Analysis of European high yield issuance for 13 months through September 2010

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

Yield

	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Less than 6%	0	0	0	0	0.358	0	0	0	0	0.248	0	0	0.084
6%-6.99%	1.087	0	2.246	0	0.931	0	0	0.540	0	0.793	0	0	1.468
7%-7.99%	0	2.568	1.648	0.219	3.515	0.343	0	3.823	0.314	0	1.525	0	3.429
8%-8.99%	0	2.857	2.080	0.840	0	0	1.618	1.589	0	0.724	0.939	0.851	0
9%-9.99%	0	0.722	1.520	0.557	0.396	0	0.337	0.517	0.385	0	1.480	0	0.776
10%-10.99%	0	0	1.332	0.146	1.105	0	0	0	0.198	0.304	0.979	0	0
11%-11.99%	0	0	0	0	0.760	0	0	0	0	0	0.294	0	0
12% and higher	0	0	0	0.471	0	0	0	0	0	0	0	0.104	0
Floater	0.571	0	0	0	0	0	0	0	0	0	0	0	0.049
NA	1.974	0.441	0.076	0	0.261	0	2.316	0	0	0.490	0	0	0
Total	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955	5.806
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 6%	0	0	0.358	1	0.248	1	0.084	1	0.690	3	0.690	3	0.690	3	2.04%
6%-6.99%	2.246	1	0.931	1	1.333	2	1.468	2	3.732	5	7.065	7	5.978	6	11.03%
7%-7.99%	4.435	6	3.858	6	4.137	6	4.954	7	12.949	19	17.384	25	17.384	25	38.26%
8%-8.99%	5.777	5	1.618	4	2.312	3	1.790	2	5.720	9	11.497	14	11.497	14	16.90%
9%-9.99%	2.799	6	0.732	2	0.902	2	2.256	7	3.891	11	6.689	17	6.689	17	11.50%
10%-10.99%	1.478	3	1.105	1	0.502	2	0.979	2	2.586	5	4.064	8	4.064	8	7.64%
11%-11.99%	0	0	0.760	1	0	0	0.294	1	1.054	2	1.054	2	1.054	2	3.11%
12% and higher	0.471	1	0	0	0	0	0.104	1	0.104	1	0.575	2	0.575	2	0.31%
Floater	0	0	0	0	0	0	0.049	1	0.049	1	0.620	2	0.049	1	0.14%
NA	0.517	2	2.577	3	0.490	1	0	0	3.068	4	5.558	8	3.584	6	9.07%
Total	17.723	24	11.940	19	9.925	17	11.977	24	33.842	60	55.196	88	51.565	84	100.00%
Versus Talk
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Lower	0	2.191	0	0.169	0	0	0.501	0	0	0	0	0	0
Low end	0	1.098	4.469	0.219	1.319	0.343	2.991	3.107	0.698	1.274	1.547	0	2.800
Middle	0	1.453	4.357	1.699	3.910	0	0	3.362	0.198	0.304	2.616	0.851	1.207
High end	0	0.659	0	0	0.760	0	0.269	0	0	0.981	0.121	0	0
Higher	0	0	0	0.146	0	0	0	0	0	0	0.294	0	0
NA	3.632	1.187	0.076	0	1.337	0	0.511	0	0	0	0.639	0.104	1.799
Total	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955	5.806
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	2.360	3	0.501	1	0	0	0	0	0.501	1	2.861	4	2.861	4	1.48%
Low end	5.787	8	4.652	6	5.080	9	4.347	6	14.079	21	19.865	29	19.865	29	41.60%
Middle	7.509	8	3.910	5	3.864	6	4.674	10	12.448	21	19.957	29	19.957	29	36.78%
High end	0.659	1	1.029	2	0.981	2	0.121	1	2.131	5	2.790	6	2.790	6	6.30%
Higher	0.146	1	0	0	0	0	0.294	1	0.294	1	0.440	2	0.440	2	0.87%
NA	1.262	3	1.848	5	0	0	2.541	6	4.389	11	9.283	18	5.651	14	12.97%
Total	17.723	24	11.940	19	9.925	17	11.977	24	33.842	60	55.196	88	51.565	84	100.00%
Upsized?
