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

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

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
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

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
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
B3 / B
$364
82.0
13.66%
793
3.9
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

9.6 Sr. Nts. 12
8.625 Sr. Sub. Nts. 07
Caa1 / CCC+
NR / NR
B2 / B+
B2 / B
[Page 2]
HIGH YIELD RESEARCH
COAL:
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
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
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%
97.3
103.8
6.7%
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
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Last 30-Days PRICE PERFORMANCE
1/1/05 1/10/05 Chg.%

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%
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%
95.8
97.1 1.4%
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%
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%
103.5
104.4 0.8%
114.9
115.8 0.8%
Transcont Gas Pipe Corp 8.875 Sr. Nts. 12
121.6
122.5 0.7%
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

United Refining Co 10.5 Sr. Nts. 12
Pride International Inc 2.5 Cnvrt. Sr. Nts. 07 $16.51
Calpine Corp 7.82 Sr. Sec. Nts.-2nd Lien 07
Seitel Inc 11.75 Sr. Nts. 11
Aquila Inc 14.875 Sr. Nts. 12
Sonat Inc 6.75 Sr. Nts. 07
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
Stone Energy Corp 8.25 Sr. Sub. Nts. 11
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

Dynegy Inc 4.75 Cnvrt. Sr. Sub. Nts. 23 $4.12
Calpine Canada Ener Fin 8.5 Sr. Nts. 08
Chesapeake Energy Corp 8.375 Sr. Nts. 08
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
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
Hanover Compress Co 4.75 Cnvrt. Sr. Nts. 14 $15.00
Dynegy Inc 4.75 Cnvrt. Sr. Sub. Nts. 23 $4.12
Hanover Compressor Co 4.75 Cnvrt. Sr. Nts. 08 $43.94
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
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
Omi Corp 7.625 Sr. Nts. 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

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
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
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
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:
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
ATP Oil & Gas
Baytex Energy
9.625 Sr. Sub. Nts. 10
Belden & Blake
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
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

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:
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
Encore Acquisition
8.375 Sr. Sub. Nts. 12
6.25 Sr. Sub. Nts. 14
Energy Corp. of Amer.
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
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
Date
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:
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
Date
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
8.625 Sr. Sub. Nts. 10
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
MSW Energy Holdings LLC
7.375 Sr. Nts. 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

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:
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
AES Red Oak LLC
Calpine Corp.
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
S.Point/Broad River/RockGen
MW
Call
Call Features
Next Call
Date
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

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:
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
$625
$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
Sink
$250
Caa2 / B
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 /*+
$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 /*+
Sink
$334
B1 / B /*+
Sink
$814
B1 / B- /*+
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)
Sink
$286 Caa1 /*+ / CCC+ /*+
Cedar Brakes II LLC (Non-Recourse)
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
Date
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:
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
NRG Energy
Pacific Energy Ptnrs. LP
7.125 Sr. Nts. 14
Reliant Energy
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
Date
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:
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
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
Date

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
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
9.625 Sr. Sub. Nts. 08
9.625 Sr. Sub. Nts. 12
United Refining
10.5 Sr. Nts. 12
MW
Call

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:
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

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
Navigator Gas Trans.
10.5 Sr. Nts. 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.
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
Date

