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

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

Yield

	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Less than 6%	1.268	0	0	0	0	0	0	0	0	0	0	0.474
6%-6.99%	0.144	0	0	0	0	0.730	0	0.799	0.287	0.521	0.753	0.668
7%-7.99%	0	0	0.026	0	0	0.630	1.027	0.136	1.299	1.474	0	0.374
8%-8.99%	1.279	0.219	0	0.094	0	1.046	0	0.672	0	0	0	0.200
9%-9.99%	0.254	0	0	0.594	0.316	0	0.362	0.112	0	0	0	0.640
10%-10.99%	0	0	0	0.204	0	0	0	0.300	0	0	0	0
11% and higher	0	0	0.214	0.256	0	0	0	0	0	0	0	0
Floater	1.603	0	0.340	0.747	1.291	3.031	2.102	1.647	1.034	1.034	0	1.416
Total	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Less than 6%	0	0	0	0	0	0	0.474	1	0.474	1	1.742	2	4.66%
6%-6.99%	0	0	1.529	3	1.562	5	0.668	1	2.230	6	3.904	10	21.92%
7%-7.99%	0.026	1	1.793	3	2.772	2	0.374	1	3.146	3	4.966	7	30.92%
8%-8.99%	0.094	1	1.719	3	0	0	0.200	1	0.200	1	3.511	8	1.97%
9%-9.99%	0.910	3	0.473	2	0	0	0.640	2	0.640	2	2.277	8	6.29%
10%-10.99%	0.204	1	0.300	1	0	0	0	0	0	0	0.504	2	0.00%
11% and higher	0.469	2	0	0	0	0	0	0	0	0	0.469	2	0.00%
Floater	2.378	6	6.780	9	2.068	4	1.416	3	3.484	7	14.245	27	34.24%
Total	4.082	14	12.594	21	6.402	11	3.773	9	10.175	20	31.618	66	100.00%
Versus Talk
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Lower	0	0	0	0	0	0	0	0	0	1.360	0	0
Low end	2.228	0	0.316	0.447	0.514	2.030	0.530	2.315	1.299	0	0.359	1.149
Middle	2.022	0	0	0.490	0.778	2.741	2.599	1.220	0	0	0.394	1.756
High end	0	0	0.214	0.300	0.316	0.666	0.362	0	1.034	0	0	0.668
Higher	0	0.219	0	0.402	0	0	0	0	0	0	0	0
NA	0.299	0	0.050	0.256	0	0	0	0.130	0.287	1.668	0	0.200
Total	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Lower	0	0	0	0	1.360	3	0	0	1.360	3	1.360	3	13.37%
Low end	1.276	3	4.876	6	1.657	2	1.149	3	2.806	5	11.186	16	27.58%
Middle	1.268	4	6.560	12	0.394	1	1.756	4	2.150	5	11.999	26	21.13%
High end	0.830	3	1.028	2	1.034	1	0.668	1	1.702	2	3.560	7	16.73%
Higher	0.402	1	0	0	0	0	0	0	0	0	0.621	2	0.00%
NA	0.306	3	0.130	1	1.956	4	0.200	1	2.156	5	2.891	12	21.19%
Total	4.082	14	12.594	21	6.402	11	3.773	9	10.175	20	31.618	66	100.00%
Upsized?
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Yes	1.436	0.219	0.316	0.496	0	0.730	1.027	0.799	0.287	0.775	0	1.993
No	3.112	0	0.264	1.398	1.291	4.707	1.437	2.867	2.333	2.253	0.394	1.780
Downsized	0	0	0	0	0.316	0	1.027	0	0	0	0.359	0
Total	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	0.812	3	2.556	4	1.062	2	1.993	4	3.055	6	8.078	18	30.02%
No	2.953	10	9.011	16	4.981	8	1.780	5	6.761	13	21.837	45	66.45%
Downsized	0.316	1	1.027	1	0.359	1	0	0	0.359	1	1.702	3	3.53%
Total	4.082	14	12.594	21	6.402	11	3.773	9	10.175	20	31.618	66	100.00%
Quick Sale?
