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H I G H Y I E L D A N D S P E C I A L S I T U AT I O N S G R O U P

TRADING

RESEARCH
Brett M. Levy, Co-Director
Bob Welch, Co-Director

blevy@jefco.com (203) 708-5806


bwelch@jefco.com (203) 708-5983

Restaurant, Food and Consumer Products


Kenneth Bann
kbann@jefco.com (973) 912-2790
Michael Schwartz
maschwartz@jefco.com (973) 912-2790
Aerospace & Defense, Packaging, Paper and Forest Products
Bradley K. Bryan
bbryan@jefco.com (310) 575-5113
Gaming, Lodging and Leisure
Raymond S. Cheesman

rcheesman@jefco.com (970) 926-5309

Maritime, Financial Services and Movie Theatres


Raymond Wu
rwu@jefco.com (203) 708-5807
Energy, Power and Utilities
Greg Imbruce
Metals, Forest Products
Brett M. Levy
Communications and Media
Romeo A. Reyes
Chak K. Gude
Steve Sweeney, CFA
Healthcare
Kyle D. Smith

gimbruce@jefco.com (203) 708-5800

David W. Schwartz, Executive Vice President

(203) 708-5800

John Budish
Michael Satzberg

(973) 912-2790
(310) 575-5100

Steve Baker
Harrison Bubrosky
Laury Carr
Don Dizon
Howard Fife
Drew Hall
Mark Neuner
Steve Sander
Michael Shapiro
Tony Ulehla
Paul Voigt

blevy@jefco.com (203) 708-5806


rreyes@jefco.com (203) 708-5800
cgude@jefco.com (203) 708-5800
ssweeney@jefco.com (203) 708-5800
ksmith@jefco.com (973) 912-2790

Industrials, Automotive Supply, Chemicals and Special Situations


Joseph P. Von Meister, CFA
jvm@jefco.com (973) 912-2790

January 10, 2005

SALES
(203) 708-5800
(203) 708-5800
(203) 708-5800
(203) 708-5800
(203) 708-5800
(203) 708-5800
(310) 575-5800
(203) 708-5800
(203) 708-5800
(203) 708-5800
(203) 708-5800

High Yield
Research
Energy/Power &
Utilities/Shipping

CAPITAL MARKETS

Pricing Sheet

Eric Macy, Executive Vice President

(973) 912-2888

Travis Black
Timothy Lepore

(973) 912-2888
(973) 912-2888

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

PRIVATE PLACEMENTS
Andrew Woolford
Neil Wessan
Fred Buffone
Dan Polner
Tom Tuchscher

(203) 708-5878
(203) 708-5874
(203) 708-5877
(203) 708-5875
(203) 708-5810

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

Coal:
Energy / Power & Utilities:
OSV/Shipping/Tankers:
W W W. J E F C O . C O M

Brett Levy
Greg Imbruce
Raymond Wu

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

203/708-5806
203/708- 5804
203/708- 5807
W W W. J E F C O . C O M

HIGH YIELD RESEARCH

Company
STRONGEST BUYS:
Northern Offshore
STRONG BUYS:
ATP Oil & Gas
Calpine Corp.
Calpine Corp.
Energy Corp. of America
Crown Central Petroleum
Mission Resources
S.Point/Broad River/RockGen (Calpine)
Seitel
Tiverton/Rumford Power (Calpine)
United Refining
BUYS:
Aquila
Baytex Energy
Bluewater
Belden & Blake
Callon Petroleum
Energy Partners
Hilcorp Energy
J Ray McDermott
Lone Star Technologies
North American Energy
Parker Drilling
Parker Drilling
Shaw Group
Venoco
SWAPS:
Out of:
Calpine Corp.
Into:
Tiverton/Rumford Power (Calpine)
or Into:
Calpine Corp.
or Into:
Calpine Corp.
SELLS:
Abraxas Petroleum
Magnum Hunter
Newpark Resources

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

Bond Description
10 Sr. Nts. 05

Brett Levy
Greg Imbruce
Raymond Wu

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

Ratings

Amt. O/S
USD $MM

C / NR

$143

8.818 Sr. Sec. Nts.-1st Lien 09


9.625 Sr. Sec. Nts.-1st Lien 14
8.5 Sr. Sec. Nts.-2nd Lien 10
9.5 Sr. Sub. Nts. 07
10.875 Sr. Nts. 05
9.875 Sr. Nts. 11
9.825 Pass Thru Certs. 19
11.75 Sr. Nts. 11
9 Pass Thru Certs. 18
10.5 Sr. Nts. 12

NR / NR
NR / B+
NR / B
Caa3 / NR
Ca / NR
Caa2 / CCC
B2 / B
B3 / BB3 / B
B3 / B-

14.875 Sr. Nts. 12


9.625 Sr. Sub. Nts. 10
10.25 Sr. Nts. 12
8.75 Sr. Sec. Nts.-2nd Lien 12
9.75 Sr. Nts. 10
8.75 Sr. Nts. 10
10.5 Sr. Nts. 10
11 Sr. Sec. Nts.-2nd Lien 13
9 Sr. Sub. Nts. 11
8.75 Sr. Nts. 11
9.625 Sr. Nts. 13
10.125 Sr. Nts. 09
10.75 Sr. Nts. 10
8.75 Sr. Nts. 11

8.5 Sr. Nts. 11

Price

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

YTW

STW

106.0 IN DEFAULT

Duration
0.1

$184
$785
$1,150
$92
$125
$130
$200
$193
$364
$200

102.0
101.5
82.0
95.3
96.0
106.3
84.0
107.3
82.0
105.5

7.29%
9.34%
13.20%
11.87%
117.85%
8.37%
12.21%
10.20%
13.66%
9.21%

455
561
947
864
9,235
462
792
645
793
547

0.7
5.2
3.9
2.0
0.0
4.0
6.9
4.3
3.9
4.0

B2 / BB3 / BB1 / B
B3 /*- / CCC+
NR / NR
B2 / B+
B3 / B
Caa1 / CCC+
B3 / BB2 / B
B2 / BB2 / BBa3 / B+
Caa1 / CCC+

$500
$180
$335
$193
$200
$150
$275
$200
$149
$200
$175
$156
$253
$150

139.5
106.8
110.0
102.5
106.6
109.0
113.8
111.8
107.5
102.0
112.1
105.2
112.0
103.0

7.79%
7.82%
7.31%
8.18%
8.35%
6.43%
6.58%
8.61%
6.40%
8.24%
7.01%
7.61%
7.02%
8.10%

405
442
392
443
460
303
318
486
300
451
328
494
364
435

5.0
3.5
1.8
4.1
3.9
2.9
2.2
3.2
1.3
3.9
3.1
0.8
1.9
4.6

Caa1 / CCC+

$1,991

72.0

15.83%

1,210

4.1

9 Pass Thru Certs. 18

B3 / B

$364

82.0

13.66%

793

3.9

7.82 Sr. Sec. Nts.-2nd Lien 07

NR / B

$494

92.0

14.33%

1,127

1.5

$2,030

75.0

19.03%

1,566

2.6

$125
$195
$125

99.0
114.5
101.8

10.56%
4.62%
4.20%

685
123
184

4.9
1.9
0.1

8.5 Sr. Nts. 08


9.72 Sr. Sec. Nts.-1st Lien 09
9.6 Sr. Nts. 12
8.625 Sr. Sub. Nts. 07

Caa1 / CCC+
NR / NR
B2 / B+
B2 / B

[Page 2]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

Winners
12-MONTH PRICE PERFORMANCE
1
2
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5
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7
8
9
10
11
12
13
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16
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18
19
20
21
22
23
24
25

QTD PRICE PERFORMANCE

1/10/04 1/10/05 Chg.%


11.5
143.5 1147.8%
Vectura Group Inc 11.25 Sr. Nts. 08
35.0
101.0 188.6%
Northern Offshore Asa 10 Sr. Nts. 05
42.3
75.0 77.5%
Navigator Gas Transport 10.5 Sr. Nts. 07
48.0
73.0 52.1%
Oglebay Norton Co 10 Sr. Sub. Nts. 09
65.0
95.8 47.3%
Crown Central Petroleum 10.875 Sr. Nts. 05
75.0
101.8 35.7%
Ram Energy Inc 11.5 Sr. Nts. 08
78.5
93.3 18.8%
Sonat Inc 7 Sr. Nts. 18
74.3
86.5 16.5%
Hanover Compressor Co 0 Sr. Sub. Nts. 07
82.0
95.3 16.2%
Energy Corp Of America 9.5 Sr. Sub. Nts. 07
101.0
115.0 13.9%
Cedar Brakes I Llc 8.5 Sr. Sec. Nts.-2nd Lien 14
101.5
113.0 11.3%
Paramount Resources Ltd 7.875 Sr. Nts. 10
104.8
115.8 10.5%
Paiton Energy Funding Bv 9.34 Sr. Nts. 14
94.5
103.6
9.7%
Ocean Rig Norway As 10.25 Sr. Sec. Nts.-1st Lien 08
84.0
92.0
9.5%
Mcdermott Inc 8.75 Sr. Nts. 23
100.6
109.8
9.2%
Golden State Petro Trans 8.04 Sr. Sec. Nts.-1st Lien 19
105.5
114.8
8.8%
El Paso Natural Gas 8.625 Sr. Nts. 22
96.5
104.8
8.5%
Sonat Inc 6.75 Sr. Nts. 07
102.8
111.3
8.3%
El Paso Natural Gas 8.375 Sr. Nts. 32
97.3
103.8
6.7%
El Paso Natural Gas 7.5 Sr. Nts. 26
101.0
107.8
6.7%
Range Resources Corp 7.375 Sr. Sub. Nts. 13
103.6
110.5
6.6%
Sea Containers Ltd 12.5 Sr. Nts. 09
91.3
97.1
6.4%
El Paso Corporation 7.75 Sr. Nts. 32
93.5
99.5
6.4%
El Paso Cgp Co 6.375 Sr. Nts. 09
90.4
96.0
6.2%
Calpine Corp 7.625 Sr. Nts. 06
109.0
115.5
6.0%
Petroleum Geo-Services 10 Sr. Nts. 10

1
2
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9
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13
14
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16
17
18
19
20
21
22
23
24
25

Last 30-Days PRICE PERFORMANCE

1/1/05 1/10/05 Chg.%


Northern Offshore Asa 10 Sr. Nts. 05
94.5
101.0 6.9%
Tiverton/Rumford Pwr Ass 9 Pass Thru Certs. 18
80.0
82.0 2.5%
Enterprise Products Oper 6.875 Sr. Nts. 33
104.9
107.3 2.2%
Vectura Group Inc 11.25 Sr. Nts. 08
141.0
143.5 1.8%
Seitel Inc 11.75 Sr. Nts. 11
105.5
107.3 1.7%
Cedar Brakes I Llc 8.5 Sr. Sec. Nts.-2nd Lien 14
113.3
115.0 1.5%
El Paso Corporation 7.75 Sr. Nts. 32
95.8
97.1 1.4%
Sonat Inc 7 Sr. Nts. 18
92.0
93.3 1.4%
Alpha Natural Resources 10 Sr. Nts. 12
114.0
115.5 1.3%
Williams Cos Inc 7.75 Sr. Nts. 31
104.8
106.1 1.3%
Petroleum Geo-Services 10 Sr. Nts. 10
114.0
115.5 1.3%
Trico Marine Services 8.875 Sr. Nts. 12
65.3
66.0 1.1%
Pride International Inc 2.5 Cnvrt. Sr. Nts. 07 $16.51
123.8
125.1 1.1%
Belden & Blake Corp 8.75 Sr. Sec. Nts.-2nd Lien 12
101.5
102.5 1.0%
El Paso Corporation 6.75 Sr. Nts. 09
101.5
102.5 1.0%
Enterprise Products Oper 6.65 Sr. Nts. 34
102.5
103.4 0.9%
Magnum Hunter Re 9.6 Sr. Nts. 12
113.5
114.5 0.9%
Williams Cos Inc 7.5 Sr. Nts. 31
103.5
104.4 0.8%
Williams Cos Inc 8.75 Sr. Nts. 32
114.9
115.8 0.8%
Transcont Gas Pipe Corp 8.875 Sr. Nts. 12
121.6
122.5 0.7%
Golden State Petro Trans 8.04 Sr. Sec. Nts.-1st Lien 19
109.0
109.8 0.7%
Hanover Compressor Co 9 Sr. Nts. 14
111.3
112.0 0.7%
Hilcorp Energy/Finance 10.5 Sr. Nts. 10
113.0
113.8 0.7%
Forest Oil Corporation 8 Sr. Nts. 11
114.3
115.0 0.7%
Stena Ab 9.625 Sr. Nts. 12
113.0
113.7 0.7%

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

South Pt/Broad Riv/Rockg 8.4 Pass Thru Certs. 12


Tiverton/Rumford Pwr Ass 9 Pass Thru Certs. 18
Vectura Group Inc 11.25 Sr. Nts. 08
South Pt/Broad Riv/Rockg 9.825 Pass Thru Certs. 19
Northern Offshore Asa 10 Sr. Nts. 05
United Refining Co 10.5 Sr. Nts. 12
Pride International Inc 2.5 Cnvrt. Sr. Nts. 07 $16.51
Trico Marine Services 8.875 Sr. Nts. 12
Calpine Corp 7.82 Sr. Sec. Nts.-2nd Lien 07
El Paso Corporation 7.75 Sr. Nts. 32
Calpine Corp 8.5 Sr. Nts. 11
Seitel Inc 11.75 Sr. Nts. 11
Aquila Inc 14.875 Sr. Nts. 12
Sonat Inc 6.75 Sr. Nts. 07
El Paso Natural Gas 8.375 Sr. Nts. 32
Edison Mission Enrgy Fdg 7.33 Sr. Nts. 08
J Ray Mcdermott Sa 11 Sr. Sec. Nts.-2nd Lien 13
Swift Energy Co 7.625 Sr. Nts. 11
Harvest Energy Trust 9 Cnvrt. Sr. Sub. Nts. 09 C$14.00
Calpine Corp 9.625 Sr. Sec. Nts.-2nd Lien 14
Paramount Resources Ltd 7.875 Sr. Nts. 10
Calpine Corp 8.5 Sr. Sec. Nts.-2nd Lien 10
Stone Energy Corp 8.25 Sr. Sub. Nts. 11
El Paso Corporation 6.75 Sr. Nts. 09
Paramount Resources Ltd 8.875 Sr. Nts. 14

12/11/04 1/10/05 Chg.%


81.3
94.5 16.3%
73.5
82.0 11.6%
131.5
143.5
9.1%
77.0
84.0
9.1%
94.8
101.0
6.6%
99.0
105.5
6.6%
118.0
125.1
6.0%
63.0
66.0
4.8%
88.5
92.0
4.0%
93.5
97.1
3.9%
73.0
75.5
3.4%
104.0
107.3
3.1%
135.8
139.5
2.8%
102.3
104.8
2.4%
108.6
111.3
2.4%
104.0
106.3
2.2%
109.5
111.8
2.1%
105.9
108.0
2.0%
156.0
159.0
1.9%
100.0
101.8
1.8%
111.0
113.0
1.8%
81.6
83.0
1.7%
106.5
108.3
1.6%
101.0
102.5
1.5%
119.5
121.3
1.5%

Losers
12-MONTH PRICE PERFORMANCE
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Trico Marine Services 8.875 Sr. Nts. 12


Calpine Corp 8.5 Sr. Sec. Nts.-2nd Lien 10
Calpine Corp 8.5 Sr. Nts. 11
South Pt/Broad Riv/Rockg 9.825 Pass Thru Certs. 19
Dynegy Inc 4.75 Cnvrt. Sr. Sub. Nts. 23 $4.12
Tiverton/Rumford Pwr Ass 9 Pass Thru Certs. 18
Calpine Corp 7.82 Sr. Sec. Nts.-2nd Lien 07
Calpine Canada Ener Fin 8.5 Sr. Nts. 08
Chesapeake Energy Corp 8.375 Sr. Nts. 08
Chesapeake Energy Corp 8.125 Sr. Nts. 11
Pioneer Natural Resource 9.625 Sr. Nts. 10
Dynegy Holdings Inc 7.45 Sr. Nts. 06
Teco Energy Inc 10.5 Sr. Nts. 07
Consolidated Coal 8.25 Sr. Nts. 07
Pogo Producing Co 8.25 Sr. Sub. Nts. 11
Dynegy Holdings Inc 9.875 Sr. Sec. Nts.-2nd Lien 10
Brand Services Inc 12 Sr. Nts. 12
Newfield Exploration Co 7.45 Sr. Nts. 07
Parker Drilling Co 10.125 Sr. Nts. 09
Cp Ships Limited 10.375 Sr. Nts. 12
Key Energy Services Inc 8.375 Sr. Nts. 08
Amerigas Part/Eagle Fin 10 Sr. Nts. 06
Teekay Shipping Corp 8.32 Sr. Nts. 06
Denbury Resources Inc 7.5 Sr. Sub. Nts. 13
Dynegy Holdings Inc 10.125 Sr. Sec. Nts.-2nd Lien 13

QTD PRICE PERFORMANCE


1/10/04 1/10/05 Chg.%
79.0
66.0 -16.5%
98.5
83.0 -15.7%
82.5
75.5
-8.5%
91.5
84.0
-8.2%
150.0
138.5
-7.7%
87.8
82.0
-6.6%
98.3
92.0
-6.4%
83.0
78.5
-5.4%
111.0
105.4
-5.1%
112.5
107.8
-4.2%
127.3
121.9
-4.2%
100.0
96.5
-3.5%
119.0
114.9
-3.5%
108.9
105.2
-3.4%
112.0
108.5
-3.1%
114.0
110.5
-3.1%
115.6
112.5
-2.7%
111.0
108.0
-2.7%
108.0
105.2
-2.6%
117.0
114.0
-2.6%
107.8
105.0
-2.6%
109.8
107.0
-2.5%
104.5
102.0
-2.4%
105.5
103.2
-2.2%
115.8
113.4
-2.1%

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Denbury Resources Inc 7.5 Sr. Sub. Nts. 13


Calpine Canada Ener Fin 8.5 Sr. Nts. 08
Calpine Corp 8.5 Sr. Sec. Nts.-2nd Lien 10
Chesapeake Energy Corp 8.375 Sr. Nts. 08
Hanover Compress Co 4.75 Cnvrt. Sr. Nts. 14 $15.00
Calpine Corp 7.625 Sr. Nts. 06
Dynegy Inc 4.75 Cnvrt. Sr. Sub. Nts. 23 $4.12
Hanover Compressor Co 4.75 Cnvrt. Sr. Nts. 08 $43.94
El Paso Natural Gas 8.625 Sr. Nts. 22
Western Oil Sands Inc 8.375 Sr. Sec. Nts.-3rd Lien 12
Giant Industries 11 Sr. Sub. Nts. 12
Premcor Refining Group 7.5 Sr. Nts. 15
Petroleum Helicopters 9.375 Sr. Nts. 09
Oglebay Norton Co 10 Sr. Sub. Nts. 09
Dynegy Holdings Inc 8.75 Sr. Nts. 12
Cp Ships Limited 10.375 Sr. Nts. 12
Orion Power Holdings Inc 12 Sr. Nts. 10
Foundation Pa Coal Co 7.25 Sr. Nts. 14
Teco Energy Inc 7 Sr. Nts. 12
Dynegy Holdings Inc 9.875 Sr. Sec. Nts.-2nd Lien 10
Omi Corp 7.625 Sr. Nts. 13
Dynegy Holdings Inc 6.875 Sr. Nts. 11
Calpine Corp 8.25 Sr. Nts. 05
Calpine Corp 8.5 Sr. Nts. 11
Dynegy Holdings Inc 10.125 Sr. Sec. Nts.-2nd Lien 13

Last 30-Days PRICE PERFORMANCE


1/1/05 1/10/05 Chg.%
108.0
103.2 -4.5%
82.0
78.5 -4.3%
85.8
83.0 -3.2%
108.4
105.4 -2.8%
127.3
123.8 -2.8%
98.3
96.0 -2.3%
141.6
138.5 -2.2%
97.4
95.5 -1.9%
116.6
114.8 -1.6%
116.9
115.0 -1.6%
116.0
114.3 -1.5%
108.3
106.8 -1.4%
109.5
108.0 -1.4%
74.0
73.0 -1.4%
104.8
103.5 -1.2%
115.4
114.0 -1.2%
127.0
125.5 -1.2%
106.5
105.3 -1.2%
109.3
108.0 -1.1%
111.8
110.5 -1.1%
107.0
105.9 -1.1%
96.3
95.3 -1.0%
101.0
100.0 -1.0%
76.3
75.5 -1.0%
114.5
113.4 -1.0%

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Belden & Blake Corp 8.75 Sr. Sec. Nts.-2nd Lien 12


Calpine Corp 7.625 Sr. Nts. 06
Williams Cos Inc 8.75 Sr. Nts. 32
Chesapeake Energy Corp 8.375 Sr. Nts. 08
Sonat Inc 7 Sr. Nts. 18
Dynegy Holdings Inc 9.875 Sr. Sec. Nts.-2nd Lien 10
Hanover Compressor Co 4.75 Cnvrt. Sr. Nts. 08 $43.94
Newfield Exploration Co 7.45 Sr. Nts. 07
Evergreen Resources Inc 5.875 Sr. Sub. Nts. 12
Overseas Shiphldg Group 8.75 Sr. Nts. 13
Premcor Refining Group 7.5 Sr. Nts. 15
Dynegy Holdings Inc 10.125 Sr. Sec. Nts.-2nd Lien 13
Hanover Compress Co 4.75 Cnvrt. Sr. Nts. 14 $15.00
El Paso Cgp Co 6.5 Sr. Nts. 06
Foundation Pa Coal Co 7.25 Sr. Nts. 14
Tesoro Corp 9.625 Sr. Sub. Nts. 12
Navigator Gas Transport 10.5 Sr. Nts. 07
Chesapeake Energy Corp 9 Sr. Nts. 12
Premcor Refining Group 9.5 Sr. Nts. 13
Omi Corp 7.625 Sr. Nts. 13
Vintage Petroleum 7.875 Sr. Sub. Nts. 11
Pioneer Natural Resource 6.5 Sr. Nts. 08
Consol Energy Inc 7.875 Sr. Nts. 12
Western Oil Sands Inc 8.375 Sr. Sec. Nts.-3rd Lien 12
Golden State Petro Trans 8.04 Sr. Sec. Nts.-1st Lien 19

12/11/04 1/10/05 Chg.%


108.0
102.5 -5.1%
100.0
96.0 -4.0%
119.0
115.8 -2.7%
108.0
105.4 -2.4%
95.4
93.3 -2.2%
113.0
110.5 -2.2%
97.4
95.5 -1.9%
109.9
108.0 -1.7%
92.0
90.5 -1.6%
115.1
113.3 -1.6%
108.5
106.8 -1.6%
115.1
113.4 -1.5%
125.6
123.8 -1.5%
105.3
103.8 -1.4%
106.8
105.3 -1.4%
116.1
114.5 -1.4%
76.0
75.0 -1.3%
115.9
114.5 -1.2%
116.6
115.3 -1.2%
107.1
105.9 -1.2%
107.5
106.3 -1.2%
108.1
106.8 -1.1%
113.0
111.8 -1.1%
116.3
115.0 -1.1%
110.9
109.8 -1.0%
[Page 3]

HIGH YIELD RESEARCH


17

18

COAL:
ENERGY/POWER/UTILITIES:
OSV/SHIPPING:
20

22

25

Brett Levy
Greg Imbruce
Raymond Wu
27

28

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

29

30

32

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com
33

34

36

38

39

January 10, 2005

Issuer/issue

Notes

Amt.
O/S USD
$MM

Rating

Price

Current
Yld.

Yield to Worst
YTW
STW Dur.

COAL
Alpha Natural Res.
10 Sr. Nts. 12
Arch Coal
6.75 Sr. Nts. 13
CONSOL Energy
8.25 Sr. Nts. 07
7.875 Sr. Nts. 12
Foundation PA
7.25 Sr. Nts. 14
Luscar Coal
9.75 Sr. Nts. 11
Massey Energy
6.95 Sr. Nts. 07
6.625 Sr. Nts. 10
4.75 Cnvrt. Sr. Nts. 23 $19.39
2.25 Cnvrt. Sr. Nts. 24 $33.60

Brett Levy 203/708-5806 blevy@jefco.com


$175

B3 / CCC+

115.5

8.66%

6.20%

245

2.9

6/1/08

105.00 2-6/1/05

35/110.0 6/07

$700

Ba3 / BB

103.3

6.54%

6.13%

238

5.2

7/1/08

103.38 2-7/1/05

35/106.8 7/06

$45
$250

Ba2 / NR
Ba2 / BB

105.2
111.8

7.84%
7.05%

5.86%
5.84%

263
209

2.1
5.4

>P,45

NC
Anytime

$300

B1 / B

105.3

6.89%

6.36%

261

5.6

50

8/1/09

$275

Ba3 / BB

112.8

8.65%

4.77%

154

1.6

B1 / B+

104.0
103.0
177.1
123.7

6.68%
6.43%
2.68%
1.82%

4.95%
171
5.90%
217
(9.25%) (1,298)
(1.38%) (512)

1.9
4.1
4.3
5.9

ACI/ACI

2-6/1/05
2-3/1/05

NA
NA

NA
NA

103.63 2-2/1/05

NA

NA

NC

Private/FOUNDA
Private/LUSUCN
10/15/06 104.88 2-4/15/05

Expired

MEE/MEE

Put-09
Put-11

$300
$360
$132
$175

Ba3 / BB
B1 / B+
Ba3 / BB

>P,5

NA NA
Anytime
2-3/1/05
11/15/07 103.31 2-5/15/05 35/106.6 11/06
NA NA
5/20/09 100.00 2-5/15/05
NA NA
4/6/11 100.00 2-4/1/05

Greg Imbruce 203/708-5804 gimbruce@jefco.com


GW/GW
Put-13
Put-14
KEG/KEG

NOF NO/NOF
3moN+550, 102.5

$150
$125

B1 / BB-

$275
$150

B1 /*- / B /*

NR / NR

B1 /*- / B /*

100.00 2-5/7/05
100.00 4-4/1/05

NA
NA

NA
NA

3/1/05 104.19 2-3/1/05


Anytime
2-5/1/05

Expired
NA

NA

103.5
110.8

3.62%
2.27%

2.65%
1.27%

(75)
NA

3.1
9.2

105.0
101.3

7.98%
6.30%

1.99%
6.18%

(37)
189

0.1
6.3

DFLT
NA
NA
DFLT (78.37%) (8,075)

NA
0.1

NC
Now

NC
4-10/6/04
100.00 2-5/15/05

NA
Expired

103.42 2-6/1/05

Expired

5/14/08
4/7/14

50

DEFAULT

NA

$16
$143

NR / NR
C / NR

106.0
106.0

$225

B3 / CCC

103.6

9.89%

4.97%

230

0.4

Now

$156
$175
$150

B2 / B-

105.2
112.1
104.3

9.63%
8.58%
6.86%

7.61%
7.01%
5.75%

494
328
266

0.8
3.1
1.6

Now
10/1/08
9/1/06

NA NA
105.06 2-5/15/05
104.81 2-4/1/05 35/109.6 10/06
35/NA 9/06
102.00 4-3/1/05

125.1
109.8
108.4

2.00% (105.8%)
6.72%
5.63%
3.00%
0.67%

NM
188
(270)

0.3
3.7
3.1

3/4/05
7/15/09
5/5/08

101.00 2-3/1/05
103.69 2-1/15/05
100.00 2-5/1/05

OCR NO/OCRNO
PKD/PKD

3moL+475
PDE/PDE

Put-08

$300
$500
$300

B2 / BB2e / BNR / BBBa2 / BBNR / BB-

EXPLORATION & PRODUCTION


Abraxas Petroleum
9.72 Sr. Sec. Nts.-1st Lien 09
ATP Oil & Gas
8.818 Sr. Sec. Nts.-1st Lien 09
12.568 Sr. Sec. Nts.-2nd Lien 09
Baytex Energy
9.625 Sr. Sub. Nts. 10
Belden & Blake
8.75 Sr. Sec. Nts.-2nd Lien 12
Callon Petroleum
9.75 Sr. Nts. 10
Chesapeake Energy
8.375 Sr. Nts. 08
8.125 Sr. Nts. 11
9 Sr. Nts. 12
7.5 Sr. Nts. 14
7.75 Sr. Nts. 15
6.375 Sr. Nts. 15
6.875 Sr. Nts. 16
Compton Petroleum
9.9 Sr. Nts. 09

Call Features
Next Call
Cpn. Freq.- Equity Claw
Date
Price Nxt. Cpn. %/Px Until

Private/ALPNAT

DRILLERS
Grey Wolf
3.75 Cnvrt. Sr. Nts. 23 $6.45
2.51 Cnvrt. Sr. Nts. 24 $6.51
Key Energy Services
8.375 Sr. Nts. 08
6.375 Sr. Nts. 13
Northern Offshore
7.48 Sr. Nts. 04
10 Sr. Nts. 05
Ocean Rig Norway
10.25 Sr. Sec. Nts.-1st Lien 08
Parker Drilling
10.125 Sr. Nts. 09
9.625 Sr. Nts. 13
7.15 Sr. Nts. 10
Pride International
2.5 Cnvrt. Sr. Nts. 07 $16.51
7.375 Sr. Nts. 14
3.25 Cnvrt. Sr. Nts. 33 $25.70

MW
Call

ABP/ABP
6moL+750
ATPG/NA
L+625 Sink
L+1,000 Sink
BTE CN/BTE

50

NA
NA
NA

NA
NA
NA

Greg Imbruce 203/708-5804 gimbruce@jefco.com


2-12/1/05

NA

NA

Now
Now

102.00 4-3/29/05
102.00 4-3/29/05

NA
NA

NA
NA

7/15/07

104.81 2-1/15/05

NA

NA

7/15/08

104.38 2-1/15/05 35/108.8 7/07

12/8/07

105.00 4-3/31/05

11/1/05
4/1/06
8/15/07
6/15/09
1/15/08
12/15/09
1/15/09

104.19
104.06
104.50
103.75
103.88
103.19
103.44

5/15/06

104.95 2-5/15/05 35/109.9 5/05

$125

NR / NR

99.0

9.82%

10.56%

685

4.9

NC

$184
$35

NR / NR
NR / NR

102.0
102.0

8.64%
12.32%

7.29%
10.97%

454
822

0.7
0.7

$180

B3 / B-

106.8

9.02%

7.82%

442

3.5

$193

B3 /*- / CCC+

102.5

8.54%

8.18%

443

4.1

$200

NR / NR

106.6

9.14%

8.35%

460

3.9

$19
$270
$300
$300
$223
$600
$670
CMT CN,CPUXF/CPUXF
$165

Ba3 / BB-

Ba3 / BB-

105.4
107.8
114.5
109.9
108.0
103.4
103.9

7.95%
7.54%
7.86%
6.82%
7.18%
6.16%
6.61%

6.25%
4.76%
-5.69%
-5.83%
6.17%

301
153
-195
-154
244

2.4
1.1
-3.8
-6.2
5.4

B2 / B

110.5

8.96%

5.27%

204

1.2

NC

Private/BELD
75

CPE/CPE
NA

NA

Expired
Expired
35/109.0
35/107.5
35/107.8
35/106.4
35/106.9

8/05
6/07
1/06
12/07
1/07

CHK/CHK
Ba3 / BBBa3 / BBBa3 / BBBa3 / BBBa3 / BB-

50
>P,50

2-5/1/05
2-4/1/05
2-2/15/05
2-6/15/05
2-1/15/05
2-6/15/05
2-1/15/05

[Page 4]

HIGH YIELD RESEARCH


17

18

COAL:
ENERGY/POWER/UTILITIES:
OSV/SHIPPING:
20

22

25

Brett Levy
Greg Imbruce
Raymond Wu
27

28

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

29

30

32

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com
33

34

36

38

39

January 10, 2005

Issuer/issue
Comstock Resources
6.875 Sr. Nts. 12
Denbury Resources
7.5 Sr. Sub. Nts. 13
Encore Acquisition
8.375 Sr. Sub. Nts. 12
6.25 Sr. Sub. Nts. 14
Energy Corp. of Amer.
9.5 Sr. Sub. Nts. 07
Energy Partners
8.75 Sr. Nts. 10
Exco Resources
7.25 Sr. Nts. 11
Forest Oil
8 Sr. Nts. 08
8 Sr. Nts. 11
7.75 Sr. Nts. 14
Harvest Energy Trust
9 Cnvrt. Sr. Sub. Nts. 09 C$14.00
8 Cnvrt. Sr. Sub. Nts. 09 C$16.25
7.875 Sr. Nts. 11
Hilcorp Energy Co.
10.5 Sr. Nts. 10
Houston Exploration Co.
7 Sr. Sub. Nts. 13
KCS Energy
7.125 Sr. Nts. 12
Magnum Hunter Resources
9.6 Sr. Nts. 12
2.49 Cnvrt. Sr. Nts. 23 $12.19
Mission Resources
9.875 Sr. Nts. 11
Newfield Exploration
7.45 Sr. Nts. 07
7.625 Sr. Nts. 11
8.375 Sr. Sub. Nts. 12
6.625 Sr. Sub. Nts. 14
Paramount Resources
7.875 Sr. Nts. 10
8.875 Sr. Nts. 14
Pioneer Natural Resources
8.875 Sr. Nts. 05
8.25 Sr. Nts. 07
6.5 Sr. Nts. 08
9.625 Sr. Nts. 10
5.875 Sr. Sub. Nts. 12
7.5 Sr. Nts. 12
5.875 Sr. Nts. 16
4.75 Cnvrt. Sr. Nts. 21 $25.00
7.2 Sr. Nts. 28
Plains E&P
8.75 Sr. Sub. Nts. 12
7.125 Sr. Nts. 14
Pogo Producing
8.25 Sr. Sub. Nts. 11
Ram Energy
11.5 Sr. Nts. 08
Range Resources
7.375 Sr. Sub. Nts. 13

Notes
CRK/CRK

Amt.
O/S USD
$MM

Yield to Worst
YTW
STW Dur.

MW
Call

Call Features
Next Call
Cpn. Freq.- Equity Claw
Date
Price Nxt. Cpn. %/Px Until

Rating

Price

Current
Yld.

$175

B2 / B

103.5

6.64%

6.07%

232

4.2

3/1/08

103.44 2-3/1/05

35/106.9 3/07

$225

B2 / B

103.2

7.27%

6.86%

312

4.8

4/1/08

103.75 2-4/1/05

35/107.5 4/06

$150
$150

B2 / B
B2 / B

111.3
94.8

7.53%
6.59%

5.03%
7.02%

163
275

2.2
6.7

6/15/07
4/15/09

104.19 2-6/15/05 35/108.4 6/05


103.13 2-4/15/05 35/106.3 4/07

$92

Caa3 / NR

95.3

9.97%

11.87%

864

2.0

Now

101.58 2-5/15/05

$150

B2 / B+

109.0

8.03%

6.43%

303

2.9

8/1/07

104.38 2-2/1/05

$450

B2 / B

107.0

6.78%

5.63%

188

4.1

1/15/07

105.44 2-1/15/05 35/107.3 1/07

$265
$285
$150

Ba3 / BB-

109.3
115.0
108.5

7.32%
6.96%
7.14%

5.02%
5.37%
5.37%

164
162
162

3.0
5.4
2.1

$41
$66
$250

NR / NR
B3 / B-

159.0
NA
101.5

5.66% (10.03%) (1,332)


NA
NA
NA
7.76%
7.55%
380

2.3
NA
4.5

$275

B3 / B

113.8

9.23%

6.58%

318

2.2

9/1/07

105.25 2-3/1/05

$175

B2 / B+

105.3

6.65%

6.00%

225

5.1

6/15/08

103.50 2-6/15/05 35/107.0 6/06

$175

B3 / B-

105.5

6.75%

5.88%

213

4.3

4/1/08

103.56 2-4/1/05

$195
$125

B2 / B+
NR / NR

114.5
113.3

8.38%
2.20%

4.62%
--

123
--

1.9
3.9

$130

Caa2 / CCC

106.3

9.29%

8.37%

462

4.0

Ba2 / BB+

108.0
112.3
111.9
103.9

6.90%
6.79%
7.49%
6.38%

4.33%
5.26%
4.96%
5.98%

94
151
157
225

2.5
4.8
2.3
5.8

113.0
121.3

6.97%
7.32%

4.24%
4.51%

84
76

2.5
3.7

101.7
115.1
106.8
121.9
104.2
113.7
104.0
176.9
114.8

8.73%
2.24%
(12) 0.2
7.17%
2.20%
(119) 2.3
6.09%
4.08%
70 2.6
7.90%
4.82%
107 4.1
5.64%
4.95%
122 4.4
6.59%
5.20%
147 5.6
5.65%
5.41%
113 8.1
2.69% (24.08%) (2,730) 2.1
6.27%
6.01%
119 11.6

Ba2 / BB-

111.8
109.8

7.83%
6.49%

5.29%
5.34%

205
161

2.2
3.8

Ba3 / BB

108.5

7.60%

4.43%

120

1.2

4/15/06

104.13 2-4/15/05

NA

WR / NR

101.8

11.30%

10.81%

741

2.4

2/15/05

111.50 2-2/15/05

Expired

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

DNR/DNR
EAC/EAC
50

Private/ENRGY
Expired

EPL/EPL
35/108.8 8/06

Private/EXCO
FST/FST
Ba3 / BBBa3 / BB-

>P,50
>P,50

Anytime
2-6/15/05
Anytime
2-6/15/05
5/1/07 103.88 2-5/1/05

NA
NA
NA

NA
NA
NA

HVEGF/HRVST
NR / NR

NA NA
5/31/07 105.00 2-5/31/05
NA NA
9/30/07 102.00 2-3/31/05
10/15/08 103.94 2-4/15/05 35/107.9 10/10

Private/HILCRP
35/110.5 9/06

THX/THX
KCS/KCS
35/107.1 4/07

MHR/MHR
Put-08 3moL+0
MSSN/MSSN

3/15/07 104.80 2-3/15/05 35/109.6 3/05


NA NA
12/15/08 100.00 4-3/15/05
4/1/08

104.94 2-4/1/05

35/109.9 4/08

NFX/NFX
$125
$175
$250
$325
POU CN,PAREF/POUCN
$133
$81
PXD/PXD
$136
$32
$350
$64
Put NA EVG
$200
$16
$527
Put-06 EVG
$100
$250
PXP/PXP
$275
$250
PPP/PPP
$200
Private/RAME
$28
RRC/RRC
$200

Ba2 / BB+
Ba3 / BBBa3 / BBB3 / B /*B3 / B /*Baa3 / BBBBaa3 / BBBBaa3 / BBBBaa3 / BBBBaa3 / BBBBaa3 / BBBBaa3 / BBBNR / BBBBaa3 / BBBBa3 / B+

25
>P,50
>P,50

NA NA
Anytime
2-4/15/05
NA NA
Anytime
2-3/1/05
8/15/07 104.19 2-2/15/05 35/108.4 8/05
9/1/09 103.31 2-3/1/05 35/106.6 8/07
11/1/07
7/15/09

NA NA
103.94 2-5/1/05
104.44 2-1/15/05 35/108.9 7/07

25

NA NA
NC
NC
2-4/15/05
NA NA
NC
NC
2-2/15/05
NA NA
Anytime
2-1/15/05
NA NA
Anytime
2-4/1/05
3/15/08 102.94 2-3/15/05 35/105.9 3/07
NA NA
Anytime
2-4/15/05
NA NA
Anytime
2-1/15/05
NA NA
12/20/06 100.00 2-6/15/05
NA NA
Anytime
2-1/15/05

50

35/108.8 7/05
Anytime
2-NA
6/15/09 103.56 2-6/15/05 35/107.1 7/07

20
50
50
20

NA

[Page 5]

HIGH YIELD RESEARCH


17

18

COAL:
ENERGY/POWER/UTILITIES:
OSV/SHIPPING:
20

22

25

Brett Levy
Greg Imbruce
Raymond Wu
27

28

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

29

30

32

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com
33

34

36

38

39

January 10, 2005

Issuer/issue
Stone Energy
8.25 Sr. Sub. Nts. 11
6.75 Sr. Sub. Nts. 14
Swift Energy
7.625 Sr. Nts. 11
9.375 Sr. Sub. Nts. 12
Venoco
8.75 Sr. Nts. 11
Vintage Petroleum
7.875 Sr. Sub. Nts. 11
8.25 Sr. Nts. 12
Western Oil Sands
8.375 Sr. Sec. Nts.-3rd Lien 12
Whiting Petroleum
7.25 Sr. Sub. Nts. 12
XTO Energy
7.5 Sr. Nts. 12
6.25 Sr. Nts. 13
4.9 Sr. Nts. 14
5 Sr. Nts. 15

Notes
SGY/SGY

Amt.
O/S USD
$MM

Yield to Worst
YTW
STW Dur.

MW
Call

Call Features
Next Call
Cpn. Freq.- Equity Claw
Date
Price Nxt. Cpn. %/Px Until

50

12/15/06 104.13 2-6/15/05 Expired


12/15/09 103.38 2-6/15/05 35/106.8 12/07

Rating

Price

Current
Yld.