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:
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 CORP
MIRANT CORP
MIRANT CORP
MIRANT CORP
MIRANT CORP
MIRANT CORP
MIRANT CORP
NAVIGATOR GAS TRANSPORT
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
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)
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:
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
PREMCOR REFINING GROUP
SEITEL INC
SITHE/INDEPENDENCE FNDG
SONAT INC
SONAT INC
TEEKAY SHIPPING CORP
Description
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:
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
ENERGY CORP OF AMERICA
ATP OIL & GAS CORPORATION
CALPINE CORP
MCDERMOTT INC
PARKER DRILLING CO
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
Description
10 Sr. Sub. Nts. 09
10.5 Sr. Nts. 07
10.5 Sr. Nts. 06
8.75 Sr. Nts. 23
10.125 Sr. Nts. 09
10.625 Sr. Nts. 07
4.75 Cnvrt. Sr. Nts. 08 $43.94
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:
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
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
PAITON ENERGY FUNDING BV
DYNEGY HOLDINGS INC
WOLVERINE TUBE INC
DYNEGY HOLDINGS INC
DYNEGY HOLDINGS INC
DYNEGY-ROSETON DANSKAMME
AQUILA INC
ENTERPRISE PRODUCTS OPER
AES RED OAK LLC
EL PASO CORPORATION
MIDWEST GENERATION LLC
CEDAR BRAKES II LLC
AES CHIVOR
SONAT INC
SONAT INC
EL PASO CORPORATION
EL PASO CORPORATION
TECO ENERGY INC
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
WILLIAMS COS INC
MIRANT CORP
WILLIAMS COS INC
EDISON MISSION ENRGY FDG
MIRANT CORP
CONSOL ENERGY INC
PLAINS E&P COMPANY
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
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
7.45 Sr. Nts. 06
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
14.875 Sr. Nts. 12
9.125 Sr. Nts. 31
8.25 Sr. Nts. 05
7.75 Sr. Nts. 32
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
6.75 Sr. Nts. 09
8.137 Sr. Nts. 19
6.625 Sr. Nts. 08
9.875 Sr. Nts. 11
8.75 Sr. Nts. 32
8.375 Sr. Nts. 32
10 Sr. Nts. 08
8.75 Sr. Nts. 13
7.75 Sr. Nts. 31
8.734 Sr. Nts. 26
7.5 Sr. Nts. 31
8.3 Sr. Nts. 11
8.875 Sr. Nts. 11
7.33 Sr. Nts. 08
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
8.125 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:
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
NEWFIELD EXPLORATION CO
PIONEER NATURAL RESOURCE
TRANSCONT GAS PIPE CORP
TECO ENERGY INC
TECO ENERGY INC
XTO ENERGY INC
XTO ENERGY INC
XTO ENERGY INC
XTO ENERGY INC
ALL STAR GAS CORP
Description
7.125 Sr. Nts. 11
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
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:
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
MIRANT CORP
OGLEBAY NORTON CO
MIRANT CORP
CALPINE CORP
CALPINE CORP
MIRANT CORP
CALPINE CORP
CALPINE CORP
CALPINE CORP
CALPINE CORP
RAM ENERGY INC
DYNEGY HOLDINGS INC
SEITEL INC
CALPINE CORP
GREAT LAKES DREDGE&DOCK
UNITED REFINING CO
MCDERMOTT INC
BRAND SERVICES INC
AES CHINA GENERATING CO
SEA CONTAINERS LTD
PARKER DRILLING CO
J RAY MCDERMOTT SA
MISSION RESOURCES CORP
CALLON PETROLEUM CO
AVENTINE RENEWABLE ENRGY
NORTH AMER ENERGY PARTNR
STAR GAS PARTNER/FINANCE
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
DYNEGY HOLDINGS INC
AQUILA INC
BLUEWATER FINANCE LTD
PETRO STOPPING CTR/FINL
AES RED OAK LLC
HARVEST OPERATIONS CORP
EL PASO CORPORATION
HORIZON LINES LLC
DYNEGY HOLDINGS INC
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
10.5 Sr. Nts. 06
7.625 Sr. Nts. 06
11.5 Sr. Nts. 08
7.45 Sr. Nts. 06
11.75 Sr. Nts. 11
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
9.875 Sr. Nts. 11
9.75 Sr. Nts. 10
8.75 Sr. Nts. 11
10.25 Sr. Nts. 13
7.75 Sr. Nts. 07
8.75 Sr. Nts. 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
14.875 Sr. Nts. 12
10.25 Sr. Nts. 12
9.125 Sr. Nts. 31
8.25 Sr. Nts. 05
7.875 Sr. Nts. 11
7.75 Sr. Nts. 32
9 Sr. Nts. 12
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:
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
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
TRANSMONTAIGNE INC
HILCORP ENERGY/FINANCE
EL PASO CGP CO
GIANT INDUSTRIES
TECO ENERGY INC
PETROLEUM HELICOPTERS
EL PASO PRODUCTION HLDG
DENBURY RESOURCES INC
FERRELLGAS PARTNERS LP
ENERGY PARTNERS LTD
CHESAPEAKE ENERGY CORP
EL PASO CORPORATION
GULFMARK OFFSHORE INC
LONE STAR TECHNOLOGIES
STENA AB
EL PASO NATURAL GAS
EL PASO NATURAL GAS
CP SHIPS LIMITED
OMI CORP
FERRELLGAS LP/FINANCE
SONAT INC
ENCORE ACQUISITION CO
RELIANT ENERGY INC
CHC HELICOPTER CORP
SUBURBAN PROPANE PARTNRS
DRESSER-RAND GROUP INC
MSW ENERGY HLDGS/FINANCE
PARKER DRILLING CO
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
CEDAR BRAKES I LLC
Description
8.32 Sr. Nts. 06
9.75 Sr. Nts. 14
7 Sr. Nts. 18
7.625 Sr. Nts. 11
7.375 Sr. Nts. 12
8 Sr. Sub. Nts. 14
6.375 Sr. Nts. 09
7.875 Sr. Nts. 12
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
8.75 Sr. Nts. 12
8.75 Sr. Nts. 10
8.375 Sr. Nts. 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
7.375 Sr. Sub. Nts. 14
6.875 Sr. Nts. 13
7.375 Sr. Sub. Nts. 14
7.15 Sr. Nts. 10
9.875 Sr. Nts. 11
8.25 Sr. Nts. 07
10 Sr. Nts. 13
7.25 Sr. Nts. 14
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
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:
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
WHITING PETROLEUM CORP
FRONTIER OIL CORP
ALPHA NATURAL RESOURCES
WILLIAMS COS INC
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
HOUSTON EXPLORATION CO
DYNEGY HOLDINGS INC
DRESSER INC
MASSEY ENERGY CO
MIRANT CORP
SWIFT ENERGY CO
KCS ENERGY INC
RANGE RESOURCES CORP
OFFSHORE LOGISTIC
HANOVER EQUIP TRUST 01 B
CONSOL ENERGY INC
PLAINS E&P COMPANY
SWIFT ENERGY CO
COMPTON PETROLEUM CORP
UNIVERSAL COMPRESSN INC
CALPINE CORP
TEXAS GENCO LLC/FINANCNG
HORNBECK OFFSHORE SERV
TECO ENERGY INC
VINTAGE PETROLEUM
TECO ENERGY INC
EXCO RESOURCES INC
PRIDE INTERNATIONAL 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
7.375 Sr. Nts. 10
6.875 Sr. Nts. 14
6.875 Sr. Nts. 12
8.25 Sr. Sub. Nts. 11
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
7.33 Sr. Nts. 08
9.375 Sr. Sub. Nts. 11
6.625 Sr. Nts. 10
6 Sr. Nts. 11
7.625 Sr. Nts. 11
7.125 Sr. Nts. 12
7.375 Sr. Sub. Nts. 13
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
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
8.625 Sr. Sub. Nts. 07
8.125 Sr. Nts. 12
7.125 Sr. Nts. 11
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:
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
SESI, L.L.C.
TESORO CORP
GRANT PRIDECO INC
PLAINS E&P COMPANY
HANOVER EQUIP TRUST 01 A
LUSCAR COAL LTD
SEA CONTAINERS LTD
EL PASO NATURAL GAS
SONAT INC
MCDERMOTT INC
TECO ENERGY INC
MAGNUM HUNTER RE
EVERGREEN RESOURCES INC
NORTHWEST PIPELINE CORP
POGO PRODUCING CO
SONAT INC
TECO ENERGY INC
XTO ENERGY INC
TESORO CORP
XTO ENERGY INC
PARAMOUNT RESOURCES LTD
XTO ENERGY INC
XTO ENERGY INC
EL PASO CGP CO
AES IRONWOOD LLC
AES RED OAK LLC
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
8.375 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
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
7.75 Sr. Nts. 15
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:
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
11.5 Sr. Nts. 08
9.75 Sr. Nts. 10
9.125 Sr. Nts. 31
8.5 Sr. Nts. 21
10 Sr. Nts. 10
8.3 Sr. Nts. 11
13 Sr. Nts. 06
2.49 Cnvrt. Sr. Nts. 23 $12.19
1.74 Cnvrt. Sr. Nts. 24 $24.03
7.4 Sr. Nts. 04
9 Sr. Nts. 07
12 Sr. Sub. Nts. 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
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

