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

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

Yield

	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Less than 6%	0	0	0	0	0	0	0	0	0.474	1.351	1.342	0
6%-6.99%	0	0	0.730	0	0.799	0.287	0.521	0.753	0.668	0.657	1.002	0.467
7%-7.99%	0	0	0.630	1.027	0.136	1.299	1.474	0	0.374	1.348	1.081	0
8%-8.99%	0.094	0	1.046	0	0.672	0	0	0	0.200	0.176	0.645	0.206
9%-9.99%	0.594	0.316	0	0.362	0.112	0	0	0	0.640	0	0.564	0.408
10%-10.99%	0.204	0	0	0	0.300	0	0	0	0	0	0.168	0
11% and higher	0.256	0	0	0	0	0	0	0	0	0	0	0
Floater	0.747	1.291	3.031	2.102	1.647	1.034	1.034	0	1.416	2.059	1.651	0.413
Total	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590	6.454	1.493
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Less than 6%	0	0	0	0	3.167	4	0	0	3.167	4	3.167	4	13.36%
6%-6.99%	1.529	3	1.562	5	2.327	5	0.467	1	4.356	11	5.885	14	18.37%
7%-7.99%	1.793	3	2.772	2	2.803	4	0	0	5.575	6	7.368	9	23.51%
8%-8.99%	1.719	3	0	0	1.021	3	0.206	1	1.227	4	3.040	8	5.17%
9%-9.99%	0.473	2	0	0	1.205	3	0.408	1	1.613	4	2.996	9	6.80%
10%-10.99%	0.300	1	0	0	0.168	1	0	0	0.168	1	0.672	3	0.71%
11% and higher	0	0	0	0	0	0	0	0	0	0	0.256	1	0.00%
Floater	6.780	9	2.068	4	5.126	13	0.413	1	7.606	18	16.424	31	32.08%
Total	12.594	21	6.402	11	15.818	33	1.493	4	23.713	48	39.808	79	100.00%
Versus Talk
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Lower	0	0	0	0	0	0	1.360	0	0	0	1.002	0
Low end	0.447	0.514	2.030	0.530	2.315	1.299	0	0.359	1.149	3.245	0.400	0
Middle	0.490	0.778	2.741	2.599	1.220	0	0	0.394	1.756	2.246	4.331	0.413
High end	0.300	0.316	0.666	0.362	0	1.034	0	0	0.668	0	0	0
Higher	0.402	0	0	0	0	0	0	0	0	0	0	0.614
NA	0.256	0	0	0	0.130	0.287	1.668	0	0.200	0.099	0.721	0.467
Total	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590	6.454	1.493
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Lower	0	0	1.360	3	1.002	1	0	0	2.362	4	2.362	4	9.96%
Low end	4.876	6	1.657	2	4.794	12	0	0	6.451	14	12.288	22	27.20%
Middle	6.560	12	0.394	1	8.333	13	0.413	1	9.140	15	16.968	31	38.54%
High end	1.028	2	1.034	1	0.668	1	0	0	1.702	2	3.346	6	7.18%
Higher	0	0	0	0	0	0	0.614	2	0.614	2	1.016	3	2.59%
NA	0.130	1	1.956	4	1.020	6	0.467	1	3.443	11	3.829	13	14.52%
Total	12.594	21	6.402	11	15.818	33	1.493	4	23.713	48	39.808	79	100.00%
Upsized?
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Yes	0.496	0	0.730	1.027	0.799	0.287	0.775	0	1.993	1.119	1.545	0
No	1.398	1.291	4.707	1.437	2.867	2.333	2.253	0.394	1.780	4.472	4.909	0.879
Downsized	0	0.316	0	1.027	0	0	0	0.359	0	0	0	0.614
Total	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590	6.454	1.493
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	2.556	4	1.062	2	4.657	10	0	0	5.720	12	8.772	18	24.12%
No	9.011	16	4.981	8	11.161	23	0.879	2	17.021	33	28.721	56	71.78%
Downsized	1.027	1	0.359	1	0	0	0.614	2	0.973	3	2.316	5	4.10%
Total	12.594	21	6.402	11	15.818	33	1.493	4	23.713	48	39.808	79	100.00%
Quick Sale?
