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

Total issuance: $7.747 billion in 14 deals

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

Yield

	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Less than 6%	0	0	0.092	0	0	0	0.360	0	0.526	1.203	0	0
6%-6.99%	0	0	0	0	0	0	0	0	0	0	1.197	0
7%-7.99%	0	0	0	0.759	0	0	0.213	0	0.269	2.128	0	0.717
8%-8.99%	0.659	0	0.405	0.391	0.619	0.428	0.362	0	0.422	0	0.484	0
9%-9.99%	0	0	0	0	0	0	0	1.133	0	0	0	0
10%-10.99%	0.196	0.336	0	0.284	0	0	0.115	0	0	0	0	0
11%-11.99%	0.274	0	0	0	0	0	0	0	0	0	0.058	0
Floater	0.344	0	0.110	0.480	0	1.984	0	0	0.643	0.246	0.060	1.654
Total	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Less than 6%	0.092	1	0	0	0.886	2	1.203	2	1.203	2	2.180	5	15.53%
6%-6.99%	0	0	0	0	0	0	1.197	1	1.197	1	1.197	1	15.45%
7%-7.99%	0	0	0.759	2	0.482	2	2.844	3	2.844	3	4.085	7	36.71%
8%-8.99%	1.064	3	1.438	3	0.783	3	0.484	2	0.484	2	3.770	11	6.25%
9%-9.99%	0	0	0	0	1.133	2	0	0	0	0	1.133	2	0.00%
10%-10.99%	0.533	2	0.284	1	0.115	1	0	0	0	0	0.931	4	0.00%
11%-11.99%	0.274	1	0	0	0	0	0.058	1	0.058	1	0.332	2	0.75%
Floater	0.453	3	2.465	4	0.643	1	1.960	5	1.960	5	5.521	13	25.30%
Total	2.416	10	4.946	10	4.041	11	7.747	14	7.747	14	19.150	45	100.00%
Versus Talk
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Lower	0	0	0	0	0	0	0	0	0.643	0.246	0	0
Low end	0	0	0.405	0.391	0	0.749	0.360	0.968	1.217	2.128	1.524	1.624
Middle	0.653	0	0.201	1.042	0.619	1.543	0.362	0	0	1.203	0.157	0.123
High end	0.821	0.336	0	0	0	0.120	0	0.164	0	0	0.058	0.594
Higher	0	0	0	0	0	0	0.327	0	0	0	0	0
NA	0	0	0	0.480	0	0	0	0	0	0	0.060	0.030
Total	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Lower	0	0	0	0	0.643	1	0.246	1	0.246	1	0.889	2	3.18%
Low end	0.405	1	1.140	2	2.545	6	5.276	4	5.276	4	9.366	13	68.10%
Middle	0.854	5	3.205	6	0.362	1	1.484	4	1.484	4	5.904	16	19.16%
High end	1.157	4	0.120	1	0.164	1	0.652	2	0.652	2	2.093	8	8.42%
Higher	0	0	0	0	0.327	2	0	0	0	0	0.327	2	0.00%
NA	0	0	0.480	1	0	0	0.090	3	0.090	3	0.570	4	1.16%
Total	2.416	10	4.946	10	4.041	11	7.747	14	7.747	14	19.150	45	100.00%
Upsized?
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Yes	0.478	0	0	0.995	0	0	0	0.164	1.169	0	0	0
No	0.995	0	0.606	0.919	0	2.413	1.049	0.968	0.691	1.449	1.799	2.371
Downsized	0	0.336	0	0	0.619	0	0	0	0	2.128	0	0
Total	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	0.478	2	0.995	2	1.333	3	0	0	0	0	2.807	7	0.00%
No	1.602	7	3.331	7	2.708	8	5.619	13	5.619	13	13.260	35	72.53%
Downsized	0.336	1	0.619	1	0	0	2.128	1	2.128	1	3.083	3	27.47%
Total	2.416	10	4.946	10	4.041	11	7.747	14	7.747	14	19.150	45	100.00%
Quick Sale?
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Yes	0	0	0	0	0	0	0.362	0	0	0	0.157	0.123
No	1.473	0.336	0.606	1.914	0.619	2.413	0.687	1.133	1.860	3.577	1.642	2.248
Total	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	0	0	0.362	1	0.280	2	0.280	2	0.642	3	3.61%
No	2.416	10	4.946	10	3.679	10	7.466	12	7.466	12	18.507	42	96.37%
Total	2.416	10	4.946	10	4.041	11	7.747	14	7.747	14	19.150	45	100.00%
Add on?
