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

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

Yield

	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Less than 6%	0	0.248	0	0	0.084	0	0.741	0	0.411	0	2.781	0	0.708
6%-6.99%	0	0.793	0	0	1.468	3.213	0	0.369	1.010	0.750	3.087	1.492	0
7%-7.99%	0.314	0	1.525	0	3.429	0.516	2.885	0.395	1.236	0	1.579	1.115	3.226
8%-8.99%	0	0.724	0.939	0.851	0	2.147	0.554	0.876	2.070	0.663	0.284	1.170	3.300
9%-9.99%	0.385	0	2.080	0	0.776	0.659	1.557	0	0	0	1.449	1.182	1.398
10%-10.99%	0.198	0.304	0.979	0	0	0.247	0.389	0.330	0	0.466	0	0.902	0
11% and higher	0	0	0.294	0.104	0	1.033	0	0	0.402	0	0.274	0.649	0.468
Floater	0	0	0	0	0.049	0	0.117	0	0	0	1.682	0.253	0.755
NA	0	0.490	0	0	0	0.312	0.172	0.119	0	0	1.991	0.661	0
Total	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856
	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%	0.084	1	0.741	2	3.193	3	0.708	1	3.901	4	4.974	8	4.974	8	10.42%
6%-6.99%	1.468	2	3.581	6	4.846	5	1.492	4	6.338	9	12.181	18	12.181	18	16.94%
7%-7.99%	4.954	7	3.797	4	2.814	4	4.342	8	7.156	12	16.220	24	15.907	23	19.13%
8%-8.99%	1.790	2	3.577	9	3.016	8	4.470	9	7.486	17	13.577	30	13.577	30	20.01%
9%-9.99%	2.856	8	2.216	6	1.449	3	2.580	6	4.030	9	9.486	24	9.102	23	10.77%
10%-10.99%	0.979	2	0.966	3	0.466	1	0.902	2	1.369	3	3.815	10	3.618	9	3.66%
11% and higher	0.398	2	1.033	3	0.675	2	1.117	4	1.793	6	3.222	11	3.222	11	4.78%
Floater	0.049	1	0.117	1	1.682	3	1.009	4	2.690	7	2.856	9	2.856	9	7.19%
NA	0	0	0.602	5	1.991	5	0.661	2	2.652	7	3.744	13	3.744	13	7.09%
Total	12.577	25	16.630	39	20.133	34	17.281	40	37.414	74	70.076	147	69.180	144	100.00%
Versus Talk
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Lower	0	0	0	0	0	0	0	0	0.402	0	0	0	0
Low end	0.698	1.274	1.547	0	2.800	3.747	1.317	0.668	0.956	0.631	1.836	1.738	2.587
Middle	0.198	0.304	2.616	0.851	1.207	0.479	4.790	0.769	2.454	1.248	8.596	2.900	5.265
High end	0	0.981	0.121	0	0	1.558	0.091	0	0	0	0	1.139	0.988
Higher	0	0	0.294	0	0	0	0	0	0	0	0	0	0.432
NA	0	0	1.239	0.104	1.799	2.341	0.217	0.652	1.317	0	2.694	1.648	0.584
Total	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856
	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	0.402	1	0	0	0.402	1	0.402	1	0.402	1	1.07%
Low end	4.347	6	5.732	13	3.423	6	4.325	10	7.747	16	19.798	40	19.100	38	20.71%
Middle	4.674	10	6.038	13	12.298	17	8.164	17	20.462	34	31.677	59	31.479	58	54.69%
High end	0.121	1	1.649	3	0	0	2.128	4	2.128	4	4.879	10	4.879	10	5.69%
Higher	0.294	1	0	0	0	0	0.432	1	0.432	1	0.726	2	0.726	2	1.15%
NA	3.141	7	3.210	10	4.011	10	2.232	8	6.243	18	12.595	35	12.595	35	16.69%
Total	12.577	25	16.630	39	20.133	34	17.281	40	37.414	74	70.076	147	69.180	144	100.00%
Upsized?
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Yes	0.385	1.284	1.436	0	1.275	2.476	0.091	0	1.171	0	2.747	1.195	1.264
No	0.511	1.276	4.381	0.955	3.032	5.650	3.826	2.089	3.958	1.509	9.251	6.230	8.160
Downsized	0	0	0	0	1.499	0	2.498	0	0	0.370	1.128	0	0.432
Total	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.711	4	2.567	5	3.917	9	2.459	6	6.376	15	13.321	27	12.937	26	17.04%
No	8.367	19	11.565	32	14.718	23	14.390	33	29.108	56	50.828	113	50.316	111	77.80%
Downsized	1.499	2	2.498	2	1.498	2	0.432	1	1.930	3	5.927	7	5.927	7	5.16%
Total	12.577	25	16.630	39	20.133	34	17.281	40	37.414	74	70.076	147	69.180	144	100.00%
Quick Sale?