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Yes	0	0	0	0	0	0.511	0	0.799	1.586	0.131	0.394	0
No	4.548	0.219	0.580	1.894	1.608	4.927	3.491	2.867	1.034	2.898	0.359	3.773
Total	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	1.310	2	2.111	4	0	0	2.111	4	3.421	6	20.75%
No	4.082	14	11.284	19	4.291	7	3.773	9	8.064	16	28.197	60	79.25%
Total	4.082	14	12.594	21	6.402	11	3.773	9	10.175	20	31.618	66	100.00%
Seniority
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
senior secured	0.481	0	0.214	0.402	1.094	1.269	0	0.242	1.034	0.775	0	0.939
senior	2.008	0.219	0.366	1.194	0.514	3.658	3.491	1.607	1.299	2.253	0.753	1.959
senior subordinated	1.915	0	0	0.204	0	0.511	0	0.300	0.287	0	0	0.301
subordinated	0.144	0	0	0.094	0	0	0	1.516	0	0	0	0.574
Total	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
senior secured	1.710	4	1.511	3	1.809	2	0.939	2	2.748	4	6.450	12	27.01%
senior	2.074	8	8.756	14	4.305	8	1.959	4	6.264	12	19.320	39	61.56%
senior subordinated	0.204	1	0.811	2	0.287	1	0.301	1	0.588	2	3.518	9	5.78%
subordinated	0.094	1	1.516	2	0	0	0.574	2	0.574	2	2.330	6	5.64%
Total	4.082	14	12.594	21	6.402	11	3.773	9	10.175	20	31.618	66	100.00%
Moody's Rating
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Ba1	0.144	0	0	0	0	0	0	0	0	0	0	0.200
Ba2	0	0	0	0	0	1.899	2.054	0.799	0	0	0	0
Ba3	2.228	0	0	0.402	0	0	0	0	0	1.296	0.359	0.668
B1	0.382	0	0	0	1.094	0	0	0.130	1.299	1.668	0	0.374
B2	0.799	0	0	0.447	0	2.648	0.530	0.672	1.034	0	0	0.939
B3	0	0.219	0.026	0.491	0	0.891	0.362	0.547	0.287	0	0.394	0
Caa1	0.254	0	0.214	0.460	0	0	0	1.255	0	0	0	0.640
NR	0.740	0	0.340	0.094	0.514	0	0.545	0.261	0	0.064	0	0.951
Total	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Ba1	0	0	0	0	0	0	0.200	1	0.200	1	0.345	2	1.97%
Ba2	0	0	4.751	5	0	0	0	0	0	0	4.751	5	0.00%
Ba3	0.402	1	0	0	1.655	4	0.668	1	2.323	5	4.953	8	22.83%
B1	1.094	2	0.130	1	2.967	3	0.374	1	3.341	4	4.948	8	32.84%
B2	0.447	1	3.851	6	1.034	1	0.939	2	1.973	3	7.070	12	19.39%
B3	0.518	3	1.800	6	0.682	2	0	0	0.682	2	3.218	12	6.70%
Caa1	0.673	3	1.255	1	0	0	0.640	2	0.640	2	2.823	7	6.29%
NR	0.948	4	0.806	2	0.064	1	0.951	2	1.015	3	3.509	12	9.98%
Total	4.082	14	12.594	21	6.402	11	3.773	9	10.175	20	31.618	66	100.00%
Use of Proceeds
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Acquisition	1.441	0	0	0	0	0.219	0	0.112	0	0	0	0
Capex	0	0	0	0.402	0	0	0	0	0	0.064	0	0
Dividend/recap	0.121	0	0	0	0	0	0.545	1.647	0	0	0	0.477
GCP	1.301	0	0	0.094	0	0	0	0	0	0	0	0.474
LBO	0.701	0	0	1.398	0	1.935	0.362	0.972	0	0	0	1.580
Redeem notes	0	0	0	0	0	2.291	2.054	0	0	0.391	0.359	0
Refinance	0.840	0	0.530	0	1.094	0.993	0.530	0.136	0.287	0.969	0	1.243
