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

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

Yield

	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Less than 6%	0	0	0	0	0.248	0	0	0.084	0	0.741	0	0.411	0
6%-6.99%	0	0	0.540	0	0.793	0	0	1.468	3.213	0	0.369	1.010	0.750
7%-7.99%	0.343	0	3.823	0.314	0	1.525	0	3.429	0.516	2.885	0.395	1.236	0
8%-8.99%	0	1.618	1.589	0	0.724	0.939	0.851	0	2.147	0.554	0.876	2.070	0.663
9%-9.99%	0.276	0.337	0.517	0.385	0	2.080	0	0.776	0.659	1.557	0	0	0
10%-10.99%	0	0	0	0.198	0.304	0.979	0	0	0.247	0.389	0.330	0	0.466
11% and higher	0	0	0	0	0	0.294	0.104	0	1.033	0	0	0.402	0
Floater	0	0	0	0	0	0	0	0.049	0	0.117	0	0	0
NA	0	2.316	0	0	0.490	0	0	0	0.312	0.172	0.119	0	0
Total	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879
	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%	0.248	1	0.084	1	0.741	2	0.411	1	0.411	1	1.484	5	1.484	5	5.87%
6%-6.99%	1.333	2	1.468	2	3.581	6	1.760	3	1.760	3	8.142	13	8.142	13	25.12%
7%-7.99%	4.137	6	4.954	7	3.797	4	1.236	2	1.236	2	14.466	20	14.123	19	17.64%
8%-8.99%	2.312	3	1.790	2	3.577	9	2.732	7	2.732	7	12.030	25	12.030	25	38.99%
9%-9.99%	0.902	2	2.856	8	2.216	6	0	0	0	0	6.587	18	6.311	17	0.00%
10%-10.99%	0.502	2	0.979	2	0.966	3	0.466	1	0.466	1	2.913	8	2.913	8	6.65%
11% and higher	0	0	0.398	2	1.033	3	0.402	1	0.402	1	1.832	6	1.832	6	5.74%
Floater	0	0	0.049	1	0.117	1	0	0	0	0	0.166	2	0.166	2	0.00%
NA	0.490	1	0	0	0.602	5	0	0	0	0	3.408	8	3.408	8	0.00%
Total	9.925	17	12.577	25	16.630	39	7.007	15	7.007	15	51.028	105	50.410	103	100.00%
Versus Talk
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Lower	0	0.501	0	0	0	0	0	0	0	0	0	0.402	0
Low end	0.343	2.991	3.107	0.698	1.274	1.547	0	2.800	3.747	1.317	0.668	0.956	0.631
Middle	0.276	0	3.362	0.198	0.304	2.616	0.851	1.207	0.479	4.790	0.769	2.454	1.248
High end	0	0.269	0	0	0.981	0.121	0	0	1.558	0.091	0	0	0
Higher	0	0	0	0	0	0.294	0	0	0	0	0	0	0
NA	0	0.511	0	0	0	1.239	0.104	1.799	2.341	0.217	0.652	1.317	0
Total	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0	0	0	0	0	0	0.402	1	0.402	1	0.902	2	0.902	2	5.74%
Low end	5.080	9	4.347	6	5.732	13	1.586	4	1.586	4	20.078	36	19.735	35	22.63%
Middle	3.864	6	4.674	10	6.038	13	3.702	7	3.702	7	18.555	37	18.279	36	52.83%
High end	0.981	2	0.121	1	1.649	3	0	0	0	0	3.020	7	3.020	7	0.00%
Higher	0	0	0.294	1	0	0	0	0	0	0	0.294	1	0.294	1	0.00%
NA	0	0	3.141	7	3.210	10	1.317	3	1.317	3	8.179	22	8.179	22	18.80%
Total	9.925	17	12.577	25	16.630	39	7.007	15	7.007	15	51.028	105	50.410	103	100.00%
Upsized?
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Yes	0.343	1.618	1.398	0.385	1.284	1.436	0	1.275	2.476	0.091	0	1.171	0
No	0.276	2.653	5.072	0.511	1.276	4.381	0.955	3.032	5.650	3.826	2.089	3.958	1.509
Downsized	0	0	0	0	0	0	0	1.499	0	2.498	0	0	0.370
Total	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.066	6	2.711	4	2.567	5	1.171	3	1.171	3	11.474	23	11.132	22	16.71%
No	6.859	11	8.367	19	11.565	32	5.466	11	5.466	11	35.187	77	34.911	76	78.01%
Downsized	0	0	1.499	2	2.498	2	0.370	1	0.370	1	4.367	5	4.367	5	5.28%
Total	9.925	17	12.577	25	16.630	39	7.007	15	7.007	15	51.028	105	50.410	103	100.00%
Quick Sale?
