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

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

Yield

	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Less than 6%	0	0	0	0	0	0	0	0	0.358	0	0	0
6%-6.99%	0	0	0	0	1.087	0	2.246	0	0.931	0	0	0.540
7%-7.99%	1.114	0.195	0	0	0	2.568	1.648	0.219	3.515	0.343	0	3.823
8%-8.99%	0	0	0	0	0	2.857	2.080	0.840	0	0	1.618	1.589
9%-9.99%	0	0.410	1.756	0	0	0.722	1.520	0.557	0.396	0	0.337	0.517
10%-10.99%	0.243	0.268	0	0	0	0	1.332	0.146	1.105	0	0	0
11%-11.99%	0.187	0	0.743	0	0	0	0	0	0.760	0	0	0
12% and higher	0.234	0	1.710	0	0	0	0	0.471	0	0	0	0
Floater	0	0	0	0.082	0.571	0	0	0	0	0	0	0
NA	0	0	0	0	1.974	0.441	0.076	0	0.261	0	2.316	0
Total	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Less than 6%	0	0	0	0	0.358	1	0	0	0.358	1	0.358	1	1.94%
6%-6.99%	1.087	1	2.246	1	0.931	1	0.540	1	1.471	2	4.804	4	7.99%
7%-7.99%	0	0	4.435	6	3.858	6	3.823	5	7.682	11	13.426	19	41.73%
8%-8.99%	0	0	5.777	5	1.618	4	1.589	1	3.207	5	8.983	10	17.42%
9%-9.99%	1.756	1	2.799	6	0.732	2	0.517	1	1.250	3	6.214	11	6.79%
10%-10.99%	0	0	1.478	3	1.105	1	0	0	1.105	1	3.094	6	6.00%
11%-11.99%	0.743	1	0	0	0.760	1	0	0	0.760	1	1.691	3	4.13%
12% and higher	1.710	1	0.471	1	0	0	0	0	0	0	2.416	3	0.00%
Floater	0.653	2	0	0	0	0	0	0	0	0	0.653	2	0.00%
NA	1.974	2	0.517	2	2.577	3	0	0	2.577	3	5.068	7	14.00%
Total	7.923	8	17.723	24	11.940	19	6.469	8	18.409	27	46.707	66	100.00%
Versus Talk
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Lower	0	0	1.756	0	0	2.191	0	0.169	0	0	0.501	0
Low end	1.114	0	0.743	0	0	1.098	4.469	0.219	1.319	0.343	2.991	3.107
Middle	0.430	0.268	0	0	0	1.453	4.357	1.699	3.910	0	0	3.362
High end	0	0.410	1.710	0	0	0.659	0	0	0.760	0	0.269	0
Higher	0	0	0	0	0	0	0	0.146	0	0	0	0
NA	0.234	0.195	0	0.082	3.632	1.187	0.076	0	1.337	0	0.511	0
Total	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Lower	1.756	1	2.360	3	0.501	1	0	0	0.501	1	4.617	5	2.72%
Low end	0.743	1	5.787	8	4.652	6	3.107	4	7.759	10	15.403	20	42.15%
Middle	0	0	7.509	8	3.910	5	3.362	4	7.272	9	15.479	20	39.50%
High end	1.710	1	0.659	1	1.029	2	0	0	1.029	2	3.808	5	5.59%
Higher	0	0	0.146	1	0	0	0	0	0	0	0.146	1	0.00%
NA	3.714	5	1.262	3	1.848	5	0	0	1.848	5	7.254	15	10.04%
Total	7.923	8	17.723	24	11.940	19	6.469	8	18.409	27	46.707	66	100.00%
Upsized?
