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

Total year-to-date issuance: $30.999 billion in 62 deals

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

Yield

	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Less than 6%	0.526	1.203	0	0	0.127	1.268	0	0	0	0	0	0
6%-6.99%	0	0	1.197	0	0.487	0.144	0	0	0	0	0.730	0
7%-7.99%	0.269	2.128	0	0.717	0.212	0	0	0.026	0	0	0.630	1.027
8%-8.99%	0.422	0	0.484	0	0.997	1.279	0.219	0	0.094	0	1.046	0
9%-9.99%	0	0	0	0	1.030	0.254	0	0	0.594	0.316	0	0.362
10%-10.99%	0	0	0	0	0	0	0	0	0.204	0	0	0
11% and higher	0	0	0.058	0	0	0	0	0.214	0.256	0	0	0
Floater	0.643	0.246	0.060	1.654	2.621	1.603	0	0.340	0.747	1.291	3.031	2.102
Total	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491
	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	8.38%
6%-6.99%	1.197	1	0.632	2	0	0	0.730	2	2.559	5	2.559	5	8.26%
7%-7.99%	2.844	3	0.212	1	0.026	1	1.657	2	4.740	7	5.009	8	15.29%
8%-8.99%	0.484	2	2.495	4	0.094	1	1.046	2	4.119	9	4.541	11	13.29%
9%-9.99%	0	0	1.285	4	0.910	3	0.362	1	2.556	8	2.556	8	8.25%
10%-10.99%	0	0	0	0	0.204	1	0	0	0.204	1	0.204	1	0.66%
11% and higher	0.058	1	0	0	0.469	2	0	0	0.528	3	0.528	3	1.70%
Floater	1.960	5	4.225	8	2.378	6	5.133	6	13.696	25	14.338	26	44.18%
Total	7.747	14	10.243	21	4.082	14	8.928	13	30.999	62	32.859	67	100.00%
Versus Talk
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Lower	0.643	0.246	0	0	0.935	0	0	0	0	0	0	0
Low end	1.217	2.128	1.524	1.624	1.459	2.228	0	0.316	0.447	0.514	2.030	0.530
Middle	0	1.203	0.157	0.123	2.594	2.022	0	0	0.490	0.778	2.741	2.599
High end	0	0	0.058	0.594	0.487	0	0	0.214	0.300	0.316	0.666	0.362
Higher	0	0	0	0	0	0	0.219	0	0.402	0	0	0
NA	0	0	0.060	0.030	0	0.299	0	0.050	0.256	0	0	0
Total	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491
	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	3.81%
Low end	5.276	4	3.687	5	1.276	3	2.561	3	12.799	15	14.017	19	41.29%
Middle	1.484	4	4.616	10	1.268	4	5.340	8	12.707	26	12.707	26	40.99%
High end	0.652	2	0.487	1	0.830	3	1.028	2	2.997	8	2.997	8	9.67%
Higher	0	0	0.219	1	0.402	1	0	0	0.621	2	0.621	2	2.00%
NA	0.090	3	0.299	3	0.306	3	0	0	0.694	9	0.694	9	2.24%
Total	7.747	14	10.243	21	4.082	14	8.928	13	30.999	62	32.859	67	100.00%
Upsized?
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Yes	1.169	0	0	0	1.980	1.436	0.219	0.316	0.496	0	0.730	1.027
No	0.691	1.449	1.799	2.371	3.193	3.112	0	0.264	1.398	1.291	4.707	1.437
Downsized	0	2.128	0	0	0.302	0	0	0	0	0.316	0	1.027
Total	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491
	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	1.757	3	6.205	15	7.374	17	20.02%
No	5.619	13	6.305	11	2.953	10	6.144	9	21.022	43	21.713	46	67.82%
Downsized	2.128	1	0.302	1	0.316	1	1.027	1	3.773	4	3.773	4	12.17%
Total	7.747	14	10.243	21	4.082	14	8.928	13	30.999	62	32.859	67	100.00%
Quick Sale?
