Analysis of European high yield issuance for 12 months through October 2007

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

Yield

	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Less than 6%	0	0	0	0	0	0.474	1.351	1.342	0	0	0	0
6%-6.99%	0	0.799	0.287	0.521	0.753	0.668	0.657	1.002	0.467	0	0	0
7%-7.99%	1.027	0.136	1.299	1.474	0	0.374	1.348	1.081	0	0	0	0
8%-8.99%	0	0.672	0	0	0	0.200	0.311	0.645	0.206	0	0	0
9%-9.99%	0.362	0.112	0	0	0	0.640	0	0.564	0.408	0	0	0
10%-10.99%	0	0.300	0	0	0	0	0	0.168	0	0	0	0
Floater	2.102	1.647	1.034	1.034	0	1.416	2.262	1.651	0.413	0	0	0
Total	3.491	3.666	2.620	3.028	0.753	3.773	5.929	6.454	1.493	0	0	0
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Less than 6%	0	0	3.167	4	0	0	0	0	3.167	4	3.167	4	13.17%
6%-6.99%	1.562	5	2.327	5	0.467	1	0	0	4.356	11	5.154	12	18.11%
7%-7.99%	2.772	2	2.803	4	0	0	0	0	5.575	6	6.738	8	23.18%
8%-8.99%	0	0	1.156	4	0.206	1	0	0	1.362	5	2.034	6	5.66%
9%-9.99%	0	0	1.205	3	0.408	1	0	0	1.613	4	2.086	6	6.71%
10%-10.99%	0	0	0.168	1	0	0	0	0	0.168	1	0.468	2	0.70%
Floater	2.068	4	5.329	14	0.413	1	0	0	7.809	19	11.558	25	32.47%
Total	6.402	11	16.156	35	1.493	4	0	0	24.051	50	31.207	63	100.00%
Versus Talk
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Lower	0	0	0	1.360	0	0	0	1.002	0	0	0	0
Low end	0.530	2.315	1.299	0	0.359	1.149	3.448	0.400	0	0	0	0
Middle	2.599	1.220	0	0	0.394	1.756	2.246	4.331	0.413	0	0	0
High end	0.362	0	1.034	0	0	0.668	0	0	0	0	0	0
Higher	0	0	0	0	0	0	0	0	0.614	0	0	0
NA	0	0.130	0.287	1.668	0	0.200	0.234	0.721	0.467	0	0	0
Total	3.491	3.666	2.620	3.028	0.753	3.773	5.929	6.454	1.493	0	0	0
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Lower	1.360	3	1.002	1	0	0	0	0	2.362	4	2.362	4	9.82%
Low end	1.657	2	4.997	13	0	0	0	0	6.654	15	9.500	19	27.67%
Middle	0.394	1	8.333	13	0.413	1	0	0	9.140	15	12.959	22	38.00%
High end	1.034	1	0.668	1	0	0	0	0	1.702	2	2.064	3	7.08%
Higher	0	0	0	0	0.614	2	0	0	0.614	2	0.614	2	2.55%
NA	1.956	4	1.156	7	0.467	1	0	0	3.578	12	3.709	13	14.88%
Total	6.402	11	16.156	35	1.493	4	0	0	24.051	50	31.207	63	100.00%
Upsized?
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Yes	1.027	0.799	0.287	0.775	0	1.993	1.119	1.545	0	0	0	0
No	1.437	2.867	2.333	2.253	0.394	1.780	4.810	4.909	0.879	0	0	0
Downsized	1.027	0	0	0	0.359	0	0	0	0.614	0	0	0
Total	3.491	3.666	2.620	3.028	0.753	3.773	5.929	6.454	1.493	0	0	0
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	1.062	2	4.657	10	0	0	0	0	5.720	12	7.545	14	23.78%
No	4.981	8	11.499	25	0.879	2	0	0	17.359	35	21.663	45	72.18%
Downsized	0.359	1	0	0	0.614	2	0	0	0.973	3	2.000	4	4.05%
Total	6.402	11	16.156	35	1.493	4	0	0	24.051	50	31.207	63	100.00%
Quick Sale?
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Yes	0	0.799	1.586	0.131	0.394	0	3.182	1.342	0	0	0	0
No	3.491	2.867	1.034	2.898	0.359	3.773	2.747	5.112	1.493	0	0	0
