Analysis of European high-yield issuance for year to date and 12 months through September

Total year-to-date issuance: $22.274 billion in 49 deals

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

Yield

	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Less than 6%	0.360	0	0.526	1.203	0	0	0.127	1.268	0	0	0	0
6%-6.99%	0	0	0	0	1.197	0	0.487	0.144	0	0	0	0
7%-7.99%	0.213	0	0.269	2.128	0	0.717	0.212	0	0	0.229	0	0
8%-8.99%	0.362	0	0.422	0	0.484	0	0.997	1.279	0.219	0	0.094	0
9%-9.99%	0	1.133	0	0	0	0	1.030	0.254	0	0	0.594	0.316
10%-10.99%	0.115	0	0	0	0	0	0	0	0	0	0.204	0
11%-11.99%	0	0	0	0	0.058	0	0	0	0	0.214	0.256	0
Floater	0	0	0.643	0.246	0.060	1.654	2.621	1.603	0	0.340	0.747	1.291
Total	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.783	1.894	1.608
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Less than 6%	0.886	2	1.203	2	1.394	2	0	0	2.598	4	3.484	6	11.66%
6%-6.99%	0	0	1.197	1	0.632	2	0	0	1.829	3	1.829	3	8.21%
7%-7.99%	0.482	2	2.844	3	0.212	1	0.229	1	3.285	5	3.767	7	14.75%
8%-8.99%	0.783	3	0.484	2	2.495	4	0.094	1	3.073	7	3.857	10	13.80%
9%-9.99%	1.133	2	0	0	1.285	4	0.910	3	2.194	7	3.327	9	9.85%
10%-10.99%	0.115	1	0	0	0	0	0.204	1	0.204	1	0.319	2	0.92%
11%-11.99%	0	0	0.058	1	0	0	0.469	2	0.528	3	0.528	3	2.37%
Floater	0.643	1	1.960	5	4.225	8	2.378	6	8.562	19	9.205	20	38.44%
Total	4.041	11	7.747	14	10.243	21	4.284	14	22.274	49	26.315	60	100.00%
Versus Talk
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Lower	0	0	0.643	0.246	0	0	0.935	0	0	0	0	0
Low end	0.360	0.968	1.217	2.128	1.524	1.624	1.459	2.228	0	0.316	0.447	0.514
Middle	0.362	0	0	1.203	0.157	0.123	2.594	2.022	0	0	0.490	0.778
High end	0	0.164	0	0	0.058	0.594	0.487	0	0	0.214	0.300	0.316
Higher	0.327	0	0	0	0	0	0	0	0.219	0	0.402	0
NA	0	0	0	0	0.060	0.030	0	0.299	0	0.253	0.256	0
Total	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.783	1.894	1.608
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Lower	0.643	1	0.246	1	0.935	1	0	0	1.180	2	1.823	3	5.30%
Low end	2.545	6	5.276	4	3.687	5	1.276	3	10.239	12	12.784	18	45.97%
Middle	0.362	1	1.484	4	4.616	10	1.268	4	7.367	18	7.729	19	33.07%
High end	0.164	1	0.652	2	0.487	1	0.830	3	1.969	6	2.133	7	8.84%
Higher	0.327	2	0	0	0.219	1	0.402	1	0.621	2	0.948	4	2.79%
NA	0	0	0.090	3	0.299	3	0.508	3	0.897	9	0.897	9	4.03%
Total	4.041	11	7.747	14	10.243	21	4.284	14	22.274	49	26.315	60	100.00%
Upsized?
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Yes	0	0.164	1.169	0	0	0	1.980	1.436	0.219	0.316	0.496	0
No	1.049	0.968	0.691	1.449	1.799	2.371	3.193	3.112	0	0.467	1.398	1.291
Downsized	0	0	0	2.128	0	0	0.302	0	0	0	0	0.316
Total	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.783	1.894	1.608
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	1.333	3	0	0	3.635	9	0.812	3	4.448	12	5.781	15	19.97%
No	2.708	8	5.619	13	6.305	11	3.156	10	15.080	34	17.788	42	67.70%
Downsized	0	0	2.128	1	0.302	1	0.316	1	2.746	3	2.746	3	12.33%
Total	4.041	11	7.747	14	10.243	21	4.284	14	22.274	49	26.315	60	100.00%
Quick Sale?
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Yes	0.362	0	0	0	0.157	0.123	0	0	0	0	0	0
No	0.687	1.133	1.860	3.577	1.642	2.248	5.475	4.548	0.219	0.783	1.894	1.608
Total	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.783	1.894	1.608
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	0.362	1	0.280	2	0	0	0	0	0.280	2	0.642	3	1.26%
No	3.679	10	7.466	12	10.243	21	4.284	14	21.993	47	25.673	57	98.74%
Total	4.041	11	7.747	14	10.243	21	4.284	14	22.274	49	26.315	60	100.00%
Add on?
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Yes	0	0	0	0	0.157	0.123	0.212	0	0	0.229	0.094	0
