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

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

Yield

	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Less than 6%	0	0	0	0	0	0	0	0.474	1.351	1.342	0	0
6%-6.99%	0	0.730	0	0.799	0.287	0.521	0.753	0.668	0.657	1.002	0.467	0
7%-7.99%	0	0.630	1.027	0.136	1.299	1.474	0	0.374	1.348	1.081	0	0
8%-8.99%	0	1.046	0	0.672	0	0	0	0.200	0.311	0.645	0.206	0
9%-9.99%	0.316	0	0.362	0.112	0	0	0	0.640	0	0.564	0.408	0
10%-10.99%	0	0	0	0.300	0	0	0	0	0	0.168	0	0
Floater	1.291	3.031	2.102	1.647	1.034	1.034	0	1.416	2.059	1.651	0.413	0
Total	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.725	6.454	1.493	0
	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	13.28%
6%-6.99%	1.529	3	1.562	5	2.327	5	0.467	1	4.356	11	5.885	14	18.27%
7%-7.99%	1.793	3	2.772	2	2.803	4	0	0	5.575	6	7.368	9	23.38%
8%-8.99%	1.719	3	0	0	1.156	4	0.206	1	1.362	5	3.081	8	5.71%
9%-9.99%	0.473	2	0	0	1.205	3	0.408	1	1.613	4	2.403	7	6.76%
10%-10.99%	0.300	1	0	0	0.168	1	0	0	0.168	1	0.468	2	0.70%
Floater	6.780	9	2.068	4	5.126	13	0.413	1	7.606	18	15.678	29	31.89%
Total	12.594	21	6.402	11	15.953	34	1.493	4	23.848	49	38.049	73	100.00%
Versus Talk
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Lower	0	0	0	0	0	1.360	0	0	0	1.002	0	0
Low end	0.514	2.030	0.530	2.315	1.299	0	0.359	1.149	3.245	0.400	0	0
Middle	0.778	2.741	2.599	1.220	0	0	0.394	1.756	2.246	4.331	0.413	0
High end	0.316	0.666	0.362	0	1.034	0	0	0.668	0	0	0	0
Higher	0	0	0	0	0	0	0	0	0	0	0.614	0
NA	0	0	0	0.130	0.287	1.668	0	0.200	0.234	0.721	0.467	0
Total	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.725	6.454	1.493	0
	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	9.90%
Low end	4.876	6	1.657	2	4.794	12	0	0	6.451	14	11.841	21	27.05%
Middle	6.560	12	0.394	1	8.333	13	0.413	1	9.140	15	16.478	28	38.33%
High end	1.028	2	1.034	1	0.668	1	0	0	1.702	2	3.046	5	7.14%
Higher	0	0	0	0	0	0	0.614	2	0.614	2	0.614	2	2.57%
NA	0.130	1	1.956	4	1.156	7	0.467	1	3.578	12	3.709	13	15.00%
Total	12.594	21	6.402	11	15.953	34	1.493	4	23.848	49	38.049	73	100.00%
Upsized?
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Yes	0	0.730	1.027	0.799	0.287	0.775	0	1.993	1.119	1.545	0	0
No	1.291	4.707	1.437	2.867	2.333	2.253	0.394	1.780	4.607	4.909	0.879	0
Downsized	0.316	0	1.027	0	0	0	0.359	0	0	0	0.614	0
Total	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.725	6.454	1.493	0
	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	8.275	16	23.99%
No	9.011	16	4.981	8	11.296	24	0.879	2	17.156	34	27.458	52	71.94%
Downsized	1.027	1	0.359	1	0	0	0.614	2	0.973	3	2.316	5	4.08%
Total	12.594	21	6.402	11	15.953	34	1.493	4	23.848	49	38.049	73	100.00%
Quick Sale?