$200
$200

B2 / B+

108.3
99.0

7.62%
6.82%

5.71%
6.89%

232
260

1.8
7.1

$150
$200

B1 / BBB2 / B

108.0
112.5

7.06%
8.33%

5.90%
5.45%

215
205

4.3
2.0

$150

Caa1 / CCC+

103.0

8.50%

8.10%

435

4.6

B1 / B
Ba3 / BB-

106.3
110.0

7.41%
7.50%

5.81%
5.28%

242
188

1.2
2.1

Ba2 / BB+

116.5

7.19%

5.59%

185

5.5

B2 / B-

104.5

6.94%

6.24%

250

4.3

Baa3 / BBB-

116.5
109.0
99.4
98.7

6.44%
5.73%
4.93%
5.06%

4.78%
4.91%
4.98%
5.16%

105
63
71
89

5.6
6.4
7.1
7.7

B2 / B+

SFY/SFY
103.81 2-1/15/05 35/107.6 7/07
104.69 2-5/1/05 33/109.4 5/05

Private/VENOC
50

12/15/08 104.38 2-6/15/05 35/108.8 12/08

VPI/VPI
$200
$350
WTO CN,WTOIF/WTOCN
$450
WLL/WPETRO
$150
XTO/XTO
$350
$400
$500
$350

Baa3 / BBBBaa3 / BBBBaa3 / BBB-

OIL SERVICES
Bluewater Energy Services
10.25 Sr. Nts. 12
Brand Services
12 Sr. Nts. 12
CHC Helicopter
7.375 Sr. Sub. Nts. 14
Comp. Gen. de Geophysique
10.625 Sr. Nts. 07
Dresser Inc.
9.375 Sr. Sub. Nts. 11
Dresser-Rand Group Inc.
7.375 Sr. Sub. Nts. 14
Grant Prideco
9.625 Sr. Nts. 07
9 Sr. Nts. 09
Hanover Compressor
0 Sr. Sub. Nts. 07
4.75 Cnvrt. Sr. Nts. 08 $43.94
8.5 Sr. Sec. Nts.-2nd Lien 08
8.625 Sr. Sub. Nts. 10
8.75 Sr. Sec. Nts.-2nd Lien 11
4.75 Cnvrt. Sr. Nts. 14 $15.00
9 Sr. Nts. 14
Lone Star Technologies
9 Sr. Sub. Nts. 11
McDermott Inc.
7.84 Sr. Nts. 05
8.75 Sr. Nts. 23
J Ray McDermott
11 Sr. Sec. Nts.-2nd Lien 13
MSW Energy Holdings LLC
7.375 Sr. Nts. 10
8.5 Sr. Sec. Nts.-2nd Lien 10
Newpark Resources
8.625 Sr. Sub. Nts. 07
North American Energy Ptnrs.
8.75 Sr. Nts. 11

7/15/08
5/1/07

5/15/06
5/1/07
0

Anytime
5/1/08

50
50
15
15

103.94 2-5/15/05 Expired


104.13 2-5/1/05 35/108.3 5/05
2-5/1/05
103.63 2-5/1/05

Anytime
Anytime
Anytime
Anytime

2-4/15/05
2-4/15/05
2-2/1/05
2-1/31/05

NA

NA

35/107.3 5/07
NA
NA
NA
NA

NA
NA
NA
NA

Greg Imbruce 203/708-5804 gimbruce@jefco.com


Private/BLUWAT
105.13 2-2/15/05 35/110.3 2/05

$335

B1 / B

110.0

9.32%

7.31%

392

1.8

2/15/07

$150

B3 / CCC+

112.5

10.67%

8.75%

536

2.3

10/15/07 106.00 2-4/15/05

$250

B2 / B

105.3

7.01%

6.46%

271

5.6

$225

Ba3 /*- / BB

105.5

10.07%

6.86%

419

0.8

$550

B2 / B

109.1

8.59%

5.40%

217

$420

B3 / B-

102.4

7.20%

6.97%

$200
$175

Ba3 / BB-

112.0
111.3

8.59%
8.09%

$263
$192
$300
$200
$250
$144
$200

Caa1 / B-

B3 / B

86.5
96.0
106.8
109.5
109.0
123.8
111.0

$150

B3 / B-

$10
$50

B3 / CCC

Private/BRAND
NA 10/05

FLY/A CN,FLI/FLYA
35/107.4 5/07

5/1/09

103.69 2-5/1/05

Now

105.31 2-5/15/05

Expired

1.2

4/15/06

104.69 2-4/15/05

Expired

270

5.8

11/1/09

103.69 2-5/1/05

5.09%
5.04%

169
164

2.5
1.8

-4.95%
7.96%
7.88%
8.03%
3.84%
8.11%

NA
6.15%
4.25%
6.34%
5.50%
1.58%
6.94%

NA
277
157
259
210
(271)
320

NA
2.8
0.6
3.3
1.5
6.7
3.6

107.5

8.37%

6.40%

300

1.3

6/1/06

104.50 2-6/1/05

B3 / CCC

100.9
92.0

7.77%
9.51%

3.84%
9.69%

145
540

0.2
8.5

NC
Now

NC
2-4/4/05
103.94 2-5/15/05

$200

Caa1 / CCC+

111.8

9.84%

8.61%

486

3.2

$225
$200

Ba2 / BBBa1 / BB

105.0
109.5

7.02%
7.76%

6.12%
6.05%

237
265

3.8
2.3

$125

B2 / B

101.8

8.48%

4.20%

184

$200

B2 / B

102.0

8.58%

8.24%

451

GGY/GGY
50

Private/DRESSR
Private/DRRAND
35/107.4 11/07

GRP/GRP
Ba3 / BB-

>P,50

Anytime
2-6/1/05
12/15/06 104.50 2-6/15/05

NA
NA

NA
NA

HC/HC
B3 / B
B2 / B+
B3 / B
B2 / B+
B3 / B

50

3/31/06
Now
9/1/05
12/15/07
9/1/06
1/15/13
6/1/09

102.50
102.71
104.25
104.31
104.38
100.00
104.50

NA NA
-1/0/00
NA NA
2-3/15/05
2-3/1/05 Expired
2-6/15/05 35/108.6 12/06
2-3/1/05 Expired
NA NA
2-1/15/05
2-6/1/05 35/109.0 6/07

LSS/LSS
Expired

MDR/MDR
NA
NA

NA
NA

12/15/08 105.50 2-6/15/05 35/111.0 12/06

Private/MSWENE
9/1/07
9/1/07

103.69 2-3/1/05
104.25 2-3/1/05

0.1

Now

101.44 2-6/15/05

3.9

12/1/07

104.38 2-6/1/05

50

35/107.4 9/06
35/108.5 9/06

NR/NR
Expired

Private/NAEPI
35/108.8 12/06

[Page 6]

HIGH YIELD RESEARCH


17

18

COAL:
ENERGY/POWER/UTILITIES:
OSV/SHIPPING:
20

22

25

Brett Levy
Greg Imbruce
Raymond Wu
27

28

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

29

30

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

32

33

34

36

38

39

January 10, 2005

Issuer/issue
Offshore Logistics
6.125 Sr. Nts. 13
Petroleum Geo-Services
8 Sr. Nts. 06
10 Sr. Nts. 10
Petroleum Helicopters
9.375 Sr. Nts. 09
Seitel
11.75 Sr. Nts. 11
Shaw Group
10.75 Sr. Nts. 10
Superior Energy Service
8.875 Sr. Nts. 11
Transmontaigne Inc.
9.125 Sr. Sub. Nts. 10
Universal Compression
7.25 Sr. Nts. 10
Veritas DGC
1.74 Cnvrt. Sr. Nts. 24 $24.03
Wolverine Tube
7.375 Sr. Nts. 08
10.5 Sr. Nts. 09

Notes
OLG/OLG

Amt.
O/S USD
$MM

Yield to Worst
YTW
STW Dur.

Rating

Price

$230

Ba2 / BB+

101.5

6.03%

5.84%

211

5.2

6/15/08

103.06 2-6/15/05 35/106.1 6/06

$250
$746

NR / NR
NR / NR

102.5
113.8

7.80%
8.79%

1.05%
6.25%

(131)
287

0.1
2.5

Now
11/5/07

102.00 2-6/30/05
105.00 2-6/30/05

NA
NA

$200

B1 / BB-

108.0

8.68%

6.36%

313

1.2

5/1/06

104.69 2-5/1/05

35/109.4 5/05

$193

B3 / B-

107.3

10.96%

10.20%

645

4.3

NC

$253

Ba3 / B+

112.0

9.60%

7.02%

364

1.9

3/15/07

105.38 2-3/15/05 35/110.8 3/06

$200

B1 / BB-

109.3

8.12%

4.89%

165

1.2

5/15/06

104.44 2-5/15/05

$200

B3 / B /*

109.4

8.34%

6.57%

320

2.1

6/1/07

104.56 2-6/1/05

$175

Ba3 / B

107.0

6.78%

5.41%

202

3.7

5/15/07

103.63 2-5/15/05 35/107.3 5/06

$155

NR / NR

116.4

1.49%

NA

NA

4.2

3/20/09

100.00 4-3/15/05

$150
$120

B3 / B+

98.8
108.3

7.47%
9.70%

7.78%
7.46%

439
423

3.0
1.1

PGEOY/PGSNO
NA
NA

PHEL/PHEL
SELA/SELA
NC

2-1/15/05 35/111.8 7/07

SGR/SGR
SPN/SPN
Expired

TMG/TMG
50

35/109.1 6/07

UCO/UCO
VTS/VTS
Put-09 3moL-75
WLV/WLV

B3 / B+

POWER & UTILITIES


Aquila Inc.
14.875 Sr. Nts. 12
AES Corp.
AES China Generating Co.
8.25 Sr. Nts. 10
AES Chivor
9.75 Sr. Nts. 14
AES Ironwood LLC
8.857 Sr. Sec. Nts.-2nd Lien 25
AES Red Oak LLC
8.54 Sr. Sec. Nts.-2nd Lien 19
9.2 Sr. Sec. Nts.-2nd Lien 29
Calpine Corp.
9.625 Sr. Sec. Nts.-1st Lien 14
7.82 Sr. Sec. Nts.-2nd Lien 07
8.5 Sr. Sec. Nts.-2nd Lien 10
8.25 Sr. Nts. 05
7.625 Sr. Nts. 06
10.5 Sr. Nts. 06
8.5 Sr. Nts. 08
8.625 Sr. Nts. 10
8.5 Sr. Nts. 11
Tiverton/Rumford Power
9 Pass Thru Certs. 18
S.Point/Broad River/RockGen
8.4 Pass Thru Certs. 12
9.825 Pass Thru Certs. 19

MW
Call

Call Features
Next Call
Cpn. Freq.- Equity Claw
Date
Price Nxt. Cpn. %/Px Until

Current
Yld.

25

Anytime
2-2/1/05
4/1/06 105.25 2-4/1/05

NA

NA

NA NA
35/110.5 4/05

Greg Imbruce 203/708-5804 gimbruce@jefco.com


ILA/ILA
$500

B2 / B-

139.5

10.66%

7.79%

405

5.0

$175

B2 / B+

97.7

8.45%

8.80%

505

4.3

$170

B1 / B

113.0

8.63%

7.84%

355

6.5

$295

B2 / B+

113.5

7.80%

NA

NA

$210
$160

B2 / B+

112.5
112.5

7.59%
8.18%

NA
7.99%

NA
383

$785
$494
$1,150
$250
$250
$180
$2,030
$750
$1,991

NR / B+

Caa1 / CCC+

101.5
92.0
82.0
102.1
96.9
100.0
75.0
72.5
72.0

9.48%
8.50%
10.37%
8.08%
7.87%
10.50%
11.33%
11.89%
11.81%

9.34%
14.33%
13.20%
4.65%
10.33%
10.32%
19.03%
16.30%
15.83%

561
1,127
947
199
766
766
1,566
1,255
1,210

50

Anytime

2-7/1/05

NA

NA

AES/AES
AES/CHGNF
6/26/06

103.50 2-6/26/05

NA

NA

Anytime

2-6/30/05

NA

NA

NA >P,50

Anytime

4-2/28/05

NA

NA

NA
9.3

Anytime
Anytime

4-2/28/05
4-2/28/05

NA
NA

NA
NA

AES/CHIVOR
AES/AESIRN
Sink
AES/AESRED
Sink
Sink
CPN/CPN
Sink 3moL+575

B2 / B+

NR / B
NR / B
Caa1 / CCC+
Caa1 / CCC+
Caa1 / CCC+
Caa1 / CCC+
Caa1 / CCC+

75

50
50

5.2
100
10/1/09
1.5
7/15/05
3.9
100
7/15/07
0.6 37.5 Anytime
1.1
NC
0.1
Now
2.6 >P,37.5 Anytime
3.8 >P,37.5 Anytime
4.1 >P,37.5 Anytime

104.81 2-4/1/05 35/109.6 10/09


103.00 4-1/18/05 35/Cpn 7/05
104.25 2-1/15/05 35/108.5 7/06
NA NA
2-2/15/05
NA NA
NC
2-4/15/05
100.00 2-5/15/05 Expired
NA NA
2-5/1/05
NA NA
2-2/15/05
NA NA
2-2/15/05

Sink

$364

B3 / B

82.0

10.98%

13.66%

793

3.9

50

Anytime

2-1/15/05

NA

NA

Sink

$281
$200

B2 / B

94.5
84.0

8.89%
11.70%

10.04%
12.21%

605
792

3.5
6.9

50
50

Anytime
Anytime

2-5/30/05
2-5/30/05

NA
NA

NA
NA

B2 / B

[Page 7]

HIGH YIELD RESEARCH


17

18

COAL:
ENERGY/POWER/UTILITIES:
OSV/SHIPPING:
20

22

25

Brett Levy
Greg Imbruce
Raymond Wu
27

28

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

29

30

32

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com
33

34

36

38

39

January 10, 2005


Amt.
O/S USD
$MM

Issuer/issue
Notes
Rating
Dynegy Inc.
DYN/DYN
Caa2 / CCC+
4.75 Cnvrt. Sr. Sub. Nts. 23 $4.12
Put-13
$225
Dynegy Holdings Inc.
B3 / B8.02 Sr. Sec. Nts.-2nd Lien 08
3moL+650
$225
B3 / B9.875 Sr. Sec. Nts.-2nd Lien 10
$625
B3 / B10.125 Sr. Sec. Nts.-2nd Lien 13
$900
Caa2 / CCC+
8.125 Sr. Nts. 05
$18
Caa2 / CCC+
7.45 Sr. Nts. 06
$20
Caa2 / CCC+
6.875 Sr. Nts. 11
$500
Caa2 / CCC+
8.75 Sr. Nts. 12
$500
Dynegy-Roseton Danska (Non-Recourse)
Caa2 / B
7.27 Pass Thru Certs. 10
Sink
$250
Caa2 / B
7.67 Pass Thru Certs. 16
Sink
$550
Sithe Independence (Non-Recourse)(Expected to Close YE)
8.5 Sr. Nts. 07
Sink
$91 Ba1 /*- / BBB- /*9 Sr. Nts. 13
Sink
$409 Ba1 /*- / BBB- /*Edison International
EIX/EIX
Mission Energy Holding
B3 / CCC /*+
13.5 Sr. Sec. Nts.-2nd Lien 08
$800
Edison Mission Energy
B1 / B /*+
7.73 Sr. Nts. 09
$600
B1 / B /*+
10 Sr. Nts. 08
$400
Ba3 / B /*+
7.33 Sr. Nts. 08
Sink
$139
B1 / B /*+
9.875 Sr. Nts. 11
$600
Edison Mission Hldgs. (Homer City)
WR / BB /*+
8.137 Sr. Nts. 19
Sink
$294
WR / BB /*+
8.734 Sr. Nts. 26
Sink
$529
Midwest Generation
B1 / B /*+
8.3 Pass Thru Certs. 09
Sink
$334
B1 / B /*+
8.56 Pass Thru Certs. 16
Sink
$814
B1 / B- /*+
8.75 Sr. Sec. Nts.-2nd Lien 34
Put-14
$1,000
Paiton Energy Funding BV
B2 / B9.34 Sr. Nts. 14
Sink
$180
El Paso Corp.
EP/EP
Caa1 / CCC+
6.75 Sr. Nts. 09
$500
Caa1 / CCC+
7.875 Sr. Nts. 12
$500
Caa1 / CCC+
7.375 Sr. Nts. 12
$300
Caa1 / CCC+
7.75 Sr. Nts. 32
$1,100
Cedar Brakes I LLC (Non-Recourse)
8.5 Sr. Sec. Nts.-2nd Lien 14
Sink
$286 Caa1 /*+ / CCC+ /*+
Cedar Brakes II LLC (Non-Recourse)
9.875 Sr. Sec. Nts.-2nd Lien 13
Sink
$380 Caa1 /*+ / CCC+ /*+
Coastal
Caa1 / CCC+
6.5 Sr. Nts. 06
$200
Caa1 / CCC+
6.375 Sr. Nts. 09
$200
Caa1 / CCC+
7.75 Sr. Nts. 10
$400
El Paso Production Hldg.
B3 / B7.75 Sr. Nts. 13
$1,200
El Paso Natural Gas
B1 / B7.625 Sr. Nts. 10
$355
B1 / B8.625 Sr. Nts. 22
$260
B1 / B7.5 Sr. Nts. 26
$200
B1 / B8.375 Sr. Nts. 32
$300
Sonat Inc.
Caa1 / CCC+
6.875 Sr. Nts. 05
$200
Caa1 / CCC+
6.75 Sr. Nts. 07
$100
Caa1 / CCC+
6.625 Sr. Nts. 08
$100
Caa1 / CCC+
7.625 Sr. Nts. 11
$600
Caa1 / CCC+
7 Sr. Nts. 18
$100

Yield to Worst
YTW
STW Dur.

MW
Call

Call Features
Next Call
Cpn. Freq.- Equity Claw
Date
Price Nxt. Cpn. %/Px Until

Price

Current
Yld.

138.5

3.43%

(1.76%)

(551)

5.1

8/20/10

108.5
110.5
113.4
100.3
96.5
94.3
102.9

7.39%
8.94%
8.93%
8.10%
7.72%
7.29%
8.51%

5.28%
7.06%
7.05%
6.53%
10.02%
8.07%
8.21%

222
367
330
409
679
433
447

1.5
2.1
2.8
0.2
1.3
4.8
5.1

>P,25
>P,25
>P,25
>P,50

7/15/06 103.00 2-1/18/05 +650 7/06 7/06


7/15/07 104.94 2-1/15/05 35/109.9 7/06
NA 7/06
7/15/08 105.06 2-1/15/05
NA NA
Anytime
2-3/15/05
NA NA
Anytime
2-1/15/05
NA NA
Anytime
2-4/1/05
NA NA
Anytime
2-2/15/05

101.0
95.0

7.20%
8.07%

6.99%
8.46%

366
405

3.5
6.3

50
50

NA
116.9

NA
7.70%

NA
5.74%

NA
274

NA
4.9

122.0

11.07%

6.39%

301

2.7

107.5
113.2
106.3
117.8

7.19%
8.83%
6.90%
8.39%

5.78%
5.85%
3.01%
6.38%

113.4
123.1

7.18%
7.10%

104.9
113.5
112.4

100.00 2-2/15/05

NA

NA

2-5/8/05
2-5/8/05

NA
NA

NA
NA

2-6/30/05
2-6/30/05

NA
NA

NA
NA

Anytime

2-1/15/05

NA

NA

205
248
219
265

3.7 >P,37.5 Anytime


2.9 >P,75 Anytime
1.4
35
Anytime
4.7 >P,75 Anytime

2-6/15/05
2-2/15/05
2-3/15/05
2-4/15/05

NA
NA
NA
NA

NA
NA
NA
NA

5.98%
6.25%

296
243

5.9
8.7

50
50

Anytime
Anytime

2-4/1/05
2-4/1/05

NA
NA

NA
NA

7.91%
7.54%
7.79%

6.60%
5.97%
6.32%

363
306
258

2.8
5.0
3.6

50
50

Anytime
2-7/2/05
Anytime
2-7/2/05
5/1/09 104.38 2-5/1/05

104.8

8.91%

8.46%

493

4.8

75

Anytime

4-2/15/05

NA

NA

100.0
104.5
101.5
96.6

6.75%
7.54%
7.27%
8.02%

6.75%
7.08%
7.12%
8.06%

301 3.7
333 5.6
339 5.9
379 10.6

>P,25
50
25
25

Anytime
Anytime
Anytime
Anytime

2-5/15/05
2-6/15/05
2-6/15/05
2-1/15/05

NA
NA
NA
NA

NA
NA
NA
NA

115.0

7.39%

5.17%

256

4.2

50

Anytime

2-2/15/05

NA

NA

116.0

8.51%

5.81%

359

3.8

50

Anytime

2-3/1/05

NA

NA

103.8
98.8
103.8

6.27%
6.46%
7.47%

3.60%
6.73%
6.91%

36
335
316

1.3
3.4
4.4

NC
NC
NC

2-5/15/05
2-2/1/05
2-6/15/05

NA
NA
NA

NA
NA
NA

104.5

7.42%

6.87%

313

5.0

6/1/08

109.9
114.8
103.8
111.3

6.94%
7.52%
7.23%
7.53%

4.88%
7.12%
7.16%
7.41%

150 2.3
283 9.1
287 10.7
258 11.4

101.1
104.8
101.3
102.0
93.3

6.80%
6.44%
6.54%
7.48%
7.51%

3.85%
4.86%
6.17%
7.23%
7.84%

117
146
277
350
355

Anytime
Anytime
NC
NC

>P,50

75

50

NC
NC

NC
NC
NC

103.88 2-6/1/05

8/1/07 103.81 2-2/1/05


NC
NC
2-1/15/05
NC
NC
2-5/15/05
Anytime
2-6/15/05

0.4
NC
2.4
NC
2.7
10
Anytime
4.9 >P,+25 Anytime
8.0
20
Anytime

NC
NC

2-6/1/05
2-4/1/05
2-2/1/05
2-1/15/05
2-2/1/05

NA NA
NA NA
35/108.8 5/07

35/107.8 6/06
NA
NA
NA
NA

NA
NA
NA
NA

NA
NA
NA
NA
NA

NA
NA
NA
NA
NA

[Page 8]

HIGH YIELD RESEARCH


17

18

COAL:
ENERGY/POWER/UTILITIES:
OSV/SHIPPING:
20

22

25

Brett Levy
Greg Imbruce
Raymond Wu
27

28

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

29

30

32

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com
33

34

36

38

39

January 10, 2005

Issuer/issue
Enterprise Products Partners
8.25 Sr. Nts. 05
4 Sr. Nts. 07
4.625 Sr. Nts. 09
7.5 Sr. Nts. 11
6.375 Sr. Nts. 13
5.6 Sr. Nts. 14
6.875 Sr. Nts. 33
6.65 Sr. Nts. 34
MarkWest Energy Partners
6.875 Sr. Nts. 14
Mirant
Mirant Corp.
7.4 Sr. Nts. 04
5.75 Cnvrt. Sr. Nts. 07 (Px=$7.58)
7.9 Sr. Nts. 09
2.5 Cnvrt. Sr. Nts. 21 (Px=$67.95)
Mirant Americas Generation (MAGI)
7.625 Sr. Nts. 06
7.2 Sr. Nts. 08
8.3 Sr. Nts. 11
8.5 Sr. Nts. 21
9.125 Sr. Nts. 31
Mirant Mid-Atlantic
8.625 Pass Thru Certs. 12
9.125 Pass Thru Certs. 17
10.06 Pass Thru Certs. 28
NRG Energy
8 Sr. Sec. Nts.-2nd Lien 13
Pacific Energy Ptnrs. LP
7.125 Sr. Nts. 14
Reliant Energy
9.25 Sr. Sec. Nts.-2nd Lien 10
9.5 Sr. Sec. Nts.-2nd Lien 13
6.75 Sr. Sec. Nts.-2nd Lien 14
Orion Power Holdings Inc.
12 Sr. Nts. 10
TECO Energy
6.125 Sr. Nts. 07
10.5 Sr. Nts. 07
7.5 Sr. Nts. 10
7.2 Sr. Nts. 11
7 Sr. Nts. 12
Texas Genco
6.875 Sr. Nts. 14
Williams Companies
7.125 Sr. Nts. 11
8.125 Sr. Nts. 12
7.5 Sr. Nts. 31
7.75 Sr. Nts. 31
8.75 Sr. Nts. 32
Northwest Pipeline Corp.
8.125 Sr. Nts. 10
Transcontinental Gas Pipe Corp.
7 Sr. Nts. 11
8.875 Sr. Nts. 12

Notes
EPD/EPD

Amt.
O/S USD
$MM
$350
$500
$500
$450
$350
$650
$500
$350

Yield to Worst
YTW
STW Dur.

Rating

Price

Current
Yld.

Baa3 / BB+

Baa3 / BB+

100.3
99.7
99.5
113.0
106.9
100.2
107.0
103.4

8.22%
4.01%
4.65%
6.63%
5.97%
5.59%
6.42%
6.43%

6.29%
4.11%
4.74%
4.98%
5.31%
5.58%
6.34%
6.39%

386 0.2
72 2.6
99 4.2
124 4.8
104 6.1
129 7.3
152 12.6
156 12.9

B1 / B+

101.4

6.78%

6.64%

237

DFLT
NA
NA
DFLT 19.02% 1,579
DFLT 15.40% 1,200
DFLT 27.19% 2,396

Baa3 / BB+
Baa3 / BB+
Baa3 / BB+
Baa3 / BB+
Baa3 / BB+
Baa3 / BB+

MW
Call

Call Features
Next Call
Cpn. Freq.- Equity Claw
Date
Price Nxt. Cpn. %/Px Until
2-3/15/05
2-4/15/05
2-4/15/05
2-2/1/05
2-2/1/05
2-4/15/05
2-3/1/05
2-4/15/05

NA
NA
NA
NA
NA
NA
NA
NA

NA
NA
NA
NA
NA
NA
NA
NA

>P,25
20
25
>P,30
>P,30
30
>P,35
30

Anytime
Anytime
Anytime
Anytime
Anytime
Anytime
Anytime
Anytime

5.9

50

11/1/09

NA
2.1
3.5
1.2

25

Anytime
2-7/15/04
7/20/05 100.00 2-1/15/05
Anytime
2-1/15/05
6/18/06 100.00 2-6/15/05

NA
NA
NA
NA

NA
NA
NA
NA

MWE/MWE
$225
MIRKQ/MIRKQ

Put-06

$200
$370
$500
$750

35/106.9 11/07

WR / NR
WR / NR
WR / NR
Ca / NR

74.5
74.5
76.3
71.5

35

111.4
109.5
109.5
108.0
107.5

DFLT
DFLT
DFLT
DFLT
DFLT

(2.66%)
3.98%
6.00%
7.47%
8.18%

(588) 1.3
58 3.3
227 5.1
319 9.4
390 10.8

25
25
25
37
37.5

Anytime
Anytime
Anytime
Anytime
Anytime

2-5/1/05
2-4/1/05
2-5/1/05
2-4/1/05
2-5/1/05

NA
NA
NA
NA
NA

NA
NA
NA
NA
NA

B3 / NR

112.4
122.3
128.0

DFLT
DFLT
DFLT

5.90%
6.08%
7.20%

215 5.8
179 8.3
237 11.0

50
50
50

Anytime
Anytime
Anytime

2-6/30/05
2-6/30/05
2-6/30/05

NA
NA
NA

NA
NA
NA

B1 / B

108.8

7.36%

6.36%

261

3.3

12/15/08 104.00 2-6/15/05

NA

NA

$250

Ba2 / BB /*-

105.0

6.79%

6.27%

254

5.7

6/15/09

$550
$550
$750

B1 / B+
B1 / B+

109.0
111.0
98.1

8.49%
8.56%
6.88%

6.89%
7.12%
7.02%

351
338
274

3.5
2.9
7.1

7/15/07 104.63 2-1/15/05 35/109.3 7/06


7/15/08 104.75 2-1/15/05 35/109.5 7/06
12/15/09 103.38 2-6/15/05 35/106.8 12/07

$400

B2 / B

125.5

9.56%

6.26%

252

4.0

$300
$380
$300
$600
$400

Ba2 / BB

Ba2 / BB

99.5
116.0
111.5
108.3
108.2

6.16%
9.05%
6.73%
6.65%
6.47%

6.36%
4.51%
5.05%
5.62%
5.62%

313
113
131
189
188

2.1
2.5
4.5
5.0
5.7

25
>P,50
50
>P,25
25

$1,125

B1 / B

103.8

6.63%

6.27%

198

6.0

50

$750
$648
$696
$480
$850

B1 / B+

B1 / B+

108.8
115.0
104.6
105.9
115.5

6.55%
7.07%
7.17%
7.32%
7.58%

5.53%
5.56%
7.11%
7.25%
7.42%

179 5.2
182 5.4
229 11.3
243 11.5
260 11.0

$175

Ba2 / B+

110.8

7.34%

4.60%

121

$300
$325

Ba2 / B+

110.3
122.5

6.35%
7.24%

5.14%
5.21%

140
146

$500
$300
$850
$450
$400
Sink
Sink
Sink
NRG/NRG

103.44 2-5/1/05

DEFAULT

$299
$389
$326
$1,725

WR / NR
Caa3 / NR
WR / NR
WR / NR
WR / NR
B3 / NR
B3 / NR

PPX/PPX
103.56 2-6/15/05 35/107.1 6/07

RRI/RRI
B1 / B+

NC

NC

2-5/1/05

35/112.0 6/07

2-5/1/05
2-6/1/05
2-6/15/05
2-5/1/05
2-5/1/05

NA
NA
NA
NA
NA

TE/TE
Ba2 / BB
Ba2 / BB
Ba2 / BB

Anytime
Anytime
Anytime
Anytime
Anytime

NA
NA
NA
NA
NA

Private/TGN
12/15/09 103.44 2-6/15/05 40/106.9 12/09

WMB/WMB
B1 / B+
B1 / B+
B1 / B+

Ba2 / B+

>P,25
>P,37
>P,30
>P,30
>P,37

Anytime
Anytime
Anytime
Anytime
Anytime

1.9

50

3/1/07

5.2
5.5

>P,25
>P,50

Anytime
Anytime

2-3/1/05
2-3/15/05
2-1/15/05
2-6/15/05
2-3/15/05
104.06 2-3/1/05
2-2/15/05
2-1/15/05

NA
NA
NA
NA
NA

NA
NA
NA
NA
NA

NA 3/06
NA
NA

NA
NA

[Page 9]

HIGH YIELD RESEARCH


17

18

COAL:
ENERGY/POWER/UTILITIES:
OSV/SHIPPING:
20

22

25

Brett Levy
Greg Imbruce
Raymond Wu
27

28

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

29

30

32

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com
33

34

36

38

39

January 10, 2005

Issuer/issue

Notes

Amt.
O/S USD
$MM

Rating

Price

Current
Yld.

Yield to Worst
YTW
STW Dur.

PROPANE
Amerigas Partners
10 Sr. Nts. 06
8.875 Sr. Nts. 11
Aventine Renewable Energy
8.50125 Sr. Sec. Nts.-1st Lien 11
Ferrellgas Partners
6.75 Sr. Nts. 14
8.75 Sr. Nts. 12
Star Gas Partners
10.25 Sr. Nts. 13
Suburban Propane
6.875 Sr. Nts. 13

Call Features
Next Call
Cpn. Freq.- Equity Claw
Date
Price Nxt. Cpn. %/Px Until

Greg Imbruce 203/708-5804 gimbruce@jefco.com


APU/APU

FGP/FGP
3moL+600
Private/AVNTIN

$60
$388

B2 / BB-

107.0
108.5

9.35%
8.18%

4.20%
5.46%

152
223

1.2
1.3

NC
5/20/06

NC
2-4/15/05
104.44 2-5/20/05

NA
Expired

NA

B2 / BB-

$160

B3 / CCC+

101.0

8.42%

8.32%

459

4.9

12/15/06 103.00 4-3/15/05

NA

NA

$250
$268

Ba3 / BBB2 / B

101.4
108.0

6.66%
8.10%

6.51%
6.80%

278
306

5.6
2.2

5/1/09
6/15/07

103.38 2-5/1/05 35/106.8 5/07


104.38 2-6/15/05 35/108.8 6/05

$265

Caa3 /* / CCC /*-

109.3

9.38%

8.25%

450

3.2

2/15/08

105.13 2-2/15/05 35/110.3 2/06

$175

B1 / B

102.4

6.72%

6.44%

271

5.4

12/15/08 103.44 2-6/15/05 35/106.9 12/06

SGU/SGU
SPH/SPH

REFINING & MARKETING


Citgo Petroleum
7.875 Sr. Nts. 06
6 Sr. Nts. 11
Crown Central Petroleum
10.875 Sr. Nts. 05
Frontier Oil
6.625 Sr. Nts. 11
Giant Industries
11 Sr. Sub. Nts. 12
8 Sr. Sub. Nts. 14
Petro Stopping Centers
9 Sr. Sec. Nts.-2nd Lien 12
Premcor Refining Group
9.25 Sr. Nts. 10
6.75 Sr. Nts. 11
6.125 Sr. Nts. 11
7.75 Sr. Sub. Nts. 12
9.5 Sr. Nts. 13
6.75 Sr. Nts. 14
7.5 Sr. Nts. 15
Tesoro Petroleum
8 Sr. Sec. Nts.-2nd Lien 08
9.625 Sr. Sub. Nts. 08
9.625 Sr. Sub. Nts. 12
United Refining
10.5 Sr. Nts. 12

MW
Call

Greg Imbruce 203/708-5804 gimbruce@jefco.com


Private/CITPET
$200
$250

Ba2 / BB
Ba2 / BB

104.8
100.5

7.52%
5.97%

4.18%
5.90%

94
216

1.3
4.7

$125

Ca / NR

96.0

11.33%

117.8%

9,235

0.0

$150

B1 / B+

101.8

6.51%

6.25%

250

4.6

$149
$150

B3 / BB3 / B-

114.3
105.0

9.63%
7.62%

6.53%
7.11%

314
338

2.0
5.5

$225

B3 / B-

105.5

8.53%

7.67%

392

$175
$210
$200
$175
$350
$200
$300

Ba3 / BB-

112.3
106.8
104.0
112.5
115.3
105.5
106.8

8.24%
6.32%
5.89%
6.89%
8.24%
6.40%
7.03%

5.05%
5.43%
5.37%
4.51%
5.45%
5.81%
6.21%

$375
$215
$450

Ba2 / BBBB2 / BB-

108.0
108.8
113.5

7.41%
8.85%
8.48%

$200

B3 / B-

105.5

9.95%

50

NA NA
NC
NC
2-5/15/05
10/15/08 103.00 2-4/15/05 35/106.0 10/07

Private/ROSEMO
NA

NA

Anytime

2-2/1/05

75

10/1/07

103.31 2-4/1/05

>P,50

5/15/07
5/15/09

105.50 2-5/15/05 35/111.0 5/05


104.00 2-5/15/05 35/108.0 5/07

3.9

2/15/08

104.50 2-2/15/05 35/109.0 2/07

165
168
162
78
206
206
246

1.8
4.8
5.1
2.7
2.6
5.7
5.1

2/1/07
NC
NC
2/1/08
2/1/08
5/1/09
6/15/08

104.63
NC
NC
103.88
104.75
103.38
103.75

4.23%
4.32%
5.17%

101
165
179

2.0
0.8
2.0

4/15/06
11/1/05
4/1/07

104.00 2-4/15/05 35/108.0 4/06


104.81 2-5/1/05 Expired
104.81 2-4/1/05 35/109.4 4/05

9.21%

547

4.0

8/15/08

105.25 2-2/15/05

FTO/FTO
35/106.6 10/07

GI/GI

Private/PETROS
PCO/PREMCO
Ba3 / BBBa3 / BBB2 / B
Ba3 / BBBa3 / BBBa3 / BB-

2-2/1/05
2-2/1/05
2-5/1/05
2-2/1/05
2-2/1/05
2-5/1/05
2-6/15/05

35/109.3
NA
NA
35/107.8
35/109.5
35/106.8
35/107.5

2/06
NA
NA
2/06
2/06
5/07
6/06

TSO/TSO
B2 / BB-

Private/UNITED
50

NA

NA

[Page 10]

HIGH YIELD RESEARCH


17

18

COAL:
ENERGY/POWER/UTILITIES:
OSV/SHIPPING:
20

22

25

Brett Levy
Greg Imbruce
Raymond Wu
27

28

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

29

30

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

32

33

34

36

38

39

January 10, 2005

Issuer/issue

Notes

Amt.
O/S USD
$MM

Rating

Price

Current
Yld.

Yield to Worst
YTW
STW Dur.

