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

Total year-to-date issuance: $17.770 billion in 34 deals

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

Yield

	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Less than 6%	0.092	0	0	0	0.360	0	0.526	1.203	0	0	0.127	1.268
6%-6.99%	0	0	0	0	0	0	0	0	1.197	0	0.487	0.144
7%-7.99%	0	0.759	0	0	0.213	0	0.269	2.128	0	0.717	0.212	0
8%-8.99%	0.405	0.391	0.619	0.428	0.362	0	0.422	0	0.484	0	0.997	1.279
9%-9.99%	0	0	0	0	0	1.133	0	0	0	0	1.030	0.254
10%-10.99%	0	0.284	0	0	0.115	0	0	0	0	0	0	0
11%-11.99%	0	0	0	0	0	0	0	0	0.058	0	0	0
Floater	0.110	0.480	0	1.984	0	0	0.643	0.246	0.060	1.654	2.621	1.603
Total	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Less than 6%	0	0	0.886	2	1.203	2	1.394	2	2.598	4	3.575	7	14.62%
6%-6.99%	0	0	0	0	1.197	1	0.632	2	1.829	3	1.829	3	10.29%
7%-7.99%	0.759	2	0.482	2	2.844	3	0.212	1	3.057	4	4.297	8	17.20%
8%-8.99%	1.438	3	0.783	3	0.484	2	2.276	3	2.760	5	5.387	12	15.53%
9%-9.99%	0	0	1.133	2	0	0	1.285	4	1.285	4	2.417	6	7.23%
10%-10.99%	0.284	1	0.115	1	0	0	0	0	0	0	0.398	2	0.00%
11%-11.99%	0	0	0	0	0.058	1	0	0	0.058	1	0.058	1	0.33%
Floater	2.465	4	0.643	1	1.960	5	4.225	8	6.184	13	9.401	19	34.80%
Total	4.946	10	4.041	11	7.747	14	10.023	20	17.770	34	27.363	58	100.00%
Versus Talk
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Lower	0	0	0	0	0	0	0.643	0.246	0	0	0.935	0
Low end	0.405	0.391	0	0.749	0.360	0.968	1.217	2.128	1.524	1.624	1.459	2.228
Middle	0.201	1.042	0.619	1.543	0.362	0	0	1.203	0.157	0.123	2.594	2.022
High end	0	0	0	0.120	0	0.164	0	0	0.058	0.594	0.487	0
Higher	0	0	0	0	0.327	0	0	0	0	0	0	0
NA	0	0.480	0	0	0	0	0	0	0.060	0.030	0	0.299
Total	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Lower	0	0	0.643	1	0.246	1	0.935	1	1.180	2	1.823	3	6.64%
Low end	1.140	2	2.545	6	5.276	4	3.687	5	8.962	9	13.053	18	50.43%
Middle	3.205	6	0.362	1	1.484	4	4.616	10	6.099	14	9.867	23	34.32%
High end	0.120	1	0.164	1	0.652	2	0.487	1	1.139	3	1.424	5	6.41%
Higher	0	0	0.327	2	0	0	0	0	0	0	0.327	2	0.00%
NA	0.480	1	0	0	0.090	3	0.299	3	0.389	6	0.869	7	2.19%
Total	4.946	10	4.041	11	7.747	14	10.023	20	17.770	34	27.363	58	100.00%
Upsized?
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Yes	0	0.995	0	0	0	0.164	1.169	0	0	0	1.980	1.436
No	0.606	0.919	0	2.413	1.049	0.968	0.691	1.449	1.799	2.371	3.193	3.112
Downsized	0	0	0.619	0	0	0	0	2.128	0	0	0.302	0
Total	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	0.995	2	1.333	3	0	0	3.416	8	3.416	8	5.745	13	19.22%
No	3.331	7	2.708	8	5.619	13	6.305	11	11.924	24	18.569	42	67.10%
Downsized	0.619	1	0	0	2.128	1	0.302	1	2.430	2	3.049	3	13.67%
Total	4.946	10	4.041	11	7.747	14	10.023	20	17.770	34	27.363	58	100.00%
Quick Sale?
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Yes	0	0	0	0	0.362	0	0	0	0.157	0.123	0	0
No	0.606	1.914	0.619	2.413	0.687	1.133	1.860	3.577	1.642	2.248	5.475	4.548
Total	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	0.362	1	0.280	2	0	0	0.280	2	0.642	3	1.58%
No	4.946	10	3.679	10	7.466	12	10.023	20	17.490	32	26.721	55	98.42%
Total	4.946	10	4.041	11	7.747	14	10.023	20	17.770	34	27.363	58	100.00%
Add on?
