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

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

Yield

	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Less than 6%	0.248	0	0	0.084	0	0.741	0	0.411	0	2.781	0	0.708	0.143
6%-6.99%	0.793	0	0	1.468	3.213	0	0.369	1.010	0.750	3.087	1.492	0	0.717
7%-7.99%	0	1.525	0	3.429	0.516	2.885	0.395	1.236	0	1.579	1.115	3.226	0
8%-8.99%	0.724	0.939	0.851	0	2.147	0.554	0.876	2.070	0.663	0.284	1.170	3.300	0
9%-9.99%	0	2.080	0	0.776	0.659	1.557	0	0	0	1.449	1.182	1.398	0
10%-10.99%	0.304	0.979	0	0	0.247	0.389	0.330	0	0.466	0	0.902	0	0.614
11% and higher	0	0.294	0.104	0	1.033	0	0	0.402	0	0.274	0.649	0.468	0.210
Floater	0	0	0	0.049	0	0.117	0	0	0	1.682	0.253	0.755	0.583
NA	0.490	0	0	0	0.312	0.172	0.119	0	0	1.991	0.661	0	0.487
Total	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.755
	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	0.851	2	4.043	5	5.116	9	4.868	8	10.06%
6%-6.99%	1.468	2	3.581	6	4.846	5	2.209	5	7.055	10	12.898	19	12.105	18	17.56%
7%-7.99%	4.954	7	3.797	4	2.814	4	4.342	8	7.156	12	15.907	23	15.907	23	17.81%
8%-8.99%	1.790	2	3.577	9	3.016	8	4.470	9	7.486	17	13.577	30	12.853	28	18.64%
9%-9.99%	2.856	8	2.216	6	1.449	3	2.580	6	4.030	9	9.102	23	9.102	23	10.03%
10%-10.99%	0.979	2	0.966	3	0.466	1	1.516	4	1.983	5	4.231	11	3.927	10	4.94%
11% and higher	0.398	2	1.033	3	0.675	2	1.327	5	2.003	7	3.433	12	3.433	12	4.99%
Floater	0.049	1	0.117	1	1.682	3	1.592	5	3.274	8	3.440	10	3.440	10	8.15%
NA	0	0	0.602	5	1.991	5	1.148	3	3.139	8	4.231	14	3.741	13	7.81%
Total	12.577	25	16.630	39	20.133	34	20.036	47	40.169	81	71.935	151	69.375	145	100.00%
Versus Talk
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Lower	0	0	0	0	0	0	0	0.402	0	0	0	0	0
Low end	1.274	1.547	0	2.800	3.747	1.317	0.668	0.956	0.631	1.836	1.738	2.587	0.583
Middle	0.304	2.616	0.851	1.207	0.479	4.790	0.769	2.454	1.248	8.596	2.900	5.265	0.717
High end	0.981	0.121	0	0	1.558	0.091	0	0	0	0	1.139	0.988	0.210
Higher	0	0.294	0	0	0	0	0	0	0	0	0	0.432	0.650
NA	0	1.239	0.104	1.799	2.341	0.217	0.652	1.317	0	2.694	1.648	0.584	0.593
Total	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.755
	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	1.00%
Low end	4.347	6	5.732	13	3.423	6	4.908	11	8.331	17	19.683	39	18.409	36	20.74%
Middle	4.674	10	6.038	13	12.298	17	8.882	18	21.180	35	32.197	59	31.892	58	52.73%
High end	0.121	1	1.649	3	0	0	2.338	5	2.338	5	5.089	11	4.108	9	5.82%
Higher	0.294	1	0	0	0	0	1.083	3	1.083	3	1.376	4	1.376	4	2.70%
NA	3.141	7	3.210	10	4.011	10	2.825	10	6.836	20	13.188	37	13.188	37	17.02%
Total	12.577	25	16.630	39	20.133	34	20.036	47	40.169	81	71.935	151	69.375	145	100.00%
Upsized?
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Yes	1.284	1.436	0	1.275	2.476	0.091	0	1.171	0	2.747	1.195	1.264	1.301
No	1.276	4.381	0.955	3.032	5.650	3.826	2.089	3.958	1.509	9.251	6.230	8.160	1.244
Downsized	0	0	0	1.499	0	2.498	0	0	0.370	1.128	0	0.432	0.210
Total	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.755
	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	3.759	8	7.677	17	14.238	28	12.954	26	19.11%
No	8.367	19	11.565	32	14.718	23	15.634	37	30.352	60	51.560	115	50.284	111	75.56%
Downsized	1.499	2	2.498	2	1.498	2	0.642	2	2.140	4	6.137	8	6.137	8	5.33%
Total	12.577	25	16.630	39	20.133	34	20.036	47	40.169	81	71.935	151	69.375	145	100.00%
Quick Sale?
