Analysis of European high yield issuance for 12 months through March 2008

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

Yield

	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Less than 6%	0.474	1.351	1.342	0	0	0	0	0	0	0	0	0
6%-6.99%	0.668	0.657	1.002	0.467	0	0	0	0	0	0	0	0
7%-7.99%	0.374	1.348	1.081	0	0	0	0	0	0	0	0	0
8%-8.99%	0.2	0.311	0.645	0.206	0	0	0	0	0	0	0	0
9%-9.99%	0.64	0	0.564	0.408	0	0	0	0	0	0	0	0
10%-10.99%	0	0	0.168	0	0	0	0	0	0.059	0	0	0
Floater	1.416	2.262	1.651	0.413	0	0	0	0.047	0	0	0	0
Total	3.773	5.929	6.454	1.493	0	0	0	0.047	0.059	0	0	0
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count
Less than 6%	3.167	4	0	0	0	0	0	0	0	0	3.167	4
6%-6.99%	2.327	5	0.467	1	0	0	0	0	0	0	2.794	6
7%-7.99%	2.803	4	0	0	0	0	0	0	0	0	2.803	4
8%-8.99%	1.156	4	0.206	1	0	0	0	0	0	0	1.362	5
9%-9.99%	1.205	3	0.408	1	0	0	0	0	0	0	1.613	4
10%-10.99%	0.168	1	0	0	0.059	1	0	0	0	0	0.227	2
Floater	5.329	14	0.413	1	0.047	1	0	0	0	0	5.788	16
Total	16.156	35	1.493	4	0.105	2	0	0	0	0	17.755	41
Versus Talk
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Lower	0	0	1.002	0	0	0	0	0	0	0	0	0
Low end	1.149	3.448	0.400	0	0	0	0	0	0	0	0	0
Middle	1.756	2.246	4.331	0.413	0	0	0	0	0	0	0	0
High end	0.668	0	0	0	0	0	0	0	0	0	0	0
Higher	0	0	0	0.614	0	0	0	0	0	0	0	0
NA	0.200	0.234	0.721	0.467	0	0	0	0.047	0.059	0	0	0
Total	3.773	5.929	6.454	1.493	0	0	0	0.047	0.059	0	0	0
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count
Lower	1.002	1	0	0	0	0	0	0	0	0	1.002	1
Low end	4.997	13	0	0	0	0	0	0	0	0	4.997	13
Middle	8.333	13	0.413	1	0	0	0	0	0	0	8.746	14
High end	0.668	1	0	0	0	0	0	0	0	0	0.668	1
Higher	0	0	0.614	2	0	0	0	0	0	0	0.614	2
NA	1.156	7	0.467	1	0.105	2	0	0	0	0	1.728	10
Total	16.156	35	1.493	4	0.105	2	0	0	0	0	17.755	41
Upsized?
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Yes	1.993	1.119	1.545	0	0	0	0	0	0	0	0	0
No	1.780	4.810	4.909	0.879	0	0	0	0.047	0	0	0	0
Downsized	0	0	0	0.614	0	0	0	0	0.059	0	0	0
Total	3.773	5.929	6.454	1.493	0	0	0	0.047	0.059	0	0	0
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count
Yes	4.657	10	0	0	0	0	0	0	0	0	4.657	10
No	11.499	25	0.879	2	0.047	1	0	0	0	0	12.425	28
Downsized	0	0	0.614	2	0.059	1	0	0	0	0	0.673	3
Total	16.156	35	1.493	4	0.105	2	0	0	0	0	17.755	41
Quick Sale?
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Yes	0	3.182	1.342	0	0	0	0	0	0	0	0	0
No	3.773	2.747	5.112	1.493	0	0	0	0.047	0.059	0	0	0
Total	3.773	5.929	6.454	1.493	0	0	0	0.047	0.059	0	0	0
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count
Yes	4.524	6	0	0	0	0	0	0	0	0	4.524	6
No	11.632	29	1.493	4	0.105	2	0	0	0	0	13.231	35
Total	16.156	35	1.493	4	0.105	2	0	0	0	0	17.755	41
Seniority
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
senior secured	0.939	1.032	1.099	0.614	0	0	0	0	0	0	0	0
senior	1.959	4.400	3.621	0.879	0	0	0	0.047	0.059	0	0	0
senior subordinated	0.301	0.362	0.733	0	0	0	0	0	0	0	0	0
subordinated	0.574	0.135	1.002	0	0	0	0	0	0	0	0	0
Total	3.773	5.929	6.454	1.493	0	0	0	0.047	0.059	0	0	0
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count
senior secured	3.07	6	0.614	2	0	0	0	0	0	0	3.684	8
senior	9.979	20	0.879	2	0.105	2	0	0	0	0	10.964	24
senior subordinated	1.395	5	0	0	0	0	0	0	0	0	1.395	5
subordinated	1.712	4	0	0	0	0	0	0	0	0	1.712	4
Total	16.156	35	1.493	4	0.105	2	0	0	0	0	17.755	41
Moody's Rating
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Ba1	0.200	2.035	0.664	0.467	0	0	0	0	0	0	0	0
Ba2	0	0	2.680	0	0	0	0	0	0	0	0	0
Ba3	0.668	0.203	0.400	1.027	0	0	0	0	0	0	0	0
B1	0.374	2.358	0	0	0	0	0	0	0	0	0	0
B2	0.939	0.181	1.344	0	0	0	0	0	0	0	0	0