No	1.049	1.133	1.860	3.577	1.642	2.248	5.263	4.548	0.219	0.554	1.800	1.608
Total	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.783	1.894	1.608
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	0.280	2	0.212	1	0.323	2	0.816	5	0.816	5	3.66%
No	4.041	11	7.466	12	10.030	20	3.961	12	21.458	44	25.499	55	96.34%
Total	4.041	11	7.747	14	10.243	21	4.284	14	22.274	49	26.315	60	100.00%
Seniority
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
senior secured	0.213	0	0	0.246	0	1.624	0.647	0.481	0	0.214	0.402	1.094
secured	0	0	0	0	0	0.030	0	0	0	0	0	0
senior	0.836	1.133	1.509	3.331	1.799	0.717	2.884	2.008	0.219	0.569	1.194	0.514
senior subordinated	0	0	0	0	0	0	1.944	1.915	0	0	0.204	0
subordinated	0	0	0.351	0	0	0	0	0.144	0	0	0.094	0
Total	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.783	1.894	1.608
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
senior secured	0.213	1	1.870	2	1.128	3	1.710	4	4.707	9	4.920	10	21.13%
secured	0	0	0.030	1	0	0	0	0	0.030	1	0.030	1	0.13%
senior	3.478	9	5.847	11	5.111	10	2.276	8	13.235	29	16.712	38	59.42%
senior subordinated	0	0	0	0	3.859	7	0.204	1	4.063	8	4.063	8	18.24%
subordinated	0.351	1	0	0	0.144	1	0.094	1	0.239	2	0.590	3	1.07%
Total	4.041	11	7.747	14	10.243	21	4.284	14	22.274	49	26.315	60	100.00%
Moody's Rating
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Ba1	0.360	0	0	0	0	0	0	0.144	0	0	0	0
Ba2	0	0	1.169	1.203	0	0	0.127	0	0	0	0	0
Ba3	0	0	0	0	1.197	0.594	0	2.228	0	0	0.402	0
B1	0.213	0	0.620	0.246	0	0	0	0.382	0	0	0	1.094
B2	0	0	0	2.128	0	0	2.632	0.799	0	0	0.447	0
B3	0.476	1.133	0	0	0.484	1.747	0.160	0	0.219	0.229	0.491	0
Caa1	0	0	0.071	0	0.058	0	1.944	0.254	0	0.214	0.460	0
NR	0	0	0	0	0.060	0.030	0.614	0.740	0	0.340	0.094	0.514
Total	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.783	1.894	1.608
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Ba1	0.360	1	0	0	0.144	1	0	0	0.144	1	0.504	2	0.65%
Ba2	1.169	2	1.203	2	0.127	1	0	0	1.330	3	2.499	5	5.97%
Ba3	0	0	1.791	2	2.228	2	0.402	1	4.421	5	4.421	5	19.85%
B1	0.833	3	0.246	1	0.382	1	1.094	2	1.722	4	2.555	7	7.73%
B2	0	0	2.128	1	3.431	6	0.447	1	6.005	8	6.005	8	26.96%
B3	1.609	4	2.231	4	0.379	2	0.720	3	3.330	9	4.939	13	14.95%
Caa1	0.071	1	0.058	1	2.198	4	0.673	3	2.930	8	3.000	9	13.15%
NR	0	0	0.090	3	1.354	4	0.948	4	2.392	11	2.392	11	10.74%
Total	4.041	11	7.747	14	10.243	21	4.284	14	22.274	49	26.315	60	100.00%
Use of Proceeds
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Acquisition	0.362	0	1.591	2.128	0.058	0	0	1.441	0	0	0	0
Capex	0	0	0	0	0	0	0	0	0	0	0.402	0
Dividend/recap	0	0	0	0	0	0	0.614	0.121	0	0	0	0
GCP	0	0	0	0	0.030	0	0	1.301	0	0	0.094	0
LBO	0	0.968	0.269	0	0	0	0.302	0.701	0	0	1.398	0
Redeem notes	0	0	0	0	0	0	0.487	0	0	0	0	0
Refinance	0	0	0	0	0.030	2.218	0.212	0.840	0	0.530	0	1.094
Repay bank debt	0.327	0	0	0	0.484	0.123	3.573	0	0	0	0	0
Multiple/Other/NA	0.360	0.164	0	1.449	1.197	0.030	0.286	0.144	0.219	0.253	0	0.514
Total	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.783	1.894	1.608
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	1.952	5	2.186	2	1.441	2	0	0	3.626	4	5.579	9	16.28%
Capex	0	0	0	0	0	0	0.402	1	0.402	1	0.402	1	1.80%
Dividend/recap	0	0	0	0	0.735	2	0	0	0.735	2	0.735	2	3.30%
GCP	0	0	0.030	1	1.301	2	0.094	1	1.425	4	1.425	4	6.40%
LBO	1.238	2	0	0	1.003	3	1.398	5	2.401	8	3.639	10	10.78%
Redeem notes	0	0	0	0	0.487	1	0	0	0.487	1	0.487	1	2.19%
Refinance	0	0	2.247	3	1.052	3	1.624	4	4.923	10	4.923	10	22.10%
Repay bank debt	0.327	2	0.607	3	3.573	4	0	0	4.181	7	4.508	9	18.77%