MIRANT CORP
CALPINE CORP
CALPINE CORP
CALPINE CORP
CALPINE CORP
DYNEGY HOLDINGS INC
J RAY MCDERMOTT SA
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
10.5 Sr. Nts. 06
7.625 Sr. Nts. 06
7.45 Sr. Nts. 06
7.75 Sr. Sub. Nts. 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
EL PASO CORPORATION
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
7.75 Sr. Nts. 32
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
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
MIRANT CORP
MIRANT CORP
RAM ENERGY INC
CALLON PETROLEUM CO
SEA CONTAINERS LTD
HARVEST ENERGY TRUST
MAGNUM HUNTER RE
VERITAS DGC INC
MIRANT CORP
ALL STAR GAS CORP
EMPIRE GAS CORP
VECTURA GROUP INC
GREY WOLF INC
VECTURA GROUP INC
SEA CONTAINERS LTD
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:
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

Issuer
CALPINE CORP
SONAT INC
SONAT INC
EL PASO CGP CO
DYNEGY INC
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)

11.75 Sr. Nts. 11
10.5 Sr. Nts. 12
8.75 Sr. Nts. 23
12 Sr. Nts. 12
10.5 Sr. Nts. 12
9.625 Sr. Sub. Nts. 10
7.375 Sr. Nts. 08
10.5 Sr. Nts. 09
7.875 Sr. Nts. 11
9 Sr. Nts. 12
8 Sr. Sub. Nts. 14
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
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
7.125 Sr. Nts. 12
7.375 Sr. Sub. Nts. 13
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
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
9.625 Sr. 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
SEITEL INC
UNITED REFINING CO
MCDERMOTT INC
BRAND SERVICES INC
SEA CONTAINERS LTD
BELDEN & BLAKE CORP
BAYTEX ENERGY LTD
WOLVERINE TUBE INC
WOLVERINE TUBE INC
HORIZON LINES LLC
DYNEGY HOLDINGS INC
GIANT INDUSTRIES
DYNEGY HOLDINGS INC
TRANSMONTAIGNE INC
GIANT INDUSTRIES
HANOVER COMPRESS CO
MIRANT CORP
OCEAN RIG NORWAY AS
DYNEGY HOLDINGS INC
MIRANT CORP
KCS ENERGY INC
MIRANT CORP
MCDERMOTT INC
HANOVER COMPRESS CO
SEA CONTAINERS LTD
SEA CONTAINERS
B2-RATED
CALPINE CORP
CALPINE CORP
PARKER DRILLING CO
SEABULK INTL INC
AQUILA INC
AES RED OAK LLC
PARKER DRILLING CO
[Page 22]
HIGH YIELD RESEARCH
COAL:
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

