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

Total year-to-date issuance: $2.620 billion in 3 deals

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

Yield

	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Less than 6%	0	0	0.127	1.268	0	0	0	0	0	0	0	0
6%-6.99%	1.197	0	0.487	0.144	0	0	0	0	0.730	0	0.799	0.287
7%-7.99%	0	0.717	0.212	0	0	0.026	0	0	0.630	1.027	0.136	1.299
8%-8.99%	0.484	0	0.997	1.279	0.219	0	0.094	0	1.046	0	0.672	0
9%-9.99%	0	0	1.030	0.254	0	0	0.594	0.316	0	0.362	0.112	0
10%-10.99%	0	0	0	0	0	0	0.204	0	0	0	0.300	0
11% and higher	0.058	0	0	0	0	0.214	0.256	0	0	0	0	0
Floater	0.060	1.654	2.621	1.603	0	0.340	0.747	1.291	3.031	2.102	1.647	1.034
Total	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Less than 6%	1.394	2	0	0	0	0	0	0	0	0	1.394	2	0.00%
6%-6.99%	0.632	2	0	0	1.529	3	0.287	1	0.287	1	3.646	7	10.95%
7%-7.99%	0.212	1	0.026	1	1.793	3	1.299	1	1.299	1	4.047	8	49.58%
8%-8.99%	2.495	4	0.094	1	1.719	3	0	0	0	0	4.792	10	0.00%
9%-9.99%	1.285	4	0.910	3	0.473	2	0	0	0	0	2.667	9	0.00%
10%-10.99%	0	0	0.204	1	0.300	1	0	0	0	0	0.504	2	0.00%
11% and higher	0	0	0.469	2	0	0	0	0	0	0	0.528	3	0.00%
Floater	4.225	8	2.378	6	6.780	9	1.034	1	1.034	1	16.131	28	39.47%
Total	10.243	21	4.082	14	12.594	21	2.620	3	2.620	3	33.708	69	100.00%
Versus Talk
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Lower	0	0	0.935	0	0	0	0	0	0	0	0	0
Low end	1.524	1.624	1.459	2.228	0	0.316	0.447	0.514	2.030	0.530	2.315	1.299
Middle	0.157	0.123	2.594	2.022	0	0	0.490	0.778	2.741	2.599	1.220	0
High end	0.058	0.594	0.487	0	0	0.214	0.300	0.316	0.666	0.362	0	1.034
Higher	0	0	0	0	0.219	0	0.402	0	0	0	0	0
NA	0.060	0.030	0	0.299	0	0.050	0.256	0	0	0	0.130	0.287
Total	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Lower	0.935	1	0	0	0	0	0	0	0	0	0.935	1	0.00%
Low end	3.687	5	1.276	3	4.876	6	1.299	1	1.299	1	14.286	18	49.58%
Middle	4.616	10	1.268	4	6.560	12	0	0	0	0	12.724	28	0.00%
High end	0.487	1	0.830	3	1.028	2	1.034	1	1.034	1	4.031	9	39.47%
Higher	0.219	1	0.402	1	0	0	0	0	0	0	0.621	2	0.00%
NA	0.299	3	0.306	3	0.130	1	0.287	1	0.287	1	1.112	11	10.95%
Total	10.243	21	4.082	14	12.594	21	2.620	3	2.620	3	33.708	69	100.00%
Upsized?
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Yes	0	0	1.980	1.436	0.219	0.316	0.496	0	0.730	1.027	0.799	0.287
No	1.799	2.371	3.193	3.112	0	0.264	1.398	1.291	4.707	1.437	2.867	2.333
Downsized	0	0	0.302	0	0	0	0	0.316	0	1.027	0	0
Total	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	3.635	9	0.812	3	2.556	4	0.287	1	0.287	1	7.291	17	10.95%
No	6.305	11	2.953	10	9.011	16	2.333	2	2.333	2	24.772	49	89.05%
Downsized	0.302	1	0.316	1	1.027	1	0	0	0	0	1.645	3	0.00%
Total	10.243	21	4.082	14	12.594	21	2.620	3	2.620	3	33.708	69	100.00%
Quick Sale?