Repay bank debt	0	0	0	0	0	0	0	0.799	1.034	0	0.394	0
Multiple/Other/NA	0.144	0.219	0.050	0	0.514	0	0	0	1.299	1.604	0	0
Total	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	0.331	2	0	0	0	0	0	0	1.771	4	0.00%
Capex	0.402	1	0	0	0.064	1	0	0	0.064	1	0.466	2	0.63%
Dividend/recap	0	0	2.192	4	0	0	0.477	1	0.477	1	2.790	6	4.69%
GCP	0.094	1	0	0	0	0	0.474	1	0.474	1	1.869	4	4.66%
LBO	1.398	5	3.268	5	0	0	1.580	4	1.580	4	6.947	16	15.53%
Redeem notes	0	0	4.345	5	0.749	2	0	0	0.749	2	5.094	7	7.36%
Refinance	1.624	4	1.659	4	1.257	3	1.243	3	2.499	6	6.622	16	24.56%
Repay bank debt	0	0	0.799	1	1.429	2	0	0	1.429	2	2.227	3	14.04%
Multiple/Other/NA	0.564	3	0	0	2.903	3	0	0	2.903	3	3.830	8	28.53%
Total	4.082	14	12.594	21	6.402	11	3.773	9	10.175	20	31.618	66	100.00%
Industry Sector (by SIC code)
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Mining (1xxx)	0	0	0	0.402	0	0	0	0	0	0	0	0
Oil and gas (13xx)	0	0	0.024	0	0	0	0	0.799	0	0.064	0	0
Manufacturing (2xxx, 3xxx)	2.124	0.219	0.240	0.447	1.094	3.846	2.946	0	2.333	2.443	0.753	2.294
Transportation (4xxx)	0	0	0	0	0	0	0	0.972	0.287	0.521	0	0
Communications (48xx)	0	0	0	0.447	0	1.010	0.545	1.759	0	0	0	0
Wholesale (5xxx)	0.586	0	0	0	0.514	0	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0.144	0	0	0.094	0	0	0	0	0	0	0	1.479
Services (7xxx)	1.694	0	0.316	0.504	0	0.582	0	0.136	0	0	0	0
Total	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	0.402	1	0	0	0	0	0	0	0	0	0.402	1	0.00%
Oil and gas (13xx)	0.024	1	0.799	1	0.064	1	0	0	0.064	1	0.887	3	0.63%
Manufacturing (2xxx, 3xxx)	1.781	6	6.791	8	5.529	7	2.294	5	7.823	12	18.738	31	76.88%
Transportation (4xxx)	0	0	0.972	2	0.809	3	0	0	0.809	3	1.781	5	7.95%
Communications (48xx)	0.447	1	3.314	7	0	0	0	0	0	0	3.761	8	0.00%
Wholesale (5xxx)	0.514	1	0	0	0	0	0	0	0	0	1.099	2	0.00%
Finance, insurance, real estate (6xxx)	0.094	1	0	0	0	0	1.479	4	1.479	4	1.718	6	14.54%
Services (7xxx)	0.820	3	0.718	3	0	0	0	0	0	0	3.232	10	0.00%
Total	4.082	14	12.594	21	6.402	11	3.773	9	10.175	20	31.618	66	100.00%
Currency
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
NOK	0.033	0	0.024	0	0	0	0	0	0	0.064	0	0
€	4.249	0.219	0.556	1.800	1.094	5.437	3.491	3.554	2.620	1.491	0.753	2.294
£	0.266	0	0	0.094	0.514	0	0	0.112	0	1.474	0	1.479
Total	4.548	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
NOK	0.024	1	0	0	0.064	1	0	0	0.064	1	0.121	3	0.63%
€	3.450	11	12.482	20	4.864	9	2.294	5	7.158	14	27.558	53	70.35%
£	0.608	2	0.112	1	1.474	1	1.479	4	2.953	5	3.938	10	29.02%
Total	4.082	14	12.594	21	6.402	11	3.773	9	10.175	20	31.618	66	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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