Issuer
ENERGY PARTNERS LTD
CHC HELICOPTER CORP
PARKER DRILLING CO
STONE ENERGY CORP
STONE ENERGY CORP
DRESSER INC
SWIFT ENERGY CO
EXCO RESOURCES INC
TESORO CORP
TESORO CORP
MAGNUM HUNTER RE
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
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
10 Sr. Nts. 06
9.6 Sr. Nts. 12
7.75 Sr. Sub. Nts. 12
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

7.75 Sr. Nts. 07
8.5 Sr. Nts. 13
10.25 Sr. Nts. 12
9.75 Sr. Nts. 14
9.375 Sr. Nts. 09
7.5 Sr. Nts. 26
8.625 Sr. Nts. 22
7.625 Sr. Nts. 13
6.875 Sr. Nts. 13
9.875 Sr. Nts. 11
10 Sr. Nts. 13
7.25 Sr. Nts. 14
8.75 Sr. Nts. 32
8.375 Sr. Nts. 32
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
AES CHIVOR
RELIANT ENERGY INC
RELIANT ENERGY INC
EL PASO NATURAL GAS
EL PASO NATURAL GAS
OMI CORP
RELIANT ENERGY INC
EDISON MISSION
NRG ENERGY INC
WILLIAMS COS INC
EL PASO NATURAL GAS
FRONTIER OIL CORP
WILLIAMS COS INC
VINTAGE PETROLEUM
WILLIAMS COS INC
SWIFT ENERGY CO
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:
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

Issuer
SESI, L.L.C.
EL PASO NATURAL GAS
OMI CORP
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
SHAW GROUP INC
TECO ENERGY INC
STENA AB
CP SHIPS LIMITED
CONSOLIDATED COAL
STENA AB
MASSEY ENERGY CO
OFFSHORE LOGISTIC
CONSOL ENERGY INC
PLAINS E&P COMPANY
TECO ENERGY INC
VINTAGE PETROLEUM
TECO ENERGY INC
GRANT PRIDECO INC
GRANT PRIDECO INC
PLAINS E&P COMPANY
LUSCAR COAL LTD
TECO ENERGY INC
POGO PRODUCING CO
TECO ENERGY INC
TESORO CORP
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
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
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:
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

Issuer
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. 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

