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

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

Yield

	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Less than 6%	0	0	0.358	0	0	0	0	0.248	0	0	0.084	0	0.640
6%-6.99%	2.246	0	0.931	0	0	0.540	0	0.793	0	0	1.468	3.213	0
7%-7.99%	1.648	0.219	3.515	0.343	0	3.823	0.314	0	1.525	0	3.429	0.516	2.885
8%-8.99%	2.080	0.840	0	0	1.618	1.589	0	0.724	0.939	0.851	0	2.147	0.554
9%-9.99%	1.520	0.557	0.396	0.276	0.337	0.517	0.385	0	1.480	0	0.776	0.659	1.557
10%-10.99%	1.332	0.146	1.105	0	0	0	0.198	0.304	0.979	0	0	0.247	0.389
11%-11.99%	0	0	0.760	0	0	0	0	0	0.294	0	0	0.785	0
12% and higher	0	0.471	0	0	0	0	0	0	0	0.104	0	0.248	0
Floater	0	0	0	0	0	0	0	0	0	0	0.049	0	0.117
NA	0.076	0	0.261	0	2.316	0	0	0.490	0	0	0	0.312	0.172
Total	8.902	2.234	7.326	0.619	4.271	6.469	0.896	2.560	5.216	0.955	5.806	8.126	6.314
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 6%	0.358	1	0.248	1	0.084	1	0.640	1	1.330	4	1.330	4	1.330	4	2.74%
6%-6.99%	0.931	1	1.333	2	1.468	2	3.213	4	6.945	9	9.191	10	6.945	9	14.30%
7%-7.99%	3.858	6	4.137	6	4.954	7	3.402	3	16.350	22	18.218	26	16.570	23	33.67%
8%-8.99%	1.618	4	2.312	3	1.790	2	2.701	5	8.422	14	11.341	16	9.261	15	17.34%
9%-9.99%	1.008	3	0.902	2	2.256	7	2.216	6	6.382	18	8.459	23	6.940	20	13.14%
10%-10.99%	1.105	1	0.502	2	0.979	2	0.636	2	3.222	7	4.700	10	3.369	8	6.64%
11%-11.99%	0.760	1	0	0	0.294	1	0.785	2	1.839	4	1.839	4	1.839	4	3.79%
12% and higher	0	0	0	0	0.104	1	0.248	1	0.352	2	0.823	3	0.823	3	0.72%
Floater	0	0	0	0	0.049	1	0.117	1	0.166	2	0.166	2	0.166	2	0.34%
NA	2.577	3	0.490	1	0	0	0.483	4	3.551	8	3.626	9	3.551	8	7.31%
Total	12.216	20	9.925	17	11.977	24	14.440	29	48.558	90	59.693	107	50.791	96	100.00%
Versus Talk
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Lower	0	0.169	0	0	0.501	0	0	0	0	0	0	0	0
Low end	4.469	0.219	1.319	0.343	2.991	3.107	0.698	1.274	1.547	0	2.800	3.747	1.317
Middle	4.357	1.699	3.910	0.276	0	3.362	0.198	0.304	2.616	0.851	1.207	0.479	4.790
High end	0	0	0.760	0	0.269	0	0	0.981	0.121	0	0	1.558	0.091
Higher	0	0.146	0	0	0	0	0	0	0.294	0	0	0	0
NA	0.076	0	1.337	0	0.511	0	0	0	0.639	0.104	1.799	2.341	0.117
Total	8.902	2.234	7.326	0.619	4.271	6.469	0.896	2.560	5.216	0.955	5.806	8.126	6.314
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.501	1	0	0	0	0	0	0	0.501	1	0.669	2	0.669	2	1.03%
Low end	4.652	6	5.080	9	4.347	6	5.064	11	19.143	32	23.831	39	19.362	33	39.42%
Middle	4.185	6	3.864	6	4.674	10	5.269	9	17.993	31	24.049	38	19.692	34	37.05%
High end	1.029	2	0.981	2	0.121	1	1.649	3	3.781	8	3.781	8	3.781	8	7.79%
Higher	0	0	0	0	0.294	1	0	0	0.294	1	0.440	2	0.440	2	0.61%
NA	1.848	5	0	0	2.541	6	2.458	6	6.847	17	6.923	18	6.847	17	14.10%
Total	12.216	20	9.925	17	11.977	24	14.440	29	48.558	90	59.693	107	50.791	96	100.00%
Upsized?
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Yes	3.387	1.311	3.617	0.343	1.618	1.398	0.385	1.284	1.436	0	1.275	2.476	0.091
No	5.515	0.923	2.553	0.276	2.653	5.072	0.511	1.276	3.781	0.955	3.032	5.650	3.726
Downsized	0	0	1.156	0	0	0	0	0	0	0	1.499	0	2.498
Total	8.902	2.234	7.326	0.619	4.271	6.469	0.896	2.560	5.216	0.955	5.806	8.126	6.314
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	5.578	9	3.066	6	2.711	4	2.567	5	13.921	24	18.618	32	15.231	26	28.67%
No	5.482	9	6.859	11	7.767	18	9.376	22	29.484	60	35.922	69	30.407	64	60.72%
Downsized	1.156	2	0	0	1.499	2	2.498	2	5.153	6	5.153	6	5.153	6	10.61%
Total	12.216	20	9.925	17	11.977	24	14.440	29	48.558	90	59.693	107	50.791	96	100.00%
Quick Sale?