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Yes	0.157	0.123	0	0	0	0	0	0	0.511	0	0.799	1.586
No	1.642	2.248	5.475	4.548	0.219	0.580	1.894	1.608	4.927	3.491	2.867	1.034
Total	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	0	0	1.310	2	1.586	2	1.586	2	3.176	6	60.53%
No	10.243	21	4.082	14	11.284	19	1.034	1	1.034	1	30.532	63	39.47%
Total	10.243	21	4.082	14	12.594	21	2.620	3	2.620	3	33.708	69	100.00%
Seniority
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
senior secured	0	1.624	0.647	0.481	0	0.214	0.402	1.094	1.269	0	0.242	1.034
secured	0	0.030	0	0	0	0	0	0	0	0	0	0
senior	1.799	0.717	2.884	2.008	0.219	0.366	1.194	0.514	3.658	3.491	1.607	1.299
senior subordinated	0	0	1.944	1.915	0	0	0.204	0	0.511	0	0.300	0.287
subordinated	0	0	0	0.144	0	0	0.094	0	0	0	1.516	0
Total	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
senior secured	1.128	3	1.710	4	1.511	3	1.034	1	1.034	1	7.006	12	39.47%
secured	0	0	0	0	0	0	0	0	0	0	0.030	1	0.00%
senior	5.111	10	2.074	8	8.756	14	1.299	1	1.299	1	19.756	41	49.58%
senior subordinated	3.859	7	0.204	1	0.811	2	0.287	1	0.287	1	5.161	11	10.95%
subordinated	0.144	1	0.094	1	1.516	2	0	0	0	0	1.755	4	0.00%
Total	10.243	21	4.082	14	12.594	21	2.620	3	2.620	3	33.708	69	100.00%
Moody's Rating
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Ba1	0	0	0	0.144	0	0	0	0	0	0	0	0
Ba2	0	0	0.127	0	0	0	0	0	1.899	2.054	0.799	0
Ba3	1.197	0.594	0	2.228	0	0	0.402	0	0	0	0	0
B1	0	0	0	0.382	0	0	0	1.094	0	0	0.130	1.299
B2	0	0	2.632	0.799	0	0	0.447	0	2.648	0.530	0.672	1.034
B3	0.484	1.747	0.160	0	0.219	0.026	0.491	0	0.891	0.362	0.547	0.287
Caa1	0.058	0	1.944	0.254	0	0.214	0.460	0	0	0	1.255	0
NR	0.060	0.030	0.614	0.740	0	0.340	0.094	0.514	0	0.545	0.261	0
Total	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Ba1	0.144	1	0	0	0	0	0	0	0	0	0.144	1	0.00%
Ba2	0.127	1	0	0	4.751	5	0	0	0	0	4.878	6	0.00%
Ba3	2.228	2	0.402	1	0	0	0	0	0	0	4.421	5	0.00%
B1	0.382	1	1.094	2	0.130	1	1.299	1	1.299	1	2.906	5	49.58%
B2	3.431	6	0.447	1	3.851	6	1.034	1	1.034	1	8.762	14	39.47%
B3	0.379	2	0.518	3	1.800	6	0.287	1	0.287	1	5.215	16	10.95%
Caa1	2.198	4	0.673	3	1.255	1	0	0	0	0	4.185	9	0.00%
NR	1.354	4	0.948	4	0.806	2	0	0	0	0	3.198	13	0.00%
Total	10.243	21	4.082	14	12.594	21	2.620	3	2.620	3	33.708	69	100.00%
Use of Proceeds
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Acquisition	0.058	0	0	1.441	0	0	0	0	0.219	0	0.112	0
Capex	0	0	0	0	0	0	0.402	0	0	0	0	0
Dividend/recap	0	0	0.614	0.121	0	0	0	0	0	0.545	1.647	0
GCP	0.030	0	0	1.301	0	0	0.094	0	0	0	0	0
LBO	0	0	0.302	0.701	0	0	1.398	0	1.935	0.362	0.972	0
Redeem notes	0	0	0.487	0	0	0	0	0	2.291	2.054	0	0
Refinance	0.030	2.218	0.212	0.840	0	0.530	0	1.094	0.993	0.530	0.136	0.287
Repay bank debt	0.484	0.123	3.573	0	0	0	0	0	0	0	0.799	1.034
