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

Total year-to-date issuance: $27.509 billion in 57 deals

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

Yield

	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Less than 6%	0	0.526	1.203	0	0	0.127	1.268	0	0	0	0	0
6%-6.99%	0	0	0	1.197	0	0.487	0.144	0	0	0	0	0.730
7%-7.99%	0	0.269	2.128	0	0.717	0.212	0	0	0.026	0	0	0.630
8%-8.99%	0	0.422	0	0.484	0	0.997	1.279	0.219	0	0.094	0	1.046
9%-9.99%	1.133	0	0	0	0	1.030	0.254	0	0	0.594	0.316	0
10%-10.99%	0	0	0	0	0	0	0	0	0	0.204	0	0
11%-11.99%	0	0	0	0.058	0	0	0	0	0.214	0.256	0	0
Floater	0	0.643	0.246	0.060	1.654	2.621	1.603	0	0.340	0.747	1.291	3.031
Total	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Less than 6%	1.203	2	1.394	2	0	0	0	0	2.598	4	3.124	5	9.44%
6%-6.99%	1.197	1	0.632	2	0	0	0.730	2	2.559	5	2.559	5	9.30%
7%-7.99%	2.844	3	0.212	1	0.026	1	0.630	1	3.713	6	3.982	7	13.50%
8%-8.99%	0.484	2	2.495	4	0.094	1	1.046	2	4.119	9	4.541	11	14.97%
9%-9.99%	0	0	1.285	4	0.910	3	0	0	2.194	7	3.327	9	7.98%
10%-10.99%	0	0	0	0	0.204	1	0	0	0.204	1	0.204	1	0.74%
11%-11.99%	0.058	1	0	0	0.469	2	0	0	0.528	3	0.528	3	1.92%
Floater	1.960	5	4.225	8	2.378	6	3.031	3	11.593	22	12.236	23	42.14%
Total	7.747	14	10.243	21	4.082	14	5.437	8	27.509	57	30.501	64	100.00%
Versus Talk
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Lower	0	0.643	0.246	0	0	0.935	0	0	0	0	0	0
Low end	0.968	1.217	2.128	1.524	1.624	1.459	2.228	0	0.316	0.447	0.514	2.030
Middle	0	0	1.203	0.157	0.123	2.594	2.022	0	0	0.490	0.778	2.741
High end	0.164	0	0	0.058	0.594	0.487	0	0	0.214	0.300	0.316	0.666
Higher	0	0	0	0	0	0	0	0.219	0	0.402	0	0
NA	0	0	0	0.060	0.030	0	0.299	0	0.050	0.256	0	0
Total	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Lower	0.246	1	0.935	1	0	0	0	0	1.180	2	1.823	3	4.29%
Low end	5.276	4	3.687	5	1.276	3	2.030	2	12.269	14	14.454	19	44.60%
Middle	1.484	4	4.616	10	1.268	4	2.741	5	10.109	23	10.109	23	36.75%
High end	0.652	2	0.487	1	0.830	3	0.666	1	2.635	7	2.799	8	9.58%
Higher	0	0	0.219	1	0.402	1	0	0	0.621	2	0.621	2	2.26%
NA	0.090	3	0.299	3	0.306	3	0	0	0.694	9	0.694	9	2.52%
Total	7.747	14	10.243	21	4.082	14	5.437	8	27.509	57	30.501	64	100.00%
Upsized?
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Yes	0.164	1.169	0	0	0	1.980	1.436	0.219	0.316	0.496	0	0.730
No	0.968	0.691	1.449	1.799	2.371	3.193	3.112	0	0.264	1.398	1.291	4.707
Downsized	0	0	2.128	0	0	0.302	0	0	0	0	0.316	0
Total	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	3.635	9	0.812	3	0.730	2	5.178	14	6.511	17	18.82%
No	5.619	13	6.305	11	2.953	10	4.707	6	19.585	40	21.244	44	71.19%
Downsized	2.128	1	0.302	1	0.316	1	0	0	2.746	3	2.746	3	9.98%
Total	7.747	14	10.243	21	4.082	14	5.437	8	27.509	57	30.501	64	100.00%
Quick Sale?
