Analysis of European high yield issuance for 2007

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

Yield

	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Less than 6%	0	0	0	0.474	1.351	1.342	0	0	0	0	0	0
6%-6.99%	0.287	0.521	0.753	0.668	0.657	1.002	0.467	0	0	0	0	0
7%-7.99%	1.299	1.474	0	0.374	1.348	1.081	0	0	0	0	0	0
8%-8.99%	0	0	0	0.200	0.311	0.645	0.206	0	0	0	0	0
9%-9.99%	0	0	0	0.640	0	0.564	0.408	0	0	0	0	0
10%-10.99%	0	0	0	0	0	0.168	0	0	0	0	0	0.059
Floater	1.034	1.034	0	1.416	2.262	1.651	0.413	0	0	0	0.047	0
Total	2.620	3.028	0.753	3.773	5.929	6.454	1.493	0	0	0	0.047	0.059
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Less than 6%	0	0	3.167	4	0	0	0	0	3.167	4	3.167	4	13.11%
6%-6.99%	1.562	5	2.327	5	0.467	1	0	0	4.356	11	4.356	11	18.03%
7%-7.99%	2.772	2	2.803	4	0	0	0	0	5.575	6	5.575	6	23.08%
8%-8.99%	0	0	1.156	4	0.206	1	0	0	1.362	5	1.362	5	5.64%
9%-9.99%	0	0	1.205	3	0.408	1	0	0	1.613	4	1.613	4	6.68%
10%-10.99%	0	0	0.168	1	0	0	0.059	1	0.227	2	0.227	2	0.94%
Floater	2.068	4	5.329	14	0.413	1	0.047	1	7.856	20	7.856	20	32.52%
Total	6.402	11	16.156	35	1.493	4	0.105	2	24.157	52	24.157	52	100.00%
Versus Talk
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Lower	0	1.360	0	0	0	1.002	0	0	0	0	0	0
Low end	1.299	0	0.359	1.149	3.448	0.400	0	0	0	0	0	0
Middle	0	0	0.394	1.756	2.246	4.331	0.413	0	0	0	0	0
High end	1.034	0	0	0.668	0	0	0	0	0	0	0	0
Higher	0	0	0	0	0	0	0.614	0	0	0	0	0
NA	0.287	1.668	0	0.200	0.234	0.721	0.467	0	0	0	0.047	0.059
Total	2.620	3.028	0.753	3.773	5.929	6.454	1.493	0	0	0	0.047	0.059
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Lower	1.360	3	1.002	1	0	0	0	0	2.362	4	2.362	4	9.78%
Low end	1.657	2	4.997	13	0	0	0	0	6.654	15	6.654	15	27.54%
Middle	0.394	1	8.333	13	0.413	1	0	0	9.140	15	9.140	15	37.84%
High end	1.034	1	0.668	1	0	0	0	0	1.702	2	1.702	2	7.05%
Higher	0	0	0	0	0.614	2	0	0	0.614	2	0.614	2	2.54%
NA	1.956	4	1.156	7	0.467	1	0.105	2	3.683	14	3.683	14	15.25%
Total	6.402	11	16.156	35	1.493	4	0.105	2	24.157	52	24.157	52	100.00%
Upsized?
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Yes	0.287	0.775	0	1.993	1.119	1.545	0	0	0	0	0	0
No	2.333	2.253	0.394	1.780	4.810	4.909	0.879	0	0	0	0.047	0
Downsized	0	0	0.359	0	0	0	0.614	0	0	0	0	0.059
Total	2.620	3.028	0.753	3.773	5.929	6.454	1.493	0	0	0	0.047	0.059
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	1.062	2	4.657	10	0	0	0	0	5.720	12	5.720	12	23.68%
No	4.981	8	11.499	25	0.879	2	0.047	1	17.406	36	17.406	36	72.05%
Downsized	0.359	1	0	0	0.614	2	0.059	1	1.031	4	1.031	4	4.27%
Total	6.402	11	16.156	35	1.493	4	0.105	2	24.157	52	24.157	52	100.00%
Quick Sale?