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Yes	0	0	0.157	0.123	0	0	0	0	0	0	0.511	0
No	1.860	3.577	1.642	2.248	5.475	4.548	0.219	0.580	1.894	1.608	4.927	3.491
Total	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491
	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	2.55%
No	7.466	12	10.243	21	4.082	14	8.417	12	30.208	59	32.068	64	97.45%
Total	7.747	14	10.243	21	4.082	14	8.928	13	30.999	62	32.859	67	100.00%
Seniority
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
senior secured	0	0.246	0	1.624	0.647	0.481	0	0.214	0.402	1.094	1.269	0
secured	0	0	0	0.030	0	0	0	0	0	0	0	0
senior	1.509	3.331	1.799	0.717	2.884	2.008	0.219	0.366	1.194	0.514	3.658	3.491
senior subordinated	0	0	0	0	1.944	1.915	0	0	0.204	0	0.511	0
subordinated	0.351	0	0	0	0	0.144	0	0	0.094	0	0	0
Total	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491
	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	19.28%
secured	0.030	1	0	0	0	0	0	0	0.030	1	0.030	1	0.10%
senior	5.847	11	5.111	10	2.074	8	7.148	11	20.180	40	21.689	44	65.10%
senior subordinated	0	0	3.859	7	0.204	1	0.511	1	4.574	9	4.574	9	14.76%
subordinated	0	0	0.144	1	0.094	1	0	0	0.239	2	0.590	3	0.77%
Total	7.747	14	10.243	21	4.082	14	8.928	13	30.999	62	32.859	67	100.00%
Moody's Rating
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Ba1	0	0	0	0	0	0.144	0	0	0	0	0	0
Ba2	1.169	1.203	0	0	0.127	0	0	0	0	0	1.899	2.054
Ba3	0	0	1.197	0.594	0	2.228	0	0	0.402	0	0	0
B1	0.620	0.246	0	0	0	0.382	0	0	0	1.094	0	0
B2	0	2.128	0	0	2.632	0.799	0	0	0.447	0	2.648	0.530
B3	0	0	0.484	1.747	0.160	0	0.219	0.026	0.491	0	0.891	0.362
Caa1	0.071	0	0.058	0	1.944	0.254	0	0.214	0.460	0	0	0
NR	0	0	0.060	0.030	0.614	0.740	0	0.340	0.094	0.514	0	0.545
Total	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491
	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	0.46%
Ba2	1.203	2	0.127	1	0	0	3.952	4	5.282	7	6.451	9	17.04%
Ba3	1.791	2	2.228	2	0.402	1	0	0	4.421	5	4.421	5	14.26%
B1	0.246	1	0.382	1	1.094	2	0	0	1.722	4	2.342	6	5.56%
B2	2.128	1	3.431	6	0.447	1	3.178	5	9.184	13	9.184	13	29.63%
B3	2.231	4	0.379	2	0.518	3	1.253	3	4.380	12	4.380	12	14.13%
Caa1	0.058	1	2.198	4	0.673	3	0	0	2.930	8	3.000	9	9.45%
NR	0.090	3	1.354	4	0.948	4	0.545	1	2.937	12	2.937	12	9.47%
Total	7.747	14	10.243	21	4.082	14	8.928	13	30.999	62	32.859	67	100.00%
Use of Proceeds
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Acquisition	1.591	2.128	0.058	0	0	1.441	0	0	0	0	0.219	0
Capex	0	0	0	0	0	0	0	0	0.402	0	0	0
Dividend/recap	0	0	0	0	0.614	0.121	0	0	0	0	0	0.545
GCP	0	0	0.030	0	0	1.301	0	0	0.094	0	0	0
LBO	0.269	0	0	0	0.302	0.701	0	0	1.398	0	1.935	0.362
Redeem notes	0	0	0	0	0.487	0	0	0	0	0	2.291	2.054
Refinance	0	0	0.030	2.218	0.212	0.840	0	0.530	0	1.094	0.993	0.530
