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

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

Yield

	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Less than 6%	0	0.358	0	0	0	0	0.248	0	0	0.084	0	0.741	0
6%-6.99%	0	0.931	0	0	0.540	0	0.793	0	0	1.468	3.213	0	0.369
7%-7.99%	0.219	3.515	0.343	0	3.823	0.314	0	1.525	0	3.429	0.516	2.885	0.395
8%-8.99%	0.840	0	0	1.618	1.589	0	0.724	0.939	0.851	0	2.147	0.554	0.876
9%-9.99%	0.557	0.396	0.276	0.337	0.517	0.385	0	2.080	0	0.776	0.659	1.557	0
10%-10.99%	0.146	1.105	0	0	0	0.198	0.304	0.979	0	0	0.247	0.389	0.330
11%-11.99%	0	0.760	0	0	0	0	0	0.294	0	0	0.785	0	0
12% and higher	0.471	0	0	0	0	0	0	0	0.104	0	0.248	0	0
Floater	0	0	0	0	0	0	0	0	0	0.049	0	0.117	0
NA	0	0.261	0	2.316	0	0	0.490	0	0	0	0.312	0.172	0.119
Total	2.234	7.326	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089
	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	0.741	2	1.431	5	1.431	5	1.431	5	2.79%
6%-6.99%	0.931	1	1.333	2	1.468	2	3.581	6	7.313	11	7.313	11	7.313	11	14.24%
7%-7.99%	3.858	6	4.137	6	4.954	7	3.797	4	16.746	23	16.965	24	16.746	23	32.61%
8%-8.99%	1.618	4	2.312	3	1.790	2	3.577	9	9.298	18	10.137	19	9.298	18	18.11%
9%-9.99%	1.008	3	0.902	2	2.856	8	2.216	6	6.982	19	7.540	21	6.982	19	13.60%
10%-10.99%	1.105	1	0.502	2	0.979	2	0.966	3	3.552	8	3.698	9	3.552	8	6.92%
11%-11.99%	0.760	1	0	0	0.294	1	0.785	2	1.839	4	1.839	4	1.839	4	3.58%
12% and higher	0	0	0	0	0.104	1	0.248	1	0.352	2	0.823	3	0.352	2	0.68%
Floater	0	0	0	0	0.049	1	0.117	1	0.166	2	0.166	2	0.166	2	0.32%
NA	2.577	3	0.490	1	0	0	0.602	5	3.669	9	3.669	9	3.669	9	7.15%
Total	12.216	20	9.925	17	12.577	25	16.630	39	51.347	101	53.581	107	51.347	101	100.00%
Versus Talk
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Lower	0.169	0	0	0.501	0	0	0	0	0	0	0	0	0
Low end	0.219	1.319	0.343	2.991	3.107	0.698	1.274	1.547	0	2.800	3.747	1.317	0.668
Middle	1.699	3.910	0.276	0	3.362	0.198	0.304	2.616	0.851	1.207	0.479	4.790	0.769
High end	0	0.760	0	0.269	0	0	0.981	0.121	0	0	1.558	0.091	0
Higher	0.146	0	0	0	0	0	0	0.294	0	0	0	0	0
NA	0	1.337	0	0.511	0	0	0	1.239	0.104	1.799	2.341	0.217	0.652
Total	2.234	7.326	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089
	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	0.501	1	0.98%
Low end	4.652	6	5.080	9	4.347	6	5.732	13	19.810	34	20.030	35	19.810	34	38.58%
Middle	4.185	6	3.864	6	4.674	10	6.038	13	18.762	35	20.461	38	18.762	35	36.54%
High end	1.029	2	0.981	2	0.121	1	1.649	3	3.781	8	3.781	8	3.781	8	7.36%
Higher	0	0	0	0	0.294	1	0	0	0.294	1	0.440	2	0.294	1	0.57%
NA	1.848	5	0	0	3.141	7	3.210	10	8.200	22	8.200	22	8.200	22	15.97%
Total	12.216	20	9.925	17	12.577	25	16.630	39	51.347	101	53.581	107	51.347	101	100.00%
Upsized?
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Yes	1.311	3.617	0.343	1.618	1.398	0.385	1.284	1.436	0	1.275	2.476	0.091	0
No	0.923	2.553	0.276	2.653	5.072	0.511	1.276	4.381	0.955	3.032	5.650	3.826	2.089
Downsized	0	1.156	0	0	0	0	0	0	0	1.499	0	2.498	0
Total	2.234	7.326	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089
	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	15.231	26	13.921	24	27.11%
No	5.482	9	6.859	11	8.367	19	11.565	32	32.274	71	33.197	75	32.274	71	62.85%
Downsized	1.156	2	0	0	1.499	2	2.498	2	5.153	6	5.153	6	5.153	6	10.04%
Total	12.216	20	9.925	17	12.577	25	16.630	39	51.347	101	53.581	107	51.347	101	100.00%
Quick Sale?
