Analysis of European high yield issuance for 13 months through October 2011

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

Yield

	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Less than 6%	0	0.741	0	0.411	0	2.781	0	0.708	0.143	0	0	0	0
6%-6.99%	3.213	0	0.369	1.010	0.750	3.087	1.492	0	0.717	1.297	0	0.548	0
7%-7.99%	0.516	2.885	0.395	1.236	0	1.579	1.115	3.226	0.043	1.150	0	0	0
8%-8.99%	2.147	0.554	0.876	2.070	0.663	0.284	1.170	3.300	0	0	0	0	0
9%-9.99%	0.659	1.557	0	0	0	1.449	1.182	1.398	0	0.887	0	0.403	0
10%-10.99%	0.247	0.389	0.330	0	0.466	0	0.902	0	0.614	0	0	0	0
11% and higher	1.033	0	0	0.402	0	0.274	0.649	0.468	0.210	0	0	0	0.141
Floater	0	0.117	0	0	0	1.682	0.253	0.755	0.583	0	0	0	0.136
NA	0.312	0.172	0.119	0	0	1.991	0.661	0	0.487	0	0	0	0
Total	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.278
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 6%	0.741	2	3.193	3	0.851	2	0	0	0	0	4.043	5	4.784	7	4.784	7	9.03%
6%-6.99%	3.581	6	4.846	5	2.209	5	1.845	2	0	0	8.900	12	12.482	18	9.269	14	19.88%
7%-7.99%	3.797	4	2.814	4	4.385	9	1.150	2	0	0	8.350	15	12.147	19	11.631	18	18.65%
8%-8.99%	3.577	9	3.016	8	4.470	9	0	0	0	0	7.486	17	11.063	26	8.916	23	16.72%
9%-9.99%	2.216	6	1.449	3	2.580	6	1.290	3	0	0	5.320	12	7.536	18	6.877	16	11.88%
10%-10.99%	0.966	3	0.466	1	1.516	4	0	0	0	0	1.983	5	2.948	8	2.701	7	4.43%
11% and higher	1.033	3	0.675	2	1.327	5	0	0	0.141	1	2.144	8	3.177	11	2.144	8	4.79%
Floater	0.117	1	1.682	3	1.592	5	0	0	0.136	1	3.410	9	3.527	10	3.527	10	7.62%
NA	0.602	5	1.991	5	1.148	3	0	0	0	0	3.139	8	3.741	13	3.430	11	7.01%
Total	16.630	39	20.133	34	20.079	48	4.286	7	0.278	2	44.776	91	61.405	130	53.280	114	100.00%
Versus Talk
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Lower	0	0	0	0.402	0	0	0	0	0	0.462	0	0	0
Low end	3.747	1.317	0.668	0.956	0.631	1.836	1.738	2.587	0.583	2.162	0	0.548	0
Middle	0.479	4.790	0.769	2.454	1.248	8.596	2.900	5.265	0.717	0.710	0	0.403	0
High end	1.558	0.091	0	0	0	0	1.139	0.988	0.210	0	0	0	0
Higher	0	0	0	0	0	0	0	0.432	0.650	0	0	0	0
NA	2.341	0.217	0.652	1.317	0	2.694	1.648	0.584	0.637	0	0	0	0.278
Total	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.278
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0	0	0.402	1	0	0	0.462	1	0	0	0.864	2	0.864	2	0.864	2	1.93%
Low end	5.732	13	3.423	6	4.908	11	2.710	3	0	0	11.041	20	16.772	33	13.025	26	24.66%
Middle	6.038	13	12.298	17	8.882	18	1.114	3	0	0	22.293	38	28.332	51	27.853	49	49.79%
High end	1.649	3	0	0	2.338	5	0	0	0	0	2.338	5	3.987	8	2.429	6	5.22%
Higher	0	0	0	0	1.083	3	0	0	0	0	1.083	3	1.083	3	1.083	3	2.42%
NA	3.210	10	4.011	10	2.869	11	0	0	0.278	2	7.158	23	10.368	33	8.027	28	15.99%
Total	16.630	39	20.133	34	20.079	48	4.286	7	0.278	2	44.776	91	61.405	130	53.280	114	100.00%
Upsized?
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Yes	2.476	0.091	0	1.171	0	2.747	1.195	1.264	1.301	0	0	0.548	0
No	5.650	3.826	2.089	3.958	1.509	9.251	6.230	8.160	1.287	3.335	0	0.403	0.278
Downsized	0	2.498	0	0	0.370	1.128	0	0.432	0.210	0	0	0	0
Total	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.278
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.567	5	3.917	9	3.759	8	0.548	1	0	0	8.225	18	10.791	23	8.315	19	18.37%
No	11.565	32	14.718	23	15.677	38	3.738	6	0.278	2	34.411	69	45.976	101	40.326	89	76.85%
Downsized	2.498	2	1.498	2	0.642	2	0	0	0	0	2.140	4	4.638	6	4.638	6	4.78%
Total	16.630	39	20.133	34	20.079	48	4.286	7	0.278	2	44.776	91	61.405	130	53.280	114	100.00%
Quick Sale?