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Yes	1.346	1.142	0.851	3.342	3.996	3.457	0.333	2.187	1.042	8.440	1.380	2.108	0.832
No	1.214	4.674	0.104	2.464	4.130	2.958	1.756	2.941	0.836	4.686	6.045	7.748	1.922
Total	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.755
	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	4.320	12	15.990	31	30.456	55	29.110	52	39.81%
No	7.242	18	8.844	25	8.464	15	15.715	35	24.179	50	41.479	96	40.265	93	60.19%
Total	12.577	25	16.630	39	20.133	34	20.036	47	40.169	81	71.935	151	69.375	145	100.00%
Seniority
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
senior secured	0.795	2.669	0	4.065	4.431	3.250	0.736	3.472	0.782	4.341	2.475	5.250	2.402
secured	0	0.347	0	0	0	0	0	0	0	0	0	0	0
senior	1.764	2.801	0.955	1.741	3.695	2.487	1.353	1.657	1.097	8.785	4.950	4.606	0.353
senior subordinated	0	0	0	0	0	0.678	0	0	0	0	0	0	0
Total	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.755
	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	10.127	24	18.721	37	34.667	63	33.872	61	46.61%
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	9.909	23	21.448	44	36.244	85	34.480	81	53.39%
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	20.036	47	40.169	81	71.935	151	69.375	145	100.00%
Moody's Rating
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Ba1	0.490	0	0	0	0	0	0	0	0	2.796	0.404	0.708	0.143
Ba2	0.248	0.639	0	0.637	2.120	0.640	0.265	0.411	0	3.675	0.723	0	0.717
Ba3	0	0.504	0	1.124	1.212	2.885	1.265	2.246	0.412	1.459	1.139	1.630	0.583
B1	1.284	1.937	0	2.941	0	0.638	0.068	0	0.370	2.679	0.983	3.087	0
B2	0.304	1.832	0.851	0.195	1.450	0.389	0.104	0.758	0	0.695	1.484	2.731	0.995
B3	0.233	0	0	0.776	2.493	0.355	0	0.947	0.759	0.693	0.290	0.768	0.106
Caa1	0	0	0	0	0.207	0.544	0	0	0	0.425	0.901	0.453	0
Caa2	0	0	0	0	0	0	0	0.402	0	0	0	0.432	0
NR	0	0.905	0.104	0.133	0.645	0.963	0.387	0.364	0.338	0.703	1.500	0.047	0.210
Total	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.755
	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	1.255	3	4.051	5	4.541	6	4.051	5	10.08%
Ba2	1.275	2	3.025	4	4.087	4	1.440	3	5.527	7	10.075	14	9.827	13	13.76%
Ba3	1.628	2	5.362	8	4.117	8	3.353	6	7.470	14	14.460	24	14.460	24	18.60%
B1	4.878	6	0.706	2	3.049	4	4.070	7	7.120	11	13.987	21	12.703	19	17.73%
B2	2.879	7	1.943	4	1.453	3	5.209	12	6.662	15	11.788	27	11.484	26	16.58%
B3	0.776	2	2.848	9	2.399	5	1.164	4	3.563	9	7.420	21	7.187	20	8.87%
Caa1	0	0	0.751	2	0.425	1	1.355	5	1.780	6	2.531	8	2.531	8	4.43%
Caa2	0	0	0	0	0.402	1	0.432	1	0.834	2	0.834	2	0.834	2	2.08%
NR	1.142	6	1.995	10	1.405	6	1.757	6	3.162	12	6.299	28	6.299	28	7.87%
Total	12.577	25	16.630	39	20.133	34	20.036	47	40.169	81	71.935	151	69.375	145	100.00%
Use of Proceeds
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Acquisition	0	0	0	1.499	0	0	0	0	0	0	0.286	0	0.106
Dividend/recap	0	0.347	0	0	0	0	0	0	0	0	0	0.427	0.487
GCP	0	0	0	0.084	0.479	0.191	0.119	0.612	0.293	1.656	0.087	0	0
LBO	0	0.751	0	0.401	1.214	0	0	1.514	0	3.372	0	0	0.508
Redeem notes	0.248	0.229	0	0.195	1.282	0.625	0.265	0.766	0	1.298	0	0	0