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
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
XTO ENERGY INC
XTO ENERGY INC
XTO ENERGY INC
XTO ENERGY INC
[Page 25]
HIGH YIELD RESEARCH
COAL:
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
MIRANT CORP
OGLEBAY NORTON CO
MIRANT CORP
CALPINE CORP
CALPINE CORP
MIRANT CORP
CALPINE CORP
CALPINE CORP
RAM ENERGY INC
CALPINE CORP
CALPINE CORP
SEITEL INC
DYNEGY HOLDINGS INC
MCDERMOTT INC
CALPINE CORP
UNITED REFINING CO
SEA CONTAINERS LTD
BRAND SERVICES INC
J RAY MCDERMOTT SA
CALLON PETROLEUM CO
DYNEGY HOLDINGS INC
BELDEN & BLAKE CORP
VENOCO INC
DYNEGY HOLDINGS INC
EL PASO CORPORATION
SEABULK INTL INC
AES RED OAK LLC
AES CHIVOR
SONAT INC
BAYTEX ENERGY LTD
AQUILA INC
WOLVERINE TUBE INC
PARKER DRILLING CO
WOLVERINE TUBE INC
HORIZON LINES LLC
WILLIAMS COS INC
EL PASO NATURAL GAS
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
11.5 Sr. Nts. 08
7.625 Sr. Nts. 06
10.5 Sr. Nts. 06
11.75 Sr. Nts. 11
7.45 Sr. Nts. 06
8.75 Sr. Nts. 23
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
9.34 Sr. Nts. 14
9.875 Sr. Nts. 11
9.75 Sr. Nts. 10
10.25 Sr. Nts. 13
8.75 Sr. Nts. 11
8.75 Sr. Nts. 12
9.125 Sr. Nts. 31
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
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
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
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:
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
SHAW GROUP INC
RELIANT ENERGY INC
PARKER DRILLING CO
EL PASO CGP CO
RELIANT ENERGY INC
STONE ENERGY CORP
EL PASO CORPORATION
EL PASO CGP CO
STENA AB
TRANSMONTAIGNE INC
OMI CORP
GIANT INDUSTRIES
DYNEGY HOLDINGS INC
CHC HELICOPTER CORP
ENERGY PARTNERS LTD
EDISON MISSION
TECO ENERGY INC
NRG ENERGY INC
HANOVER COMPRESS CO
FRONTIER OIL CORP
Description
7.75 Sr. Nts. 31
7.625 Sr. Nts. 11
7.5 Sr. Nts. 26
7.375 Sr. Nts. 12
8.625 Sr. Nts. 22
8 Sr. Sub. Nts. 14
7.5 Sr. Nts. 31
7.875 Sr. Nts. 12
6.25 Sr. Sub. Nts. 14
10.75 Sr. Nts. 10
9.625 Sr. Nts. 13
7.375 Sr. Sub. Nts. 14
9 Sr. Nts. 14
7.75 Sr. Nts. 10
6.75 Sr. Sub. Nts. 14
7.75 Sr. 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
6.875 Sr. Nts. 14
7.5 Sr. Nts. 13
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
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
8.625 Sr. Sub. Nts. 10
6.875 Sr. Nts. 33
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:
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
CP SHIPS LIMITED
SONAT INC
MIRANT CORP
STENA AB
MIRANT CORP
SWIFT ENERGY CO
MASSEY ENERGY CO
KCS ENERGY INC
CONSOLIDATED COAL
OFFSHORE LOGISTIC
CONSOL ENERGY INC
VINTAGE PETROLEUM
CEDAR BRAKES II LLC
PARKER DRILLING CO
STONE ENERGY CORP
EXCO RESOURCES INC
TECO ENERGY INC
TECO ENERGY INC
WILLIAMS COS INC
WILLIAMS COS INC
SWIFT ENERGY CO
DRESSER INC
PLAINS E&P COMPANY
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
6.875 Sr. Nts. 12
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
8.875 Sr. Nts. 11
9.625 Sr. Nts. 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
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
5.6 Sr. Nts. 14
8.125 Sr. Nts. 12
7.125 Sr. Nts. 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:
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
CEDAR BRAKES I LLC
TESORO CORP
XTO ENERGY INC
GRANT PRIDECO INC
TECO ENERGY INC
GRANT PRIDECO INC
XTO ENERGY INC
OCEAN RIG NORWAY AS
MASSEY ENERGY CO
XTO ENERGY INC
SESI, L.L.C.
EL PASO NATURAL GAS
SONAT INC
XTO ENERGY INC
LUSCAR COAL LTD
CALPINE CORP
MAGNUM HUNTER RE
TECO ENERGY INC
POGO PRODUCING CO
TESORO CORP
TESORO CORP
SEA CONTAINERS LTD
SONAT INC
MCDERMOTT INC
EL PASO CGP CO
OMI CORP
GREY WOLF INC
HANOVER COMPRESS CO
GREY WOLF INC
Description
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
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
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. Nts. 07
7.875 Sr. Nts. 10
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:
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
CALPINE CORP
SEA CONTAINERS LTD
RAM ENERGY INC
CALPINE CORP
SEITEL INC
BRAND SERVICES INC
AQUILA INC
CALPINE CORP
SEA CONTAINERS LTD
CALPINE CORP
UNITED REFINING CO
SEA CONTAINERS LTD
OCEAN RIG NORWAY AS
J RAY MCDERMOTT SA
WOLVERINE TUBE INC
PARKER DRILLING CO
GIANT INDUSTRIES
SHAW GROUP INC
MCDERMOTT INC
CALPINE CORP
CALLON PETROLEUM CO
CP SHIPS LIMITED
TECO ENERGY INC
BAYTEX ENERGY LTD
DYNEGY HOLDINGS INC
DYNEGY HOLDINGS INC
TESORO CORP
SEABULK INTL INC
LUSCAR COAL LTD
AES CHIVOR
GRANT PRIDECO INC
DRESSER INC
PARKER DRILLING CO
BELDEN & BLAKE CORP
Description
10 Sr. Sub. Nts. 09
13 Sr. Nts. 06
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
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
10.625 Sr. Nts. 07
10.5 Sr. Nts. 12
10.5 Sr. Nts. 12
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
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
9.34 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
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
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:
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
CEDAR BRAKES II LLC
CALPINE CORP
VENOCO INC
DYNEGY HOLDINGS INC
STENA AB
RELIANT ENERGY INC
HORIZON LINES LLC
EDISON MISSION
MAGNUM HUNTER RE
TESORO CORP
RELIANT ENERGY INC
TRANSMONTAIGNE INC
SWIFT ENERGY CO
CALPINE CORP
AES RED OAK LLC
SESI, L.L.C.
DYNEGY HOLDINGS INC
GRANT PRIDECO INC
ENERGY PARTNERS LTD
EL PASO CORPORATION
CALPINE CORP
HANOVER COMPRESS CO
CONSOLIDATED COAL
PLAINS E&P COMPANY
AES IRONWOOD LLC