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Yes	0	3.644	3.387	1.311	3.617	0.343	1.618	1.398	0.385	1.284	1.436	0	1.275
No	3.632	2.944	5.515	0.923	2.553	0	2.653	5.072	0.511	1.276	3.781	0.955	3.032
Downsized	0	0	0	0	1.156	0	0	0	0	0	0	0	1.499
Total	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955	5.806
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	8.341	11	5.578	9	3.066	6	2.711	4	11.354	19	19.695	30	19.695	30	33.55%
No	9.382	13	5.206	8	6.859	11	7.767	18	19.833	37	32.846	54	29.215	50	58.60%
Downsized	0	0	1.156	2	0	0	1.499	2	2.655	4	2.655	4	2.655	4	7.85%
Total	17.723	24	11.940	19	9.925	17	11.977	24	33.842	60	55.196	88	51.565	84	100.00%
Quick Sale?
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Yes	2.373	0.659	4.157	0	4.836	0	0.680	3.936	0	1.346	1.142	0.851	3.342
No	1.259	5.929	4.744	2.234	2.490	0.343	3.592	2.534	0.896	1.214	4.074	0.104	2.464
Total	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955	5.806
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.816	6	5.516	8	5.281	9	5.335	7	16.132	24	23.321	32	20.948	30	47.67%
No	12.907	18	6.424	11	4.644	8	6.642	17	17.710	36	31.875	56	30.616	54	52.33%
Total	17.723	24	11.940	19	9.925	17	11.977	24	33.842	60	55.196	88	51.565	84	100.00%
Seniority
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
senior secured	0.172	0.659	4.556	0.388	4.385	0	0.501	0	0.582	0.795	2.069	0	4.065
secured	0	0	0	0	0	0	0	0	0	0	0.347	0	0
senior	3.459	5.929	4.346	1.845	2.727	0.343	3.596	6.469	0.314	1.764	2.801	0.955	1.741
senior subordinated	0	0	0	0	0.213	0	0.174	0	0	0	0	0	0
Total	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955	5.806
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	5.603	8	4.886	6	1.378	4	6.133	8	12.397	18	18.172	27	18.000	26	36.63%
secured	0	0	0	0	0	0	0.347	1	0.347	1	0.347	1	0.347	1	1.03%
senior	12.120	16	6.666	11	8.547	13	5.497	15	20.710	39	36.289	58	32.830	55	61.20%
senior subordinated	0	0	0.388	2	0	0	0	0	0.388	2	0.388	2	0.388	2	1.15%
Total	17.723	24	11.940	19	9.925	17	11.977	24	33.842	60	55.196	88	51.565	84	100.00%
Moody's Rating
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Ba1	2.889	0.441	2.426	0	0	0	2.316	0.945	0	0.490	0	0	0
Ba2	0.571	0	1.469	0.219	1.763	0.343	0	0	0	0.248	0.639	0	0.637
Ba3	0	0	0	0	0.719	0	0.837	0	0.314	0	0.504	0	1.124
B1	0	1.404	2.645	1.009	2.108	0	0	0.662	0	1.284	1.937	0	2.941
B2	0.172	0	0.208	0.146	0	0	0	1.985	0.385	0.304	1.232	0.851	0.195
B3	0	0	1.712	0.859	1.579	0	0	1.876	0.198	0.233	0	0	0.776
Caa1	0	0	0	0	0	0	0.174	0	0	0	0	0	0
NR	0	4.742	0.442	0	1.156	0	0.943	1.001	0	0	0.905	0.104	0.133
Total	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955	5.806
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	2.867	3	2.316	2	1.435	2	0	0	3.752	4	9.507	9	6.618	7	11.09%
Ba2	1.688	3	2.106	3	0.248	1	1.275	2	3.630	6	5.889	10	5.318	9	10.73%
Ba3	0	0	1.556	3	0.314	1	1.628	2	3.497	6	3.497	6	3.497	6	10.33%
B1	5.058	6	2.108	3	1.946	3	4.878	6	8.932	12	13.990	18	13.990	18	26.39%
B2	0.354	2	0	0	2.674	4	2.279	6	4.953	10	5.479	13	5.307	12	14.64%
B3	2.571	4	1.579	3	2.307	4	0.776	2	4.662	9	7.234	13	7.234	13	13.78%
Caa1	0	0	0.174	1	0	0	0	0	0.174	1	0.174	1	0.174	1	0.51%
NR	5.184	6	2.099	4	1.001	2	1.142	6	4.242	12	9.426	18	9.426	18	12.53%
Total	17.723	24	11.940	19	9.925	17	11.977	24	33.842	60	55.196	88	51.565	84	100.00%
