Sr. Nts. 10 107.0 6.78% 5.41% 202 Ba3 BAMERIGAS PART/EAGLE FIN 10 Sr. Nts. 06 107.0 9.35% 4.20% 152 B2 BB-EXCO RESOURCES INC 7.25 Sr. Nts. 11 107.0 6.78% 5.63% 188 B2 BENTERPRISE PRODUCTS OPER 6.875 Sr. Nts. 33 107.0 6.42% 6.34% 152 Baa3 BB+SEA CONTAINERS LTD 10.5 Sr. Nts. 12 107.2 9.79% 8.77% 503 (P)B3 BSEITEL INC 11.75 Sr. Nts. 11 107.3 10.96% 10.20% 645 B3 B-HORIZON LINES LLC 9 Sr. Nts. 12 107.3 8.39% 7.43% 369 B3 CCC+LONE STAR TECHNOLOGIES 9 Sr. Sub. Nts. 11 107.5 8.37% 6.40% 300 B3 B-EDISON MISSION ENERGY 7.73 Sr. Nts. 09 107.5 7.19% 5.78% 205 B1 B /*+MIRANT AMERICAS GENR LLC 9.125 Sr. Nts. 31 107.5 DFLT 8.18% 390 WR NRSEABULK INTL INC 9.5 Sr. Nts. 13 107.5 8.84% 8.01% 426 B2 BCHESAPEAKE ENERGY CORP 8.125 Sr. Nts. 11 107.8 7.54% 4.76% 153 Ba3 BB-RANGE RESOURCES CORP 7.375 Sr. Sub. Nts. 13 107.8 6.84% 5.86% 211 B3 BFERRELLGAS PARTNERS LP 8.75 Sr. Nts. 12 108.0 8.10% 6.80% 306 B2 BTESORO CORP 8 Sr. Sec. Nts.-2nd Lien 08 108.0 7.41% 4.23% 101 Ba2 BBB-MIRANT AMERICAS GENR LLC 8.5 Sr. Nts. 21 108.0 DFLT 7.47% 319 WR NRNEWFIELD EXPLORATION CO 7.45 Sr. Nts. 07 108.0 6.90% 4.33% 94 Ba2 BB+SWIFT ENERGY CO 7.625 Sr. Nts. 11 108.0 7.06% 5.90% 215 B1 BB-PETROLEUM HELICOPTERS 9.375 Sr. Nts. 09 108.0 8.68% 6.36% 313 B1 BB-CHESAPEAKE ENERGY CORP 7.75 Sr. Nts. 15 108.0 7.18% NA NA Ba3 BB-TECO ENERGY INC 7 Sr. Nts. 12 108.2 6.47% 5.62% 188 Ba2 BBSTONE ENERGY CORP 8.25 Sr. Sub. Nts. 11 108.3 7.62% 5.71% 232 B2 B+WOLVERINE TUBE INC 10.5 Sr. Nts. 09 108.3 9.70% 7.46% 423 B3 B+TECO ENERGY INC 7.2 Sr. Nts. 11 108.3 6.65% 5.62% 189 Ba2 BBPRIDE INTERNATIONAL INC 3.25 Cnvrt. Sr. Nts. 33 $25.70 108.4 3.00% 0.67% (270) NR BB-FOREST OIL CORPORATION 7.75 Sr. Nts. 14 108.5 7.14% 5.37% 162 Ba3 BB-POGO PRODUCING CO 8.25 Sr. Sub. Nts. 11 108.5 7.60% 4.43% 120 Ba3 BBDYNEGY HOLDINGS INC 8.02 Sr. Sec. Nts.-2nd Lien 08 108.5 7.39% 5.28% 222 B3 B-AMERIGAS PART/EAGLE FIN 8.875 Sr. Nts. 11 108.5 8.18% 5.46% 223 B2 BB-NRG ENERGY INC 8 Sr. Sec. Nts.-2nd Lien 13 108.8 7.36% 6.36% 261 B1 BTESORO CORP 9.625 Sr. Sub. Nts. 08 108.8 8.85% 4.32% 165 B2 BB-WILLIAMS COS INC 7.125 Sr. Nts. 11 108.8 6.55% 5.53% 179 B1 B+ENERGY PARTNERS LTD 8.75 Sr. Nts. 10 109.0 8.03% 6.43% 303 B2 B+HANOVER EQUIP TRUST 01 B 8.75 Sr. Sec. Nts.-2nd Lien 11 109.0 8.03% 5.50% 210 B2 B+RELIANT ENERGY INC 9.25 Sr. Sec. Nts.-2nd Lien 10 109.0 8.49% 6.89% 351 B1 B+XTO ENERGY INC 6.25 Sr. Nts. 13 109.0 5.73% 4.91% 63 Baa3 BBB-DRESSER INC 9.375 Sr. Sub. Nts. 11 109.1 8.59% 5.40% 217 B2 BSESI, L.L.C. 8.875 Sr. Nts. 11 109.3 8.12% 4.89% 165 B1 BB-STAR GAS PARTNER/FINANCE 10.25 Sr. Nts. 13 109.3 9.38% 8.25% 450 Caa3 /* CCC /*-FOREST OIL CORPORATION 8 Sr. Nts. 08 109.3 7.32% 5.02% 164 Ba3 BB-TRANSMONTAIGNE INC 9.125 Sr. Sub. Nts. 10 109.4 8.34% 6.57% 320 B3 B /*HANOVER COMPRESS CO 8.625 Sr. Sub. Nts. 10 109.5 7.88% 6.34% 259 B3 BMSW ENERGY HLDGS/FINANCE 8.5 Sr. Sec. Nts.-2nd Lien 10 109.5 7.76% 6.05% 265 Ba1 BBMIRANT AMERICAS GENR LLC 7.2 Sr. Nts. 08 109.5 DFLT 3.98% 58 Caa3 NRMIRANT AMERICAS GENR INC 8.3 Sr. Nts. 11 109.5 DFLT 6.00% 227 WR NRPRIDE INTERNATIONAL INC 7.375 Sr. Nts. 14 109.8 6.72% 5.63% 188 Ba2 BB-PLAINS E&P COMPANY 7.125 Sr. Nts. 14 109.8 6.49% 5.34% 161 Ba2 BB-GOLDEN STATE PETRO TRANS 8.04 Sr. Sec. Nts.-1st Lien 19 109.8 7.32% 6.66% 265 Baa2 BB+EL PASO NATURAL GAS 7.625 Sr. Nts. 10 109.9 6.94% 4.88% 150 B1 B-

