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

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

Yield

	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Less than 6%	0	0	0	0	0	0.358	0	0	0	0	0.248	0	0
6%-6.99%	0	1.087	0	2.246	0	0.931	0	0	0.540	0	0.793	0	0
7%-7.99%	0	0	2.568	1.648	0.219	3.515	0.343	0	3.823	0.314	0	1.525	0
8%-8.99%	0	0	2.857	2.080	0.840	0	0	1.618	1.589	0	0.724	0.939	0.851
9%-9.99%	0	0	0.722	1.520	0.557	0.396	0	0.337	0.517	0.385	0	1.480	0
10%-10.99%	0	0	0	1.332	0.146	1.105	0	0	0	0.198	0.304	0.979	0
11%-11.99%	0	0	0	0	0	0.760	0	0	0	0	0	0.294	0
12% and higher	0	0	0	0	0.471	0	0	0	0	0	0	0	0.104
Floater	0.082	0.571	0	0	0	0	0	0	0	0	0	0	0
NA	0	1.974	0.441	0.076	0	0.261	0	2.316	0	0	0.490	0	0
Total	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Less than 6%	0	0	0.358	1	0.248	1	0	0	0.606	2	0.606	2	2.16%
6%-6.99%	2.246	1	0.931	1	1.333	2	0	0	2.264	3	5.597	5	8.08%
7%-7.99%	4.435	6	3.858	6	4.137	6	1.525	3	9.520	15	13.955	21	33.96%
8%-8.99%	5.777	5	1.618	4	2.312	3	1.790	2	5.720	9	11.497	14	20.40%
9%-9.99%	2.799	6	0.732	2	0.902	2	1.480	5	3.115	9	5.913	15	11.11%
10%-10.99%	1.478	3	1.105	1	0.502	2	0.979	2	2.586	5	4.064	8	9.22%
11%-11.99%	0	0	0.760	1	0	0	0.294	1	1.054	2	1.054	2	3.76%
12% and higher	0.471	1	0	0	0	0	0.104	1	0.104	1	0.575	2	0.37%
Floater	0	0	0	0	0	0	0	0	0	0	0.653	2	0.00%
NA	0.517	2	2.577	3	0.490	1	0	0	3.068	4	5.558	8	10.94%
Total	17.723	24	11.940	19	9.925	17	6.171	14	28.036	50	49.473	79	100.00%
Versus Talk
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Lower	0	0	2.191	0	0.169	0	0	0.501	0	0	0	0	0
Low end	0	0	1.098	4.469	0.219	1.319	0.343	2.991	3.107	0.698	1.274	1.547	0
Middle	0	0	1.453	4.357	1.699	3.910	0	0	3.362	0.198	0.304	2.616	0.851
High end	0	0	0.659	0	0	0.760	0	0.269	0	0	0.981	0.121	0
Higher	0	0	0	0	0.146	0	0	0	0	0	0	0.294	0
NA	0.082	3.632	1.187	0.076	0	1.337	0	0.511	0	0	0	0.639	0.104
Total	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Lower	2.360	3	0.501	1	0	0	0	0	0.501	1	2.861	4	1.79%
Low end	5.787	8	4.652	6	5.080	9	1.547	3	11.279	18	17.065	26	40.23%
Middle	7.509	8	3.910	5	3.864	6	3.467	7	11.241	18	18.750	26	40.09%
High end	0.659	1	1.029	2	0.981	2	0.121	1	2.131	5	2.790	6	7.60%
Higher	0.146	1	0	0	0	0	0.294	1	0.294	1	0.440	2	1.05%
NA	1.262	3	1.848	5	0	0	0.742	2	2.590	7	7.567	15	9.24%
Total	17.723	24	11.940	19	9.925	17	6.171	14	28.036	50	49.473	79	100.00%
Upsized?