MCDERMOTT INC
DYNEGY HOLDINGS INC
SEA CONTAINERS
GIANT INDUSTRIES
STONE ENERGY CORP
POGO PRODUCING CO
AES RED OAK LLC
Description
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 Sr. Nts. 12
9.875 Sr. Nts. 11
9.6 Sr. Nts. 12
9 Sr. Sub. Nts. 11
9.625 Sr. Sub. Nts. 12
9.125 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
8.32 Sr. Nts. 06
8.875 Sr. Nts. 11
8.125 Sr. Nts. 05
9 Sr. Nts. 09
9 Sr. Nts. 14
8.75 Sr. Nts. 10
8.5 Sr. Nts. 07
8.375 Sr. Nts. 08
7.75 Sr. Nts. 32
8.375 Sr. Nts. 08
7.625 Sr. Nts. 06
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
7.75 Sr. Nts. 07
7.84 Sr. Nts. 05
7.875 Sr. Nts. 11
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
8.25 Sr. Sub. Nts. 11
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:
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
EL PASO NATURAL GAS
EL PASO NATURAL GAS
SONAT INC
VINTAGE PETROLEUM
EL PASO CGP CO
WOLVERINE TUBE INC
TESORO CORP
VINTAGE PETROLEUM
SONAT INC
DYNEGY HOLDINGS INC
CEDAR BRAKES I LLC
NRG ENERGY INC
WILLIAMS COS INC
EL PASO CORPORATION
EL PASO NATURAL GAS
OMI CORP
WILLIAMS COS INC
DYNEGY HOLDINGS INC
STENA AB
WILLIAMS COS INC
SWIFT ENERGY CO
CONSOL ENERGY INC
CHC HELICOPTER CORP
EL PASO NATURAL GAS
PARKER DRILLING CO
TECO ENERGY INC
RELIANT ENERGY INC
STONE 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
7.875 Sr. Sub. Nts. 11
7.625 Sr. Nts. 11
7.75 Sr. Nts. 13
8.125 Sr. Nts. 10
7.5 Sr. Nts. 24
7.75 Sr. Nts. 14
7.75 Sr. Nts. 31
8.875 Sr. Nts. 14
7.375 Sr. Nts. 12
8.875 Sr. Nts. 12
8 Sr. Nts. 08
7.5 Sr. Nts. 26
7.625 Sr. Nts. 13
7.73 Sr. Nts. 09
8.137 Sr. Nts. 19
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. 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:
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
KCS ENERGY INC
EXCO RESOURCES INC
MASSEY ENERGY CO
TECO ENERGY INC
EL PASO CORPORATION
SONAT INC
WILLIAMS COS INC
FRONTIER OIL CORP
PLAINS E&P COMPANY
SONAT INC
TECO ENERGY INC
XTO ENERGY INC
EL PASO CGP CO
MASSEY ENERGY CO
EL PASO CGP CO
TECO ENERGY INC
OFFSHORE LOGISTIC
XTO ENERGY INC
XTO ENERGY INC
XTO ENERGY INC
HANOVER COMPRESS CO
GREY WOLF INC
DYNEGY INC
OMI CORP
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
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:
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
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:
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
SEA CONTAINERS LTD
CALPINE CORP
SEA CONTAINERS
DYNEGY HOLDINGS INC
MCDERMOTT INC
OCEAN RIG NORWAY AS
SONAT INC
SEA CONTAINERS LTD
SEA CONTAINERS LTD
CALPINE CORP
TESORO CORP
PARKER DRILLING CO
WOLVERINE TUBE INC
CALPINE CORP
DRESSER INC
POGO PRODUCING CO
MIRANT CORP
VINTAGE PETROLEUM
SESI, L.L.C.
EL PASO CGP CO
DYNEGY HOLDINGS INC
CALPINE CORP
DYNEGY HOLDINGS INC
LUSCAR COAL LTD
PARKER DRILLING CO
GRANT PRIDECO INC
STONE ENERGY CORP
SHAW GROUP INC
MASSEY ENERGY CO
MAGNUM HUNTER RE
TESORO CORP
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
6.875 Sr. Nts. 05
13 Sr. Nts. 06
12.5 Sr. Nts. 09
8.25 Sr. Nts. 05
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
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
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:
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
TECO ENERGY INC
TRANSMONTAIGNE INC
DYNEGY HOLDINGS INC
CP SHIPS LIMITED
CONSOLIDATED COAL
MIRANT CORP
PLAINS E&P COMPANY
EL PASO NATURAL GAS
BRAND SERVICES INC
SONAT INC
RAM ENERGY INC
TECO ENERGY INC
STENA AB
GRANT PRIDECO INC
SONAT INC
OGLEBAY NORTON CO
DYNEGY HOLDINGS INC
RELIANT ENERGY INC
ENERGY PARTNERS LTD
WOLVERINE TUBE INC
PARKER DRILLING CO
GREY WOLF INC
J RAY MCDERMOTT SA
HANOVER COMPRESS CO
NRG ENERGY INC
EL PASO CGP CO
BAYTEX ENERGY LTD
MIRANT CORP
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
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
12 Sr. Nts. 12
8.25 Sr. Nts. 07
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
8.25 Sr. Nts. 13
10 Sr. Sub. Nts. 09
4.75 Cnvrt. Sr. Nts. 08 $43.94
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
10.25 Sr. Nts. 13
8.625 Sr. Sub. Nts. 10
7.2 Sr. Nts. 08
6.375 Sr. Nts. 09
9.625 Sr. Sub. Nts. 10
7.9 Sr. Nts. 09
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:
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
EL PASO CORPORATION
PLAINS E&P COMPANY
CEDAR BRAKES II LLC
CALPINE CORP
CALLON PETROLEUM CO
CALPINE CORP
MAGNUM HUNTER RE
SEA CONTAINERS LTD
UNITED REFINING CO
EXCO RESOURCES INC
MASSEY ENERGY CO
CALPINE CORP
BELDEN & BLAKE CORP
VERITAS DGC INC
CEDAR BRAKES I LLC
KCS ENERGY INC
MASSEY ENERGY CO
SEITEL INC
SWIFT ENERGY CO
EL PASO CGP CO
HORIZON LINES LLC
TECO ENERGY INC
VENOCO INC
FRONTIER OIL CORP
EDISON MISSION
SEABULK INTL INC
DYNEGY HOLDINGS INC
SONAT INC
AQUILA INC
TECO ENERGY INC
Description
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
8.625 Sr. Nts. 10
8.75 Sr. Nts. 11
9.75 Sr. Nts. 10
2.49 Cnvrt. Sr. Nts. 23 $12.19
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
4.625 Sr. Nts. 09
1.74 Cnvrt. Sr. Nts. 24 $24.03
6.875 Sr. Nts. 12
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
7.625 Sr. Nts. 11
6.75 Sr. Nts. 11
8.875 Sr. Nts. 11
7.625 Sr. Nts. 11
8.875 Sr. Nts. 12
9 Sr. Nts. 13
7.75 Sr. Nts. 13
14.875 Sr. Nts. 12
7.2 Sr. Nts. 11
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:
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
WILLIAMS COS INC
OFFSHORE LOGISTIC
STENA AB
CALPINE CORP
OMI CORP
CONSOL ENERGY INC
WILLIAMS COS INC
GIANT INDUSTRIES
CHC HELICOPTER CORP
EL PASO CORPORATION
XTO ENERGY INC
