Analysis of European high-yield issuance for year to date and 12 months through August

Total year-to-date issuance: $20.666 billion in 46 deals

Columns are amounts in billions of dollars, count of deals and percentage by dollar value.

Yield

	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Less than 6%	0	0.360	0	0.526	1.203	0	0	0.127	1.268	0	0	0
6%-6.99%	0	0	0	0	0	1.197	0	0.487	0.144	0	0	0
7%-7.99%	0	0.213	0	0.269	2.128	0	0.717	0.212	0	0	0.229	0
8%-8.99%	0.428	0.362	0	0.422	0	0.484	0	0.997	1.279	0.219	0	0.094
9%-9.99%	0	0	1.133	0	0	0	0	1.030	0.254	0	0	0.594
10%-10.99%	0	0.115	0	0	0	0	0	0	0	0	0	0.204
11%-11.99%	0	0	0	0	0	0.058	0	0	0	0	0.214	0.256
Floater	1.984	0	0	0.643	0.246	0.060	1.654	2.621	1.603	0	0.340	0.747
Total	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.783	1.894
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Less than 6%	0.886	2	1.203	2	1.394	2	0	0	2.598	4	3.484	6	12.57%
6%-6.99%	0	0	1.197	1	0.632	2	0	0	1.829	3	1.829	3	8.85%
7%-7.99%	0.482	2	2.844	3	0.212	1	0.229	1	3.285	5	3.767	7	15.90%
8%-8.99%	0.783	3	0.484	2	2.495	4	0.094	1	3.073	7	4.285	11	14.87%
9%-9.99%	1.133	2	0	0	1.285	4	0.594	2	1.878	6	3.011	8	9.09%
10%-10.99%	0.115	1	0	0	0	0	0.204	1	0.204	1	0.319	2	0.99%
11%-11.99%	0	0	0.058	1	0	0	0.469	2	0.528	3	0.528	3	2.55%
Floater	0.643	1	1.960	5	4.225	8	1.087	4	7.271	17	9.898	21	35.18%
Total	4.041	11	7.747	14	10.243	21	2.677	11	20.666	46	27.120	61	100.00%
Versus Talk
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Lower	0	0	0	0.643	0.246	0	0	0.935	0	0	0	0
Low end	0.749	0.360	0.968	1.217	2.128	1.524	1.624	1.459	2.228	0	0.316	0.447
Middle	1.543	0.362	0	0	1.203	0.157	0.123	2.594	2.022	0	0	0.490
High end	0.120	0	0.164	0	0	0.058	0.594	0.487	0	0	0.214	0.300
Higher	0	0.327	0	0	0	0	0	0	0	0.219	0	0.402
NA	0	0	0	0	0	0.060	0.030	0	0.299	0	0.253	0.256
Total	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.783	1.894
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Lower	0.643	1	0.246	1	0.935	1	0	0	1.180	2	1.823	3	5.71%
Low end	2.545	6	5.276	4	3.687	5	0.763	2	9.725	11	13.019	18	47.06%
Middle	0.362	1	1.484	4	4.616	10	0.490	3	6.589	17	8.495	20	31.88%
High end	0.164	1	0.652	2	0.487	1	0.514	2	1.653	5	1.937	7	8.00%
Higher	0.327	2	0	0	0.219	1	0.402	1	0.621	2	0.948	4	3.00%
NA	0	0	0.090	3	0.299	3	0.508	3	0.897	9	0.897	9	4.34%
Total	4.041	11	7.747	14	10.243	21	2.677	11	20.666	46	27.120	61	100.00%
Upsized?
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Yes	0	0	0.164	1.169	0	0	0	1.980	1.436	0.219	0.316	0.496
No	2.413	1.049	0.968	0.691	1.449	1.799	2.371	3.193	3.112	0	0.467	1.398
Downsized	0	0	0	0	2.128	0	0	0.302	0	0	0	0
Total	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.783	1.894
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	1.333	3	0	0	3.635	9	0.812	3	4.448	12	5.781	15	21.52%
No	2.708	8	5.619	13	6.305	11	1.865	8	13.789	32	18.909	44	66.72%