Total	3.491	3.666	2.620	3.028	0.753	3.773	5.929	6.454	1.493	0	0	0
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	2.111	4	4.524	6	0	0	0	0	6.635	10	7.434	11	27.59%
No	4.291	7	11.632	29	1.493	4	0	0	17.416	40	23.773	52	72.41%
Total	6.402	11	16.156	35	1.493	4	0	0	24.051	50	31.207	63	100.00%
Seniority
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
senior secured	0	0.242	1.034	0.775	0	0.939	1.032	1.099	0.614	0	0	0
senior	3.491	1.607	1.299	2.253	0.753	1.959	4.400	3.621	0.879	0	0	0
senior subordinated	0	0.300	0.287	0	0	0.301	0.362	0.733	0	0	0	0
subordinated	0	1.516	0	0	0	0.574	0.135	1.002	0	0	0	0
Total	3.491	3.666	2.620	3.028	0.753	3.773	5.929	6.454	1.493	0	0	0
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
senior secured	1.809	2	3.070	6	0.614	2	0	0	5.493	10	5.735	12	22.84%
senior	4.305	8	9.979	20	0.879	2	0	0	15.164	30	20.262	38	63.05%
senior subordinated	0.287	1	1.395	5	0	0	0	0	1.683	6	1.982	7	7.00%
subordinated	0	0	1.712	4	0	0	0	0	1.712	4	3.228	6	7.12%
Total	6.402	11	16.156	35	1.493	4	0	0	24.051	50	31.207	63	100.00%
Moody's Rating
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Ba1	0	0	0	0	0	0.200	2.035	0.664	0.467	0	0	0
Ba2	2.054	0.799	0	0	0	0	0	2.680	0	0	0	0
Ba3	0	0	0	1.296	0.359	0.668	0.203	0.400	1.027	0	0	0
B1	0	0.130	1.299	1.668	0	0.374	2.358	0	0	0	0	0
B2	0.530	0.672	1.034	0	0	0.939	0.181	1.344	0	0	0	0
B3	0.362	0.547	0.287	0	0.394	0	0.069	0.981	0	0	0	0
Caa1	0	1.255	0	0	0	0.640	0	0	0	0	0	0
Caa2	0	0	0	0	0	0	0.176	0	0	0	0	0
NR	0.545	0.261	0	0.064	0	0.951	0.907	0.385	0	0	0	0
Total	3.491	3.666	2.620	3.028	0.753	3.773	5.929	6.454	1.493	0	0	0
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Ba1	0	0	2.899	6	0.467	1	0	0	3.366	7	3.366	7	14.00%
Ba2	0	0	2.680	3	0	0	0	0	2.680	3	5.533	6	11.14%
Ba3	1.655	4	1.271	3	1.027	3	0	0	3.953	10	3.953	10	16.44%
B1	2.967	3	2.732	4	0	0	0	0	5.698	7	5.829	8	23.69%
B2	1.034	1	2.464	5	0	0	0	0	3.499	6	4.701	8	14.55%
B3	0.682	2	1.050	3	0	0	0	0	1.732	5	2.641	9	7.20%
Caa1	0	0	0.640	2	0	0	0	0	0.640	2	1.895	3	2.66%
Caa2	0	0	0.176	1	0	0	0	0	0.176	1	0.176	1	0.73%
NR	0.064	1	2.243	8	0	0	0	0	2.307	9	3.113	11	9.59%
Total	6.402	11	16.156	35	1.493	4	0	0	24.051	50	31.207	63	100.00%
Use of Proceeds
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Acquisition	0	0.112	0	0	0	0	0.673	1.819	0	0	0	0
Capex	0	0	0	0.064	0	0	0	0.083	0	0	0	0
Dividend/recap	0.545	1.647	0	0	0	0.477	0	0	0	0	0	0
GCP	0	0	0	0	0	0.474	3.550	1.342	0	0	0	0
LBO	0.362	0.972	0	0	0	1.580	0	0.168	0	0	0	0
Redeem notes	2.054	0	0	0.391	0.359	0	0	0	0	0	0	0
Refinance	0.530	0.136	0.287	0.969	0	1.243	1.637	2.244	1.027	0	0	0
Repay bank debt	0	0.799	1.034	0	0.394	0	0	0	0.467	0	0	0
Multiple/Other/NA	0	0	1.299	1.604	0	0	0.069	0.798	0	0	0	0
Total	3.491	3.666	2.620	3.028	0.753	3.773	5.929	6.454	1.493	0	0	0
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	2.491	4	0	0	0	0	2.491	4	2.603	5	10.36%