MW
Call

SHIPPING
American Commercial Lines
11.25 Sr. Nts. 08
12 Sr. Sub. Nts. 08
CP Ships Limited
10.375 Sr. Nts. 12
Great Lakes Dredge
7.75 Sr. Sub. Nts. 13
Horizon Lines LLC
9 Sr. Nts. 12
Intl. Shipholding
7.75 Sr. Nts. 07
Oglebay Norton
10 Sr. Sub. Nts. 09
Sea Containers
10.75 Sr. Nts. 06
13 Sr. Nts. 06
7.875 Sr. Nts. 08
12.5 Sr. Nts. 09
10.5 Sr. Nts. 12
Ship Finance Intl. Ltd.
8.5 Sr. Nts. 13
Stena AB
9.625 Sr. Nts. 12
7.5 Sr. Nts. 13

Ray Wu 203/708-5807 rwu@jefco.com


Private/VECTUR
PIK
TEU/TEUCN

DEFAULT

Now
Now

WR / NR

141.0
0.1

DFLT
DFLT

-NA

-NA

-NA

$200

Ba3 / BB+

114.0

9.10%

6.20%

280

2.1

$175

Caa2 /*- / CCC

91.3

8.49%

9.21%

547

6.2

12/15/08 103.88 2-6/15/05 35/107.8 12/06

$250

B3 / CCC+

107.3

8.39%

7.43%

369

4.4

11/1/08

$73

B1 / B-

99.6

7.78%

7.90%

450

2.4

NC

$100

WR / NR

72.5

13.79%

22.44%

1,907

2.8

Now

B3 / B

10.39% (0.46%) (282)


12.50%
4.19%
152
7.71% (15.74%) (1,809)
11.31% (9.13%) (1,180)
9.79%
8.77%
503

0.1
0.5
0.1
0.5
4.0

Now
7/1/05
Now
7/1/05
5/15/08

7/15/07

105.19 2-1/15/05 35/110.4 7/05

Private/GREATL
Private/CARGRO
104.50 2-5/1/05

35/109.0 11/07

ISH/ISH
NC

2-4/15/05

NA

NA

OGLE/OGLE
103.33 2-2/1/05

Expired

SCRA/SCR
$115
$23
$150
$19
$103

(P)B3 / B

103.5
104.0
102.1
110.5
107.2

$580

B1 / B

102.5

8.29%

8.02%

429

5.2

$200
$175

Ba3 / BB-

113.8
104.8

8.46%
7.16%

5.92%
6.62%

252
287

2.5
5.2

NR / NR
B3 / B
NR / NR

102.69
100.00
101.97
100.00
105.25

2-4/15/05
2-7/1/05
2-2/15/05
2-6/1/05
2-5/15/05

NA
NA
NA
NA
NA

NA
NA
NA
NA
NA

SFL/SHIPFI
12/15/08 104.25 2-6/15/05 35/108.5 12/06

50

Private/STENA
Ba3 / BB-

12/1/07
11/1/08

104.81 2-6/1/05
103.75 2-5/1/05

NA
NA

NA
NA

Ray Wu 203/708-5807 rwu@jefco.com


GMRK/GMRK
$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 7/07

$225

Ba3 / BB-

99.3

6.17%

6.23%

195

7.3

>P,50

12/1/09

103.06 2-6/1/05

B2 / B

107.5

8.84%

8.01%

426

4.7

8/15/08

104.75 2-2/15/05 35/109.5 8/06

DFLT 16.33%

1,258

4.9

5/15/07

104.44 2-5/15/05 35/108.9 5/05

HOS/HRNBEC
35/106.1 12/09

SBLK/SBLK
$150
TMAR/TMAR

DEFAULT

$250

Ca / NR

66.0

TANKERS
General Maritime
10 Sr. Nts. 13
Golden State Petro
8.04 Sr. Sec. Nts.-1st Lien 19
Navigator Gas Trans.
10.5 Sr. Nts. 07
12 Sr. Sec. Nts.-2nd Lien 07
OMI Corp.
7.625 Sr. Nts. 13
2.875 Cnvrt. Sr. Nts. 24 (Px=$30.74)
Overseas Shiphldg. Group
8.25 Sr. Nts. 13
8.75 Sr. Nts. 13
7.5 Sr. Nts. 24
Teekay Shipping
8.32 Sr. Nts. 06
8.875 Sr. Nts. 11
UltraPetrol Ltd.
10.5 Sr. Sec. Nts.-1st Lien 08

NA
NA

WR / NR

50

106.63 2-6/30/05
100.00 2-6/30/05

NA
NA

$135
$113

SUPPLY VESSELS
Gulfmark Offshore
7.75 Sr. Nts. 14
Hornbeck Offshore Services
6.125 Sr. Nts. 14
Seabulk International
9.5 Sr. Nts. 13
Trico Marine International
8.875 Sr. Nts. 12

Call Features
Next Call
Cpn. Freq.- Equity Claw
Date
Price Nxt. Cpn. %/Px Until

Ray Wu 203/708-5807 rwu@jefco.com


GMR/GMR
$250
Private/GOLDEN
Sink
Private/NAVGAS

$127

3/15/08

105.00 2-3/15/05 35/110.0 3/06

B1 / B+

115.5

8.66%

6.01%

261

2.7

Baa2 / BB+

109.8

7.32%

6.66%

265

6.7

DFLT 21.76% 1,853


DFLT
NA
NA

2.1
NA

Now
101.75 2-6/30/05
Anytime
2-6/30/05
12/1/08
12/1/11

37.5

Anytime

2-2/1/05

NA

NA

DEFAULT

$217
$87

WR / NR
WR / NR

75.0
2.3

Expired
Expired

OMM/OMM
Put-11
OSG/OSG

TK/TK
Sink

$200
$225

B1 / B+
NR / B+

105.9
96.6

7.20%
2.98%

6.55%
3.44%

280
(30)

5.3
6.2

110.8
113.3
102.3

7.45%
7.73%
7.33%

5.70%
6.74%
7.28%

195
245
299

2.7
6.3
9.9

$200
$85
$150

Ba1 /*- / BB+ /*-

$52
$350

Ba1 / BB+
Ba2 / BB-

102.0
115.5

8.16%
7.68%

6.31%
5.96%

364
223

1.0
4.9

$0

WR / NR

103.1

10.18%

NA

NA

NA

Ba1 /*- / BB+ /*Ba1 /*- / BB+ /*-

>P,50

NA
NA

NA
NA

3/15/08 104.13 2-3/15/05


Anytime
2-6/1/05
NC
NC
2-2/15/05

NA
NA
NA

NA
NA
NA

NC
Anytime

2-2/1/05
2-1/15/05

NA
NA

NA
NA

2-NA

NA

NA

103.81 2-6/1/05
100.00 2-6/1/05

NC

Private/ULTRAP
Anytime

[Page 11]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

Bonds in Default
Issuer
MIRANT AMERICAS GENR INC
MIRANT AMERICAS GENR LLC
MIRANT AMERICAS GENR LLC
MIRANT AMERICAS GENR LLC
MIRANT AMERICAS GENR LLC
MIRANT CORP
MIRANT CORP
MIRANT CORP
MIRANT CORP
MIRANT CORP
MIRANT CORP
MIRANT CORP
NAVIGATOR GAS TRANSPORT
NAVIGATOR GAS TRANSPORT
NORTHERN OFFSHORE ASA
NORTHERN OFFSHORE ASA
TRICO MARINE SERVICES
VECTURA GROUP INC
VECTURA GROUP INC

Description
8.3 Sr. Nts. 11
8.5 Sr. Nts. 21
7.2 Sr. Nts. 08
9.125 Sr. Nts. 31
7.625 Sr. Nts. 06
10.06 Pass Thru Certs. 28
9.125 Pass Thru Certs. 17
8.625 Pass Thru Certs. 12
7.4 Sr. Nts. 04
7.9 Sr. Nts. 09
5.75 Cnvrt. Sr. Nts. 07 (Px=$7.58)
2.5 Cnvrt. Sr. Nts. 21 (Px=$67.95)
12 Sr. Sec. Nts.-2nd Lien 07
10.5 Sr. Nts. 07
7.48 Sr. Nts. 04
10 Sr. Nts. 05
8.875 Sr. Nts. 12
12 Sr. Sub. Nts. 08
11.25 Sr. Nts. 08

1/10/05
Price
109.5
108.0
109.5
107.5
111.4
128.0
122.3
112.4
74.5
76.3
74.5
71.5
2.3
75.0
106.0
106.0
66.0
0.1
141.0

Current
Yld.
DFLT
DFLT
DFLT
DFLT
DFLT
DFLT
DFLT
DFLT
DFLT
DFLT
DFLT
DFLT
DFLT
DFLT
DFLT
DFLT
DFLT
DFLT
DFLT

YTW
6.00%
7.47%
3.98%
8.18%
(2.66%)
7.20%
6.08%
5.90%
NA
15.40%
19.02%
27.19%
NA
21.76%
NA
(78.37%)
16.33%
NA
NA

STW
227
319
58
390
(588)
237
179
215
NA
1,200
1,579
2,396
NA
1,853
NA
(8,075)
1,258
NA
NA

Ratings
Moody's S&P
WR
NR
WR
NR
Caa3
NR
WR
NR
WR
NR
B3
NR
B3
NR
B3
NR
WR
NR
WR
NR
WR
NR
Ca
NR
WR
NR
WR
NR
NR
NR
C
NR
Ca
NR
WR
NR
WR
NR

[Page 12]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

NON-CALLABLE BONDS
Issuer
ABRAXAS PETROLEUM CORP
AMERIGAS PART/EAGLE FIN
CALPINE CORP
CITGO PETROLEUM CORP
EL PASO CGP CO
EL PASO CGP CO
EL PASO CGP CO
CONSOLIDATED COAL
EL PASO NATURAL GAS
EL PASO NATURAL GAS
INTL SHIPHOLDING CORP
MCDERMOTT INC
ORION POWER HOLDINGS INC
OVERSEAS SHIPHLDG GROUP
PIONEER NATL RESOURCES
PIONEER NATL RESOURCES
PREMCOR REFINING GROUP
PREMCOR REFINING GROUP
SEITEL INC
SITHE/INDEPENDENCE FNDG
SITHE/INDEPENDENCE FNDG
SONAT INC
SONAT INC
TEEKAY SHIPPING CORP
NORTHERN OFFSHORE ASA

Description
9.72 Sr. Sec. Nts.-1st Lien 09
10 Sr. Nts. 06
7.625 Sr. Nts. 06
7.875 Sr. Nts. 06
6.375 Sr. Nts. 09
6.5 Sr. Nts. 06
7.75 Sr. Nts. 10
8.25 Sr. Nts. 07
8.625 Sr. Nts. 22
7.5 Sr. Nts. 26
7.75 Sr. Nts. 07
7.84 Sr. Nts. 05
12 Sr. Nts. 10
7.5 Sr. Nts. 24
8.875 Sr. Nts. 05
8.25 Sr. Nts. 07
6.75 Sr. Nts. 11
6.125 Sr. Nts. 11
11.75 Sr. Nts. 11
8.5 Sr. Nts. 07
9 Sr. Nts. 13
6.875 Sr. Nts. 05
6.75 Sr. Nts. 07
8.32 Sr. Nts. 06
7.48 Sr. Nts. 04

1/10/05
Price
99.0
107.0
96.9
104.8
98.8
103.8
103.8
105.2
114.8
103.8
99.6
100.9
125.5
102.3
101.7
115.1
106.8
104.0
107.3
106.1
116.9
101.1
104.8
102.0
106.0

Current
Yld.
9.82%
9.35%
7.87%
7.52%
6.46%
6.27%
7.47%
7.84%
7.52%
7.23%
7.78%
7.77%
9.56%
7.33%
8.73%
7.17%
6.32%
5.89%
10.96%
8.01%
7.70%
6.80%
6.44%
8.16%
DFLT

YTW
10.56%
4.20%
10.33%
4.18%
6.73%
3.60%
6.91%
5.86%
7.12%
7.16%
7.90%
3.84%
6.26%
7.28%
2.24%
2.20%
5.43%
5.37%
10.20%
4.24%
5.74%
3.85%
4.86%
6.31%
NA

STW
685
152
766
94
335
36
316
263
283
287
450
145
252
299
(12)
(119)
168
162
645
258
274
117
146
364
NA

Ratings
Moody's
S&P
NR
NR
B2
BBCaa1
CCC+
Ba2
BB
Caa1
CCC+
Caa1
CCC+
Caa1
CCC+
Ba2
NR
B1
BB1
BB1
BB3
CCC
B2
B
Ba1 /*BB+ /*Baa3
BBBBaa3
BBBBa3
BBBa3
BBB3
BBa1 /*BBB- /*Ba1 /*BBB- /*Caa1
CCC+
Caa1
CCC+
Ba1
BB+
NR
NR

[Page 13]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

CALLABLE NOW - Sorted by STW


Issuer
OGLEBAY NORTON CO
NAVIGATOR GAS TRANSPORT
ENERGY CORP OF AMERICA
ATP OIL & GAS CORPORATION
CALPINE CORP
MCDERMOTT INC
PARKER DRILLING CO
ATP OIL & GAS CORPORATION
CIE GENER DE GEOPHYSIQUE
HANOVER COMPRESSOR CO
OCEAN RIG NORWAY AS
NEWPARK RESOURCES INC
VECTURA GROUP INC
VECTURA GROUP INC
PETROLEUM GEO-SERVICES
SEA CONTAINERS LTD
SEA CONTAINERS
NORTHERN OFFSHORE ASA

Description
10 Sr. Sub. Nts. 09
10.5 Sr. Nts. 07
9.5 Sr. Sub. Nts. 07
12.568 Sr. Sec. Nts.-2nd Lien 09
10.5 Sr. Nts. 06
8.75 Sr. Nts. 23
10.125 Sr. Nts. 09
8.818 Sr. Sec. Nts.-1st Lien 09
10.625 Sr. Nts. 07
4.75 Cnvrt. Sr. Nts. 08 $43.94
10.25 Sr. Sec. Nts.-1st Lien 08
8.625 Sr. Sub. Nts. 07
12 Sr. Sub. Nts. 08
11.25 Sr. Nts. 08
8 Sr. Nts. 06
10.75 Sr. Nts. 06
7.875 Sr. Nts. 08
10 Sr. Nts. 05

1/10/05
Price
72.5
75.0
95.3
102.0
100.0
92.0
105.2
102.0
105.5
96.0
103.6
101.8
0.1
141.0
102.5
103.5
102.1
106.0

Current
Yld.
13.79%
DFLT
9.97%
12.32%
10.50%
9.51%
9.63%
8.64%
10.07%
4.95%
9.89%
8.48%
DFLT
DFLT
7.80%
10.39%
7.71%
DFLT

YTW
22.44%
21.76%
11.87%
10.97%
10.32%
9.69%
7.61%
7.29%
6.86%
6.15%
4.97%
4.20%
NA
NA
1.05%
(0.46%)
(15.74%)
(78.37%)

STW
1,907
1,853
864
823
766
540
494
455
419
277
230
184
NA
NA
(131)
(282)
(1,809)
(8,075)

Ratings
Moody's
S&P
WR
NR
WR
NR
Caa3
NR
NR
NR
Caa1
CCC+
B3
CCC
B2
BNR
NR
Ba3 /*BB
B3
B
B3
CCC
B2
B
WR
NR
WR
NR
NR
NR
B3
B
B3
B
C
NR

[Page 14]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

MAKE WHOLE CALLABLE - Sorted by STW


Issuer
MIRANT CORP
NAVIGATOR GAS TRANSPORT
ULTRAPETROL(BAHAMAS) LTD
AES IRONWOOD LLC
AES RED OAK LLC
CROWN CENTRAL PETROLEUM
CALPINE CANADA ENER FIN
CALPINE CORP
CALPINE CORP
MIRANT CORP
TIVERTON/RUMFORD PWR ASS
SOUTH PT/BROAD RIV/ROCKG
DYNEGY HOLDINGS INC
SOUTH PT/BROAD RIV/ROCKG
PAITON ENERGY FUNDING BV
DYNEGY HOLDINGS INC
WOLVERINE TUBE INC
DYNEGY HOLDINGS INC
DYNEGY HOLDINGS INC
DYNEGY-ROSETON DANSKAMME
AQUILA INC
MIRANT AMERICAS GENR LLC
ENTERPRISE PRODUCTS OPER
AES RED OAK LLC
EL PASO CORPORATION
DYNEGY-ROSETON DANSKAMME
MIDWEST GENERATION LLC
CEDAR BRAKES II LLC
AES CHIVOR
SONAT INC
SONAT INC
EL PASO CORPORATION
EL PASO CORPORATION
MIRANT AMERICAS GENR LLC
TECO ENERGY INC
MIDWEST GENERATION LLC
MISSION ENERGY HOLDING
EL PASO CORPORATION
EDISON MISSION HLDGS CO
SONAT INC
GOLDEN STATE PETRO TRANS
EDISON MISSION
WILLIAMS COS INC
EL PASO NATURAL GAS
CEDAR BRAKES I LLC
EDISON MISSION ENERGY
OVERSEAS SHIPHLDG GROUP
WILLIAMS COS INC
EDISON MISSION HLDGS CO
MIRANT CORP
WILLIAMS COS INC
MIRANT AMERICAS GENR INC
TEEKAY SHIPPING CORP
EDISON MISSION ENRGY FDG
MIRANT CORP
CONSOL ENERGY INC
PLAINS E&P COMPANY
EDISON MISSION ENERGY
CALPINE CORP
KEY ENERGY SERVICES INC
TECO ENERGY INC
TECO ENERGY INC
WESTERN OIL SANDS INC
WILLIAMS COS INC

Description
7.4 Sr. Nts. 04
12 Sr. Sec. Nts.-2nd Lien 07
10.5 Sr. Sec. Nts.-1st Lien 08
8.857 Sr. Sec. Nts.-2nd Lien 25
8.54 Sr. Sec. Nts.-2nd Lien 19
10.875 Sr. Nts. 05
8.5 Sr. Nts. 08
8.625 Sr. Nts. 10
8.5 Sr. Nts. 11
7.9 Sr. Nts. 09
9 Pass Thru Certs. 18
9.825 Pass Thru Certs. 19
7.45 Sr. Nts. 06
8.4 Pass Thru Certs. 12
9.34 Sr. Nts. 14
8.75 Sr. Nts. 12
7.375 Sr. Nts. 08
6.875 Sr. Nts. 11
8.125 Sr. Nts. 05
7.67 Pass Thru Certs. 16
14.875 Sr. Nts. 12
9.125 Sr. Nts. 31
8.25 Sr. Nts. 05
9.2 Sr. Sec. Nts.-2nd Lien 29
7.75 Sr. Nts. 32
7.27 Pass Thru Certs. 10
8.3 Pass Thru Certs. 09
9.875 Sr. Sec. Nts.-2nd Lien 13
9.75 Sr. Nts. 14
7 Sr. Nts. 18
7.625 Sr. Nts. 11
7.375 Sr. Nts. 12
7.875 Sr. Nts. 12
8.5 Sr. Nts. 21
6.125 Sr. Nts. 07
8.56 Pass Thru Certs. 16
13.5 Sr. Sec. Nts.-2nd Lien 08
6.75 Sr. Nts. 09
8.137 Sr. Nts. 19
6.625 Sr. Nts. 08
8.04 Sr. Sec. Nts.-1st Lien 19
9.875 Sr. Nts. 11
8.75 Sr. Nts. 32
8.375 Sr. Nts. 32
8.5 Sr. Sec. Nts.-2nd Lien 14
10 Sr. Nts. 08
8.75 Sr. Nts. 13
7.75 Sr. Nts. 31
8.734 Sr. Nts. 26
10.06 Pass Thru Certs. 28
7.5 Sr. Nts. 31
8.3 Sr. Nts. 11
8.875 Sr. Nts. 11
7.33 Sr. Nts. 08
8.625 Pass Thru Certs. 12
7.875 Sr. Nts. 12
8.75 Sr. Sub. Nts. 12
7.73 Sr. Nts. 09
8.25 Sr. Nts. 05
6.375 Sr. Nts. 13
7.2 Sr. Nts. 11
7 Sr. Nts. 12
8.375 Sr. Sec. Nts.-3rd Lien 12
8.125 Sr. Nts. 12

1/10/05
Price
74.5
2.3
103.1
113.5
112.5
96.0
75.0
72.5
72.0
76.3
82.0
84.0
96.5
94.5
104.8
102.9
98.8
94.3
100.3
95.0
139.5
107.5
100.3
112.5
96.6
101.0
104.9
116.0
113.0
93.3
102.0
101.5
104.5
108.0
99.5
113.5
122.0
100.0
113.4
101.3
109.8
117.8
115.5
111.3
115.0
113.2
113.3
105.9
123.1
128.0
104.6
109.5
115.5
106.3
112.4
111.8
111.8
107.5
102.1
101.3
108.3
108.2
116.5
115.0

Current
Yld.
DFLT
DFLT
10.18%
7.80%
7.59%
11.33%
11.33%
11.89%
11.81%
DFLT
10.98%
11.70%
7.72%
8.89%
8.91%
8.51%
7.47%
7.29%
8.10%
8.07%
10.66%
DFLT
8.22%
8.18%
8.02%
7.20%
7.91%
8.51%
8.63%
7.51%
7.48%
7.27%
7.54%
DFLT
6.16%
7.54%
11.07%
6.75%
7.18%
6.54%
7.32%
8.39%
7.58%
7.53%
7.39%
8.83%
7.73%
7.32%
7.10%
DFLT
7.17%
DFLT
7.68%
6.90%
DFLT
7.05%
7.83%
7.19%
8.08%
6.30%
6.65%
6.47%
7.19%
7.07%

YTW
NA
NA
NA
NA
NA
117.85%
19.03%
16.30%
15.83%
15.40%
13.66%
12.21%
10.02%
10.04%
8.46%
8.21%
7.78%
8.07%
6.53%
8.46%
7.79%
8.18%
6.29%
7.99%
8.06%
6.99%
6.60%
5.81%
7.84%
7.84%
7.23%
7.12%
7.08%
7.47%
6.36%
5.97%
6.39%
6.75%
5.98%
6.17%
6.66%
6.38%
7.42%
7.41%
5.17%
5.85%
6.74%
7.25%
6.25%
7.20%
7.11%
6.00%
5.96%
3.01%
5.90%
5.84%
5.29%
5.78%
4.65%
6.18%
5.62%
5.62%
5.59%
5.56%

STW
NA
NA
NA
NA
NA
9,235
1,566
1,255
1,210
1,200
793
792
679
605
493
447
439
433
409
405
405
390
386
383
379
366
363
359
355
355
350
339
333
319
313
306
301
301
296
277
265
265
260
258
256
248
245
243
243
237
229
227
223
219
215
209
205
205
199
189
189
188
185
182

Ratings
Moody's
S&P
WR
NR
WR
NR
WR
NR
B2
B+
B2
B+
Ca
NR
Caa1
CCC+
Caa1
CCC+
Caa1
CCC+
WR
NR
B3
B
B2
B
Caa2
CCC+
B2
B
B2
BCaa2
CCC+
B3
B+
Caa2
CCC+
Caa2
CCC+
Caa2
B
B2
BWR
NR
Baa3
BB+
B2
B+
Caa1
CCC+
Caa2
B
B1
B /*+
Caa1 /*+ CCC+ /*+
B1
B
Caa1
CCC+
Caa1
CCC+
Caa1
CCC+
Caa1
CCC+
WR
NR
Ba2
BB
B1
B /*+
B3
CCC /*+
Caa1
CCC+
WR
BB /*+
Caa1
CCC+
Baa2
BB+
B1
B /*+
B1
B+
B1
BCaa1 /*+ CCC+ /*+
B1
B /*+
Ba1 /*BB+ /*B1
B+
WR
BB /*+
B3
NR
B1
B+
WR
NR
Ba2
BBBa3
B /*+
B3
NR
Ba2
BB
Ba3
B+
B1
B /*+
Caa1
CCC+
B1 /*B /*
Ba2
BB
Ba2
BB
Ba2
BB+
B1
B+
[Page 15]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

MAKE WHOLE CALLABLE - Sorted by STW


Issuer
WILLIAMS COS INC
MIRANT CORP
MASSEY ENERGY CO
GRANT PRIDECO INC
FOREST OIL CORPORATION
FOREST OIL CORPORATION
ENTERPRISE PRODUCTS OPER
ENTERPRISE PRODUCTS OPER
NEWFIELD EXPLORATION CO
PIONEER NATURAL RESOURCE
TRANSCONT GAS PIPE CORP
TRANSCONT GAS PIPE CORP
TECO ENERGY INC
ENTERPRISE PRODUCTS OPER
ENTERPRISE PRODUCTS OPER
PIONEER NATURAL RESOURCE
TECO ENERGY INC
PIONEER NATURAL RESOURCE
PIONEER NATURAL RESOURCE
XTO ENERGY INC
ENTERPRISE PRODUCTS OPER
ENTERPRISE PRODUCTS OPER
NEWFIELD EXPLORATION CO
XTO ENERGY INC
ENTERPRISE PRODUCTS OPER
XTO ENERGY INC
PIONEER NATURAL RESOURCE
XTO ENERGY INC
MIRANT AMERICAS GENR LLC
ALL STAR GAS CORP
MIRANT AMERICAS GENR LLC

Description
7.125 Sr. Nts. 11
9.125 Pass Thru Certs. 17
6.95 Sr. Nts. 07
9.625 Sr. Nts. 07
8 Sr. Nts. 08
8 Sr. Nts. 11
6.65 Sr. Nts. 34
6.875 Sr. Nts. 33
7.625 Sr. Nts. 11
7.5 Sr. Nts. 12
8.875 Sr. Nts. 12
7 Sr. Nts. 11
7.5 Sr. Nts. 10
5.6 Sr. Nts. 14
7.5 Sr. Nts. 11
7.2 Sr. Nts. 28
10.5 Sr. Nts. 07
5.875 Sr. Nts. 16
9.625 Sr. Nts. 10
7.5 Sr. Nts. 12
6.375 Sr. Nts. 13
4.625 Sr. Nts. 09
7.45 Sr. Nts. 07
5 Sr. Nts. 15
4 Sr. Nts. 07
4.9 Sr. Nts. 14
6.5 Sr. Nts. 08
6.25 Sr. Nts. 13
7.2 Sr. Nts. 08
11 Sr. Sec. Nts.-2nd Lien 03
7.625 Sr. Nts. 06

1/10/05
Price
108.8
122.3
104.0
112.0
109.3
115.0
103.4
107.0
112.3
113.7
122.5
110.3
111.5
100.2
113.0
114.8
116.0
104.0
121.9
116.5
106.9
99.5
108.0
98.7
99.7
99.4
106.8
109.0
109.5
NA
111.4

Current
Yld.
6.55%
DFLT
6.68%
8.59%
7.32%
6.96%
6.43%
6.42%
6.79%
6.59%
7.24%
6.35%
6.73%
5.59%
6.63%
6.27%
9.05%
5.65%
7.90%
6.44%
5.97%
4.65%
6.90%
5.06%
4.01%
4.93%
6.09%
5.73%
DFLT
NA
DFLT

YTW
5.53%
6.08%
4.95%
5.09%
5.02%
5.37%
6.39%
6.34%
5.26%
5.20%
5.21%
5.14%
5.05%
5.58%
4.98%
6.01%
4.51%
5.41%
4.82%
4.78%
5.31%
4.74%
4.33%
5.16%
4.11%
4.98%
4.08%
4.91%
3.98%
NA
(2.66%)

STW
179
179
171
169
164
162
156
152
151
147
146
140
131
129
124
119
113
113
107
105
104
99
94
89
72
71
70
63
58
NA
(588)

Ratings
Moody's
S&P
B1
B+
B3
NR
B1
B+
Ba3
BBBa3
BBBa3
BBBaa3
BB+
Baa3
BB+
Ba2
BB+
Baa3
BBBBa2
B+
Ba2
B+
Ba2
BB
Baa3
BB+
Baa3
BB+
Baa3
BBBBa2
BB
Baa3
BBBBaa3
BBBBaa3
BBBBaa3
BB+
Baa3
BB+
Ba2
BB+
Baa3
BBBBaa3
BB+
Baa3
BBBBaa3
BBBBaa3
BBBCaa3
NR
NR
NR
WR
NR

[Page 16]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

STW Sort
Issuer
CROWN CENTRAL PETROLEUM
MIRANT CORP
OGLEBAY NORTON CO
NAVIGATOR GAS TRANSPORT
MIRANT CORP
CALPINE CANADA ENER FIN
TRICO MARINE SERVICES
CALPINE CORP
CALPINE CORP
MIRANT CORP
CALPINE CORP
CALPINE CORP
ENERGY CORP OF AMERICA
ATP OIL & GAS CORPORATION
TIVERTON/RUMFORD PWR ASS
SOUTH PT/BROAD RIV/ROCKG
CALPINE CORP
CALPINE CORP
RAM ENERGY INC
ABRAXAS PETROLEUM CORP
DYNEGY HOLDINGS INC
SEITEL INC
SOUTH PT/BROAD RIV/ROCKG
CALPINE CORP
GREAT LAKES DREDGE&DOCK
UNITED REFINING CO
MCDERMOTT INC
BRAND SERVICES INC
AES CHINA GENERATING CO
SEA CONTAINERS LTD
PARKER DRILLING CO
PAITON ENERGY FUNDING BV
J RAY MCDERMOTT SA
MISSION RESOURCES CORP
CALLON PETROLEUM CO
AVENTINE RENEWABLE ENRGY
ATP OIL & GAS CORPORATION
NORTH AMER ENERGY PARTNR
STAR GAS PARTNER/FINANCE
INTL SHIPHOLDING CORP
DYNEGY HOLDINGS INC
BELDEN & BLAKE CORP
BAYTEX ENERGY LTD
WOLVERINE TUBE INC
VENOCO INC
DYNEGY HOLDINGS INC
SHIP FINANCE INTL LTD
SEABULK INTL INC
WOLVERINE TUBE INC
CIE GENER DE GEOPHYSIQUE
DYNEGY HOLDINGS INC
DYNEGY-ROSETON DANSKAMME
AQUILA INC
BLUEWATER FINANCE LTD
PETRO STOPPING CTR/FINL
MIRANT AMERICAS GENR LLC
ENTERPRISE PRODUCTS OPER
AES RED OAK LLC
HARVEST OPERATIONS CORP
EL PASO CORPORATION
HORIZON LINES LLC
DYNEGY HOLDINGS INC
DYNEGY-ROSETON DANSKAMME
SHAW GROUP INC

Description
10.875 Sr. Nts. 05
2.5 Cnvrt. Sr. Nts. 21 (Px=$67.95)
10 Sr. Sub. Nts. 09
10.5 Sr. Nts. 07
5.75 Cnvrt. Sr. Nts. 07 (Px=$7.58)
8.5 Sr. Nts. 08
8.875 Sr. Nts. 12
8.625 Sr. Nts. 10
8.5 Sr. Nts. 11
7.9 Sr. Nts. 09
7.82 Sr. Sec. Nts.-2nd Lien 07
8.5 Sr. Sec. Nts.-2nd Lien 10
9.5 Sr. Sub. Nts. 07
12.568 Sr. Sec. Nts.-2nd Lien 09
9 Pass Thru Certs. 18
9.825 Pass Thru Certs. 19
10.5 Sr. Nts. 06
7.625 Sr. Nts. 06
11.5 Sr. Nts. 08
9.72 Sr. Sec. Nts.-1st Lien 09
7.45 Sr. Nts. 06
11.75 Sr. Nts. 11
8.4 Pass Thru Certs. 12
9.625 Sr. Sec. Nts.-1st Lien 14
7.75 Sr. Sub. Nts. 13
10.5 Sr. Nts. 12
8.75 Sr. Nts. 23
12 Sr. Nts. 12
8.25 Sr. Nts. 10
10.5 Sr. Nts. 12
10.125 Sr. Nts. 09
9.34 Sr. Nts. 14
11 Sr. Sec. Nts.-2nd Lien 13
9.875 Sr. Nts. 11
9.75 Sr. Nts. 10
8.50125 Sr. Sec. Nts.-1st Lien 11
8.818 Sr. Sec. Nts.-1st Lien 09
8.75 Sr. Nts. 11
10.25 Sr. Nts. 13
7.75 Sr. Nts. 07
8.75 Sr. Nts. 12
8.75 Sr. Sec. Nts.-2nd Lien 12
9.625 Sr. Sub. Nts. 10
7.375 Sr. Nts. 08
8.75 Sr. Nts. 11
6.875 Sr. Nts. 11
8.5 Sr. Nts. 13
9.5 Sr. Nts. 13
10.5 Sr. Nts. 09
10.625 Sr. Nts. 07
8.125 Sr. Nts. 05
7.67 Pass Thru Certs. 16
14.875 Sr. Nts. 12
10.25 Sr. Nts. 12
9 Sr. Sec. Nts.-2nd Lien 12
9.125 Sr. Nts. 31
8.25 Sr. Nts. 05
9.2 Sr. Sec. Nts.-2nd Lien 29
7.875 Sr. Nts. 11
7.75 Sr. Nts. 32
9 Sr. Nts. 12
9.875 Sr. Sec. Nts.-2nd Lien 10
7.27 Pass Thru Certs. 10
10.75 Sr. Nts. 10

1/10/05
Price
96.0
71.5
72.5
75.0
74.5
75.0
66.0
72.5
72.0
76.3
92.0
82.0
95.3
102.0
82.0
84.0
100.0
96.9
101.8
99.0
96.5
107.3
94.5
101.5
91.3
105.5
92.0
112.5
97.7
107.2
105.2
104.8
111.8
106.3
106.6
101.0
102.0
102.0
109.3
99.6
102.9
102.5
106.8
98.8
103.0
94.3
102.5
107.5
108.3
105.5
100.3
95.0
139.5
110.0
105.5
107.5
100.3
112.5
101.5
96.6
107.3
110.5
101.0
112.0

Current
Yld.
11.33%
DFLT
13.79%
DFLT
DFLT
11.33%
DFLT
11.89%
11.81%
DFLT
8.50%
10.37%
9.97%
12.32%
10.98%
11.70%
10.50%
7.87%
11.30%
9.82%
7.72%
10.96%
8.89%
9.48%
8.49%
9.95%
9.51%
10.67%
8.45%
9.79%
9.63%
8.91%
9.84%
9.29%
9.14%
8.42%
8.64%
8.58%
9.38%
7.78%
8.51%
8.54%
9.02%
7.47%
8.50%
7.29%
8.29%
8.84%
9.70%
10.07%
8.10%
8.07%
10.66%
9.32%
8.53%
DFLT
8.22%
8.18%
7.76%
8.02%
8.39%
8.94%
7.20%
9.60%

YTW
117.85%
27.19%
22.44%
21.76%
19.02%
19.03%
16.33%
16.30%
15.83%
15.40%
14.33%
13.20%
11.87%
10.97%
13.66%
12.21%
10.32%
10.33%
10.81%
10.56%
10.02%
10.20%
10.04%
9.34%
9.21%
9.21%
9.69%
8.75%
8.80%
8.77%
7.61%
8.46%
8.61%
8.37%
8.35%
8.32%
7.29%
8.24%
8.25%
7.90%
8.21%
8.18%
7.82%
7.78%
8.10%
8.07%
8.02%
8.01%
7.46%
6.86%
6.53%
8.46%
7.79%
7.31%
7.67%
8.18%
6.29%
7.99%
7.55%
8.06%
7.43%
7.06%
6.99%
7.02%

STW
9,235
2,396
1,907
1,853
1,579
1,566
1,258
1,255
1,210
1,200
1,126
947
864
823
793
792
766
766
741
685
679
645
605
561
547
547
540
536
505
503
494
493
486
462
460
460
455
451
450
450
447
443
442
439
435
433
429
426
423
419
409
405
405
392
392
390
386
383
380
379
369
367
366
364

Ratings
Moody's S&P
Ca
NR
Ca
NR
WR
NR
WR
NR
WR
NR
Caa1
CCC+
Ca
NR
Caa1
CCC+
Caa1
CCC+
WR
NR
NR
B
NR
B
Caa3
NR
NR
NR
B3
B
B2
B
Caa1
CCC+
Caa1
CCC+
WR
NR
NR
NR
Caa2
CCC+
B3
BB2
B
NR
B+
Caa2 /*CCC
B3
BB3
CCC
B3
CCC+
B2
B+
(P)B3
B
B2
BB2
BCaa1
CCC+
Caa2
CCC
NR
NR
B3
CCC+
NR
NR
B2
B
Caa3 /* CCC /*B1
BCaa2
CCC+
B3 /*CCC+
B3
BB3
B+
Caa1
CCC+
Caa2
CCC+
B1
B
B2
B
B3
B+
Ba3 /*BB
Caa2
CCC+
Caa2
B
B2
BB1
B
B3
BWR
NR
Baa3
BB+
B2
B+
B3
BCaa1
CCC+
B3
CCC+
B3
BCaa2
B
Ba3
B+
[Page 17]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

STW Sort
Issuer
TEEKAY SHIPPING CORP
MIDWEST GENERATION LLC
CEDAR BRAKES II LLC
AES CHIVOR
SONAT INC
RELIANT ENERGY INC
SONAT INC
EL PASO CORPORATION
RELIANT ENERGY INC
GIANT INDUSTRIES
EL PASO CGP CO
EL PASO CORPORATION
DYNEGY HOLDINGS INC
PARKER DRILLING CO
HANOVER COMPRESSOR CO
TRANSMONTAIGNE INC
MIRANT AMERICAS GENR LLC
HILCORP ENERGY/FINANCE
EL PASO CGP CO
GIANT INDUSTRIES
TECO ENERGY INC
PETROLEUM HELICOPTERS
EL PASO PRODUCTION HLDG
DENBURY RESOURCES INC
FERRELLGAS PARTNERS LP
MIDWEST GENERATION LLC
ENERGY PARTNERS LTD
CHESAPEAKE ENERGY CORP
MISSION ENERGY HOLDING
EL PASO CORPORATION
GULFMARK OFFSHORE INC
LONE STAR TECHNOLOGIES
OVERSEAS SHIPHLDG GROUP
EDISON MISSION HLDGS CO
STENA AB
PETROLEUM GEO-SERVICES
EL PASO NATURAL GAS
EL PASO NATURAL GAS
CP SHIPS LIMITED
OMI CORP
FERRELLGAS LP/FINANCE
SONAT INC
HANOVER COMPRESSOR CO
ENCORE ACQUISITION CO
SITHE/INDEPENDENCE FNDG
RELIANT ENERGY INC
CHC HELICOPTER CORP
SUBURBAN PROPANE PARTNRS
DRESSER-RAND GROUP INC
MSW ENERGY HLDGS/FINANCE
PARKER DRILLING CO
GOLDEN STATE PETRO TRANS
EDISON MISSION
CONSOLIDATED COAL
GENERAL MARITIME CORP
FOUNDATION PA COAL CO
NRG ENERGY INC
STONE ENERGY CORP
WILLIAMS COS INC
HANOVER COMPRESS CO
EL PASO NATURAL GAS
SITHE/INDEPENDENCE FNDG
MIDWEST GENERATION LLC
CEDAR BRAKES I LLC

Description
8.32 Sr. Nts. 06
8.3 Pass Thru Certs. 09
9.875 Sr. Sec. Nts.-2nd Lien 13
9.75 Sr. Nts. 14
7 Sr. Nts. 18
9.25 Sr. Sec. Nts.-2nd Lien 10
7.625 Sr. Nts. 11
7.375 Sr. Nts. 12
9.5 Sr. Sec. Nts.-2nd Lien 13
8 Sr. Sub. Nts. 14
6.375 Sr. Nts. 09
7.875 Sr. Nts. 12
10.125 Sr. Sec. Nts.-2nd Lien 13
9.625 Sr. Nts. 13
9 Sr. Nts. 14
9.125 Sr. Sub. Nts. 10
8.5 Sr. Nts. 21
10.5 Sr. Nts. 10
7.75 Sr. Nts. 10
11 Sr. Sub. Nts. 12
6.125 Sr. Nts. 07
9.375 Sr. Nts. 09
7.75 Sr. Nts. 13
7.5 Sr. Sub. Nts. 13
8.75 Sr. Nts. 12
8.56 Pass Thru Certs. 16
8.75 Sr. Nts. 10
8.375 Sr. Nts. 08
13.5 Sr. Sec. Nts.-2nd Lien 08
6.75 Sr. Nts. 09
7.75 Sr. Nts. 14
9 Sr. Sub. Nts. 11
7.5 Sr. Nts. 24
8.137 Sr. Nts. 19
7.5 Sr. Nts. 13
10 Sr. Nts. 10
7.5 Sr. Nts. 26
8.625 Sr. Nts. 22
10.375 Sr. Nts. 12
7.625 Sr. Nts. 13
6.75 Sr. Nts. 14
6.625 Sr. Nts. 08
4.75 Cnvrt. Sr. Nts. 08 $43.94
6.25 Sr. Sub. Nts. 14
9 Sr. Nts. 13
6.75 Sr. Sec. Nts.-2nd Lien 14
7.375 Sr. Sub. Nts. 14
6.875 Sr. Nts. 13
7.375 Sr. Sub. Nts. 14
8.5 Sr. Sec. Nts.-2nd Lien 10
7.15 Sr. Nts. 10
8.04 Sr. Sec. Nts.-1st Lien 19
9.875 Sr. Nts. 11
8.25 Sr. Nts. 07
10 Sr. Nts. 13
7.25 Sr. Nts. 14
8 Sr. Sec. Nts.-2nd Lien 13
6.75 Sr. Sub. Nts. 14
8.75 Sr. Nts. 32
8.625 Sr. Sub. Nts. 10
8.375 Sr. Nts. 32
8.5 Sr. Nts. 07
8.75 Sr. Sec. Nts.-2nd Lien 34
8.5 Sr. Sec. Nts.-2nd Lien 14

1/10/05
Price
102.0
104.9
116.0
113.0
93.3
109.0
102.0
101.5
111.0
105.0
98.8
104.5
113.4
112.1
111.0
109.4
108.0
113.8
103.8
114.3
99.5
108.0
104.5
103.2
108.0
113.5
109.0
105.4
122.0
100.0
105.8
107.5
102.3
113.4
104.8
113.8
103.8
114.8
114.0
105.9
101.4
101.3
96.0
94.8
116.9
98.1
105.3
102.4
102.4
109.5
104.3
109.8
117.8
105.2
115.5
105.3
108.8
99.0
115.5
109.5
111.3
106.1
112.4
115.0

Current
Yld.
8.16%
7.91%
8.51%
8.63%
7.51%
8.49%
7.48%
7.27%
8.56%
7.62%
6.46%
7.54%
8.93%
8.58%
8.11%
8.34%
DFLT
9.23%
7.47%
9.63%
6.16%
8.68%
7.42%
7.27%
8.10%
7.54%
8.03%
7.95%
11.07%
6.75%
7.33%
8.37%
7.33%
7.18%
7.16%
8.79%
7.23%
7.52%
9.10%
7.20%
6.66%
6.54%
4.95%
6.59%
7.70%
6.88%
7.01%
6.72%
7.20%
7.76%
6.86%
7.32%
8.39%
7.84%
8.66%
6.89%
7.36%
6.82%
7.58%
7.88%
7.53%
8.01%
7.79%
7.39%

YTW
6.31%
6.60%
5.81%
7.84%
7.84%
6.89%
7.23%
7.12%
7.12%
7.11%
6.73%
7.08%
7.05%
7.01%
6.94%
6.57%
7.47%
6.58%
6.91%
6.53%
6.36%
6.36%
6.87%
6.86%
6.80%
5.97%
6.43%
6.25%
6.39%
6.75%
6.76%
6.40%
7.28%
5.98%
6.62%
6.25%
7.16%
7.12%
6.20%
6.55%
6.51%
6.17%
6.15%
7.02%
5.74%
7.02%
6.46%
6.44%
6.97%
6.05%
5.75%
6.66%
6.38%
5.86%
6.01%
6.36%
6.36%
6.89%
7.42%
6.34%
7.41%
4.24%
6.32%
5.17%

STW
364
363
359
355
355
351
350
339
338
338
335
333
330
328
320
320
319
318
316
314
313
313
313
312
306
306
303
301
301
301
301
300
299
296
287
287
287
283
280
280
278
277
277
275
274
274
271
271
270
265
265
265
265
263
261
261
261
260
260
259
258
258
258
256

Ratings
Moody's S&P
Ba1
BB+
B1
B /*+
Caa1 /*+ CCC+ /*+
B1
B
Caa1
CCC+
B1
B+
Caa1
CCC+
Caa1
CCC+
B1
B+
B3
BCaa1
CCC+
Caa1
CCC+
B3
BB2
BB3
B
B3
B /*
WR
NR
B3
B
Caa1
CCC+
B3
BBa2
BB
B1
BBB3
BB2
B
B2
B
B1
B /*+
B2
B+
Ba3
BBB3
CCC /*+
Caa1
CCC+
B2
BBB3
BBa1 /*- BB+ /*WR
BB /*+
Ba3
BBNR
NR
B1
BB1
BBa3
BB+
B1
B+
Ba3
BBCaa1
CCC+
B3
B
B2
B
Ba1 /*- BBB- /*B1
B+
B2
B
B1
B
B3
BBa1
BB
B2e
BBaa2
BB+
B1
B /*+
Ba2
NR
B1
B+
B1
B
B1
B
B2
B+
B1
B+
B3
B
B1
BBa1 /*- BBB- /*B1
B- /*+
Caa1 /*+ CCC+ /*+
[Page 18]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