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Yes	0	0	0	0	0	0	0	0	0	0	0.157	0.123
No	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.642	2.248
Total	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	0	0	0	0	0.280	2	0.280	2	0.280	2	3.61%
No	2.416	10	4.946	10	4.041	11	7.466	12	7.466	12	18.869	43	96.37%
Total	2.416	10	4.946	10	4.041	11	7.747	14	7.747	14	19.150	45	100.00%
Seniority
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
senior secured	0.456	0	0.110	0.391	0	1.235	0.213	0	0	0.246	0	1.624
secured	0	0	0	0	0	0	0	0	0	0	0	0.030
senior	1.017	0.336	0.497	1.523	0.619	0.749	0.836	1.133	1.509	3.331	1.799	0.717
senior subordinated	0	0	0	0	0	0.428	0	0	0	0	0	0
subordinated	0	0	0	0	0	0	0	0	0.351	0	0	0
Total	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
senior secured	0.566	3	1.627	3	0.213	1	1.870	2	1.870	2	4.275	9	24.14%
secured	0	0	0	0	0	0	0.030	1	0.030	1	0.030	1	0.39%
senior	1.850	7	2.891	6	3.478	9	5.847	11	5.847	11	14.065	33	75.47%
senior subordinated	0	0	0.428	1	0	0	0	0	0	0	0.428	1	0.00%
subordinated	0	0	0	0	0.351	1	0	0	0	0	0.351	1	0.00%
Total	2.416	10	4.946	10	4.041	11	7.747	14	7.747	14	19.150	45	100.00%
Moody's Rating
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Ba1	0	0	0	0	0	0	0.360	0	0	0	0	0
Ba2	0	0	0	0	0	0	0	0	1.169	1.203	0	0
Ba3	0	0	0	0	0	0	0	0	0	0	1.197	0.594
B1	1.277	0	0	0	0	1.115	0.213	0	0.620	0.246	0	0
B2	0.196	0	0.405	0.546	0.619	0	0	0	0	2.128	0	0
B3	0	0.336	0	0.604	0	0.548	0.476	1.133	0	0	0.484	1.747
Caa1	0	0	0.110	0.284	0	0	0	0	0.071	0	0.058	0
NR	0	0	0.092	0.480	0	0.749	0	0	0	0	0.060	0.030
Total	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Ba1	0	0	0	0	0.360	1	0	0	0	0	0.360	1	0.00%
Ba2	0	0	0	0	1.169	2	1.203	2	1.203	2	2.372	4	15.53%
Ba3	0	0	0	0	0	0	1.791	2	1.791	2	1.791	2	23.12%
B1	1.277	5	1.115	1	0.833	3	0.246	1	0.246	1	3.471	10	3.18%
B2	0.601	2	1.165	3	0	0	2.128	1	2.128	1	3.894	6	27.47%
B3	0.336	1	1.152	3	1.609	4	2.231	4	2.231	4	5.329	12	28.80%
Caa1	0.110	1	0.284	1	0.071	1	0.058	1	0.058	1	0.522	4	0.75%
NR	0.092	1	1.229	2	0	0	0.090	3	0.090	3	1.411	6	1.16%
Total	2.416	10	4.946	10	4.041	11	7.747	14	7.747	14	19.150	45	100.00%
Use of Proceeds
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Acquisition	0.478	0	0	0.391	0	0	0.362	0	1.591	2.128	0.058	0
Capex	0	0	0.092	0	0	0	0	0	0	0	0	0
Dividend/recap	0	0	0	0.480	0	0	0	0	0	0	0	0
GCP	0	0	0	0.604	0	0	0	0	0	0	0.030	0
LBO	0	0.336	0	0	0.619	0.120	0	0.968	0.269	0	0	0
Redeem notes	0.343	0	0	0	0	0	0	0	0	0	0	0
Refinance	0.196	0	0	0.155	0	2.292	0	0	0	0	0.030	2.218
Repay bank debt	0.456	0	0.110	0.284	0	0	0.327	0	0	0	0.484	0.123
Multiple/Other/NA	0	0	0.405	0	0	0	0.360	0.164	0	1.449	1.197	0.030
Total	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.478	2	0.391	1	1.952	5	2.186	2	2.186	2	5.007	10	28.22%
Capex	0.092	1	0	0	0	0	0	0	0	0	0.092	1	0.00%
Dividend/recap	0	0	0.480	1	0	0	0	0	0	0	0.480	1	0.00%
GCP	0	0	0.604	1	0	0	0.030	1	0.030	1	0.634	2	0.39%
LBO	0.336	1	0.739	2	1.238	2	0	0	0	0	2.313	5	0.00%
Redeem notes	0.343	1	0	0	0	0	0	0	0	0	0.343	1	0.00%
