Analysis of European high yield issuance for 12 months through December 2009

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

Yield

	1/2009	2/2009	3/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
6%-6.99%	0	0	0	0	0	0	0	1.087	0	2.246	0
7%-7.99%	0	0	0	1.114	0.195	0	0	0	2.568	1.648	0.219
8%-8.99%	0	0	0	0	0	0	0	0	2.857	2.080	0.840
9%-9.99%	0	0	0	0	0.410	1.756	0	0	0.722	1.520	0.557
10%-10.99%	0.422	0	0	0.243	0.268	0	0	0	0	1.332	0.146
11%-11.99%	0	0	0	0.187	0	0.743	0	0	0	0	0
12% and higher	0	0	0	0.234	0	1.710	0	0	0	0	0.471
Floater	0	0	0.018	0	0	0	0.082	0.571	0	0	0
NA	0	0	0	0	0	0	0	1.974	0.441	0.076	0
Total	0.422	0	0.018	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
6%-6.99%	0	0	0	0	1.087	1	2.246	1	3.333	2	3.333	2	11.60%
7%-7.99%	0	0	1.309	2	0	0	4.435	6	5.745	8	5.745	8	19.99%
8%-8.99%	0	0	0	0	0	0	5.777	5	5.777	5	5.777	5	20.10%
9%-9.99%	0	0	0.410	1	1.756	1	2.799	6	4.965	8	4.965	8	17.28%
10%-10.99%	0.422	1	0.511	2	0	0	1.478	3	2.411	6	2.411	6	8.39%
11%-11.99%	0	0	0.187	1	0.743	1	0	0	0.930	2	0.930	2	3.24%
12% and higher	0	0	0.234	1	1.710	1	0.471	1	2.416	3	2.416	3	8.41%
Floater	0.018	1	0	0	0.653	2	0	0	0.671	3	0.671	3	2.33%
NA	0	0	0	0	1.974	2	0.517	2	2.490	4	2.490	4	8.66%
Total	0.439	2	2.652	7	7.923	8	17.723	24	28.737	41	28.737	41	100.00%
Versus Talk
	1/2009	2/2009	3/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Lower	0	0	0	0	0	1.756	0	0	2.191	0	0.169
Low end	0.422	0	0	1.114	0	0.743	0	0	1.098	4.469	0.219
Middle	0	0	0	0.430	0.268	0	0	0	1.453	4.357	1.699
High end	0	0	0	0	0.410	1.710	0	0	0.659	0	0
Higher	0	0	0	0	0	0	0	0	0	0	0.146
NA	0	0	0.018	0.234	0.195	0	0.082	3.632	1.187	0.076	0
Total	0.422	0	0.018	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Lower	0	0	0	0	1.756	1	2.360	3	4.116	4	4.116	4	14.32%
Low end	0.422	1	1.114	1	0.743	1	5.787	8	8.065	11	8.065	11	28.06%
Middle	0	0	0.698	3	0	0	7.509	8	8.207	11	8.207	11	28.56%
High end	0	0	0.410	1	1.710	1	0.659	1	2.779	3	2.779	3	9.67%
Higher	0	0	0	0	0	0	0.146	1	0.146	1	0.146	1	0.51%
NA	0.018	1	0.429	2	3.714	5	1.262	3	5.423	11	5.423	11	18.87%
Total	0.439	2	2.652	7	7.923	8	17.723	24	28.737	41	28.737	41	100.00%
Upsized?
	1/2009	2/2009	3/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Yes	0.422	0	0	0.665	0.463	0	0	0	3.644	3.387	1.311
No	0	0	0.018	1.114	0.410	4.209	0.082	3.632	2.944	5.515	0.923
Total	0.422	0	0.018	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0.422	1	1.128	5	0	0	8.341	11	9.891	17	9.891	17	34.42%
No	0.018	1	1.524	2	7.923	8	9.382	13	18.846	24	18.846	24	65.58%
Total	0.439	2	2.652	7	7.923	8	17.723	24	28.737	41	28.737	41	100.00%
Quick Sale?
	1/2009	2/2009	3/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Yes	0	0	0	0.187	0	3.466	0	2.373	0.659	4.157	0
No	0.422	0	0.018	1.592	0.873	0.743	0.082	1.259	5.929	4.744	2.234
Total	0.422	0	0.018	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	0.187	1	5.839	4	4.816	6	10.842	11	10.842	11	37.73%
No	0.439	2	2.465	6	2.084	4	12.907	18	17.895	30	17.895	30	62.27%
Total	0.439	2	2.652	7	7.923	8	17.723	24	28.737	41	28.737	41	100.00%
Seniority
	1/2009	2/2009	3/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
senior secured	0	0	0	0	0.678	0	0	0.172	0.659	4.556	0.388
senior	0.422	0	0.018	1.779	0.195	4.209	0.082	3.459	5.929	4.346	1.845
Total	0.422	0	0.018	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
senior secured	0	0	0.678	2	0.172	1	5.603	8	6.454	11	6.454	11	22.46%