Multiple/Other/NA	1.197	0.030	0.286	0.144	0.219	0.050	0	0.514	0	0	0	1.299
Total	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	1.441	2	0	0	0.331	2	0	0	0	0	1.830	5	0.00%
Capex	0	0	0.402	1	0	0	0	0	0	0	0.402	1	0.00%
Dividend/recap	0.735	2	0	0	2.192	4	0	0	0	0	2.927	6	0.00%
GCP	1.301	2	0.094	1	0	0	0	0	0	0	1.425	4	0.00%
LBO	1.003	3	1.398	5	3.268	5	0	0	0	0	5.670	13	0.00%
Redeem notes	0.487	1	0	0	4.345	5	0	0	0	0	4.832	6	0.00%
Refinance	1.052	3	1.624	4	1.659	4	0.287	1	0.287	1	6.870	15	10.95%
Repay bank debt	3.573	4	0	0	0.799	1	1.034	1	1.034	1	6.014	9	39.47%
Multiple/Other/NA	0.650	4	0.564	3	0	0	1.299	1	1.299	1	3.740	10	49.58%
Total	10.243	21	4.082	14	12.594	21	2.620	3	2.620	3	33.708	69	100.00%
Industry Sector (by SIC code)
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Mining (1xxx)	0	0.030	0	0	0	0	0.402	0	0	0	0	0
Oil and gas (13xx)	0.030	0	0	0	0	0.024	0	0	0	0	0.799	0
Construction (15xx)	0	0	0.127	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	1.256	0.717	0.949	2.124	0.219	0.240	0.447	1.094	3.846	2.946	0	2.333
Transportation (4xxx)	0	0	0	0	0	0	0	0	0	0	0.972	0.287
Communications (48xx)	0.514	1.624	2.546	0	0	0	0.447	0	1.010	0.545	1.759	0
Wholesale (5xxx)	0	0	0	0.586	0	0	0	0.514	0	0	0	0
Finance, insurance, real estate (6xxx)	0	0	0	0.144	0	0	0.094	0	0	0	0	0
Services (7xxx)	0	0	1.854	1.694	0	0.316	0.504	0	0.582	0	0.136	0
Total	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	0	0	0.402	1	0	0	0	0	0	0	0.432	2	0.00%
Oil and gas (13xx)	0	0	0.024	1	0.799	1	0	0	0	0	0.853	3	0.00%
Construction (15xx)	0.127	1	0	0	0	0	0	0	0	0	0.127	1	0.00%
Manufacturing (2xxx, 3xxx)	3.292	8	1.781	6	6.791	8	2.333	2	2.333	2	16.170	28	89.05%
Transportation (4xxx)	0	0	0	0	0.972	2	0.287	1	0.287	1	1.259	3	10.95%
Communications (48xx)	2.546	3	0.447	1	3.314	7	0	0	0	0	8.444	15	0.00%
Wholesale (5xxx)	0.586	1	0.514	1	0	0	0	0	0	0	1.099	2	0.00%
Finance, insurance, real estate (6xxx)	0.144	1	0.094	1	0	0	0	0	0	0	0.239	2	0.00%
Services (7xxx)	3.548	7	0.820	3	0.718	3	0	0	0	0	5.086	13	0.00%
Total	10.243	21	4.082	14	12.594	21	2.620	3	2.620	3	33.708	69	100.00%
Currency
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
NOK	0.060	0.030	0	0.033	0	0.024	0	0	0	0	0	0
€	1.682	2.341	5.475	4.249	0.219	0.556	1.800	1.094	5.437	3.491	3.554	2.620
£	0.058	0	0	0.266	0	0	0.094	0.514	0	0	0.112	0
Total	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
NOK	0.033	1	0.024	1	0	0	0	0	0	0	0.147	5	0.00%
€	9.944	18	3.450	11	12.482	20	2.620	3	2.620	3	32.518	58	100.00%
£	0.266	2	0.608	2	0.112	1	0	0	0	0	1.043	6	0.00%
Total	10.243	21	4.082	14	12.594	21	2.620	3	2.620	3	33.708	69	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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