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To: pater tenebrarum who wrote (36198)	11/10/2000 1:02:55 PM
From: LLCF	Read Replies (1) \| Respond to of 436258

From Grant's: In 1992 < 5% junk issuance was 144a, first 1/2 2000... 80%. between 34% and 48% of B-rated bonds default within 8 years.... using Moodies methodology. * According to SSB, in 1999, 56% of defaults occurred within 24 months and 68% within 36 months of issuance. In 2000, 42% in the first 24 months, 73% in first 36 months. * Meanwhile average 'recovery rate' has gone from 28c on dollar to 26c on dollar compared to historical average of 40c. DAK