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Yes	0	0	0	0	0	0	0	0	0.157	0.123	0.212	0
No	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.642	2.248	5.263	4.548
Total	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	0	0	0.280	2	0.212	1	0.493	3	0.493	3	2.77%
No	4.946	10	4.041	11	7.466	12	9.811	19	17.278	31	26.870	55	97.23%
Total	4.946	10	4.041	11	7.747	14	10.023	20	17.770	34	27.363	58	100.00%
Seniority
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
senior secured	0.110	0.391	0	1.235	0.213	0	0	0.246	0	1.624	0.647	0.481
secured	0	0	0	0	0	0	0	0	0	0.030	0	0
senior	0.497	1.523	0.619	0.749	0.836	1.133	1.509	3.331	1.799	0.717	2.884	2.008
senior subordinated	0	0	0	0.428	0	0	0	0	0	0	1.944	1.915
subordinated	0	0	0	0	0	0	0.351	0	0	0	0	0.144
Total	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
senior secured	1.627	3	0.213	1	1.870	2	1.128	3	2.997	5	4.946	10	16.87%
secured	0	0	0	0	0.030	1	0	0	0.030	1	0.030	1	0.17%
senior	2.891	6	3.478	9	5.847	11	4.892	9	10.739	20	17.604	37	60.43%
senior subordinated	0.428	1	0	0	0	0	3.859	7	3.859	7	4.287	8	21.72%
subordinated	0	0	0.351	1	0	0	0.144	1	0.144	1	0.495	2	0.81%
Total	4.946	10	4.041	11	7.747	14	10.023	20	17.770	34	27.363	58	100.00%
Moody's Rating
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Ba1	0	0	0	0	0.360	0	0	0	0	0	0	0.144
Ba2	0	0	0	0	0	0	1.169	1.203	0	0	0.127	0
Ba3	0	0	0	0	0	0	0	0	1.197	0.594	0	2.228
B1	0	0	0	1.115	0.213	0	0.620	0.246	0	0	0	0.382
B2	0.405	0.546	0.619	0	0	0	0	2.128	0	0	2.632	0.799
B3	0	0.604	0	0.548	0.476	1.133	0	0	0.484	1.747	0.160	0
Caa1	0.110	0.284	0	0	0	0	0.071	0	0.058	0	1.944	0.254
NR	0.092	0.480	0	0.749	0	0	0	0	0.060	0.030	0.614	0.740
Total	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Ba1	0	0	0.360	1	0	0	0.144	1	0.144	1	0.504	2	0.81%
Ba2	0	0	1.169	2	1.203	2	0.127	1	1.330	3	2.499	5	7.48%
Ba3	0	0	0	0	1.791	2	2.228	2	4.019	4	4.019	4	22.62%
B1	1.115	1	0.833	3	0.246	1	0.382	1	0.628	2	2.576	6	3.53%
B2	1.165	3	0	0	2.128	1	3.431	6	5.559	7	7.129	11	31.28%
B3	1.152	3	1.609	4	2.231	4	0.160	1	2.391	5	5.152	12	13.46%
Caa1	0.284	1	0.071	1	0.058	1	2.198	4	2.256	5	2.720	8	12.70%
NR	1.229	2	0	0	0.090	3	1.354	4	1.444	7	2.765	10	8.13%
Total	4.946	10	4.041	11	7.747	14	10.023	20	17.770	34	27.363	58	100.00%
Use of Proceeds
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Acquisition	0	0.391	0	0	0.362	0	1.591	2.128	0.058	0	0	1.441
Capex	0.092	0	0	0	0	0	0	0	0	0	0	0
Dividend/recap	0	0.480	0	0	0	0	0	0	0	0	0.614	0.121
GCP	0	0.604	0	0	0	0	0	0	0.030	0	0	1.301
LBO	0	0	0.619	0.120	0	0.968	0.269	0	0	0	0.302	0.701
Redeem notes	0	0	0	0	0	0	0	0	0	0	0.487	0
Refinance	0	0.155	0	2.292	0	0	0	0	0.030	2.218	0.212	0.840
Repay bank debt	0.110	0.284	0	0	0.327	0	0	0	0.484	0.123	3.573	0
Multiple/Other/NA	0.405	0	0	0	0.360	0.164	0	1.449	1.197	0.030	0.286	0.144
Total	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.391	1	1.952	5	2.186	2	1.441	2	3.626	4	5.970	10	20.41%
Capex	0	0	0	0	0	0	0	0	0	0	0.092	1	0.00%
Dividend/recap	0.480	1	0	0	0	0	0.735	2	0.735	2	1.215	3	4.14%
GCP	0.604	1	0	0	0.030	1	1.301	2	1.331	3	1.935	4	7.49%
LBO	0.739	2	1.238	2	0	0	1.003	3	1.003	3	2.980	7	5.64%
Redeem notes	0	0	0	0	0	0	0.487	1	0.487	1	0.487	1	2.74%
