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

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

Yield

	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Less than 6%	0	0	0	0	0	0	0	0	0	0	0.474	1.351
6%-6.99%	0	0	0	0	0.730	0	0.799	0.287	0.521	0.753	0.668	0.657
7%-7.99%	0	0.026	0	0	0.630	1.027	0.136	1.299	1.474	0	0.374	1.348
8%-8.99%	0.219	0	0.094	0	1.046	0	0.672	0	0	0	0.200	0.176
9%-9.99%	0	0	0.594	0.316	0	0.362	0.112	0	0	0	0.640	0
10%-10.99%	0	0	0.204	0	0	0	0.300	0	0	0	0	0
11% and higher	0	0.214	0.256	0	0	0	0	0	0	0	0	0
Floater	0	0.340	0.747	1.291	3.031	2.102	1.647	1.034	1.034	0	1.416	2.059
Total	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590
	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	1.825	3	1.825	3	1.825	3	11.58%
6%-6.99%	0	0	1.529	3	1.562	5	1.325	4	2.887	9	4.416	12	18.31%
7%-7.99%	0.026	1	1.793	3	2.772	2	1.722	2	4.494	4	6.314	8	28.51%
8%-8.99%	0.094	1	1.719	3	0	0	0.376	2	0.376	2	2.408	7	2.39%
9%-9.99%	0.910	3	0.473	2	0	0	0.640	2	0.640	2	2.023	7	4.06%
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	3.474	8	5.542	12	14.700	27	35.15%
Total	4.082	14	12.594	21	6.402	11	9.363	21	15.765	32	32.660	68	100.00%
Versus Talk
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Lower	0	0	0	0	0	0	0	0	1.360	0	0	0
Low end	0	0.316	0.447	0.514	2.030	0.530	2.315	1.299	0	0.359	1.149	3.245
Middle	0	0	0.490	0.778	2.741	2.599	1.220	0	0	0.394	1.756	2.246
High end	0	0.214	0.300	0.316	0.666	0.362	0	1.034	0	0	0.668	0
Higher	0.219	0	0.402	0	0	0	0	0	0	0	0	0
NA	0	0.050	0.256	0	0	0	0.130	0.287	1.668	0	0.200	0.099
Total	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590
	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	8.63%
Low end	1.276	3	4.876	6	1.657	2	4.394	11	6.051	13	12.204	22	38.38%
Middle	1.268	4	6.560	12	0.394	1	4.002	7	4.396	8	12.224	24	27.88%
High end	0.830	3	1.028	2	1.034	1	0.668	1	1.702	2	3.560	7	10.80%
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	0.299	2	2.255	6	2.691	10	14.30%
Total	4.082	14	12.594	21	6.402	11	9.363	21	15.765	32	32.660	68	100.00%
Upsized?
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Yes	0.219	0.316	0.496	0	0.730	1.027	0.799	0.287	0.775	0	1.993	1.119
No	0	0.264	1.398	1.291	4.707	1.437	2.867	2.333	2.253	0.394	1.780	4.472
Downsized	0	0	0	0.316	0	1.027	0	0	0	0.359	0	0
Total	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590
	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	3.112	7	4.174	9	7.761	17	26.48%
No	2.953	10	9.011	16	4.981	8	6.252	14	11.232	22	23.197	48	71.25%
Downsized	0.316	1	1.027	1	0.359	1	0	0	0.359	1	1.702	3	2.28%
Total	4.082	14	12.594	21	6.402	11	9.363	21	15.765	32	32.660	68	100.00%
Quick Sale?
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Yes	0	0	0	0	0.511	0	0.799	1.586	0.131	0.394	0	3.182
No	0.219	0.580	1.894	1.608	4.927	3.491	2.867	1.034	2.898	0.359	3.773	2.408
Total	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590
	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	3.182	5	5.293	9	6.603	11	33.57%
No	4.082	14	11.284	19	4.291	7	6.182	16	10.472	23	26.057	57	66.43%
Total	4.082	14	12.594	21	6.402	11	9.363	21	15.765	32	32.660	68	100.00%
Seniority
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
senior secured	0	0.214	0.402	1.094	1.269	0	0.242	1.034	0.775	0	0.939	0.829
senior	0.219	0.366	1.194	0.514	3.658	3.491	1.607	1.299	2.253	0.753	1.959	4.400
senior subordinated	0	0	0.204	0	0.511	0	0.300	0.287	0	0	0.301	0.362
subordinated	0	0	0.094	0	0	0	1.516	0	0	0	0.574	0
Total	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590
	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	1.768	3	3.577	5	6.798	12	22.69%
senior	2.074	8	8.756	14	4.305	8	6.358	13	10.664	21	21.712	44	67.64%
senior subordinated	0.204	1	0.811	2	0.287	1	0.663	3	0.950	4	1.965	7	6.03%
subordinated	0.094	1	1.516	2	0	0	0.574	2	0.574	2	2.185	5	3.64%
Total	4.082	14	12.594	21	6.402	11	9.363	21	15.765	32	32.660	68	100.00%
Moody's Rating
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Ba1	0	0	0	0	0	0	0	0	0	0	0.200	2.035
Ba2	0	0	0	0	1.899	2.054	0.799	0	0	0	0	0