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Yes	1.586	0.131	0.394	0	3.182	1.342	0	0	0	0	0	0
No	1.034	2.898	0.359	3.773	2.747	5.112	1.493	0	0	0	0.047	0.059
Total	2.620	3.028	0.753	3.773	5.929	6.454	1.493	0	0	0	0.047	0.059
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	2.111	4	4.524	6	0	0	0	0	6.635	10	6.635	10	27.47%
No	4.291	7	11.632	29	1.493	4	0.105	2	17.521	42	17.521	42	72.53%
Total	6.402	11	16.156	35	1.493	4	0.105	2	24.157	52	24.157	52	100.00%
Seniority
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
senior secured	1.034	0.775	0	0.939	1.032	1.099	0.614	0	0	0	0	0
senior	1.299	2.253	0.753	1.959	4.400	3.621	0.879	0	0	0	0.047	0.059
senior subordinated	0.287	0	0	0.301	0.362	0.733	0	0	0	0	0	0
subordinated	0	0	0	0.574	0.135	1.002	0	0	0	0	0	0
Total	2.620	3.028	0.753	3.773	5.929	6.454	1.493	0	0	0	0.047	0.059
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
senior secured	1.809	2	3.070	6	0.614	2	0	0	5.493	10	5.493	10	22.74%
senior	4.305	8	9.979	20	0.879	2	0.105	2	15.269	32	15.269	32	63.21%
senior subordinated	0.287	1	1.395	5	0	0	0	0	1.683	6	1.683	6	6.97%
subordinated	0	0	1.712	4	0	0	0	0	1.712	4	1.712	4	7.09%
Total	6.402	11	16.156	35	1.493	4	0.105	2	24.157	52	24.157	52	100.00%
Moody's Rating
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Ba1	0	0	0	0.200	2.035	0.664	0.467	0	0	0	0	0
Ba2	0	0	0	0	0	2.680	0	0	0	0	0	0
Ba3	0	1.296	0.359	0.668	0.203	0.400	1.027	0	0	0	0	0
B1	1.299	1.668	0	0.374	2.358	0	0	0	0	0	0	0
B2	1.034	0	0	0.939	0.181	1.344	0	0	0	0	0	0
B3	0.287	0	0.394	0	0.069	0.981	0	0	0	0	0	0
Caa1	0	0	0	0.640	0	0	0	0	0	0	0	0
Caa2	0	0	0	0	0.176	0	0	0	0	0	0	0
NR	0	0.064	0	0.951	0.907	0.385	0	0	0	0	0.047	0.059
Total	2.620	3.028	0.753	3.773	5.929	6.454	1.493	0	0	0	0.047	0.059
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Ba1	0	0	2.899	6	0.467	1	0	0	3.366	7	3.366	7	13.93%
Ba2	0	0	2.680	3	0	0	0	0	2.680	3	2.680	3	11.09%
Ba3	1.655	4	1.271	3	1.027	3	0	0	3.953	10	3.953	10	16.36%
B1	2.967	3	2.732	4	0	0	0	0	5.698	7	5.698	7	23.59%
B2	1.034	1	2.464	5	0	0	0	0	3.499	6	3.499	6	14.48%
B3	0.682	2	1.050	3	0	0	0	0	1.732	5	1.732	5	7.17%
Caa1	0	0	0.640	2	0	0	0	0	0.640	2	0.640	2	2.65%
Caa2	0	0	0.176	1	0	0	0	0	0.176	1	0.176	1	0.73%
NR	0.064	1	2.243	8	0	0	0.105	2	2.412	11	2.412	11	9.98%
Total	6.402	11	16.156	35	1.493	4	0.105	2	24.157	52	24.157	52	100.00%
Use of Proceeds
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Acquisition	0	0	0	0	0.673	1.819	0	0	0	0	0	0
Capex	0	0.064	0	0	0	0.083	0	0	0	0	0	0
Dividend/recap	0	0	0	0.477	0	0	0	0	0	0	0	0
GCP	0	0	0	0.474	3.550	1.342	0	0	0	0	0.047	0
LBO	0	0	0	1.580	0	0.168	0	0	0	0	0	0
Redeem notes	0	0.391	0.359	0	0	0	0	0	0	0	0	0
Refinance	0.287	0.969	0	1.243	1.637	2.244	1.027	0	0	0	0	0.059
Repay bank debt	1.034	0	0.394	0	0	0	0.467	0	0	0	0	0
Multiple/Other/NA	1.299	1.604	0	0	0.069	0.798	0	0	0	0	0	0
Total	2.620	3.028	0.753	3.773	5.929	6.454	1.493	0	0	0	0.047	0.059
