Analysis of European high-yield issuance for year to date through February

Total issuance: $5.316 billion in 8 deals

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

Yield

1/2006 2/2006

Less than 6%	1.203	0
6%-6.99%	0	1.197
7%-7.99%	2.128	0
8%-8.99%	0	0.484
11%-11.99%	0	0.058
Floater	0.246	0
Total	3.577	1.740
	Q1/2006	Count	Total	Count	Share
Less than 6%	1.203	2	1.203	2	22.63%
6%-6.99%	1.197	1	1.197	1	22.52%
7%-7.99%	2.128	1	2.128	1	40.03%
8%-8.99%	0.484	2	0.484	2	9.10%
11%-11.99%	0.058	1	0.058	1	1.09%
Floater	0.246	1	0.246	1	4.63%
Total	5.316	8	5.316	8	100.00%
Versus Talk
	1/2006	2/2006
Lower	0.246	0
Low end	2.128	1.524
Middle	1.203	0.157
High end	0	0.058
Total	3.577	1.740
	Q1/2006	Count	Total	Count	Share
Lower	0.246	1	0.246	1	4.63%
Low end	3.652	3	3.652	3	68.70%
Middle	1.361	3	1.361	3	25.60%
High end	0.058	1	0.058	1	1.09%
Total	5.316	8	5.316	8	100.00%
Upsized?
	1/2006	2/2006
No	1.449	1.740
Downsized	2.128	0
Total	3.577	1.740
	Q1/2006	Count	Total	Count	Share
No	3.189	7	3.189	7	59.99%
Downsized	2.128	1	2.128	1	40.03%
Total	5.316	8	5.316	8	100.00%
Quick Sale?
	1/2006	2/2006
Yes	0	0.157
No	3.577	1.582
Total	3.577	1.740
	Q1/2006	Count	Total	Count	Share
Yes	0.157	1	0.157	1	2.95%
No	5.159	7	5.159	7	97.05%
Total	5.316	8	5.316	8	100.00%
Add on?
	1/2006	2/2006
Yes	0	0.157
No	3.577	1.582
Total	3.577	1.740
	Q1/2006	Count	Total	Count	Share
Yes	0.157	1	0.157	1	2.95%
No	5.159	7	5.159	7	97.05%
Total	5.316	8	5.316	8	100.00%
Seniority
	1/2006	2/2006
senior secured	0.246	0
senior	3.331	1.740
Total	3.577	1.740
	Q1/2006	Count	Total	Count	Share
senior secured	0.246	1	0.246	1	4.63%
senior	5.071	7	5.071	7	95.39%
Total	5.316	8	5.316	8	100.00%
Moody's Rating
	1/2006	2/2006
Ba2	1.203	0
Ba3	0	1.197
B1	0.246	0
B2	2.128	0
B3	0	0.484
Caa1	0	0.058
Total	3.577	1.740
	Q1/2006	Count	Total	Count	Share
Ba2	1.203	2	1.203	2	22.63%
Ba3	1.197	1	1.197	1	22.52%
B1	0.246	1	0.246	1	4.63%
B2	2.128	1	2.128	1	40.03%
B3	0.484	2	0.484	2	9.10%
Caa1	0.058	1	0.058	1	1.09%
Total	5.316	8	5.316	8	100.00%
Use of Proceeds
	1/2006	2/2006
Acquisition	2.128	0.058
Repay bank debt	0	0.484
Multiple/Other/NA	1.449	1.197
Total	3.577	1.740
	Q1/2006	Count	Total	Count	Share
Acquisition	2.186	2	2.186	2	41.12%
Repay bank debt	0.484	2	0.484	2	9.10%
Multiple/Other/NA	2.646	4	2.646	4	49.77%
Total	5.316	8	5.316	8	100.00%
Industry Sector (by SIC code)
	1/2006	2/2006
Manufacturing (2xxx, 3xxx)	3.331	1.256
Communications (48xx)	0.246	0.484
Total	3.577	1.740
	Q1/2006	Count	Total	Count	Share
Manufacturing (2xxx, 3xxx)	4.586	5	4.586	5	86.27%
Communications (48xx)	0.730	3	0.730	3	13.73%
Total	5.316	8	5.316	8	100.00%
Country
	1/2006	2/2006
Germany	1.203	0
Greece	0.246	0
Italy	0	1.355
Spain	0	0.327
U.K.	2.128	0
U.S.	0	0.058
Total	3.577	1.740
	Q1/2006	Count	Total	Count	Share
Germany	1.203	2	1.203	2	22.63%
Greece	0.246	1	0.246	1	4.63%
Italy	1.355	2	1.355	2	25.49%
Spain	0.327	1	0.327	1	6.15%
U.K.	2.128	1	2.128	1	40.03%
U.S.	0.058	1	0.058	1	1.09%
Total	5.316	8	5.316	8	100.00%
Currency
	1/2006	2/2006
€	3.577	1.682
£	0	0.058
Total	3.577	1.740
	Q1/2006	Count	Total	Count	Share
€	5.258	7	5.258	7	98.91%
£	0.058	1	0.058	1	1.09%
Total	5.316	8	5.316	8	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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