Analysis of European high yield issuance for 13 months through January 2011

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

Yield

	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Less than 6%	0.358	0	0	0	0	0.248	0	0	0.084	0	0.741	0	0.411
6%-6.99%	0.931	0	0	0.540	0	0.793	0	0	1.468	3.213	0	0.369	1.010
7%-7.99%	3.515	0.343	0	3.823	0.314	0	1.525	0	3.429	0.516	2.885	0.395	1.236
8%-8.99%	0	0	1.618	1.589	0	0.724	0.939	0.851	0	2.147	0.554	0.876	2.070
9%-9.99%	0.396	0.276	0.337	0.517	0.385	0	2.080	0	0.776	0.659	1.557	0	0
10%-10.99%	1.105	0	0	0	0.198	0.304	0.979	0	0	0.247	0.389	0.330	0
11% and higher	0.760	0	0	0	0	0	0.294	0.104	0	1.033	0	0	0.402
Floater	0	0	0	0	0	0	0	0	0.049	0	0.117	0	0
NA	0.261	0	2.316	0	0	0.490	0	0	0	0.312	0.172	0.119	0
Total	7.326	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	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	0.411	1	0.411	1	1.842	6	1.484	5	8.01%
6%-6.99%	0.931	1	1.333	2	1.468	2	3.581	6	1.010	1	1.010	1	8.323	12	7.393	11	19.70%
7%-7.99%	3.858	6	4.137	6	4.954	7	3.797	4	1.236	2	1.236	2	17.981	25	14.466	20	24.10%
8%-8.99%	1.618	4	2.312	3	1.790	2	3.577	9	2.070	5	2.070	5	11.367	23	11.367	23	40.37%
9%-9.99%	1.008	3	0.902	2	2.856	8	2.216	6	0	0	0	0	6.982	19	6.587	18	0.00%
10%-10.99%	1.105	1	0.502	2	0.979	2	0.966	3	0	0	0	0	3.552	8	2.447	7	0.00%
11% and higher	0.760	1	0	0	0.398	2	1.033	3	0.402	1	0.402	1	2.592	7	1.832	6	7.84%
Floater	0	0	0	0	0.049	1	0.117	1	0	0	0	0	0.166	2	0.166	2	0.00%
NA	2.577	3	0.490	1	0	0	0.602	5	0	0	0	0	3.669	9	3.408	8	0.00%
Total	12.216	20	9.925	17	12.577	25	16.630	39	5.128	10	5.128	10	56.475	111	49.150	100	100.00%
Versus Talk
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Lower	0	0	0.501	0	0	0	0	0	0	0	0	0	0.402
Low end	1.319	0.343	2.991	3.107	0.698	1.274	1.547	0	2.800	3.747	1.317	0.668	0.956
Middle	3.910	0.276	0	3.362	0.198	0.304	2.616	0.851	1.207	0.479	4.790	0.769	2.454
High end	0.760	0	0.269	0	0	0.981	0.121	0	0	1.558	0.091	0	0
Higher	0	0	0	0	0	0	0.294	0	0	0	0	0	0
NA	1.337	0	0.511	0	0	0	1.239	0.104	1.799	2.341	0.217	0.652	1.317
Total	7.326	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.501	1	0	0	0	0	0	0	0.402	1	0.402	1	0.902	2	0.902	2	7.84%
Low end	4.652	6	5.080	9	4.347	6	5.732	13	0.956	2	0.956	2	20.766	36	19.447	34	18.64%
Middle	4.185	6	3.864	6	4.674	10	6.038	13	2.454	4	2.454	4	21.216	39	17.307	34	47.85%
High end	1.029	2	0.981	2	0.121	1	1.649	3	0	0	0	0	3.781	8	3.020	7	0.00%
Higher	0	0	0	0	0.294	1	0	0	0	0	0	0	0.294	1	0.294	1	0.00%
NA	1.848	5	0	0	3.141	7	3.210	10	1.317	3	1.317	3	9.517	25	8.179	22	25.68%
Total	12.216	20	9.925	17	12.577	25	16.630	39	5.128	10	5.128	10	56.475	111	49.150	100	100.00%
Upsized?
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Yes	3.617	0.343	1.618	1.398	0.385	1.284	1.436	0	1.275	2.476	0.091	0	1.171
No	2.553	0.276	2.653	5.072	0.511	1.276	4.381	0.955	3.032	5.650	3.826	2.089	3.958
Downsized	1.156	0	0	0	0	0	0	0	1.499	0	2.498	0	0
Total	7.326	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	5.578	9	3.066	6	2.711	4	2.567	5	1.171	3	1.171	3	15.091	27	11.474	23	22.84%
No	5.482	9	6.859	11	8.367	19	11.565	32	3.958	7	3.958	7	36.231	78	33.678	73	77.18%
Downsized	1.156	2	0	0	1.499	2	2.498	2	0	0	0	0	5.153	6	3.997	4	0.00%
Total	12.216	20	9.925	17	12.577	25	16.630	39	5.128	10	5.128	10	56.475	111	49.150	100	100.00%
Quick Sale?