Refinance	1.517	2.331	0.851	2.941	2.766	3.674	0.336	2.236	1.174	5.341	2.876	2.718	0.353
Repay bank debt	0.304	0.676	0	0.686	2.137	0.521	1.265	0	0	1.459	2.210	2.318	0.583
Multiple/Other/NA	0.490	1.483	0.104	0	0.248	1.404	0.104	0	0.412	0	1.967	4.392	0.717
Total	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.755
	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	0.392	2	0.392	2	1.891	4	1.891	4	0.98%
Dividend/recap	0.347	1	0	0	0	0	0.914	2	0.914	2	1.261	3	1.261	3	2.28%
GCP	0.084	1	0.789	5	2.560	5	0.087	1	2.647	6	3.520	12	3.520	12	6.59%
LBO	1.152	3	1.214	2	4.887	7	0.508	1	5.395	8	7.760	13	7.760	13	13.43%
Redeem notes	0.424	2	2.172	5	2.064	4	0	0	2.064	4	4.908	12	4.660	11	5.14%
Refinance	6.122	8	6.776	13	8.751	13	5.947	15	14.698	28	29.114	52	27.597	49	36.59%
Repay bank debt	1.362	4	3.923	8	1.459	4	5.112	12	6.571	16	12.161	29	11.856	28	16.36%
Multiple/Other/NA	1.586	4	1.756	6	0.412	1	7.076	14	7.488	15	11.321	26	10.831	25	18.64%
Total	12.577	25	16.630	39	20.133	34	20.036	47	40.169	81	71.935	151	69.375	145	100.00%
Industry Sector (by SIC code)
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Agriculture (0xxx)	0	0	0	0	0	0	0	0.558	0	0	0	0	0
Oil and gas (13xx)	0	0	0	0	0	0.117	0	0	0	0	0	0.047	0
Construction (15xx)	0	0	0	0	0	0.389	0	0	0	0.603	0	0	0
Manufacturing (2xxx, 3xxx)	1.764	3.901	0.104	5.673	1.770	1.154	1.752	0.612	0.293	6.374	2.036	5.851	1.454
Transportation (4xxx)	0	0	0	0.133	0.661	0.902	0	0	0	0.378	0.723	0	0
Communications (48xx)	0	0	0.851	0	4.186	2.445	0	1.412	0.412	2.963	0	0.501	1.301
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0.133	0	0.559	0	0	1.344	0.427	0
Wholesale (5xxx)	0	0.229	0	0	0.617	0	0.068	0	0.338	1.871	0.404	1.108	0
Finance, insurance, real estate (6xxx)	0	0.797	0	0	0.397	0.640	0.268	0	0.836	0.938	1.570	0	0
Services (7xxx)	0.795	0.504	0	0	0.248	0.635	0	0.364	0	0	1.010	1.922	0
Health services (8xxx)	0	0.385	0	0	0.247	0	0	1.624	0	0	0.339	0	0
Total	2.560	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.755
	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	1.39%
Oil and gas (13xx)	0	0	0.117	1	0	0	0.047	1	0.047	1	0.164	2	0.164	2	0.12%
Construction (15xx)	0	0	0.389	1	0.603	1	0	0	0.603	1	0.992	2	0.992	2	1.50%
Manufacturing (2xxx, 3xxx)	9.678	16	4.676	13	7.279	9	9.341	22	16.619	31	32.737	64	30.973	60	41.37%
Transportation (4xxx)	0.133	2	1.562	5	0.378	2	0.723	2	1.101	4	2.796	11	2.796	11	2.74%
Communications (48xx)	0.851	1	6.632	8	4.786	7	1.802	3	6.588	10	14.071	19	14.071	19	16.40%
Electric, gas, sanitary services (49xx)	0	0	0.133	1	0.559	1	1.771	4	2.329	5	2.463	6	2.463	6	5.80%
Wholesale (5xxx)	0.229	1	0.685	3	2.209	5	1.512	3	3.721	8	4.635	12	4.635	12	9.26%
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	8.32%
Services (7xxx)	0.504	2	0.883	3	0.364	1	2.932	8	3.296	9	5.478	16	4.683	14	8.21%
Health services (8xxx)	0.385	1	0.247	1	1.624	3	0.339	1	1.963	4	2.594	6	2.594	6	4.89%
Total	12.577	25	16.630	39	20.133	34	20.036	47	40.169	81	71.935	151	69.375	145	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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