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

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

Yield

	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Less than 6%	0	0	0	0	0	0	0.358	0	0	0	0	0.248	0
6%-6.99%	0	0	1.087	0	2.246	0	0.931	0	0	0.540	0	0.793	0
7%-7.99%	0	0	0	2.568	1.648	0.219	3.515	0.343	0	3.823	0.314	0	1.525
8%-8.99%	0	0	0	2.857	2.080	0.840	0	0	1.618	1.589	0	0.724	0.939
9%-9.99%	1.756	0	0	0.722	1.520	0.557	0.396	0	0.337	0.517	0.385	0	1.480
10%-10.99%	0	0	0	0	1.332	0.146	1.105	0	0	0	0.198	0.304	0.979
11%-11.99%	0.743	0	0	0	0	0	0.760	0	0	0	0	0	0
12% and higher	1.710	0	0	0	0	0.471	0	0	0	0	0	0	0
Floater	0	0.082	0.571	0	0	0	0	0	0	0	0	0	0
NA	0	0	1.974	0.441	0.076	0	0.261	0	2.316	0	0	0.490	0
Total	4.209	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	4.923
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Less than 6%	0	0	0	0	0.358	1	0.248	1	0	0	0.606	2	0.606	2	2.26%
6%-6.99%	1.087	1	2.246	1	0.931	1	1.333	2	0	0	2.264	3	5.597	5	8.45%
7%-7.99%	0	0	4.435	6	3.858	6	4.137	6	1.525	3	9.520	15	13.955	21	35.54%
8%-8.99%	0	0	5.777	5	1.618	4	2.312	3	0.939	1	4.869	8	10.646	13	18.18%
9%-9.99%	1.756	1	2.799	6	0.732	2	0.902	2	1.480	5	3.115	9	7.669	16	11.63%
10%-10.99%	0	0	1.478	3	1.105	1	0.502	2	0.979	2	2.586	5	4.064	8	9.65%
11%-11.99%	0.743	1	0	0	0.760	1	0	0	0	0	0.760	1	1.503	2	2.84%
12% and higher	1.710	1	0.471	1	0	0	0	0	0	0	0	0	2.181	2	0.00%
Floater	0.653	2	0	0	0	0	0	0	0	0	0	0	0.653	2	0.00%
NA	1.974	2	0.517	2	2.577	3	0.490	1	0	0	3.068	4	5.558	8	11.45%
Total	7.923	8	17.723	24	11.940	19	9.925	17	4.923	11	26.788	47	52.433	79	100.00%
Versus Talk
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Lower	1.756	0	0	2.191	0	0.169	0	0	0.501	0	0	0	0
Low end	0.743	0	0	1.098	4.469	0.219	1.319	0.343	2.991	3.107	0.698	1.274	1.547
Middle	0	0	0	1.453	4.357	1.699	3.910	0	0	3.362	0.198	0.304	2.616
High end	1.710	0	0	0.659	0	0	0.760	0	0.269	0	0	0.981	0.121
Higher	0	0	0	0	0	0.146	0	0	0	0	0	0	0
NA	0	0.082	3.632	1.187	0.076	0	1.337	0	0.511	0	0	0	0.639
Total	4.209	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	4.923
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Lower	1.756	1	2.360	3	0.501	1	0	0	0	0	0.501	1	4.617	5	1.87%
Low end	0.743	1	5.787	8	4.652	6	5.080	9	1.547	3	11.279	18	17.808	27	42.10%
Middle	0	0	7.509	8	3.910	5	3.864	6	2.616	6	10.390	17	17.899	25	38.79%
High end	1.710	1	0.659	1	1.029	2	0.981	2	0.121	1	2.131	5	4.500	7	7.96%
Higher	0	0	0.146	1	0	0	0	0	0	0	0	0	0.146	1	0.00%
NA	3.714	5	1.262	3	1.848	5	0	0	0.639	1	2.487	6	7.463	14	9.28%
Total	7.923	8	17.723	24	11.940	19	9.925	17	4.923	11	26.788	47	52.433	79	100.00%
Upsized?