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Yes	0	0	0.511	0	0.799	1.586	0.131	0.394	0	3.182	1.342	0
No	1.894	1.608	4.927	3.491	2.867	1.034	2.898	0.359	3.773	2.408	5.112	1.493
Total	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590	6.454	1.493
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	1.310	2	2.111	4	4.524	6	0	0	6.635	10	7.945	12	27.98%
No	11.284	19	4.291	7	11.294	27	1.493	4	17.078	38	31.863	67	72.02%
Total	12.594	21	6.402	11	15.818	33	1.493	4	23.713	48	39.808	79	100.00%
Seniority
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
senior secured	0.402	1.094	1.269	0	0.242	1.034	0.775	0	0.939	0.829	1.099	0.614
senior	1.194	0.514	3.658	3.491	1.607	1.299	2.253	0.753	1.959	4.400	3.621	0.879
senior subordinated	0.204	0	0.511	0	0.300	0.287	0	0	0.301	0.362	0.733	0
subordinated	0.094	0	0	0	1.516	0	0	0	0.574	0	1.002	0
Total	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590	6.454	1.493
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
senior secured	1.511	3	1.809	2	2.867	5	0.614	2	5.290	9	8.296	15	22.31%
senior	8.756	14	4.305	8	9.979	20	0.879	2	15.164	30	25.627	49	63.95%
senior subordinated	0.811	2	0.287	1	1.395	5	0	0	1.683	6	2.697	9	7.10%
subordinated	1.516	2	0	0	1.577	3	0	0	1.577	3	3.188	6	6.65%
Total	12.594	21	6.402	11	15.818	33	1.493	4	23.713	48	39.808	79	100.00%
Moody's Rating
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Ba1	0	0	0	0	0	0	0	0	0.200	2.035	0.664	0.467
Ba2	0	0	1.899	2.054	0.799	0	0	0	0	0	2.680	0
Ba3	0.402	0	0	0	0	0	1.296	0.359	0.668	0	0.400	1.027
B1	0	1.094	0	0	0.130	1.299	1.668	0	0.374	2.358	0	0
B2	0.447	0	2.648	0.530	0.672	1.034	0	0	0.939	0.181	1.344	0
B3	0.491	0	0.891	0.362	0.547	0.287	0	0.394	0	0.069	0.981	0
Caa1	0.460	0	0	0	1.255	0	0	0	0.640	0	0	0
Caa2	0	0	0	0	0	0	0	0	0	0.176	0	0
NR	0.094	0.514	0	0.545	0.261	0	0.064	0	0.951	0.772	0.385	0
Total	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590	6.454	1.493
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Ba1	0	0	0	0	2.899	6	0.467	1	3.366	7	3.366	7	14.19%
Ba2	4.751	5	0	0	2.680	3	0	0	2.680	3	7.432	8	11.30%
Ba3	0	0	1.655	4	1.068	2	1.027	3	3.750	9	4.152	10	15.81%
B1	0.130	1	2.967	3	2.732	4	0	0	5.698	7	6.923	10	24.03%
B2	3.851	6	1.034	1	2.464	5	0	0	3.499	6	7.796	13	14.76%
B3	1.800	6	0.682	2	1.050	3	0	0	1.732	5	4.023	13	7.30%
Caa1	1.255	1	0	0	0.640	2	0	0	0.640	2	2.355	5	2.70%
Caa2	0	0	0	0	0.176	1	0	0	0.176	1	0.176	1	0.74%
NR	0.806	2	0.064	1	2.108	7	0	0	2.172	8	3.586	12	9.16%
Total	12.594	21	6.402	11	15.818	33	1.493	4	23.713	48	39.808	79	100.00%
Use of Proceeds
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Acquisition	0	0	0.219	0	0.112	0	0	0	0	0.673	1.819	0
Capex	0.402	0	0	0	0	0	0.064	0	0	0	0.083	0
Dividend/recap	0	0	0	0.545	1.647	0	0	0	0.477	0	0	0
GCP	0.094	0	0	0	0	0	0	0	0.474	3.212	1.342	0
LBO	1.398	0	1.935	0.362	0.972	0	0	0	1.580	0	0.168	0
Redeem notes	0	0	2.291	2.054	0	0	0.391	0.359	0	0	0	0
Refinance	0	1.094	0.993	0.530	0.136	0.287	0.969	0	1.243	1.637	2.244	1.027
Repay bank debt	0	0	0	0	0.799	1.034	0	0.394	0	0	0	0.467
Multiple/Other/NA	0	0.514	0	0	0	1.299	1.604	0	0	0.069	0.798	0