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Yes	0	0.680	3.936	0	1.346	1.142	0.851	3.342	3.996	3.457	0.333	2.187	1.042
No	0.619	3.592	2.534	0.896	1.214	4.674	0.104	2.464	4.130	2.958	1.756	2.941	0.836
Total	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	5.281	9	5.335	7	7.785	14	3.229	7	3.229	7	22.311	38	22.311	38	46.08%
No	4.644	8	7.242	18	8.844	25	3.777	8	3.777	8	28.717	67	28.099	65	53.90%
Total	9.925	17	12.577	25	16.630	39	7.007	15	7.007	15	51.028	105	50.410	103	100.00%
Seniority
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
senior secured	0.276	0.501	0	0.582	0.795	2.669	0	4.065	4.224	3.250	0.736	3.073	0.782
secured	0	0	0	0	0	0.347	0	0	0	0	0	0	0
senior	0.343	3.596	6.469	0.314	1.764	2.801	0.955	1.741	3.901	2.487	1.353	2.055	1.097
senior subordinated	0	0.174	0	0	0	0	0	0	0	0.678	0	0	0
Total	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	1.378	4	6.733	9	8.211	14	3.855	7	3.855	7	20.953	36	20.677	35	55.02%
secured	0	0	0.347	1	0	0	0	0	0	0	0.347	1	0.347	1	0.00%
senior	8.547	13	5.497	15	7.742	23	3.152	8	3.152	8	28.877	65	28.534	64	44.98%
senior subordinated	0	0	0	0	0.678	2	0	0	0	0	0.852	3	0.852	3	0.00%
Total	9.925	17	12.577	25	16.630	39	7.007	15	7.007	15	51.028	105	50.410	103	100.00%
Moody's Rating
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Ba1	0	2.316	0.945	0	0.490	0	0	0	0	0	0	0	0
Ba2	0.343	0	0	0	0.248	0.639	0	0.637	2.120	0.640	0.265	0.411	0
Ba3	0	0.837	0	0.314	0	0.504	0	1.124	1.212	2.885	1.265	2.246	0.412
B1	0	0	0.662	0	1.284	1.937	0	2.941	0	0.638	0.068	0	0.370
B2	0	0	1.985	0.385	0.304	1.832	0.851	0.195	1.450	0.389	0.104	0.758	0
B3	0	0	1.876	0.198	0.233	0	0	0.776	2.493	0.355	0	0.947	0.759
Caa1	0	0.174	0	0	0	0	0	0	0.207	0.544	0	0	0
Caa2	0	0	0	0	0	0	0	0	0	0	0	0.402	0
NR	0.276	0.943	1.001	0	0	0.905	0.104	0.133	0.645	0.963	0.387	0.364	0.338
Total	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	1.435	2	0	0	0	0	0	0	0	0	3.752	4	3.752	4	0.00%
Ba2	0.248	1	1.275	2	3.025	4	0.411	1	0.411	1	5.303	9	4.960	8	5.87%
Ba3	0.314	1	1.628	2	5.362	8	2.657	4	2.657	4	10.798	17	10.798	17	37.92%
B1	1.946	3	4.878	6	0.706	2	0.370	1	0.370	1	7.899	12	7.899	12	5.28%
B2	2.674	4	2.879	7	1.943	4	0.758	2	0.758	2	8.254	17	8.254	17	10.82%
B3	2.307	4	0.776	2	2.848	9	1.706	4	1.706	4	7.636	19	7.636	19	24.35%
Caa1	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	0.402	1	0.402	1	0.402	1	0.402	1	5.74%
NR	1.001	2	1.142	6	1.995	10	0.702	2	0.702	2	6.059	23	5.783	22	10.02%
Total	9.925	17	12.577	25	16.630	39	7.007	15	7.007	15	51.028	105	50.410	103	100.00%
Use of Proceeds
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Acquisition	0	0	0	0	0	0	0	1.499	0	0	0	0	0
Chapter 11 exit	0	0.501	0	0	0	0	0	0	0	0	0	0	0
Dividend/recap	0	0.337	0	0	0	0.347	0	0	0	0	0	0	0
GCP	0	0.848	0	0.314	0	0	0	0.084	0.479	0.191	0.119	0.612	0.293
LBO	0	0	0	0	0	0.751	0	0.401	1.214	0	0	1.514	0
Redeem notes	0.343	0.269	1.059	0	0.248	0.229	0	0.195	1.076	0.625	0.265	0.766	0
Refinance	0	0	2.106	0.198	1.517	2.331	0.851	2.941	2.973	3.674	0.336	2.236	1.174
