Analysis of European high yield issuance for 12 months through January 2010

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

Yield

	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Less than 6%	0	0	0	0	0	0	0	0	0	0	0	0.358
6%-6.99%	0	0	0	0	0	0	0	1.087	0	2.246	0	0.931
7%-7.99%	0	0	0	1.114	0.195	0	0	0	2.568	1.648	0.219	3.515
8%-8.99%	0	0	0	0	0	0	0	0	2.857	2.080	0.840	0
9%-9.99%	0	0	0	0	0.410	1.756	0	0	0.722	1.520	0.557	0.396
10%-10.99%	0	0	0	0.243	0.268	0	0	0	0	1.332	0.146	1.105
11%-11.99%	0	0	0	0.187	0	0.743	0	0	0	0	0	0.760
12% and higher	0	0	0	0.234	0	1.710	0	0	0	0	0.471	0
Floater	0	0.018	0	0	0	0	0.082	0.571	0	0	0	0
NA	0	0	0	0	0	0	0	1.974	0.441	0.076	0	0.261
Total	0	0.018	0	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234	7.326
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Less than 6%	0	0	0	0	0	0	0.358	1	0.358	1	0.358	1	4.89%
6%-6.99%	0	0	1.087	1	2.246	1	0.931	1	0.931	1	4.264	3	12.71%
7%-7.99%	1.309	2	0	0	4.435	6	3.515	5	3.515	5	9.26	13	47.98%
8%-8.99%	0	0	0	0	5.777	5	0	0	0	0	5.777	5	0.00%
9%-9.99%	0.410	1	1.756	1	2.799	6	0.396	1	0.396	1	5.36	9	5.41%
10%-10.99%	0.511	2	0	0	1.478	3	1.105	1	1.105	1	3.094	6	15.08%
11%-11.99%	0.187	1	0.743	1	0	0	0.760	1	0.760	1	1.691	3	10.37%
12% and higher	0.234	1	1.710	1	0.471	1	0	0	0	0	2.416	3	0.00%
Floater	0	0	0.653	2	0	0	0	0	0	0	0.671	3	0.00%
NA	0	0	1.974	2	0.517	2	0.261	1	0.261	1	2.751	5	3.56%
Total	2.652	7	7.923	8	17.723	24	7.326	11	7.326	11	35.641	51	100.00%
Versus Talk
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Lower	0	0	0	0	0	1.756	0	0	2.191	0	0.169	0
Low end	0	0	0	1.114	0	0.743	0	0	1.098	4.469	0.219	1.319
Middle	0	0	0	0.430	0.268	0	0	0	1.453	4.357	1.699	3.910
High end	0	0	0	0	0.410	1.710	0	0	0.659	0	0	0.760
Higher	0	0	0	0	0	0	0	0	0	0	0.146	0
NA	0	0.018	0	0.234	0.195	0	0.082	3.632	1.187	0.076	0	1.337
Total	0	0.018	0	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234	7.326
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Lower	0	0	1.756	1	2.360	3	0	0	0	0	4.116	4	0.00%
Low end	1.114	1	0.743	1	5.787	8	1.319	2	1.319	2	8.962	12	18.00%
Middle	0.698	3	0	0	7.509	8	3.910	5	3.910	5	12.117	16	53.37%
High end	0.410	1	1.710	1	0.659	1	0.760	1	0.760	1	3.539	4	10.37%
Higher	0	0	0	0	0.146	1	0	0	0	0	0.146	1	0.00%
NA	0.429	2	3.714	5	1.262	3	1.337	3	1.337	3	6.76	14	18.25%
Total	2.652	7	7.923	8	17.723	24	7.326	11	7.326	11	35.641	51	100.00%
Upsized?
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Yes	0	0	0	0.665	0.463	0	0	0	3.644	3.387	1.311	3.617
No	0	0.018	0	1.114	0.410	4.209	0.082	3.632	2.944	5.515	0.923	2.553
Downsized	0	0	0	0	0	0	0	0	0	0	0	1.156
Total	0	0.018	0	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234	7.326
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	1.128	5	0	0	8.341	11	3.617	4	3.617	4	13.086	20	49.37%
No	1.524	2	7.923	8	9.382	13	2.553	5	2.553	5	21.399	29	34.85%
Downsized	0	0	0	0	0	0	1.156	2	1.156	2	1.156	2	15.78%
Total	2.652	7	7.923	8	17.723	24	7.326	11	7.326	11	35.641	51	100.00%
Quick Sale?
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Yes	0	0	0	0.187	0	3.466	0	2.373	0.659	4.157	0	4.836
No	0	0.018	0	1.592	0.873	0.743	0.082	1.259	5.929	4.744	2.234	2.490
Total	0	0.018	0	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234	7.326
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	0.187	1	5.839	4	4.816	6	4.836	7	4.836	7	15.678	18	66.01%
No	2.465	6	2.084	4	12.907	18	2.490	4	2.490	4	19.963	33	33.99%
Total	2.652	7	7.923	8	17.723	24	7.326	11	7.326	11	35.641	51	100.00%
Seniority
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
senior secured	0	0	0	0	0.678	0	0	0.172	0.659	4.556	0.388	4.385
senior	0	0.018	0	1.779	0.195	4.209	0.082	3.459	5.929	4.346	1.845	2.727
senior subordinated	0	0	0	0	0	0	0	0	0	0	0	0.213
Total	0	0.018	0	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234	7.326