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CHESAPEAKE ENERGY CORP 7.5 Sr. Nts. 14 109.9 6.82% 5.69% 195 Ba3 BB-BLUEWATER FINANCE LTD 10.25 Sr. Nts. 12 110.0 9.32% 7.31% 392 B1 BVINTAGE PETROLEUM 8.25 Sr. Nts. 12 110.0 7.50% 5.28% 188 Ba3 BB-TRANSCONT GAS PIPE CORP 7 Sr. Nts. 11 110.3 6.35% 5.14% 140 Ba2 B+COMPTON PETROLEUM CORP 9.9 Sr. Nts. 09 110.5 8.96% 5.27% 204 B2 BDYNEGY HOLDINGS INC 9.875 Sr. Sec. Nts.-2nd Lien 10 110.5 8.94% 7.06% 367 B3 B-SEA CONTAINERS LTD 12.5 Sr. Nts. 09 110.5 11.31% (9.13%) (1,180) NR NRNORTHWEST PIPELINE CORP 8.125 Sr. Nts. 10 110.8 7.34% 4.60% 121 Ba2 B+OVERSEAS SHIPHLDG GROUP 8.25 Sr. Nts. 13 110.8 7.45% 5.70% 195 Ba1 /*- BB+ /*-GREY WOLF INC 2.51 Cnvrt. Sr. Nts. 24 $6.51 110.8 2.27% 1.27% NA NR NRHANOVER COMPRESSOR CO 9 Sr. Nts. 14 111.0 8.11% 6.94% 320 B3 BRELIANT ENERGY INC 9.5 Sr. Sec. Nts.-2nd Lien 13 111.0 8.56% 7.12% 338 B1 B+ENCORE ACQUISITION CO 8.375 Sr. Sub. Nts. 12 111.3 7.53% 5.03% 163 B2 BGRANT PRIDECO INC 9 Sr. Nts. 09 111.3 8.09% 5.04% 164 Ba3 BB-EL PASO NATURAL GAS 8.375 Sr. Nts. 32 111.3 7.53% 7.41% 258 B1 B-MIRANT AMERICAS GENR LLC 7.625 Sr. Nts. 06 111.4 DFLT (2.66%) (588) WR NRTECO ENERGY INC 7.5 Sr. Nts. 10 111.5 6.73% 5.05% 131 Ba2 BBCONSOL ENERGY INC 7.875 Sr. Nts. 12 111.8 7.05% 5.84% 209 Ba2 BBPLAINS E&P COMPANY 8.75 Sr. Sub. Nts. 12 111.8 7.83% 5.29% 205 Ba3 B+J RAY MCDERMOTT SA 11 Sr. Sec. Nts.-2nd Lien 13 111.8 9.84% 8.61% 486 Caa1 CCC+NEWFIELD EXPLORATION CO 8.375 Sr. Sub. Nts. 12 111.9 7.49% 4.96% 157 Ba3 BB-SHAW GROUP INC 10.75 Sr. Nts. 10 112.0 9.60% 7.02% 364 Ba3 B+GRANT PRIDECO INC 9.625 Sr. Nts. 07 112.0 8.59% 5.09% 169 Ba3 BB-PARKER DRILLING CO 9.625 Sr. Nts. 13 112.1 8.58% 7.01% 328 B2 B-NEWFIELD EXPLORATION CO 7.625 Sr. Nts. 11 112.3 6.79% 5.26% 151 Ba2 BB+PREMCOR REFINING GROUP 9.25 Sr. Nts. 10 112.3 8.24% 5.05% 165 Ba3 BB-MIRANT CORP 8.625 Pass Thru Certs. 12 112.4 DFLT 5.90% 215 B3 NRMIDWEST GENERATION LLC 8.75 Sr. Sec. Nts.-2nd Lien 34 112.4 7.79% 6.32% 258 B1 B- /*+PREMCOR REFINING GROUP 7.75 Sr. Sub. Nts. 12 112.5 6.89% 4.51% 78 B2 BSWIFT ENERGY CO 9.375 Sr. Sub. Nts. 12 112.5 8.33% 5.45% 205 B2 BBRAND SERVICES INC 12 Sr. Nts. 12 112.5 10.67% 8.75% 536 B3 CCC+AES RED OAK LLC 8.54 Sr. Sec. Nts.