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

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

Yield

	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Less than 6%	0	0	0.248	0	0	0.084	0	0.741	0	0.411	0	2.781	0
6%-6.99%	0.540	0	0.793	0	0	1.468	3.213	0	0.369	1.010	0.750	3.087	1.492
7%-7.99%	3.823	0.314	0	1.525	0	3.429	0.516	2.885	0.395	1.236	0	1.579	1.115
8%-8.99%	1.589	0	0.724	0.939	0.851	0	2.147	0.554	0.876	2.070	0.663	0.284	1.170
9%-9.99%	0.517	0.385	0	2.080	0	0.776	0.659	1.557	0	0	0	1.449	1.182
10%-10.99%	0	0.198	0.304	0.979	0	0	0.247	0.389	0.330	0	0.466	0	0.902
11% and higher	0	0	0	0.294	0.104	0	1.033	0	0	0.402	0	0.274	0.649
Floater	0	0	0	0	0	0.049	0	0.117	0	0	0	1.682	0.253
NA	0	0	0.490	0	0	0	0.312	0.172	0.119	0	0	1.991	0.661
Total	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 6%	0.248	1	0.084	1	0.741	2	3.193	3	0	0	3.193	3	4.266	7	4.266	7	11.59%
6%-6.99%	1.333	2	1.468	2	3.581	6	4.846	5	1.492	4	6.338	9	12.721	19	12.181	18	23.00%
7%-7.99%	4.137	6	4.954	7	3.797	4	2.814	4	1.115	2	3.930	6	16.817	23	12.994	18	14.26%
8%-8.99%	2.312	3	1.790	2	3.577	9	3.016	8	1.170	3	4.186	11	11.865	25	10.277	24	15.19%
9%-9.99%	0.902	2	2.856	8	2.216	6	1.449	3	1.182	3	2.632	6	8.606	22	8.088	21	9.55%
10%-10.99%	0.502	2	0.979	2	0.966	3	0.466	1	0.902	2	1.369	3	3.815	10	3.815	10	4.97%
11% and higher	0	0	0.398	2	1.033	3	0.675	2	0.649	2	1.324	4	2.754	9	2.754	9	4.81%
Floater	0	0	0.049	1	0.117	1	1.682	3	0.253	1	1.935	4	2.101	6	2.101	6	7.02%
NA	0.490	1	0	0	0.602	5	1.991	5	0.661	2	2.652	7	3.744	13	3.744	13	9.62%
Total	9.925	17	12.577	25	16.630	39	20.133	34	7.425	19	27.558	53	66.690	134	60.220	126	100.00%
Versus Talk
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Lower	0	0	0	0	0	0	0	0	0	0.402	0	0	0
Low end	3.107	0.698	1.274	1.547	0	2.800	3.747	1.317	0.668	0.956	0.631	1.836	1.738
Middle	3.362	0.198	0.304	2.616	0.851	1.207	0.479	4.790	0.769	2.454	1.248	8.596	2.900
High end	0	0	0.981	0.121	0	0	1.558	0.091	0	0	0	0	1.139
Higher	0	0	0	0.294	0	0	0	0	0	0	0	0	0
NA	0	0	0	1.239	0.104	1.799	2.341	0.217	0.652	1.317	0	2.694	1.648
Total	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0	0	0	0	0	0	0.402	1	0	0	0.402	1	0.402	1	0.402	1	1.46%
Low end	5.080	9	4.347	6	5.732	13	3.423	6	1.738	5	5.161	11	20.319	39	17.212	35	18.73%
Middle	3.864	6	4.674	10	6.038	13	12.298	17	2.900	7	15.198	24	29.775	53	26.412	49	55.15%
High end	0.981	2	0.121	1	1.649	3	0	0	1.139	2	1.139	2	3.891	8	3.891	8	4.13%
Higher	0	0	0.294	1	0	0	0	0	0	0	0	0	0.294	1	0.294	1	0.00%
NA	0	0	3.141	7	3.210	10	4.011	10	1.648	5	5.659	15	12.010	32	12.010	32	20.53%
Total	9.925	17	12.577	25	16.630	39	20.133	34	7.425	19	27.558	53	66.690	134	60.220	126	100.00%
Upsized?
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Yes	1.398	0.385	1.284	1.436	0	1.275	2.476	0.091	0	1.171	0	2.747	1.195
No	5.072	0.511	1.276	4.381	0.955	3.032	5.650	3.826	2.089	3.958	1.509	9.251	6.230
Downsized	0	0	0	0	0	1.499	0	2.498	0	0	0.370	1.128	0
Total	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.066	6	2.711	4	2.567	5	3.917	9	1.195	3	5.112	12	13.455	27	12.058	24	18.55%
No	6.859	11	8.367	19	11.565	32	14.718	23	6.230	16	20.948	39	47.739	101	42.667	96	76.01%
Downsized	0	0	1.499	2	2.498	2	1.498	2	0	0	1.498	2	5.495	6	5.495	6	5.44%
Total	9.925	17	12.577	25	16.630	39	20.133	34	7.425	19	27.558	53	66.690	134	60.220	126	100.00%
Quick Sale?