STW Sort
Issuer
PACIFIC ENERGY PRTNR/FIN
STENA AB
ORION POWER HOLDINGS INC
WHITING PETROLEUM CORP
FRONTIER OIL CORP
EDISON MISSION ENERGY
PREMCOR REFINING GROUP
OVERSEAS SHIPHLDG GROUP
ALPHA NATURAL RESOURCES
CHESAPEAKE ENERGY CORP
WILLIAMS COS INC
EDISON MISSION HLDGS CO
VINTAGE PETROLEUM
ARCH WESTERN FINANCE
MIRANT CORP
MSW ENERGY HLDGS/FIN II
MARKWEST ENERGY PART/FIN
COMSTOCK RESOURCES INC
STONE ENERGY CORP
OCEAN RIG NORWAY AS
WILLIAMS COS INC
MIRANT AMERICAS GENR INC
HOUSTON EXPLORATION CO
NEWFIELD EXPLORATION CO
TEEKAY SHIPPING CORP
AMERIGAS PART/EAGLE FIN
DYNEGY HOLDINGS INC
EDISON MISSION ENRGY FDG
DRESSER INC
MASSEY ENERGY CO
CITGO PETROLEUM CORP
MIRANT CORP
SWIFT ENERGY CO
KCS ENERGY INC
RANGE RESOURCES CORP
OFFSHORE LOGISTIC
HANOVER EQUIP TRUST 01 B
CONSOL ENERGY INC
PREMCOR REFINING GROUP
PREMCOR REFINING GROUP
PLAINS E&P COMPANY
SWIFT ENERGY CO
EDISON MISSION ENERGY
COMPTON PETROLEUM CORP
UNIVERSAL COMPRESSN INC
CALPINE CORP
TEXAS GENCO LLC/FINANCNG
HORNBECK OFFSHORE SERV
CHESAPEAKE ENERGY CORP
OVERSEAS SHIPHLDG GROUP
KEY ENERGY SERVICES INC
TECO ENERGY INC
VINTAGE PETROLEUM
TECO ENERGY INC
EXCO RESOURCES INC
PRIDE INTERNATIONAL INC
WESTERN OIL SANDS INC
NEWPARK RESOURCES INC
WILLIAMS COS INC
WILLIAMS COS INC
MIRANT CORP
TESORO CORP
MASSEY ENERGY CO
GRANT PRIDECO INC

Description
7.125 Sr. Nts. 14
9.625 Sr. Nts. 12
12 Sr. Nts. 10
7.25 Sr. Sub. Nts. 12
6.625 Sr. Nts. 11
10 Sr. Nts. 08
7.5 Sr. Nts. 15
8.75 Sr. Nts. 13
10 Sr. Nts. 12
6.875 Sr. Nts. 16
7.75 Sr. Nts. 31
8.734 Sr. Nts. 26
7.875 Sr. Sub. Nts. 11
6.75 Sr. Nts. 13
10.06 Pass Thru Certs. 28
7.375 Sr. Nts. 10
6.875 Sr. Nts. 14
6.875 Sr. Nts. 12
8.25 Sr. Sub. Nts. 11
10.25 Sr. Sec. Nts.-1st Lien 08
7.5 Sr. Nts. 31
8.3 Sr. Nts. 11
7 Sr. Sub. Nts. 13
6.625 Sr. Sub. Nts. 14
8.875 Sr. Nts. 11
8.875 Sr. Nts. 11
8.02 Sr. Sec. Nts.-2nd Lien 08
7.33 Sr. Nts. 08
9.375 Sr. Sub. Nts. 11
6.625 Sr. Nts. 10
6 Sr. Nts. 11
8.625 Pass Thru Certs. 12
7.625 Sr. Nts. 11
7.125 Sr. Nts. 12
7.375 Sr. Sub. Nts. 13
6.125 Sr. Nts. 13
8.75 Sr. Sec. Nts.-2nd Lien 11
7.875 Sr. Nts. 12
6.75 Sr. Nts. 14
9.5 Sr. Nts. 13
8.75 Sr. Sub. Nts. 12
9.375 Sr. Sub. Nts. 12
7.73 Sr. Nts. 09
9.9 Sr. Nts. 09
7.25 Sr. Nts. 10
8.25 Sr. Nts. 05
6.875 Sr. Nts. 14
6.125 Sr. Nts. 14
7.5 Sr. Nts. 14
8.25 Sr. Nts. 13
6.375 Sr. Nts. 13
7.2 Sr. Nts. 11
8.25 Sr. Nts. 12
7 Sr. Nts. 12
7.25 Sr. Nts. 11
7.375 Sr. Nts. 14
8.375 Sr. Sec. Nts.-3rd Lien 12
8.625 Sr. Sub. Nts. 07
8.125 Sr. Nts. 12
7.125 Sr. Nts. 11
9.125 Pass Thru Certs. 17
9.625 Sr. Sub. Nts. 12
6.95 Sr. Nts. 07
9.625 Sr. Nts. 07

1/10/05
Price
105.0
113.8
125.5
104.5
101.8
113.2
106.8
113.3
115.5
103.9
105.9
123.1
106.3
103.3
128.0
105.0
101.4
103.5
108.3
103.6
104.6
109.5
105.3
103.9
115.5
108.5
108.5
106.3
109.1
103.0
100.5
112.4
108.0
105.5
107.8
101.5
109.0
111.8
105.5
115.3
111.8
112.5
107.5
110.5
107.0
102.1
103.8
99.3
109.9
110.8
101.3
108.3
110.0
108.2
107.0
109.8
116.5
101.8
115.0
108.8
122.3
113.5
104.0
112.0

Current
Yld.
6.79%
8.46%
9.56%
6.94%
6.51%
8.83%
7.03%
7.73%
8.66%
6.61%
7.32%
7.10%
7.41%
6.54%
DFLT
7.02%
6.78%
6.64%
7.62%
9.89%
7.17%
DFLT
6.65%
6.38%
7.68%
8.18%
7.39%
6.90%
8.59%
6.43%
5.97%
DFLT
7.06%
6.75%
6.84%
6.03%
8.03%
7.05%
6.40%
8.24%
7.83%
8.33%
7.19%
8.96%
6.78%
8.08%
6.63%
6.17%
6.82%
7.45%
6.30%
6.65%
7.50%
6.47%
6.78%
6.72%
7.19%
8.48%
7.07%
6.55%
DFLT
8.48%
6.68%
8.59%

YTW
6.27%
5.92%
6.26%
6.24%
6.25%
5.85%
6.21%
6.74%
6.20%
6.17%
7.25%
6.25%
5.81%
6.13%
7.20%
6.12%
6.64%
6.07%
5.71%
4.97%
7.11%
6.00%
6.00%
5.98%
5.96%
5.46%
5.28%
3.01%
5.40%
5.90%
5.90%
5.90%
5.90%
5.88%
5.86%
5.84%
5.50%
5.84%
5.81%
5.45%
5.29%
5.45%
5.78%
5.27%
5.41%
4.65%
6.27%
6.23%
5.69%
5.70%
6.18%
5.62%
5.28%
5.62%
5.63%
5.63%
5.59%
4.20%
5.56%
5.53%
6.08%
5.17%
4.95%
5.09%

STW
254
252
252
250
250
248
246
245
245
244
243
243
242
238
237
237
237
232
232
230
229
227
225
225
223
223
222
219
217
217
216
215
215
213
211
211
210
209
206
206
205
205
205
204
202
199
198
195
195
195
189
189
188
188
188
188
185
184
182
179
179
179
171
169

Ratings
Moody's S&P
Ba2
BB /*Ba3
BBB2
B
B2
BB1
B+
B1
B /*+
Ba3
BBBa1 /*- BB+ /*B3
CCC+
Ba3
BBB1
B+
WR
BB /*+
B1
B
Ba3
BB
B3
NR
Ba2
BBB1
B+
B2
B
B2
B+
B3
CCC
B1
B+
WR
NR
B2
B+
Ba3
BBBa2
BBB2
BBB3
BBa3
B /*+
B2
B
Ba3
BB
Ba2
BB
B3
NR
B1
BBB3
BB3
B
Ba2
BB+
B2
B+
Ba2
BB
Ba3
BBBa3
BBBa3
B+
B2
B
B1
B /*+
B2
B
Ba3
B
Caa1
CCC+
B1
B
Ba3
BBBa3
BBBa1 /*- BB+ /*B1 /*B /*
Ba2
BB
Ba3
BBBa2
BB
B2
B
Ba2
BBBa2
BB+
B2
B
B1
B+
B1
B+
B3
NR
B2
BBB1
B+
Ba3
BB[Page 19]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

STW Sort
Issuer
PREMCOR REFINING GROUP
SESI, L.L.C.
TESORO CORP
PREMCOR REFINING GROUP
GRANT PRIDECO INC
FOREST OIL CORPORATION
ENCORE ACQUISITION CO
FOREST OIL CORPORATION
PREMCOR REFINING GROUP
FOREST OIL CORPORATION
PLAINS E&P COMPANY
HANOVER EQUIP TRUST 01 A
NEWFIELD EXPLORATION CO
ENTERPRISE PRODUCTS OPER
LUSCAR COAL LTD
CHESAPEAKE ENERGY CORP
CHESAPEAKE ENERGY CORP
AMERIGAS PART/EAGLE FIN
ENTERPRISE PRODUCTS OPER
SEA CONTAINERS LTD
NEWFIELD EXPLORATION CO
EL PASO NATURAL GAS
PIONEER NATURAL RESOURCE
TRANSCONT GAS PIPE CORP
SONAT INC
MCDERMOTT INC
TRANSCONT GAS PIPE CORP
TECO ENERGY INC
ENTERPRISE PRODUCTS OPER
ENTERPRISE PRODUCTS OPER
MAGNUM HUNTER RE
EVERGREEN RESOURCES INC
NORTHWEST PIPELINE CORP
POGO PRODUCING CO
PIONEER NATURAL RESOURCE
SONAT INC
TECO ENERGY INC
PIONEER NATURAL RESOURCE
PIONEER NATURAL RESOURCE
XTO ENERGY INC
ENTERPRISE PRODUCTS OPER
TESORO CORP
ENTERPRISE PRODUCTS OPER
CITGO PETROLEUM CORP
NEWFIELD EXPLORATION CO
XTO ENERGY INC
PARAMOUNT RESOURCES LTD
PREMCOR REFINING GROUP
PARAMOUNT RESOURCES LTD
ENTERPRISE PRODUCTS OPER
XTO ENERGY INC
PIONEER NATURAL RESOURCE
XTO ENERGY INC
MIRANT AMERICAS GENR LLC
EL PASO CGP CO
AES IRONWOOD LLC
CHESAPEAKE ENERGY CORP
AES RED OAK LLC
CHESAPEAKE ENERGY CORP
NA

Description
6.75 Sr. Nts. 11
8.875 Sr. Nts. 11
9.625 Sr. Sub. Nts. 08
9.25 Sr. Nts. 10
9 Sr. Nts. 09
8 Sr. Nts. 08
8.375 Sr. Sub. Nts. 12
8 Sr. Nts. 11
6.125 Sr. Nts. 11
7.75 Sr. Nts. 14
7.125 Sr. Nts. 14
8.5 Sr. Sec. Nts.-2nd Lien 08
8.375 Sr. Sub. Nts. 12
6.65 Sr. Nts. 34
9.75 Sr. Nts. 11
6.375 Sr. Nts. 15
8.125 Sr. Nts. 11
10 Sr. Nts. 06
6.875 Sr. Nts. 33
13 Sr. Nts. 06
7.625 Sr. Nts. 11
7.625 Sr. Nts. 10
7.5 Sr. Nts. 12
8.875 Sr. Nts. 12
6.75 Sr. Nts. 07
7.84 Sr. Nts. 05
7 Sr. Nts. 11
7.5 Sr. Nts. 10
5.6 Sr. Nts. 14
7.5 Sr. Nts. 11
9.6 Sr. Nts. 12
5.875 Sr. Sub. Nts. 12
8.125 Sr. Nts. 10
8.25 Sr. Sub. Nts. 11
7.2 Sr. Nts. 28
6.875 Sr. Nts. 05
10.5 Sr. Nts. 07
5.875 Sr. Nts. 16
9.625 Sr. Nts. 10
7.5 Sr. Nts. 12
6.375 Sr. Nts. 13
8 Sr. Sec. Nts.-2nd Lien 08
4.625 Sr. Nts. 09
7.875 Sr. Nts. 06
7.45 Sr. Nts. 07
5 Sr. Nts. 15
7.875 Sr. Nts. 10
7.75 Sr. Sub. Nts. 12
8.875 Sr. Nts. 14
4 Sr. Nts. 07
4.9 Sr. Nts. 14
6.5 Sr. Nts. 08
6.25 Sr. Nts. 13
7.2 Sr. Nts. 08
6.5 Sr. Nts. 06
8.857 Sr. Sec. Nts.-2nd Lien 25
7.75 Sr. Nts. 15
8.54 Sr. Sec. Nts.-2nd Lien 19
9 Sr. Nts. 12
NA

1/10/05
Price
106.8
109.3
108.8
112.3
111.3
109.3
111.3
115.0
104.0
108.5
109.8
106.8
111.9
103.4
112.8
103.4
107.8
107.0
107.0
104.0
112.3
109.9
113.7
122.5
104.8
100.9
110.3
111.5
100.2
113.0
114.5
104.2
110.8
108.5
114.8
101.1
116.0
104.0
121.9
116.5
106.9
108.0
99.5
104.8
108.0
98.7
113.0
112.5
121.3
99.7
99.4
106.8
109.0
109.5
103.8
113.5
108.0
112.5
114.5
NA

Current
Yld.
6.32%
8.12%
8.85%
8.24%
8.09%
7.32%
7.53%
6.96%
5.89%
7.14%
6.49%
7.96%
7.49%
6.43%
8.65%
6.16%
7.54%
9.35%
6.42%
12.50%
6.79%
6.94%
6.59%
7.24%
6.44%
7.77%
6.35%
6.73%
5.59%
6.63%
8.38%
5.64%
7.34%
7.60%
6.27%
6.80%
9.05%
5.65%
7.90%
6.44%
5.97%
7.41%
4.65%
7.52%
6.90%
5.06%
6.97%
6.89%
7.32%
4.01%
4.93%
6.09%
5.73%
DFLT
6.27%
7.80%
7.18%
7.59%
7.86%
NA

YTW
5.43%
4.89%
4.32%
5.05%
5.04%
5.02%
5.03%
5.37%
5.37%
5.37%
5.34%
4.25%
4.96%
6.39%
4.77%
5.83%
4.76%
4.20%
6.34%
4.19%
5.26%
4.88%
5.20%
5.21%
4.86%
3.84%
5.14%
5.05%
5.58%
4.98%
4.62%
4.95%
4.60%
4.43%
6.01%
3.85%
4.51%
5.41%
4.82%
4.78%
5.31%
4.23%
4.74%
4.18%
4.33%
5.16%
4.24%
4.51%
4.51%
4.11%
4.98%
4.08%
4.91%
3.98%
3.60%
NA
NA
NA
NA
NA

STW
168
165
165
165
164
164
163
162
162
162
161
157
157
156
154
154
153
152
152
152
151
150
147
146
146
145
140
131
129
124
123
122
121
120
119
117
113
113
107
105
104
101
99
94
94
89
84
78
76
72
71
70
63
58
36
NA
NA
NA
NA
NA

Ratings
Moody's S&P
Ba3
BBB1
BBB2
BBBa3
BBBa3
BBBa3
BBB2
B
Ba3
BBBa3
BBBa3
BBBa2
BBB2
B+
Ba3
BBBaa3
BB+
Ba3
BB
Ba3
BBBa3
BBB2
BBBaa3
BB+
NR
NR
Ba2
BB+
B1
BBaa3
BBBBa2
B+
Caa1
CCC+
B3
CCC
Ba2
B+
Ba2
BB
Baa3
BB+
Baa3
BB+
B2
B+
Baa3
BBBBa2
B+
Ba3
BB
Baa3
BBBCaa1
CCC+
Ba2
BB
Baa3
BBBBaa3
BBBBaa3
BBBBaa3
BB+
Ba2
BBBBaa3
BB+
Ba2
BB
Ba2
BB+
Baa3
BBBB3
B /*B2
B
B3
B /*Baa3
BB+
Baa3
BBBBaa3
BBBBaa3
BBBCaa3
NR
Caa1
CCC+
B2
B+
Ba3
BBB2
B+
Ba3
BBNR
NR

[Page 20]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

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

RATINGS (Moody's or if unavailable, S&P Equivalent) by STW


Description

1/10/05
Price

10 Sr. Sub. Nts. 09


10.5 Sr. Nts. 07
5.75 Cnvrt. Sr. Nts. 07 (Px=$7.58)
7.9 Sr. Nts. 09
12.568 Sr. Sec. Nts.-2nd Lien 09
11.5 Sr. Nts. 08
9.72 Sr. Sec. Nts.-1st Lien 09
9.75 Sr. Nts. 10
8.818 Sr. Sec. Nts.-1st Lien 09
9.125 Sr. Nts. 31
8.5 Sr. Nts. 21
10 Sr. Nts. 10
8.3 Sr. Nts. 11
13 Sr. Nts. 06
8 Cnvrt. Sr. Sub. Nts. 09 C$16.25
2.49 Cnvrt. Sr. Nts. 23 $12.19
1.74 Cnvrt. Sr. Nts. 24 $24.03
7.4 Sr. Nts. 04
11 Sr. Sec. Nts.-2nd Lien 03
9 Sr. Nts. 07
12 Sr. Sub. Nts. 08
12 Sr. Sec. Nts.-2nd Lien 07
10.5 Sr. Sec. Nts.-1st Lien 08
2.51 Cnvrt. Sr. Nts. 24 $6.51
7.48 Sr. Nts. 04
11.25 Sr. Nts. 08
8 Sr. Nts. 06
7.625 Sr. Nts. 06
12.5 Sr. Nts. 09
9 Cnvrt. Sr. Sub. Nts. 09 C$14.00

72.5
75.0
74.5
76.3
102.0
101.8
99.0
106.6
102.0
107.5
108.0
113.8
109.5
104.0
NA
113.3
116.4
74.5
NA
NA
0.1
2.3
103.1
110.8
106.0
141.0
102.5
111.4
110.5
159.0

13.79%
DFLT
DFLT
DFLT
12.32%
11.30%
9.82%
9.14%
8.64%
DFLT
DFLT
8.79%
DFLT
12.50%
NA
2.20%
1.49%
DFLT
NA
NA
DFLT
DFLT
10.18%
2.27%
DFLT
DFLT
7.80%
DFLT
11.31%
5.66%

22.44%
21.76%
19.02%
15.40%
10.97%
10.81%
10.56%
8.35%
7.29%
8.18%
7.47%
6.25%
6.00%
4.19%
NA
NA
NA
NA
NA
NA
NA
NA
NA
1.27%
NA
NA
1.05%
(2.66%)
(9.13%)
(10.03%)

1,907
1,853
1,579
1,200
823
741
685
460
455
390
319
287
227
152
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
(131)
(588)
(1,180)
(1,332)

WR
WR
WR
WR
NR
WR
NR
NR
NR
WR
WR
NR
WR
NR
NR
NR
NR
WR
NR
WR
WR
WR
WR
NR
NR
WR
NR
WR
NR
NR

NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR

CROWN CENTRAL PETROLEUM


MIRANT CORP
CALPINE CANADA ENER FIN
TRICO MARINE SERVICES
CALPINE CORP
CALPINE CORP
ENERGY CORP OF AMERICA
CALPINE CORP
CALPINE CORP
DYNEGY HOLDINGS INC
GREAT LAKES DREDGE&DOCK
J RAY MCDERMOTT SA
MISSION RESOURCES CORP
STAR GAS PARTNER/FINANCE
DYNEGY HOLDINGS INC
VENOCO INC

10.875 Sr. Nts. 05


2.5 Cnvrt. Sr. Nts. 21 (Px=$67.95)
8.5 Sr. Nts. 08
8.875 Sr. Nts. 12
8.625 Sr. Nts. 10
8.5 Sr. Nts. 11
9.5 Sr. Sub. Nts. 07
10.5 Sr. Nts. 06
7.625 Sr. Nts. 06
7.45 Sr. Nts. 06
7.75 Sr. Sub. Nts. 13
11 Sr. Sec. Nts.-2nd Lien 13
9.875 Sr. Nts. 11
10.25 Sr. Nts. 13
8.75 Sr. Nts. 12
8.75 Sr. Nts. 11

96.0
71.5
75.0
66.0
72.5
72.0
95.3
100.0
96.9
96.5
91.3
111.8
106.3
109.3
102.9
103.0

11.33%
DFLT
11.33%
DFLT
11.89%
11.81%
9.97%
10.50%
7.87%
7.72%
8.49%
9.84%
9.29%
9.38%
8.51%
8.50%

117.85%
27.19%
19.03%
16.33%
16.30%
15.83%
11.87%
10.32%
10.33%
10.02%
9.21%
8.61%
8.37%
8.25%
8.21%
8.10%

9,235
2,396
1,566
1,258
1,255
1,210
864
766
766
679
547
486
462
450
447
435

Ca
Ca
Caa1
Ca
Caa1
Caa1
Caa3
Caa1
Caa1
Caa2
Caa2 /*Caa1
Caa2
Caa3 /*
Caa2
Caa1

NR
NR
CCC+
NR
CCC+
CCC+
NR
CCC+
CCC+
CCC+
CCC
CCC+
CCC
CCC /*CCC+
CCC+

DYNEGY HOLDINGS INC


DYNEGY HOLDINGS INC
DYNEGY-ROSETON DANSKAMME
EL PASO CORPORATION
DYNEGY-ROSETON DANSKAMME
CEDAR BRAKES II LLC
SONAT INC
SONAT INC
EL PASO CORPORATION
EL PASO CGP CO
EL PASO CORPORATION
EL PASO CGP CO
EL PASO CORPORATION
SONAT INC
CEDAR BRAKES I LLC

6.875 Sr. Nts. 11


8.125 Sr. Nts. 05
7.67 Pass Thru Certs. 16
7.75 Sr. Nts. 32
7.27 Pass Thru Certs. 10
9.875 Sr. Sec. Nts.-2nd Lien 13
7 Sr. Nts. 18
7.625 Sr. Nts. 11
7.375 Sr. Nts. 12
6.375 Sr. Nts. 09
7.875 Sr. Nts. 12
7.75 Sr. Nts. 10
6.75 Sr. Nts. 09
6.625 Sr. Nts. 08
8.5 Sr. Sec. Nts.-2nd Lien 14

94.3
100.3
95.0
96.6
101.0
116.0
93.3
102.0
101.5
98.8
104.5
103.8
100.0
101.3
115.0

7.29%
8.10%
8.07%
8.02%
7.20%
8.51%
7.51%
7.48%
7.27%
6.46%
7.54%
7.47%
6.75%
6.54%
7.39%

8.07%
6.53%
8.46%
8.06%
6.99%
5.81%
7.84%
7.23%
7.12%
6.73%
7.08%
6.91%
6.75%
6.17%
5.17%

433
409
405
379
366
359
355
350
339
335
333
316
301
277
256

Issuer

Current
Yld.

YTW

STW

Ratings
Moody's
S&P

NOT RATED
OGLEBAY NORTON CO
NAVIGATOR GAS TRANSPORT
MIRANT CORP
MIRANT CORP
ATP OIL & GAS CORPORATION
RAM ENERGY INC
ABRAXAS PETROLEUM CORP
CALLON PETROLEUM CO
ATP OIL & GAS CORPORATION
MIRANT AMERICAS GENR LLC
MIRANT AMERICAS GENR LLC
PETROLEUM GEO-SERVICES
MIRANT AMERICAS GENR INC
SEA CONTAINERS LTD
HARVEST ENERGY TRUST
MAGNUM HUNTER RE
VERITAS DGC INC
MIRANT CORP
ALL STAR GAS CORP
EMPIRE GAS CORP
VECTURA GROUP INC
NAVIGATOR GAS TRANSPORT
ULTRAPETROL(BAHAMAS) LTD
GREY WOLF INC
NORTHERN OFFSHORE ASA
VECTURA GROUP INC
PETROLEUM GEO-SERVICES
MIRANT AMERICAS GENR LLC
SEA CONTAINERS LTD
HARVEST ENERGY TRUST

CAA1 OR LOWER

Caa2
CCC+
Caa2
CCC+
Caa2
B
Caa1
CCC+
Caa2
B
Caa1 /*+ CCC+ /*+
Caa1
CCC+
Caa1
CCC+
Caa1
CCC+
Caa1
CCC+
Caa1
CCC+
Caa1
CCC+
Caa1
CCC+
Caa1
CCC+
Caa1 /*+ CCC+ /*+
[Page 21]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

RATINGS (Moody's or if unavailable, S&P Equivalent) by STW


Issuer
CALPINE CORP
SONAT INC
SONAT INC
MIRANT AMERICAS GENR LLC
EL PASO CGP CO
HANOVER COMPRESSOR CO
DYNEGY INC
NORTHERN OFFSHORE ASA

Description
8.25 Sr. Nts. 05
6.75 Sr. Nts. 07
6.875 Sr. Nts. 05
7.2 Sr. Nts. 08
6.5 Sr. Nts. 06
0 Sr. Sub. Nts. 07
4.75 Cnvrt. Sr. Sub. Nts. 23 $4.12
10 Sr. Nts. 05

1/10/05
Price
102.1
104.8
101.1
109.5
103.8
86.5
138.5
106.0

Current
Yld.
8.08%
6.44%
6.80%
DFLT
6.27%
NA
3.43%
DFLT

YTW
4.65%
4.86%
3.85%
3.98%
3.60%
NA
(1.76%)
(78.37%)

STW
199
146
117
58
36
NA
(551)
(8,075)

9 Pass Thru Certs. 18


11.75 Sr. Nts. 11
10.5 Sr. Nts. 12
8.75 Sr. Nts. 23
12 Sr. Nts. 12
10.5 Sr. Nts. 12
8.50125 Sr. Sec. Nts.-1st Lien 11
8.75 Sr. Sec. Nts.-2nd Lien 12
9.625 Sr. Sub. Nts. 10
7.375 Sr. Nts. 08
10.5 Sr. Nts. 09
9 Sr. Sec. Nts.-2nd Lien 12
7.875 Sr. Nts. 11
9 Sr. Nts. 12
9.875 Sr. Sec. Nts.-2nd Lien 10
8 Sr. Sub. Nts. 14
10.125 Sr. Sec. Nts.-2nd Lien 13
9 Sr. Nts. 14
9.125 Sr. Sub. Nts. 10
10.5 Sr. Nts. 10
11 Sr. Sub. Nts. 12
7.75 Sr. Nts. 13
13.5 Sr. Sec. Nts.-2nd Lien 08
9 Sr. Sub. Nts. 11
4.75 Cnvrt. Sr. Nts. 08 $43.94
7.375 Sr. Sub. Nts. 14
8.625 Sr. Sub. Nts. 10
10 Sr. Nts. 12
10.06 Pass Thru Certs. 28
10.25 Sr. Sec. Nts.-1st Lien 08
8.02 Sr. Sec. Nts.-2nd Lien 08
8.625 Pass Thru Certs. 12
7.125 Sr. Nts. 12
7.375 Sr. Sub. Nts. 13
9.125 Pass Thru Certs. 17
7.84 Sr. Nts. 05
7.875 Sr. Nts. 10
8.875 Sr. Nts. 14
4.75 Cnvrt. Sr. Nts. 14 $15.00
10.75 Sr. Nts. 06
7.875 Sr. Nts. 08
7.82 Sr. Sec. Nts.-2nd Lien 07
8.5 Sr. Sec. Nts.-2nd Lien 10
9.825 Pass Thru Certs. 19
8.4 Pass Thru Certs. 12
8.25 Sr. Nts. 10
10.125 Sr. Nts. 09
9.34 Sr. Nts. 14
8.75 Sr. Nts. 11
9.5 Sr. Nts. 13
14.875 Sr. Nts. 12
9.2 Sr. Sec. Nts.-2nd Lien 29
9.625 Sr. Nts. 13
7.5 Sr. Sub. Nts. 13

Ratings
Moody's
S&P
Caa1
CCC+
Caa1
CCC+
Caa1
CCC+
Caa3
NR
Caa1
CCC+
Caa1
BCaa2
CCC+
C
NR

82.0
107.3
105.5
92.0
112.5
107.2
101.0
102.5
106.8
98.8
108.3
105.5
101.5
107.3
110.5
105.0
113.4
111.0
109.4
113.8
114.3
104.5
122.0
107.5
96.0
102.4
109.5
115.5
128.0
103.6
108.5
112.4
105.5
107.8
122.3
100.9
113.0
121.3
123.8
103.5
102.1

10.98%
10.96%
9.95%
9.51%
10.67%
9.79%
8.42%
8.54%
9.02%
7.47%
9.70%
8.53%
7.76%
8.39%
8.94%
7.62%
8.93%
8.11%
8.34%
9.23%
9.63%
7.42%
11.07%
8.37%
4.95%
7.20%
7.88%
8.66%
DFLT
9.89%
7.39%
DFLT
6.75%
6.84%
DFLT
7.77%
6.97%
7.32%
3.84%
10.39%
7.71%

13.66%
10.20%
9.21%
9.69%
8.75%
8.77%
8.32%
8.18%
7.82%
7.78%
7.46%
7.67%
7.55%
7.43%
7.06%
7.11%
7.05%
6.94%
6.57%
6.58%
6.53%
6.87%
6.39%
6.40%
6.15%
6.97%
6.34%
6.20%
7.20%
4.97%
5.28%
5.90%
5.88%
5.86%
6.08%
3.84%
4.24%
4.51%
1.58%
(0.46%)
(15.74%)

793
645
547
540
536
503
459
443
442
439
423
392
380
369
367
338
330
320
320
318
314
313
301
300
277
270
259
245
237
230
222
215
213
211
179
145
84
76
(271)
(282)
(1,809)

B3
B3
B3
B3
B3
(P)B3
B3
B3 /*B3
B3
B3
B3
B3
B3
B3
B3
B3
B3
B3
B3
B3
B3
B3
B3
B3
B3
B3
B3
B3
B3
B3
B3
B3
B3
B3
B3
B3
B3
B3
B3
B3

B
BBCCC
CCC+
B
CCC+
CCC+
BB+
B+
BBCCC+
BBBB
B /*
B
BBCCC /*+
BB
BB
CCC+
NR
CCC
BNR
BB
NR
CCC
B /*B /*B
B
B

92.0
82.0
84.0
94.5
97.7
105.2
104.8
102.0
107.5
139.5
112.5
112.1
103.2

8.50%
10.37%
11.70%
8.89%
8.45%
9.63%
8.91%
8.58%
8.84%
10.66%
8.18%
8.58%
7.27%

14.33%
13.20%
12.21%
10.04%
8.80%
7.61%
8.46%
8.24%
8.01%
7.79%
7.99%
7.01%
6.86%

1,126
947
792
605
505
494
493
451
426
405
383
328
312

NR
NR
B2
B2
B2
B2
B2
B2
B2
B2
B2
B2
B2

B
B
B
B
B+
BBB
B
BB+
BB

B3-RATED
TIVERTON/RUMFORD PWR ASS
SEITEL INC
UNITED REFINING CO
MCDERMOTT INC
BRAND SERVICES INC
SEA CONTAINERS LTD
AVENTINE RENEWABLE ENRGY
BELDEN & BLAKE CORP
BAYTEX ENERGY LTD
WOLVERINE TUBE INC
WOLVERINE TUBE INC
PETRO STOPPING CTR/FINL
HARVEST OPERATIONS CORP
HORIZON LINES LLC
DYNEGY HOLDINGS INC
GIANT INDUSTRIES
DYNEGY HOLDINGS INC
HANOVER COMPRESSOR CO
TRANSMONTAIGNE INC
HILCORP ENERGY/FINANCE
GIANT INDUSTRIES
EL PASO PRODUCTION HLDG
MISSION ENERGY HOLDING
LONE STAR TECHNOLOGIES
HANOVER COMPRESSOR CO
DRESSER-RAND GROUP INC
HANOVER COMPRESS CO
ALPHA NATURAL RESOURCES
MIRANT CORP
OCEAN RIG NORWAY AS
DYNEGY HOLDINGS INC
MIRANT CORP
KCS ENERGY INC
RANGE RESOURCES CORP
MIRANT CORP
MCDERMOTT INC
PARAMOUNT RESOURCES LTD
PARAMOUNT RESOURCES LTD
HANOVER COMPRESS CO
SEA CONTAINERS LTD
SEA CONTAINERS

B2-RATED
CALPINE CORP
CALPINE CORP
SOUTH PT/BROAD RIV/ROCKG
SOUTH PT/BROAD RIV/ROCKG
AES CHINA GENERATING CO
PARKER DRILLING CO
PAITON ENERGY FUNDING BV
NORTH AMER ENERGY PARTNR
SEABULK INTL INC
AQUILA INC
AES RED OAK LLC
PARKER DRILLING CO
DENBURY RESOURCES INC

[Page 22]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

RATINGS (Moody's or if unavailable, S&P Equivalent) by STW


Issuer
FERRELLGAS PARTNERS LP
ENERGY PARTNERS LTD
GULFMARK OFFSHORE INC
ENCORE ACQUISITION CO
CHC HELICOPTER CORP
PARKER DRILLING CO
STONE ENERGY CORP
ORION POWER HOLDINGS INC
WHITING PETROLEUM CORP
COMSTOCK RESOURCES INC
STONE ENERGY CORP
HOUSTON EXPLORATION CO
AMERIGAS PART/EAGLE FIN
DRESSER INC
HANOVER EQUIP TRUST 01 B
SWIFT ENERGY CO
COMPTON PETROLEUM CORP
EXCO RESOURCES INC
NEWPARK RESOURCES INC
TESORO CORP
TESORO CORP
ENCORE ACQUISITION CO
HANOVER EQUIP TRUST 01 A
AMERIGAS PART/EAGLE FIN
MAGNUM HUNTER RE
PREMCOR REFINING GROUP
AES IRONWOOD LLC
AES RED OAK LLC

Description
8.75 Sr. Nts. 12
8.75 Sr. Nts. 10
7.75 Sr. Nts. 14
6.25 Sr. Sub. Nts. 14
7.375 Sr. Sub. Nts. 14
7.15 Sr. Nts. 10
6.75 Sr. Sub. Nts. 14
12 Sr. Nts. 10
7.25 Sr. Sub. Nts. 12
6.875 Sr. Nts. 12
8.25 Sr. Sub. Nts. 11
7 Sr. Sub. Nts. 13
8.875 Sr. Nts. 11
9.375 Sr. Sub. Nts. 11
8.75 Sr. Sec. Nts.-2nd Lien 11
9.375 Sr. Sub. Nts. 12
9.9 Sr. Nts. 09
7.25 Sr. Nts. 11
8.625 Sr. Sub. Nts. 07
9.625 Sr. Sub. Nts. 12
9.625 Sr. Sub. Nts. 08
8.375 Sr. Sub. Nts. 12
8.5 Sr. Sec. Nts.-2nd Lien 08
10 Sr. Nts. 06
9.6 Sr. Nts. 12
7.75 Sr. Sub. Nts. 12
8.857 Sr. Sec. Nts.-2nd Lien 25
8.54 Sr. Sec. Nts.-2nd Lien 19

1/10/05
Price
108.0
109.0
105.8
94.8
105.3
104.3
99.0
125.5
104.5
103.5
108.3
105.3
108.5
109.1
109.0
112.5
110.5
107.0
101.8
113.5
108.8
111.3
106.8
107.0
114.5
112.5
113.5
112.5

9.625 Sr. Sec. Nts.-1st Lien 14


7.75 Sr. Nts. 07
8.5 Sr. Nts. 13
10.25 Sr. Nts. 12
8.3 Pass Thru Certs. 09
9.75 Sr. Nts. 14
9.25 Sr. Sec. Nts.-2nd Lien 10
9.5 Sr. Sec. Nts.-2nd Lien 13
9.375 Sr. Nts. 09
8.56 Pass Thru Certs. 16
7.5 Sr. Nts. 26
8.625 Sr. Nts. 22
7.625 Sr. Nts. 13
6.75 Sr. Sec. Nts.-2nd Lien 14
6.875 Sr. Nts. 13
9.875 Sr. Nts. 11
10 Sr. Nts. 13
7.25 Sr. Nts. 14
8 Sr. Sec. Nts.-2nd Lien 13
8.75 Sr. Nts. 32
8.375 Sr. Nts. 32
8.75 Sr. Sec. Nts.-2nd Lien 34
6.625 Sr. Nts. 11
10 Sr. Nts. 08
7.75 Sr. Nts. 31
7.875 Sr. Sub. Nts. 11
6.875 Sr. Nts. 14
7.5 Sr. Nts. 31
7.625 Sr. Nts. 11
7.73 Sr. Nts. 09
6.875 Sr. Nts. 14
6.375 Sr. Nts. 13
8.125 Sr. Nts. 12
7.125 Sr. Nts. 11
6.95 Sr. Nts. 07

101.5
99.6
102.5
110.0
104.9
113.0
109.0
111.0
108.0
113.5
103.8
114.8
105.9
98.1
102.4
117.8
115.5
105.3
108.8
115.5
111.3
112.4
101.8
113.2
105.9
106.3
101.4
104.6
108.0
107.5
103.8
101.3
115.0
108.8
104.0

Current
Yld.
8.10%
8.03%
7.33%
6.59%
7.01%
6.86%
6.82%
9.56%
6.94%
6.64%
7.62%
6.65%
8.18%
8.59%
8.03%
8.33%
8.96%
6.78%
8.48%
8.48%
8.85%
7.53%
7.96%
9.35%
8.38%
6.89%
7.80%
7.59%

YTW
6.80%
6.43%
6.76%
7.02%
6.46%
5.75%
6.89%
6.26%
6.24%
6.07%
5.71%
6.00%
5.46%
5.40%
5.50%
5.45%
5.27%
5.63%
4.20%
5.17%
4.32%
5.03%
4.25%
4.20%
4.62%
4.51%
NA
NA

STW
306
303
301
275
271
265
260
252
250
232
232
225
223
217
210
205
204
188
184
179
165
163
157
152
123
78
NA
NA

9.48%
7.78%
8.29%
9.32%
7.91%
8.63%
8.49%
8.56%
8.68%
7.54%
7.23%
7.52%
7.20%
6.88%
6.72%
8.39%
8.66%
6.89%
7.36%
7.58%
7.53%
7.79%
6.51%
8.83%
7.32%
7.41%
6.78%
7.17%
7.06%
7.19%
6.63%
6.30%
7.07%
6.55%
6.68%

9.34%
7.90%
8.02%
7.31%
6.60%
7.84%
6.89%
7.12%
6.36%
5.97%
7.16%
7.12%
6.55%
7.02%
6.44%
6.38%
6.01%
6.36%
6.36%
7.42%
7.41%
6.32%
6.25%
5.85%
7.25%
5.81%
6.64%
7.11%
5.90%
5.78%
6.27%
6.18%
5.56%
5.53%
4.95%

561
450
429
392
363
355
351
338
313
306
287
283
280
274
271
265
261
261
261
260
258
258
250
248
243
242
237
229
215
205
198
189
182
179
171

Ratings
Moody's
S&P
B2
B
B2
B+
B2
BBB2
B
B2
B
B2e
BB2
B+
B2
B
B2
BB2
B
B2
B+
B2
B+
B2
BBB2
B
B2
B+
B2
B
B2
B
B2
B
B2
B
B2
BBB2
BBB2
B
B2
B+
B2
BBB2
B+
B2
B
B2
B+
B2
B+

B1-RATED
CALPINE CORP
INTL SHIPHOLDING CORP
SHIP FINANCE INTL LTD
BLUEWATER FINANCE LTD
MIDWEST GENERATION LLC
AES CHIVOR
RELIANT ENERGY INC
RELIANT ENERGY INC
PETROLEUM HELICOPTERS
MIDWEST GENERATION LLC
EL PASO NATURAL GAS
EL PASO NATURAL GAS
OMI CORP
RELIANT ENERGY INC
SUBURBAN PROPANE PARTNRS
EDISON MISSION
GENERAL MARITIME CORP
FOUNDATION PA COAL CO
NRG ENERGY INC
WILLIAMS COS INC
EL PASO NATURAL GAS
MIDWEST GENERATION LLC
FRONTIER OIL CORP
EDISON MISSION ENERGY
WILLIAMS COS INC
VINTAGE PETROLEUM
MARKWEST ENERGY PART/FIN
WILLIAMS COS INC
SWIFT ENERGY CO
EDISON MISSION ENERGY
TEXAS GENCO LLC/FINANCNG
KEY ENERGY SERVICES INC
WILLIAMS COS INC
WILLIAMS COS INC
MASSEY ENERGY CO

NR
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1
B1 /*B1
B1
B1

B+
BB
B
B /*+
B
B+
B+
BBB /*+
BBB+
B+
B
B /*+
B+
B
B
B+
BB- /*+
B+
B /*+
B+
B
B+
B+
BBB /*+
B
B /*
B+
B+
B+
[Page 23]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

RATINGS (Moody's or if unavailable, S&P Equivalent) by STW


Issuer
SESI, L.L.C.
EL PASO NATURAL GAS
OMI CORP
KEY ENERGY SERVICES INC
GREY WOLF INC
MASSEY ENERGY CO

Description
8.875 Sr. Nts. 11
7.625 Sr. Nts. 10
2.875 Cnvrt. Sr. Nts. 24 (Px=$30.74)
8.375 Sr. Nts. 08
3.75 Cnvrt. Sr. Nts. 23 $6.45
4.75 Cnvrt. Sr. Nts. 23 $19.39