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Yes	0	1.346	1.142	0.851	3.342	3.996	3.457	0.333	2.187	1.042	8.440	1.380	2.108
No	0.896	1.214	4.674	0.104	2.464	4.130	2.958	1.756	2.941	0.836	4.686	6.045	7.748
Total	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	5.335	7	7.785	14	11.670	19	3.488	9	15.158	28	29.624	52	29.624	52	40.51%
No	7.242	18	8.844	25	8.464	15	13.793	31	22.257	46	40.453	95	39.557	92	59.49%
Total	12.577	25	16.630	39	20.133	34	17.281	40	37.414	74	70.076	147	69.180	144	100.00%
Seniority
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
senior secured	0.582	0.795	2.669	0	4.065	4.431	3.250	0.736	3.472	0.782	4.341	2.475	5.250
secured	0	0	0.347	0	0	0	0	0	0	0	0	0	0
senior	0.314	1.764	2.801	0.955	1.741	3.695	2.487	1.353	1.657	1.097	8.785	4.950	4.606
senior subordinated	0	0	0	0	0	0	0.678	0	0	0	0	0	0
Total	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	6.733	9	8.417	15	8.594	13	7.725	19	16.319	32	32.848	60	32.265	58	43.62%
secured	0.347	1	0	0	0	0	0	0	0	0	0.347	1	0.347	1	0.00%
senior	5.497	15	7.535	22	11.539	21	9.556	21	21.095	42	36.204	84	35.891	83	56.38%
senior subordinated	0	0	0.678	2	0	0	0	0	0	0	0.678	2	0.678	2	0.00%
Total	12.577	25	16.630	39	20.133	34	17.281	40	37.414	74	70.076	147	69.180	144	100.00%
Moody's Rating
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Ba1	0	0.490	0	0	0	0	0	0	0	0	2.796	0.404	0.708
Ba2	0	0.248	0.639	0	0.637	2.120	0.640	0.265	0.411	0	3.675	0.723	0
Ba3	0.314	0	0.504	0	1.124	1.212	2.885	1.265	2.246	0.412	1.459	1.139	1.630
B1	0	1.284	1.937	0	2.941	0	0.638	0.068	0	0.370	2.679	0.983	3.087
B2	0.385	0.304	1.832	0.851	0.195	1.450	0.389	0.104	0.758	0	0.695	1.484	2.731
B3	0.198	0.233	0	0	0.776	2.493	0.355	0	0.947	0.759	0.693	0.290	0.768
Caa1	0	0	0	0	0	0.207	0.544	0	0	0	0.425	0.901	0.453
Caa2	0	0	0	0	0	0	0	0	0.402	0	0	0	0.432
NR	0	0	0.905	0.104	0.133	0.645	0.963	0.387	0.364	0.338	0.703	1.500	0.047
Total	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	0	0	0	0	2.796	2	1.112	2	3.908	4	4.398	5	4.398	5	10.45%
Ba2	1.275	2	3.025	4	4.087	4	0.723	2	4.809	6	9.358	13	9.358	13	12.85%
Ba3	1.628	2	5.362	8	4.117	8	2.769	5	6.886	13	14.190	24	13.876	23	18.40%
B1	4.878	6	0.706	2	3.049	4	4.070	7	7.120	11	13.987	21	13.987	21	19.03%
B2	2.879	7	1.943	4	1.453	3	4.214	10	5.668	13	11.178	26	10.794	25	15.15%
B3	0.776	2	2.848	9	2.399	5	1.058	3	3.457	8	7.512	21	7.314	20	9.24%
Caa1	0	0	0.751	2	0.425	1	1.355	5	1.780	6	2.531	8	2.531	8	4.76%
Caa2	0	0	0	0	0.402	1	0.432	1	0.834	2	0.834	2	0.834	2	2.23%
NR	1.142	6	1.995	10	1.405	6	1.547	5	2.952	11	6.089	27	6.089	27	7.89%
Total	12.577	25	16.630	39	20.133	34	17.281	40	37.414	74	70.076	147	69.180	144	100.00%
Use of Proceeds
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Acquisition	0	0	0	0	1.499	0	0	0	0	0	0	0.286	0
Dividend/recap	0	0	0.347	0	0	0	0	0	0	0	0	0	0.427
GCP	0.314	0	0	0	0.084	0.479	0.191	0.119	0.612	0.293	1.656	0.087	0
LBO	0	0	0.751	0	0.401	1.214	0	0	1.514	0	3.372	0	0
Redeem notes	0	0.248	0.229	0	0.195	1.282	0.625	0.265	0.766	0	1.298	0	0