B3	0	0.069	0.981	0	0	0	0	0	0	0	0	0
Caa1	0.640	0	0	0	0	0	0	0	0	0	0	0
Caa2	0	0.176	0	0	0	0	0	0	0	0	0	0
NR	0.951	0.907	0.385	0	0	0	0	0.047	0.059	0	0	0
Total	3.773	5.929	6.454	1.493	0	0	0	0.047	0.059	0	0	0
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count
Ba1	2.899	6	0.467	1	0	0	0	0	0	0	3.366	7
Ba2	2.68	3	0	0	0	0	0	0	0	0	2.68	3
Ba3	1.271	3	1.027	3	0	0	0	0	0	0	2.298	6
B1	2.732	4	0	0	0	0	0	0	0	0	2.732	4
B2	2.464	5	0	0	0	0	0	0	0	0	2.464	5
B3	1.05	3	0	0	0	0	0	0	0	0	1.05	3
Caa1	0.64	2	0	0	0	0	0	0	0	0	0.64	2
Caa2	0.176	1	0	0	0	0	0	0	0	0	0.176	1
NR	2.243	8	0	0	0.105	2	0	0	0	0	2.348	10
Total	16.156	35	1.493	4	0.105	2	0	0	0	0	17.755	41
Use of Proceeds
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Acquisition	0	0.673	1.819	0	0	0	0	0	0	0	0	0
Capex	0	0	0.083	0	0	0	0	0	0	0	0	0
Dividend/recap	0.477	0	0	0	0	0	0	0	0	0	0	0
GCP	0.474	3.550	1.342	0	0	0	0	0.047	0	0	0	0
LBO	1.580	0	0.168	0	0	0	0	0	0	0	0	0
Refinance	1.243	1.637	2.244	1.027	0	0	0	0	0.059	0	0	0
Repay bank debt	0	0	0	0.467	0	0	0	0	0	0	0	0
Multiple/Other/NA	0	0.069	0.798	0	0	0	0	0	0	0	0	0
Total	3.773	5.929	6.454	1.493	0	0	0	0.047	0.059	0	0	0
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count
Acquisition	2.491	4	0	0	0	0	0	0	0	0	2.491	4
Capex	0.083	1	0	0	0	0	0	0	0	0	0.083	1
Dividend/recap	0.477	1	0	0	0	0	0	0	0	0	0.477	1
GCP	5.367	9	0	0	0.047	1	0	0	0	0	5.413	10
LBO	1.748	5	0	0	0	0	0	0	0	0	1.748	5
Refinance	5.124	12	1.027	3	0.059	1	0	0	0	0	6.209	16
Repay bank debt	0	0	0.467	1	0	0	0	0	0	0	0.467	1
Multiple/Other/NA	0.867	3	0	0	0	0	0	0	0	0	0.867	3
Total	16.156	35	1.493	4	0.105	2	0	0	0	0	17.755	41
Industry Sector (by SIC code)
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Mining (1xxx)	0	0	0.336	0	0	0	0	0	0	0	0	0
Oil and gas (13xx)	0	0	0.083	0	0	0	0	0	0	0	0	0
Construction (15xx)	0	0	0.134	0.413	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	2.294	2.827	5.034	0.467	0	0	0	0	0	0	0	0
Transportation (4xxx)	0	0.772	0	0	0	0	0	0.047	0	0	0	0
Communications (48xx)	0	0.203	0.699	0	0	0	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0.614	0	0	0	0	0	0	0	0
Wholesale (5xxx)	0	0	0.168	0	0	0	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	1.479	1.765	0	0	0	0	0	0	0	0	0	0
Services (7xxx)	0	0.362	0	0	0	0	0	0	0.059	0	0	0
Total	3.773	5.929	6.454	1.493	0	0	0	0.047	0.059	0	0	0
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count
Mining (1xxx)	0.336	1	0	0	0	0	0	0	0	0	0.336	1
Oil and gas (13xx)	0.083	1	0	0	0	0	0	0	0	0	0.083	1
Construction (15xx)	0.134	1	0.413	1	0	0	0	0	0	0	0.546	2
Manufacturing (2xxx, 3xxx)	10.155	18	0.467	1	0	0	0	0	0	0	10.622	19
Transportation (4xxx)	0.772	2	0	0	0.047	1	0	0	0	0	0.818	3
Communications (48xx)	0.902	2	0	0	0	0	0	0	0	0	0.902	2
Electric, gas, sanitary services (49xx)	0	0	0.614	2	0	0	0	0	0	0	0.614	2
Wholesale (5xxx)	0.168	1	0	0	0	0	0	0	0	0	0.168	1
Finance, insurance, real estate (6xxx)	3.244	7	0	0	0	0	0	0	0	0	3.244	7
Services (7xxx)	0.362	2	0	0	0.059	1	0	0	0	0	0.421	3
Total	16.156	35	1.493	4	0.105	2	0	0	0	0	17.755	41
Currency
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
NOK	0	0.099	0.217	0	0	0	0	0.047	0	0	0	0
€	2.294	5.830	6.238	1.085	0	0	0	0	0.059	0	0	0
£	1.479	0	0	0.408	0	0	0	0	0	0	0	0
Total	3.773	5.929	6.454	1.493	0	0	0	0.047	0.059	0	0	0
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count
NOK	0.316	3	0	0	0.047	1	0	0	0	0	0.362	4
€	14.361	28	1.085	3	0.059	1	0	0	0	0	15.505	32
£	1.479	4	0.408	1	0	0	0	0	0	0	1.888	5
Total	16.156	35	1.493	4	0.105	2	0	0	0	0	17.755	41

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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