Repay bank debt	0.276	1.637	0.945	0.385	0.304	0.676	0	0.686	2.137	0.521	1.265	0	0
Multiple/Other/NA	0	0.680	2.360	0	0.490	1.483	0.104	0	0.248	1.404	0.104	0	0.412
Total	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	1.499	2	0	0	0	0	0	0	1.499	2	1.499	2	0.00%
Chapter 11 exit	0	0	0	0	0	0	0	0	0	0	0.501	1	0.501	1	0.00%
Dividend/recap	0	0	0.347	1	0	0	0	0	0	0	0.684	2	0.684	2	0.00%
GCP	0.314	1	0.084	1	0.789	5	0.905	3	0.905	3	2.939	12	2.939	12	12.92%
LBO	0	0	1.152	3	1.214	2	1.514	3	1.514	3	3.880	8	3.880	8	21.61%
Redeem notes	1.307	3	0.424	2	1.965	4	0.766	2	0.766	2	5.074	13	4.731	12	10.93%
Refinance	3.821	6	6.122	8	6.983	14	3.410	6	3.410	6	20.336	34	20.336	34	48.66%
Repay bank debt	1.634	3	1.362	4	3.923	8	0	0	0	0	8.832	17	8.556	16	0.00%
Multiple/Other/NA	2.850	4	1.586	4	1.756	6	0.412	1	0.412	1	7.284	16	7.284	16	5.88%
Total	9.925	17	12.577	25	16.630	39	7.007	15	7.007	15	51.028	105	50.410	103	100.00%
Industry Sector (by SIC code)
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0	0.558	0
Oil and gas (13xx)	0	0	0	0	0	0	0	0	0	0.117	0	0	0
Construction (15xx)	0	0	0.945	0	0	0	0	0	0	0.389	0	0	0
Manufacturing (2xxx, 3xxx)	0	2.817	1.059	0.582	1.764	3.901	0.104	5.673	1.770	1.154	1.752	0.612	0.293
Transportation (4xxx)	0	0.269	1.001	0	0	0	0	0.133	0.661	0.902	0	0	0
Communications (48xx)	0	0	1.589	0	0	0	0.851	0	4.186	2.445	0	1.412	0.412
Electric, gas, sanitary services (49xx)	0	0.674	0	0.314	0	0	0	0	0	0.133	0	0.559	0
Wholesale (5xxx)	0	0.337	0	0	0	0.229	0	0	0.617	0	0.068	0	0.338
Finance, insurance, real estate (6xxx)	0	0	1.359	0	0	0.797	0	0	0.397	0.640	0.268	0	0.836
Services (7xxx)	0.619	0.174	0.517	0	0.795	0.504	0	0	0.248	0.635	0	0.364	0
Health services (8xxx)	0	0	0	0	0	0.385	0	0	0.247	0	0	1.624	0
Total	0.619	4.271	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879
	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	0.558	1	0.558	1	0.558	1	0.558	1	7.96%
Oil and gas (13xx)	0	0	0	0	0.117	1	0	0	0	0	0.117	1	0.117	1	0.00%
Construction (15xx)	0.945	1	0	0	0.389	1	0	0	0	0	1.334	2	1.334	2	0.00%
Manufacturing (2xxx, 3xxx)	3.405	8	9.678	16	4.676	13	0.905	3	0.905	3	21.481	43	21.481	43	12.92%
Transportation (4xxx)	1.001	2	0.133	2	1.562	5	0	0	0	0	2.965	10	2.965	10	0.00%
Communications (48xx)	1.589	1	0.851	1	6.632	8	1.823	3	1.823	3	10.895	13	10.895	13	26.02%
Electric, gas, sanitary services (49xx)	0.314	1	0	0	0.133	1	0.559	1	0.559	1	1.680	4	1.680	4	7.98%
Wholesale (5xxx)	0	0	0.229	1	0.685	3	0.338	1	0.338	1	1.589	6	1.589	6	4.82%
Finance, insurance, real estate (6xxx)	1.359	1	0.797	2	1.306	3	0.836	2	0.836	2	4.298	8	4.298	8	11.93%
Services (7xxx)	1.313	3	0.504	2	0.883	3	0.364	1	0.364	1	3.857	12	3.238	10	5.19%
Health services (8xxx)	0	0	0.385	1	0.247	1	1.624	3	1.624	3	2.256	5	2.256	5	23.18%
Total	9.925	17	12.577	25	16.630	39	7.007	15	7.007	15	51.028	105	50.410	103	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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