senior	0.439	2	1.974	5	7.751	7	12.120	16	22.284	30	22.284	30	77.54%
Total	0.439	2	2.652	7	7.923	8	17.723	24	28.737	41	28.737	41	100.00%
Moody's Rating
	1/2009	2/2009	3/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Ba1	0.422	0	0	1.114	0.195	1.756	0	2.889	0.441	2.426	0
Ba2	0	0	0	0.234	0	0	0	0.571	0	1.469	0.219
Ba3	0	0	0	0	0.678	0	0	0	0	0	0
B1	0	0	0	0	0	0	0	0	1.404	2.645	1.009
B2	0	0	0	0.430	0	1.710	0	0.172	0	0.208	0.146
B3	0	0	0	0	0	0	0	0	0	1.712	0.859
NR	0	0	0.018	0	0	0.743	0.082	0	4.742	0.442	0
Total	0.422	0	0.018	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Ba1	0.422	1	1.309	2	4.644	3	2.867	3	9.242	9	9.242	9	32.16%
Ba2	0	0	0.234	1	0.571	1	1.688	3	2.494	5	2.494	5	8.68%
Ba3	0	0	0.678	2	0	0	0	0	0.678	2	0.678	2	2.36%
B1	0	0	0	0	0	0	5.058	6	5.058	6	5.058	6	17.60%
B2	0	0	0.430	2	1.882	2	0.354	2	2.667	6	2.667	6	9.28%
B3	0	0	0	0	0	0	2.571	4	2.571	4	2.571	4	8.95%
NR	0.018	1	0	0	0.825	2	5.184	6	6.027	9	6.027	9	20.97%
Total	0.439	2	2.652	7	7.923	8	17.723	24	28.737	41	28.737	41	100.00%
Use of Proceeds
	1/2009	2/2009	3/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Acquisition	0	0	0	0	0	0	0	0	0.659	0	0
Dividend/recap	0	0	0	0	0	0	0	0	0	0	0.471
GCP	0	0	0.018	0.187	0.195	0	0	0	0	2.613	0
LBO	0	0	0	0	0	0	0	0	0	3.046	0
Redeem notes	0	0	0	0	0	0	0	0	0	0.208	0.219
Refinance	0.422	0	0	0	0.678	4.209	0	0.571	0.746	0	1.228
Repay bank debt	0	0	0	0.243	0	0	0	0.172	3.644	1.648	0.146
Multiple/Other/NA	0	0	0	1.349	0	0	0.082	2.889	1.539	1.387	0.169
Total	0.422	0	0.018	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	0	0	0	0	0.659	1	0.659	1	0.659	1	2.29%
Dividend/recap	0	0	0	0	0	0	0.471	1	0.471	1	0.471	1	1.64%
GCP	0.018	1	0.382	2	0	0	2.613	2	3.013	5	3.013	5	10.48%
LBO	0	0	0	0	0	0	3.046	2	3.046	2	3.046	2	10.60%
Redeem notes	0	0	0	0	0	0	0.427	2	0.427	2	0.427	2	1.49%
Refinance	0.422	1	0.678	2	4.780	4	1.974	3	7.853	10	7.853	10	27.33%
Repay bank debt	0	0	0.243	1	0.172	1	5.438	7	5.854	9	5.854	9	20.37%
Multiple/Other/NA	0	0	1.349	2	2.971	3	3.096	6	7.415	11	7.415	11	25.80%
Total	0.439	2	2.652	7	7.923	8	17.723	24	28.737	41	28.737	41	100.00%
Industry Sector (by SIC code)
	1/2009	2/2009	3/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Manufacturing (2xxx, 3xxx)	0.422	0	0	1.349	0.873	1.756	0	3.632	6.588	3.716	0.754
Transportation (4xxx)	0	0	0.018	0	0	0	0.082	0	0	0	0
Communications (48xx)	0	0	0	0.430	0	1.710	0	0	0	3.254	0.471
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0	0.442	0.169
Wholesale (5xxx)	0	0	0	0	0	0	0	0	0	0.565	0.840
Finance, insurance, real estate (6xxx)	0	0	0	0	0	0.743	0	0	0	0.747	0
Services (7xxx)	0	0	0	0	0	0	0	0	0	0.179	0
Total	0.422	0	0.018	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Manufacturing (2xxx, 3xxx)	0.422	1	2.222	5	5.387	5	11.057	13	19.088	24	19.088	24	66.42%
Transportation (4xxx)	0.018	1	0	0	0.082	1	0	0	0.100	2	0.100	2	0.35%
Communications (48xx)	0	0	0.430	2	1.710	1	3.724	4	5.865	7	5.865	7	20.41%
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.611	3	0.611	3	0.611	3	2.13%
Wholesale (5xxx)	0	0	0	0	0	0	1.405	2	1.405	2	1.405	2	4.89%
Finance, insurance, real estate (6xxx)	0	0	0	0	0.743	1	0.747	1	1.489	2	1.489	2	5.18%
Services (7xxx)	0	0	0	0	0	0	0.179	1	0.179	1	0.179	1	0.62%
Total	0.439	2	2.652	7	7.923	8	17.723	24	28.737	41	28.737	41	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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