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Yes	0	0	3.644	3.387	1.311	3.617	0.343	1.618	1.398	0.385	1.284	1.436	0
No	0.082	3.632	2.944	5.515	0.923	2.553	0	2.653	5.072	0.511	1.276	3.781	0.955
Downsized	0	0	0	0	0	1.156	0	0	0	0	0	0	0
Total	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	8.341	11	5.578	9	3.066	6	1.436	3	10.079	18	18.420	29	35.95%
No	9.382	13	5.206	8	6.859	11	4.735	11	16.801	30	29.896	48	59.93%
Downsized	0	0	1.156	2	0	0	0	0	1.156	2	1.156	2	4.12%
Total	17.723	24	11.940	19	9.925	17	6.171	14	28.036	50	49.473	79	100.00%
Quick Sale?
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Yes	0	2.373	0.659	4.157	0	4.836	0	0.680	3.936	0	1.346	1.142	0.851
No	0.082	1.259	5.929	4.744	2.234	2.490	0.343	3.592	2.534	0.896	1.214	4.074	0.104
Total	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	4.816	6	5.516	8	5.281	9	1.993	3	12.790	20	19.979	28	45.62%
No	12.907	18	6.424	11	4.644	8	4.178	11	15.246	30	29.494	51	54.38%
Total	17.723	24	11.940	19	9.925	17	6.171	14	28.036	50	49.473	79	100.00%
Seniority
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
senior secured	0	0.172	0.659	4.556	0.388	4.385	0	0.501	0	0.582	0.795	2.069	0
secured	0	0	0	0	0	0	0	0	0	0	0	0.347	0
senior	0.082	3.459	5.929	4.346	1.845	2.727	0.343	3.596	6.469	0.314	1.764	2.801	0.955
senior subordinated	0	0	0	0	0	0.213	0	0.174	0	0	0	0	0
Total	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
senior secured	5.603	8	4.886	6	1.378	4	2.069	4	8.332	14	14.108	23	29.72%
secured	0	0	0	0	0	0	0.347	1	0.347	1	0.347	1	1.24%
senior	12.120	16	6.666	11	8.547	13	3.756	9	18.969	33	34.631	53	67.66%
senior subordinated	0	0	0.388	2	0	0	0	0	0.388	2	0.388	2	1.38%
Total	17.723	24	11.940	19	9.925	17	6.171	14	28.036	50	49.473	79	100.00%
Moody's Rating
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Ba1	0	2.889	0.441	2.426	0	0	0	2.316	0.945	0	0.490	0	0
Ba2	0	0.571	0	1.469	0.219	1.763	0.343	0	0	0	0.248	0.639	0
Ba3	0	0	0	0	0	0.719	0	0.837	0	0.314	0	0.504	0
B1	0	0	1.404	2.645	1.009	2.108	0	0	0.662	0	1.284	1.937	0
B2	0	0.172	0	0.208	0.146	0	0	0	1.985	0.385	0.304	1.232	0.851
B3	0	0	0	1.712	0.859	1.579	0	0	1.876	0.198	0.233	0	0
Caa1	0	0	0	0	0	0	0	0.174	0	0	0	0	0
NR	0.082	0	4.742	0.442	0	1.156	0	0.943	1.001	0	0	0.905	0.104
Total	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Ba1	2.867	3	2.316	2	1.435	2	0	0	3.752	4	9.507	9	13.38%
Ba2	1.688	3	2.106	3	0.248	1	0.639	1	2.993	5	5.252	9	10.68%
Ba3	0	0	1.556	3	0.314	1	0.504	1	2.373	5	2.373	5	8.46%
B1	5.058	6	2.108	3	1.946	3	1.937	3	5.991	9	11.049	15	21.37%
B2	0.354	2	0	0	2.674	4	2.083	5	4.757	9	5.284	12	16.97%
B3	2.571	4	1.579	3	2.307	4	0	0	3.886	7	6.458	11	13.86%
Caa1	0	0	0.174	1	0	0	0	0	0.174	1	0.174	1	0.62%
NR	5.184	6	2.099	4	1.001	2	1.009	4	4.109	10	9.375	17	14.66%
Total	17.723	24	11.940	19	9.925	17	6.171	14	28.036	50	49.473	79	100.00%
Use of Proceeds