1/10/05
Price
109.3
109.9
96.6
105.0
103.5
177.1

Current
Yld.
8.12%
6.94%
2.98%
7.98%
3.62%
2.68%

YTW
4.89%
4.88%
3.44%
1.99%
2.65%
(9.25%)

STW
165
150
(30)
(37)
(75)
(1,298)

10.07%
9.60%
6.16%
7.95%
7.18%
7.16%
9.10%
6.66%
7.84%
6.79%
8.46%
7.03%
6.61%
7.10%
6.54%
7.02%
6.38%
7.68%
6.90%
6.43%
5.97%
6.03%
7.05%
6.40%
8.24%
7.83%
6.78%
6.17%
6.82%
6.65%
7.50%
6.47%
6.72%
7.19%
8.59%
6.32%
8.24%
8.09%
7.32%
6.96%
5.89%
7.14%
6.49%
7.49%
8.65%
6.16%
7.54%
6.79%
7.24%
6.35%
6.73%
7.34%
7.60%
9.05%
7.41%
7.52%
6.90%

6.86%
7.02%
6.36%
6.25%
5.98%
6.62%
6.20%
6.51%
5.86%
6.27%
5.92%
6.21%
6.17%
6.25%
6.13%
6.12%
5.98%
5.96%
3.01%
5.90%
5.90%
5.84%
5.84%
5.81%
5.45%
5.29%
5.41%
6.23%
5.69%
5.62%
5.28%
5.62%
5.63%
5.59%
5.09%
5.43%
5.05%
5.04%
5.02%
5.37%
5.37%
5.37%
5.34%
4.96%
4.77%
5.83%
4.76%
5.26%
5.21%
5.14%
5.05%
4.60%
4.43%
4.51%
4.23%
4.18%
4.33%

419
364
313
301
296
287
280
278
263
254
252
246
244
243
238
237
225
223
219
217
216
211
209
206
206
205
202
195
195
189
188
188
188
185
169
168
165
164
164
162
162
162
161
157
154
154
153
151
146
140
131
121
120
113
101
94
94

Ratings
Moody's
S&P
B1
BBB1
BNR
B+
B1 /*B /*
B1
BBB1
B+

BA3-RATED
CIE GENER DE GEOPHYSIQUE
SHAW GROUP INC
TECO ENERGY INC
CHESAPEAKE ENERGY CORP
EDISON MISSION HLDGS CO
STENA AB
CP SHIPS LIMITED
FERRELLGAS LP/FINANCE
CONSOLIDATED COAL
PACIFIC ENERGY PRTNR/FIN
STENA AB
PREMCOR REFINING GROUP
CHESAPEAKE ENERGY CORP
EDISON MISSION HLDGS CO
ARCH WESTERN FINANCE
MSW ENERGY HLDGS/FIN II
NEWFIELD EXPLORATION CO
TEEKAY SHIPPING CORP
EDISON MISSION ENRGY FDG
MASSEY ENERGY CO
CITGO PETROLEUM CORP
OFFSHORE LOGISTIC
CONSOL ENERGY INC
PREMCOR REFINING GROUP
PREMCOR REFINING GROUP
PLAINS E&P COMPANY
UNIVERSAL COMPRESSN INC
HORNBECK OFFSHORE SERV
CHESAPEAKE ENERGY CORP
TECO ENERGY INC
VINTAGE PETROLEUM
TECO ENERGY INC
PRIDE INTERNATIONAL INC
WESTERN OIL SANDS INC
GRANT PRIDECO INC
PREMCOR REFINING GROUP
PREMCOR REFINING GROUP
GRANT PRIDECO INC
FOREST OIL CORPORATION
FOREST OIL CORPORATION
PREMCOR REFINING GROUP
FOREST OIL CORPORATION
PLAINS E&P COMPANY
NEWFIELD EXPLORATION CO
LUSCAR COAL LTD
CHESAPEAKE ENERGY CORP
CHESAPEAKE ENERGY CORP
NEWFIELD EXPLORATION CO
TRANSCONT GAS PIPE CORP
TRANSCONT GAS PIPE CORP
TECO ENERGY INC
NORTHWEST PIPELINE CORP
POGO PRODUCING CO
TECO ENERGY INC
TESORO CORP
CITGO PETROLEUM CORP
NEWFIELD EXPLORATION CO

10.625 Sr. Nts. 07


10.75 Sr. Nts. 10
6.125 Sr. Nts. 07
8.375 Sr. Nts. 08
8.137 Sr. Nts. 19
7.5 Sr. Nts. 13
10.375 Sr. Nts. 12
6.75 Sr. Nts. 14
8.25 Sr. Nts. 07
7.125 Sr. Nts. 14
9.625 Sr. Nts. 12
7.5 Sr. Nts. 15
6.875 Sr. Nts. 16
8.734 Sr. Nts. 26
6.75 Sr. Nts. 13
7.375 Sr. Nts. 10
6.625 Sr. Sub. Nts. 14
8.875 Sr. Nts. 11
7.33 Sr. Nts. 08
6.625 Sr. Nts. 10
6 Sr. Nts. 11
6.125 Sr. Nts. 13
7.875 Sr. Nts. 12
6.75 Sr. Nts. 14
9.5 Sr. Nts. 13
8.75 Sr. Sub. Nts. 12
7.25 Sr. Nts. 10
6.125 Sr. Nts. 14
7.5 Sr. Nts. 14
7.2 Sr. Nts. 11
8.25 Sr. Nts. 12
7 Sr. Nts. 12
7.375 Sr. Nts. 14
8.375 Sr. Sec. Nts.-3rd Lien 12
9.625 Sr. Nts. 07
6.75 Sr. Nts. 11
9.25 Sr. Nts. 10
9 Sr. Nts. 09
8 Sr. Nts. 08
8 Sr. Nts. 11
6.125 Sr. Nts. 11
7.75 Sr. Nts. 14
7.125 Sr. Nts. 14
8.375 Sr. Sub. Nts. 12
9.75 Sr. Nts. 11
6.375 Sr. Nts. 15
8.125 Sr. Nts. 11
7.625 Sr. Nts. 11
8.875 Sr. Nts. 12
7 Sr. Nts. 11
7.5 Sr. Nts. 10
8.125 Sr. Nts. 10
8.25 Sr. Sub. Nts. 11
10.5 Sr. Nts. 07
8 Sr. Sec. Nts.-2nd Lien 08
7.875 Sr. Nts. 06
7.45 Sr. Nts. 07

105.5
112.0
99.5
105.4
113.4
104.8
114.0
101.4
105.2
105.0
113.8
106.8
103.9
123.1
103.3
105.0
103.9
115.5
106.3
103.0
100.5
101.5
111.8
105.5
115.3
111.8
107.0
99.3
109.9
108.3
110.0
108.2
109.8
116.5
112.0
106.8
112.3
111.3
109.3
115.0
104.0
108.5
109.8
111.9
112.8
103.4
107.8
112.3
122.5
110.3
111.5
110.8
108.5
116.0
108.0
104.8
108.0

Ba3 /*Ba3
Ba2
Ba3
WR
Ba3
Ba3
Ba3
Ba2
Ba2
Ba3
Ba3
Ba3
WR
Ba3
Ba2
Ba3
Ba2
Ba3
Ba3
Ba2
Ba2
Ba2
Ba3
Ba3
Ba3
Ba3
Ba3
Ba3
Ba2
Ba3
Ba2
Ba2
Ba2
Ba3
Ba3
Ba3
Ba3
Ba3
Ba3
Ba3
Ba3
Ba2
Ba3
Ba3
Ba3
Ba3
Ba2
Ba2
Ba2
Ba2
Ba2
Ba3
Ba2
Ba2
Ba2
Ba2

BB
B+
BB
BBBB /*+
BBBB+
BBNR
BB /*BBBBBBBB /*+
BB
BBBBBBB /*+
BB
BB
BB+
BB
BBBBB+
B
BBBBBB
BBBB
BBBB+
BBBBBBBBBBBBBBBBBBBBBB
BBBBBB+
B+
B+
BB
B+
BB
BB
BBBBB
BB+
[Page 24]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

RATINGS (Moody's or if unavailable, S&P Equivalent) by STW


Issuer
CHESAPEAKE ENERGY CORP
CHESAPEAKE ENERGY CORP
PRIDE INTERNATIONAL INC
PRIDE INTERNATIONAL INC
MASSEY ENERGY CO

Description
7.75 Sr. Nts. 15
9 Sr. Nts. 12
2.5 Cnvrt. Sr. Nts. 07 $16.51
3.25 Cnvrt. Sr. Nts. 33 $25.70
2.25 Cnvrt. Sr. Nts. 24 $33.60

1/10/05
Price
108.0
114.5
125.1
108.4
123.7

Current
Yld.
7.18%
7.86%
2.00%
3.00%
1.82%

NA
NA
(105.82%)
0.67%
(1.38%)

STW
NA
NA
NA
(270)
(512)

8.32 Sr. Nts. 06


7.5 Sr. Nts. 24
9 Sr. Nts. 13
8.5 Sr. Sec. Nts.-2nd Lien 10
8.5 Sr. Nts. 07
8.75 Sr. Nts. 13
8.25 Sr. Nts. 13

102.0
102.3
116.9
109.5
106.1
113.3
110.8

8.16%
7.33%
7.70%
7.76%
8.01%
7.73%
7.45%

6.31%
7.28%
5.74%
6.05%
4.24%
6.74%
5.70%

364
299
274
265
258
245
195

8.25 Sr. Nts. 05


8.04 Sr. Sec. Nts.-1st Lien 19
6.65 Sr. Nts. 34
6.875 Sr. Nts. 33
7.5 Sr. Nts. 12
5.6 Sr. Nts. 14
7.5 Sr. Nts. 11
5.875 Sr. Sub. Nts. 12
7.2 Sr. Nts. 28
5.875 Sr. Nts. 16
9.625 Sr. Nts. 10
7.5 Sr. Nts. 12
6.375 Sr. Nts. 13
4.625 Sr. Nts. 09
5 Sr. Nts. 15
4 Sr. Nts. 07
4.9 Sr. Nts. 14
6.5 Sr. Nts. 08
6.25 Sr. Nts. 13
8.875 Sr. Nts. 05
8.25 Sr. Nts. 07
4.75 Cnvrt. Sr. Nts. 21 $25.00

100.3
109.8
103.4
107.0
113.7
100.2
113.0
104.2
114.8
104.0
121.9
116.5
106.9
99.5
98.7
99.7
99.4
106.8
109.0
101.7
115.1
176.9

8.22%
7.32%
6.43%
6.42%
6.59%
5.59%
6.63%
5.64%
6.27%
5.65%
7.90%
6.44%
5.97%
4.65%
5.06%
4.01%
4.93%
6.09%
5.73%
8.73%
7.17%
2.69%

6.29%
6.66%
6.39%
6.34%
5.20%
5.58%
4.98%
4.95%
6.01%
5.41%
4.82%
4.78%
5.31%
4.74%
5.16%
4.11%
4.98%
4.08%
4.91%
2.24%
2.20%
(24.08%)

386
265
156
152
147
129
124
122
119
113
107
105
104
99
89
72
71
70
63
(12)
(119)
(2,730)

YTW

Ratings
Moody's
S&P
Ba3
BBBa3
BBNR
BBNR
BBBa3
BB

BA2-RATED
BA1-RATED
TEEKAY SHIPPING CORP
OVERSEAS SHIPHLDG GROUP
SITHE/INDEPENDENCE FNDG
MSW ENERGY HLDGS/FINANCE
SITHE/INDEPENDENCE FNDG
OVERSEAS SHIPHLDG GROUP
OVERSEAS SHIPHLDG GROUP

Ba1
Ba1 /*Ba1 /*Ba1
Ba1 /*Ba1 /*Ba1 /*-

BB+
BB+ /*BBB- /*BB
BBB- /*BB+ /*BB+ /*-

Baa3
Baa2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
NR

BB+
BB+
BB+
BB+
BBBBB+
BB+
BBBBBBBBBBBBBBBBB+
BB+
BBBBB+
BBBBBBBBBBBBBBBBBB-

BAA3-RATED
ENTERPRISE PRODUCTS OPER
GOLDEN STATE PETRO TRANS
ENTERPRISE PRODUCTS OPER
ENTERPRISE PRODUCTS OPER
PIONEER NATURAL RESOURCE
ENTERPRISE PRODUCTS OPER
ENTERPRISE PRODUCTS OPER
EVERGREEN RESOURCES INC
PIONEER NATURAL RESOURCE
PIONEER NATURAL RESOURCE
PIONEER NATURAL RESOURCE
XTO ENERGY INC
ENTERPRISE PRODUCTS OPER
ENTERPRISE PRODUCTS OPER
XTO ENERGY INC
ENTERPRISE PRODUCTS OPER
XTO ENERGY INC
PIONEER NATURAL RESOURCE
XTO ENERGY INC
PIONEER NATL RESOURCES
PIONEER NATL RESOURCES
EVERGREEN RESOURCES INC

[Page 25]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

YTW Sort
Issuer
CROWN CENTRAL PETROLEUM
MIRANT CORP
OGLEBAY NORTON CO
NAVIGATOR GAS TRANSPORT
CALPINE CANADA ENER FIN
MIRANT CORP
TRICO MARINE SERVICES
CALPINE CORP
CALPINE CORP
MIRANT CORP
CALPINE CORP
TIVERTON/RUMFORD PWR ASS
CALPINE CORP
SOUTH PT/BROAD RIV/ROCKG
ENERGY CORP OF AMERICA
ATP OIL & GAS CORPORATION
RAM ENERGY INC
ABRAXAS PETROLEUM CORP
CALPINE CORP
CALPINE CORP
SEITEL INC
SOUTH PT/BROAD RIV/ROCKG
DYNEGY HOLDINGS INC
MCDERMOTT INC
CALPINE CORP
UNITED REFINING CO
GREAT LAKES DREDGE&DOCK
AES CHINA GENERATING CO
SEA CONTAINERS LTD
BRAND SERVICES INC
J RAY MCDERMOTT SA
DYNEGY-ROSETON DANSKAMME
PAITON ENERGY FUNDING BV
MISSION RESOURCES CORP
CALLON PETROLEUM CO
AVENTINE RENEWABLE ENRGY
STAR GAS PARTNER/FINANCE
NORTH AMER ENERGY PARTNR
DYNEGY HOLDINGS INC
MIRANT AMERICAS GENR LLC
BELDEN & BLAKE CORP
VENOCO INC
DYNEGY HOLDINGS INC
EL PASO CORPORATION
SHIP FINANCE INTL LTD
SEABULK INTL INC
AES RED OAK LLC
INTL SHIPHOLDING CORP
AES CHIVOR
SONAT INC
BAYTEX ENERGY LTD
AQUILA INC
WOLVERINE TUBE INC
PETRO STOPPING CTR/FINL
PARKER DRILLING CO
HARVEST OPERATIONS CORP
MIRANT AMERICAS GENR LLC
WOLVERINE TUBE INC
HORIZON LINES LLC
WILLIAMS COS INC
EL PASO NATURAL GAS
BLUEWATER FINANCE LTD
ATP OIL & GAS CORPORATION
OVERSEAS SHIPHLDG GROUP

Description
10.875 Sr. Nts. 05
2.5 Cnvrt. Sr. Nts. 21 (Px=$67.95)
10 Sr. Sub. Nts. 09
10.5 Sr. Nts. 07
8.5 Sr. Nts. 08
5.75 Cnvrt. Sr. Nts. 07 (Px=$7.58)
8.875 Sr. Nts. 12
8.625 Sr. Nts. 10
8.5 Sr. Nts. 11
7.9 Sr. Nts. 09
7.82 Sr. Sec. Nts.-2nd Lien 07
9 Pass Thru Certs. 18
8.5 Sr. Sec. Nts.-2nd Lien 10
9.825 Pass Thru Certs. 19
9.5 Sr. Sub. Nts. 07
12.568 Sr. Sec. Nts.-2nd Lien 09
11.5 Sr. Nts. 08
9.72 Sr. Sec. Nts.-1st Lien 09
7.625 Sr. Nts. 06
10.5 Sr. Nts. 06
11.75 Sr. Nts. 11
8.4 Pass Thru Certs. 12
7.45 Sr. Nts. 06
8.75 Sr. Nts. 23
9.625 Sr. Sec. Nts.-1st Lien 14
10.5 Sr. Nts. 12
7.75 Sr. Sub. Nts. 13
8.25 Sr. Nts. 10
10.5 Sr. Nts. 12
12 Sr. Nts. 12
11 Sr. Sec. Nts.-2nd Lien 13
7.67 Pass Thru Certs. 16
9.34 Sr. Nts. 14
9.875 Sr. Nts. 11
9.75 Sr. Nts. 10
8.50125 Sr. Sec. Nts.-1st Lien 11
10.25 Sr. Nts. 13
8.75 Sr. Nts. 11
8.75 Sr. Nts. 12
9.125 Sr. Nts. 31
8.75 Sr. Sec. Nts.-2nd Lien 12
8.75 Sr. Nts. 11
6.875 Sr. Nts. 11
7.75 Sr. Nts. 32
8.5 Sr. Nts. 13
9.5 Sr. Nts. 13
9.2 Sr. Sec. Nts.-2nd Lien 29
7.75 Sr. Nts. 07
9.75 Sr. Nts. 14
7 Sr. Nts. 18
9.625 Sr. Sub. Nts. 10
14.875 Sr. Nts. 12
7.375 Sr. Nts. 08
9 Sr. Sec. Nts.-2nd Lien 12
10.125 Sr. Nts. 09
7.875 Sr. Nts. 11
8.5 Sr. Nts. 21
10.5 Sr. Nts. 09
9 Sr. Nts. 12
8.75 Sr. Nts. 32
8.375 Sr. Nts. 32
10.25 Sr. Nts. 12
8.818 Sr. Sec. Nts.-1st Lien 09
7.5 Sr. Nts. 24

1/10/05
Price
96.0
71.5
72.5
75.0
75.0
74.5
66.0
72.5
72.0
76.3
92.0
82.0
82.0
84.0
95.3
102.0
101.8
99.0
96.9
100.0
107.3
94.5
96.5
92.0
101.5
105.5
91.3
97.7
107.2
112.5
111.8
95.0
104.8
106.3
106.6
101.0
109.3
102.0
102.9
107.5
102.5
103.0
94.3
96.6
102.5
107.5
112.5
99.6
113.0
93.3
106.8
139.5
98.8
105.5
105.2
101.5
108.0
108.3
107.3
115.5
111.3
110.0
102.0
102.3

Current
Yld.
11.33%
DFLT
13.79%
DFLT
11.33%
DFLT
DFLT
11.89%
11.81%
DFLT
8.50%
10.98%
10.37%
11.70%
9.97%
12.32%
11.30%
9.82%
7.87%
10.50%
10.96%
8.89%
7.72%
9.51%
9.48%
9.95%
8.49%
8.45%
9.79%
10.67%
9.84%
8.07%
8.91%
9.29%
9.14%
8.42%
9.38%
8.58%
8.51%
DFLT
8.54%
8.50%
7.29%
8.02%
8.29%
8.84%
8.18%
7.78%
8.63%
7.51%
9.02%
10.66%
7.47%
8.53%
9.63%
7.76%
DFLT
9.70%
8.39%
7.58%
7.53%
9.32%
8.64%
7.33%

YTW
117.85%
27.19%
22.44%
21.76%
19.03%
19.02%
16.33%
16.30%
15.83%
15.40%
14.33%
13.66%
13.20%
12.21%
11.87%
10.97%
10.81%
10.56%
10.33%
10.32%
10.20%
10.04%
10.02%
9.69%
9.34%
9.21%
9.21%
8.80%
8.77%
8.75%
8.61%
8.46%
8.46%
8.37%
8.35%
8.32%
8.25%
8.24%
8.21%
8.18%
8.18%
8.10%
8.07%
8.06%
8.02%
8.01%
7.99%
7.90%
7.84%
7.84%
7.82%
7.79%
7.78%
7.67%
7.61%
7.55%
7.47%
7.46%
7.43%
7.42%
7.41%
7.31%
7.29%
7.28%

STW
9,235
2,396
1,907
1,853
1,566
1,579
1,258
1,255
1,210
1,200
1,126
793
947
792
864
823
741
685
766
766
645
605
679
540
561
547
547
505
503
536
486
405
493
462
460
459
450
451
447
390
443
435
433
379
429
426
383
450
355
355
442
405
439
392
494
380
319
423
369
260
258
392
455
299

Ratings
Moody's
S&P
Ca
NR
Ca
NR
WR
NR
WR
NR
Caa1
CCC+
WR
NR
Ca
NR
Caa1
CCC+
Caa1
CCC+
WR
NR
NR
B
B3
B
NR
B
B2
B
Caa3
NR
NR
NR
WR
NR
NR
NR
Caa1
CCC+
Caa1
CCC+
B3
BB2
B
Caa2
CCC+
B3
CCC
NR
B+
B3
BCaa2 /*CCC
B2
B+
(P)B3
B
B3
CCC+
Caa1
CCC+
Caa2
B
B2
BCaa2
CCC
NR
NR
B3
CCC+
Caa3 /* CCC /*B2
B
Caa2
CCC+
WR
NR
B3 /*CCC+
Caa1
CCC+
Caa2
CCC+
Caa1
CCC+
B1
B
B2
B
B2
B+
B1
BB1
B
Caa1
CCC+
B3
BB2
BB3
B+
B3
BB2
BB3
BWR
NR
B3
B+
B3
CCC+
B1
B+
B1
BB1
B
NR
NR
Ba1 /*BB+ /*[Page 26]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

YTW Sort
Issuer
WILLIAMS COS INC
SONAT INC
MIRANT CORP
EL PASO NATURAL GAS
EL PASO CORPORATION
EL PASO NATURAL GAS
RELIANT ENERGY INC
GIANT INDUSTRIES
WILLIAMS COS INC
EL PASO CORPORATION
DYNEGY HOLDINGS INC
DYNEGY HOLDINGS INC
ENCORE ACQUISITION CO
SHAW GROUP INC
RELIANT ENERGY INC
PARKER DRILLING CO
DYNEGY-ROSETON DANSKAMME
DRESSER-RAND GROUP INC
HANOVER COMPRESSOR CO
EL PASO CGP CO
RELIANT ENERGY INC
STONE ENERGY CORP
EL PASO PRODUCTION HLDG
DENBURY RESOURCES INC
CIE GENER DE GEOPHYSIQUE
FERRELLGAS PARTNERS LP
GULFMARK OFFSHORE INC
EL PASO CORPORATION
OVERSEAS SHIPHLDG GROUP
EL PASO CGP CO
GOLDEN STATE PETRO TRANS
MARKWEST ENERGY PART/FIN
STENA AB
MIDWEST GENERATION LLC
HILCORP ENERGY/FINANCE
TRANSMONTAIGNE INC
OMI CORP
GIANT INDUSTRIES
DYNEGY HOLDINGS INC
FERRELLGAS LP/FINANCE
CHC HELICOPTER CORP
SUBURBAN PROPANE PARTNRS
ENERGY PARTNERS LTD
LONE STAR TECHNOLOGIES
MISSION ENERGY HOLDING
ENTERPRISE PRODUCTS OPER
EDISON MISSION
PETROLEUM HELICOPTERS
FOUNDATION PA COAL CO
TECO ENERGY INC
NRG ENERGY INC
HANOVER COMPRESS CO
ENTERPRISE PRODUCTS OPER
MIDWEST GENERATION LLC
TEEKAY SHIPPING CORP
ENTERPRISE PRODUCTS OPER
PACIFIC ENERGY PRTNR/FIN
TEXAS GENCO LLC/FINANCNG
ORION POWER HOLDINGS INC
FRONTIER OIL CORP
EDISON MISSION HLDGS CO
PETROLEUM GEO-SERVICES
CHESAPEAKE ENERGY CORP
WHITING PETROLEUM CORP

Description
7.75 Sr. Nts. 31
7.625 Sr. Nts. 11
10.06 Pass Thru Certs. 28
7.5 Sr. Nts. 26
7.375 Sr. Nts. 12
8.625 Sr. Nts. 22
9.5 Sr. Sec. Nts.-2nd Lien 13
8 Sr. Sub. Nts. 14
7.5 Sr. Nts. 31
7.875 Sr. Nts. 12
9.875 Sr. Sec. Nts.-2nd Lien 10
10.125 Sr. Sec. Nts.-2nd Lien 13
6.25 Sr. Sub. Nts. 14
10.75 Sr. Nts. 10
6.75 Sr. Sec. Nts.-2nd Lien 14
9.625 Sr. Nts. 13
7.27 Pass Thru Certs. 10
7.375 Sr. Sub. Nts. 14
9 Sr. Nts. 14
7.75 Sr. Nts. 10
9.25 Sr. Sec. Nts.-2nd Lien 10
6.75 Sr. Sub. Nts. 14
7.75 Sr. Nts. 13
7.5 Sr. Sub. Nts. 13
10.625 Sr. Nts. 07
8.75 Sr. Nts. 12
7.75 Sr. Nts. 14
6.75 Sr. Nts. 09
8.75 Sr. Nts. 13
6.375 Sr. Nts. 09
8.04 Sr. Sec. Nts.-1st Lien 19
6.875 Sr. Nts. 14
7.5 Sr. Nts. 13
8.3 Pass Thru Certs. 09
10.5 Sr. Nts. 10
9.125 Sr. Sub. Nts. 10
7.625 Sr. Nts. 13
11 Sr. Sub. Nts. 12
8.125 Sr. Nts. 05
6.75 Sr. Nts. 14
7.375 Sr. Sub. Nts. 14
6.875 Sr. Nts. 13
8.75 Sr. Nts. 10
9 Sr. Sub. Nts. 11
13.5 Sr. Sec. Nts.-2nd Lien 08
6.65 Sr. Nts. 34
9.875 Sr. Nts. 11
9.375 Sr. Nts. 09
7.25 Sr. Nts. 14
6.125 Sr. Nts. 07
8 Sr. Sec. Nts.-2nd Lien 13
8.625 Sr. Sub. Nts. 10
6.875 Sr. Nts. 33
8.75 Sr. Sec. Nts.-2nd Lien 34
8.32 Sr. Nts. 06
8.25 Sr. Nts. 05
7.125 Sr. Nts. 14
6.875 Sr. Nts. 14
12 Sr. Nts. 10
6.625 Sr. Nts. 11
8.734 Sr. Nts. 26
10 Sr. Nts. 10
8.375 Sr. Nts. 08
7.25 Sr. Sub. Nts. 12

1/10/05
Price
105.9
102.0
128.0
103.8
101.5
114.8
111.0
105.0
104.6
104.5
110.5
113.4
94.8
112.0
98.1
112.1
101.0
102.4
111.0
103.8
109.0
99.0
104.5
103.2
105.5
108.0
105.8
100.0
113.3
98.8
109.8
101.4
104.8
104.9
113.8
109.4
105.9
114.3
100.3
101.4
105.3
102.4
109.0
107.5
122.0
103.4
117.8
108.0
105.3
99.5
108.8
109.5
107.0
112.4
102.0
100.3
105.0
103.8
125.5
101.8
123.1
113.8
105.4
104.5

Current
Yld.
7.32%
7.48%
DFLT
7.23%
7.27%
7.52%
8.56%
7.62%
7.17%
7.54%
8.94%
8.93%
6.59%
9.60%
6.88%
8.58%
7.20%
7.20%
8.11%
7.47%
8.49%
6.82%
7.42%
7.27%
10.07%
8.10%
7.33%
6.75%
7.73%
6.46%
7.32%
6.78%
7.16%
7.91%
9.23%
8.34%
7.20%
9.63%
8.10%
6.66%
7.01%
6.72%
8.03%
8.37%
11.07%
6.43%
8.39%
8.68%
6.89%
6.16%
7.36%
7.88%
6.42%
7.79%
8.16%
8.22%
6.79%
6.63%
9.56%
6.51%
7.10%
8.79%
7.95%
6.94%

YTW
7.25%
7.23%
7.20%
7.16%
7.12%
7.12%
7.12%
7.11%
7.11%
7.08%
7.06%
7.05%
7.02%
7.02%
7.02%
7.01%
6.99%
6.97%
6.94%
6.91%
6.89%
6.89%
6.87%
6.86%
6.86%
6.80%
6.76%
6.75%
6.74%
6.73%
6.66%
6.64%
6.62%
6.60%
6.58%
6.57%
6.55%
6.53%
6.53%
6.51%
6.46%
6.44%
6.43%
6.40%
6.39%
6.39%
6.38%
6.36%
6.36%
6.36%
6.36%
6.34%
6.34%
6.32%
6.31%
6.29%
6.27%
6.27%
6.26%
6.25%
6.25%
6.25%
6.25%
6.24%

STW
243
350
237
287
339
283
338
338
229
333
367
330
275
364
274
328
366
270
320
316
351
260
313
312
419
306
301
301
245
335
265
237
287
363
318
320
280
314
409
278
271
271
303
300
301
156
265
313
261
313
261
259
152
258
364
386
254
198
252
250
243
287
301
250

Ratings
Moody's
S&P
B1
B+
Caa1
CCC+
B3
NR
B1
BCaa1
CCC+
B1
BB1
B+
B3
BB1
B+
Caa1
CCC+
B3
BB3
BB2
B
Ba3
B+
B1
B+
B2
BCaa2
B
B3
BB3
B
Caa1
CCC+
B1
B+
B2
B+
B3
BB2
B
Ba3 /*BB
B2
B
B2
BBCaa1
CCC+
Ba1 /*BB+ /*Caa1
CCC+
Baa2
BB+
B1
B+
Ba3
BBB1
B /*+
B3
B
B3
B /*
B1
B+
B3
BCaa2
CCC+
Ba3
BBB2
B
B1
B
B2
B+
B3
BB3
CCC /*+
Baa3
BB+
B1
B /*+
B1
BBB1
B
Ba2
BB
B1
B
B3
B
Baa3
BB+
B1
B- /*+
Ba1
BB+
Baa3
BB+
Ba2
BB /*B1
B
B2
B
B1
B+
WR
BB /*+
NR
NR
Ba3
BBB2
B[Page 27]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

YTW Sort
Issuer
HORNBECK OFFSHORE SERV
PREMCOR REFINING GROUP
CP SHIPS LIMITED
ALPHA NATURAL RESOURCES
KEY ENERGY SERVICES INC
CHESAPEAKE ENERGY CORP
SONAT INC
HANOVER COMPRESSOR CO
ARCH WESTERN FINANCE
MSW ENERGY HLDGS/FIN II
MIRANT CORP
COMSTOCK RESOURCES INC
MSW ENERGY HLDGS/FINANCE
PIONEER NATURAL RESOURCE
GENERAL MARITIME CORP
HOUSTON EXPLORATION CO
MIRANT AMERICAS GENR INC
EDISON MISSION HLDGS CO
NEWFIELD EXPLORATION CO
MIDWEST GENERATION LLC
TEEKAY SHIPPING CORP
STENA AB
MIRANT CORP
SWIFT ENERGY CO
MASSEY ENERGY CO
CITGO PETROLEUM CORP
KCS ENERGY INC
CONSOLIDATED COAL
RANGE RESOURCES CORP
EDISON MISSION ENERGY
OFFSHORE LOGISTIC
CONSOL ENERGY INC
CHESAPEAKE ENERGY CORP
VINTAGE PETROLEUM
CEDAR BRAKES II LLC
PREMCOR REFINING GROUP
EDISON MISSION ENERGY
PARKER DRILLING CO
SITHE/INDEPENDENCE FNDG
STONE ENERGY CORP
OVERSEAS SHIPHLDG GROUP
CHESAPEAKE ENERGY CORP
PRIDE INTERNATIONAL INC
EXCO RESOURCES INC
TECO ENERGY INC
TECO ENERGY INC
WESTERN OIL SANDS INC
ENTERPRISE PRODUCTS OPER
WILLIAMS COS INC
WILLIAMS COS INC
HANOVER EQUIP TRUST 01 B
AMERIGAS PART/EAGLE FIN
PREMCOR REFINING GROUP
SWIFT ENERGY CO
PREMCOR REFINING GROUP
UNIVERSAL COMPRESSN INC
PIONEER NATURAL RESOURCE
DRESSER INC
FOREST OIL CORPORATION
FOREST OIL CORPORATION
PREMCOR REFINING GROUP
PLAINS E&P COMPANY
ENTERPRISE PRODUCTS OPER
PLAINS E&P COMPANY

Description
6.125 Sr. Nts. 14
7.5 Sr. Nts. 15
10.375 Sr. Nts. 12
10 Sr. Nts. 12
6.375 Sr. Nts. 13
6.875 Sr. Nts. 16
6.625 Sr. Nts. 08
4.75 Cnvrt. Sr. Nts. 08 $43.94
6.75 Sr. Nts. 13
7.375 Sr. Nts. 10
9.125 Pass Thru Certs. 17
6.875 Sr. Nts. 12
8.5 Sr. Sec. Nts.-2nd Lien 10
7.2 Sr. Nts. 28
10 Sr. Nts. 13
7 Sr. Sub. Nts. 13
8.3 Sr. Nts. 11
8.137 Sr. Nts. 19
6.625 Sr. Sub. Nts. 14
8.56 Pass Thru Certs. 16
8.875 Sr. Nts. 11
9.625 Sr. Nts. 12
8.625 Pass Thru Certs. 12
7.625 Sr. Nts. 11
6.625 Sr. Nts. 10
6 Sr. Nts. 11
7.125 Sr. Nts. 12
8.25 Sr. Nts. 07
7.375 Sr. Sub. Nts. 13
10 Sr. Nts. 08
6.125 Sr. Nts. 13
7.875 Sr. Nts. 12
6.375 Sr. Nts. 15
7.875 Sr. Sub. Nts. 11
9.875 Sr. Sec. Nts.-2nd Lien 13
6.75 Sr. Nts. 14
7.73 Sr. Nts. 09
7.15 Sr. Nts. 10
9 Sr. Nts. 13
8.25 Sr. Sub. Nts. 11
8.25 Sr. Nts. 13
7.5 Sr. Nts. 14
7.375 Sr. Nts. 14
7.25 Sr. Nts. 11
7.2 Sr. Nts. 11
7 Sr. Nts. 12
8.375 Sr. Sec. Nts.-3rd Lien 12
5.6 Sr. Nts. 14
8.125 Sr. Nts. 12
7.125 Sr. Nts. 11
8.75 Sr. Sec. Nts.-2nd Lien 11
8.875 Sr. Nts. 11
9.5 Sr. Nts. 13
9.375 Sr. Sub. Nts. 12
6.75 Sr. Nts. 11
7.25 Sr. Nts. 10
5.875 Sr. Nts. 16
9.375 Sr. Sub. Nts. 11
8 Sr. Nts. 11
7.75 Sr. Nts. 14
6.125 Sr. Nts. 11
7.125 Sr. Nts. 14
6.375 Sr. Nts. 13
8.75 Sr. Sub. Nts. 12

1/10/05
Price
99.3
106.8
114.0
115.5
101.3
103.9
101.3
96.0
103.3
105.0
122.3
103.5
109.5
114.8
115.5
105.3
109.5
113.4
103.9
113.5
115.5
113.8
112.4
108.0
103.0
100.5
105.5
105.2
107.8
113.2
101.5
111.8
103.4
106.3
116.0
105.5
107.5
104.3
116.9
108.3
110.8
109.9
109.8
107.0
108.3
108.2
116.5
100.2
115.0
108.8
109.0
108.5
115.3
112.5
106.8
107.0
104.0
109.1
115.0
108.5
104.0
109.8
106.9
111.8

Current
Yld.
6.17%
7.03%
9.10%
8.66%
6.30%
6.61%
6.54%
4.95%
6.54%
7.02%
DFLT
6.64%
7.76%
6.27%
8.66%
6.65%
DFLT
7.18%
6.38%
7.54%
7.68%
8.46%
DFLT
7.06%
6.43%
5.97%
6.75%
7.84%
6.84%
8.83%
6.03%
7.05%
6.16%
7.41%
8.51%
6.40%
7.19%
6.86%
7.70%
7.62%
7.45%
6.82%
6.72%
6.78%
6.65%
6.47%
7.19%
5.59%
7.07%
6.55%
8.03%
8.18%
8.24%
8.33%
6.32%
6.78%
5.65%
8.59%
6.96%
7.14%
5.89%
6.49%
5.97%
7.83%

YTW
6.23%
6.21%
6.20%
6.20%
6.18%
6.17%
6.17%
6.15%
6.13%
6.12%
6.08%
6.07%
6.05%
6.01%
6.01%
6.00%
6.00%
5.98%
5.98%
5.97%
5.96%
5.92%
5.90%
5.90%
5.90%
5.90%
5.88%
5.86%
5.86%
5.85%
5.84%
5.84%
5.83%
5.81%
5.81%
5.81%
5.78%
5.75%
5.74%
5.71%
5.70%
5.69%
5.63%
5.63%
5.62%
5.62%
5.59%
5.58%
5.56%
5.53%
5.50%
5.46%
5.45%
5.45%
5.43%
5.41%
5.41%
5.40%
5.37%
5.37%
5.37%
5.34%
5.31%
5.29%

STW
195
246
280
245
189
244
277
277
238
237
179
232
265
119
261
225
227
296
225
306
223
252
215
215
217
216
213
263
211
248
211
209
154
242
359
206
205
265
274
232
195
195
188
188
189
188
185
129
182
179
210
223
206
205
168
202
113
217
162
162
162
161
104
205

Ratings
Moody's
S&P
Ba3
BBBa3
BBBa3
BB+
B3
CCC+
B1 /*B /*
Ba3
BBCaa1
CCC+
B3
B
Ba3
BB
Ba2
BBB3
NR
B2
B
Ba1
BB
Baa3
BBBB1
B+
B2
B+
WR
NR
WR
BB /*+
Ba3
BBB1
B /*+
Ba2
BBBa3
BBB3
NR
B1
BBBa3
BB
Ba2
BB
B3
BBa2
NR
B3
B
B1
B /*+
Ba2
BB+
Ba2
BB
Ba3
BBB1
B
Caa1 /*+ CCC+ /*+
Ba3
BBB1
B /*+
B2e
BBa1 /*- BBB- /*B2
B+
Ba1 /*BB+ /*Ba3
BBBa2
BBB2
B
Ba2
BB
Ba2
BB
Ba2
BB+
Baa3
BB+
B1
B+
B1
B+
B2
B+
B2
BBBa3
BBB2
B
Ba3
BBBa3
B
Baa3
BBBB2
B
Ba3
BBBa3
BBBa3
BBBa2
BBBaa3
BB+
Ba3
B+
[Page 28]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

YTW Sort
Issuer
DYNEGY HOLDINGS INC
VINTAGE PETROLEUM
COMPTON PETROLEUM CORP
NEWFIELD EXPLORATION CO
TRANSCONT GAS PIPE CORP
PIONEER NATURAL RESOURCE
CEDAR BRAKES I LLC
TESORO CORP
XTO ENERGY INC
TRANSCONT GAS PIPE CORP
GRANT PRIDECO INC
TECO ENERGY INC
PREMCOR REFINING GROUP
GRANT PRIDECO INC
ENCORE ACQUISITION CO
FOREST OIL CORPORATION
XTO ENERGY INC
ENTERPRISE PRODUCTS OPER
OCEAN RIG NORWAY AS
NEWFIELD EXPLORATION CO
EVERGREEN RESOURCES INC
MASSEY ENERGY CO
XTO ENERGY INC
SESI, L.L.C.
EL PASO NATURAL GAS
SONAT INC
PIONEER NATURAL RESOURCE
XTO ENERGY INC
LUSCAR COAL LTD
CHESAPEAKE ENERGY CORP
ENTERPRISE PRODUCTS OPER
CALPINE CORP
MAGNUM HUNTER RE
NORTHWEST PIPELINE CORP
PREMCOR REFINING GROUP
TECO ENERGY INC
PARAMOUNT RESOURCES LTD
POGO PRODUCING CO
NEWFIELD EXPLORATION CO
TESORO CORP
HANOVER EQUIP TRUST 01 A
SITHE/INDEPENDENCE FNDG
PARAMOUNT RESOURCES LTD
TESORO CORP
NEWPARK RESOURCES INC
AMERIGAS PART/EAGLE FIN
SEA CONTAINERS LTD
CITGO PETROLEUM CORP
ENTERPRISE PRODUCTS OPER
PIONEER NATURAL RESOURCE
MIRANT AMERICAS GENR LLC
SONAT INC
MCDERMOTT INC
EL PASO CGP CO
OMI CORP
EDISON MISSION ENRGY FDG
GREY WOLF INC
PIONEER NATL RESOURCES
PIONEER NATL RESOURCES
KEY ENERGY SERVICES INC
HANOVER COMPRESS CO
GREY WOLF INC
PETROLEUM GEO-SERVICES
PRIDE INTERNATIONAL INC