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Yes	0	4.836	0	0.680	3.936	0	1.346	1.142	0.851	3.342	3.996	3.457	0.333
No	2.234	2.490	0.619	3.592	2.534	0.896	1.214	4.674	0.104	2.464	4.130	2.958	1.756
Total	2.234	7.326	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089
	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	7.785	14	23.917	38	23.917	38	23.917	38	46.58%
No	6.700	12	4.644	8	7.242	18	8.844	25	27.430	63	29.663	69	27.430	63	53.42%
Total	12.216	20	9.925	17	12.577	25	16.630	39	51.347	101	53.581	107	51.347	101	100.00%
Seniority
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
senior secured	0.388	4.385	0.276	0.501	0	0.582	0.795	2.669	0	4.065	4.224	3.250	0.736
secured	0	0	0	0	0	0	0	0.347	0	0	0	0	0
senior	1.845	2.727	0.343	3.596	6.469	0.314	1.764	2.801	0.955	1.741	3.901	2.487	1.353
senior subordinated	0	0.213	0	0.174	0	0	0	0	0	0	0	0.678	0
Total	2.234	7.326	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089
	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	6.733	9	8.211	14	21.483	34	21.872	35	21.483	34	41.84%
secured	0	0	0	0	0.347	1	0	0	0.347	1	0.347	1	0.347	1	0.68%
senior	6.666	11	8.547	13	5.497	15	7.742	23	28.452	62	30.297	67	28.452	62	55.41%
senior subordinated	0.388	2	0	0	0	0	0.678	2	1.065	4	1.065	4	1.065	4	2.07%
Total	12.216	20	9.925	17	12.577	25	16.630	39	51.347	101	53.581	107	51.347	101	100.00%
Moody's Rating
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Ba1	0	0	0	2.316	0.945	0	0.490	0	0	0	0	0	0
Ba2	0.219	1.763	0.343	0	0	0	0.248	0.639	0	0.637	2.120	0.640	0.265
Ba3	0	0.719	0	0.837	0	0.314	0	0.504	0	1.124	1.212	2.885	1.265
B1	1.009	2.108	0	0	0.662	0	1.284	1.937	0	2.941	0	0.638	0.068
B2	0.146	0	0	0	1.985	0.385	0.304	1.832	0.851	0.195	1.450	0.389	0.104
B3	0.859	1.579	0	0	1.876	0.198	0.233	0	0	0.776	2.493	0.355	0
Caa1	0	0	0	0.174	0	0	0	0	0	0	0.207	0.544	0
NR	0	1.156	0.276	0.943	1.001	0	0	0.905	0.104	0.133	0.645	0.963	0.387
Total	2.234	7.326	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089
	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	3.752	4	3.752	4	7.31%
Ba2	2.106	3	0.248	1	1.275	2	3.025	4	6.655	10	6.874	11	6.655	10	12.96%
Ba3	1.556	3	0.314	1	1.628	2	5.362	8	8.860	14	8.860	14	8.860	14	17.26%
B1	2.108	3	1.946	3	4.878	6	0.706	2	9.638	14	10.646	16	9.638	14	18.77%
B2	0	0	2.674	4	2.879	7	1.943	4	7.495	15	7.642	16	7.495	15	14.60%
B3	1.579	3	2.307	4	0.776	2	2.848	9	7.510	18	8.369	20	7.510	18	14.63%
Caa1	0.174	1	0	0	0	0	0.751	2	0.925	3	0.925	3	0.925	3	1.80%
NR	2.375	5	1.001	2	1.142	6	1.995	10	6.513	23	6.513	23	6.513	23	12.68%
Total	12.216	20	9.925	17	12.577	25	16.630	39	51.347	101	53.581	107	51.347	101	100.00%
Use of Proceeds
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Acquisition	0	1.105	0	0	0	0	0	0	0	1.499	0	0	0
Chapter 11 exit	0	0	0	0.501	0	0	0	0	0	0	0	0	0
Dividend/recap	0.471	0	0	0.337	0	0	0	0.347	0	0	0	0	0
GCP	0	0.571	0	0.848	0	0.314	0	0	0	0.084	0.479	0.191	0.119
LBO	0	0	0	0	0	0	0	0.751	0	0.401	1.214	0	0
Redeem notes	0.219	0	0.343	0.269	1.059	0	0.248	0.229	0	0.195	1.076	0.625	0.265