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Yes	0	0	0	3.644	3.387	1.311	3.617	0.343	1.618	1.398	0.385	1.284	1.142
No	4.209	0.082	3.632	2.944	5.515	0.923	2.553	0	2.653	5.072	0.511	1.276	3.781
Downsized	0	0	0	0	0	0	1.156	0	0	0	0	0	0
Total	4.209	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	4.923
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	8.341	11	5.578	9	3.066	6	1.142	2	9.786	17	18.127	28	36.53%
No	7.923	8	9.382	13	5.206	8	6.859	11	3.781	9	15.846	28	33.150	49	59.15%
Downsized	0	0	0	0	1.156	2	0	0	0	0	1.156	2	1.156	2	4.32%
Total	7.923	8	17.723	24	11.940	19	9.925	17	4.923	11	26.788	47	52.433	79	100.00%
Quick Sale?
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Yes	3.466	0	2.373	0.659	4.157	0	4.836	0	0.680	3.936	0	1.346	1.142
No	0.743	0.082	1.259	5.929	4.744	2.234	2.490	0.343	3.592	2.534	0.896	1.214	3.781
Total	4.209	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	4.923
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	5.839	4	4.816	6	5.516	8	5.281	9	1.142	2	11.939	19	22.594	29	44.57%
No	2.084	4	12.907	18	6.424	11	4.644	8	3.781	9	14.849	28	29.839	50	55.43%
Total	7.923	8	17.723	24	11.940	19	9.925	17	4.923	11	26.788	47	52.433	79	100.00%
Seniority
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
senior secured	0	0	0.172	0.659	4.556	0.388	4.385	0	0.501	0	0.582	0.795	2.069
secured	0	0	0	0	0	0	0	0	0	0	0	0	0.347
senior	4.209	0.082	3.459	5.929	4.346	1.845	2.727	0.343	3.596	6.469	0.314	1.764	2.507
senior subordinated	0	0	0	0	0	0	0.213	0	0.174	0	0	0	0
Total	4.209	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	4.923
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
senior secured	0.172	1	5.603	8	4.886	6	1.378	4	2.069	4	8.332	14	14.108	23	31.10%
secured	0	0	0	0	0	0	0	0	0.347	1	0.347	1	0.347	1	1.30%
senior	7.751	7	12.120	16	6.666	11	8.547	13	2.507	6	17.721	30	37.591	53	66.15%
senior subordinated	0	0	0	0	0.388	2	0	0	0	0	0.388	2	0.388	2	1.45%
Total	7.923	8	17.723	24	11.940	19	9.925	17	4.923	11	26.788	47	52.433	79	100.00%
Moody's Rating
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Ba1	1.756	0	2.889	0.441	2.426	0	0	0	2.316	0.945	0	0.490	0
Ba2	0	0	0.571	0	1.469	0.219	1.763	0.343	0	0	0	0.248	0.639
Ba3	0	0	0	0	0	0	0.719	0	0.837	0	0.314	0	0.504
B1	0	0	0	1.404	2.645	1.009	2.108	0	0	0.662	0	1.284	1.937
B2	1.710	0	0.172	0	0.208	0.146	0	0	0	1.985	0.385	0.304	1.232
B3	0	0	0	0	1.712	0.859	1.579	0	0	1.876	0.198	0.233	0
Caa1	0	0	0	0	0	0	0	0	0.174	0	0	0	0
NR	0.743	0.082	0	4.742	0.442	0	1.156	0	0.943	1.001	0	0	0.612
Total	4.209	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	4.923
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Ba1	4.644	3	2.867	3	2.316	2	1.435	2	0	0	3.752	4	11.263	10	14.01%
Ba2	0.571	1	1.688	3	2.106	3	0.248	1	0.639	1	2.993	5	5.252	9	11.17%
Ba3	0	0	0	0	1.556	3	0.314	1	0.504	1	2.373	5	2.373	5	8.86%
B1	0	0	5.058	6	2.108	3	1.946	3	1.937	3	5.991	9	11.049	15	22.36%
B2	1.882	2	0.354	2	0	0	2.674	4	1.232	4	3.906	8	6.143	12	14.58%
B3	0	0	2.571	4	1.579	3	2.307	4	0	0	3.886	7	6.458	11	14.51%
Caa1	0	0	0	0	0.174	1	0	0	0	0	0.174	1	0.174	1	0.65%
NR	0.825	2	5.184	6	2.099	4	1.001	2	0.612	2	3.712	8	9.721	16	13.86%
Total	7.923	8	17.723	24	11.940	19	9.925	17	4.923	11	26.788	47	52.433	79	100.00%