-2nd Lien 19 112.5 7.59% NA NA B2 B+AES RED OAK LLC 9.2 Sr. Sec. Nts.-2nd Lien 29 112.5 8.18% 7.99% 383 B2 B+LUSCAR COAL LTD 9.75 Sr. Nts. 11 112.8 8.65% 4.77% 154 Ba3 BBPARAMOUNT RESOURCES LTD 7.875 Sr. Nts. 10 113.0 6.97% 4.24% 84 B3 B /*-AES CHIVOR 9.75 Sr. Nts. 14 113.0 8.63% 7.84% 355 B1 BENTERPRISE PRODUCTS OPER 7.5 Sr. Nts. 11 113.0 6.63% 4.98% 124 Baa3 BB+EDISON MISSION ENERGY 10 Sr. Nts. 08 113.2 8.83% 5.85% 248 B1 B /*+OVERSEAS SHIPHLDG GROUP 8.75 Sr. Nts. 13 113.3 7.73% 6.74% 245 Ba1 /*- BB+ /*-MAGNUM HUNTER RE 2.49 Cnvrt. Sr. Nts. 23 $12.19 113.3 2.20% NA NA NR NRDYNEGY HOLDINGS INC 10.125 Sr. Sec. Nts.-2nd Lien 13 113.4 8.93% 7.05% 330 B3 B-EDISON MISSION HLDGS CO 8.137 Sr. Nts. 19 113.4 7.18% 5.98% 296 WR BB /*+MIDWEST GENERATION LLC 8.56 Pass Thru Certs. 16 113.5 7.54% 5.97% 306 B1 B /*+AES IRONWOOD LLC 8.857 Sr. Sec. Nts.-2nd Lien 25 113.5 7.80% NA NA B2 B+TESORO CORP 9.625 Sr. Sub. Nts. 12 113.5 8.48% 5.17% 179 B2 BB-PIONEER NATURAL RESOURCE 7.5 Sr. Nts. 12 113.7 6.59% 5.20% 147 Baa3 BBB-HILCORP ENERGY/FINANCE 10.5 Sr. Nts. 10 113.8 9.23% 6.58% 318 B3 BSTENA AB 9.625 Sr. Nts. 12 113.8 8.46% 5.92% 252 Ba3 BB-PETROLEUM GEO-SERVICES 10 Sr. Nts. 10 113.8 8.79% 6.25% 287 NR NRCP SHIPS LIMITED 10.375 Sr. Nts. 12 114.0 9.10% 6.20% 280 Ba3 BB+GIANT INDUSTRIES 11 Sr. Sub. Nts. 12 114.3 9.63% 6.53% 314 B3 B-CHESAPEAKE ENERGY CORP 9 Sr. Nts. 12 114.5 7.86% NA NA Ba3 BB-MAGNUM HUNTER RE 9.6 Sr. Nts. 12 114.5 8.38% 4.62% 123 B2 B+EL PASO NATURAL GAS 8.625 Sr. Nts. 22 114.8 7.52% 7.12% 283 B1 B-PIONEER NATURAL RESOURCE 7.2 Sr. Nts. 28 114.8 6.27% 6.01% 119 Baa3 BBB-WILLIAMS COS INC 8.125 Sr. Nts. 12 115.0 7.07% 5.56% 182 B1 B+FOREST OIL CORPORATION 8 Sr. Nts. 11 115.0 6.96% 5.37% 162 Ba3 BB-CEDAR BRAKES I LLC 8.5 Sr. Sec. Nts.-2nd Lien 14 115.0 7.39% 5.17% 256 Caa1 /*+ CCC+ /*+PIONEER NATL RESOURCES 8.25 Sr. Nts. 07 115.1 7.17% 2.20% (119) Baa3 BBB-PREMCOR REFINING GROUP 9.5 Sr. Nts. 13 115.3 8.24% 5.45% 206 Ba3 BB-TEEKAY SHIPPING CORP 8.875 Sr. Nts. 11 115.5 7.68% 5.96% 223 Ba2 BB-ALPHA NATURAL RESOURCES 10 Sr. Nts. 12 115.5 8.66% 6.20% 245 B3 CCC+GENERAL MARITIME CORP 10 Sr. Nts. 13 115.5 8.66% 6.01% 261 B1 B+WILLIAMS COS INC 8.75 Sr. Nts. 32 115.5 7.58% 7.42% 260 B1 B+