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Yes	0	0.511	0	0.799	1.586	0.131	0.394	0	3.182	1.342	0	0
No	1.608	4.927	3.491	2.867	1.034	2.898	0.359	3.773	2.544	5.112	1.493	0
Total	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.725	6.454	1.493	0
	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	27.82%
No	11.284	19	4.291	7	11.429	28	1.493	4	17.213	39	30.104	61	72.18%
Total	12.594	21	6.402	11	15.953	34	1.493	4	23.848	49	38.049	73	100.00%
Seniority
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
senior secured	1.094	1.269	0	0.242	1.034	0.775	0	0.939	0.829	1.099	0.614	0
senior	0.514	3.658	3.491	1.607	1.299	2.253	0.753	1.959	4.400	3.621	0.879	0
senior subordinated	0	0.511	0	0.300	0.287	0	0	0.301	0.362	0.733	0	0
subordinated	0	0	0	1.516	0	0	0	0.574	0.135	1.002	0	0
Total	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.725	6.454	1.493	0
	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	7.895	14	22.18%
senior	8.756	14	4.305	8	9.979	20	0.879	2	15.164	30	24.433	45	63.59%
senior subordinated	0.811	2	0.287	1	1.395	5	0	0	1.683	6	2.493	8	7.06%
subordinated	1.516	2	0	0	1.712	4	0	0	1.712	4	3.228	6	7.18%
Total	12.594	21	6.402	11	15.953	34	1.493	4	23.848	49	38.049	73	100.00%
Moody's Rating
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Ba1	0	0	0	0	0	0	0	0.200	2.035	0.664	0.467	0
Ba2	0	1.899	2.054	0.799	0	0	0	0	0	2.680	0	0
Ba3	0	0	0	0	0	1.296	0.359	0.668	0	0.400	1.027	0
B1	1.094	0	0	0.130	1.299	1.668	0	0.374	2.358	0	0	0
B2	0	2.648	0.530	0.672	1.034	0	0	0.939	0.181	1.344	0	0
B3	0	0.891	0.362	0.547	0.287	0	0.394	0	0.069	0.981	0	0
Caa1	0	0	0	1.255	0	0	0	0.640	0	0	0	0
Caa2	0	0	0	0	0	0	0	0	0.176	0	0	0
NR	0.514	0	0.545	0.261	0	0.064	0	0.951	0.907	0.385	0	0
Total	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.725	6.454	1.493	0
	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	14.11%
Ba2	4.751	5	0	0	2.680	3	0	0	2.680	3	7.432	8	11.24%
Ba3	0	0	1.655	4	1.068	2	1.027	3	3.750	9	3.750	9	15.72%
B1	0.130	1	2.967	3	2.732	4	0	0	5.698	7	6.923	10	23.89%
B2	3.851	6	1.034	1	2.464	5	0	0	3.499	6	7.349	12	14.67%
B3	1.800	6	0.682	2	1.050	3	0	0	1.732	5	3.532	11	7.26%
Caa1	1.255	1	0	0	0.640	2	0	0	0.640	2	1.895	3	2.68%
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	2.243	8	0	0	2.307	9	3.627	12	9.67%
Total	12.594	21	6.402	11	15.953	34	1.493	4	23.848	49	38.049	73	100.00%
Use of Proceeds
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Acquisition	0	0.219	0	0.112	0	0	0	0	0.673	1.819	0	0
Capex	0	0	0	0	0	0.064	0	0	0	0.083	0	0
Dividend/recap	0	0	0.545	1.647	0	0	0	0.477	0	0	0	0
GCP	0	0	0	0	0	0	0	0.474	3.347	1.342	0	0
LBO	0	1.935	0.362	0.972	0	0	0	1.580	0	0.168	0	0
Redeem notes	0	2.291	2.054	0	0	0.391	0.359	0	0	0	0	0
Refinance	1.094	0.993	0.530	0.136	0.287	0.969	0	1.243	1.637	2.244	1.027	0
Repay bank debt	0	0	0	0.799	1.034	0	0.394	0	0	0	0.467	0