Use of Proceeds
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Acquisition	0	0.659	0	0	1.105	0	0	0	0	0	0	0	1.499
Chapter 11 exit	0	0	0	0	0	0	0.501	0	0	0	0	0	0
Dividend/recap	0	0	0	0.471	0	0	0	0	0	0	0	0	0
GCP	0	0	2.613	0	0.571	0	0.848	0	0.314	0	0	0	0.084
LBO	0	0	3.046	0	0	0	0	0	0	0	0.751	0	0.401
Redeem notes	0	0	0.208	0.219	0	0.343	0.269	1.059	0	0.248	0.229	0	0.195
Refinance	0.571	0.746	0	1.228	0.657	0	0	2.106	0.198	1.517	2.331	0.851	2.941
Repay bank debt	0.172	3.644	1.648	0.146	4.993	0	1.637	0.945	0.385	0.304	0.676	0	0.686
Multiple/Other/NA	2.889	1.539	1.387	0.169	0	0	1.016	2.360	0	0.490	1.230	0.104	0
Total	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955	5.806
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.659	1	1.105	1	0	0	1.499	2	2.604	3	3.263	4	3.263	4	7.69%
Chapter 11 exit	0	0	0.501	1	0	0	0	0	0.501	1	0.501	1	0.501	1	1.48%
Dividend/recap	0.471	1	0	0	0	0	0	0	0	0	0.471	1	0.471	1	0.00%
GCP	2.613	2	1.419	4	0.314	1	0.084	1	1.817	6	4.429	8	4.429	8	5.37%
LBO	3.046	2	0	0	0	0	1.152	3	1.152	3	4.198	5	4.198	5	3.40%
Redeem notes	0.427	2	0.612	2	1.307	3	0.424	2	2.343	7	2.770	9	2.770	9	6.92%
Refinance	1.974	3	0.657	2	3.821	6	6.122	8	10.600	16	13.144	20	12.573	19	31.32%
Repay bank debt	5.438	7	6.630	7	1.634	3	1.362	4	9.626	14	15.237	22	15.065	21	28.44%
Multiple/Other/NA	3.096	6	1.016	2	2.850	4	1.333	4	5.199	10	11.184	18	8.295	16	15.36%
Total	17.723	24	11.940	19	9.925	17	11.977	24	33.842	60	55.196	88	51.565	84	100.00%
Industry Sector (by SIC code)
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Construction (15xx)	0	0	0	0	0	0	0	0.945	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	3.632	6.588	3.716	0.754	3.722	0	2.817	1.059	0.582	1.764	3.301	0.104	5.673
Transportation (4xxx)	0	0	0	0	0	0	0.269	1.001	0	0	0	0	0.133
Communications (48xx)	0	0	3.254	0.471	2.124	0	0	1.589	0	0	0	0.851	0
Electric, gas, sanitary services (49xx)	0	0	0.442	0.169	0	0	0.674	0	0.314	0	0	0	0
Wholesale (5xxx)	0	0	0.565	0.840	0.324	0	0.337	0	0	0	0.229	0	0
Finance, insurance, real estate (6xxx)	0	0	0.747	0	0	0	0	1.359	0	0	0.797	0	0
Services (7xxx)	0	0	0.179	0	1.156	0.343	0.174	0.517	0	0.795	0.504	0	0
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0	0.385	0	0
Total	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955	5.806
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Construction (15xx)	0	0	0	0	0.945	1	0	0	0.945	1	0.945	1	0.945	1	2.79%
Manufacturing (2xxx, 3xxx)	11.057	13	6.539	8	3.405	8	9.078	15	19.022	31	33.711	48	30.079	44	56.21%
Transportation (4xxx)	0	0	0.269	1	1.001	2	0.133	2	1.403	5	1.403	5	1.403	5	4.15%
Communications (48xx)	3.724	4	2.124	2	1.589	1	0.851	1	4.564	4	8.288	8	8.288	8	13.49%
Electric, gas, sanitary services (49xx)	0.611	3	0.674	1	0.314	1	0	0	0.988	2	1.599	5	1.599	5	2.92%
Wholesale (5xxx)	1.405	2	0.661	3	0	0	0.229	1	0.890	4	2.295	6	2.295	6	2.63%
Finance, insurance, real estate (6xxx)	0.747	1	0	0	1.359	1	0.797	2	2.156	3	2.902	4	2.902	4	6.37%
Services (7xxx)	0.179	1	1.673	4	1.313	3	0.504	2	3.490	9	3.669	10	3.669	10	10.31%
Health services (8xxx)	0	0	0	0	0	0	0.385	1	0.385	1	0.385	1	0.385	1	1.14%
Total	17.723	24	11.940	19	9.925	17	11.977	24	33.842	60	55.196	88	51.565	84	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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