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Acquisition	0	0	0.659	0	0	1.105	0	0	0	0	0	0	0
Chapter 11 exit	0	0	0	0	0	0	0	0.501	0	0	0	0	0
Dividend/recap	0	0	0	0	0.471	0	0	0	0	0	0	0	0
GCP	0	0	0	2.613	0	0.571	0	0.848	0	0.314	0	0	0
LBO	0	0	0	3.046	0	0	0	0	0	0	0	0.751	0
Redeem notes	0	0	0	0.208	0.219	0	0.343	0.269	1.059	0	0.248	0.229	0
Refinance	0	0.571	0.746	0	1.228	0.657	0	0	2.106	0.198	1.517	2.331	0.851
Repay bank debt	0	0.172	3.644	1.648	0.146	4.993	0	1.637	0.945	0.385	0.304	0.676	0
Multiple/Other/NA	0.082	2.889	1.539	1.387	0.169	0	0	1.016	2.360	0	0.490	1.230	0.104
Total	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.659	1	1.105	1	0	0	0	0	1.105	1	1.764	2	3.94%
Chapter 11 exit	0	0	0.501	1	0	0	0	0	0.501	1	0.501	1	1.79%
Dividend/recap	0.471	1	0	0	0	0	0	0	0	0	0.471	1	0.00%
GCP	2.613	2	1.419	4	0.314	1	0	0	1.733	5	4.346	7	6.18%
LBO	3.046	2	0	0	0	0	0.751	2	0.751	2	3.796	4	2.68%
Redeem notes	0.427	2	0.612	2	1.307	3	0.229	1	2.148	6	2.575	8	7.66%
Refinance	1.974	3	0.657	2	3.821	6	3.182	5	7.659	13	10.203	17	27.32%
Repay bank debt	5.438	7	6.630	7	1.634	3	0.676	2	8.940	12	14.551	20	31.89%
Multiple/Other/NA	3.096	6	1.016	2	2.850	4	1.333	4	5.199	10	11.266	19	18.54%
Total	17.723	24	11.940	19	9.925	17	6.171	14	28.036	50	49.473	79	100.00%
Industry Sector (by SIC code)
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Construction (15xx)	0	0	0	0	0	0	0	0	0.945	0	0	0	0
Manufacturing (2xxx, 3xxx)	0	3.632	6.588	3.716	0.754	3.722	0	2.817	1.059	0.582	1.764	3.301	0.104
Transportation (4xxx)	0.082	0	0	0	0	0	0	0.269	1.001	0	0	0	0
Communications (48xx)	0	0	0	3.254	0.471	2.124	0	0	1.589	0	0	0	0.851
Electric, gas, sanitary services (49xx)	0	0	0	0.442	0.169	0	0	0.674	0	0.314	0	0	0
Wholesale (5xxx)	0	0	0	0.565	0.840	0.324	0	0.337	0	0	0	0.229	0
Finance, insurance, real estate (6xxx)	0	0	0	0.747	0	0	0	0	1.359	0	0	0.797	0
Services (7xxx)	0	0	0	0.179	0	1.156	0.343	0.174	0.517	0	0.795	0.504	0
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0	0	0.385	0
Total	0.082	3.632	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Construction (15xx)	0	0	0	0	0.945	1	0	0	0.945	1	0.945	1	3.37%
Manufacturing (2xxx, 3xxx)	11.057	13	6.539	8	3.405	8	3.405	7	13.349	23	28.038	40	47.61%
Transportation (4xxx)	0	0	0.269	1	1.001	2	0	0	1.270	3	1.352	4	4.53%
Communications (48xx)	3.724	4	2.124	2	1.589	1	0.851	1	4.564	4	8.288	8	16.28%
Electric, gas, sanitary services (49xx)	0.611	3	0.674	1	0.314	1	0	0	0.988	2	1.599	5	3.52%
Wholesale (5xxx)	1.405	2	0.661	3	0	0	0.229	1	0.890	4	2.295	6	3.17%
Finance, insurance, real estate (6xxx)	0.747	1	0	0	1.359	1	0.797	2	2.156	3	2.902	4	7.69%
Services (7xxx)	0.179	1	1.673	4	1.313	3	0.504	2	3.490	9	3.669	10	12.45%
Health services (8xxx)	0	0	0	0	0	0	0.385	1	0.385	1	0.385	1	1.37%
Total	17.723	24	11.940	19	9.925	17	6.171	14	28.036	50	49.473	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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