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Yes	0.665	0.463	0	0	0	3.644	3.387	1.311	3.617	0.343	1.618	1.398
No	1.114	0.410	4.209	0.082	3.632	2.944	5.515	0.923	2.553	0	2.653	5.072
Downsized	0	0	0	0	0	0	0	0	1.156	0	0	0
Total	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	8.341	11	5.578	9	1.398	3	6.975	12	16.444	28	37.89%
No	7.923	8	9.382	13	5.206	8	5.072	5	10.278	13	29.107	36	55.83%
Downsized	0	0	0	0	1.156	2	0	0	1.156	2	1.156	2	6.28%
Total	7.923	8	17.723	24	11.940	19	6.469	8	18.409	27	46.707	66	100.00%
Quick Sale?
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Yes	0.187	0	3.466	0	2.373	0.659	4.157	0	4.836	0	0.680	3.936
No	1.592	0.873	0.743	0.082	1.259	5.929	4.744	2.234	2.490	0.343	3.592	2.534
Total	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	5.839	4	4.816	6	5.516	8	3.936	6	9.451	14	20.294	25	51.34%
No	2.084	4	12.907	18	6.424	11	2.534	2	8.958	13	26.414	41	48.66%
Total	7.923	8	17.723	24	11.940	19	6.469	8	18.409	27	46.707	66	100.00%
Seniority
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
senior secured	0	0.678	0	0	0.172	0.659	4.556	0.388	4.385	0	0.501	0
senior	1.779	0.195	4.209	0.082	3.459	5.929	4.346	1.845	2.727	0.343	3.596	6.469
senior subordinated	0	0	0	0	0	0	0	0	0.213	0	0.174	0
Total	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
senior secured	0.172	1	5.603	8	4.886	6	0	0	4.886	6	11.340	17	26.54%
senior	7.751	7	12.120	16	6.666	11	6.469	8	13.136	19	34.980	47	71.36%
senior subordinated	0	0	0	0	0.388	2	0	0	0.388	2	0.388	2	2.11%
Total	7.923	8	17.723	24	11.940	19	6.469	8	18.409	27	46.707	66	100.00%
Moody's Rating
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Ba1	1.114	0.195	1.756	0	2.889	0.441	2.426	0	0	0	2.316	0.945
Ba2	0.234	0	0	0	0.571	0	1.469	0.219	1.763	0.343	0	0
Ba3	0	0.678	0	0	0	0	0	0	0.719	0	0.837	0
B1	0	0	0	0	0	1.404	2.645	1.009	2.108	0	0	0.662
B2	0.430	0	1.710	0	0.172	0	0.208	0.146	0	0	0	1.985
B3	0	0	0	0	0	0	1.712	0.859	1.579	0	0	1.876
Caa1	0	0	0	0	0	0	0	0	0	0	0.174	0
NR	0	0	0.743	0.082	0	4.742	0.442	0	1.156	0	0.943	1.001
Total	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Ba1	4.644	3	2.867	3	2.316	2	0.945	1	3.262	3	12.082	11	17.72%
Ba2	0.571	1	1.688	3	2.106	3	0	0	2.106	3	4.600	8	11.44%
Ba3	0	0	0	0	1.556	3	0	0	1.556	3	2.234	5	8.45%
B1	0	0	5.058	6	2.108	3	0.662	1	2.771	4	7.829	10	15.05%
B2	1.882	2	0.354	2	0	0	1.985	2	1.985	2	4.652	8	10.78%
B3	0	0	2.571	4	1.579	3	1.876	2	3.456	5	6.027	9	18.77%
Caa1	0	0	0	0	0.174	1	0	0	0.174	1	0.174	1	0.95%
NR	0.825	2	5.184	6	2.099	4	1.001	2	3.100	6	9.109	14	16.84%
Total	7.923	8	17.723	24	11.940	19	6.469	8	18.409	27	46.707	66	100.00%
Use of Proceeds