Downsized	0	0	2.128	1	0.302	1	0	0	2.430	2	2.430	2	11.76%
Total	4.041	11	7.747	14	10.243	21	2.677	11	20.666	46	27.120	61	100.00%
Quick Sale?
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Yes	0	0.362	0	0	0	0.157	0.123	0	0	0	0	0
No	2.413	0.687	1.133	1.860	3.577	1.642	2.248	5.475	4.548	0.219	0.783	1.894
Total	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.783	1.894
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	0.362	1	0.280	2	0	0	0	0	0.280	2	0.642	3	1.35%
No	3.679	10	7.466	12	10.243	21	2.677	11	20.386	44	26.478	58	98.65%
Total	4.041	11	7.747	14	10.243	21	2.677	11	20.666	46	27.120	61	100.00%
Add on?
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Yes	0	0	0	0	0	0.157	0.123	0.212	0	0	0.229	0.094
No	2.413	1.049	1.133	1.860	3.577	1.642	2.248	5.263	4.548	0.219	0.554	1.800
Total	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.783	1.894
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	0.280	2	0.212	1	0.323	2	0.816	5	0.816	5	3.95%
No	4.041	11	7.466	12	10.030	20	2.354	9	19.850	41	26.304	56	96.05%
Total	4.041	11	7.747	14	10.243	21	2.677	11	20.666	46	27.120	61	100.00%
Seniority
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
senior secured	1.235	0.213	0	0	0.246	0	1.624	0.647	0.481	0	0.214	0.402
secured	0	0	0	0	0	0	0.030	0	0	0	0	0
senior	0.749	0.836	1.133	1.509	3.331	1.799	0.717	2.884	2.008	0.219	0.569	1.194
senior subordinated	0.428	0	0	0	0	0	0	1.944	1.915	0	0	0.204
subordinated	0	0	0	0.351	0	0	0	0	0.144	0	0	0.094
Total	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.783	1.894
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
senior secured	0.213	1	1.870	2	1.128	3	0.616	2	3.613	7	5.061	10	17.48%
secured	0	0	0.030	1	0	0	0	0	0.030	1	0.030	1	0.15%
senior	3.478	9	5.847	11	5.111	10	1.763	7	12.721	28	16.947	38	61.56%
senior subordinated	0	0	0	0	3.859	7	0.204	1	4.063	8	4.491	9	19.66%
subordinated	0.351	1	0	0	0.144	1	0.094	1	0.239	2	0.590	3	1.16%
Total	4.041	11	7.747	14	10.243	21	2.677	11	20.666	46	27.120	61	100.00%
Moody's Rating
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Ba1	0	0.360	0	0	0	0	0	0	0.144	0	0	0
Ba2	0	0	0	1.169	1.203	0	0	0.127	0	0	0	0
Ba3	0	0	0	0	0	1.197	0.594	0	2.228	0	0	0.402
B1	1.115	0.213	0	0.620	0.246	0	0	0	0.382	0	0	0
B2	0	0	0	0	2.128	0	0	2.632	0.799	0	0	0.447
B3	0.548	0.476	1.133	0	0	0.484	1.747	0.160	0	0.219	0.229	0.491
Caa1	0	0	0	0.071	0	0.058	0	1.944	0.254	0	0.214	0.460
NR	0.749	0	0	0	0	0.060	0.030	0.614	0.740	0	0.340	0.094
Total	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.783	1.894
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Ba1	0.360	1	0	0	0.144	1	0	0	0.144	1	0.504	2	0.70%
Ba2	1.169	2	1.203	2	0.127	1	0	0	1.330	3	2.499	5	6.44%
Ba3	0	0	1.791	2	2.228	2	0.402	1	4.421	5	4.421	5	21.39%
B1	0.833	3	0.246	1	0.382	1	0	0	0.628	2	2.576	6	3.04%
B2	0	0	2.128	1	3.431	6	0.447	1	6.005	8	6.005	8	29.06%