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Yes	0	0	0	0.157	0.123	0	0	0	0	0	0	0.511
No	1.133	1.860	3.577	1.642	2.248	5.475	4.548	0.219	0.580	1.894	1.608	4.927
Total	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	0.280	2	0	0	0	0	0.511	1	0.791	3	0.791	3	2.88%
No	7.466	12	10.243	21	4.082	14	4.927	7	26.717	54	29.710	61	97.12%
Total	7.747	14	10.243	21	4.082	14	5.437	8	27.509	57	30.501	64	100.00%
Seniority
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
senior secured	0	0	0.246	0	1.624	0.647	0.481	0	0.214	0.402	1.094	1.269
secured	0	0	0	0	0.030	0	0	0	0	0	0	0
senior	1.133	1.509	3.331	1.799	0.717	2.884	2.008	0.219	0.366	1.194	0.514	3.658
senior subordinated	0	0	0	0	0	1.944	1.915	0	0	0.204	0	0.511
subordinated	0	0.351	0	0	0	0	0.144	0	0	0.094	0	0
Total	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
senior secured	1.870	2	1.128	3	1.710	4	1.269	1	5.976	10	5.976	10	21.72%
secured	0.030	1	0	0	0	0	0	0	0.030	1	0.030	1	0.11%
senior	5.847	11	5.111	10	2.074	8	3.658	6	16.690	35	19.331	41	60.67%
senior subordinated	0	0	3.859	7	0.204	1	0.511	1	4.574	9	4.574	9	16.63%
subordinated	0	0	0.144	1	0.094	1	0	0	0.239	2	0.590	3	0.87%
Total	7.747	14	10.243	21	4.082	14	5.437	8	27.509	57	30.501	64	100.00%
Moody's Rating
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Ba1	0	0	0	0	0	0	0.144	0	0	0	0	0
Ba2	0	1.169	1.203	0	0	0.127	0	0	0	0	0	1.899
Ba3	0	0	0	1.197	0.594	0	2.228	0	0	0.402	0	0
B1	0	0.620	0.246	0	0	0	0.382	0	0	0	1.094	0
B2	0	0	2.128	0	0	2.632	0.799	0	0	0.447	0	2.648
B3	1.133	0	0	0.484	1.747	0.160	0	0.219	0.026	0.491	0	0.891
Caa1	0	0.071	0	0.058	0	1.944	0.254	0	0.214	0.460	0	0
NR	0	0	0	0.060	0.030	0.614	0.740	0	0.340	0.094	0.514	0
Total	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Ba1	0	0	0.144	1	0	0	0	0	0.144	1	0.144	1	0.52%
Ba2	1.203	2	0.127	1	0	0	1.899	2	3.229	5	4.398	7	11.74%
Ba3	1.791	2	2.228	2	0.402	1	0	0	4.421	5	4.421	5	16.07%
B1	0.246	1	0.382	1	1.094	2	0	0	1.722	4	2.342	6	6.26%
B2	2.128	1	3.431	6	0.447	1	2.648	4	8.653	12	8.653	12	31.46%
B3	2.231	4	0.379	2	0.518	3	0.891	2	4.019	11	5.151	13	14.61%
Caa1	0.058	1	2.198	4	0.673	3	0	0	2.930	8	3.000	9	10.65%
NR	0.090	3	1.354	4	0.948	4	0	0	2.392	11	2.392	11	8.70%
Total	7.747	14	10.243	21	4.082	14	5.437	8	27.509	57	30.501	64	100.00%
Use of Proceeds
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Acquisition	0	1.591	2.128	0.058	0	0	1.441	0	0	0	0	0.219
Capex	0	0	0	0	0	0	0	0	0	0.402	0	0
Dividend/recap	0	0	0	0	0	0.614	0.121	0	0	0	0	0
GCP	0	0	0	0.030	0	0	1.301	0	0	0.094	0	0
LBO	0.968	0.269	0	0	0	0.302	0.701	0	0	1.398	0	1.935
Redeem notes	0	0	0	0	0	0.487	0	0	0	0	0	2.291
Refinance	0	0	0	0.030	2.218	0.212	0.840	0	0.530	0	1.094	0.993
Repay bank debt	0	0	0	0.484	0.123	3.573	0	0	0	0	0	0
Multiple/Other/NA	0.164	0	1.449	1.197	0.030	0.286	0.144	0.219	0.050	0	0.514	0
Total	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	2.186	2	1.441	2	0	0	0.219	1	3.846	5	5.436	9	13.98%
Capex	0	0	0	0	0.402	1	0	0	0.402	1	0.402	1	1.46%
Dividend/recap	0	0	0.735	2	0	0	0	0	0.735	2	0.735	2	2.67%
GCP	0.030	1	1.301	2	0.094	1	0	0	1.425	4	1.425	4	5.18%
LBO	0	0	1.003	3	1.398	5	1.935	2	4.336	10	5.574	12	15.76%
Redeem notes	0	0	0.487	1	0	0	2.291	3	2.778	4	2.778	4	10.10%