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Yes	3.996	3.457	0.333	2.187	1.042	8.440	1.380	2.108	0.832	0.425	0	0.951	0.278
No	4.130	2.958	1.756	2.941	0.836	4.686	6.045	7.748	1.966	2.909	0	0	0
Total	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.278
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	7.785	14	11.670	19	4.320	12	1.376	3	0.278	2	17.644	36	25.429	50	21.433	43	39.41%
No	8.844	25	8.464	15	15.759	36	2.909	4	0	0	27.132	55	35.976	80	31.846	71	60.59%
Total	16.630	39	20.133	34	20.079	48	4.286	7	0.278	2	44.776	91	61.405	130	53.280	114	100.00%
Seniority
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
senior secured	4.431	3.250	0.736	3.472	0.782	4.341	2.475	5.250	2.402	0.425	0	0	0
senior	3.695	2.487	1.353	1.657	1.097	8.785	4.950	4.606	0.397	2.909	0	0.951	0.278
senior subordinated	0	0.678	0	0	0	0	0	0	0	0	0	0	0
Total	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.278
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	8.417	15	8.594	13	10.127	24	0.425	1	0	0	19.146	38	27.564	53	23.133	45	42.76%
senior	7.535	22	11.539	21	9.953	24	3.860	6	0.278	2	25.629	53	33.164	75	29.469	67	57.24%
senior subordinated	0.678	2	0	0	0	0	0	0	0	0	0	0	0.678	2	0.678	2	0.00%
Total	16.630	39	20.133	34	20.079	48	4.286	7	0.278	2	44.776	91	61.405	130	53.280	114	100.00%
Moody's Rating
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Ba1	0	0	0	0	0	2.796	0.404	0.708	0.143	2.162	0	0	0
Ba2	2.120	0.640	0.265	0.411	0	3.675	0.723	0	0.717	0.285	0	0.951	0.136
Ba3	1.212	2.885	1.265	2.246	0.412	1.459	1.139	1.630	0.583	0	0	0	0
B1	0	0.638	0.068	0	0.370	2.679	0.983	3.087	0	0	0	0	0
B2	1.450	0.389	0.104	0.758	0	0.695	1.484	2.731	0.995	0.425	0	0	0
B3	2.493	0.355	0	0.947	0.759	0.693	0.290	0.768	0.106	0	0	0	0
Caa1	0.207	0.544	0	0	0	0.425	0.901	0.453	0	0.462	0	0	0
Caa2	0	0	0	0.402	0	0	0	0.432	0	0	0	0	0
NR	0.645	0.963	0.387	0.364	0.338	0.703	1.500	0.047	0.254	0	0	0	0.141
Total	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.278
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	0	0	2.796	2	1.255	3	2.162	2	0	0	6.213	7	6.213	7	6.213	7	13.88%
Ba2	3.025	4	4.087	4	1.440	3	1.236	3	0.136	1	6.899	11	9.924	15	7.804	13	15.41%
Ba3	5.362	8	4.117	8	3.353	6	0	0	0	0	7.470	14	12.832	22	11.620	20	16.68%
B1	0.706	2	3.049	4	4.070	7	0	0	0	0	7.120	11	7.826	13	7.826	13	15.90%
B2	1.943	4	1.453	3	5.209	12	0.425	1	0	0	7.088	16	9.031	20	7.581	18	15.83%
B3	2.848	9	2.399	5	1.164	4	0	0	0	0	3.563	9	6.411	18	3.918	11	7.96%
Caa1	0.751	2	0.425	1	1.355	5	0.462	1	0	0	2.242	7	2.993	9	2.786	8	5.01%
Caa2	0	0	0.402	1	0.432	1	0	0	0	0	0.834	2	0.834	2	0.834	2	1.86%
NR	1.995	10	1.405	6	1.801	7	0	0	0.141	1	3.347	14	5.342	24	4.698	22	7.47%
Total	16.630	39	20.133	34	20.079	48	4.286	7	0.278	2	44.776	91	61.405	130	53.280	114	100.00%
Use of Proceeds
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Acquisition	0	0	0	0	0	0	0.286	0	0.106	0	0	0	0
Dividend/recap	0	0	0	0	0	0	0	0.427	0.487	0	0	0	0
GCP	0.479	0.191	0.119	0.612	0.293	1.656	0.087	0	0	0	0	0	0
LBO	1.214	0	0	1.514	0	3.372	0	0	0.508	0.462	0	0	0
Redeem notes	1.282	0.625	0.265	0.766	0	1.298	0	0	0	0	0	0	0
Refinance	2.766	3.674	0.336	2.236	1.174	5.341	2.876	2.014	0.353	2.588	0	0.548	0.141