B3	1.609	4	2.231	4	0.379	2	0.720	3	3.330	9	5.488	15	16.11%
Caa1	0.071	1	0.058	1	2.198	4	0.673	3	2.930	8	3.000	9	14.18%
NR	0	0	0.090	3	1.354	4	0.434	3	1.878	10	2.627	11	9.09%
Total	4.041	11	7.747	14	10.243	21	2.677	11	20.666	46	27.120	61	100.00%
Use of Proceeds
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Acquisition	0	0.362	0	1.591	2.128	0.058	0	0	1.441	0	0	0
Capex	0	0	0	0	0	0	0	0	0	0	0	0.402
Dividend/recap	0	0	0	0	0	0	0	0.614	0.121	0	0	0
GCP	0	0	0	0	0	0.030	0	0	1.301	0	0	0.094
LBO	0.120	0	0.968	0.269	0	0	0	0.302	0.701	0	0	1.398
Redeem notes	0	0	0	0	0	0	0	0.487	0	0	0	0
Refinance	2.292	0	0	0	0	0.030	2.218	0.212	0.840	0	0.530	0
Repay bank debt	0	0.327	0	0	0	0.484	0.123	3.573	0	0	0	0
Multiple/Other/NA	0	0.360	0.164	0	1.449	1.197	0.030	0.286	0.144	0.219	0.253	0
Total	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.783	1.894
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	1.952	5	2.186	2	1.441	2	0	0	3.626	4	5.579	9	17.55%
Capex	0	0	0	0	0	0	0.402	1	0.402	1	0.402	1	1.95%
Dividend/recap	0	0	0	0	0.735	2	0	0	0.735	2	0.735	2	3.56%
GCP	0	0	0.030	1	1.301	2	0.094	1	1.425	4	1.425	4	6.90%
LBO	1.238	2	0	0	1.003	3	1.398	5	2.401	8	3.759	11	11.62%
Redeem notes	0	0	0	0	0.487	1	0	0	0.487	1	0.487	1	2.36%
Refinance	0	0	2.247	3	1.052	3	0.530	2	3.829	8	6.122	11	18.53%
Repay bank debt	0.327	2	0.607	3	3.573	4	0	0	4.181	7	4.508	9	20.23%
Multiple/Other/NA	0.524	2	2.677	5	0.650	4	0.253	2	3.579	11	4.103	13	17.32%
Total	4.041	11	7.747	14	10.243	21	2.677	11	20.666	46	27.120	61	100.00%
Industry Sector (by SIC code)
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Mining (1xxx)	0	0	0	0	0	0	0.030	0	0	0	0	0.402
Oil and gas (13xx)	0	0	0	0	0	0.030	0	0	0	0	0.024	0
Construction (15xx)	0	0	0	0	0	0	0	0.127	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.869	0.687	0.164	0.071	3.331	1.256	0.717	0.949	2.124	0.219	0.443	0.447
Communications (48xx)	1.543	0.362	0.968	0	0.246	0.514	1.624	2.546	0	0	0	0.447
Wholesale (5xxx)	0	0	0	0	0	0	0	0	0.586	0	0	0
Finance, insurance, real estate (6xxx)	0	0	0	0	0	0	0	0	0.144	0	0	0.094
Services (7xxx)	0	0	0	1.789	0	0	0	1.854	1.694	0	0.316	0.504
Total	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.783	1.894
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	0	0	0.030	1	0	0	0.402	1	0.432	2	0.432	2	2.09%
Oil and gas (13xx)	0	0	0.030	1	0	0	0.024	1	0.054	2	0.054	2	0.26%
Construction (15xx)	0	0	0	0	0.127	1	0	0	0.127	1	0.127	1	0.61%
Manufacturing (2xxx, 3xxx)	0.922	5	5.303	7	3.292	8	0.890	4	9.485	19	11.276	26	45.90%
Communications (48xx)	1.330	2	2.384	5	2.546	3	0.447	1	5.376	9	8.250	13	26.01%
Wholesale (5xxx)	0	0	0	0	0.586	1	0	0	0.586	1	0.586	1	2.84%
Finance, insurance, real estate (6xxx)	0	0	0	0	0.144	1	0.094	1	0.239	2	0.239	2	1.16%
Services (7xxx)	1.789	4	0	0	3.548	7	0.820	3	4.368	10	6.157	14	21.14%
Total	4.041	11	7.747	14	10.243	21	2.677	11	20.666	46	27.120	61	100.00%
Country