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Yes	4.157	0	4.836	0	0.680	3.936	0	1.346	1.142	0.851	3.342	3.996	3.457
No	4.744	2.234	2.490	0.619	3.592	2.534	0.896	1.214	4.074	0.104	2.464	4.130	2.858
Total	8.902	2.234	7.326	0.619	4.271	6.469	0.896	2.560	5.216	0.955	5.806	8.126	6.314
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	5.516	8	5.281	9	5.335	7	7.453	12	23.585	36	27.742	41	23.585	36	48.57%
No	6.700	12	4.644	8	6.642	17	6.988	17	24.973	54	31.951	66	27.207	60	51.43%
Total	12.216	20	9.925	17	11.977	24	14.440	29	48.558	90	59.693	107	50.791	96	100.00%
Seniority
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
senior secured	4.556	0.388	4.385	0.276	0.501	0	0.582	0.795	2.069	0	4.065	4.224	3.250
secured	0	0	0	0	0	0	0	0	0.347	0	0	0	0
senior	4.346	1.845	2.727	0.343	3.596	6.469	0.314	1.764	2.801	0.955	1.741	3.901	2.386
senior subordinated	0	0	0.213	0	0.174	0	0	0	0	0	0	0	0.678
Total	8.902	2.234	7.326	0.619	4.271	6.469	0.896	2.560	5.216	0.955	5.806	8.126	6.314
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	5.162	7	1.378	4	6.133	8	7.475	11	20.148	30	25.092	37	20.536	31	41.49%
secured	0	0	0	0	0.347	1	0	0	0.347	1	0.347	1	0.347	1	0.71%
senior	6.666	11	8.547	13	5.497	15	6.288	16	26.998	55	33.189	65	28.844	60	55.60%
senior subordinated	0.388	2	0	0	0	0	0.678	2	1.065	4	1.065	4	1.065	4	2.19%
Total	12.216	20	9.925	17	11.977	24	14.440	29	48.558	90	59.693	107	50.791	96	100.00%
Moody's Rating
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Ba1	2.426	0	0	0	2.316	0.945	0	0.490	0	0	0	0	0
Ba2	1.469	0.219	1.763	0.343	0	0	0	0.248	0.639	0	0.637	2.120	0.640
Ba3	0	0	0.719	0	0.837	0	0.314	0	0.504	0	1.124	1.212	2.885
B1	2.645	1.009	2.108	0	0	0.662	0	1.284	1.937	0	2.941	0	0.638
B2	0.208	0.146	0	0	0	1.985	0.385	0.304	1.232	0.851	0.195	1.450	0.389
B3	1.712	0.859	1.579	0	0	1.876	0.198	0.233	0	0	0.776	2.493	0.355
Caa1	0	0	0	0	0.174	0	0	0	0	0	0	0.207	0.544
NR	0.442	0	1.156	0.276	0.943	1.001	0	0	0.905	0.104	0.133	0.645	0.863
Total	8.902	2.234	7.326	0.619	4.271	6.469	0.896	2.560	5.216	0.955	5.806	8.126	6.314
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	2.316	2	1.435	2	0	0	0	0	3.752	4	6.177	6	3.752	4	7.73%
Ba2	2.106	3	0.248	1	1.275	2	2.760	3	6.390	9	8.079	12	6.610	10	13.16%
Ba3	1.556	3	0.314	1	1.628	2	4.097	4	7.595	10	7.595	10	7.595	10	15.64%
B1	2.108	3	1.946	3	4.878	6	0.638	1	9.570	13	13.224	17	10.579	15	19.71%
B2	0	0	2.674	4	2.279	6	1.839	3	6.791	13	7.145	15	6.938	14	13.99%
B3	1.579	3	2.307	4	0.776	2	2.848	9	7.510	18	10.081	22	8.369	20	15.47%
Caa1	0.174	1	0	0	0	0	0.751	2	0.925	3	0.925	3	0.925	3	1.90%
NR	2.375	5	1.001	2	1.142	6	1.507	7	6.025	20	6.467	22	6.025	20	12.41%
Total	12.216	20	9.925	17	11.977	24	14.440	29	48.558	90	59.693	107	50.791	96	100.00%
Use of Proceeds
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Acquisition	0	0	1.105	0	0	0	0	0	0	0	1.499	0	0
Chapter 11 exit	0	0	0	0	0.501	0	0	0	0	0	0	0	0
Dividend/recap	0	0.471	0	0	0.337	0	0	0	0.347	0	0	0	0
GCP	2.613	0	0.571	0	0.848	0	0.314	0	0	0	0.084	0.479	0.091
LBO	3.046	0	0	0	0	0	0	0	0.751	0	0.401	1.214	0
Redeem notes	0.208	0.219	0	0.343	0.269	1.059	0	0.248	0.229	0	0.195	1.076	0.625
