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

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

Yield

	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Less than 6%	0	0	0	0	0	0	0	0	0	0.474	1.351	1.342
6%-6.99%	0	0	0	0.730	0	0.799	0.287	0.521	0.753	0.668	0.657	1.002
7%-7.99%	0.026	0	0	0.630	1.027	0.136	1.299	1.474	0	0.374	1.348	1.081
8%-8.99%	0	0.094	0	1.046	0	0.672	0	0	0	0.200	0.176	0.645
9%-9.99%	0	0.594	0.316	0	0.362	0.112	0	0	0	0.640	0	0.564
10%-10.99%	0	0.204	0	0	0	0.300	0	0	0	0	0	0.168
11% and higher	0.214	0.256	0	0	0	0	0	0	0	0	0	0
Floater	0.340	0.747	1.291	3.031	2.102	1.647	1.034	1.034	0	1.416	2.059	1.651
Total	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590	6.454
	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	3.167	4	3.167	4	3.167	4	14.25%
6%-6.99%	0	0	1.529	3	1.562	5	2.327	5	3.889	10	5.418	13	17.50%
7%-7.99%	0.026	1	1.793	3	2.772	2	2.803	4	5.575	6	7.395	10	25.09%
8%-8.99%	0.094	1	1.719	3	0	0	1.021	3	1.021	3	2.834	7	4.59%
9%-9.99%	0.910	3	0.473	2	0	0	1.205	3	1.205	3	2.588	8	5.42%
10%-10.99%	0.204	1	0.300	1	0	0	0.168	1	0.168	1	0.672	3	0.76%
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	5.126	13	7.193	17	16.352	32	32.37%
Total	4.082	14	12.594	21	6.402	11	15.818	33	22.220	44	38.895	79	100.00%
Versus Talk
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Lower	0	0	0	0	0	0	0	1.360	0	0	0	1.002
Low end	0.316	0.447	0.514	2.030	0.530	2.315	1.299	0	0.359	1.149	3.245	0.400
Middle	0	0.490	0.778	2.741	2.599	1.220	0	0	0.394	1.756	2.246	4.331
High end	0.214	0.300	0.316	0.666	0.362	0	1.034	0	0	0.668	0	0
Higher	0	0.402	0	0	0	0	0	0	0	0	0	0
NA	0.050	0.256	0	0	0	0.130	0.287	1.668	0	0.200	0.099	0.721
Total	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590	6.454
	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	1.002	1	2.362	4	2.362	4	10.63%
Low end	1.276	3	4.876	6	1.657	2	4.794	12	6.451	14	12.604	23	29.03%
Middle	1.268	4	6.560	12	0.394	1	8.333	13	8.727	14	16.555	30	39.28%
High end	0.830	3	1.028	2	1.034	1	0.668	1	1.702	2	3.560	7	7.66%
Higher	0.402	1	0	0	0	0	0	0	0	0	0.402	1	0.00%
NA	0.306	3	0.130	1	1.956	4	1.020	6	2.976	10	3.412	14	13.39%
Total	4.082	14	12.594	21	6.402	11	15.818	33	22.220	44	38.895	79	100.00%
Upsized?
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Yes	0.316	0.496	0	0.730	1.027	0.799	0.287	0.775	0	1.993	1.119	1.545
No	0.264	1.398	1.291	4.707	1.437	2.867	2.333	2.253	0.394	1.780	4.472	4.909
Downsized	0	0	0.316	0	1.027	0	0	0	0.359	0	0	0
Total	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590	6.454
	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	4.657	10	5.720	12	9.088	19	25.74%
No	2.953	10	9.011	16	4.981	8	11.161	23	16.141	31	28.106	57	72.64%
Downsized	0.316	1	1.027	1	0.359	1	0	0	0.359	1	1.702	3	1.62%
Total	4.082	14	12.594	21	6.402	11	15.818	33	22.220	44	38.895	79	100.00%
Quick Sale?