Use of Proceeds
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Acquisition	0	0	0	0.659	0	0	1.105	0	0	0	0	0	0
Chapter 11 exit	0	0	0	0	0	0	0	0	0.501	0	0	0	0
Dividend/recap	0	0	0	0	0	0.471	0	0	0	0	0	0	0
GCP	0	0	0	0	2.613	0	0.571	0	0.848	0	0.314	0	0
LBO	0	0	0	0	3.046	0	0	0	0	0	0	0	0.751
Redeem notes	0	0	0	0	0.208	0.219	0	0.343	0.269	1.059	0	0.248	0.229
Refinance	4.209	0	0.571	0.746	0	1.228	0.657	0	0	2.106	0.198	1.517	2.331
Repay bank debt	0	0	0.172	3.644	1.648	0.146	4.993	0	1.637	0.945	0.385	0.304	0.383
Multiple/Other/NA	0	0.082	2.889	1.539	1.387	0.169	0	0	1.016	2.360	0	0.490	1.230
Total	4.209	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	4.923
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	0.659	1	1.105	1	0	0	0	0	1.105	1	1.764	2	4.12%
Chapter 11 exit	0	0	0	0	0.501	1	0	0	0	0	0.501	1	0.501	1	1.87%
Dividend/recap	0	0	0.471	1	0	0	0	0	0	0	0	0	0.471	1	0.00%
GCP	0	0	2.613	2	1.419	4	0.314	1	0	0	1.733	5	4.346	7	6.47%
LBO	0	0	3.046	2	0	0	0	0	0.751	2	0.751	2	3.796	4	2.80%
Redeem notes	0	0	0.427	2	0.612	2	1.307	3	0.229	1	2.148	6	2.575	8	8.02%
Refinance	4.780	4	1.974	3	0.657	2	3.821	6	2.331	4	6.808	12	13.561	19	25.41%
Repay bank debt	0.172	1	5.438	7	6.630	7	1.634	3	0.383	1	8.647	11	14.257	19	32.28%
Multiple/Other/NA	2.971	3	3.096	6	1.016	2	2.850	4	1.230	3	5.096	9	11.162	18	19.02%
Total	7.923	8	17.723	24	11.940	19	9.925	17	4.923	11	26.788	47	52.433	79	100.00%
Industry Sector (by SIC code)
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Construction (15xx)	0	0	0	0	0	0	0	0	0	0.945	0	0	0
Manufacturing (2xxx, 3xxx)	1.756	0	3.632	6.588	3.716	0.754	3.722	0	2.817	1.059	0.582	1.764	3.301
Transportation (4xxx)	0	0.082	0	0	0	0	0	0	0.269	1.001	0	0	0
Communications (48xx)	1.710	0	0	0	3.254	0.471	2.124	0	0	1.589	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0.442	0.169	0	0	0.674	0	0.314	0	0
Wholesale (5xxx)	0	0	0	0	0.565	0.840	0.324	0	0.337	0	0	0	0.229
Finance, insurance, real estate (6xxx)	0.743	0	0	0	0.747	0	0	0	0	1.359	0	0	0.504
Services (7xxx)	0	0	0	0	0.179	0	1.156	0.343	0.174	0.517	0	0.795	0.504
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0	0	0	0.385
Total	4.209	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	4.923
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Construction (15xx)	0	0	0	0	0	0	0.945	1	0	0	0.945	1	0.945	1	3.53%
Manufacturing (2xxx, 3xxx)	5.387	5	11.057	13	6.539	8	3.405	8	3.301	6	13.246	22	29.690	40	49.45%
Transportation (4xxx)	0.082	1	0	0	0.269	1	1.001	2	0	0	1.270	3	1.352	4	4.74%
Communications (48xx)	1.710	1	3.724	4	2.124	2	1.589	1	0	0	3.713	3	9.147	8	13.86%
Electric, gas, sanitary services (49xx)	0	0	0.611	3	0.674	1	0.314	1	0	0	0.988	2	1.599	5	3.69%
Wholesale (5xxx)	0	0	1.405	2	0.661	3	0	0	0.229	1	0.890	4	2.295	6	3.32%
Finance, insurance, real estate (6xxx)	0.743	1	0.747	1	0	0	1.359	1	0.504	1	1.862	2	3.352	4	6.95%
Services (7xxx)	0	0	0.179	1	1.673	4	1.313	3	0.504	2	3.490	9	3.669	10	13.03%
Health services (8xxx)	0	0	0	0	0	0	0	0	0.385	1	0.385	1	0.385	1	1.44%
Total	7.923	8	17.723	24	11.940	19	9.925	17	4.923	11	26.788	47	52.433	79	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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