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

Total year-to-date issuance: $5.649 billion in 9 deals

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

Yield

	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Less than 6%	0	0.127	1.268	0	0	0	0	0	0	0	0	0
6%-6.99%	0	0.487	0.144	0	0	0	0	0.730	0	0.799	0.287	0.521
7%-7.99%	0.717	0.212	0	0	0.026	0	0	0.630	1.027	0.136	1.299	1.474
8%-8.99%	0	0.997	1.279	0.219	0	0.094	0	1.046	0	0.672	0	0
9%-9.99%	0	1.030	0.254	0	0	0.594	0.316	0	0.362	0.112	0	0
10%-10.99%	0	0	0	0	0	0.204	0	0	0	0.300	0	0
11% and higher	0	0	0	0	0.214	0.256	0	0	0	0	0	0
Floater	1.654	2.621	1.603	0	0.340	0.747	1.291	3.031	2.102	1.647	1.034	1.034
Total	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028
	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	0.809	3	0.809	3	2.970	8	14.32%
7%-7.99%	0.212	1	0.026	1	1.793	3	2.772	2	2.772	2	5.520	9	49.07%
8%-8.99%	2.495	4	0.094	1	1.719	3	0	0	0	0	4.308	8	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	0.469	2	0.00%
Floater	4.225	8	2.378	6	6.780	9	2.068	4	2.068	4	17.105	29	36.61%
Total	10.243	21	4.082	14	12.594	21	5.649	9	5.649	9	34.938	69	100.00%
Versus Talk
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Lower	0	0.935	0	0	0	0	0	0	0	0	0	1.360
Low end	1.624	1.459	2.228	0	0.316	0.447	0.514	2.030	0.530	2.315	1.299	0
Middle	0.123	2.594	2.022	0	0	0.490	0.778	2.741	2.599	1.220	0	0
High end	0.594	0.487	0	0	0.214	0.300	0.316	0.666	0.362	0	1.034	0
Higher	0	0	0	0.219	0	0.402	0	0	0	0	0	0
NA	0.030	0	0.299	0	0.050	0.256	0	0	0	0.130	0.287	1.668
Total	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028
	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	1.360	3	1.360	3	2.295	4	24.08%
Low end	3.687	5	1.276	3	4.876	6	1.299	1	1.299	1	12.762	16	23.00%
Middle	4.616	10	1.268	4	6.560	12	0	0	0	0	12.566	27	0.00%
High end	0.487	1	0.830	3	1.028	2	1.034	1	1.034	1	3.973	8	18.30%
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	1.956	4	1.956	4	2.721	12	34.63%
Total	10.243	21	4.082	14	12.594	21	5.649	9	5.649	9	34.938	69	100.00%
Upsized?
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Yes	0	1.980	1.436	0.219	0.316	0.496	0	0.730	1.027	0.799	0.287	0.775
No	2.371	3.193	3.112	0	0.264	1.398	1.291	4.707	1.437	2.867	2.333	2.253
Downsized	0	0.302	0	0	0	0	0.316	0	1.027	0	0	0
Total	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028
	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	1.062	2	1.062	2	8.066	18	18.80%
No	6.305	11	2.953	10	9.011	16	4.586	7	4.586	7	25.226	48	81.18%
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	5.649	9	5.649	9	34.938	69	100.00%
Quick Sale?
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Yes	0.123	0	0	0	0	0	0	0.511	0	0.799	1.586	0.131
No	2.248	5.475	4.548	0.219	0.580	1.894	1.608	4.927	3.491	2.867	1.034	2.898
Total	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028
	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	1.717	3	1.717	3	3.150	6	30.39%
No	10.243	21	4.082	14	11.284	19	3.932	6	3.932	6	31.788	63	69.61%
Total	10.243	21	4.082	14	12.594	21	5.649	9	5.649	9	34.938	69	100.00%
Seniority
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
senior secured	1.624	0.647	0.481	0	0.214	0.402	1.094	1.269	0	0.242	1.034	0.775
secured	0.030	0	0	0	0	0	0	0	0	0	0	0
senior	0.717	2.884	2.008	0.219	0.366	1.194	0.514	3.658	3.491	1.607	1.299	2.253
senior subordinated	0	1.944	1.915	0	0	0.204	0	0.511	0	0.300	0.287	0
subordinated	0	0	0.144	0	0	0.094	0	0	0	1.516	0	0
Total	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028
	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	1.809	2	1.809	2	7.781	13	32.02%
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	3.552	6	3.552	6	20.210	40	62.88%
senior subordinated	3.859	7	0.204	1	0.811	2	0.287	1	0.287	1	5.161	11	5.08%
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	5.649	9	5.649	9	34.938	69	100.00%
Moody's Rating