Description
8.02 Sr. Sec. Nts.-2nd Lien 08
8.25 Sr. Nts. 12
9.9 Sr. Nts. 09
7.625 Sr. Nts. 11
8.875 Sr. Nts. 12
7.5 Sr. Nts. 12
8.5 Sr. Sec. Nts.-2nd Lien 14
9.625 Sr. Sub. Nts. 12
5 Sr. Nts. 15
7 Sr. Nts. 11
9.625 Sr. Nts. 07
7.5 Sr. Nts. 10
9.25 Sr. Nts. 10
9 Sr. Nts. 09
8.375 Sr. Sub. Nts. 12
8 Sr. Nts. 08
4.9 Sr. Nts. 14
7.5 Sr. Nts. 11
10.25 Sr. Sec. Nts.-1st Lien 08
8.375 Sr. Sub. Nts. 12
5.875 Sr. Sub. Nts. 12
6.95 Sr. Nts. 07
6.25 Sr. Nts. 13
8.875 Sr. Nts. 11
7.625 Sr. Nts. 10
6.75 Sr. Nts. 07
9.625 Sr. Nts. 10
7.5 Sr. Nts. 12
9.75 Sr. Nts. 11
8.125 Sr. Nts. 11
4.625 Sr. Nts. 09
8.25 Sr. Nts. 05
9.6 Sr. Nts. 12
8.125 Sr. Nts. 10
7.75 Sr. Sub. Nts. 12
10.5 Sr. Nts. 07
8.875 Sr. Nts. 14
8.25 Sr. Sub. Nts. 11
7.45 Sr. Nts. 07
9.625 Sr. Sub. Nts. 08
8.5 Sr. Sec. Nts.-2nd Lien 08
8.5 Sr. Nts. 07
7.875 Sr. Nts. 10
8 Sr. Sec. Nts.-2nd Lien 08
8.625 Sr. Sub. Nts. 07
10 Sr. Nts. 06
13 Sr. Nts. 06
7.875 Sr. Nts. 06
4 Sr. Nts. 07
6.5 Sr. Nts. 08
7.2 Sr. Nts. 08
6.875 Sr. Nts. 05
7.84 Sr. Nts. 05
6.5 Sr. Nts. 06
2.875 Cnvrt. Sr. Nts. 24 (Px=$30.74)
7.33 Sr. Nts. 08
3.75 Cnvrt. Sr. Nts. 23 $6.45
8.875 Sr. Nts. 05
8.25 Sr. Nts. 07
8.375 Sr. Nts. 08
4.75 Cnvrt. Sr. Nts. 14 $15.00
2.51 Cnvrt. Sr. Nts. 24 $6.51
8 Sr. Nts. 06
3.25 Cnvrt. Sr. Nts. 33 $25.70

1/10/05
Price
108.5
110.0
110.5
112.3
122.5
113.7
115.0
113.5
98.7
110.3
112.0
111.5
112.3
111.3
111.3
109.3
99.4
113.0
103.6
111.9
104.2
104.0
109.0
109.3
109.9
104.8
121.9
116.5
112.8
107.8
99.5
102.1
114.5
110.8
112.5
116.0
121.3
108.5
108.0
108.8
106.8
106.1
113.0
108.0
101.8
107.0
104.0
104.8
99.7
106.8
109.5
101.1
100.9
103.8
96.6
106.3
103.5
101.7
115.1
105.0
123.8
110.8
102.5
108.4

Current
Yld.
7.39%
7.50%
8.96%
6.79%
7.24%
6.59%
7.39%
8.48%
5.06%
6.35%
8.59%
6.73%
8.24%
8.09%
7.53%
7.32%
4.93%
6.63%
9.89%
7.49%
5.64%
6.68%
5.73%
8.12%
6.94%
6.44%
7.90%
6.44%
8.65%
7.54%
4.65%
8.08%
8.38%
7.34%
6.89%
9.05%
7.32%
7.60%
6.90%
8.85%
7.96%
8.01%
6.97%
7.41%
8.48%
9.35%
12.50%
7.52%
4.01%
6.09%
DFLT
6.80%
7.77%
6.27%
2.98%
6.90%
3.62%
8.73%
7.17%
7.98%
3.84%
2.27%
7.80%
3.00%

YTW
5.28%
5.28%
5.27%
5.26%
5.21%
5.20%
5.17%
5.17%
5.16%
5.14%
5.09%
5.05%
5.05%
5.04%
5.03%
5.02%
4.98%
4.98%
4.97%
4.96%
4.95%
4.95%
4.91%
4.89%
4.88%
4.86%
4.82%
4.78%
4.77%
4.76%
4.74%
4.65%
4.62%
4.60%
4.51%
4.51%
4.51%
4.43%
4.33%
4.32%
4.25%
4.24%
4.24%
4.23%
4.20%
4.20%
4.19%
4.18%
4.11%
4.08%
3.98%
3.85%
3.84%
3.60%
3.44%
3.01%
2.65%
2.24%
2.20%
1.99%
1.58%
1.27%
1.05%
0.67%

STW
222
188
204
151
146
147
256
179
89
140
169
131
165
164
163
164
71
124
230
157
122
171
63
165
150
146
107
105
154
153
99
199
123
121
78
113
76
120
94
165
157
258
84
101
184
152
152
94
72
70
58
117
145
36
(30)
219
(75)
(12)
(119)
(37)
(271)
NA
(131)
(270)

Ratings
Moody's
S&P
B3
BBa3
BBB2
B
Ba2
BB+
Ba2
B+
Baa3
BBBCaa1 /*+ CCC+ /*+
B2
BBBaa3
BBBBa2
B+
Ba3
BBBa2
BB
Ba3
BBBa3
BBB2
B
Ba3
BBBaa3
BBBBaa3
BB+
B3
CCC
Ba3
BBBaa3
BBBB1
B+
Baa3
BBBB1
BBB1
BCaa1
CCC+
Baa3
BBBBaa3
BBBBa3
BB
Ba3
BBBaa3
BB+
Caa1
CCC+
B2
B+
Ba2
B+
B2
B
Ba2
BB
B3
B /*Ba3
BB
Ba2
BB+
B2
BBB2
B+
Ba1 /*- BBB- /*B3
B /*Ba2
BBBB2
B
B2
BBNR
NR
Ba2
BB
Baa3
BB+
Baa3
BBBCaa3
NR
Caa1
CCC+
B3
CCC
Caa1
CCC+
NR
B+
Ba3
B /*+
B1
BBBaa3
BBBBaa3
BBBB1 /*B /*
B3
B
NR
NR
NR
NR
NR
BB[Page 29]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

CURRENT YIELD Sort


Issuer
OGLEBAY NORTON CO
SEA CONTAINERS LTD
ATP OIL & GAS CORPORATION
SOUTH PT/BROAD RIV/ROCKG
CALPINE CORP
CROWN CENTRAL PETROLEUM
SEA CONTAINERS LTD
RAM ENERGY INC
CALPINE CORP
MISSION ENERGY HOLDING
TIVERTON/RUMFORD PWR ASS
SEITEL INC
CALPINE CANADA ENER FIN
BRAND SERVICES INC
AQUILA INC
CALPINE CORP
SEA CONTAINERS LTD
CALPINE CORP
ULTRAPETROL(BAHAMAS) LTD
CIE GENER DE GEOPHYSIQUE
ENERGY CORP OF AMERICA
UNITED REFINING CO
SEA CONTAINERS LTD
OCEAN RIG NORWAY AS
J RAY MCDERMOTT SA
ABRAXAS PETROLEUM CORP
WOLVERINE TUBE INC
PARKER DRILLING CO
GIANT INDUSTRIES
SHAW GROUP INC
ORION POWER HOLDINGS INC
MCDERMOTT INC
CALPINE CORP
BLUEWATER FINANCE LTD
STAR GAS PARTNER/FINANCE
AMERIGAS PART/EAGLE FIN
MISSION RESOURCES CORP
HILCORP ENERGY/FINANCE
CALLON PETROLEUM CO
CP SHIPS LIMITED
TECO ENERGY INC
BAYTEX ENERGY LTD
COMPTON PETROLEUM CORP
DYNEGY HOLDINGS INC
DYNEGY HOLDINGS INC
SOUTH PT/BROAD RIV/ROCKG
PAITON ENERGY FUNDING BV
TESORO CORP
SEABULK INTL INC
EDISON MISSION ENERGY
PIONEER NATL RESOURCES
PETROLEUM HELICOPTERS
ALPHA NATURAL RESOURCES
PETROLEUM GEO-SERVICES
GENERAL MARITIME CORP
LUSCAR COAL LTD
AES CHIVOR
ATP OIL & GAS CORPORATION
GRANT PRIDECO INC
DRESSER INC
PARKER DRILLING CO
NORTH AMER ENERGY PARTNR
GREAT LAKES DREDGE&DOCK
BELDEN & BLAKE CORP

Description
10 Sr. Sub. Nts. 09
13 Sr. Nts. 06
12.568 Sr. Sec. Nts.-2nd Lien 09
9.825 Pass Thru Certs. 19
8.625 Sr. Nts. 10
10.875 Sr. Nts. 05
12.5 Sr. Nts. 09
11.5 Sr. Nts. 08
8.5 Sr. Nts. 11
13.5 Sr. Sec. Nts.-2nd Lien 08
9 Pass Thru Certs. 18
11.75 Sr. Nts. 11
8.5 Sr. Nts. 08
12 Sr. Nts. 12
14.875 Sr. Nts. 12
10.5 Sr. Nts. 06
10.75 Sr. Nts. 06
8.5 Sr. Sec. Nts.-2nd Lien 10
10.5 Sr. Sec. Nts.-1st Lien 08
10.625 Sr. Nts. 07
9.5 Sr. Sub. Nts. 07
10.5 Sr. Nts. 12
10.5 Sr. Nts. 12
10.25 Sr. Sec. Nts.-1st Lien 08
11 Sr. Sec. Nts.-2nd Lien 13
9.72 Sr. Sec. Nts.-1st Lien 09
10.5 Sr. Nts. 09
10.125 Sr. Nts. 09
11 Sr. Sub. Nts. 12
10.75 Sr. Nts. 10
12 Sr. Nts. 10
8.75 Sr. Nts. 23
9.625 Sr. Sec. Nts.-1st Lien 14
10.25 Sr. Nts. 12
10.25 Sr. Nts. 13
10 Sr. Nts. 06
9.875 Sr. Nts. 11
10.5 Sr. Nts. 10
9.75 Sr. Nts. 10
10.375 Sr. Nts. 12
10.5 Sr. Nts. 07
9.625 Sr. Sub. Nts. 10
9.9 Sr. Nts. 09
9.875 Sr. Sec. Nts.-2nd Lien 10
10.125 Sr. Sec. Nts.-2nd Lien 13
8.4 Pass Thru Certs. 12
9.34 Sr. Nts. 14
9.625 Sr. Sub. Nts. 08
9.5 Sr. Nts. 13
10 Sr. Nts. 08
8.875 Sr. Nts. 05
9.375 Sr. Nts. 09
10 Sr. Nts. 12
10 Sr. Nts. 10
10 Sr. Nts. 13
9.75 Sr. Nts. 11
9.75 Sr. Nts. 14
8.818 Sr. Sec. Nts.-1st Lien 09
9.625 Sr. Nts. 07
9.375 Sr. Sub. Nts. 11
9.625 Sr. Nts. 13
8.75 Sr. Nts. 11
7.75 Sr. Sub. Nts. 13
8.75 Sr. Sec. Nts.-2nd Lien 12

1/10/05
Price
72.5
104.0
102.0
84.0
72.5
96.0
110.5
101.8
72.0
122.0
82.0
107.3
75.0
112.5
139.5
100.0
103.5
82.0
103.1
105.5
95.3
105.5
107.2
103.6
111.8
99.0
108.3
105.2
114.3
112.0
125.5
92.0
101.5
110.0
109.3
107.0
106.3
113.8
106.6
114.0
116.0
106.8
110.5
110.5
113.4
94.5
104.8
108.8
107.5
113.2
101.7
108.0
115.5
113.8
115.5
112.8
113.0
102.0
112.0
109.1
112.1
102.0
91.3
102.5

Current
Yld.
13.79%
12.50%
12.32%
11.70%
11.89%
11.33%
11.31%
11.30%
11.81%
11.07%
10.98%
10.96%
11.33%
10.67%
10.66%
10.50%
10.39%
10.37%
10.18%
10.07%
9.97%
9.95%
9.79%
9.89%
9.84%
9.82%
9.70%
9.63%
9.63%
9.60%
9.56%
9.51%
9.48%
9.32%
9.38%
9.35%
9.29%
9.23%
9.14%
9.10%
9.05%
9.02%
8.96%
8.94%
8.93%
8.89%
8.91%
8.85%
8.84%
8.83%
8.73%
8.68%
8.66%
8.79%
8.66%
8.65%
8.63%
8.64%
8.59%
8.59%
8.58%
8.58%
8.49%
8.54%

YTW
22.44%
4.19%
10.97%
12.21%
16.30%
117.85%
(9.13%)
10.81%
15.83%
6.39%
13.66%
10.20%
19.03%
8.75%
7.79%
10.32%
(0.46%)
13.20%
NA
6.86%
11.87%
9.21%
8.77%
4.97%
8.61%
10.56%
7.46%
7.61%
6.53%
7.02%
6.26%
9.69%
9.34%
7.31%
8.25%
4.20%
8.37%
6.58%
8.35%
6.20%
4.51%
7.82%
5.27%
7.06%
7.05%
10.04%
8.46%
4.32%
8.01%
5.85%
2.24%
6.36%
6.20%
6.25%
6.01%
4.77%
7.84%
7.29%
5.09%
5.40%
7.01%
8.24%
9.21%
8.18%

STW
1,907
152
823
792
1,255
9,235
(1,180)
741
1,210
301
793
645
1,566
536
405
766
(282)
947
NA
419
864
547
503
230
486
685
423
494
314
364
252
540
561
392
450
152
462
318
460
280
113
442
204
367
330
605
493
165
426
248
(12)
313
245
287
261
154
355
455
169
217
328
451
547
443

Ratings
Moody's
S&P
WR
NR
NR
NR
NR
NR
B2
B
Caa1
CCC+
Ca
NR
NR
NR
WR
NR
Caa1
CCC+
B3
CCC /*+
B3
B
B3
BCaa1
CCC+
B3
CCC+
B2
BCaa1
CCC+
B3
B
NR
B
WR
NR
Ba3 /*BB
Caa3
NR
B3
B(P)B3
B
B3
CCC
Caa1
CCC+
NR
NR
B3
B+
B2
BB3
BBa3
B+
B2
B
B3
CCC
NR
B+
B1
B
Caa3 /* CCC /*B2
BBCaa2
CCC
B3
B
NR
NR
Ba3
BB+
Ba2
BB
B3
BB2
B
B3
BB3
BB2
B
B2
BB2
BBB2
B
B1
B /*+
Baa3
BBBB1
BBB3
CCC+
NR
NR
B1
B+
Ba3
BB
B1
B
NR
NR
Ba3
BBB2
B
B2
BB2
B
Caa2 /*CCC
B3 /*CCC+
[Page 30]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

CURRENT YIELD Sort


Issuer
PETRO STOPPING CTR/FINL
CEDAR BRAKES II LLC
CALPINE CORP
VENOCO INC
NEWPARK RESOURCES INC
DYNEGY HOLDINGS INC
STENA AB
AES CHINA GENERATING CO
RELIANT ENERGY INC
AVENTINE RENEWABLE ENRGY
HORIZON LINES LLC
EDISON MISSION
MAGNUM HUNTER RE
LONE STAR TECHNOLOGIES
TESORO CORP
RELIANT ENERGY INC
TRANSMONTAIGNE INC
SWIFT ENERGY CO
FERRELLGAS PARTNERS LP
SHIP FINANCE INTL LTD
CALPINE CORP
PREMCOR REFINING GROUP
PREMCOR REFINING GROUP
ENTERPRISE PRODUCTS OPER
AMERIGAS PART/EAGLE FIN
AES RED OAK LLC
TEEKAY SHIPPING CORP
SESI, L.L.C.
DYNEGY HOLDINGS INC
GRANT PRIDECO INC
DYNEGY-ROSETON DANSKAMME
HANOVER COMPRESSOR CO
ENERGY PARTNERS LTD
HANOVER EQUIP TRUST 01 B
SITHE/INDEPENDENCE FNDG
KEY ENERGY SERVICES INC
EL PASO CORPORATION
HANOVER EQUIP TRUST 01 A
CHESAPEAKE ENERGY CORP
CALPINE CORP
MIDWEST GENERATION LLC
PIONEER NATURAL RESOURCE
HANOVER COMPRESS CO
CHESAPEAKE ENERGY CORP
CONSOLIDATED COAL
PLAINS E&P COMPANY
PETROLEUM GEO-SERVICES
AES IRONWOOD LLC
INTL SHIPHOLDING CORP
MCDERMOTT INC
MSW ENERGY HLDGS/FINANCE
HARVEST OPERATIONS CORP
MIDWEST GENERATION LLC
OVERSEAS SHIPHLDG GROUP
DYNEGY HOLDINGS INC
TEEKAY SHIPPING CORP
SEA CONTAINERS
SITHE/INDEPENDENCE FNDG
GIANT INDUSTRIES
STONE ENERGY CORP
MIDWEST GENERATION LLC
POGO PRODUCING CO
AES RED OAK LLC
CHESAPEAKE ENERGY CORP

Description
9 Sr. Sec. Nts.-2nd Lien 12
9.875 Sr. Sec. Nts.-2nd Lien 13
7.82 Sr. Sec. Nts.-2nd Lien 07
8.75 Sr. Nts. 11
8.625 Sr. Sub. Nts. 07
8.75 Sr. Nts. 12
9.625 Sr. Nts. 12
8.25 Sr. Nts. 10
9.5 Sr. Sec. Nts.-2nd Lien 13
8.50125 Sr. Sec. Nts.-1st Lien 11
9 Sr. Nts. 12
9.875 Sr. Nts. 11
9.6 Sr. Nts. 12
9 Sr. Sub. Nts. 11
9.625 Sr. Sub. Nts. 12
9.25 Sr. Sec. Nts.-2nd Lien 10
9.125 Sr. Sub. Nts. 10
9.375 Sr. Sub. Nts. 12
8.75 Sr. Nts. 12
8.5 Sr. Nts. 13
8.25 Sr. Nts. 05
9.5 Sr. Nts. 13
9.25 Sr. Nts. 10
8.25 Sr. Nts. 05
8.875 Sr. Nts. 11
9.2 Sr. Sec. Nts.-2nd Lien 29
8.32 Sr. Nts. 06
8.875 Sr. Nts. 11
8.125 Sr. Nts. 05
9 Sr. Nts. 09
7.67 Pass Thru Certs. 16
9 Sr. Nts. 14
8.75 Sr. Nts. 10
8.75 Sr. Sec. Nts.-2nd Lien 11
8.5 Sr. Nts. 07
8.375 Sr. Nts. 08
7.75 Sr. Nts. 32
8.5 Sr. Sec. Nts.-2nd Lien 08
8.375 Sr. Nts. 08
7.625 Sr. Nts. 06
8.3 Pass Thru Certs. 09
9.625 Sr. Nts. 10
8.625 Sr. Sub. Nts. 10
9 Sr. Nts. 12
8.25 Sr. Nts. 07
8.75 Sr. Sub. Nts. 12
8 Sr. Nts. 06
8.857 Sr. Sec. Nts.-2nd Lien 25
7.75 Sr. Nts. 07
7.84 Sr. Nts. 05
8.5 Sr. Sec. Nts.-2nd Lien 10
7.875 Sr. Nts. 11
8.75 Sr. Sec. Nts.-2nd Lien 34
8.75 Sr. Nts. 13
7.45 Sr. Nts. 06
8.875 Sr. Nts. 11
7.875 Sr. Nts. 08
9 Sr. Nts. 13
8 Sr. Sub. Nts. 14
8.25 Sr. Sub. Nts. 11
8.56 Pass Thru Certs. 16
8.25 Sr. Sub. Nts. 11
8.54 Sr. Sec. Nts.-2nd Lien 19
8.125 Sr. Nts. 11

1/10/05
Price
105.5
116.0
92.0
103.0
101.8
102.9
113.8
97.7
111.0
101.0
107.3
117.8
114.5
107.5
113.5
109.0
109.4
112.5
108.0
102.5
102.1
115.3
112.3
100.3
108.5
112.5
102.0
109.3
100.3
111.3
95.0
111.0
109.0
109.0
106.1
105.0
96.6
106.8
105.4
96.9
104.9
121.9
109.5
114.5
105.2
111.8
102.5
113.5
99.6
100.9
109.5
101.5
112.4
113.3
96.5
115.5
102.1
116.9
105.0
108.3
113.5
108.5
112.5
107.8

Current
Yld.
8.53%
8.51%
8.50%
8.50%
8.48%
8.51%
8.46%
8.45%
8.56%
8.42%
8.39%
8.39%
8.38%
8.37%
8.48%
8.49%
8.34%
8.33%
8.10%
8.29%
8.08%
8.24%
8.24%
8.22%
8.18%
8.18%
8.16%
8.12%
8.10%
8.09%
8.07%
8.11%
8.03%
8.03%
8.01%
7.98%
8.02%
7.96%
7.95%
7.87%
7.91%
7.90%
7.88%
7.86%
7.84%
7.83%
7.80%
7.80%
7.78%
7.77%
7.76%
7.76%
7.79%
7.73%
7.72%
7.68%
7.71%
7.70%
7.62%
7.62%
7.54%
7.60%
7.59%
7.54%

YTW
7.67%
5.81%
14.33%
8.10%
4.20%
8.21%
5.92%
8.80%
7.12%
8.32%
7.43%
6.38%
4.62%
6.40%
5.17%
6.89%
6.57%
5.45%
6.80%
8.02%
4.65%
5.45%
5.05%
6.29%
5.46%
7.99%
6.31%
4.89%
6.53%
5.04%
8.46%
6.94%
6.43%
5.50%
4.24%
1.99%
8.06%
4.25%
6.25%
10.33%
6.60%
4.82%
6.34%
NA
5.86%
5.29%
1.05%
NA
7.90%
3.84%
6.05%
7.55%
6.32%
6.74%
10.02%
5.96%
(15.74%)
5.74%
7.11%
5.71%
5.97%
4.43%
NA
4.76%

STW
392
359
1,126
435
184
447
252
505
338
459
369
265
123
300
179
351
320
205
306
429
199
206
165
386
223
383
364
165
409
164
405
320
303
210
258
(37)
379
157
301
766
363
107
259
NA
263
205
(131)
NA
450
145
265
380
258
245
679
223
(1,809)
274
338
232
306
120
NA
153

Ratings
Moody's
S&P
B3
BCaa1 /*+ CCC+ /*+
NR
B
Caa1
CCC+
B2
B
Caa2
CCC+
Ba3
BBB2
B+
B1
B+
B3
CCC+
B3
CCC+
B1
B /*+
B2
B+
B3
BB2
BBB1
B+
B3
B /*
B2
B
B2
B
B1
B
Caa1
CCC+
Ba3
BBBa3
BBBaa3
BB+
B2
BBB2
B+
Ba1
BB+
B1
BBCaa2
CCC+
Ba3
BBCaa2
B
B3
B
B2
B+
B2
B+
Ba1 /*- BBB- /*B1 /*B /*
Caa1
CCC+
B2
B+
Ba3
BBCaa1
CCC+
B1
B /*+
Baa3
BBBB3
B
Ba3
BBBa2
NR
Ba3
B+
NR
NR
B2
B+
B1
BB3
CCC
Ba1
BB
B3
BB1
B- /*+
Ba1 /*BB+ /*Caa2
CCC+
Ba2
BBB3
B
Ba1 /*- BBB- /*B3
BB2
B+
B1
B /*+
Ba3
BB
B2
B+
Ba3
BB[Page 31]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

CURRENT YIELD Sort


Issuer
EL PASO CORPORATION
WILLIAMS COS INC
ENCORE ACQUISITION CO
EL PASO NATURAL GAS
CITGO PETROLEUM CORP
EL PASO NATURAL GAS
SONAT INC
VINTAGE PETROLEUM
NEWFIELD EXPLORATION CO
EL PASO CGP CO
WOLVERINE TUBE INC
OVERSEAS SHIPHLDG GROUP
TESORO CORP
VINTAGE PETROLEUM
SONAT INC
DYNEGY HOLDINGS INC
CEDAR BRAKES I LLC
NRG ENERGY INC
EL PASO PRODUCTION HLDG
NORTHWEST PIPELINE CORP
OVERSEAS SHIPHLDG GROUP
GULFMARK OFFSHORE INC
GOLDEN STATE PETRO TRANS
WILLIAMS COS INC
PARAMOUNT RESOURCES LTD
DENBURY RESOURCES INC
EL PASO CORPORATION
TRANSCONT GAS PIPE CORP
FOREST OIL CORPORATION
EL PASO NATURAL GAS
OMI CORP
DYNEGY-ROSETON DANSKAMME
EDISON MISSION ENERGY
EDISON MISSION HLDGS CO
WESTERN OIL SANDS INC
DRESSER-RAND GROUP INC
WILLIAMS COS INC
DYNEGY HOLDINGS INC
PIONEER NATL RESOURCES
STENA AB
FOREST OIL CORPORATION
EDISON MISSION HLDGS CO
CHESAPEAKE ENERGY CORP
WILLIAMS COS INC
SWIFT ENERGY CO
CONSOL ENERGY INC
PREMCOR REFINING GROUP
PREMCOR REFINING GROUP
MSW ENERGY HLDGS/FIN II
CHC HELICOPTER CORP
PARAMOUNT RESOURCES LTD
FOREST OIL CORPORATION
EL PASO NATURAL GAS
WHITING PETROLEUM CORP
EDISON MISSION ENRGY FDG
NEWFIELD EXPLORATION CO
FOUNDATION PA COAL CO
PARKER DRILLING CO
TECO ENERGY INC
RANGE RESOURCES CORP
RELIANT ENERGY INC
STONE ENERGY CORP
CHESAPEAKE ENERGY CORP
SONAT INC

Description
7.875 Sr. Nts. 12
8.75 Sr. Nts. 32
8.375 Sr. Sub. Nts. 12
8.375 Sr. Nts. 32
7.875 Sr. Nts. 06
8.625 Sr. Nts. 22
7 Sr. Nts. 18
8.25 Sr. Nts. 12
8.375 Sr. Sub. Nts. 12
7.75 Sr. Nts. 10
7.375 Sr. Nts. 08
8.25 Sr. Nts. 13
8 Sr. Sec. Nts.-2nd Lien 08
7.875 Sr. Sub. Nts. 11
7.625 Sr. Nts. 11
8.02 Sr. Sec. Nts.-2nd Lien 08
8.5 Sr. Sec. Nts.-2nd Lien 14
8 Sr. Sec. Nts.-2nd Lien 13
7.75 Sr. Nts. 13
8.125 Sr. Nts. 10
7.5 Sr. Nts. 24
7.75 Sr. Nts. 14
8.04 Sr. Sec. Nts.-1st Lien 19
7.75 Sr. Nts. 31
8.875 Sr. Nts. 14
7.5 Sr. Sub. Nts. 13
7.375 Sr. Nts. 12
8.875 Sr. Nts. 12
8 Sr. Nts. 08
7.5 Sr. Nts. 26
7.625 Sr. Nts. 13
7.27 Pass Thru Certs. 10
7.73 Sr. Nts. 09
8.137 Sr. Nts. 19
8.375 Sr. Sec. Nts.-3rd Lien 12
7.375 Sr. Sub. Nts. 14
7.5 Sr. Nts. 31
6.875 Sr. Nts. 11
8.25 Sr. Nts. 07
7.5 Sr. Nts. 13
7.75 Sr. Nts. 14
8.734 Sr. Nts. 26
7.75 Sr. Nts. 15
8.125 Sr. Nts. 12
7.625 Sr. Nts. 11
7.875 Sr. Nts. 12
7.75 Sr. Sub. Nts. 12
7.5 Sr. Nts. 15
7.375 Sr. Nts. 10
7.375 Sr. Sub. Nts. 14
7.875 Sr. Nts. 10
8 Sr. Nts. 11
7.625 Sr. Nts. 10
7.25 Sr. Sub. Nts. 12
7.33 Sr. Nts. 08
7.45 Sr. Nts. 07
7.25 Sr. Nts. 14
7.15 Sr. Nts. 10
7.5 Sr. Nts. 10
7.375 Sr. Sub. Nts. 13
6.75 Sr. Sec. Nts.-2nd Lien 14
6.75 Sr. Sub. Nts. 14
7.5 Sr. Nts. 14
6.875 Sr. Nts. 05

1/10/05
Price
104.5
115.5
111.3
111.3
104.8
114.8
93.3
110.0
111.9
103.8
98.8
110.8
108.0
106.3
102.0
108.5
115.0
108.8
104.5
110.8
102.3
105.8
109.8
105.9
121.3
103.2
101.5
122.5
109.3
103.8
105.9
101.0
107.5
113.4
116.5
102.4
104.6
94.3
115.1
104.8
108.5
123.1
108.0
115.0
108.0
111.8
112.5
106.8
105.0
105.3
113.0
115.0
109.9
104.5
106.3
108.0
105.3
104.3
111.5
107.8
98.1
99.0
109.9
101.1

Current
Yld.
7.54%
7.58%
7.53%
7.53%
7.52%
7.52%
7.51%
7.50%
7.49%
7.47%
7.47%
7.45%
7.41%
7.41%
7.48%
7.39%
7.39%
7.36%
7.42%
7.34%
7.33%
7.33%
7.32%
7.32%
7.32%
7.27%
7.27%
7.24%
7.32%
7.23%
7.20%
7.20%
7.19%
7.18%
7.19%
7.20%
7.17%
7.29%
7.17%
7.16%
7.14%
7.10%
7.18%
7.07%
7.06%
7.05%
6.89%
7.03%
7.02%
7.01%
6.97%
6.96%
6.94%
6.94%
6.90%
6.90%
6.89%
6.86%
6.73%
6.84%
6.88%
6.82%
6.82%
6.80%

YTW
7.08%
7.42%
5.03%
7.41%
4.18%
7.12%
7.84%
5.28%
4.96%
6.91%
7.78%
5.70%
4.23%
5.81%
7.23%
5.28%
5.17%
6.36%
6.87%
4.60%
7.28%
6.76%
6.66%
7.25%
4.51%
6.86%
7.12%
5.21%
5.02%
7.16%
6.55%
6.99%
5.78%
5.98%
5.59%
6.97%
7.11%
8.07%
2.20%
6.62%
5.37%
6.25%
NA
5.56%
5.90%
5.84%
4.51%
6.21%
6.12%
6.46%
4.24%
5.37%
4.88%
6.24%
3.01%
4.33%
6.36%
5.75%
5.05%
5.86%
7.02%
6.89%
5.69%
3.85%

STW
333
260
163
258
94
283
355
188
157
316
439
195
101
242
350
222
256
261
313
121
299
301
265
243
76
312
339
146
164
287
280
366
205
296
185
270
229
433
(119)
287
162
243
NA
182
215
209
78
246
237
271
84
162
150
250
219
94
261
265
131
211
274
260
195
117

Ratings
Moody's
S&P
Caa1
CCC+
B1
B+
B2
B
B1
BBa2
BB
B1
BCaa1
CCC+
Ba3
BBBa3
BBCaa1
CCC+
B3
B+
Ba1 /*BB+ /*Ba2
BBBB1
B
Caa1
CCC+
B3
BCaa1 /*+ CCC+ /*+
B1
B
B3
BBa2
B+
Ba1 /*BB+ /*B2
BBBaa2
BB+
B1
B+
B3
B /*B2
B
Caa1
CCC+
Ba2
B+
Ba3
BBB1
BB1
B+
Caa2
B
B1
B /*+
WR
BB /*+
Ba2
BB+
B3
BB1
B+
Caa2
CCC+
Baa3
BBBBa3
BBBa3
BBWR
BB /*+
Ba3
BBB1
B+
B1
BBBa2
BB
B2
B
Ba3
BBBa2
BBB2
B
B3
B /*Ba3
BBB1
BB2
BBa3
B /*+
Ba2
BB+
B1
B
B2e
BBa2
BB
B3
B
B1
B+
B2
B+
Ba3
BBCaa1
CCC+
[Page 32]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

CURRENT YIELD Sort


Issuer
NEWFIELD EXPLORATION CO
UNIVERSAL COMPRESSN INC
MARKWEST ENERGY PART/FIN
KCS ENERGY INC
EXCO RESOURCES INC
PRIDE INTERNATIONAL INC
SUBURBAN PROPANE PARTNRS
PACIFIC ENERGY PRTNR/FIN
MASSEY ENERGY CO
HOUSTON EXPLORATION CO
COMSTOCK RESOURCES INC
ENTERPRISE PRODUCTS OPER
FERRELLGAS LP/FINANCE
TEXAS GENCO LLC/FINANCNG
TECO ENERGY INC
EL PASO CORPORATION
ENCORE ACQUISITION CO
CHESAPEAKE ENERGY CORP
SONAT INC
ARCH WESTERN FINANCE
WILLIAMS COS INC
FRONTIER OIL CORP
PLAINS E&P COMPANY
PIONEER NATURAL RESOURCE
SONAT INC
TECO ENERGY INC
XTO ENERGY INC
ENTERPRISE PRODUCTS OPER
ENTERPRISE PRODUCTS OPER
EL PASO CGP CO
PREMCOR REFINING GROUP
MASSEY ENERGY CO
NEWFIELD EXPLORATION CO
TRANSCONT GAS PIPE CORP
PREMCOR REFINING GROUP
KEY ENERGY SERVICES INC
EL PASO CGP CO
PIONEER NATURAL RESOURCE
HORNBECK OFFSHORE SERV
CHESAPEAKE ENERGY CORP
TECO ENERGY INC
PIONEER NATURAL RESOURCE
OFFSHORE LOGISTIC
CITGO PETROLEUM CORP
ENTERPRISE PRODUCTS OPER
PREMCOR REFINING GROUP
XTO ENERGY INC
HARVEST ENERGY TRUST
PIONEER NATURAL RESOURCE
EVERGREEN RESOURCES INC
ENTERPRISE PRODUCTS OPER
XTO ENERGY INC
XTO ENERGY INC
HANOVER COMPRESSOR CO
ENTERPRISE PRODUCTS OPER
ENTERPRISE PRODUCTS OPER
HANOVER COMPRESS CO
GREY WOLF INC
DYNEGY INC
PRIDE INTERNATIONAL INC
OMI CORP
EVERGREEN RESOURCES INC
MASSEY ENERGY CO
GREY WOLF INC

Description
7.625 Sr. Nts. 11
7.25 Sr. Nts. 10
6.875 Sr. Nts. 14
7.125 Sr. Nts. 12
7.25 Sr. Nts. 11
7.375 Sr. Nts. 14
6.875 Sr. Nts. 13
7.125 Sr. Nts. 14
6.95 Sr. Nts. 07
7 Sr. Sub. Nts. 13
6.875 Sr. Nts. 12
7.5 Sr. Nts. 11
6.75 Sr. Nts. 14
6.875 Sr. Nts. 14
7.2 Sr. Nts. 11
6.75 Sr. Nts. 09
6.25 Sr. Sub. Nts. 14
6.875 Sr. Nts. 16
6.625 Sr. Nts. 08
6.75 Sr. Nts. 13
7.125 Sr. Nts. 11
6.625 Sr. Nts. 11
7.125 Sr. Nts. 14
7.5 Sr. Nts. 12
6.75 Sr. Nts. 07
7 Sr. Nts. 12
7.5 Sr. Nts. 12
6.65 Sr. Nts. 34
6.875 Sr. Nts. 33
6.375 Sr. Nts. 09
6.75 Sr. Nts. 14
6.625 Sr. Nts. 10
6.625 Sr. Sub. Nts. 14
7 Sr. Nts. 11
6.75 Sr. Nts. 11
6.375 Sr. Nts. 13
6.5 Sr. Nts. 06
7.2 Sr. Nts. 28
6.125 Sr. Nts. 14
6.375 Sr. Nts. 15
6.125 Sr. Nts. 07
6.5 Sr. Nts. 08
6.125 Sr. Nts. 13
6 Sr. Nts. 11
6.375 Sr. Nts. 13
6.125 Sr. Nts. 11
6.25 Sr. Nts. 13
9 Cnvrt. Sr. Sub. Nts. 09 C$14.00
5.875 Sr. Nts. 16
5.875 Sr. Sub. Nts. 12
5.6 Sr. Nts. 14
5 Sr. Nts. 15
4.9 Sr. Nts. 14
4.75 Cnvrt. Sr. Nts. 08 $43.94
4.625 Sr. Nts. 09
4 Sr. Nts. 07
4.75 Cnvrt. Sr. Nts. 14 $15.00
3.75 Cnvrt. Sr. Nts. 23 $6.45
4.75 Cnvrt. Sr. Sub. Nts. 23 $4.12
3.25 Cnvrt. Sr. Nts. 33 $25.70
2.875 Cnvrt. Sr. Nts. 24 (Px=$30.74)
4.75 Cnvrt. Sr. Nts. 21 $25.00
4.75 Cnvrt. Sr. Nts. 23 $19.39
2.51 Cnvrt. Sr. Nts. 24 $6.51

1/10/05
Price
112.3
107.0
101.4
105.5
107.0
109.8
102.4
105.0
104.0
105.3
103.5
113.0
101.4
103.8
108.3
100.0
94.8
103.9
101.3
103.3
108.8
101.8
109.8
113.7
104.8
108.2
116.5
103.4
107.0
98.8
105.5
103.0
103.9
110.3
106.8
101.3
103.8
114.8
99.3
103.4
99.5
106.8
101.5
100.5
106.9
104.0
109.0
159.0
104.0
104.2
100.2
98.7
99.4
96.0
99.5
99.7
123.8
103.5
138.5
108.4
96.6
176.9
177.1
110.8

Current
Yld.
6.79%
6.78%
6.78%
6.75%
6.78%
6.72%
6.72%
6.79%
6.68%
6.65%
6.64%
6.63%
6.66%
6.63%
6.65%
6.75%
6.59%
6.61%
6.54%
6.54%
6.55%
6.51%
6.49%
6.59%
6.44%
6.47%
6.44%
6.43%
6.42%
6.46%
6.40%
6.43%
6.38%
6.35%
6.32%
6.30%
6.27%
6.27%
6.17%
6.16%
6.16%
6.09%
6.03%
5.97%
5.97%
5.89%
5.73%
5.66%
5.65%
5.64%
5.59%
5.06%
4.93%
4.95%
4.65%
4.01%
3.84%
3.62%
3.43%
3.00%
2.98%
2.69%
2.68%
2.27%

YTW
5.26%
5.41%
6.64%
5.88%
5.63%
5.63%
6.44%
6.27%
4.95%
6.00%
6.07%
4.98%
6.51%
6.27%
5.62%
6.75%
7.02%
6.17%
6.17%
6.13%
5.53%
6.25%
5.34%
5.20%
4.86%
5.62%
4.78%
6.39%
6.34%
6.73%
5.81%
5.90%
5.98%
5.14%
5.43%
6.18%
3.60%
6.01%
6.23%
5.83%
6.36%
4.08%
5.84%
5.90%
5.31%
5.37%
4.91%
(10.03%)
5.41%
4.95%
5.58%
5.16%
4.98%
6.15%
4.74%
4.11%
1.58%
2.65%
(1.76%)
0.67%
3.44%
(24.08%)
(9.25%)
1.27%

STW
151
202
237
213
188
188
271
254
171
225
232
124
278
198
189
301
275
244
277
238
179
250
161
147
146
188
105
156
152
335
206
217
225
140
168
189
36
119
195
154
313
70
211
216
104
162
63
(1,332)
113
122
129
89
71
277
99
72
(271)
(75)
(551)
(270)
(30)
(2,730)
(1,298)
NA

Ratings
Moody's
S&P
Ba2
BB+
Ba3
B
B1
B+
B3
BB2
B
Ba2
BBB1
B
Ba2
BB /*B1
B+
B2
B+
B2
B
Baa3
BB+
Ba3
BBB1
B
Ba2
BB
Caa1
CCC+
B2
B
Ba3
BBCaa1
CCC+
Ba3
BB
B1
B+
B1
B+
Ba2
BBBaa3
BBBCaa1
CCC+
Ba2
BB
Baa3
BBBBaa3
BB+
Baa3
BB+
Caa1
CCC+
Ba3
BBBa3
BB
Ba3
BBBa2
B+
Ba3
BBB1 /*B /*
Caa1
CCC+
Baa3
BBBBa3
BBBa3
BBBa2
BB
Baa3
BBBBa2
BB+
Ba2
BB
Baa3
BB+
Ba3
BBBaa3
BBBNR
NR
Baa3
BBBBaa3
BBBBaa3
BB+
Baa3
BBBBaa3
BBBB3
B
Baa3
BB+
Baa3
BB+
B3
B
B1
BBCaa2
CCC+
NR
BBNR
B+
NR
BBBB1
B+
NR
NR
[Page 33]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

CURRENT YIELD Sort


Issuer
MAGNUM HUNTER RE
PRIDE INTERNATIONAL INC
MASSEY ENERGY CO
VERITAS DGC INC

Description
2.49 Cnvrt. Sr. Nts. 23 $12.19
2.5 Cnvrt. Sr. Nts. 07 $16.51
2.25 Cnvrt. Sr. Nts. 24 $33.60
1.74 Cnvrt. Sr. Nts. 24 $24.03