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Yes	0	0	0	0.511	0	0.799	1.586	0.131	0.394	0	3.182	1.342
No	0.580	1.894	1.608	4.927	3.491	2.867	1.034	2.898	0.359	3.773	2.408	5.112
Total	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590	6.454
	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	4.524	6	6.635	10	7.945	12	29.86%
No	4.082	14	11.284	19	4.291	7	11.294	27	15.584	34	30.950	67	70.14%
Total	4.082	14	12.594	21	6.402	11	15.818	33	22.220	44	38.895	79	100.00%
Seniority
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
senior secured	0.214	0.402	1.094	1.269	0	0.242	1.034	0.775	0	0.939	0.829	1.099
senior	0.366	1.194	0.514	3.658	3.491	1.607	1.299	2.253	0.753	1.959	4.400	3.621
senior subordinated	0	0.204	0	0.511	0	0.300	0.287	0	0	0.301	0.362	0.733
subordinated	0	0.094	0	0	0	1.516	0	0	0	0.574	0	1.002
Total	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590	6.454
	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	2.867	5	4.676	7	7.896	14	21.04%
senior	2.074	8	8.756	14	4.305	8	9.979	20	14.284	28	25.114	50	64.28%
senior subordinated	0.204	1	0.811	2	0.287	1	1.395	5	1.683	6	2.697	9	7.57%
subordinated	0.094	1	1.516	2	0	0	1.577	3	1.577	3	3.188	6	7.10%
Total	4.082	14	12.594	21	6.402	11	15.818	33	22.220	44	38.895	79	100.00%
Moody's Rating
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Ba1	0	0	0	0	0	0	0	0	0	0.200	2.035	0.664
Ba2	0	0	0	1.899	2.054	0.799	0	0	0	0	0	2.680
Ba3	0	0.402	0	0	0	0	0	1.296	0.359	0.668	0	0.400
B1	0	0	1.094	0	0	0.130	1.299	1.668	0	0.374	2.358	0
B2	0	0.447	0	2.648	0.530	0.672	1.034	0	0	0.939	0.181	1.344
B3	0.026	0.491	0	0.891	0.362	0.547	0.287	0	0.394	0	0.069	0.981
Caa1	0.214	0.460	0	0	0	1.255	0	0	0	0.640	0	0
Caa2	0	0	0	0	0	0	0	0	0	0	0.176	0
NR	0.340	0.094	0.514	0	0.545	0.261	0	0.064	0	0.951	0.772	0.385
Total	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590	6.454
	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	2.899	6	2.899	6	2.899	6	13.05%
Ba2	0	0	4.751	5	0	0	2.680	3	2.680	3	7.432	8	12.06%
Ba3	0.402	1	0	0	1.655	4	1.068	2	2.723	6	3.125	7	12.25%
B1	1.094	2	0.130	1	2.967	3	2.732	4	5.698	7	6.923	10	25.64%
B2	0.447	1	3.851	6	1.034	1	2.464	5	3.499	6	7.796	13	15.75%
B3	0.518	3	1.800	6	0.682	2	1.050	3	1.732	5	4.049	14	7.79%
Caa1	0.673	3	1.255	1	0	0	0.640	2	0.640	2	2.569	6	2.88%
Caa2	0	0	0	0	0	0	0.176	1	0.176	1	0.176	1	0.79%
NR	0.948	4	0.806	2	0.064	1	2.108	7	2.172	8	3.926	14	9.77%
Total	4.082	14	12.594	21	6.402	11	15.818	33	22.220	44	38.895	79	100.00%
Use of Proceeds
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Acquisition	0	0	0	0.219	0	0.112	0	0	0	0	0.673	1.819
Capex	0	0.402	0	0	0	0	0	0.064	0	0	0	0.083
Dividend/recap	0	0	0	0	0.545	1.647	0	0	0	0.477	0	0
GCP	0	0.094	0	0	0	0	0	0	0	0.474	3.212	1.342
LBO	0	1.398	0	1.935	0.362	0.972	0	0	0	1.580	0	0.168
Redeem notes	0	0	0	2.291	2.054	0	0	0.391	0.359	0	0	0
Refinance	0.530	0	1.094	0.993	0.530	0.136	0.287	0.969	0	1.243	1.637	2.244
Repay bank debt	0	0	0	0	0	0.799	1.034	0	0.394	0	0	0