Repay bank debt	0	0	0.484	0.123	3.573	0	0	0	0	0	0	0
Multiple/Other/NA	0	1.449	1.197	0.030	0.286	0.144	0.219	0.050	0	0.514	0	0
Total	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491
	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	12.41%
Capex	0	0	0	0	0.402	1	0	0	0.402	1	0.402	1	1.30%
Dividend/recap	0	0	0.735	2	0	0	0.545	1	1.280	3	1.280	3	4.13%
GCP	0.030	1	1.301	2	0.094	1	0	0	1.425	4	1.425	4	4.60%
LBO	0	0	1.003	3	1.398	5	2.296	3	4.698	11	4.967	12	15.16%
Redeem notes	0	0	0.487	1	0	0	4.345	5	4.832	6	4.832	6	15.59%
Refinance	2.247	3	1.052	3	1.624	4	1.523	3	6.446	13	6.446	13	20.79%
Repay bank debt	0.607	3	3.573	4	0	0	0	0	4.181	7	4.181	7	13.49%
Multiple/Other/NA	2.677	5	0.650	4	0.564	3	0	0	3.890	12	3.890	12	12.55%
Total	7.747	14	10.243	21	4.082	14	8.928	13	30.999	62	32.859	67	100.00%
Industry Sector (by SIC code)
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Mining (1xxx)	0	0	0	0.030	0	0	0	0	0.402	0	0	0
Oil and gas (13xx)	0	0	0.030	0	0	0	0	0.024	0	0	0	0
Construction (15xx)	0	0	0	0	0.127	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.071	3.331	1.256	0.717	0.949	2.124	0.219	0.240	0.447	1.094	3.846	2.946
Communications (48xx)	0	0.246	0.514	1.624	2.546	0	0	0	0.447	0	1.010	0.545
Wholesale (5xxx)	0	0	0	0	0	0.586	0	0	0	0.514	0	0
Finance, insurance, real estate (6xxx)	0	0	0	0	0	0.144	0	0	0.094	0	0	0
Services (7xxx)	1.789	0	0	0	1.854	1.694	0	0.316	0.504	0	0.582	0
Total	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491
	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	1.39%
Oil and gas (13xx)	0.030	1	0	0	0.024	1	0	0	0.054	2	0.054	2	0.17%
Construction (15xx)	0	0	0.127	1	0	0	0	0	0.127	1	0.127	1	0.41%
Manufacturing (2xxx, 3xxx)	5.303	7	3.292	8	1.781	6	6.791	8	17.168	29	17.238	30	55.38%
Communications (48xx)	2.384	5	2.546	3	0.447	1	1.555	3	6.931	12	6.931	12	22.36%
Wholesale (5xxx)	0	0	0.586	1	0.514	1	0	0	1.099	2	1.099	2	3.55%
Finance, insurance, real estate (6xxx)	0	0	0.144	1	0.094	1	0	0	0.239	2	0.239	2	0.77%
Services (7xxx)	0	0	3.548	7	0.820	3	0.582	2	4.950	12	6.739	16	15.97%
Total	7.747	14	10.243	21	4.082	14	8.928	13	30.999	62	32.859	67	100.00%
Currency
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
NOK	0	0	0.060	0.030	0	0.033	0	0.024	0	0	0	0
€	1.860	3.577	1.682	2.341	5.475	4.249	0.219	0.556	1.800	1.094	5.437	3.491
£	0	0	0.058	0	0	0.266	0	0	0.094	0.514	0	0
Total	1.860	3.577	1.799	2.371	5.475	4.548	0.219	0.580	1.894	1.608	5.437	3.491
	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	0.47%
€	7.599	10	9.944	18	3.450	11	8.928	13	29.920	52	31.780	57	96.52%
£	0.058	1	0.266	2	0.608	2	0	0	0.932	5	0.932	5	3.01%
Total	7.747	14	10.243	21	4.082	14	8.928	13	30.999	62	32.859	67	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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