Multiple/Other/NA	0.514	0	0	0	1.299	1.604	0	0	0.069	0.798	0	0
Total	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.725	6.454	1.493	0
	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	10.45%
Capex	0	0	0.064	1	0.083	1	0	0	0.147	2	0.147	2	0.62%
Dividend/recap	2.192	4	0	0	0.477	1	0	0	0.477	1	2.669	5	2.00%
GCP	0	0	0	0	5.163	8	0	0	5.163	8	5.163	8	21.65%
LBO	3.268	5	0	0	1.748	5	0	0	1.748	5	5.016	10	7.33%
Redeem notes	4.345	5	0.749	2	0	0	0	0	0.749	2	5.094	7	3.14%
Refinance	1.659	4	1.257	3	5.124	12	1.027	3	7.407	18	10.160	24	31.06%
Repay bank debt	0.799	1	1.429	2	0	0	0.467	1	1.895	3	2.694	4	7.95%
Multiple/Other/NA	0	0	2.903	3	0.867	3	0	0	3.770	6	4.283	7	15.81%
Total	12.594	21	6.402	11	15.953	34	1.493	4	23.848	49	38.049	73	100.00%
Industry Sector (by SIC code)
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Mining (1xxx)	0	0	0	0	0	0	0	0	0	0.336	0	0
Oil and gas (13xx)	0	0	0	0.799	0	0.064	0	0	0	0.083	0	0
Construction (15xx)	0	0	0	0	0	0	0	0	0	0.134	0.413	0
Manufacturing (2xxx, 3xxx)	1.094	3.846	2.946	0	2.333	2.443	0.753	2.294	2.827	5.034	0.467	0
Transportation (4xxx)	0	0	0	0.972	0.287	0.521	0	0	0.772	0	0	0
Communications (48xx)	0	1.010	0.545	1.759	0	0	0	0	0	0.699	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0	0	0.614	0
Wholesale (5xxx)	0.514	0	0	0	0	0	0	0	0	0.168	0	0
Finance, insurance, real estate (6xxx)	0	0	0	0	0	0	0	1.479	1.765	0	0	0
Services (7xxx)	0	0.582	0	0.136	0	0	0	0	0.362	0	0	0
Total	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.725	6.454	1.493	0
	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	0.336	1	1.41%
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	2.29%
Manufacturing (2xxx, 3xxx)	6.791	8	5.529	7	10.155	18	0.467	1	16.151	26	24.036	36	67.72%
Transportation (4xxx)	0.972	2	0.809	3	0.772	2	0	0	1.580	5	2.553	7	6.63%
Communications (48xx)	3.314	7	0	0	0.699	1	0	0	0.699	1	4.013	8	2.93%
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.614	2	0.614	2	0.614	2	2.57%
Wholesale (5xxx)	0	0	0	0	0.168	1	0	0	0.168	1	0.682	2	0.70%
Finance, insurance, real estate (6xxx)	0	0	0	0	3.244	7	0	0	3.244	7	3.244	7	13.60%
Services (7xxx)	0.718	3	0	0	0.362	2	0	0	0.362	2	1.080	5	1.52%
Total	12.594	21	6.402	11	15.953	34	1.493	4	23.848	49	38.049	73	100.00%
Currency
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
NOK	0	0	0	0	0	0.064	0	0	0.099	0.217	0	0
€	1.094	5.437	3.491	3.554	2.620	1.491	0.753	2.294	5.626	6.238	1.085	0
£	0.514	0	0	0.112	0	1.474	0	1.479	0	0	0.408	0
Total	1.608	5.437	3.491	3.666	2.620	3.028	0.753	3.773	5.725	6.454	1.493	0
	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	1.59%
€	12.482	20	4.864	9	14.158	27	1.085	3	20.107	39	33.683	61	84.31%
£	0.112	1	1.474	1	1.479	4	0.408	1	3.362	6	3.987	8	14.10%
Total	12.594	21	6.402	11	15.953	34	1.493	4	23.848	49	38.049	73	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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