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Ba1	0	0	0.144	0	0	0	0	0	0	0	0	0
Ba2	0	0.127	0	0	0	0	0	1.899	2.054	0.799	0	0
Ba3	0.594	0	2.228	0	0	0.402	0	0	0	0	0	1.296
B1	0	0	0.382	0	0	0	1.094	0	0	0.130	1.299	1.668
B2	0	2.632	0.799	0	0	0.447	0	2.648	0.530	0.672	1.034	0
B3	1.747	0.160	0	0.219	0.026	0.491	0	0.891	0.362	0.547	0.287	0
Caa1	0	1.944	0.254	0	0.214	0.460	0	0	0	1.255	0	0
NR	0.030	0.614	0.740	0	0.340	0.094	0.514	0	0.545	0.261	0	0.064
Total	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028
	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	1.296	3	1.296	3	4.519	7	22.94%
B1	0.382	1	1.094	2	0.130	1	2.967	3	2.967	3	4.574	7	52.52%
B2	3.431	6	0.447	1	3.851	6	1.034	1	1.034	1	8.762	14	18.30%
B3	0.379	2	0.518	3	1.800	6	0.287	1	0.287	1	4.731	14	5.08%
Caa1	2.198	4	0.673	3	1.255	1	0	0	0	0	4.126	8	0.00%
NR	1.354	4	0.948	4	0.806	2	0.064	1	0.064	1	3.203	12	1.13%
Total	10.243	21	4.082	14	12.594	21	5.649	9	5.649	9	34.938	69	100.00%
Use of Proceeds
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Acquisition	0	0	1.441	0	0	0	0	0.219	0	0.112	0	0
Capex	0	0	0	0	0	0.402	0	0	0	0	0	0.064
Dividend/recap	0	0.614	0.121	0	0	0	0	0	0.545	1.647	0	0
GCP	0	0	1.301	0	0	0.094	0	0	0	0	0	0
LBO	0	0.302	0.701	0	0	1.398	0	1.935	0.362	0.972	0	0
Redeem notes	0	0.487	0	0	0	0	0	2.291	2.054	0	0	0.391
Refinance	2.218	0.212	0.840	0	0.530	0	1.094	0.993	0.530	0.136	0.287	0.969
Repay bank debt	0.123	3.573	0	0	0	0	0	0	0	0.799	1.034	0
Multiple/Other/NA	0.030	0.286	0.144	0.219	0.050	0	0.514	0	0	0	1.299	1.604
Total	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028
	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	1.771	4	0.00%
Capex	0	0	0.402	1	0	0	0.064	1	0.064	1	0.466	2	1.13%
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	1.395	3	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	0.391	1	0.391	1	5.223	7	6.92%
Refinance	1.052	3	1.624	4	1.659	4	1.257	3	1.257	3	7.810	16	22.25%
Repay bank debt	3.573	4	0	0	0.799	1	1.034	1	1.034	1	5.529	7	18.30%
Multiple/Other/NA	0.650	4	0.564	3	0	0	2.903	3	2.903	3	4.147	11	51.39%
Total	10.243	21	4.082	14	12.594	21	5.649	9	5.649	9	34.938	69	100.00%
Industry Sector (by SIC code)
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Mining (1xxx)	0.030	0	0	0	0	0.402	0	0	0	0	0	0
Oil and gas (13xx)	0	0	0	0	0.024	0	0	0	0	0.799	0	0.064
Construction (15xx)	0	0.127	0	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.717	0.949	2.124	0.219	0.240	0.447	1.094	3.846	2.946	0	2.333	2.443
Transportation (4xxx)	0	0	0	0	0	0	0	0	0	0.972	0.287	0.521
Communications (48xx)	1.624	2.546	0	0	0	0.447	0	1.010	0.545	1.759	0	0
Wholesale (5xxx)	0	0	0.586	0	0	0	0.514	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0	0	0.144	0	0	0.094	0	0	0	0	0	0
Services (7xxx)	0	1.854	1.694	0	0.316	0.504	0	0.582	0	0.136	0	0
Total	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028
	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	0.064	1	0.064	1	0.887	3	1.13%
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	4.776	5	4.776	5	17.357	29	84.55%
Transportation (4xxx)	0	0	0	0	0.972	2	0.809	3	0.809	3	1.781	5	14.32%
Communications (48xx)	2.546	3	0.447	1	3.314	7	0	0	0	0	7.930	12	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	5.649	9	5.649	9	34.938	69	100.00%
Currency
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
NOK	0.030	0	0.033	0	0.024	0	0	0	0	0	0	0.064
€	2.341	5.475	4.249	0.219	0.556	1.800	1.094	5.437	3.491	3.554	2.620	1.491
£	0	0	0.266	0	0	0.094	0.514	0	0	0.112	0	1.474
Total	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028
	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	0.064	1	0.064	1	0.152	4	1.13%
€	9.944	18	3.450	11	12.482	20	4.111	7	4.111	7	32.327	59	72.77%
£	0.266	2	0.608	2	0.112	1	1.474	1	1.474	1	2.459	6	26.09%
Total	10.243	21	4.082	14	12.594	21	5.649	9	5.649	9	34.938	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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