Refinance	0	1.228	0.657	0	0	2.106	0.198	1.517	2.331	0.851	2.941	2.973	3.674
Repay bank debt	1.648	0.146	4.993	0.276	1.637	0.945	0.385	0.304	0.676	0	0.686	2.137	0.521
Multiple/Other/NA	1.387	0.169	0	0	0.680	2.360	0	0.490	0.883	0.104	0	0.248	1.404
Total	8.902	2.234	7.326	0.619	4.271	6.469	0.896	2.560	5.216	0.955	5.806	8.126	6.314
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	1.105	1	0	0	1.499	2	0	0	2.604	3	2.604	3	2.604	3	5.36%
Chapter 11 exit	0.501	1	0	0	0	0	0	0	0.501	1	0.501	1	0.501	1	1.03%
Dividend/recap	0.337	1	0	0	0.347	1	0	0	0.684	2	1.154	3	1.154	3	1.41%
GCP	1.419	4	0.314	1	0.084	1	0.570	3	2.386	9	4.999	11	2.386	9	4.91%
LBO	0	0	0	0	1.152	3	1.214	2	2.366	5	5.411	7	2.366	5	4.87%
Redeem notes	0.612	2	1.307	3	0.424	2	1.701	3	4.044	10	4.471	12	4.263	11	8.33%
Refinance	0.657	2	3.821	6	6.122	8	6.647	12	17.246	28	18.474	30	18.474	30	35.52%
Repay bank debt	6.906	8	1.634	3	1.362	4	2.658	4	12.560	19	14.354	23	12.706	20	25.87%
Multiple/Other/NA	0.680	1	2.850	4	0.986	3	1.652	5	6.168	13	7.724	17	6.337	14	12.70%
Total	12.216	20	9.925	17	11.977	24	14.440	29	48.558	90	59.693	107	50.791	96	100.00%
Industry Sector (by SIC code)
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Oil and gas (13xx)	0	0	0	0	0	0	0	0	0	0	0	0	0.117
Construction (15xx)	0	0	0	0	0	0.945	0	0	0	0	0	0	0.389
Manufacturing (2xxx, 3xxx)	3.716	0.754	3.722	0	2.817	1.059	0.582	1.764	3.301	0.104	5.673	1.770	1.154
Transportation (4xxx)	0	0	0	0	0.269	1.001	0	0	0	0	0.133	0.661	0.801
Communications (48xx)	3.254	0.471	2.124	0	0	1.589	0	0	0	0.851	0	4.186	2.445
Electric, gas, sanitary services (49xx)	0.442	0.169	0	0	0.674	0	0.314	0	0	0	0	0	0.133
Wholesale (5xxx)	0.565	0.840	0.324	0	0.337	0	0	0	0.229	0	0	0.617	0
Finance, insurance, real estate (6xxx)	0.747	0	0	0	0	1.359	0	0	0.797	0	0	0.397	0.640
Services (7xxx)	0.179	0	1.156	0.619	0.174	0.517	0	0.795	0.504	0	0	0.248	0.635
Health services (8xxx)	0	0	0	0	0	0	0	0	0.385	0	0	0.247	0
Total	8.902	2.234	7.326	0.619	4.271	6.469	0.896	2.560	5.216	0.955	5.806	8.126	6.314
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Oil and gas (13xx)	0	0	0	0	0	0	0.117	1	0.117	1	0.117	1	0.117	1	0.24%
Construction (15xx)	0	0	0.945	1	0	0	0.389	1	1.334	2	1.334	2	1.334	2	2.75%
Manufacturing (2xxx, 3xxx)	6.539	8	3.405	8	9.078	15	2.924	6	21.946	37	26.415	43	22.700	40	45.20%
Transportation (4xxx)	0.269	1	1.001	2	0.133	2	1.462	4	2.864	9	2.864	9	2.864	9	5.90%
Communications (48xx)	2.124	2	1.589	1	0.851	1	6.632	8	11.196	12	14.920	16	11.666	13	23.06%
Electric, gas, sanitary services (49xx)	0.674	1	0.314	1	0	0	0.133	1	1.121	3	1.732	6	1.290	4	2.31%
Wholesale (5xxx)	0.661	3	0	0	0.229	1	0.617	2	1.507	6	2.912	8	2.347	7	3.10%
Finance, insurance, real estate (6xxx)	0	0	1.359	1	0.797	2	1.037	2	3.193	5	3.940	6	3.193	5	6.58%
Services (7xxx)	1.949	5	1.313	3	0.504	2	0.883	3	4.648	13	4.828	14	4.648	13	9.57%
Health services (8xxx)	0	0	0	0	0.385	1	0.247	1	0.632	2	0.632	2	0.632	2	1.30%
Total	12.216	20	9.925	17	11.977	24	14.440	29	48.558	90	59.693	107	50.791	96	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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