1/10/05
Price
113.3
125.1
123.7
116.4

Current
Yld.
2.20%
2.00%
1.82%
1.49%

YTW
NA
(105.82%)
(1.38%)
NA

STW
NA
NA
(512)
NA

Ratings
Moody's
S&P
NR
NR
NR
BBBa3
BB
NR
NR

[Page 34]

HIGH YIELD RESEARCH

Brett Levy
Greg Imbruce
Raymond Wu

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

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

DURATION Sort
Issuer
VECTURA GROUP INC
CHESAPEAKE ENERGY CORP
CHESAPEAKE ENERGY CORP
CROWN CENTRAL PETROLEUM
NEWPARK RESOURCES INC
PETROLEUM GEO-SERVICES
SEA CONTAINERS LTD
CALPINE CORP
NORTHERN OFFSHORE ASA
SEA CONTAINERS
KEY ENERGY SERVICES INC
DYNEGY HOLDINGS INC
ENTERPRISE PRODUCTS OPER
MCDERMOTT INC
PIONEER NATL RESOURCES
PRIDE INTERNATIONAL INC
OCEAN RIG NORWAY AS
SONAT INC
SEA CONTAINERS LTD
SEA CONTAINERS LTD
CALPINE CORP
HANOVER EQUIP TRUST 01 A
ATP OIL & GAS CORPORATION
ATP OIL & GAS CORPORATION
TESORO CORP
PARKER DRILLING CO
CIE GENER DE GEOPHYSIQUE
TEEKAY SHIPPING CORP
WOLVERINE TUBE INC
CHESAPEAKE ENERGY CORP
CALPINE CORP
DRESSER INC
AMERIGAS PART/EAGLE FIN
POGO PRODUCING CO
PETROLEUM HELICOPTERS
COMPTON PETROLEUM CORP
MIRANT CORP
VINTAGE PETROLEUM
SESI, L.L.C.
CITGO PETROLEUM CORP
EL PASO CGP CO
LONE STAR TECHNOLOGIES
MIRANT AMERICAS GENR LLC
DYNEGY HOLDINGS INC
EDISON MISSION ENRGY FDG
HANOVER EQUIP TRUST 01 B
CALPINE CORP
DYNEGY HOLDINGS INC
LUSCAR COAL LTD
PARKER DRILLING CO
SITHE/INDEPENDENCE FNDG
GRANT PRIDECO INC
STONE ENERGY CORP
BLUEWATER FINANCE LTD
PREMCOR REFINING GROUP
SHAW GROUP INC
NORTHWEST PIPELINE CORP
MASSEY ENERGY CO
MAGNUM HUNTER RE
TESORO CORP
ENERGY CORP OF AMERICA
TESORO CORP
GIANT INDUSTRIES
SWIFT ENERGY CO

Description
11.25 Sr. Nts. 08
9 Sr. Nts. 12
7.75 Sr. Nts. 15
10.875 Sr. Nts. 05
8.625 Sr. Sub. Nts. 07
8 Sr. Nts. 06
10.75 Sr. Nts. 06
10.5 Sr. Nts. 06
10 Sr. Nts. 05
7.875 Sr. Nts. 08
8.375 Sr. Nts. 08
8.125 Sr. Nts. 05
8.25 Sr. Nts. 05
7.84 Sr. Nts. 05
8.875 Sr. Nts. 05
2.5 Cnvrt. Sr. Nts. 07 $16.51
10.25 Sr. Sec. Nts.-1st Lien 08
6.875 Sr. Nts. 05
13 Sr. Nts. 06
12.5 Sr. Nts. 09
8.25 Sr. Nts. 05
8.5 Sr. Sec. Nts.-2nd Lien 08
12.568 Sr. Sec. Nts.-2nd Lien 09
8.818 Sr. Sec. Nts.-1st Lien 09
9.625 Sr. Sub. Nts. 08
10.125 Sr. Nts. 09
10.625 Sr. Nts. 07
8.32 Sr. Nts. 06
10.5 Sr. Nts. 09
8.125 Sr. Nts. 11
7.625 Sr. Nts. 06
9.375 Sr. Sub. Nts. 11
10 Sr. Nts. 06
8.25 Sr. Sub. Nts. 11
9.375 Sr. Nts. 09
9.9 Sr. Nts. 09
2.5 Cnvrt. Sr. Nts. 21 (Px=$67.95)
7.875 Sr. Sub. Nts. 11
8.875 Sr. Nts. 11
7.875 Sr. Nts. 06
6.5 Sr. Nts. 06
9 Sr. Sub. Nts. 11
7.625 Sr. Nts. 06
7.45 Sr. Nts. 06
7.33 Sr. Nts. 08
8.75 Sr. Sec. Nts.-2nd Lien 11
7.82 Sr. Sec. Nts.-2nd Lien 07
8.02 Sr. Sec. Nts.-2nd Lien 08
9.75 Sr. Nts. 11
7.15 Sr. Nts. 10
8.5 Sr. Nts. 07
9 Sr. Nts. 09
8.25 Sr. Sub. Nts. 11
10.25 Sr. Nts. 12
9.25 Sr. Nts. 10
10.75 Sr. Nts. 10
8.125 Sr. Nts. 10
6.95 Sr. Nts. 07
9.6 Sr. Nts. 12
9.625 Sr. Sub. Nts. 12
9.5 Sr. Sub. Nts. 07
8 Sr. Sec. Nts.-2nd Lien 08
11 Sr. Sub. Nts. 12
9.375 Sr. Sub. Nts. 12

1/10/05
Price
141.0
114.5
108.0
96.0
101.8
102.5
103.5
100.0
106.0
102.1
105.0
100.3
100.3
100.9
101.7
125.1
103.6
101.1
104.0
110.5
102.1
106.8
102.0
102.0
108.8
105.2
105.5
102.0
108.3
107.8
96.9
109.1
107.0
108.5
108.0
110.5
71.5
106.3
109.3
104.8
103.8
107.5
111.4
96.5
106.3
109.0
92.0
108.5
112.8
104.3
106.1
111.3
108.3
110.0
112.3
112.0
110.8
104.0
114.5
113.5
95.3
108.0
114.3
112.5

Current
Yld.
DFLT
7.86%
7.18%
11.33%
8.48%
7.80%
10.39%
10.50%
DFLT
7.71%
7.98%
8.10%
8.22%
7.77%
8.73%
2.00%
9.89%
6.80%
12.50%
11.31%
8.08%
7.96%
12.32%
8.64%
8.85%
9.63%
10.07%
8.16%
9.70%
7.54%
7.87%
8.59%
9.35%
7.60%
8.68%
8.96%
DFLT
7.41%
8.12%
7.52%
6.27%
8.37%
DFLT
7.72%
6.90%
8.03%
8.50%
7.39%
8.65%
6.86%
8.01%
8.09%
7.62%
9.32%
8.24%
9.60%
7.34%
6.68%
8.38%
8.48%
9.97%
7.41%
9.63%
8.33%

YTW
NA
NA
NA
117.85%
4.20%
1.05%
(0.46%)
10.32%
(78.37%)
(15.74%)
1.99%
6.53%
6.29%
3.84%
2.24%
(105.82%)
4.97%
3.85%
4.19%
(9.13%)
4.65%
4.25%
10.97%
7.29%
4.32%
7.61%
6.86%
6.31%
7.46%
4.76%
10.33%
5.40%
4.20%
4.43%
6.36%
5.27%
27.19%
5.81%
4.89%
4.18%
3.60%
6.40%
(2.66%)
10.02%
3.01%
5.50%
14.33%
5.28%
4.77%
5.75%
4.24%
5.04%
5.71%
7.31%
5.05%
7.02%
4.60%
4.95%
4.62%
5.17%
11.87%
4.23%
6.53%
5.45%

STW
---9,235
184
(131)
(282)
766
(8,075)
(1,809)
(37)
409
386
145
(12)
NM
230
117
152
(1,180)
199
157
823
455
165
494
419
364
423
153
766
217
152
120
313
204
2,396
242
165
94
36
300
(588)
679
219
210
1,126
222
154
265
258
164
232
392
165
364
121
171
123
179
864
101
314
205

Ratings
Duration Moody's
S&P
-WR
NR
-Ba3
BB-Ba3
BB0.0
Ca
NR
0.1
B2
B
0.1
NR
NR
0.1
B3
B
0.1
Caa1
CCC+
0.1
C
NR
0.1
B3
B
0.1
B1 /*B /*
0.2
Caa2
CCC+
0.2
Baa3
BB+
0.2
B3
CCC
0.2
Baa3
BBB0.3
NR
BB0.4
B3
CCC
0.4
Caa1
CCC+
0.5
NR
NR
0.5
NR
NR
0.6
Caa1
CCC+
0.6
B2
B+
0.7
NR
NR
0.7
NR
NR
0.8
B2
BB0.8
B2
B0.8 Ba3 /*BB
1.0
Ba1
BB+
1.1
B3
B+
1.1
Ba3
BB1.1
Caa1
CCC+
1.2
B2
B
1.2
B2
BB1.2
Ba3
BB
1.2
B1
BB1.2
B2
B
1.2
Ca
NR
1.2
B1
B
1.2
B1
BB1.3
Ba2
BB
1.3
Caa1
CCC+
1.3
B3
B1.3
WR
NR
1.3
Caa2
CCC+
1.4
Ba3
B /*+
1.5
B2
B+
1.5
NR
B
1.5
B3
B1.6
Ba3
BB
1.6
B2e
B1.7 Ba1 /*- BBB- /*1.8
Ba3
BB1.8
B2
B+
1.8
B1
B
1.8
Ba3
BB1.9
Ba3
B+
1.9
Ba2
B+
1.9
B1
B+
1.9
B2
B+
2.0
B2
BB2.0
Caa3
NR
2.0
Ba2
BBB2.0
B3
B2.0
B2
B
[Page 34]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

DURATION Sort
Issuer
VINTAGE PETROLEUM
FOREST OIL CORPORATION
NAVIGATOR GAS TRANSPORT
TECO ENERGY INC
TRANSMONTAIGNE INC
DYNEGY HOLDINGS INC
CP SHIPS LIMITED
CONSOLIDATED COAL
MIRANT CORP
EVERGREEN RESOURCES INC
FERRELLGAS PARTNERS LP
ENCORE ACQUISITION CO
PLAINS E&P COMPANY
HILCORP ENERGY/FINANCE
EL PASO NATURAL GAS
NEWFIELD EXPLORATION CO
MSW ENERGY HLDGS/FINANCE
BRAND SERVICES INC
PIONEER NATL RESOURCES
HARVEST ENERGY TRUST
INTL SHIPHOLDING CORP
SONAT INC
RAM ENERGY INC
CHESAPEAKE ENERGY CORP
NEWFIELD EXPLORATION CO
PETROLEUM GEO-SERVICES
PARAMOUNT RESOURCES LTD
TECO ENERGY INC
STENA AB
GRANT PRIDECO INC
ENTERPRISE PRODUCTS OPER
CALPINE CANADA ENER FIN
PREMCOR REFINING GROUP
PIONEER NATURAL RESOURCE
SONAT INC
PREMCOR REFINING GROUP
GENERAL MARITIME CORP
MISSION ENERGY HOLDING
OVERSEAS SHIPHLDG GROUP
OGLEBAY NORTON CO
MIDWEST GENERATION LLC
HANOVER COMPRESSOR CO
DYNEGY HOLDINGS INC
RELIANT ENERGY INC
ALPHA NATURAL RESOURCES
EDISON MISSION ENERGY
ENERGY PARTNERS LTD
WOLVERINE TUBE INC
RANGE RESOURCES CORP
FOREST OIL CORPORATION
PARKER DRILLING CO
GREY WOLF INC
PRIDE INTERNATIONAL INC
J RAY MCDERMOTT SA
STAR GAS PARTNER/FINANCE
HANOVER COMPRESS CO
MIRANT AMERICAS GENR LLC
NRG ENERGY INC
EL PASO CGP CO
BAYTEX ENERGY LTD
MIRANT CORP
DYNEGY-ROSETON DANSKAMME
SOUTH PT/BROAD RIV/ROCKG
RELIANT ENERGY INC

Description
8.25 Sr. Nts. 12
7.75 Sr. Nts. 14
10.5 Sr. Nts. 07
6.125 Sr. Nts. 07
9.125 Sr. Sub. Nts. 10
9.875 Sr. Sec. Nts.-2nd Lien 10
10.375 Sr. Nts. 12
8.25 Sr. Nts. 07
5.75 Cnvrt. Sr. Nts. 07 (Px=$7.58)
4.75 Cnvrt. Sr. Nts. 21 $25.00
8.75 Sr. Nts. 12
8.375 Sr. Sub. Nts. 12
8.75 Sr. Sub. Nts. 12
10.5 Sr. Nts. 10
7.625 Sr. Nts. 10
8.375 Sr. Sub. Nts. 12
8.5 Sr. Sec. Nts.-2nd Lien 10
12 Sr. Nts. 12
8.25 Sr. Nts. 07
9 Cnvrt. Sr. Sub. Nts. 09 C$14.00
7.75 Sr. Nts. 07
6.75 Sr. Nts. 07
11.5 Sr. Nts. 08
8.375 Sr. Nts. 08
7.45 Sr. Nts. 07
10 Sr. Nts. 10
7.875 Sr. Nts. 10
10.5 Sr. Nts. 07
9.625 Sr. Nts. 12
9.625 Sr. Nts. 07
4 Sr. Nts. 07
8.5 Sr. Nts. 08
9.5 Sr. Nts. 13
6.5 Sr. Nts. 08
6.625 Sr. Nts. 08
7.75 Sr. Sub. Nts. 12
10 Sr. Nts. 13
13.5 Sr. Sec. Nts.-2nd Lien 08
8.25 Sr. Nts. 13
10 Sr. Sub. Nts. 09
8.3 Pass Thru Certs. 09
4.75 Cnvrt. Sr. Nts. 08 $43.94
10.125 Sr. Sec. Nts.-2nd Lien 13
9.5 Sr. Sec. Nts.-2nd Lien 13
10 Sr. Nts. 12
10 Sr. Nts. 08
8.75 Sr. Nts. 10
7.375 Sr. Nts. 08
7.375 Sr. Sub. Nts. 13
8 Sr. Nts. 08
9.625 Sr. Nts. 13
3.75 Cnvrt. Sr. Nts. 23 $6.45
3.25 Cnvrt. Sr. Nts. 33 $25.70
11 Sr. Sec. Nts.-2nd Lien 13
10.25 Sr. Nts. 13
8.625 Sr. Sub. Nts. 10
7.2 Sr. Nts. 08
8 Sr. Sec. Nts.-2nd Lien 13
6.375 Sr. Nts. 09
9.625 Sr. Sub. Nts. 10
7.9 Sr. Nts. 09
7.27 Pass Thru Certs. 10
8.4 Pass Thru Certs. 12
9.25 Sr. Sec. Nts.-2nd Lien 10

1/10/05
Price
110.0
108.5
75.0
99.5
109.4
110.5
114.0
105.2
74.5
176.9
108.0
111.3
111.8
113.8
109.9
111.9
109.5
112.5
115.1
159.0
99.6
104.8
101.8
105.4
108.0
113.8
113.0
116.0
113.8
112.0
99.7
75.0
115.3
106.8
101.3
112.5
115.5
122.0
110.8
72.5
104.9
96.0
113.4
111.0
115.5
113.2
109.0
98.8
107.8
109.3
112.1
103.5
108.4
111.8
109.3
109.5
109.5
108.8
98.8
106.8
76.3
101.0
94.5
109.0

Current
Yld.
7.50%
7.14%
DFLT
6.16%
8.34%
8.94%
9.10%
7.84%
DFLT
2.69%
8.10%
7.53%
7.83%
9.23%
6.94%
7.49%
7.76%
10.67%
7.17%
5.66%
7.78%
6.44%
11.30%
7.95%
6.90%
8.79%
6.97%
9.05%
8.46%
8.59%
4.01%
11.33%
8.24%
6.09%
6.54%
6.89%
8.66%
11.07%
7.45%
13.79%
7.91%
4.95%
8.93%
8.56%
8.66%
8.83%
8.03%
7.47%
6.84%
7.32%
8.58%
3.62%
3.00%
9.84%
9.38%
7.88%
DFLT
7.36%
6.46%
9.02%
DFLT
7.20%
8.89%
8.49%

YTW
5.28%
5.37%
21.76%
6.36%
6.57%
7.06%
6.20%
5.86%
19.02%
(24.08%)
6.80%
5.03%
5.29%
6.58%
4.88%
4.96%
6.05%
8.75%
2.20%
(10.03%)
7.90%
4.86%
10.81%
6.25%
4.33%
6.25%
4.24%
4.51%
5.92%
5.09%
4.11%
19.03%
5.45%
4.08%
6.17%
4.51%
6.01%
6.39%
5.70%
22.44%
6.60%
6.15%
7.05%
7.12%
6.20%
5.85%
6.43%
7.78%
5.86%
5.02%
7.01%
2.65%
0.67%
8.61%
8.25%
6.34%
3.98%
6.36%
6.73%
7.82%
15.40%
6.99%
10.04%
6.89%

STW
188
162
1,853
313
320
367
280
263
1,579
(2,730)
306
163
205
318
150
157
265
536
(119)
(1,332)
450
146
741
301
94
287
84
113
252
169
72
1,566
206
70
277
78
261
301
195
1,907
363
277
330
338
245
248
303
439
211
164
328
(75)
(270)
486
450
259
58
261
335
442
1,200
366
605
351

Ratings
Duration Moody's
S&P
2.1
Ba3
BB2.1
Ba3
BB2.1
WR
NR
2.1
Ba2
BB
2.1
B3
B /*
2.1
B3
B2.1
Ba3
BB+
2.1
Ba2
NR
2.1
WR
NR
2.1
NR
BBB2.2
B2
B
2.2
B2
B
2.2
Ba3
B+
2.2
B3
B
2.3
B1
B2.3
Ba3
BB2.3
Ba1
BB
2.3
B3
CCC+
2.3
Baa3
BBB2.3
NR
NR
2.4
B1
B2.4
Caa1
CCC+
2.4
WR
NR
2.4
Ba3
BB2.5
Ba2
BB+
2.5
NR
NR
2.5
B3
B /*2.5
Ba2
BB
2.5
Ba3
BB2.5
Ba3
BB2.6
Baa3
BB+
2.6
Caa1
CCC+
2.6
Ba3
BB2.6
Baa3
BBB2.7
Caa1
CCC+
2.7
B2
B
2.7
B1
B+
2.7
B3
CCC /*+
2.7 Ba1 /*BB+ /*2.8
WR
NR
2.8
B1
B /*+
2.8
B3
B
2.8
B3
B2.9
B1
B+
2.9
B3
CCC+
2.9
B1
B /*+
2.9
B2
B+
3.0
B3
B+
3.0
B3
B
3.0
Ba3
BB3.1
B2
B3.1
B1
BB3.1
NR
BB3.2
Caa1
CCC+
3.2 Caa3 /* CCC /*3.3
B3
B
3.3
Caa3
NR
3.3
B1
B
3.4
Caa1
CCC+
3.5
B3
B3.5
WR
NR
3.5
Caa2
B
3.5
B2
B
3.5
B1
B+
[Page 35]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

DURATION Sort
Issuer
MIDWEST GENERATION LLC
HANOVER COMPRESSOR CO
PARAMOUNT RESOURCES LTD
EL PASO CORPORATION
UNIVERSAL COMPRESSN INC
PRIDE INTERNATIONAL INC
EDISON MISSION ENERGY
CHESAPEAKE ENERGY CORP
PLAINS E&P COMPANY
MSW ENERGY HLDGS/FIN II
CEDAR BRAKES II LLC
CALPINE CORP
NORTH AMER ENERGY PARTNR
TIVERTON/RUMFORD PWR ASS
CALLON PETROLEUM CO
CALPINE CORP
MAGNUM HUNTER RE
PETRO STOPPING CTR/FINL
MISSION RESOURCES CORP
ORION POWER HOLDINGS INC
SEA CONTAINERS LTD
UNITED REFINING CO
EXCO RESOURCES INC
MASSEY ENERGY CO
CALPINE CORP
PIONEER NATURAL RESOURCE
BELDEN & BLAKE CORP
ENTERPRISE PRODUCTS OPER
VERITAS DGC INC
COMSTOCK RESOURCES INC
CEDAR BRAKES I LLC
KCS ENERGY INC
MASSEY ENERGY CO
AES CHINA GENERATING CO
SEITEL INC
WHITING PETROLEUM CORP
SWIFT ENERGY CO
EVERGREEN RESOURCES INC
EL PASO CGP CO
HORIZON LINES LLC
TECO ENERGY INC
HARVEST OPERATIONS CORP
VENOCO INC
FRONTIER OIL CORP
EDISON MISSION
SEABULK INTL INC
CITGO PETROLEUM CORP
ENTERPRISE PRODUCTS OPER
PAITON ENERGY FUNDING BV
DYNEGY HOLDINGS INC
DENBURY RESOURCES INC
NEWFIELD EXPLORATION CO
PREMCOR REFINING GROUP
TEEKAY SHIPPING CORP
ABRAXAS PETROLEUM CORP
SONAT INC
TRICO MARINE SERVICES
SITHE/INDEPENDENCE FNDG
AVENTINE RENEWABLE ENRGY
EL PASO PRODUCTION HLDG
AQUILA INC
TECO ENERGY INC
MIDWEST GENERATION LLC
MIRANT AMERICAS GENR INC

Description
8.75 Sr. Sec. Nts.-2nd Lien 34
9 Sr. Nts. 14
8.875 Sr. Nts. 14
6.75 Sr. Nts. 09
7.25 Sr. Nts. 10
7.375 Sr. Nts. 14
7.73 Sr. Nts. 09
7.5 Sr. Nts. 14
7.125 Sr. Nts. 14
7.375 Sr. Nts. 10
9.875 Sr. Sec. Nts.-2nd Lien 13
8.625 Sr. Nts. 10
8.75 Sr. Nts. 11
9 Pass Thru Certs. 18
9.75 Sr. Nts. 10
8.5 Sr. Sec. Nts.-2nd Lien 10
2.49 Cnvrt. Sr. Nts. 23 $12.19
9 Sr. Sec. Nts.-2nd Lien 12
9.875 Sr. Nts. 11
12 Sr. Nts. 10
10.5 Sr. Nts. 12
10.5 Sr. Nts. 12
7.25 Sr. Nts. 11
6.625 Sr. Nts. 10
8.5 Sr. Nts. 11
9.625 Sr. Nts. 10
8.75 Sr. Sec. Nts.-2nd Lien 12
4.625 Sr. Nts. 09
1.74 Cnvrt. Sr. Nts. 24 $24.03
6.875 Sr. Nts. 12
8.5 Sr. Sec. Nts.-2nd Lien 14
7.125 Sr. Nts. 12
4.75 Cnvrt. Sr. Nts. 23 $19.39
8.25 Sr. Nts. 10
11.75 Sr. Nts. 11
7.25 Sr. Sub. Nts. 12
7.625 Sr. Nts. 11
5.875 Sr. Sub. Nts. 12
7.75 Sr. Nts. 10
9 Sr. Nts. 12
7.5 Sr. Nts. 10
7.875 Sr. Nts. 11
8.75 Sr. Nts. 11
6.625 Sr. Nts. 11
9.875 Sr. Nts. 11
9.5 Sr. Nts. 13
6 Sr. Nts. 11
7.5 Sr. Nts. 11
9.34 Sr. Nts. 14
6.875 Sr. Nts. 11
7.5 Sr. Sub. Nts. 13
7.625 Sr. Nts. 11
6.75 Sr. Nts. 11
8.875 Sr. Nts. 11
9.72 Sr. Sec. Nts.-1st Lien 09
7.625 Sr. Nts. 11
8.875 Sr. Nts. 12
9 Sr. Nts. 13
8.50125 Sr. Sec. Nts.-1st Lien 11
7.75 Sr. Nts. 13
14.875 Sr. Nts. 12
7.2 Sr. Nts. 11
8.56 Pass Thru Certs. 16
8.3 Sr. Nts. 11

1/10/05
Price
112.4
111.0
121.3
100.0
107.0
109.8
107.5
109.9
109.8
105.0
116.0
72.5
102.0
82.0
106.6
82.0
113.3
105.5
106.3
125.5
107.2
105.5
107.0
103.0
72.0
121.9
102.5
99.5
116.4
103.5
115.0
105.5
177.1
97.7
107.3
104.5
108.0
104.2
103.8
107.3
111.5
101.5
103.0
101.8
117.8
107.5
100.5
113.0
104.8
94.3
103.2
112.3
106.8
115.5
99.0
102.0
66.0
116.9
101.0
104.5
139.5
108.3
113.5
109.5

Current
Yld.
7.79%
8.11%
7.32%
6.75%
6.78%
6.72%
7.19%
6.82%
6.49%
7.02%
8.51%
11.89%
8.58%
10.98%
9.14%
10.37%
2.20%
8.53%
9.29%
9.56%
9.79%
9.95%
6.78%
6.43%
11.81%
7.90%
8.54%
4.65%
1.49%
6.64%
7.39%
6.75%
2.68%
8.45%
10.96%
6.94%
7.06%
5.64%
7.47%
8.39%
6.73%
7.76%
8.50%
6.51%
8.39%
8.84%
5.97%
6.63%
8.91%
7.29%
7.27%
6.79%
6.32%
7.68%
9.82%
7.48%
DFLT
7.70%
8.42%
7.42%
10.66%
6.65%
7.54%
DFLT

YTW
6.32%
6.94%
4.51%
6.75%
5.41%
5.63%
5.78%
5.69%
5.34%
6.12%
5.81%
16.30%
8.24%
13.66%
8.35%
13.20%
NA
7.67%
8.37%
6.26%
8.77%
9.21%
5.63%
5.90%
15.83%
4.82%
8.18%
4.74%
NA
6.07%
5.17%
5.88%
(9.25%)
8.80%
10.20%
6.24%
5.90%
4.95%
6.91%
7.43%
5.05%
7.55%
8.10%
6.25%
6.38%
8.01%
5.90%
4.98%
8.46%
8.07%
6.86%
5.26%
5.43%
5.96%
10.56%
7.23%
16.33%
5.74%
8.32%
6.87%
7.79%
5.62%
5.97%
6.00%

Ratings
Duration Moody's
S&P
258
3.6
B1
B- /*+
320
3.6
B3
B
76
3.7
B3
B /*301
3.7
Caa1
CCC+
202
3.7
Ba3
B
188
3.7
Ba2
BB205
3.7
B1
B /*+
195
3.8
Ba3
BB161
3.8
Ba2
BB237
3.8
Ba2
BB359
3.8 Caa1 /*+ CCC+ /*+
1,255
3.8
Caa1
CCC+
451
3.9
B2
B
793
3.9
B3
B
460
3.9
NR
NR
947
3.9
NR
B
-3.9
NR
NR
392
3.9
B3
B462
4.0
Caa2
CCC
252
4.0
B2
B
503
4.0
(P)B3
B
547
4.0
B3
B188
4.1
B2
B
217
4.1
Ba3
BB
1,210
4.1
Caa1
CCC+
107
4.1
Baa3
BBB443
4.1
B3 /*CCC+
99
4.2
Baa3
BB+
NA
4.2
NR
NR
232
4.2
B2
B
256
4.2 Caa1 /*+ CCC+ /*+
213
4.3
B3
B(1,298)
4.3
B1
B+
505
4.3
B2
B+
645
4.3
B3
B250
4.3
B2
B215
4.3
B1
BB122
4.4
Baa3
BBB316
4.4
Caa1
CCC+
369
4.4
B3
CCC+
131
4.5
Ba2
BB
380
4.5
B3
B435
4.6
Caa1
CCC+
250
4.6
B1
B+
265
4.7
B1
B /*+
426
4.7
B2
B
216
4.7
Ba2
BB
124
4.8
Baa3
BB+
493
4.8
B2
B433
4.8
Caa2
CCC+
312
4.8
B2
B
151
4.8
Ba2
BB+
168
4.8
Ba3
BB223
4.9
Ba2
BB685
4.9
NR
NR
350
4.9
Caa1
CCC+
1,258
4.9
Ca
NR
274
4.9 Ba1 /*- BBB- /*459
4.9
B3
CCC+
313
5.0
B3
B405
5.0
B2
B189
5.0
Ba2
BB
306
5.0
B1
B /*+
227
5.1
WR
NR

STW

[Page 36]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

DURATION Sort
Issuer
DYNEGY HOLDINGS INC
DYNEGY INC
PREMCOR REFINING GROUP
HOUSTON EXPLORATION CO
PREMCOR REFINING GROUP
SHIP FINANCE INTL LTD
WILLIAMS COS INC
TRANSCONT GAS PIPE CORP
ARCH WESTERN FINANCE
OFFSHORE LOGISTIC
STENA AB
CALPINE CORP
OMI CORP
CHESAPEAKE ENERGY CORP
CONSOL ENERGY INC
FOREST OIL CORPORATION
WILLIAMS COS INC
SUBURBAN PROPANE PARTNRS
GIANT INDUSTRIES
TRANSCONT GAS PIPE CORP
GULFMARK OFFSHORE INC
WESTERN OIL SANDS INC
CHC HELICOPTER CORP
EL PASO CORPORATION
PIONEER NATURAL RESOURCE
XTO ENERGY INC
FOUNDATION PA COAL CO
FERRELLGAS LP/FINANCE
TECO ENERGY INC
PREMCOR REFINING GROUP
PACIFIC ENERGY PRTNR/FIN
DRESSER-RAND GROUP INC
MIRANT CORP
NEWFIELD EXPLORATION CO
MARKWEST ENERGY PART/FIN
MASSEY ENERGY CO
EL PASO CORPORATION
EDISON MISSION HLDGS CO
TEXAS GENCO LLC/FINANCNG
ENTERPRISE PRODUCTS OPER
GREAT LAKES DREDGE&DOCK
CHESAPEAKE ENERGY CORP
OMI CORP
OVERSEAS SHIPHLDG GROUP
DYNEGY-ROSETON DANSKAMME
KEY ENERGY SERVICES INC
XTO ENERGY INC
AES CHIVOR
GOLDEN STATE PETRO TRANS
HANOVER COMPRESS CO
ENCORE ACQUISITION CO
SOUTH PT/BROAD RIV/ROCKG
XTO ENERGY INC
RELIANT ENERGY INC
STONE ENERGY CORP
HORNBECK OFFSHORE SERV
ENTERPRISE PRODUCTS OPER
XTO ENERGY INC
SONAT INC
PIONEER NATURAL RESOURCE
MIRANT CORP
MCDERMOTT INC
EDISON MISSION HLDGS CO
EL PASO NATURAL GAS

Description
8.75 Sr. Nts. 12
4.75 Cnvrt. Sr. Sub. Nts. 23 $4.12
7.5 Sr. Nts. 15
7 Sr. Sub. Nts. 13
6.125 Sr. Nts. 11
8.5 Sr. Nts. 13
7.125 Sr. Nts. 11
7 Sr. Nts. 11
6.75 Sr. Nts. 13
6.125 Sr. Nts. 13
7.5 Sr. Nts. 13
9.625 Sr. Sec. Nts.-1st Lien 14
7.625 Sr. Nts. 13
6.875 Sr. Nts. 16
7.875 Sr. Nts. 12
8 Sr. Nts. 11
8.125 Sr. Nts. 12
6.875 Sr. Nts. 13
8 Sr. Sub. Nts. 14
8.875 Sr. Nts. 12
7.75 Sr. Nts. 14
8.375 Sr. Sec. Nts.-3rd Lien 12
7.375 Sr. Sub. Nts. 14
7.875 Sr. Nts. 12
7.5 Sr. Nts. 12
7.5 Sr. Nts. 12
7.25 Sr. Nts. 14
6.75 Sr. Nts. 14
7 Sr. Nts. 12
6.75 Sr. Nts. 14
7.125 Sr. Nts. 14
7.375 Sr. Sub. Nts. 14
8.625 Pass Thru Certs. 12
6.625 Sr. Sub. Nts. 14
6.875 Sr. Nts. 14
2.25 Cnvrt. Sr. Nts. 24 $33.60
7.375 Sr. Nts. 12
8.137 Sr. Nts. 19
6.875 Sr. Nts. 14
6.375 Sr. Nts. 13
7.75 Sr. Sub. Nts. 13
6.375 Sr. Nts. 15
2.875 Cnvrt. Sr. Nts. 24 (Px=$30.74)
8.75 Sr. Nts. 13
7.67 Pass Thru Certs. 16
6.375 Sr. Nts. 13
6.25 Sr. Nts. 13
9.75 Sr. Nts. 14
8.04 Sr. Sec. Nts.-1st Lien 19
4.75 Cnvrt. Sr. Nts. 14 $15.00
6.25 Sr. Sub. Nts. 14
9.825 Pass Thru Certs. 19
4.9 Sr. Nts. 14
6.75 Sr. Sec. Nts.-2nd Lien 14
6.75 Sr. Sub. Nts. 14
6.125 Sr. Nts. 14
5.6 Sr. Nts. 14
5 Sr. Nts. 15
7 Sr. Nts. 18
5.875 Sr. Nts. 16
9.125 Pass Thru Certs. 17
8.75 Sr. Nts. 23
8.734 Sr. Nts. 26
8.625 Sr. Nts. 22

1/10/05
Price
102.9
138.5
106.8
105.3
104.0
102.5
108.8
110.3
103.3
101.5
104.8
101.5
105.9
103.9
111.8
115.0
115.0
102.4
105.0
122.5
105.8
116.5
105.3
104.5
113.7
116.5
105.3
101.4
108.2
105.5
105.0
102.4
112.4
103.9
101.4
123.7
101.5
113.4
103.8
106.9
91.3
103.4
96.6
113.3
95.0
101.3
109.0
113.0
109.8
123.8
94.8
84.0
99.4
98.1
99.0
99.3
100.2
98.7
93.3
104.0
122.3
92.0
123.1
114.8

Current
Yld.
8.51%
3.43%
7.03%
6.65%
5.89%
8.29%
6.55%
6.35%
6.54%
6.03%
7.16%
9.48%
7.20%
6.61%
7.05%
6.96%
7.07%
6.72%
7.62%
7.24%
7.33%
7.19%
7.01%
7.54%
6.59%
6.44%
6.89%
6.66%
6.47%
6.40%
6.79%
7.20%
DFLT
6.38%
6.78%
1.82%
7.27%
7.18%
6.63%
5.97%
8.49%
6.16%
2.98%
7.73%
8.07%
6.30%
5.73%
8.63%
7.32%
3.84%
6.59%
11.70%
4.93%
6.88%
6.82%
6.17%
5.59%
5.06%
7.51%
5.65%
DFLT
9.51%
7.10%
7.52%

YTW
8.21%
(1.76%)
6.21%
6.00%
5.37%
8.02%
5.53%
5.14%
6.13%
5.84%
6.62%
9.34%
6.55%
6.17%
5.84%
5.37%
5.56%
6.44%
7.11%
5.21%
6.76%
5.59%
6.46%
7.08%
5.20%
4.78%
6.36%
6.51%
5.62%
5.81%
6.27%
6.97%
5.90%
5.98%
6.64%
(1.38%)
7.12%
5.98%
6.27%
5.31%
9.21%
5.83%
3.44%
6.74%
8.46%
6.18%
4.91%
7.84%
6.66%
1.58%
7.02%
12.21%
4.98%
7.02%
6.89%
6.23%
5.58%
5.16%
7.84%
5.41%
6.08%
9.69%
6.25%
7.12%

STW
447
(551)
246
225
162
429
179
140
238
211
287
561
280
244
209
162
182
271
338
146
301
185
271
333
147
105
261
278
188
206
254
270
215
225
237
(512)
339
296
198
104
547
154
(30)
245
405
189
63
355
265
(271)
275
792
71
274
260
195
129
89
355
113
179
540
243
283

Ratings
Duration Moody's
S&P
5.1
Caa2
CCC+
5.1
Caa2
CCC+
5.1
Ba3
BB5.1
B2
B+
5.1
Ba3
BB5.2
B1
B
5.2
B1
B+
5.2
Ba2
B+
5.2
Ba3
BB
5.2
Ba2
BB+
5.2
Ba3
BB5.2
NR
B+
5.3
B1
B+
5.4
Ba3
BB5.4
Ba2
BB
5.4
Ba3
BB5.4
B1
B+
5.4
B1
B
5.5
B3
B5.5
Ba2
B+
5.5
B2
BB5.5
Ba2
BB+
5.6
B2
B
5.6
Caa1
CCC+
5.6
Baa3
BBB5.6
Baa3
BBB5.6
B1
B
5.6
Ba3
BB5.7
Ba2
BB
5.7
Ba3
BB5.7
Ba2
BB /*5.8
B3
B5.8
B3
NR
5.8
Ba3
BB5.9
B1
B+
5.9
Ba3
BB
5.9
Caa1
CCC+
5.9
WR
BB /*+
6.0
B1
B
6.1
Baa3
BB+
6.2 Caa2 /*CCC
6.2
Ba3
BB6.2
NR
B+
6.3 Ba1 /*BB+ /*6.3
Caa2
B
6.3
B1 /*B /*
6.4
Baa3
BBB6.5
B1
B
6.7
Baa2
BB+
6.7
B3
B
6.7
B2
B
6.9
B2
B
7.1
Baa3
BBB7.1
B1
B+
7.1
B2
B+
7.3
Ba3
BB7.3
Baa3
BB+
7.7
Baa3
BBB8.0
Caa1
CCC+
8.1
Baa3
BBB8.3
B3
NR
8.5
B3
CCC
8.7
WR
BB /*+
9.1
B1
B[Page 37]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

DURATION Sort
Issuer
GREY WOLF INC
AES RED OAK LLC
MIRANT AMERICAS GENR LLC
OVERSEAS SHIPHLDG GROUP
EL PASO CORPORATION
EL PASO NATURAL GAS
MIRANT AMERICAS GENR LLC
WILLIAMS COS INC
MIRANT CORP
WILLIAMS COS INC
EL PASO NATURAL GAS
WILLIAMS COS INC
PIONEER NATURAL RESOURCE
ENTERPRISE PRODUCTS OPER
ENTERPRISE PRODUCTS OPER
AES RED OAK LLC
AES IRONWOOD LLC

Description
2.51 Cnvrt. Sr. Nts. 24 $6.51
9.2 Sr. Sec. Nts.-2nd Lien 29
8.5 Sr. Nts. 21
7.5 Sr. Nts. 24
7.75 Sr. Nts. 32
7.5 Sr. Nts. 26
9.125 Sr. Nts. 31
8.75 Sr. Nts. 32
10.06 Pass Thru Certs. 28
7.5 Sr. Nts. 31
8.375 Sr. Nts. 32
7.75 Sr. Nts. 31
7.2 Sr. Nts. 28
6.875 Sr. Nts. 33
6.65 Sr. Nts. 34
8.54 Sr. Sec. Nts.-2nd Lien 19
8.857 Sr. Sec. Nts.-2nd Lien 25

1/10/05
Price
110.8
112.5
108.0
102.3
96.6
103.8
107.5
115.5
128.0
104.6
111.3
105.9
114.8
107.0
103.4
112.5
113.5

Current
Yld.
2.27%
8.18%
DFLT
7.33%
8.02%
7.23%
DFLT
7.58%
DFLT
7.17%
7.53%
7.32%
6.27%
6.42%
6.43%
7.59%
7.80%

YTW
1.27%
7.99%
7.47%
7.28%
8.06%
7.16%
8.18%
7.42%
7.20%
7.11%
7.41%
7.25%
6.01%
6.34%
6.39%
NA
NA

STW
NA
383
319
299
379
287
390
260
237
229
258
243
119
152
156
NA
NA

Ratings
Duration Moody's
S&P
9.2
NR
NR
9.3
B2
B+
9.4
WR
NR
9.9 Ba1 /*BB+ /*10.6
Caa1
CCC+
10.7
B1
B10.8
WR
NR
11.0
B1
B+
11.0
B3
NR
11.3
B1
B+
11.4
B1
B11.5
B1
B+
11.6
Baa3
BBB12.6
Baa3
BB+
12.9
Baa3
BB+
NA
B2
B+
NA
B2
B+