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CEDAR BRAKES II LLC 9.875 Sr. Sec. Nts.-2nd Lien 13 116.0 8.51% 5.81% 359 Caa1 /*+ CCC+ /*+TECO ENERGY INC 10.5 Sr. Nts. 07 116.0 9.05% 4.51% 113 Ba2 BBVERITAS DGC INC 1.74 Cnvrt. Sr. Nts. 24 $24.03 116.4 1.49% NA NA NR NRXTO ENERGY INC 7.5 Sr. Nts. 12 116.5 6.44% 4.78% 105 Baa3 BBB-WESTERN OIL SANDS INC 8.375 Sr. Sec. Nts.-3rd Lien 12 116.5 7.19% 5.59% 185 Ba2 BB+SITHE/INDEPENDENCE FNDG 9 Sr. Nts. 13 116.9 7.70% 5.74% 274 Ba1 /*- BBB- /*-EDISON MISSION 9.875 Sr. Nts. 11 117.8 8.39% 6.38% 265 B1 B /*+PARAMOUNT RESOURCES LTD 8.875 Sr. Nts. 14 121.3 7.32% 4.51% 76 B3 B /*-PIONEER NATURAL RESOURCE 9.625 Sr. Nts. 10 121.9 7.90% 4.82% 107 Baa3 BBB-MISSION ENERGY HOLDING 13.5 Sr. Sec. Nts.-2nd Lien 08 122.0 11.07% 6.39% 301 B3 CCC /*+MIRANT CORP 9.125 Pass Thru Certs. 17 122.3 DFLT 6.08% 179 B3 NRTRANSCONT GAS PIPE CORP 8.875 Sr. Nts. 12 122.5 7.24% 5.21% 146 Ba2 B+EDISON MISSION HLDGS CO 8.734 Sr. Nts. 26 123.1 7.10% 6.25% 243 WR BB /*+MASSEY ENERGY CO 2.25 Cnvrt. Sr. Nts. 24 $33.60 123.7 1.82% (1.38%) (512) Ba3 BBHANOVER COMPRESS CO 4.75 Cnvrt. Sr. Nts. 14 $15.00 123.8 3.84% 1.58% (271) B3 BPRIDE INTERNATIONAL INC 2.5 Cnvrt. Sr. Nts. 07 $16.51 125.1 2.00% (105.82%) NA NR BB-ORION POWER HOLDINGS INC 12 Sr. Nts. 10 125.5 9.56% 6.26% 252 B2 BMIRANT CORP 10.06 Pass Thru Certs. 28 128.0 DFLT 7.20% 237 B3 NRDYNEGY INC 4.75 Cnvrt. Sr. Sub. Nts. 23 $4.12 138.5 3.43% (1.76%) (551) Caa2 CCC+AQUILA INC 14.875 Sr. Nts. 12 139.5 10.66% 7.79% 405 B2 B-VECTURA GROUP INC 11.25 Sr. Nts. 08 141.0 DFLT NA NA WR NRHARVEST ENERGY TRUST 9 Cnvrt. Sr. Sub. Nts. 09 C$14.00 159.0 5.66% (10.03%) (1,332) NR NREVERGREEN RESOURCES INC 4.75 Cnvrt. Sr. Nts. 21 $25.00 176.9 2.69% (24.08%) (2,730) NR BBB-MASSEY ENERGY CO 4.75 Cnvrt. Sr. Nts. 23 $19.39 177.1 2.68% (9.25%) (1,298) B1 B+