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Denmark	0	0	0	0	0	0	0	3.573	0	0	0	0
France	0.749	0	0	0	0	0	0	0	1.182	0.219	0.229	0
Germany	0	0	0	1.591	1.203	0	1.624	0.286	0	0	0.214	0
Italy	0	0	0.968	0	0	1.355	0	0	2.228	0	0	0
Netherlands	0	0	0	0	0	0	0	0	0.586	0	0	0.447
U.K.	0	0.327	0	0	2.128	0	0	0	0.266	0	0.316	0.094
U.S.	0.120	0.721	0	0.269	0	0.058	0.123	0.790	0	0	0	0.504
Others	1.543	0	0.164	0	0.246	0.387	0.624	0.826	0.287	0	0.024	0.849
Total	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.783	1.894
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Denmark	0	0	0	0	3.573	4	0	0	3.573	4	3.573	4	17.29%
France	0	0	0	0	1.401	4	0.229	1	1.630	5	2.379	6	7.89%
Germany	1.591	4	2.827	3	0.286	2	0.214	1	3.327	6	4.918	10	16.10%
Italy	0.968	1	1.355	2	2.228	2	0	0	3.583	4	4.551	5	17.34%
Netherlands	0	0	0	0	0.586	1	0.447	2	1.033	3	1.033	3	5.00%
U.K.	0.327	2	2.128	1	0.266	2	0.410	2	2.804	5	3.131	7	13.57%
U.S.	0.990	3	0.181	2	0.790	2	0.504	2	1.475	6	2.585	10	7.14%
Others	0.164	1	1.257	6	1.113	4	0.873	3	3.243	13	4.951	16	0.157
Total	4.041	11	7.747	14	10.243	21	2.677	11	20.666	46	27.120	61	100.00%
Currency
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
NOK	0	0	0	0	0	0.060	0.030	0	0.033	0	0.024	0
€	2.413	0.721	1.133	1.860	3.577	1.682	2.341	5.475	4.249	0.219	0.759	1.800
£	0	0.327	0	0	0	0.058	0	0	0.266	0	0	0.094
Total	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.783	1.894
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
NOK	0	0	0.090	3	0.033	1	0.024	1	0.147	5	0.147	5	0.71%
€	3.714	9	7.599	10	9.944	18	2.558	9	20.101	37	26.227	50	97.27%
£	0.327	2	0.058	1	0.266	2	0.094	1	0.418	4	0.745	6	2.02%
Total	4.041	11	7.747	14	10.243	21	2.677	11	20.666	46	27.120	61	100.00%

Criteria

• Issuers from industrialized countries

• Denominated in currency of a European industrialized countries

• Converted to dollars at rate shown in Federal Reserve's H.10 release on day of pricing

• Offerings are included in the time period in which they price.

• Issues maturing in 397 days or less are excluded.

• Convertibles, trust preferreds, capital securities and preferred stock are excluded.

• Fixed-rate medium-term notes with a face value above $100 million are included. All other MTNs are excluded.

• Deals rated investment-grade by either Standard & Poor's or Moody's Investors Service are excluded but deals not rated by both are included.

• Amounts are based on the total sales price (face amount multiplied by the offering price

• Units made up of a bond and a warrant are included; other units are excluded.

• Sovereign issues are excluded.

• Each tranche is counted as a separate deal.

• Passthroughs, collateral trust and equipment trust certificates are included.

• Best efforts and non-underwritten deals are excluded as are remarketings.

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