  Black holes do not Hawking radiate strictly blackbody radiation due to
well-known frequency-dependent greybody factors. These factors arise from
frequency-dependent potential barriers outside the horizon which filter the
initially blackbody spectrum emanating from the horizon. D-brane bound states,
in a thermally excited state corresponding to near-extremal black holes, also
do not emit blackbody radiation: The bound state radiation spectrum encodes the
energy spectrum of its excitations. We study a near-extremal five-dimensional
black hole. We show that, in a wide variety of circumstances including both
neutral and charged emission, the effect of the greybody filter is to transform
the blackbody radiation spectrum precisely into the bound state radiation
spectrum. Implications of this result for the information puzzle in the context
of near-extremal black hole dynamics are discussed.