Multiple/Other/NA	0.524	2	2.677	5	0.650	4	0.766	3	4.093	12	4.617	14	18.38%
Total	4.041	11	7.747	14	10.243	21	4.284	14	22.274	49	26.315	60	100.00%
Industry Sector (by SIC code)
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Mining (1xxx)	0	0	0	0	0	0.030	0	0	0	0	0.402	0
Oil and gas (13xx)	0	0	0	0	0.030	0	0	0	0	0.024	0	0
Construction (15xx)	0	0	0	0	0	0	0.127	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.687	0.164	0.071	3.331	1.256	0.717	0.949	2.124	0.219	0.443	0.447	1.094
Communications (48xx)	0.362	0.968	0	0.246	0.514	1.624	2.546	0	0	0	0.447	0
Wholesale (5xxx)	0	0	0	0	0	0	0	0.586	0	0	0	0.514
Finance, insurance, real estate (6xxx)	0	0	0	0	0	0	0	0.144	0	0	0.094	0
Services (7xxx)	0	0	1.789	0	0	0	1.854	1.694	0	0.316	0.504	0
Total	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.783	1.894	1.608
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	0	0	0.030	1	0	0	0.402	1	0.432	2	0.432	2	1.94%
Oil and gas (13xx)	0	0	0.030	1	0	0	0.024	1	0.054	2	0.054	2	0.24%
Construction (15xx)	0	0	0	0	0.127	1	0	0	0.127	1	0.127	1	0.57%
Manufacturing (2xxx, 3xxx)	0.922	5	5.303	7	3.292	8	1.984	6	10.579	21	11.501	26	47.49%
Communications (48xx)	1.330	2	2.384	5	2.546	3	0.447	1	5.376	9	6.706	11	24.14%
Wholesale (5xxx)	0	0	0	0	0.586	1	0.514	1	1.099	2	1.099	2	4.93%
Finance, insurance, real estate (6xxx)	0	0	0	0	0.144	1	0.094	1	0.239	2	0.239	2	1.07%
Services (7xxx)	1.789	4	0	0	3.548	7	0.820	3	4.368	10	6.157	14	19.61%
Total	4.041	11	7.747	14	10.243	21	4.284	14	22.274	49	26.315	60	100.00%
Country
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Denmark	0	0	0	0	0	0	3.573	0	0	0	0	0
France	0	0	0	0	0	0	0	1.182	0.219	0.229	0	0
Germany	0	0	1.591	1.203	0	1.624	0.286	0	0	0.214	0	0
Italy	0	0.968	0	0	1.355	0	0	2.228	0	0	0	0
Netherlands	0	0	0	0	0	0	0	0.586	0	0	0.447	1.094
U.K.	0.327	0	0	2.128	0	0	0	0.266	0	0.316	0.094	0.514
U.S.	0.721	0	0.269	0	0.058	0.123	0.790	0	0	0	0.504	0
Others	0	0.164	0	0.246	0.387	0.624	0.826	0.287	0	0.024	0.849	0
Total	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.783	1.894	1.608
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Denmark	0	0	0	0	3.573	4	0	0	3.573	4	3.573	4	16.04%
France	0	0	0	0	1.401	4	0.229	1	1.630	5	1.630	5	7.32%
Germany	1.591	4	2.827	3	0.286	2	0.214	1	3.327	6	4.918	10	14.94%
Italy	0.968	1	1.355	2	2.228	2	0	0	3.583	4	4.551	5	16.09%
Netherlands	0	0	0	0	0.586	1	1.541	4	2.127	5	2.127	5	9.55%
U.K.	0.327	2	2.128	1	0.266	2	0.924	3	3.317	6	3.645	8	14.89%
U.S.	0.990	3	0.181	2	0.790	2	0.504	2	1.475	6	2.465	9	6.62%
Others	0.164	1	1.257	6	1.113	4	0.873	3	3.243	13	3.408	14	14.57%
Total	4.041	11	7.747	14	10.243	21	4.284	14	22.274	49	26.315	60	100.00%
Currency
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
NOK	0	0	0	0	0.060	0.030	0	0.033	0	0.024	0	0
€	0.721	1.133	1.860	3.577	1.682	2.341	5.475	4.249	0.219	0.759	1.800	1.094
£	0.327	0	0	0	0.058	0	0	0.266	0	0	0.094	0.514
Total	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.783	1.894	1.608
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
NOK	0	0	0.090	3	0.033	1	0.024	1	0.147	5	0.147	5	0.66%
€	3.714	9	7.599	10	9.944	18	3.652	11	21.195	39	24.909	48	95.16%
£	0.327	2	0.058	1	0.266	2	0.608	2	0.932	5	1.259	7	4.18%
Total	4.041	11	7.747	14	10.243	21	4.284	14	22.274	49	26.315	60	100.00%

Criteria

• Issuers from industrialized countries

• Denominated in currency of a European industrialized countries

• Converted to dollars at rate shown in Federal Reserve's H.10 release on day of pricing

• 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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