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
senior secured	0.678	2	0.172	1	5.603	8	4.385	5	4.385	5	10.839	16	59.86%
senior	1.974	5	7.751	7	12.120	16	2.727	5	2.727	5	24.589	34	37.22%
senior subordinated	0	0	0	0	0	0	0.213	1	0.213	1	0.213	1	2.91%
Total	2.652	7	7.923	8	17.723	24	7.326	11	7.326	11	35.641	51	100.00%
Moody's Rating
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Ba1	0	0	0	1.114	0.195	1.756	0	2.889	0.441	2.426	0	0
Ba2	0	0	0	0.234	0	0	0	0.571	0	1.469	0.219	1.763
Ba3	0	0	0	0	0.678	0	0	0	0	0	0	0.719
B1	0	0	0	0	0	0	0	0	1.404	2.645	1.009	2.108
B2	0	0	0	0.430	0	1.710	0	0.172	0	0.208	0.146	0
B3	0	0	0	0	0	0	0	0	0	1.712	0.859	1.579
NR	0	0.018	0	0	0	0.743	0.082	0	4.742	0.442	0	1.156
Total	0	0.018	0	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234	7.326
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Ba1	1.309	2	4.644	3	2.867	3	0	0	0	0	8.82	8	0.00%
Ba2	0.234	1	0.571	1	1.688	3	1.763	2	1.763	2	4.257	7	24.06%
Ba3	0.678	2	0	0	0	0	0.719	1	0.719	1	1.397	3	9.81%
B1	0	0	0	0	5.058	6	2.108	3	2.108	3	7.167	9	28.77%
B2	0.430	2	1.882	2	0.354	2	0	0	0	0	2.667	6	0.00%
B3	0	0	0	0	2.571	4	1.579	3	1.579	3	4.151	7	21.55%
NR	0	0	0.825	2	5.184	6	1.156	2	1.156	2	7.183	11	15.78%
Total	2.652	7	7.923	8	17.723	24	7.326	11	7.326	11	35.641	51	100.00%
Use of Proceeds
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Acquisition	0	0	0	0	0	0	0	0	0.659	0	0	1.105
Dividend/recap	0	0	0	0	0	0	0	0	0	0	0.471	0
GCP	0	0.018	0	0.187	0.195	0	0	0	0	2.613	0	0.571
LBO	0	0	0	0	0	0	0	0	0	3.046	0	0
Redeem notes	0	0	0	0	0	0	0	0	0	0.208	0.219	0
Refinance	0	0	0	0	0.678	4.209	0	0.571	0.746	0	1.228	0.657
Repay bank debt	0	0	0	0.243	0	0	0	0.172	3.644	1.648	0.146	4.993
Multiple/Other/NA	0	0	0	1.349	0	0	0.082	2.889	1.539	1.387	0.169	0
Total	0	0.018	0	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234	7.326
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	0	0	0.659	1	1.105	1	1.105	1	1.764	2	15.08%
Dividend/recap	0	0	0	0	0.471	1	0	0	0	0	0.471	1	0.00%
GCP	0.382	2	0	0	2.613	2	0.571	2	0.571	2	3.584	7	7.79%
LBO	0	0	0	0	3.046	2	0	0	0	0	3.046	2	0.00%
Redeem notes	0	0	0	0	0.427	2	0	0	0	0	0.427	2	0.00%
Refinance	0.678	2	4.780	4	1.974	3	0.657	2	0.657	2	8.088	11	8.97%
Repay bank debt	0.243	1	0.172	1	5.438	7	4.993	6	4.993	6	10.847	15	68.15%
Multiple/Other/NA	1.349	2	2.971	3	3.096	6	0	0	0	0	7.415	11	0.00%
Total	2.652	7	7.923	8	17.723	24	7.326	11	7.326	11	35.641	51	100.00%
Industry Sector (by SIC code)
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Manufacturing (2xxx, 3xxx)	0	0	0	1.349	0.873	1.756	0	3.632	6.588	3.716	0.754	3.722
Transportation (4xxx)	0	0.018	0	0	0	0	0.082	0	0	0	0	0
Communications (48xx)	0	0	0	0.430	0	1.710	0	0	0	3.254	0.471	2.124
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0	0.442	0.169	0
Wholesale (5xxx)	0	0	0	0	0	0	0	0	0	0.565	0.840	0.324
Finance, insurance, real estate (6xxx)	0	0	0	0	0	0.743	0	0	0	0.747	0	0
Services (7xxx)	0	0	0	0	0	0	0	0	0	0.179	0	1.156
Total	0	0.018	0	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234	7.326
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Manufacturing (2xxx, 3xxx)	2.222	5	5.387	5	11.057	13	3.722	5	3.722	5	22.388	28	50.81%
Transportation (4xxx)	0	0	0.082	1	0	0	0	0	0	0	0.1	2	0.00%
Communications (48xx)	0.430	2	1.710	1	3.724	4	2.124	2	2.124	2	7.989	9	28.99%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.611	3	0	0	0	0	0.611	3	0.00%
Wholesale (5xxx)	0	0	0	0	1.405	2	0.324	2	0.324	2	1.729	4	4.42%
Finance, insurance, real estate (6xxx)	0	0	0.743	1	0.747	1	0	0	0	0	1.489	2	0.00%
Services (7xxx)	0	0	0	0	0.179	1	1.156	2	1.156	2	1.335	3	15.78%
Total	2.652	7	7.923	8	17.723	24	7.326	11	7.326	11	35.641	51	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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