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Acquisition	0	0	0	0	0	0.659	0	0	1.105	0	0	0
Chapter 11 exit	0	0	0	0	0	0	0	0	0	0	0.501	0
Dividend/recap	0	0	0	0	0	0	0	0.471	0	0	0	0
GCP	0.187	0.195	0	0	0	0	2.613	0	0.571	0	0.848	0
LBO	0	0	0	0	0	0	3.046	0	0	0	0	0
Redeem notes	0	0	0	0	0	0	0.208	0.219	0	0.343	0.269	1.059
Refinance	0	0.678	4.209	0	0.571	0.746	0	1.228	0.657	0	0	2.106
Repay bank debt	0.243	0	0	0	0.172	3.644	1.648	0.146	4.993	0	1.637	0.945
Multiple/Other/NA	1.349	0	0	0.082	2.889	1.539	1.387	0.169	0	0	1.016	2.360
Total	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	0.659	1	1.105	1	0	0	1.105	1	1.764	2	6.00%
Chapter 11 exit	0	0	0	0	0.501	1	0	0	0.501	1	0.501	1	2.72%
Dividend/recap	0	0	0.471	1	0	0	0	0	0	0	0.471	1	0.00%
GCP	0	0	2.613	2	1.419	4	0	0	1.419	4	4.415	8	7.71%
LBO	0	0	3.046	2	0	0	0	0	0	0	3.046	2	0.00%
Redeem notes	0	0	0.427	2	0.612	2	1.059	2	1.670	4	2.098	6	9.07%
Refinance	4.780	4	1.974	3	0.657	2	2.106	2	2.763	4	10.194	13	15.01%
Repay bank debt	0.172	1	5.438	7	6.630	7	0.945	1	7.575	8	13.429	17	41.15%
Multiple/Other/NA	2.971	3	3.096	6	1.016	2	2.360	3	3.376	5	10.791	16	18.34%
Total	7.923	8	17.723	24	11.940	19	6.469	8	18.409	27	46.707	66	100.00%
Industry Sector (by SIC code)
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Construction (15xx)	0	0	0	0	0	0	0	0	0	0	0	0.945
Manufacturing (2xxx, 3xxx)	1.349	0.873	1.756	0	3.632	6.588	3.716	0.754	3.722	0	2.817	1.059
Transportation (4xxx)	0	0	0	0.082	0	0	0	0	0	0	0.269	1.001
Communications (48xx)	0.430	0	1.710	0	0	0	3.254	0.471	2.124	0	0	1.589
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.442	0.169	0	0	0.674	0
Wholesale (5xxx)	0	0	0	0	0	0	0.565	0.840	0.324	0	0.337	0
Finance, insurance, real estate (6xxx)	0	0	0.743	0	0	0	0.747	0	0	0	0	1.359
Services (7xxx)	0	0	0	0	0	0	0.179	0	1.156	0.343	0.174	0.517
Total	1.779	0.873	4.209	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Construction (15xx)	0	0	0	0	0	0	0.945	1	0.945	1	0.945	1	5.13%
Manufacturing (2xxx, 3xxx)	5.387	5	11.057	13	6.539	8	1.059	2	7.597	10	26.264	33	41.27%
Transportation (4xxx)	0.082	1	0	0	0.269	1	1.001	2	1.270	3	1.352	4	6.90%
Communications (48xx)	1.710	1	3.724	4	2.124	2	1.589	1	3.713	3	9.578	10	20.17%
Electric, gas, sanitary services (49xx)	0	0	0.611	3	0.674	1	0	0	0.674	1	1.285	4	3.66%
Wholesale (5xxx)	0	0	1.405	2	0.661	3	0	0	0.661	3	2.066	5	3.59%
Finance, insurance, real estate (6xxx)	0.743	1	0.747	1	0	0	1.359	1	1.359	1	2.848	3	7.38%
Services (7xxx)	0	0	0.179	1	1.673	4	0.517	1	2.191	5	2.370	6	11.90%
Total	7.923	8	17.723	24	11.940	19	6.469	8	18.409	27	46.707	66	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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