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Yes	3.936	0	1.346	1.142	0.851	3.342	3.996	3.457	0.333	2.187	1.042	8.440	1.380
No	2.534	0.896	1.214	4.674	0.104	2.464	4.130	2.958	1.756	2.941	0.836	4.686	6.045
Total	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	5.281	9	5.335	7	7.785	14	11.670	19	1.380	4	13.050	23	31.451	53	27.516	47	47.35%
No	4.644	8	7.242	18	8.844	25	8.464	15	6.045	15	14.509	30	35.238	81	32.705	79	52.65%
Total	9.925	17	12.577	25	16.630	39	20.133	34	7.425	19	27.558	53	66.690	134	60.220	126	100.00%
Seniority
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
senior secured	0	0.582	0.795	2.669	0	4.065	4.431	3.250	0.736	3.472	0.782	4.341	2.475
secured	0	0	0	0.347	0	0	0	0	0	0	0	0	0
senior	6.469	0.314	1.764	2.801	0.955	1.741	3.695	2.487	1.353	1.657	1.097	8.785	4.950
senior subordinated	0	0	0	0	0	0	0	0.678	0	0	0	0	0
Total	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	1.378	4	6.733	9	8.417	15	8.594	13	2.475	6	11.069	19	27.597	47	27.597	47	40.17%
secured	0	0	0.347	1	0	0	0	0	0	0	0	0	0.347	1	0.347	1	0.00%
senior	8.547	13	5.497	15	7.535	22	11.539	21	4.950	13	16.489	34	38.068	84	31.599	76	59.83%
senior subordinated	0	0	0	0	0.678	2	0	0	0	0	0	0	0.678	2	0.678	2	0.00%
Total	9.925	17	12.577	25	16.630	39	20.133	34	7.425	19	27.558	53	66.690	134	60.220	126	100.00%
Moody's Rating
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Ba1	0.945	0	0.490	0	0	0	0	0	0	0	0	2.796	0.404
Ba2	0	0	0.248	0.639	0	0.637	2.120	0.640	0.265	0.411	0	3.675	0.723
Ba3	0	0.314	0	0.504	0	1.124	1.212	2.885	1.265	2.246	0.412	1.459	1.139
B1	0.662	0	1.284	1.937	0	2.941	0	0.638	0.068	0	0.370	2.679	0.983
B2	1.985	0.385	0.304	1.832	0.851	0.195	1.450	0.389	0.104	0.758	0	0.695	1.484
B3	1.876	0.198	0.233	0	0	0.776	2.493	0.355	0	0.947	0.759	0.693	0.290
Caa1	0	0	0	0	0	0	0.207	0.544	0	0	0	0.425	0.901
Caa2	0	0	0	0	0	0	0	0	0	0.402	0	0	0
NR	1.001	0	0	0.905	0.104	0.133	0.645	0.963	0.387	0.364	0.338	0.703	1.500
Total	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	1.435	2	0	0	0	0	2.796	2	0.404	1	3.200	3	4.635	5	3.690	4	11.61%
Ba2	0.248	1	1.275	2	3.025	4	4.087	4	0.723	2	4.809	6	9.358	13	9.358	13	17.45%
Ba3	0.314	1	1.628	2	5.362	8	4.117	8	1.139	2	5.256	10	12.560	21	12.560	21	19.07%
B1	1.946	3	4.878	6	0.706	2	3.049	4	0.983	2	4.033	6	11.562	17	10.900	16	14.63%
B2	2.674	4	2.879	7	1.943	4	1.453	3	1.484	4	2.937	7	10.432	22	8.447	20	10.66%
B3	2.307	4	0.776	2	2.848	9	2.399	5	0.290	1	2.690	6	8.620	21	6.744	19	9.76%
Caa1	0	0	0	0	0.751	2	0.425	1	0.901	3	1.327	4	2.077	6	2.077	6	4.82%
Caa2	0	0	0	0	0	0	0.402	1	0	0	0.402	1	0.402	1	0.402	1	1.46%
NR	1.001	2	1.142	6	1.995	10	1.405	6	1.500	4	2.905	10	7.043	28	6.042	26	10.54%
Total	9.925	17	12.577	25	16.630	39	20.133	34	7.425	19	27.558	53	66.690	134	60.220	126	100.00%
Use of Proceeds
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Acquisition	0	0	0	0	0	1.499	0	0	0	0	0	0	0.286
Dividend/recap	0	0	0	0.347	0	0	0	0	0	0	0	0	0
GCP	0	0.314	0	0	0	0.084	0.479	0.191	0.119	0.612	0.293	1.656	0.087
LBO	0	0	0	0.751	0	0.401	1.214	0	0	1.514	0	3.372	0
Redeem notes	1.059	0	0.248	0.229	0	0.195	1.282	0.625	0.265	0.766	0	1.298	0