TECO ENERGY INC
MIRANT CORP
MASSEY ENERGY CO
EL PASO CORPORATION
OMI CORP
XTO ENERGY INC
AES CHIVOR
HANOVER COMPRESS CO
XTO ENERGY INC
RELIANT ENERGY INC
STONE ENERGY CORP
XTO ENERGY INC
SONAT INC
MIRANT CORP
MCDERMOTT INC
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
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
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
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
6.375 Sr. Nts. 13
6.25 Sr. Nts. 13
9.75 Sr. Nts. 14
4.75 Cnvrt. Sr. Nts. 14 $15.00
6.25 Sr. Sub. Nts. 14
4.9 Sr. Nts. 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
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:
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
EL PASO CORPORATION
EL PASO NATURAL GAS
WILLIAMS COS INC
MIRANT CORP
WILLIAMS COS INC
EL PASO NATURAL GAS
WILLIAMS COS INC
AES RED OAK LLC
AES IRONWOOD LLC
Description
2.51 Cnvrt. Sr. Nts. 24 $6.51
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
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
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:
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
MIRANT CORP
CALPINE CORP
OGLEBAY NORTON CO
CALPINE CORP
MIRANT CORP
MIRANT CORP
MIRANT CORP
CALPINE CORP
MCDERMOTT INC
CALPINE CORP
SONAT INC
DYNEGY HOLDINGS INC
DYNEGY HOLDINGS INC
OMI CORP
EL PASO CORPORATION
CALPINE CORP
RELIANT ENERGY INC
XTO ENERGY INC
WOLVERINE TUBE INC
EL PASO CGP CO
STONE ENERGY CORP
XTO ENERGY INC
TECO ENERGY INC
CALPINE CORP
EL PASO CORPORATION
DYNEGY HOLDINGS INC
MCDERMOTT INC
SONAT INC
SONAT INC
OFFSHORE LOGISTIC
EL PASO CORPORATION
CALPINE CORP
RAM ENERGY INC
Description
12 Sr. Sub. Nts. 08
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
0 Sr. Sub. Nts. 07
7.75 Sr. Sub. Nts. 13
8.75 Sr. Nts. 23
7 Sr. Nts. 18
6.875 Sr. Nts. 11
6.25 Sr. Sub. Nts. 14
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
5 Sr. Nts. 15
7.375 Sr. Nts. 08
6.375 Sr. Nts. 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
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
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:
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
FRONTIER OIL CORP
SONAT INC
CALPINE CORP
SEA CONTAINERS
BELDEN & BLAKE CORP
DYNEGY HOLDINGS INC
VENOCO INC
MASSEY ENERGY CO
SEA CONTAINERS LTD
GREY WOLF INC
OCEAN RIG NORWAY AS
EL PASO CGP CO
EL PASO CGP CO
EL PASO NATURAL GAS
MASSEY ENERGY CO
SEA CONTAINERS LTD
PARKER DRILLING CO
EL PASO CORPORATION
WILLIAMS COS INC
SONAT INC
STENA AB
GIANT INDUSTRIES
PARKER DRILLING CO
CONSOLIDATED COAL
CHC HELICOPTER CORP
KCS ENERGY INC
UNITED REFINING CO
Description
8.625 Sr. Sub. Nts. 07
6.625 Sr. Nts. 11
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 Sr. Nts. 06
8.5 Sr. Nts. 13
8.75 Sr. Nts. 12
8.75 Sr. Nts. 11
6.625 Sr. Nts. 10
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
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 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
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:
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
VINTAGE PETROLEUM
CALLON PETROLEUM CO
BAYTEX ENERGY LTD
EXCO RESOURCES INC
SEA CONTAINERS LTD
SEITEL INC
HORIZON LINES LLC
SEABULK INTL INC
TESORO CORP
SWIFT ENERGY CO
TECO ENERGY INC
STONE ENERGY CORP
WOLVERINE TUBE INC
TECO ENERGY INC
POGO PRODUCING CO
DYNEGY HOLDINGS INC
NRG ENERGY INC
TESORO CORP
WILLIAMS COS INC
ENERGY PARTNERS LTD
RELIANT ENERGY INC
XTO ENERGY INC
DRESSER INC
SESI, L.L.C.
TRANSMONTAIGNE INC
HANOVER COMPRESS CO
PLAINS E&P COMPANY
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
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
8.5 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
8.875 Sr. Nts. 11
9.625 Sr. Sub. Nts. 08
7.125 Sr. Nts. 11
8.75 Sr. Nts. 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
7.2 Sr. Nts. 08
8.3 Sr. Nts. 11
7.375 Sr. Nts. 14
7.125 Sr. Nts. 14
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:
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
VINTAGE PETROLEUM
DYNEGY HOLDINGS INC
SEA CONTAINERS LTD
GREY WOLF INC
RELIANT ENERGY INC
GRANT PRIDECO INC
EL PASO NATURAL GAS
TECO ENERGY INC
CONSOL ENERGY INC
PLAINS E&P COMPANY
J RAY MCDERMOTT SA
SHAW GROUP INC
GRANT PRIDECO INC
PARKER DRILLING CO
MIRANT CORP
SWIFT ENERGY CO
BRAND SERVICES INC
AES RED OAK LLC
AES RED OAK LLC
LUSCAR COAL LTD
AES CHIVOR
MAGNUM HUNTER RE
DYNEGY HOLDINGS INC
AES IRONWOOD LLC
TESORO CORP
STENA AB
CP SHIPS LIMITED
GIANT INDUSTRIES
MAGNUM HUNTER RE
EL PASO NATURAL GAS
WILLIAMS COS INC
CEDAR BRAKES I LLC
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
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
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
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
7.75 Sr. Sub. Nts. 12
9.375 Sr. Sub. Nts. 12
12 Sr. Nts. 12
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
8.137 Sr. Nts. 19
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
8.25 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:
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
EDISON MISSION
MIRANT CORP
MASSEY ENERGY CO
HANOVER COMPRESS CO
MIRANT CORP
DYNEGY INC
AQUILA INC
VECTURA GROUP INC
MASSEY ENERGY CO
Description
10.5 Sr. Nts. 07
1.74 Cnvrt. Sr. Nts. 24 $24.03
7.5 Sr. Nts. 12
9 Sr. Nts. 13
9.875 Sr. Nts. 11
8.875 Sr. Nts. 14
9.625 Sr. Nts. 10
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
4.75 Cnvrt. Sr. Sub. Nts. 23 $4.12
14.875 Sr. Nts. 12
11.25 Sr. Nts. 08
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