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Yes	4.836	0	0.680	3.936	0	1.346	1.142	0.851	3.342	3.996	3.457	0.333	2.187
No	2.490	0.619	3.592	2.534	0.896	1.214	4.674	0.104	2.464	4.130	2.958	1.756	2.941
Total	7.326	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	5.516	8	5.281	9	5.335	7	7.785	14	2.187	4	2.187	4	26.105	42	21.269	35	42.65%
No	6.700	12	4.644	8	7.242	18	8.844	25	2.941	6	2.941	6	30.371	69	27.881	65	57.35%
Total	12.216	20	9.925	17	12.577	25	16.630	39	5.128	10	5.128	10	56.475	111	49.150	100	100.00%
Seniority
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
senior secured	4.385	0.276	0.501	0	0.582	0.795	2.669	0	4.065	4.224	3.250	0.736	3.073
secured	0	0	0	0	0	0	0.347	0	0	0	0	0	0
senior	2.727	0.343	3.596	6.469	0.314	1.764	2.801	0.955	1.741	3.901	2.487	1.353	2.055
senior subordinated	0.213	0	0.174	0	0	0	0	0	0	0	0.678	0	0
Total	7.326	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	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	3.073	5	3.073	5	24.557	39	20.171	34	59.93%
secured	0	0	0	0	0.347	1	0	0	0	0	0	0	0.347	1	0.347	1	0.00%
senior	6.666	11	8.547	13	5.497	15	7.742	23	2.055	5	2.055	5	30.507	67	27.780	62	40.07%
senior subordinated	0.388	2	0	0	0	0	0.678	2	0	0	0	0	1.065	4	0.852	3	0.00%
Total	12.216	20	9.925	17	12.577	25	16.630	39	5.128	10	5.128	10	56.475	111	49.150	100	100.00%
Moody's Rating
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Ba1	0	0	2.316	0.945	0	0.490	0	0	0	0	0	0	0
Ba2	1.763	0.343	0	0	0	0.248	0.639	0	0.637	2.120	0.640	0.265	0.411
Ba3	0.719	0	0.837	0	0.314	0	0.504	0	1.124	1.212	2.885	1.265	2.246
B1	2.108	0	0	0.662	0	1.284	1.937	0	2.941	0	0.638	0.068	0
B2	0	0	0	1.985	0.385	0.304	1.832	0.851	0.195	1.450	0.389	0.104	0.758
B3	1.579	0	0	1.876	0.198	0.233	0	0	0.776	2.493	0.355	0	0.947
Caa1	0	0	0.174	0	0	0	0	0	0	0.207	0.544	0	0
Caa2	0	0	0	0	0	0	0	0	0	0	0	0	0.402
NR	1.156	0.276	0.943	1.001	0	0	0.905	0.104	0.133	0.645	0.963	0.387	0.364
Total	7.326	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	2.316	2	1.435	2	0	0	0	0	0	0	0	0	3.752	4	3.752	4	0.00%
Ba2	2.106	3	0.248	1	1.275	2	3.025	4	0.411	1	0.411	1	7.066	11	5.303	9	8.01%
Ba3	1.556	3	0.314	1	1.628	2	5.362	8	2.246	3	2.246	3	11.105	17	10.387	16	43.80%
B1	2.108	3	1.946	3	4.878	6	0.706	2	0	0	0	0	9.638	14	7.529	11	0.00%
B2	0	0	2.674	4	2.879	7	1.943	4	0.758	2	0.758	2	8.254	17	8.254	17	14.78%
B3	1.579	3	2.307	4	0.776	2	2.848	9	0.947	2	0.947	2	8.457	20	6.878	17	18.47%
Caa1	0.174	1	0	0	0	0	0.751	2	0	0	0	0	0.925	3	0.925	3	0.00%
Caa2	0	0	0	0	0	0	0	0	0.402	1	0.402	1	0.402	1	0.402	1	7.84%
NR	2.375	5	1.001	2	1.142	6	1.995	10	0.364	1	0.364	1	6.877	24	5.721	22	7.10%
Total	12.216	20	9.925	17	12.577	25	16.630	39	5.128	10	5.128	10	56.475	111	49.150	100	100.00%
Use of Proceeds
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Acquisition	1.105	0	0	0	0	0	0	0	1.499	0	0	0	0
Chapter 11 exit	0	0	0.501	0	0	0	0	0	0	0	0	0	0
Dividend/recap	0	0	0.337	0	0	0	0.347	0	0	0	0	0	0
GCP	0.571	0	0.848	0	0.314	0	0	0	0.084	0.479	0.191	0.119	0.612
LBO	0	0	0	0	0	0	0.751	0	0.401	1.214	0	0	1.514
Redeem notes	0	0.343	0.269	1.059	0	0.248	0.229	0	0.195	1.076	0.625	0.265	0.766