Multiple/Other/NA	0.050	0	0.514	0	0	0	1.299	1.604	0	0	0.069	0.798
Total	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590	6.454
	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	2.491	4	2.491	4	2.822	6	11.21%
Capex	0.402	1	0	0	0.064	1	0.083	1	0.147	2	0.549	3	0.66%
Dividend/recap	0	0	2.192	4	0	0	0.477	1	0.477	1	2.669	5	2.15%
GCP	0.094	1	0	0	0	0	5.028	7	5.028	7	5.123	8	22.63%
LBO	1.398	5	3.268	5	0	0	1.748	5	1.748	5	6.414	15	7.87%
Redeem notes	0	0	4.345	5	0.749	2	0	0	0.749	2	5.094	7	3.37%
Refinance	1.624	4	1.659	4	1.257	3	5.124	12	6.380	15	9.663	23	28.71%
Repay bank debt	0	0	0.799	1	1.429	2	0	0	1.429	2	2.227	3	6.43%
Multiple/Other/NA	0.564	3	0	0	2.903	3	0.867	3	3.770	6	4.334	9	16.97%
Total	4.082	14	12.594	21	6.402	11	15.818	33	22.220	44	38.895	79	100.00%
Industry Sector (by SIC code)
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Mining (1xxx)	0	0.402	0	0	0	0	0	0	0	0	0	0.336
Oil and gas (13xx)	0.024	0	0	0	0	0.799	0	0.064	0	0	0	0.083
Construction (15xx)	0	0	0	0	0	0	0	0	0	0	0	0.134
Manufacturing (2xxx, 3xxx)	0.240	0.447	1.094	3.846	2.946	0	2.333	2.443	0.753	2.294	2.692	5.034
Transportation (4xxx)	0	0	0	0	0	0.972	0.287	0.521	0	0	0.772	0
Communications (48xx)	0	0.447	0	1.010	0.545	1.759	0	0	0	0	0	0.699
Wholesale (5xxx)	0	0	0.514	0	0	0	0	0	0	0	0	0.168
Finance, insurance, real estate (6xxx)	0	0.094	0	0	0	0	0	0	0	1.479	1.765	0
Services (7xxx)	0.316	0.504	0	0.582	0	0.136	0	0	0	0	0.362	0
Total	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590	6.454
	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	0.336	1	0.336	1	0.738	2	1.51%
Oil and gas (13xx)	0.024	1	0.799	1	0.064	1	0.083	1	0.147	2	0.970	4	0.66%
Construction (15xx)	0	0	0	0	0	0	0.134	1	0.134	1	0.134	1	0.60%
Manufacturing (2xxx, 3xxx)	1.781	6	6.791	8	5.529	7	10.020	17	15.549	24	24.122	38	69.98%
Transportation (4xxx)	0	0	0.972	2	0.809	3	0.772	2	1.580	5	2.553	7	7.11%
Communications (48xx)	0.447	1	3.314	7	0	0	0.699	1	0.699	1	4.459	9	3.15%
Wholesale (5xxx)	0.514	1	0	0	0	0	0.168	1	0.168	1	0.682	2	0.76%
Finance, insurance, real estate (6xxx)	0.094	1	0	0	0	0	3.244	7	3.244	7	3.338	8	14.60%
Services (7xxx)	0.820	3	0.718	3	0	0	0.362	2	0.362	2	1.900	8	1.63%
Total	4.082	14	12.594	21	6.402	11	15.818	33	22.220	44	38.895	79	100.00%
Currency
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
NOK	0.024	0	0	0	0	0	0	0.064	0	0	0.099	0.217
€	0.556	1.800	1.094	5.437	3.491	3.554	2.620	1.491	0.753	2.294	5.491	6.238
£	0	0.094	0.514	0	0	0.112	0	1.474	0	1.479	0	0
Total	0.580	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590	6.454
	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	0.316	3	0.380	4	0.404	5	1.71%
€	3.450	11	12.482	20	4.864	9	14.023	26	18.887	35	34.818	66	85.00%
£	0.608	2	0.112	1	1.474	1	1.479	4	2.953	5	3.673	8	13.29%
Total	4.082	14	12.594	21	6.402	11	15.818	33	22.220	44	38.895	79	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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