Ba3	0	0	0.402	0	0	0	0	0	1.296	0.359	0.668	0
B1	0	0	0	1.094	0	0	0.130	1.299	1.668	0	0.374	2.358
B2	0	0	0.447	0	2.648	0.530	0.672	1.034	0	0	0.939	0.181
B3	0.219	0.026	0.491	0	0.891	0.362	0.547	0.287	0	0.394	0	0.069
Caa1	0	0.214	0.460	0	0	0	1.255	0	0	0	0.640	0
Caa2	0	0	0	0	0	0	0	0	0	0	0	0.176
NR	0	0.340	0.094	0.514	0	0.545	0.261	0	0.064	0	0.951	0.772
Total	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590
	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	2.235	5	2.235	5	2.235	5	14.18%
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	2.725	6	14.74%
B1	1.094	2	0.130	1	2.967	3	2.732	4	5.698	7	6.923	10	36.14%
B2	0.447	1	3.851	6	1.034	1	1.121	3	2.155	4	6.452	11	13.67%
B3	0.518	3	1.800	6	0.682	2	0.069	1	0.751	3	3.287	13	4.76%
Caa1	0.673	3	1.255	1	0	0	0.640	2	0.640	2	2.569	6	4.06%
Caa2	0	0	0	0	0	0	0.176	1	0.176	1	0.176	1	1.12%
NR	0.948	4	0.806	2	0.064	1	1.723	4	1.787	5	3.541	11	11.34%
Total	4.082	14	12.594	21	6.402	11	9.363	21	15.765	32	32.660	68	100.00%
Use of Proceeds
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Acquisition	0	0	0	0	0.219	0	0.112	0	0	0	0	0.673
Capex	0	0	0.402	0	0	0	0	0	0.064	0	0	0
Dividend/recap	0	0	0	0	0	0.545	1.647	0	0	0	0.477	0
GCP	0	0	0.094	0	0	0	0	0	0	0	0.474	3.212
LBO	0	0	1.398	0	1.935	0.362	0.972	0	0	0	1.580	0
Redeem notes	0	0	0	0	2.291	2.054	0	0	0.391	0.359	0	0
Refinance	0	0.530	0	1.094	0.993	0.530	0.136	0.287	0.969	0	1.243	1.637
Repay bank debt	0	0	0	0	0	0	0.799	1.034	0	0.394	0	0
Multiple/Other/NA	0.219	0.050	0	0.514	0	0	0	1.299	1.604	0	0	0.069
Total	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590
	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	0.673	1	0.673	1	1.004	3	4.27%
Capex	0.402	1	0	0	0.064	1	0	0	0.064	1	0.466	2	0.41%
Dividend/recap	0	0	2.192	4	0	0	0.477	1	0.477	1	2.669	5	3.03%
GCP	0.094	1	0	0	0	0	3.686	6	3.686	6	3.780	7	23.38%
LBO	1.398	5	3.268	5	0	0	1.580	4	1.580	4	6.246	14	10.02%
Redeem notes	0	0	4.345	5	0.749	2	0	0	0.749	2	5.094	7	4.75%
Refinance	1.624	4	1.659	4	1.257	3	2.879	8	4.136	11	7.419	19	26.24%
Repay bank debt	0	0	0.799	1	1.429	2	0	0	1.429	2	2.227	3	9.06%
Multiple/Other/NA	0.564	3	0	0	2.903	3	0.069	1	2.972	4	3.755	8	18.85%
Total	4.082	14	12.594	21	6.402	11	9.363	21	15.765	32	32.660	68	100.00%
Industry Sector (by SIC code)
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Mining (1xxx)	0	0	0.402	0	0	0	0	0	0	0	0	0
Oil and gas (13xx)	0	0.024	0	0	0	0	0.799	0	0.064	0	0	0
Manufacturing (2xxx, 3xxx)	0.219	0.240	0.447	1.094	3.846	2.946	0	2.333	2.443	0.753	2.294	2.692
Transportation (4xxx)	0	0	0	0	0	0	0.972	0.287	0.521	0	0	0.772
Communications (48xx)	0	0	0.447	0	1.010	0.545	1.759	0	0	0	0	0
Wholesale (5xxx)	0	0	0	0.514	0	0	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0	0	0.094	0	0	0	0	0	0	0	1.479	1.765
Services (7xxx)	0	0.316	0.504	0	0.582	0	0.136	0	0	0	0	0.362
Total	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590
	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	0.41%
Manufacturing (2xxx, 3xxx)	1.781	6	6.791	8	5.529	7	4.986	10	10.515	17	19.306	32	66.70%
Transportation (4xxx)	0	0	0.972	2	0.809	3	0.772	2	1.580	5	2.553	7	10.02%
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	0.514	1	0.00%
Finance, insurance, real estate (6xxx)	0.094	1	0	0	0	0	3.244	7	3.244	7	3.338	8	20.58%
Services (7xxx)	0.820	3	0.718	3	0	0	0.362	2	0.362	2	1.900	8	2.30%
Total	4.082	14	12.594	21	6.402	11	9.363	21	15.765	32	32.660	68	100.00%
Currency
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
NOK	0	0.024	0	0	0	0	0	0	0.064	0	0	0.099
€	0.219	0.556	1.800	1.094	5.437	3.491	3.554	2.620	1.491	0.753	2.294	5.491
£	0	0	0.094	0.514	0	0	0.112	0	1.474	0	1.479	0
Total	0.219	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590
	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	0.099	1	0.163	2	0.187	3	1.03%
€	3.450	11	12.482	20	4.864	9	7.785	16	12.649	25	28.800	57	80.23%
£	0.608	2	0.112	1	1.474	1	1.479	4	2.953	5	3.673	8	18.73%
Total	4.082	14	12.594	21	6.402	11	9.363	21	15.765	32	32.660	68	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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