Repay bank debt	2.137	0.521	1.265	0	0	1.459	2.210	3.023	0.583	0.285	0	0.403	0
Multiple/Other/NA	0.248	1.404	0.104	0	0.412	0	1.967	4.392	0.761	0	0	0	0.136
Total	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.278
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0	0	0.392	2	0	0	0	0	0.392	2	0.392	2	0.392	2	0.88%
Dividend/recap	0	0	0	0	0.914	2	0	0	0	0	0.914	2	0.914	2	0.914	2	2.04%
GCP	0.789	5	2.560	5	0.087	1	0	0	0	0	2.647	6	3.436	11	2.957	9	5.91%
LBO	1.214	2	4.887	7	0.508	1	0.462	1	0	0	5.856	9	7.070	11	5.856	9	13.08%
Redeem notes	2.172	5	2.064	4	0	0	0	0	0	0	2.064	4	4.236	9	2.954	7	4.61%
Refinance	6.776	13	8.751	13	5.242	14	3.135	4	0.141	1	17.270	32	24.046	45	21.280	39	38.57%
Repay bank debt	3.923	8	1.459	4	5.817	13	0.688	2	0	0	7.965	19	11.887	27	9.750	24	17.79%
Multiple/Other/NA	1.756	6	0.412	1	7.120	15	0	0	0.136	1	7.668	17	9.424	23	9.176	22	17.13%
Total	16.630	39	20.133	34	20.079	48	4.286	7	0.278	2	44.776	91	61.405	130	53.280	114	100.00%
Industry Sector (by SIC code)
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Agriculture (0xxx)	0	0	0	0.558	0	0	0	0	0	0	0	0	0
Oil and gas (13xx)	0	0.117	0	0	0	0	0	0.047	0	0	0	0	0
Construction (15xx)	0	0.389	0	0	0	0.603	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	1.770	1.154	1.752	0.612	0.293	6.374	2.036	5.851	1.497	2.624	0	0.951	0.136
Transportation (4xxx)	0.661	0.902	0	0	0	0.378	0.723	0	0	0	0	0	0.141
Communications (48xx)	4.186	2.445	0	1.412	0.412	2.963	0	0.501	1.301	0.425	0	0	0
Electric, gas, sanitary services (49xx)	0	0.133	0	0.559	0	0	1.344	0.427	0	0	0	0	0
Wholesale (5xxx)	0.617	0	0.068	0	0.338	1.871	0.404	1.108	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0.397	0.640	0.268	0	0.836	0.938	1.570	0	0	0.285	0	0	0
Services (7xxx)	0.248	0.635	0	0.364	0	0	1.010	1.922	0	0	0	0	0
Health services (8xxx)	0.247	0	0	1.624	0	0	0.339	0	0	0	0	0	0
Total	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.278
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0.558	1	0	0	0	0	0	0	0.558	1	0.558	1	0.558	1	1.25%
Oil and gas (13xx)	0.117	1	0	0	0.047	1	0	0	0	0	0.047	1	0.164	2	0.164	2	0.10%
Construction (15xx)	0.389	1	0.603	1	0	0	0	0	0	0	0.603	1	0.992	2	0.992	2	1.35%
Manufacturing (2xxx, 3xxx)	4.676	13	7.279	9	9.384	23	3.575	5	0.136	1	20.374	38	25.050	51	23.280	48	45.50%
Transportation (4xxx)	1.562	5	0.378	2	0.723	2	0	0	0.141	1	1.243	5	2.805	10	2.144	8	2.78%
Communications (48xx)	6.632	8	4.786	7	1.802	3	0.425	1	0	0	7.014	11	13.645	19	9.459	13	15.66%
Electric, gas, sanitary services (49xx)	0.133	1	0.559	1	1.771	4	0	0	0	0	2.329	5	2.463	6	2.463	6	5.20%
Wholesale (5xxx)	0.685	3	2.209	5	1.512	3	0	0	0	0	3.721	8	4.406	11	3.789	9	8.31%
Finance, insurance, real estate (6xxx)	1.306	3	1.774	4	1.570	3	0.285	1	0	0	3.629	8	4.934	11	4.538	10	8.10%
Services (7xxx)	0.883	3	0.364	1	2.932	8	0	0	0	0	3.296	9	4.179	12	3.931	11	7.36%
Health services (8xxx)	0.247	1	1.624	3	0.339	1	0	0	0	0	1.963	4	2.210	5	1.963	4	4.38%
Total	16.630	39	20.133	34	20.079	48	4.286	7	0.278	2	44.776	91	61.405	130	53.280	114	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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