Refinance	0.196	1	2.447	4	0	0	2.247	3	2.247	3	4.891	8	29.00%
Repay bank debt	0.566	3	0.284	1	0.327	2	0.607	3	0.607	3	1.784	9	7.84%
Multiple/Other/NA	0.405	1	0	0	0.524	2	2.677	5	2.677	5	3.605	8	34.56%
Total	2.416	10	4.946	10	4.041	11	7.747	14	7.747	14	19.150	45	100.00%
Industry Sector (by SIC code)
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Agriculture (0xxx)	0	0.336	0	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0	0	0.092	0	0	0	0	0	0	0	0	0.030
Oil and gas (13xx)	0	0	0	0	0	0	0	0	0	0	0.030	0
Manufacturing (2xxx, 3xxx)	0.196	0	0	0.480	0.619	0.869	0.687	0.164	0.071	3.331	1.256	0.717
Communications (48xx)	0.934	0	0	0.888	0	1.543	0.362	0.968	0	0.246	0.514	1.624
Electric, gas, sanitary services (49xx)	0.343	0	0	0	0	0	0	0	0	0	0	0
Wholesale (5xxx)	0	0	0	0.391	0	0	0	0	0	0	0	0
Services (7xxx)	0	0	0.514	0.155	0	0	0	0	1.789	0	0	0
Total	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.336	1	0	0	0	0	0	0	0	0	0.336	1	0.00%
Mining (1xxx)	0.092	1	0	0	0	0	0.030	1	0.030	1	0.122	2	0.39%
Oil and gas (13xx)	0	0	0	0	0	0	0.030	1	0.030	1	0.030	1	0.39%
Manufacturing (2xxx, 3xxx)	0.196	1	1.969	4	0.922	5	5.303	7	5.303	7	8.390	17	68.45%
Communications (48xx)	0.934	4	2.431	4	1.330	2	2.384	5	2.384	5	7.079	15	30.77%
Electric, gas, sanitary services (49xx)	0.343	1	0	0	0	0	0	0	0	0	0.343	1	0.00%
Wholesale (5xxx)	0	0	0.391	1	0	0	0	0	0	0	0.391	1	0.00%
Services (7xxx)	0.514	2	0.155	1	1.789	4	0	0	0	0	2.459	7	0.00%
Total	2.416	10	4.946	10	4.041	11	7.747	14	7.747	14	19.150	45	100.00%
Country
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
France	0.343	0	0	0	0	0.749	0	0	0	0	0	0
Germany	0	0.336	0	0.284	0	0	0	0	1.591	1.203	0	1.624
Greece	0	0	0	0	0	1.543	0	0.164	0	0.246	0	0
Italy	0.196	0	0	0	0	0	0	0.968	0	0	1.355	0
U.K.	0.934	0	0.110	0	0	0	0.327	0	0	2.128	0	0
U.S.	0	0	0	0.995	0.619	0.120	0.721	0	0.269	0	0.058	0.123
Others	0	0	0.497	0.635	0	0	0	0	0	0	0.387	0.624
Total	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
France	0.343	1	0.749	1	0	0	0	0	0	0	1.092	2	0.00%
Germany	0.336	1	0.284	1	1.591	4	2.827	3	2.827	3	5.038	9	36.49%
Greece	0	0	1.543	2	0.164	1	0.246	1	0.246	1	1.953	4	3.18%
Italy	0.196	1	0	0	0.968	1	1.355	2	1.355	2	2.520	4	17.49%
U.K.	1.044	5	0	0	0.327	2	2.128	1	2.128	1	3.499	8	27.47%
U.S.	0	0	1.734	4	0.990	3	0.181	2	0.181	2	2.906	9	2.34%
Others	0.497	2	0.635	2	0	0	1.011	5	1.011	5	2.143	9	0.1305
Total	2.416	10	4.946	10	4.041	11	7.747	14	7.747	14	19.150	45	100.00%
Currency
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
NOK	0	0	0	0	0	0	0	0	0	0	0.060	0.030
€	1.473	0.336	0.497	1.914	0.619	2.413	0.721	1.133	1.860	3.577	1.682	2.341
£	0	0	0.110	0	0	0	0.327	0	0	0	0.058	0
Total	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
NOK	0	0	0	0	0	0	0.090	3	0.090	3	0.090	3	1.16%
€	2.306	9	4.946	10	3.714	9	7.599	10	7.599	10	18.565	38	98.09%
£	0.110	1	0	0	0.327	2	0.058	1	0.058	1	0.495	4	0.75%
Total	2.416	10	4.946	10	4.041	11	7.747	14	7.747	14	19.150	45	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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