Refinance	2.447	4	0	0	2.247	3	1.052	3	3.299	6	5.747	10	18.56%
Repay bank debt	0.284	1	0.327	2	0.607	3	3.573	4	4.181	7	4.901	11	23.53%
Multiple/Other/NA	0	0	0.524	2	2.677	5	0.431	3	3.107	8	4.036	11	17.48%
Total	4.946	10	4.041	11	7.747	14	10.023	20	17.770	34	27.363	58	100.00%
Industry Sector (by SIC code)
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Mining (1xxx)	0.092	0	0	0	0	0	0	0	0	0.030	0	0
Oil and gas (13xx)	0	0	0	0	0	0	0	0	0.030	0	0	0
Construction (15xx)	0	0	0	0	0	0	0	0	0	0	0.127	0
Manufacturing (2xxx, 3xxx)	0	0.480	0.619	0.869	0.687	0.164	0.071	3.331	1.256	0.717	0.949	2.124
Communications (48xx)	0	0.888	0	1.543	0.362	0.968	0	0.246	0.514	1.624	2.546	0
Wholesale (5xxx)	0	0.391	0	0	0	0	0	0	0	0	0	0.586
Finance, insurance, real estate (6xxx)	0	0	0	0	0	0	0	0	0	0	0	0.144
Services (7xxx)	0.514	0.155	0	0	0	0	1.789	0	0	0	1.854	1.694
Total	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	0	0	0	0	0.030	1	0	0	0.030	1	0.122	2	0.17%
Oil and gas (13xx)	0	0	0	0	0.030	1	0	0	0.030	1	0.030	1	0.17%
Construction (15xx)	0	0	0	0	0	0	0.127	1	0.127	1	0.127	1	0.71%
Manufacturing (2xxx, 3xxx)	1.969	4	0.922	5	5.303	7	3.073	7	8.376	14	11.267	23	47.14%
Communications (48xx)	2.431	4	1.330	2	2.384	5	2.546	3	4.929	8	8.690	14	27.74%
Wholesale (5xxx)	0.391	1	0	0	0	0	0.586	1	0.586	1	0.977	2	3.30%
Finance, insurance, real estate (6xxx)	0	0	0	0	0	0	0.144	1	0.144	1	0.144	1	0.81%
Services (7xxx)	0.155	1	1.789	4	0	0	3.548	7	3.548	7	6.007	14	19.97%
Total	4.946	10	4.041	11	7.747	14	10.023	20	17.770	34	27.363	58	100.00%
Country
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Denmark	0	0	0	0	0	0	0	0	0	0	3.573	0
France	0	0	0	0.749	0	0	0	0	0	0	0	1.182
Germany	0	0.284	0	0	0	0	1.591	1.203	0	1.624	0.286	0
Italy	0	0	0	0	0	0.968	0	0	1.355	0	0	2.228
U.K.	0.110	0	0	0	0.327	0	0	2.128	0	0	0	0.266
U.S.	0	0.995	0.619	0.120	0.721	0	0.269	0	0.058	0.123	0.790	0
Others	0.497	0.635	0	1.543	0	0.164	0	0.246	0.387	0.624	0.826	0.873
Total	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Denmark	0	0	0	0	0	0	3.573	4	3.573	4	3.573	4	20.11%
France	0.749	1	0	0	0	0	1.182	3	1.182	3	1.931	4	6.65%
Germany	0.284	1	1.591	4	2.827	3	0.286	2	3.113	5	4.988	10	17.52%
Italy	0	0	0.968	1	1.355	2	2.228	2	3.583	4	4.551	5	20.16%
U.K.	0	0	0.327	2	2.128	1	0.266	2	2.393	3	2.830	6	13.47%
U.S.	1.734	4	0.990	3	0.181	2	0.790	2	0.971	4	3.696	11	5.46%
Others	2.178	4	0.164	1	1.257	6	1.699	5	2.956	11	5.796	18	16.62%
Total	4.946	10	4.041	11	7.747	14	10.023	20	17.770	34	27.363	58	100.00%
Currency
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
NOK	0	0	0	0	0	0	0	0	0.060	0.030	0	0.033
€	0.497	1.914	0.619	2.413	0.721	1.133	1.860	3.577	1.682	2.341	5.475	4.249
£	0.110	0	0	0	0.327	0	0	0	0.058	0	0	0.266
Total	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475	4.548
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
NOK	0	0	0	0	0.090	3	0.033	1	0.123	4	0.123	4	0.69%
€	4.946	10	3.714	9	7.599	10	9.725	17	17.323	27	26.479	48	97.48%
£	0	0	0.327	2	0.058	1	0.266	2	0.324	3	0.761	6	1.82%
Total	4.946	10	4.041	11	7.747	14	10.023	20	17.770	34	27.363	58	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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