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In December 2004, Jefferies acted as co-manager in a secondary offering of equity for Range Resources. Concluding in August 2004,Jefferies acted as financial advisor to Seitel, Inc. in its Chapter 11 bankruptcy proceedings, lead manager of a rights offering and co-manager of a high yield offering. In July 2004, Jefferies acted as co-manager of a high yield offering for Gulfmark Offshore. In June 2004,Jefferies acted as co-manager for a secondary offering of common stock for Magnum Hunter. In June 2004, Jefferies acted as co-manager in a secondary offering of equity for Range Resources Corporation. In June 2004, Jefferies acted as co-manager of a seniorunsecured notes offering for Swift Energy. In March 2004, Jefferies acted as co-lead manager in a Senior Unsecured Notes offering forKCS Energy, Inc. In November 2003, Jefferies acted as lead manager of an offering of common stock for KCS Energy, Inc. In December2003, Jefferies acted as placement agent in an offering of Senior Unsecured Notes for Callon. Jefferies makes a market in the equities ofCalpine Corp., Mission Resources, and Seitel, Inc.

Neither the information nor any prices provided herein should be construed to be or constitute an offer to sell or a solicitation of an offer tobuy any securities represented herein. Pricing information contained herein is based on data obtained from one or more of the following:indications of interest, bids, offers, last sale prices or other sources prevailing at approximately 4:00 p.m., EST on the relevant date, butwhich do not necessarily reflect firm bids or offers or actual trade prices. However, we make no representations whatsoever as to theiraccuracy or completeness.