Total	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590	6.454	1.493
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.331	2	0	0	2.491	4	0	0	2.491	4	2.822	6	10.50%
Capex	0	0	0.064	1	0.083	1	0	0	0.147	2	0.549	3	0.62%
Dividend/recap	2.192	4	0	0	0.477	1	0	0	0.477	1	2.669	5	2.01%
GCP	0	0	0	0	5.028	7	0	0	5.028	7	5.123	8	21.20%
LBO	3.268	5	0	0	1.748	5	0	0	1.748	5	6.414	15	7.37%
Redeem notes	4.345	5	0.749	2	0	0	0	0	0.749	2	5.094	7	3.16%
Refinance	1.659	4	1.257	3	5.124	12	1.027	3	7.407	18	10.160	24	31.24%
Repay bank debt	0.799	1	1.429	2	0	0	0.467	1	1.895	3	2.694	4	7.99%
Multiple/Other/NA	0	0	2.903	3	0.867	3	0	0	3.770	6	4.283	7	15.90%
Total	12.594	21	6.402	11	15.818	33	1.493	4	23.713	48	39.808	79	100.00%
Industry Sector (by SIC code)
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Mining (1xxx)	0.402	0	0	0	0	0	0	0	0	0	0.336	0
Oil and gas (13xx)	0	0	0	0	0.799	0	0.064	0	0	0	0.083	0
Construction (15xx)	0	0	0	0	0	0	0	0	0	0	0.134	0.413
Manufacturing (2xxx, 3xxx)	0.447	1.094	3.846	2.946	0	2.333	2.443	0.753	2.294	2.692	5.034	0.467
Transportation (4xxx)	0	0	0	0	0.972	0.287	0.521	0	0	0.772	0	0
Communications (48xx)	0.447	0	1.010	0.545	1.759	0	0	0	0	0	0.699	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0	0	0	0.614
Wholesale (5xxx)	0	0.514	0	0	0	0	0	0	0	0	0.168	0
Finance, insurance, real estate (6xxx)	0.094	0	0	0	0	0	0	0	1.479	1.765	0	0
Services (7xxx)	0.504	0	0.582	0	0.136	0	0	0	0	0.362	0	0
Total	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590	6.454	1.493
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	0	0	0	0	0.336	1	0	0	0.336	1	0.738	2	1.42%
Oil and gas (13xx)	0.799	1	0.064	1	0.083	1	0	0	0.147	2	0.946	3	0.62%
Construction (15xx)	0	0	0	0	0.134	1	0.413	1	0.546	2	0.546	2	2.30%
Manufacturing (2xxx, 3xxx)	6.791	8	5.529	7	10.020	17	0.467	1	16.016	25	24.348	37	67.54%
Transportation (4xxx)	0.972	2	0.809	3	0.772	2	0	0	1.580	5	2.553	7	6.66%
Communications (48xx)	3.314	7	0	0	0.699	1	0	0	0.699	1	4.459	9	2.95%
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.614	2	0.614	2	0.614	2	2.59%
Wholesale (5xxx)	0	0	0	0	0.168	1	0	0	0.168	1	0.682	2	0.71%
Finance, insurance, real estate (6xxx)	0	0	0	0	3.244	7	0	0	3.244	7	3.338	8	13.68%
Services (7xxx)	0.718	3	0	0	0.362	2	0	0	0.362	2	1.583	7	1.53%
Total	12.594	21	6.402	11	15.818	33	1.493	4	23.713	48	39.808	79	100.00%
Currency
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
NOK	0	0	0	0	0	0	0.064	0	0	0.099	0.217	0
€	1.800	1.094	5.437	3.491	3.554	2.620	1.491	0.753	2.294	5.491	6.238	1.085
£	0.094	0.514	0	0	0.112	0	1.474	0	1.479	0	0	0.408
Total	1.894	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.590	6.454	1.493
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
NOK	0	0	0.064	1	0.316	3	0	0	0.380	4	0.380	4	1.60%
€	12.482	20	4.864	9	14.023	26	1.085	3	19.972	38	35.347	66	84.22%
£	0.112	1	1.474	1	1.479	4	0.408	1	3.362	6	4.081	9	14.18%
Total	12.594	21	6.402	11	15.818	33	1.493	4	23.713	48	39.808	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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