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

Total year-to-date issuance: $6.402 billion in 11 deals

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

Yield

	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Less than 6%	0.127	1.268	0	0	0	0	0	0	0	0	0	0
6%-6.99%	0.487	0.144	0	0	0	0	0.730	0	0.799	0.287	0.521	0.753
7%-7.99%	0.212	0	0	0.026	0	0	0.630	1.027	0.136	1.299	1.474	0
8%-8.99%	0.997	1.279	0.219	0	0.094	0	1.046	0	0.672	0	0	0
9%-9.99%	1.030	0.254	0	0	0.594	0.316	0	0.362	0.112	0	0	0
10%-10.99%	0	0	0	0	0.204	0	0	0	0.300	0	0	0
11% and higher	0	0	0	0.214	0.256	0	0	0	0	0	0	0
Floater	2.621	1.603	0	0.340	0.747	1.291	3.031	2.102	1.647	1.034	1.034	0
Total	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753
	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	1.562	5	1.562	5	3.723	10	24.40%
7%-7.99%	0.212	1	0.026	1	1.793	3	2.772	2	2.772	2	4.804	7	43.30%
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	15.451	27	32.30%
Total	10.243	21	4.082	14	12.594	21	6.402	11	6.402	11	33.320	67	100.00%
Versus Talk
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Lower	0.935	0	0	0	0	0	0	0	0	0	1.360	0
Low end	1.459	2.228	0	0.316	0.447	0.514	2.030	0.530	2.315	1.299	0	0.359
Middle	2.594	2.022	0	0	0.490	0.778	2.741	2.599	1.220	0	0	0.394
High end	0.487	0	0	0.214	0.300	0.316	0.666	0.362	0	1.034	0	0
Higher	0	0	0.219	0	0.402	0	0	0	0	0	0	0
NA	0	0.299	0	0.050	0.256	0	0	0	0.130	0.287	1.668	0
Total	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753
	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	21.24%
Low end	3.687	5	1.276	3	4.876	6	1.657	2	1.657	2	11.497	16	25.88%
Middle	4.616	10	1.268	4	6.560	12	0.394	1	0.394	1	12.838	27	6.15%
High end	0.487	1	0.830	3	1.028	2	1.034	1	1.034	1	3.379	7	16.15%
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	2.691	11	30.55%
Total	10.243	21	4.082	14	12.594	21	6.402	11	6.402	11	33.320	67	100.00%
Upsized?
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Yes	1.980	1.436	0.219	0.316	0.496	0	0.730	1.027	0.799	0.287	0.775	0
No	3.193	3.112	0	0.264	1.398	1.291	4.707	1.437	2.867	2.333	2.253	0.394
Downsized	0.302	0	0	0	0	0.316	0	1.027	0	0	0	0.359
Total	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753
	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	16.59%
No	6.305	11	2.953	10	9.011	16	4.981	8	4.981	8	23.250	45	77.80%
Downsized	0.302	1	0.316	1	1.027	1	0.359	1	0.359	1	2.004	4	5.61%
Total	10.243	21	4.082	14	12.594	21	6.402	11	6.402	11	33.320	67	100.00%
Quick Sale?
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Yes	0	0	0	0	0	0	0.511	0	0.799	1.586	0.131	0.394
No	5.475	4.548	0.219	0.580	1.894	1.608	4.927	3.491	2.867	1.034	2.898	0.359
Total	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753
	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	2.111	4	2.111	4	3.421	6	32.97%
No	10.243	21	4.082	14	11.284	19	4.291	7	4.291	7	29.899	61	67.03%
Total	10.243	21	4.082	14	12.594	21	6.402	11	6.402	11	33.320	67	100.00%
Seniority
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
senior secured	0.647	0.481	0	0.214	0.402	1.094	1.269	0	0.242	1.034	0.775	0
senior	2.884	2.008	0.219	0.366	1.194	0.514	3.658	3.491	1.607	1.299	2.253	0.753
senior subordinated	1.944	1.915	0	0	0.204	0	0.511	0	0.300	0.287	0	0
subordinated	0	0.144	0	0	0.094	0	0	0	1.516	0	0	0
Total	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753
	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	6.157	12	28.26%
senior	5.111	10	2.074	8	8.756	14	4.305	8	4.305	8	20.246	40	67.24%
senior subordinated	3.859	7	0.204	1	0.811	2	0.287	1	0.287	1	5.161	11	4.48%
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	6.402	11	6.402	11	33.320	67	100.00%
Moody's Rating
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Ba1	0	0.144	0	0	0	0	0	0	0	0	0	0