Capex	0.064	1	0.083	1	0	0	0	0	0.147	2	0.147	2	0.61%
Dividend/recap	0	0	0.477	1	0	0	0	0	0.477	1	2.669	5	1.98%
GCP	0	0	5.367	9	0	0	0	0	5.367	9	5.367	9	22.32%
LBO	0	0	1.748	5	0	0	0	0	1.748	5	3.082	8	7.27%
Redeem notes	0.749	2	0	0	0	0	0	0	0.749	2	2.803	4	3.11%
Refinance	1.257	3	5.124	12	1.027	3	0	0	7.407	18	8.074	20	30.80%
Repay bank debt	1.429	2	0	0	0.467	1	0	0	1.895	3	2.694	4	7.88%
Multiple/Other/NA	2.903	3	0.867	3	0	0	0	0	3.770	6	3.770	6	15.68%
Total	6.402	11	16.156	35	1.493	4	0	0	24.051	50	31.207	63	100.00%
Industry Sector (by SIC code)
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Mining (1xxx)	0	0	0	0	0	0	0	0.336	0	0	0	0
Oil and gas (13xx)	0	0.799	0	0.064	0	0	0	0.083	0	0	0	0
Construction (15xx)	0	0	0	0	0	0	0	0.134	0.413	0	0	0
Manufacturing (2xxx, 3xxx)	2.946	0	2.333	2.443	0.753	2.294	2.827	5.034	0.467	0	0	0
Transportation (4xxx)	0	0.972	0.287	0.521	0	0	0.772	0	0	0	0	0
Communications (48xx)	0.545	1.759	0	0	0	0	0.203	0.699	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0.614	0	0	0
Wholesale (5xxx)	0	0	0	0	0	0	0	0.168	0	0	0	0
Finance, insurance, real estate (6xxx)	0	0	0	0	0	1.479	1.765	0	0	0	0	0
Services (7xxx)	0	0.136	0	0	0	0	0.362	0	0	0	0	0
Total	3.491	3.666	2.620	3.028	0.753	3.773	5.929	6.454	1.493	0	0	0
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	0	0	0.336	1	0	0	0	0	0.336	1	0.336	1	1.40%
Oil and gas (13xx)	0.064	1	0.083	1	0	0	0	0	0.147	2	0.946	3	0.61%
Construction (15xx)	0	0	0.134	1	0.413	1	0	0	0.546	2	0.546	2	2.27%
Manufacturing (2xxx, 3xxx)	5.529	7	10.155	18	0.467	1	0	0	16.151	26	19.097	30	67.15%
Transportation (4xxx)	0.809	3	0.772	2	0	0	0	0	1.580	5	2.553	7	6.57%
Communications (48xx)	0	0	0.902	2	0	0	0	0	0.902	2	3.206	7	3.75%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.614	2	0	0	0.614	2	0.614	2	2.55%
Wholesale (5xxx)	0	0	0.168	1	0	0	0	0	0.168	1	0.168	1	0.70%
Finance, insurance, real estate (6xxx)	0	0	3.244	7	0	0	0	0	3.244	7	3.244	7	13.49%
Services (7xxx)	0	0	0.362	2	0	0	0	0	0.362	2	0.498	3	1.51%
Total	6.402	11	16.156	35	1.493	4	0	0	24.051	50	31.207	63	100.00%
Currency
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
NOK	0	0	0	0.064	0	0	0.099	0.217	0	0	0	0
€	3.491	3.554	2.620	1.491	0.753	2.294	5.830	6.238	1.085	0	0	0
£	0	0.112	0	1.474	0	1.479	0	0	0.408	0	0	0
Total	3.491	3.666	2.620	3.028	0.753	3.773	5.929	6.454	1.493	0	0	0
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
NOK	0.064	1	0.316	3	0	0	0	0	0.380	4	0.380	4	1.58%
€	4.864	9	14.361	28	1.085	3	0	0	20.310	40	27.354	52	84.45%
£	1.474	1	1.479	4	0.408	1	0	0	3.362	6	3.473	7	13.98%
Total	6.402	11	16.156	35	1.493	4	0	0	24.051	50	31.207	63	100.00%

Criteria

• The tables include all underwritten dollar-denominated offerings sold in the U.S. as public or Rule 144A deals reported to Prospect News.

• 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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