This material has been prepared by Jefferies & Company, Inc. ("Jefferies") a U.S.-registered broker-dealer, employing appropriateexpertise, and in the belief that it is fair and not misleading. It is approved for distribution in the United Kingdom by Jefferies InternationalLimited ("JIL") regulated by the Financial Services Authority ("FSA"). The information upon which this material is based was obtained fromsources believed to be reliable, but has not been independently verified. Therefore except for any obligations under the rules of the FSA,we do not guarantee its accuracy. Additional and supporting information is available upon request. This is not an offer or solicitation of anoffer to buy or sell any security or investment. Any opinion or estimates constitute our best judgment as of this date, and are subject tochange without notice. Jefferies and JIL and their affiliates and their respective directors, officers and employees may buy or sell securitiesmentioned herein as agent or principal for their own account. This material is intended for use only by professional or institutional investorsfalling within articles 19 or 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001and not the generalinvesting public. None of the investments or investment services mentioned or described herein are available to other persons in the U.K.and in particular are not available to "private customers" as defined by the rules of the FSA or to anyone in Canada who is not a"Designated Institution" as defined by the Securities Act (Ontario)."

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Energy/Power &Utilities/Shipping

Pricing Sheet

Best Picks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Winners & Losers . . . . . . . . . . . . . . . . . . . . . . . . 3Coal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Drillers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4Exploration & Production . . . . . . . . . . . . . . . . . . . . . . . . . 4Oil Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Power & Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7Propane . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10Refining & Marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . .10Shipping . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11Supply Vessels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11Tankers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11

Sorted by Category

Bonds in Default . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12Non-Call Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13Callable Now Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14Callable Make-Whole Bonds . . . . . . . . . . . . . . . . . . . . . .15Spread-to-Worst (YTW) . . . . . . . . . . . . . . . . . . . . . . . . . .17Ratings by STW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21Yield-to-Worst (YTW) . . . . . . . . . . . . . . . . . . . . . . . . . . . .26Current Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30Duration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34Bond Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39

WWW.JEFCO.COM

January 10, 2005

RESEARCH

Brett M. Levy, Co-Director [email protected] (203) 708-5806Bob Welch, Co-Director [email protected] (203) 708-5983

Restaurant, Food and Consumer Products Kenneth Bann [email protected] (973) 912-2790Michael Schwartz [email protected] (973) 912-2790

Aerospace & Defense, Packaging, Paper and Forest ProductsBradley K. Bryan [email protected] (310) 575-5113

Gaming, Lodging and LeisureRaymond S. Cheesman [email protected] (970) 926-5309

Maritime, Financial Services and Movie TheatresRaymond Wu [email protected] (203) 708-5807

Energy, Power and Utilities Greg Imbruce [email protected] (203) 708-5800

Metals, Forest Products Brett M. Levy [email protected] (203) 708-5806

Communications and MediaRomeo A. Reyes [email protected] (203) 708-5800Chak K. Gude [email protected] (203) 708-5800Steve Sweeney, CFA [email protected] (203) 708-5800

HealthcareKyle D. Smith [email protected] (973) 912-2790

Industrials, Automotive Supply, Chemicals and Special SituationsJoseph P. Von Meister, CFA [email protected] (973) 912-2790

TRADING

David W. Schwartz, Executive Vice President (203) 708-5800

John Budish (973) 912-2790Michael Satzberg (310) 575-5100

SALES

Steve Baker (203) 708-5800Harrison Bubrosky (203) 708-5800Laury Carr (203) 708-5800Don Dizon (203) 708-5800Howard Fife (203) 708-5800Drew Hall (203) 708-5800Mark Neuner (310) 575-5800Steve Sander (203) 708-5800Michael Shapiro (203) 708-5800Tony Ulehla (203) 708-5800Paul Voigt (203) 708-5800

CAPITAL MARKETS

Eric Macy, Executive Vice President (973) 912-2888

Travis Black (973) 912-2888Timothy Lepore (973) 912-2888

PRIVATE PLACEMENTS

Andrew Woolford (203) 708-5878Neil Wessan (203) 708-5874Fred Buffone (203) 708-5877Dan Polner (203) 708-5875Tom Tuchscher (203) 708-5810

Coal: Brett Levy [email protected] 203/708-5806Energy /Power & Utilities: Greg Imbruce [email protected] 203/708- 5804

OSV/Shipping/Tankers: Raymond Wu [email protected] 203/708- 5807

Jefferies-Energy Power Shipping Price Sheet-Jan 2005-Greg Imbruce

Documents

Transcript of Jefferies-Energy Power Shipping Price Sheet-Jan 2005-Greg Imbruce