Ba2	0.127	0	0	0	0	0	1.899	2.054	0.799	0	0	0
Ba3	0	2.228	0	0	0.402	0	0	0	0	0	1.296	0.359
B1	0	0.382	0	0	0	1.094	0	0	0.130	1.299	1.668	0
B2	2.632	0.799	0	0	0.447	0	2.648	0.530	0.672	1.034	0	0
B3	0.160	0	0.219	0.026	0.491	0	0.891	0.362	0.547	0.287	0	0.394
Caa1	1.944	0.254	0	0.214	0.460	0	0	0	1.255	0	0	0
NR	0.614	0.740	0	0.340	0.094	0.514	0	0.545	0.261	0	0.064	0
Total	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753
	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	1.655	4	1.655	4	4.285	7	25.85%
B1	0.382	1	1.094	2	0.130	1	2.967	3	2.967	3	4.574	7	46.34%
B2	3.431	6	0.447	1	3.851	6	1.034	1	1.034	1	8.762	14	16.15%
B3	0.379	2	0.518	3	1.800	6	0.682	2	0.682	2	3.378	13	10.65%
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	3.172	11	1.00%
Total	10.243	21	4.082	14	12.594	21	6.402	11	6.402	11	33.320	67	100.00%
Use of Proceeds
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Acquisition	0	1.441	0	0	0	0	0.219	0	0.112	0	0	0
Capex	0	0	0	0	0.402	0	0	0	0	0	0.064	0
Dividend/recap	0.614	0.121	0	0	0	0	0	0.545	1.647	0	0	0
GCP	0	1.301	0	0	0.094	0	0	0	0	0	0	0
LBO	0.302	0.701	0	0	1.398	0	1.935	0.362	0.972	0	0	0
Redeem notes	0.487	0	0	0	0	0	2.291	2.054	0	0	0.391	0.359
Refinance	0.212	0.840	0	0.530	0	1.094	0.993	0.530	0.136	0.287	0.969	0
Repay bank debt	3.573	0	0	0	0	0	0	0	0.799	1.034	0	0.394
Multiple/Other/NA	0.286	0.144	0.219	0.050	0	0.514	0	0	0	1.299	1.604	0
Total	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753
	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	1.00%
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	1.395	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	0.749	2	0.749	2	5.581	8	11.70%
Refinance	1.052	3	1.624	4	1.659	4	1.257	3	1.257	3	5.592	14	19.63%
Repay bank debt	3.573	4	0	0	0.799	1	1.429	2	1.429	2	5.801	7	22.32%
Multiple/Other/NA	0.650	4	0.564	3	0	0	2.903	3	2.903	3	4.116	10	45.35%
Total	10.243	21	4.082	14	12.594	21	6.402	11	6.402	11	33.320	67	100.00%
Industry Sector (by SIC code)
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Mining (1xxx)	0	0	0	0	0.402	0	0	0	0	0	0	0
Oil and gas (13xx)	0	0	0	0.024	0	0	0	0	0.799	0	0.064	0
Construction (15xx)	0.127	0	0	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.949	2.124	0.219	0.240	0.447	1.094	3.846	2.946	0	2.333	2.443	0.753
Transportation (4xxx)	0	0	0	0	0	0	0	0	0.972	0.287	0.521	0
Communications (48xx)	2.546	0	0	0	0.447	0	1.010	0.545	1.759	0	0	0
Wholesale (5xxx)	0	0.586	0	0	0	0.514	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0	0.144	0	0	0.094	0	0	0	0	0	0	0
Services (7xxx)	1.854	1.694	0	0.316	0.504	0	0.582	0	0.136	0	0	0
Total	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753
	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	0.402	1	0.00%
Oil and gas (13xx)	0	0	0.024	1	0.799	1	0.064	1	0.064	1	0.887	3	1.00%
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	5.529	7	5.529	7	17.394	29	86.36%
Transportation (4xxx)	0	0	0	0	0.972	2	0.809	3	0.809	3	1.781	5	12.64%
Communications (48xx)	2.546	3	0.447	1	3.314	7	0	0	0	0	6.306	11	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	6.402	11	6.402	11	33.320	67	100.00%
Currency
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
NOK	0	0.033	0	0.024	0	0	0	0	0	0	0.064	0
€	5.475	4.249	0.219	0.556	1.800	1.094	5.437	3.491	3.554	2.620	1.491	0.753
£	0	0.266	0	0	0.094	0.514	0	0	0.112	0	1.474	0
Total	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753
	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	0.121	3	1.00%
€	9.944	18	3.450	11	12.482	20	4.864	9	4.864	9	30.740	58	75.98%
£	0.266	2	0.608	2	0.112	1	1.474	1	1.474	1	2.459	6	23.02%
Total	10.243	21	4.082	14	12.594	21	6.402	11	6.402	11	33.320	67	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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