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	2.491	4	0	0	0	0	2.491	4	2.491	4	10.31%
Capex	0.064	1	0.083	1	0	0	0	0	0.147	2	0.147	2	0.61%
Dividend/recap	0	0	0.477	1	0	0	0	0	0.477	1	0.477	1	1.97%
GCP	0	0	5.367	9	0	0	0.047	1	5.413	10	5.413	10	22.41%
LBO	0	0	1.748	5	0	0	0	0	1.748	5	1.748	5	7.24%
Redeem notes	0.749	2	0	0	0	0	0	0	0.749	2	0.749	2	3.10%
Refinance	1.257	3	5.124	12	1.027	3	0.059	1	7.466	19	7.466	19	30.91%
Repay bank debt	1.429	2	0	0	0.467	1	0	0	1.895	3	1.895	3	7.84%
Multiple/Other/NA	2.903	3	0.867	3	0	0	0	0	3.770	6	3.770	6	15.61%
Total	6.402	11	16.156	35	1.493	4	0.105	2	24.157	52	24.157	52	100.00%
Industry Sector (by SIC code)
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Mining (1xxx)	0	0	0	0	0	0.336	0	0	0	0	0	0
Oil and gas (13xx)	0	0.064	0	0	0	0.083	0	0	0	0	0	0
Construction (15xx)	0	0	0	0	0	0.134	0.413	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	2.333	2.443	0.753	2.294	2.827	5.034	0.467	0	0	0	0	0
Transportation (4xxx)	0.287	0.521	0	0	0.772	0	0	0	0	0	0.047	0
Communications (48xx)	0	0	0	0	0.203	0.699	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.614	0	0	0	0	0
Wholesale (5xxx)	0	0	0	0	0	0.168	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0	0	0	1.479	1.765	0	0	0	0	0	0	0
Services (7xxx)	0	0	0	0	0.362	0	0	0	0	0	0	0.059
Total	2.620	3.028	0.753	3.773	5.929	6.454	1.493	0	0	0	0.047	0.059
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	0	0	0.336	1	0	0	0	0	0.336	1	0.336	1	1.39%
Oil and gas (13xx)	0.064	1	0.083	1	0	0	0	0	0.147	2	0.147	2	0.61%
Construction (15xx)	0	0	0.134	1	0.413	1	0	0	0.546	2	0.546	2	2.26%
Manufacturing (2xxx, 3xxx)	5.529	7	10.155	18	0.467	1	0	0	16.151	26	16.151	26	66.86%
Transportation (4xxx)	0.809	3	0.772	2	0	0	0.047	1	1.627	6	1.627	6	6.74%
Communications (48xx)	0	0	0.902	2	0	0	0	0	0.902	2	0.902	2	3.73%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.614	2	0	0	0.614	2	0.614	2	2.54%
Wholesale (5xxx)	0	0	0.168	1	0	0	0	0	0.168	1	0.168	1	0.70%
Finance, insurance, real estate (6xxx)	0	0	3.244	7	0	0	0	0	3.244	7	3.244	7	13.43%
Services (7xxx)	0	0	0.362	2	0	0	0.059	1	0.421	3	0.421	3	1.74%
Total	6.402	11	16.156	35	1.493	4	0.105	2	24.157	52	24.157	52	100.00%
Currency
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
NOK	0	0.064	0	0	0.099	0.217	0	0	0	0	0.047	0
€	2.620	1.491	0.753	2.294	5.830	6.238	1.085	0	0	0	0	0.059
£	0	1.474	0	1.479	0	0	0.408	0	0	0	0	0
Total	2.620	3.028	0.753	3.773	5.929	6.454	1.493	0	0	0	0.047	0.059
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
NOK	0.064	1	0.316	3	0	0	0.047	1	0.427	5	0.427	5	1.77%
€	4.864	9	14.361	28	1.085	3	0.059	1	20.369	41	20.369	41	84.32%
£	1.474	1	1.479	4	0.408	1	0	0	3.362	6	3.362	6	13.92%
Total	6.402	11	16.156	35	1.493	4	0.105	2	24.157	52	24.157	52	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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