[Page 38]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

PRICE Sort
Issuer
VECTURA GROUP INC
NAVIGATOR GAS TRANSPORT
TRICO MARINE SERVICES
MIRANT CORP
CALPINE CORP
OGLEBAY NORTON CO
CALPINE CORP
MIRANT CORP
MIRANT CORP
NAVIGATOR GAS TRANSPORT
CALPINE CANADA ENER FIN
MIRANT CORP
TIVERTON/RUMFORD PWR ASS
CALPINE CORP
SOUTH PT/BROAD RIV/ROCKG
HANOVER COMPRESSOR CO
GREAT LAKES DREDGE&DOCK
MCDERMOTT INC
CALPINE CORP
SONAT INC
DYNEGY HOLDINGS INC
SOUTH PT/BROAD RIV/ROCKG
ENCORE ACQUISITION CO
DYNEGY-ROSETON DANSKAMME
ENERGY CORP OF AMERICA
CROWN CENTRAL PETROLEUM
HANOVER COMPRESSOR CO
DYNEGY HOLDINGS INC
OMI CORP
EL PASO CORPORATION
CALPINE CORP
AES CHINA GENERATING CO
RELIANT ENERGY INC
XTO ENERGY INC
WOLVERINE TUBE INC
EL PASO CGP CO
ABRAXAS PETROLEUM CORP
STONE ENERGY CORP
HORNBECK OFFSHORE SERV
XTO ENERGY INC
TECO ENERGY INC
ENTERPRISE PRODUCTS OPER
INTL SHIPHOLDING CORP
ENTERPRISE PRODUCTS OPER
CALPINE CORP
EL PASO CORPORATION
ENTERPRISE PRODUCTS OPER
DYNEGY HOLDINGS INC
ENTERPRISE PRODUCTS OPER
CITGO PETROLEUM CORP
MCDERMOTT INC
DYNEGY-ROSETON DANSKAMME
AVENTINE RENEWABLE ENRGY
SONAT INC
KEY ENERGY SERVICES INC
SONAT INC
FERRELLGAS LP/FINANCE
MARKWEST ENERGY PART/FIN
HARVEST OPERATIONS CORP
OFFSHORE LOGISTIC
EL PASO CORPORATION
CALPINE CORP
PIONEER NATL RESOURCES
RAM ENERGY INC

Description
12 Sr. Sub. Nts. 08
12 Sr. Sec. Nts.-2nd Lien 07
8.875 Sr. Nts. 12
2.5 Cnvrt. Sr. Nts. 21 (Px=$67.95)
8.5 Sr. Nts. 11
10 Sr. Sub. Nts. 09
8.625 Sr. Nts. 10
7.4 Sr. Nts. 04
5.75 Cnvrt. Sr. Nts. 07 (Px=$7.58)
10.5 Sr. Nts. 07
8.5 Sr. Nts. 08
7.9 Sr. Nts. 09
9 Pass Thru Certs. 18
8.5 Sr. Sec. Nts.-2nd Lien 10
9.825 Pass Thru Certs. 19
0 Sr. Sub. Nts. 07
7.75 Sr. Sub. Nts. 13
8.75 Sr. Nts. 23
7.82 Sr. Sec. Nts.-2nd Lien 07
7 Sr. Nts. 18
6.875 Sr. Nts. 11
8.4 Pass Thru Certs. 12
6.25 Sr. Sub. Nts. 14
7.67 Pass Thru Certs. 16
9.5 Sr. Sub. Nts. 07
10.875 Sr. Nts. 05
4.75 Cnvrt. Sr. Nts. 08 $43.94
7.45 Sr. Nts. 06
2.875 Cnvrt. Sr. Nts. 24 (Px=$30.74)
7.75 Sr. Nts. 32
7.625 Sr. Nts. 06
8.25 Sr. Nts. 10
6.75 Sr. Sec. Nts.-2nd Lien 14
5 Sr. Nts. 15
7.375 Sr. Nts. 08
6.375 Sr. Nts. 09
9.72 Sr. Sec. Nts.-1st Lien 09
6.75 Sr. Sub. Nts. 14
6.125 Sr. Nts. 14
4.9 Sr. Nts. 14
6.125 Sr. Nts. 07
4.625 Sr. Nts. 09
7.75 Sr. Nts. 07
4 Sr. Nts. 07
10.5 Sr. Nts. 06
6.75 Sr. Nts. 09
5.6 Sr. Nts. 14
8.125 Sr. Nts. 05
8.25 Sr. Nts. 05
6 Sr. Nts. 11
7.84 Sr. Nts. 05
7.27 Pass Thru Certs. 10
8.50125 Sr. Sec. Nts.-1st Lien 11
6.875 Sr. Nts. 05
6.375 Sr. Nts. 13
6.625 Sr. Nts. 08
6.75 Sr. Nts. 14
6.875 Sr. Nts. 14
7.875 Sr. Nts. 11
6.125 Sr. Nts. 13
7.375 Sr. Nts. 12
9.625 Sr. Sec. Nts.-1st Lien 14
8.875 Sr. Nts. 05
11.5 Sr. Nts. 08

1/10/05
Price
0.1
2.3
66.0
71.5
72.0
72.5
72.5
74.5
74.5
75.0
75.0
76.3
82.0
82.0
84.0
86.5
91.3
92.0
92.0
93.3
94.3
94.5
94.8
95.0
95.3
96.0
96.0
96.5
96.6
96.6
96.9
97.7
98.1
98.7
98.8
98.8
99.0
99.0
99.3
99.4
99.5
99.5
99.6
99.7
100.0
100.0
100.2
100.3
100.3
100.5
100.9
101.0
101.0
101.1
101.3
101.3
101.4
101.4
101.5
101.5
101.5
101.5
101.7
101.8

Current
Yld.
DFLT
DFLT
DFLT
DFLT
11.81%
13.79%
11.89%
DFLT
DFLT
DFLT
11.33%
DFLT
10.98%
10.37%
11.70%
NA
8.49%
9.51%
8.50%
7.51%
7.29%
8.89%
6.59%
8.07%
9.97%
11.33%
4.95%
7.72%
2.98%
8.02%
7.87%
8.45%
6.88%
5.06%
7.47%
6.46%
9.82%
6.82%
6.17%
4.93%
6.16%
4.65%
7.78%
4.01%
10.50%
6.75%
5.59%
8.10%
8.22%
5.97%
7.77%
7.20%
8.42%
6.80%
6.30%
6.54%
6.66%
6.78%
7.76%
6.03%
7.27%
9.48%
8.73%
11.30%

YTW
NA
NA
16.33%
27.19%
15.83%
22.44%
16.30%
NA
19.02%
21.76%
19.03%
15.40%
13.66%
13.20%
12.21%
NA
9.21%
9.69%
14.33%
7.84%
8.07%
10.04%
7.02%
8.46%
11.87%
117.85%
6.15%
10.02%
3.44%
8.06%
10.33%
8.80%
7.02%
5.16%
7.78%
6.73%
10.56%
6.89%
6.23%
4.98%
6.36%
4.74%
7.90%
4.11%
10.32%
6.75%
5.58%
6.53%
6.29%
5.90%
3.84%
6.99%
8.32%
3.85%
6.18%
6.17%
6.51%
6.64%
7.55%
5.84%
7.12%
9.34%
2.24%
10.81%

STW
NA
NA
1,258
2,396
1,210
1,907
1,255
NA
1,579
1,853
1,566
1,200
793
947
792
NA
547
540
1,126
355
433
605
275
405
864
9,235
277
679
(30)
379
766
505
274
89
439
335
685
260
195
71
313
99
450
72
766
301
129
409
386
216
145
366
459
117
189
277
278
237
380
211
339
561
(12)
741

Ratings
Moody's
S&P
WR
NR
WR
NR
Ca
NR
Ca
NR
Caa1
CCC+
WR
NR
Caa1
CCC+
WR
NR
WR
NR
WR
NR
Caa1
CCC+
WR
NR
B3
B
NR
B
B2
B
Caa1
BCaa2 /*CCC
B3
CCC
NR
B
Caa1
CCC+
Caa2
CCC+
B2
B
B2
B
Caa2
B
Caa3
NR
Ca
NR
B3
B
Caa2
CCC+
NR
B+
Caa1
CCC+
Caa1
CCC+
B2
B+
B1
B+
Baa3
BBBB3
B+
Caa1
CCC+
NR
NR
B2
B+
Ba3
BBBaa3
BBBBa2
BB
Baa3
BB+
B1
BBaa3
BB+
Caa1
CCC+
Caa1
CCC+
Baa3
BB+
Caa2
CCC+
Baa3
BB+
Ba2
BB
B3
CCC
Caa2
B
B3
CCC+
Caa1
CCC+
B1 /*B /*
Caa1
CCC+
Ba3
BBB1
B+
B3
BBa2
BB+
Caa1
CCC+
NR
B+
Baa3
BBBWR
NR
[Page 39]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

PRICE Sort
Issuer
NEWPARK RESOURCES INC
FRONTIER OIL CORP
ATP OIL & GAS CORPORATION
ATP OIL & GAS CORPORATION
NORTH AMER ENERGY PARTNR
TEEKAY SHIPPING CORP
SONAT INC
CALPINE CORP
SEA CONTAINERS
OVERSEAS SHIPHLDG GROUP
DRESSER-RAND GROUP INC
SUBURBAN PROPANE PARTNRS
BELDEN & BLAKE CORP
PETROLEUM GEO-SERVICES
SHIP FINANCE INTL LTD
DYNEGY HOLDINGS INC
VENOCO INC
MASSEY ENERGY CO
ULTRAPETROL(BAHAMAS) LTD
DENBURY RESOURCES INC
ARCH WESTERN FINANCE
ENTERPRISE PRODUCTS OPER
CHESAPEAKE ENERGY CORP
SEA CONTAINERS LTD
GREY WOLF INC
COMSTOCK RESOURCES INC
OCEAN RIG NORWAY AS
EL PASO CGP CO
EL PASO CGP CO
EL PASO NATURAL GAS
TEXAS GENCO LLC/FINANCNG
NEWFIELD EXPLORATION CO
CHESAPEAKE ENERGY CORP
PIONEER NATURAL RESOURCE
MASSEY ENERGY CO
PREMCOR REFINING GROUP
SEA CONTAINERS LTD
EVERGREEN RESOURCES INC
PARKER DRILLING CO
EL PASO CORPORATION
WHITING PETROLEUM CORP
EL PASO PRODUCTION HLDG
WILLIAMS COS INC
SONAT INC
CITGO PETROLEUM CORP
STENA AB
PAITON ENERGY FUNDING BV
MIDWEST GENERATION LLC
GIANT INDUSTRIES
KEY ENERGY SERVICES INC
MSW ENERGY HLDGS/FIN II
PACIFIC ENERGY PRTNR/FIN
PARKER DRILLING CO
CONSOLIDATED COAL
FOUNDATION PA COAL CO
HOUSTON EXPLORATION CO
CHC HELICOPTER CORP
CHESAPEAKE ENERGY CORP
KCS ENERGY INC
CIE GENER DE GEOPHYSIQUE
PETRO STOPPING CTR/FINL
PREMCOR REFINING GROUP
UNITED REFINING CO
GULFMARK OFFSHORE INC

Description
8.625 Sr. Sub. Nts. 07
6.625 Sr. Nts. 11
8.818 Sr. Sec. Nts.-1st Lien 09
12.568 Sr. Sec. Nts.-2nd Lien 09
8.75 Sr. Nts. 11
8.32 Sr. Nts. 06
7.625 Sr. Nts. 11
8.25 Sr. Nts. 05
7.875 Sr. Nts. 08
7.5 Sr. Nts. 24
7.375 Sr. Sub. Nts. 14
6.875 Sr. Nts. 13
8.75 Sr. Sec. Nts.-2nd Lien 12
8 Sr. Nts. 06
8.5 Sr. Nts. 13
8.75 Sr. Nts. 12
8.75 Sr. Nts. 11
6.625 Sr. Nts. 10
10.5 Sr. Sec. Nts.-1st Lien 08
7.5 Sr. Sub. Nts. 13
6.75 Sr. Nts. 13
6.65 Sr. Nts. 34
6.375 Sr. Nts. 15
10.75 Sr. Nts. 06
3.75 Cnvrt. Sr. Nts. 23 $6.45
6.875 Sr. Nts. 12
10.25 Sr. Sec. Nts.-1st Lien 08
6.5 Sr. Nts. 06
7.75 Sr. Nts. 10
7.5 Sr. Nts. 26
6.875 Sr. Nts. 14
6.625 Sr. Sub. Nts. 14
6.875 Sr. Nts. 16
5.875 Sr. Nts. 16
6.95 Sr. Nts. 07
6.125 Sr. Nts. 11
13 Sr. Nts. 06
5.875 Sr. Sub. Nts. 12
7.15 Sr. Nts. 10
7.875 Sr. Nts. 12
7.25 Sr. Sub. Nts. 12
7.75 Sr. Nts. 13
7.5 Sr. Nts. 31
6.75 Sr. Nts. 07
7.875 Sr. Nts. 06
7.5 Sr. Nts. 13
9.34 Sr. Nts. 14
8.3 Pass Thru Certs. 09
8 Sr. Sub. Nts. 14
8.375 Sr. Nts. 08
7.375 Sr. Nts. 10
7.125 Sr. Nts. 14
10.125 Sr. Nts. 09
8.25 Sr. Nts. 07
7.25 Sr. Nts. 14
7 Sr. Sub. Nts. 13
7.375 Sr. Sub. Nts. 14
8.375 Sr. Nts. 08
7.125 Sr. Nts. 12
10.625 Sr. Nts. 07
9 Sr. Sec. Nts.-2nd Lien 12
6.75 Sr. Nts. 14
10.5 Sr. Nts. 12
7.75 Sr. Nts. 14

1/10/05
Price
101.8
101.8
102.0
102.0
102.0
102.0
102.0
102.1
102.1
102.3
102.4
102.4
102.5
102.5
102.5
102.9
103.0
103.0
103.1
103.2
103.3
103.4
103.4
103.5
103.5
103.5
103.6
103.8
103.8
103.8
103.8
103.9
103.9
104.0
104.0
104.0
104.0
104.2
104.3
104.5
104.5
104.5
104.6
104.8
104.8
104.8
104.8
104.9
105.0
105.0
105.0
105.0
105.2
105.2
105.3
105.3
105.3
105.4
105.5
105.5
105.5
105.5
105.5
105.8

Current
Yld.
8.48%
6.51%
8.64%
12.32%
8.58%
8.16%
7.48%
8.08%
7.71%
7.33%
7.20%
6.72%
8.54%
7.80%
8.29%
8.51%
8.50%
6.43%
10.18%
7.27%
6.54%
6.43%
6.16%
10.39%
3.62%
6.64%
9.89%
6.27%
7.47%
7.23%
6.63%
6.38%
6.61%
5.65%
6.68%
5.89%
12.50%
5.64%
6.86%
7.54%
6.94%
7.42%
7.17%
6.44%
7.52%
7.16%
8.91%
7.91%
7.62%
7.98%
7.02%
6.79%
9.63%
7.84%
6.89%
6.65%
7.01%
7.95%
6.75%
10.07%
8.53%
6.40%
9.95%
7.33%

YTW
4.20%
6.25%
7.29%
10.97%
8.24%
6.31%
7.23%
4.65%
(15.74%)
7.28%
6.97%
6.44%
8.18%
1.05%
8.02%
8.21%
8.10%
5.90%
NA
6.86%
6.13%
6.39%
5.83%
(0.46%)
2.65%
6.07%
4.97%
3.60%
6.91%
7.16%
6.27%
5.98%
6.17%
5.41%
4.95%
5.37%
4.19%
4.95%
5.75%
7.08%
6.24%
6.87%
7.11%
4.86%
4.18%
6.62%
8.46%
6.60%
7.11%
1.99%
6.12%
6.27%
7.61%
5.86%
6.36%
6.00%
6.46%
6.25%
5.88%
6.86%
7.67%
5.81%
9.21%
6.76%

STW
184
250
455
823
451
364
350
199
(1,809)
299
270
271
443
(131)
429
447
435
217
NA
312
238
156
154
(282)
(75)
232
230
36
316
287
198
225
244
113
171
162
152
122
265
333
250
313
229
146
94
287
493
363
338
(37)
237
254
494
263
261
225
271
301
213
419
392
206
547
301

Ratings
Moody's
S&P
B2
B
B1
B+
NR
NR
NR
NR
B2
B
Ba1
BB+
Caa1
CCC+
Caa1
CCC+
B3
B
Ba1 /*BB+ /*B3
BB1
B
B3 /*CCC+
NR
NR
B1
B
Caa2
CCC+
Caa1
CCC+
Ba3
BB
WR
NR
B2
B
Ba3
BB
Baa3
BB+
Ba3
BBB3
B
B1
BBB2
B
B3
CCC
Caa1
CCC+
Caa1
CCC+
B1
BB1
B
Ba3
BBBa3
BBBaa3
BBBB1
B+
Ba3
BBNR
NR
Baa3
BBBB2e
BCaa1
CCC+
B2
BB3
BB1
B+
Caa1
CCC+
Ba2
BB
Ba3
BBB2
BB1
B /*+
B3
BB1 /*B /*
Ba2
BBBa2
BB /*B2
BBa2
NR
B1
B
B2
B+
B2
B
Ba3
BBB3
BBa3 /*BB
B3
BBa3
BBB3
BB2
BB[Page 40]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

PRICE Sort
Issuer
WILLIAMS COS INC
OMI CORP
NORTHERN OFFSHORE ASA
NORTHERN OFFSHORE ASA
SITHE/INDEPENDENCE FNDG
MISSION RESOURCES CORP
VINTAGE PETROLEUM
EDISON MISSION ENRGY FDG
CALLON PETROLEUM CO
BAYTEX ENERGY LTD
HANOVER EQUIP TRUST 01 A
PREMCOR REFINING GROUP
PREMCOR REFINING GROUP
PIONEER NATURAL RESOURCE
ENTERPRISE PRODUCTS OPER
UNIVERSAL COMPRESSN INC
AMERIGAS PART/EAGLE FIN
EXCO RESOURCES INC
ENTERPRISE PRODUCTS OPER
SEA CONTAINERS LTD
SEITEL INC
HORIZON LINES LLC
LONE STAR TECHNOLOGIES
EDISON MISSION ENERGY
MIRANT AMERICAS GENR LLC
SEABULK INTL INC
CHESAPEAKE ENERGY CORP
RANGE RESOURCES CORP
FERRELLGAS PARTNERS LP
TESORO CORP
MIRANT AMERICAS GENR LLC
NEWFIELD EXPLORATION CO
SWIFT ENERGY CO
PETROLEUM HELICOPTERS
CHESAPEAKE ENERGY CORP
TECO ENERGY INC
STONE ENERGY CORP
WOLVERINE TUBE INC
TECO ENERGY INC
PRIDE INTERNATIONAL INC
FOREST OIL CORPORATION
POGO PRODUCING CO
DYNEGY HOLDINGS INC
AMERIGAS PART/EAGLE FIN
NRG ENERGY INC
TESORO CORP
WILLIAMS COS INC
ENERGY PARTNERS LTD
HANOVER EQUIP TRUST 01 B
RELIANT ENERGY INC
XTO ENERGY INC
DRESSER INC
SESI, L.L.C.
STAR GAS PARTNER/FINANCE
FOREST OIL CORPORATION
TRANSMONTAIGNE INC
HANOVER COMPRESS CO
MSW ENERGY HLDGS/FINANCE
MIRANT AMERICAS GENR LLC
MIRANT AMERICAS GENR INC
PRIDE INTERNATIONAL INC
PLAINS E&P COMPANY
GOLDEN STATE PETRO TRANS
EL PASO NATURAL GAS

Description
7.75 Sr. Nts. 31
7.625 Sr. Nts. 13
7.48 Sr. Nts. 04
10 Sr. Nts. 05
8.5 Sr. Nts. 07
9.875 Sr. Nts. 11
7.875 Sr. Sub. Nts. 11
7.33 Sr. Nts. 08
9.75 Sr. Nts. 10
9.625 Sr. Sub. Nts. 10
8.5 Sr. Sec. Nts.-2nd Lien 08
6.75 Sr. Nts. 11
7.5 Sr. Nts. 15
6.5 Sr. Nts. 08
6.375 Sr. Nts. 13
7.25 Sr. Nts. 10
10 Sr. Nts. 06
7.25 Sr. Nts. 11
6.875 Sr. Nts. 33
10.5 Sr. Nts. 12
11.75 Sr. Nts. 11
9 Sr. Nts. 12
9 Sr. Sub. Nts. 11
7.73 Sr. Nts. 09
9.125 Sr. Nts. 31
9.5 Sr. Nts. 13
8.125 Sr. Nts. 11
7.375 Sr. Sub. Nts. 13
8.75 Sr. Nts. 12
8 Sr. Sec. Nts.-2nd Lien 08
8.5 Sr. Nts. 21
7.45 Sr. Nts. 07
7.625 Sr. Nts. 11
9.375 Sr. Nts. 09
7.75 Sr. Nts. 15
7 Sr. Nts. 12
8.25 Sr. Sub. Nts. 11
10.5 Sr. Nts. 09
7.2 Sr. Nts. 11
3.25 Cnvrt. Sr. Nts. 33 $25.70
7.75 Sr. Nts. 14
8.25 Sr. Sub. Nts. 11
8.02 Sr. Sec. Nts.-2nd Lien 08
8.875 Sr. Nts. 11
8 Sr. Sec. Nts.-2nd Lien 13
9.625 Sr. Sub. Nts. 08
7.125 Sr. Nts. 11
8.75 Sr. Nts. 10
8.75 Sr. Sec. Nts.-2nd Lien 11
9.25 Sr. Sec. Nts.-2nd Lien 10
6.25 Sr. Nts. 13
9.375 Sr. Sub. Nts. 11
8.875 Sr. Nts. 11
10.25 Sr. Nts. 13
8 Sr. Nts. 08
9.125 Sr. Sub. Nts. 10
8.625 Sr. Sub. Nts. 10
8.5 Sr. Sec. Nts.-2nd Lien 10
7.2 Sr. Nts. 08
8.3 Sr. Nts. 11
7.375 Sr. Nts. 14
7.125 Sr. Nts. 14
8.04 Sr. Sec. Nts.-1st Lien 19
7.625 Sr. Nts. 10

1/10/05
Price
105.9
105.9
106.0
106.0
106.1
106.3
106.3
106.3
106.6
106.8
106.8
106.8
106.8
106.8
106.9
107.0
107.0
107.0
107.0
107.2
107.3
107.3
107.5
107.5
107.5
107.5
107.8
107.8
108.0
108.0
108.0
108.0
108.0
108.0
108.0
108.2
108.3
108.3
108.3
108.4
108.5
108.5
108.5
108.5
108.8
108.8
108.8
109.0
109.0
109.0
109.0
109.1
109.3
109.3
109.3
109.4
109.5
109.5
109.5
109.5
109.8
109.8
109.8
109.9

Current
Yld.
7.32%
7.20%
DFLT
DFLT
8.01%
9.29%
7.41%
6.90%
9.14%
9.02%
7.96%
6.32%
7.03%
6.09%
5.97%
6.78%
9.35%
6.78%
6.42%
9.79%
10.96%
8.39%
8.37%
7.19%
DFLT
8.84%
7.54%
6.84%
8.10%
7.41%
DFLT
6.90%
7.06%
8.68%
7.18%
6.47%
7.62%
9.70%
6.65%
3.00%
7.14%
7.60%
7.39%
8.18%
7.36%
8.85%
6.55%
8.03%
8.03%
8.49%
5.73%
8.59%
8.12%
9.38%
7.32%
8.34%
7.88%
7.76%
DFLT
DFLT
6.72%
6.49%
7.32%
6.94%

YTW
7.25%
6.55%
NA
(78.37%)
4.24%
8.37%
5.81%
3.01%
8.35%
7.82%
4.25%
5.43%
6.21%
4.08%
5.31%
5.41%
4.20%
5.63%
6.34%
8.77%
10.20%
7.43%
6.40%
5.78%
8.18%
8.01%
4.76%
5.86%
6.80%
4.23%
7.47%
4.33%
5.90%
6.36%
NA
5.62%
5.71%
7.46%
5.62%
0.67%
5.37%
4.43%
5.28%
5.46%
6.36%
4.32%
5.53%
6.43%
5.50%
6.89%
4.91%
5.40%
4.89%
8.25%
5.02%
6.57%
6.34%
6.05%
3.98%
6.00%
5.63%
5.34%
6.66%
4.88%

STW
243
280
NA
(8,075)
258
462
242
219
460
442
157
168
246
70
104
202
152
188
152
503
645
369
300
205
390
426
153
211
306
101
319
94
215
313
NA
188
232
423
189
(270)
162
120
222
223
261
165
179
303
210
351
63
217
165
450
164
320
259
265
58
227
188
161
265
150

Ratings
Moody's
S&P
B1
B+
B1
B+
NR
NR
C
NR
Ba1 /*- BBB- /*Caa2
CCC
B1
B
Ba3
B /*+
NR
NR
B3
BB2
B+
Ba3
BBBa3
BBBaa3
BBBBaa3
BB+
Ba3
B
B2
BBB2
B
Baa3
BB+
(P)B3
B
B3
BB3
CCC+
B3
BB1
B /*+
WR
NR
B2
B
Ba3
BBB3
B
B2
B
Ba2
BBBWR
NR
Ba2
BB+
B1
BBB1
BBBa3
BBBa2
BB
B2
B+
B3
B+
Ba2
BB
NR
BBBa3
BBBa3
BB
B3
BB2
BBB1
B
B2
BBB1
B+
B2
B+
B2
B+
B1
B+
Baa3
BBBB2
B
B1
BBCaa3 /* CCC /*Ba3
BBB3
B /*
B3
B
Ba1
BB
Caa3
NR
WR
NR
Ba2
BBBa2
BBBaa2
BB+
B1
B[Page 41]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

PRICE Sort
Issuer
CHESAPEAKE ENERGY CORP
BLUEWATER FINANCE LTD
VINTAGE PETROLEUM
TRANSCONT GAS PIPE CORP
COMPTON PETROLEUM CORP
DYNEGY HOLDINGS INC
SEA CONTAINERS LTD
NORTHWEST PIPELINE CORP
OVERSEAS SHIPHLDG GROUP
GREY WOLF INC
HANOVER COMPRESSOR CO
RELIANT ENERGY INC
ENCORE ACQUISITION CO
GRANT PRIDECO INC
EL PASO NATURAL GAS
MIRANT AMERICAS GENR LLC
TECO ENERGY INC
CONSOL ENERGY INC
PLAINS E&P COMPANY
J RAY MCDERMOTT SA
NEWFIELD EXPLORATION CO
SHAW GROUP INC
GRANT PRIDECO INC
PARKER DRILLING CO
NEWFIELD EXPLORATION CO
PREMCOR REFINING GROUP
MIRANT CORP
MIDWEST GENERATION LLC
PREMCOR REFINING GROUP
SWIFT ENERGY CO
BRAND SERVICES INC
AES RED OAK LLC
AES RED OAK LLC
LUSCAR COAL LTD
PARAMOUNT RESOURCES LTD
AES CHIVOR
ENTERPRISE PRODUCTS OPER
EDISON MISSION ENERGY
OVERSEAS SHIPHLDG GROUP
MAGNUM HUNTER RE
DYNEGY HOLDINGS INC
EDISON MISSION HLDGS CO
MIDWEST GENERATION LLC
AES IRONWOOD LLC
TESORO CORP
PIONEER NATURAL RESOURCE
HILCORP ENERGY/FINANCE
STENA AB
PETROLEUM GEO-SERVICES
CP SHIPS LIMITED
GIANT INDUSTRIES
CHESAPEAKE ENERGY CORP
MAGNUM HUNTER RE
EL PASO NATURAL GAS
PIONEER NATURAL RESOURCE
WILLIAMS COS INC
FOREST OIL CORPORATION
CEDAR BRAKES I LLC
PIONEER NATL RESOURCES
PREMCOR REFINING GROUP
TEEKAY SHIPPING CORP
ALPHA NATURAL RESOURCES
GENERAL MARITIME CORP
WILLIAMS COS INC

Description
7.5 Sr. Nts. 14
10.25 Sr. Nts. 12
8.25 Sr. Nts. 12
7 Sr. Nts. 11
9.9 Sr. Nts. 09
9.875 Sr. Sec. Nts.-2nd Lien 10
12.5 Sr. Nts. 09
8.125 Sr. Nts. 10
8.25 Sr. Nts. 13
2.51 Cnvrt. Sr. Nts. 24 $6.51
9 Sr. Nts. 14
9.5 Sr. Sec. Nts.-2nd Lien 13
8.375 Sr. Sub. Nts. 12
9 Sr. Nts. 09
8.375 Sr. Nts. 32
7.625 Sr. Nts. 06
7.5 Sr. Nts. 10
7.875 Sr. Nts. 12
8.75 Sr. Sub. Nts. 12
11 Sr. Sec. Nts.-2nd Lien 13
8.375 Sr. Sub. Nts. 12
10.75 Sr. Nts. 10
9.625 Sr. Nts. 07
9.625 Sr. Nts. 13
7.625 Sr. Nts. 11
9.25 Sr. Nts. 10
8.625 Pass Thru Certs. 12
8.75 Sr. Sec. Nts.-2nd Lien 34
7.75 Sr. Sub. Nts. 12
9.375 Sr. Sub. Nts. 12
12 Sr. Nts. 12
8.54 Sr. Sec. Nts.-2nd Lien 19
9.2 Sr. Sec. Nts.-2nd Lien 29
9.75 Sr. Nts. 11
7.875 Sr. Nts. 10
9.75 Sr. Nts. 14
7.5 Sr. Nts. 11
10 Sr. Nts. 08
8.75 Sr. Nts. 13
2.49 Cnvrt. Sr. Nts. 23 $12.19
10.125 Sr. Sec. Nts.-2nd Lien 13
8.137 Sr. Nts. 19
8.56 Pass Thru Certs. 16
8.857 Sr. Sec. Nts.-2nd Lien 25
9.625 Sr. Sub. Nts. 12
7.5 Sr. Nts. 12
10.5 Sr. Nts. 10
9.625 Sr. Nts. 12
10 Sr. Nts. 10
10.375 Sr. Nts. 12
11 Sr. Sub. Nts. 12
9 Sr. Nts. 12
9.6 Sr. Nts. 12
8.625 Sr. Nts. 22
7.2 Sr. Nts. 28
8.125 Sr. Nts. 12
8 Sr. Nts. 11
8.5 Sr. Sec. Nts.-2nd Lien 14
8.25 Sr. Nts. 07
9.5 Sr. Nts. 13
8.875 Sr. Nts. 11
10 Sr. Nts. 12
10 Sr. Nts. 13
8.75 Sr. Nts. 32

1/10/05
Price
109.9
110.0
110.0
110.3
110.5
110.5
110.5
110.8
110.8
110.8
111.0
111.0
111.3
111.3
111.3
111.4
111.5
111.8
111.8
111.8
111.9
112.0
112.0
112.1
112.3
112.3
112.4
112.4
112.5
112.5
112.5
112.5
112.5
112.8
113.0
113.0
113.0
113.2
113.3
113.3
113.4
113.4
113.5
113.5
113.5
113.7
113.8
113.8
113.8
114.0
114.3
114.5
114.5
114.8
114.8
115.0
115.0
115.0
115.1
115.3
115.5
115.5
115.5
115.5

Current
Yld.
6.82%
9.32%
7.50%
6.35%
8.96%
8.94%
11.31%
7.34%
7.45%
2.27%
8.11%
8.56%
7.53%
8.09%
7.53%
DFLT
6.73%
7.05%
7.83%
9.84%
7.49%
9.60%
8.59%
8.58%
6.79%
8.24%
DFLT
7.79%
6.89%
8.33%
10.67%
7.59%
8.18%
8.65%
6.97%
8.63%
6.63%
8.83%
7.73%
2.20%
8.93%
7.18%
7.54%
7.80%
8.48%
6.59%
9.23%
8.46%
8.79%
9.10%
9.63%
7.86%
8.38%
7.52%
6.27%
7.07%
6.96%
7.39%
7.17%
8.24%
7.68%
8.66%
8.66%
7.58%

YTW
5.69%
7.31%
5.28%
5.14%
5.27%
7.06%
(9.13%)
4.60%
5.70%
1.27%
6.94%
7.12%
5.03%
5.04%
7.41%
(2.66%)
5.05%
5.84%
5.29%
8.61%
4.96%
7.02%
5.09%
7.01%
5.26%
5.05%
5.90%
6.32%
4.51%
5.45%
8.75%
NA
7.99%
4.77%
4.24%
7.84%
4.98%
5.85%
6.74%
NA
7.05%
5.98%
5.97%
NA
5.17%
5.20%
6.58%
5.92%
6.25%
6.20%
6.53%
NA
4.62%
7.12%
6.01%
5.56%
5.37%
5.17%
2.20%
5.45%
5.96%
6.20%
6.01%
7.42%

STW
195
392
188
140
204
367
(1,180)
121
195
NA
320
338
163
164
258
(588)
131
209
205
486
157
364
169
328
151
165
215
258
78
205
536
NA
383
154
84
355
124
248
245
NA
330
296
306
NA
179
147
318
252
287
280
314
NA
123
283
119
182
162
256
(119)
206
223
245
261
260

Ratings
Moody's
S&P
Ba3
BBB1
B
Ba3
BBBa2
B+
B2
B
B3
BNR
NR
Ba2
B+
Ba1 /*BB+ /*NR
NR
B3
B
B1
B+
B2
B
Ba3
BBB1
BWR
NR
Ba2
BB
Ba2
BB
Ba3
B+
Caa1
CCC+
Ba3
BBBa3
B+
Ba3
BBB2
BBa2
BB+
Ba3
BBB3
NR
B1
B- /*+
B2
B
B2
B
B3
CCC+
B2
B+
B2
B+
Ba3
BB
B3
B /*B1
B
Baa3
BB+
B1
B /*+
Ba1 /*BB+ /*NR
NR
B3
BWR
BB /*+
B1
B /*+
B2
B+
B2
BBBaa3
BBBB3
B
Ba3
BBNR
NR
Ba3
BB+
B3
BBa3
BBB2
B+
B1
BBaa3
BBBB1
B+
Ba3
BBCaa1 /*+ CCC+ /*+
Baa3
BBBBa3
BBBa2
BBB3
CCC+
B1
B+
B1
B+
[Page 42]

HIGH YIELD RESEARCH

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

Brett Levy
Greg Imbruce
Raymond Wu

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

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

PRICE Sort
Issuer
CEDAR BRAKES II LLC
TECO ENERGY INC
VERITAS DGC INC
XTO ENERGY INC
WESTERN OIL SANDS INC
SITHE/INDEPENDENCE FNDG
EDISON MISSION
PARAMOUNT RESOURCES LTD
PIONEER NATURAL RESOURCE
MISSION ENERGY HOLDING
MIRANT CORP
TRANSCONT GAS PIPE CORP
EDISON MISSION HLDGS CO
MASSEY ENERGY CO
HANOVER COMPRESS CO
PRIDE INTERNATIONAL INC
ORION POWER HOLDINGS INC
MIRANT CORP
DYNEGY INC
AQUILA INC
VECTURA GROUP INC
HARVEST ENERGY TRUST
EVERGREEN RESOURCES INC
MASSEY ENERGY CO

Description
9.875 Sr. Sec. Nts.-2nd Lien 13
10.5 Sr. Nts. 07
1.74 Cnvrt. Sr. Nts. 24 $24.03
7.5 Sr. Nts. 12
8.375 Sr. Sec. Nts.-3rd Lien 12
9 Sr. Nts. 13
9.875 Sr. Nts. 11
8.875 Sr. Nts. 14
9.625 Sr. Nts. 10
13.5 Sr. Sec. Nts.-2nd Lien 08
9.125 Pass Thru Certs. 17
8.875 Sr. Nts. 12
8.734 Sr. Nts. 26
2.25 Cnvrt. Sr. Nts. 24 $33.60
4.75 Cnvrt. Sr. Nts. 14 $15.00
2.5 Cnvrt. Sr. Nts. 07 $16.51
12 Sr. Nts. 10
10.06 Pass Thru Certs. 28
4.75 Cnvrt. Sr. Sub. Nts. 23 $4.12
14.875 Sr. Nts. 12
11.25 Sr. Nts. 08
9 Cnvrt. Sr. Sub. Nts. 09 C$14.00
4.75 Cnvrt. Sr. Nts. 21 $25.00
4.75 Cnvrt. Sr. Nts. 23 $19.39

1/10/05
Price
116.0
116.0
116.4
116.5
116.5
116.9
117.8
121.3
121.9
122.0
122.3
122.5
123.1
123.7
123.8
125.1
125.5
128.0
138.5
139.5
141.0
159.0
176.9
177.1

Current
Yld.
8.51%
9.05%
1.49%
6.44%
7.19%
7.70%
8.39%
7.32%
7.90%
11.07%
DFLT
7.24%
7.10%
1.82%
3.84%
2.00%
9.56%
DFLT
3.43%
10.66%
DFLT
5.66%
2.69%
2.68%

YTW
5.81%
4.51%
NA
4.78%
5.59%
5.74%
6.38%
4.51%
4.82%
6.39%
6.08%
5.21%
6.25%
(1.38%)
1.58%
(105.82%)
6.26%
7.20%
(1.76%)
7.79%
NA
(10.03%)
(24.08%)
(9.25%)

STW
359
113
NA
105
185
274
265
76
107
301
179
146
243
(512)
(271)
NA
252
237
(551)
405
NA
(1,332)
(2,730)
(1,298)

Ratings
Moody's
S&P
Caa1 /*+ CCC+ /*+
Ba2
BB
NR
NR
Baa3
BBBBa2
BB+
Ba1 /*- BBB- /*B1
B /*+
B3
B /*Baa3
BBBB3
CCC /*+
B3
NR
Ba2
B+
WR
BB /*+
Ba3
BB
B3
B
NR
BBB2
B
B3
NR
Caa2
CCC+
B2
BWR
NR
NR
NR
NR
BBBB1
B+

[Page 43]

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 comanager 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 comanager in a secondary offering of equity for Range Resources Corporation. In June 2004, Jefferies acted as co-manager of a senior
unsecured notes offering for Swift Energy. In March 2004, Jefferies acted as co-lead manager in a Senior Unsecured Notes offering for
KCS Energy, Inc. In November 2003, Jefferies acted as lead manager of an offering of common stock for KCS Energy, Inc. In December
2003, Jefferies acted as placement agent in an offering of Senior Unsecured Notes for Callon. Jefferies makes a market in the equities of
Calpine 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 to
buy 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, but
which do not necessarily reflect firm bids or offers or actual trade prices. However, we make no representations whatsoever as to their
accuracy or completeness.
This material has been prepared by Jefferies & Company, Inc. ("Jefferies") a U.S.-registered broker-dealer, employing appropriate
expertise, and in the belief that it is fair and not misleading. It is approved for distribution in the United Kingdom by Jefferies International
Limited ("JIL") regulated by the Financial Services Authority ("FSA"). The information upon which this material is based was obtained from
sources 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 an
offer to buy or sell any security or investment. Any opinion or estimates constitute our best judgment as of this date, and are subject to
change without notice. Jefferies and JIL and their affiliates and their respective directors, officers and employees may buy or sell securities
mentioned herein as agent or principal for their own account. This material is intended for use only by professional or institutional investors
falling within articles 19 or 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001and not the general
investing 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)."

H I G H Y I E L D A N D S P E C I A L S I T U AT I O N S G R O U P

TRADING

RESEARCH
Brett M. Levy, Co-Director
Bob Welch, Co-Director

blevy@jefco.com (203) 708-5806


bwelch@jefco.com (203) 708-5983

Restaurant, Food and Consumer Products


Kenneth Bann
kbann@jefco.com (973) 912-2790
Michael Schwartz
maschwartz@jefco.com (973) 912-2790
Aerospace & Defense, Packaging, Paper and Forest Products
Bradley K. Bryan
bbryan@jefco.com (310) 575-5113
Gaming, Lodging and Leisure
Raymond S. Cheesman

rcheesman@jefco.com (970) 926-5309

Maritime, Financial Services and Movie Theatres


Raymond Wu
rwu@jefco.com (203) 708-5807
Energy, Power and Utilities
Greg Imbruce
Metals, Forest Products
Brett M. Levy
Communications and Media
Romeo A. Reyes
Chak K. Gude
Steve Sweeney, CFA
Healthcare
Kyle D. Smith

gimbruce@jefco.com (203) 708-5800

David W. Schwartz, Executive Vice President

(203) 708-5800

John Budish
Michael Satzberg

(973) 912-2790
(310) 575-5100

Steve Baker
Harrison Bubrosky
Laury Carr
Don Dizon
Howard Fife
Drew Hall
Mark Neuner
Steve Sander
Michael Shapiro
Tony Ulehla
Paul Voigt

blevy@jefco.com (203) 708-5806


rreyes@jefco.com (203) 708-5800
cgude@jefco.com (203) 708-5800
ssweeney@jefco.com (203) 708-5800
ksmith@jefco.com (973) 912-2790

Industrials, Automotive Supply, Chemicals and Special Situations


Joseph P. Von Meister, CFA
jvm@jefco.com (973) 912-2790

January 10, 2005

SALES
(203) 708-5800
(203) 708-5800
(203) 708-5800
(203) 708-5800
(203) 708-5800
(203) 708-5800
(310) 575-5800
(203) 708-5800
(203) 708-5800
(203) 708-5800
(203) 708-5800

High Yield
Research
Energy/Power &
Utilities/Shipping

CAPITAL MARKETS

Pricing Sheet

Eric Macy, Executive Vice President

(973) 912-2888

Travis Black
Timothy Lepore

(973) 912-2888
(973) 912-2888

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

PRIVATE PLACEMENTS
Andrew Woolford
Neil Wessan
Fred Buffone
Dan Polner
Tom Tuchscher

(203) 708-5878
(203) 708-5874
(203) 708-5877
(203) 708-5875
(203) 708-5810

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

Coal:
Energy / Power & Utilities:
OSV/Shipping/Tankers:
W W W. J E F C O . C O M

Brett Levy
Greg Imbruce
Raymond Wu

blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com

203/708-5806
203/708- 5804
203/708- 5807
W W W. J E F C O . C O M