Refinance	2.247	3	1.052	3	1.624	4	0.993	2	5.916	12	5.916	12	21.51%
Repay bank debt	0.607	3	3.573	4	0	0	0	0	4.181	7	4.181	7	15.20%
Multiple/Other/NA	2.677	5	0.650	4	0.564	3	0	0	3.890	12	4.054	13	14.14%
Total	7.747	14	10.243	21	4.082	14	5.437	8	27.509	57	30.501	64	100.00%
Industry Sector (by SIC code)
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Mining (1xxx)	0	0	0	0	0.030	0	0	0	0	0.402	0	0
Oil and gas (13xx)	0	0	0	0.030	0	0	0	0	0.024	0	0	0
Construction (15xx)	0	0	0	0	0	0.127	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.164	0.071	3.331	1.256	0.717	0.949	2.124	0.219	0.240	0.447	1.094	3.846
Communications (48xx)	0.968	0	0.246	0.514	1.624	2.546	0	0	0	0.447	0	1.010
Wholesale (5xxx)	0	0	0	0	0	0	0.586	0	0	0	0.514	0
Finance, insurance, real estate (6xxx)	0	0	0	0	0	0	0.144	0	0	0.094	0	0
Services (7xxx)	0	1.789	0	0	0	1.854	1.694	0	0.316	0.504	0	0.582
Total	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	0.030	1	0	0	0.402	1	0	0	0.432	2	0.432	2	1.57%
Oil and gas (13xx)	0.030	1	0	0	0.024	1	0	0	0.054	2	0.054	2	0.20%
Construction (15xx)	0	0	0.127	1	0	0	0	0	0.127	1	0.127	1	0.46%
Manufacturing (2xxx, 3xxx)	5.303	7	3.292	8	1.781	6	3.846	4	14.222	25	14.457	27	51.70%
Communications (48xx)	2.384	5	2.546	3	0.447	1	1.010	2	6.386	11	7.355	12	23.21%
Wholesale (5xxx)	0	0	0.586	1	0.514	1	0	0	1.099	2	1.099	2	4.00%
Finance, insurance, real estate (6xxx)	0	0	0.144	1	0.094	1	0	0	0.239	2	0.239	2	0.87%
Services (7xxx)	0	0	3.548	7	0.820	3	0.582	2	4.950	12	6.739	16	17.99%
Total	7.747	14	10.243	21	4.082	14	5.437	8	27.509	57	30.501	64	100.00%
Country
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Denmark	0	0	0	0	0	3.573	0	0	0	0	0	0
France	0	0	0	0	0	0	1.182	0.219	0.026	0	0	1.762
Germany	0	1.591	1.203	0	1.624	0.286	0	0	0.214	0	0	0
Italy	0.968	0	0	1.355	0	0	2.228	0	0	0	0	0
Netherlands	0	0	0	0	0	0	0.586	0	0	0.447	1.094	1.935
U.K.	0	0	2.128	0	0	0	0.266	0	0.316	0.094	0.514	0
Others	0.164	0.269	0.246	0.445	0.747	1.616	0.287	0	0.024	1.353	0	1.740
Total	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Denmark	0	0	3.573	4	0	0	0	0	3.573	4	3.573	4	12.99%
France	0	0	1.401	4	0.026	1	1.762	2	3.189	7	3.189	7	11.59%
Germany	2.827	3	0.286	2	0.214	1	0	0	3.327	6	4.918	10	12.09%
Italy	1.355	2	2.228	2	0	0	0	0	3.583	4	4.551	5	13.02%
Netherlands	0	0	0.586	1	1.541	4	1.935	2	4.062	7	4.062	7	14.77%
U.K.	2.128	1	0.266	2	0.924	3	0	0	3.317	6	3.317	6	12.06%
Others	1.438	8	1.903	6	1.377	5	1.740	4	6.458	23	6.892	25	23.48%
Total	7.747	14	10.243	21	4.082	14	5.437	8	27.509	57	30.501	64	100.00%
Currency
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
NOK	0	0	0	0.060	0.030	0	0.033	0	0.024	0	0	0
€	1.133	1.860	3.577	1.682	2.341	5.475	4.249	0.219	0.556	1.800	1.094	5.437
£	0	0	0	0.058	0	0	0.266	0	0	0.094	0.514	0
Total	1.133	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
NOK	0.090	3	0.033	1	0.024	1	0	0	0.147	5	0.147	5	0.53%
€	7.599	10	9.944	18	3.450	11	5.437	8	26.430	47	29.422	54	96.08%
£	0.058	1	0.266	2	0.608	2	0	0	0.932	5	0.932	5	3.39%
Total	7.747	14	10.243	21	4.082	14	5.437	8	27.509	57	30.501	64	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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