Refinance	0.657	0	0	2.106	0.198	1.517	2.331	0.851	2.941	2.973	3.674	0.336	2.236
Repay bank debt	4.993	0.276	1.637	0.945	0.385	0.304	0.676	0	0.686	2.137	0.521	1.265	0
Multiple/Other/NA	0	0	0.680	2.360	0	0.490	1.483	0.104	0	0.248	1.404	0.104	0
Total	7.326	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	1.105	1	0	0	1.499	2	0	0	0	0	0	0	2.604	3	1.499	2	0.00%
Chapter 11 exit	0.501	1	0	0	0	0	0	0	0	0	0	0	0.501	1	0.501	1	0.00%
Dividend/recap	0.337	1	0	0	0.347	1	0	0	0	0	0	0	0.684	2	0.684	2	0.00%
GCP	1.419	4	0.314	1	0.084	1	0.789	5	0.612	2	0.612	2	3.218	13	2.647	11	11.93%
LBO	0	0	0	0	1.152	3	1.214	2	1.514	3	1.514	3	3.880	8	3.880	8	29.52%
Redeem notes	0.612	2	1.307	3	0.424	2	1.965	4	0.766	2	0.766	2	5.074	13	5.074	13	14.94%
Refinance	0.657	2	3.821	6	6.122	8	6.983	14	2.236	3	2.236	3	19.818	33	19.162	31	43.60%
Repay bank debt	6.906	8	1.634	3	1.362	4	3.923	8	0	0	0	0	13.825	23	8.832	17	0.00%
Multiple/Other/NA	0.680	1	2.850	4	1.586	4	1.756	6	0	0	0	0	6.872	15	6.872	15	0.00%
Total	12.216	20	9.925	17	12.577	25	16.630	39	5.128	10	5.128	10	56.475	111	49.150	100	100.00%
Industry Sector (by SIC code)
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0	0	0.558
Oil and gas (13xx)	0	0	0	0	0	0	0	0	0	0	0.117	0	0
Construction (15xx)	0	0	0	0.945	0	0	0	0	0	0	0.389	0	0
Manufacturing (2xxx, 3xxx)	3.722	0	2.817	1.059	0.582	1.764	3.901	0.104	5.673	1.770	1.154	1.752	0.612
Transportation (4xxx)	0	0	0.269	1.001	0	0	0	0	0.133	0.661	0.902	0	0
Communications (48xx)	2.124	0	0	1.589	0	0	0	0.851	0	4.186	2.445	0	1.412
Electric, gas, sanitary services (49xx)	0	0	0.674	0	0.314	0	0	0	0	0	0.133	0	0.559
Wholesale (5xxx)	0.324	0	0.337	0	0	0	0.229	0	0	0.617	0	0.068	0
Finance, insurance, real estate (6xxx)	0	0	0	1.359	0	0	0.797	0	0	0.397	0.640	0.268	0
Services (7xxx)	1.156	0.619	0.174	0.517	0	0.795	0.504	0	0	0.248	0.635	0	0.364
Health services (8xxx)	0	0	0	0	0	0	0.385	0	0	0.247	0	0	1.624
Total	7.326	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0.558	1	0.558	1	0.558	1	0.558	1	10.88%
Oil and gas (13xx)	0	0	0	0	0	0	0.117	1	0	0	0	0	0.117	1	0.117	1	0.00%
Construction (15xx)	0	0	0.945	1	0	0	0.389	1	0	0	0	0	1.334	2	1.334	2	0.00%
Manufacturing (2xxx, 3xxx)	6.539	8	3.405	8	9.678	16	4.676	13	0.612	2	0.612	2	24.910	47	21.188	42	11.93%
Transportation (4xxx)	0.269	1	1.001	2	0.133	2	1.562	5	0	0	0	0	2.965	10	2.965	10	0.00%
Communications (48xx)	2.124	2	1.589	1	0.851	1	6.632	8	1.412	2	1.412	2	12.607	14	10.483	12	27.54%
Electric, gas, sanitary services (49xx)	0.674	1	0.314	1	0	0	0.133	1	0.559	1	0.559	1	1.680	4	1.680	4	10.90%
Wholesale (5xxx)	0.661	3	0	0	0.229	1	0.685	3	0	0	0	0	1.575	7	1.251	5	0.00%
Finance, insurance, real estate (6xxx)	0	0	1.359	1	0.797	2	1.306	3	0	0	0	0	3.461	6	3.461	6	0.00%
Services (7xxx)	1.949	5	1.313	3	0.504	2	0.883	3	0.364	1	0.364	1	5.013	14	3.857	12	7.10%
Health services (8xxx)	0	0	0	0	0.385	1	0.247	1	1.624	3	1.624	3	2.256	5	2.256	5	31.67%
Total	12.216	20	9.925	17	12.577	25	16.630	39	5.128	10	5.128	10	56.475	111	49.150	100	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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