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

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:
Brett Levy
Greg Imbruce
Raymond Wu
blevy@jefco.com
gimbruce@jefco.com
rwu@jefco.com
203/708-5806
203/708- 5804
203/708- 5807

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

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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

blevy@jefco.com (203) 708-5806

Restaurant, Food and Consumer Products

rcheesman@jefco.com (970) 926-5309

Maritime, Financial Services and Movie Theatres

gimbruce@jefco.com (203) 708-5800

David W. Schwartz, Executive Vice President

blevy@jefco.com (203) 708-5806

Industrials, Automotive Supply, Chemicals and Special Situations

January 10, 2005

Eric Macy, Executive Vice President

HIGH YIELD RESEARCH

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

14.875 Sr. Nts. 12

8.5 Sr. Nts. 11

9 Pass Thru Certs. 18

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

8.5 Sr. Nts. 08

HIGH YIELD RESEARCH

QTD PRICE PERFORMANCE

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

Last 30-Days PRICE PERFORMANCE

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

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

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

Trico Marine Services 8.875 Sr. Nts. 12

QTD PRICE PERFORMANCE

Denbury Resources Inc 7.5 Sr. Sub. Nts. 13

Last 30-Days PRICE PERFORMANCE

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

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

HIGH YIELD RESEARCH

January 10, 2005

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

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

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

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

EXPLORATION & PRODUCTION

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

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

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

HIGH YIELD RESEARCH

January 10, 2005

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

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

5.66% (10.03%) (1,332)

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

103.69 2-1/15/05 35/107.4 7/06

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

HIGH YIELD RESEARCH

January 10, 2005

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

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

Baa3 / BBBBaa3 / BBBBaa3 / BBB-

103.94 2-5/15/05 Expired

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

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

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

HIGH YIELD RESEARCH

January 10, 2005

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

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

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

Ba1 /- / BB+ /-

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