Refinance	2.106	0.198	1.517	2.331	0.851	2.941	2.766	3.674	0.336	2.236	1.174	5.341	2.876
Repay bank debt	0.945	0.385	0.304	0.676	0	0.686	2.137	0.521	1.265	0	0	1.459	2.210
Multiple/Other/NA	2.360	0	0.490	1.483	0.104	0	0.248	1.404	0.104	0	0.412	0	1.967
Total	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	1.499	2	0	0	0	0	0.286	1	0.286	1	1.784	3	1.784	3	1.04%
Dividend/recap	0	0	0.347	1	0	0	0	0	0	0	0	0	0.347	1	0.347	1	0.00%
GCP	0.314	1	0.084	1	0.789	5	2.560	5	0.087	1	2.647	6	3.833	13	3.833	13	9.61%
LBO	0	0	1.152	3	1.214	2	4.887	7	0	0	4.887	7	7.253	12	7.253	12	17.73%
Redeem notes	1.307	3	0.424	2	2.172	5	2.064	4	0	0	2.064	4	5.967	14	4.908	12	7.49%
Refinance	3.821	6	6.122	8	6.776	13	8.751	13	2.876	7	11.627	20	28.346	47	26.240	45	42.19%
Repay bank debt	1.634	3	1.362	4	3.923	8	1.459	4	2.210	6	3.670	10	10.589	25	9.644	24	13.32%
Multiple/Other/NA	2.850	4	1.586	4	1.756	6	0.412	1	1.967	4	2.378	5	8.571	19	6.211	16	8.63%
Total	9.925	17	12.577	25	16.630	39	20.133	34	7.425	19	27.558	53	66.690	134	60.220	126	100.00%
Industry Sector (by SIC code)
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0.558	0	0	0
Oil and gas (13xx)	0	0	0	0	0	0	0	0.117	0	0	0	0	0
Construction (15xx)	0.945	0	0	0	0	0	0	0.389	0	0	0	0.603	0.363
Manufacturing (2xxx, 3xxx)	1.059	0.582	1.764	3.901	0.104	5.673	1.770	1.154	1.752	0.612	0.293	6.374	1.673
Transportation (4xxx)	1.001	0	0	0	0	0.133	0.661	0.902	0	0	0	0.378	0.723
Communications (48xx)	1.589	0	0	0	0.851	0	4.186	2.445	0	1.412	0.412	2.963	0
Electric, gas, sanitary services (49xx)	0	0.314	0	0	0	0	0	0.133	0	0.559	0	0	1.344
Wholesale (5xxx)	0	0	0	0.229	0	0	0.617	0	0.068	0	0.338	1.871	0.404
Finance, insurance, real estate (6xxx)	1.359	0	0	0.797	0	0	0.397	0.640	0.268	0	0.836	0.938	1.570
Services (7xxx)	0.517	0	0.795	0.504	0	0	0.248	0.635	0	0.364	0	0	1.010
Health services (8xxx)	0	0	0	0.385	0	0	0.247	0	0	1.624	0	0	0.339
Total	6.469	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0.558	1	0	0	0.558	1	0.558	1	0.558	1	2.02%
Oil and gas (13xx)	0	0	0	0	0.117	1	0	0	0	0	0	0	0.117	1	0.117	1	0.00%
Construction (15xx)	0.945	1	0	0	0.389	1	0.603	1	0.363	1	0.966	2	2.300	4	1.355	3	3.51%
Manufacturing (2xxx, 3xxx)	3.405	8	9.678	16	4.676	13	7.279	9	1.673	5	8.951	14	26.711	51	25.652	49	32.48%
Transportation (4xxx)	1.001	2	0.133	2	1.562	5	0.378	2	0.723	2	1.101	4	3.797	13	2.796	11	4.00%
Communications (48xx)	1.589	1	0.851	1	6.632	8	4.786	7	0	0	4.786	7	13.858	17	12.269	16	17.37%
Electric, gas, sanitary services (49xx)	0.314	1	0	0	0.133	1	0.559	1	1.344	3	1.902	4	2.349	6	2.349	6	6.90%
Wholesale (5xxx)	0	0	0.229	1	0.685	3	2.209	5	0.404	1	2.613	6	3.527	10	3.527	10	9.48%
Finance, insurance, real estate (6xxx)	1.359	1	0.797	2	1.306	3	1.774	4	1.570	3	3.344	7	6.805	13	5.446	12	12.13%
Services (7xxx)	1.313	3	0.504	2	0.883	3	0.364	1	1.010	3	1.374	4	4.074	12	3.556	11	4.99%
Health services (8xxx)	0	0	0.385	1	0.247	1	1.624	3	0.339	1	1.963	4	2.594	6	2.594	6	7.12%
Total	9.925	17	12.577	25	16.630	39	20.133	34	7.425	19	27.558	53	66.690	134	60.220	126	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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