Refinance	0.198	1.517	2.331	0.851	2.941	2.766	3.674	0.336	2.236	1.174	5.341	2.876	2.718
Repay bank debt	0.385	0.304	0.676	0	0.686	2.137	0.521	1.265	0	0	1.459	2.210	2.318
Multiple/Other/NA	0	0.490	1.483	0.104	0	0.248	1.404	0.104	0	0.412	0	1.967	4.392
Total	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	1.499	2	0	0	0	0	0.286	1	0.286	1	1.784	3	1.784	3	0.76%
Dividend/recap	0.347	1	0	0	0	0	0.427	1	0.427	1	0.774	2	0.774	2	1.14%
GCP	0.084	1	0.789	5	2.560	5	0.087	1	2.647	6	3.833	13	3.520	12	7.07%
LBO	1.152	3	1.214	2	4.887	7	0	0	4.887	7	7.253	12	7.253	12	13.06%
Redeem notes	0.424	2	2.172	5	2.064	4	0	0	2.064	4	4.908	12	4.908	12	5.52%
Refinance	6.122	8	6.776	13	8.751	13	5.594	13	14.345	26	28.958	51	28.761	50	38.34%
Repay bank debt	1.362	4	3.923	8	1.459	4	4.529	11	5.988	15	11.962	29	11.577	28	16.00%
Multiple/Other/NA	1.586	4	1.756	6	0.412	1	6.359	13	6.771	14	10.604	25	10.604	25	18.10%
Total	12.577	25	16.630	39	20.133	34	17.281	40	37.414	74	70.076	147	69.180	144	100.00%
Industry Sector (by SIC code)
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0.558	0	0	0	0
Oil and gas (13xx)	0	0	0	0	0	0	0.117	0	0	0	0	0	0.047
Construction (15xx)	0	0	0	0	0	0	0.389	0	0	0	0.603	0	0
Manufacturing (2xxx, 3xxx)	0.582	1.764	3.901	0.104	5.673	1.770	1.154	1.752	0.612	0.293	6.374	2.036	5.851
Transportation (4xxx)	0	0	0	0	0.133	0.661	0.902	0	0	0	0.378	0.723	0
Communications (48xx)	0	0	0	0.851	0	4.186	2.445	0	1.412	0.412	2.963	0	0.501
Electric, gas, sanitary services (49xx)	0.314	0	0	0	0	0	0.133	0	0.559	0	0	1.344	0.427
Wholesale (5xxx)	0	0	0.229	0	0	0.617	0	0.068	0	0.338	1.871	0.404	1.108
Finance, insurance, real estate (6xxx)	0	0	0.797	0	0	0.397	0.640	0.268	0	0.836	0.938	1.570	0
Services (7xxx)	0	0.795	0.504	0	0	0.248	0.635	0	0.364	0	0	1.010	1.922
Health services (8xxx)	0	0	0.385	0	0	0.247	0	0	1.624	0	0	0.339	0
Total	0.896	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856
	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	0.558	1	0	0	0.558	1	0.558	1	0.558	1	1.49%
Oil and gas (13xx)	0	0	0.117	1	0	0	0.047	1	0.047	1	0.164	2	0.164	2	0.13%
Construction (15xx)	0	0	0.389	1	0.603	1	0	0	0.603	1	0.992	2	0.992	2	1.61%
Manufacturing (2xxx, 3xxx)	9.678	16	4.676	13	7.279	9	7.887	17	15.165	26	31.866	61	31.284	59	40.53%
Transportation (4xxx)	0.133	2	1.562	5	0.378	2	0.723	2	1.101	4	2.796	11	2.796	11	2.94%
Communications (48xx)	0.851	1	6.632	8	4.786	7	0.501	1	5.288	8	12.770	17	12.770	17	14.13%
Electric, gas, sanitary services (49xx)	0	0	0.133	1	0.559	1	1.771	4	2.329	5	2.776	7	2.463	6	6.22%
Wholesale (5xxx)	0.229	1	0.685	3	2.209	5	1.512	3	3.721	8	4.635	12	4.635	12	9.95%
Finance, insurance, real estate (6xxx)	0.797	2	1.306	3	1.774	4	1.570	3	3.344	7	5.446	12	5.446	12	8.94%
Services (7xxx)	0.504	2	0.883	3	0.364	1	2.932	8	3.296	9	5.478	16	5.478	16	8.81%
Health services (8xxx)	0.385	1	0.247	1	1.624	3	0.339	1	1.963	4	2.594	6	2.594	6	5.25%
Total	12.577	25	16.630	39	20.133	34	17.281	40	37.414	74	70.076	147	69.180	144	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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