Refinance	1.228	0.657	0	0	2.106	0.198	1.517	2.331	0.851	2.941	2.973	3.674	0.336
Repay bank debt	0.146	4.993	0.276	1.637	0.945	0.385	0.304	0.676	0	0.686	2.137	0.521	1.265
Multiple/Other/NA	0.169	0	0	0.680	2.360	0	0.490	1.483	0.104	0	0.248	1.404	0.104
Total	2.234	7.326	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089
	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	5.07%
Chapter 11 exit	0.501	1	0	0	0	0	0	0	0.501	1	0.501	1	0.501	1	0.98%
Dividend/recap	0.337	1	0	0	0.347	1	0	0	0.684	2	1.154	3	0.684	2	1.33%
GCP	1.419	4	0.314	1	0.084	1	0.789	5	2.606	11	2.606	11	2.606	11	5.08%
LBO	0	0	0	0	1.152	3	1.214	2	2.366	5	2.366	5	2.366	5	4.61%
Redeem notes	0.612	2	1.307	3	0.424	2	1.965	4	4.308	11	4.528	12	4.308	11	8.39%
Refinance	0.657	2	3.821	6	6.122	8	6.983	14	17.582	30	18.811	32	17.582	30	34.24%
Repay bank debt	6.906	8	1.634	3	1.362	4	3.923	8	13.825	23	13.971	24	13.825	23	26.92%
Multiple/Other/NA	0.680	1	2.850	4	1.586	4	1.756	6	6.872	15	7.041	16	6.872	15	13.38%
Total	12.216	20	9.925	17	12.577	25	16.630	39	51.347	101	53.581	107	51.347	101	100.00%
Industry Sector (by SIC code)
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Oil and gas (13xx)	0	0	0	0	0	0	0	0	0	0	0	0.117	0
Construction (15xx)	0	0	0	0	0.945	0	0	0	0	0	0	0.389	0
Manufacturing (2xxx, 3xxx)	0.754	3.722	0	2.817	1.059	0.582	1.764	3.901	0.104	5.673	1.770	1.154	1.752
Transportation (4xxx)	0	0	0	0.269	1.001	0	0	0	0	0.133	0.661	0.902	0
Communications (48xx)	0.471	2.124	0	0	1.589	0	0	0	0.851	0	4.186	2.445	0
Electric, gas, sanitary services (49xx)	0.169	0	0	0.674	0	0.314	0	0	0	0	0	0.133	0
Wholesale (5xxx)	0.840	0.324	0	0.337	0	0	0	0.229	0	0	0.617	0	0.068
Finance, insurance, real estate (6xxx)	0	0	0	0	1.359	0	0	0.797	0	0	0.397	0.640	0.268
Services (7xxx)	0	1.156	0.619	0.174	0.517	0	0.795	0.504	0	0	0.248	0.635	0
Health services (8xxx)	0	0	0	0	0	0	0	0.385	0	0	0.247	0	0
Total	2.234	7.326	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089
	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	0.23%
Construction (15xx)	0	0	0.945	1	0	0	0.389	1	1.334	2	1.334	2	1.334	2	2.60%
Manufacturing (2xxx, 3xxx)	6.539	8	3.405	8	9.678	16	4.676	13	24.298	45	25.052	48	24.298	45	47.32%
Transportation (4xxx)	0.269	1	1.001	2	0.133	2	1.562	5	2.965	10	2.965	10	2.965	10	5.77%
Communications (48xx)	2.124	2	1.589	1	0.851	1	6.632	8	11.196	12	11.666	13	11.196	12	21.80%
Electric, gas, sanitary services (49xx)	0.674	1	0.314	1	0	0	0.133	1	1.121	3	1.290	4	1.121	3	2.18%
Wholesale (5xxx)	0.661	3	0	0	0.229	1	0.685	3	1.575	7	2.415	8	1.575	7	3.07%
Finance, insurance, real estate (6xxx)	0	0	1.359	1	0.797	2	1.306	3	3.461	6	3.461	6	3.461	6	6.74%
Services (7xxx)	1.949	5	1.313	3	0.504	2	0.883	3	4.648	13	4.648	13	4.648	13	9.05%
Health services (8xxx)	0	0	0	0	0.385	1	0.247	1	0.632	2	0.632	2	0.632	2	1.23%
Total	12.216	20	9.925	17	12.577	25	16.630	39	51.347	101	53.581	107	51.347	101	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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