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

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

Yield

	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Less than 6%	0	0	0.084	0	0.741	0	0.411	0	2.781	0	0.708	0.143	0
6%-6.99%	0	0	1.468	3.213	0	0.369	1.010	0.750	3.087	1.492	0	0.717	1.297
7%-7.99%	1.525	0	3.429	0.516	2.885	0.395	1.236	0	1.579	1.115	3.226	0.043	1.150
8%-8.99%	0.939	0.851	0	2.147	0.554	0.876	2.070	0.663	0.284	1.170	3.300	0	0
9%-9.99%	2.080	0	0.776	0.659	1.557	0	0	0	1.449	1.182	1.398	0	0.887
10%-10.99%	0.979	0	0	0.247	0.389	0.330	0	0.466	0	0.902	0	0.614	0
11% and higher	0.294	0.104	0	1.033	0	0	0.402	0	0.274	0.649	0.468	0.210	0
Floater	0	0	0.049	0	0.117	0	0	0	1.682	0.253	0.755	0.583	0
NA	0	0	0	0.312	0.172	0.119	0	0	1.991	0.661	0	0.487	0
Total	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.798	3.335
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 6%	0.084	1	0.741	2	3.193	3.000	0.851	2	0	0	4.043	5	4.868	8	4.868	8	9.29%
6%-6.99%	1.468	2	3.581	6	4.846	5.000	2.209	5	1.297	1	8.353	11	13.402	19	13.402	19	19.18%
7%-7.99%	4.954	7	3.797	4	2.814	4.000	4.385	9	1.150	2	8.350	15	17.100	26	15.576	23	19.17%
8%-8.99%	1.790	2	3.577	9	3.016	8.000	4.470	9	0	0	7.486	17	12.853	28	11.915	27	17.19%
9%-9.99%	2.856	8	2.216	6	1.449	3.000	2.580	6	0.887	2	4.917	11	9.989	25	7.909	19	11.29%
10%-10.99%	0.979	2	0.966	3	0.466	1.000	1.516	4	0	0	1.983	5	3.927	10	2.948	8	4.55%
11% and higher	0.398	2	1.033	3	0.675	2.000	1.327	5	0	0	2.003	7	3.433	12	3.139	11	4.60%
Floater	0.049	1	0.117	1	1.682	3.000	1.592	5	0	0	3.274	8	3.440	10	3.440	10	7.52%
NA	0	0	0.602	5	1.991	5.000	1.148	3	0	0	3.139	8	3.741	13	3.741	13	7.21%
Total	12.577	25	16.630	39	20.133	34.000	20.079	48	3.335	5	43.547	87	72.754	151	66.937	138	100.00%
Versus Talk
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Lower	0	0	0	0	0	0	0.402	0	0	0	0	0	0.462
Low end	1.547	0	2.800	3.747	1.317	0.668	0.956	0.631	1.836	1.738	2.587	0.583	2.162
Middle	2.616	0.851	1.207	0.479	4.790	0.769	2.454	1.248	8.596	2.900	5.265	0.717	0.710
High end	0.121	0	0	1.558	0.091	0	0	0	0	1.139	0.988	0.210	0
Higher	0.294	0	0	0	0	0	0	0	0	0	0.432	0.650	0
NA	1.239	0.104	1.799	2.341	0.217	0.652	1.317	0	2.694	1.648	0.584	0.637	0
Total	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.798	3.335
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0	0	0	0	0.402	1.000	0	0	0.462	1	0.864	2	0.864	2	0.864	2	1.98%
Low end	4.347	6	5.732	13	3.423	6.000	4.908	11	2.162	2	10.493	19	20.571	38	19.025	35	24.10%
Middle	4.674	10	6.038	13	12.298	17.000	8.882	18	0.710	2	21.890	37	32.602	60	29.986	54	50.27%
High end	0.121	1	1.649	3	0	0	2.338	5	0	0	2.338	5	4.108	9	3.987	8	5.37%
Higher	0.294	1	0	0	0	0	1.083	3	0	0	1.083	3	1.376	4	1.083	3	2.49%
NA	3.141	7	3.210	10	4.011	10.000	2.869	11	0	0	6.880	21	13.231	38	11.993	36	15.80%
Total	12.577	25	16.630	39	20.133	34.000	20.079	48	3.335	5	43.547	87	72.754	151	66.937	138	100.00%
Upsized?
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Yes	1.436	0	1.275	2.476	0.091	0	1.171	0	2.747	1.195	1.264	1.301	0
No	4.381	0.955	3.032	5.650	3.826	2.089	3.958	1.509	9.251	6.230	8.160	1.287	3.335
Downsized	0	0	1.499	0	2.498	0	0	0.370	1.128	0	0.432	0.210	0
Total	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.798	3.335
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.711	4	2.567	5	3.917	9.000	3.759	8	0	0	7.677	17	12.954	26	11.518	23	17.63%
No	8.367	19	11.565	32	14.718	23.000	15.677	38	3.335	5	33.730	66	53.662	117	49.282	107	77.46%
Downsized	1.499	2	2.498	2	1.498	2.000	0.642	2	0	0	2.140	4	6.137	8	6.137	8	4.91%
Total	12.577	25	16.630	39	20.133	34.000	20.079	48	3.335	5	43.547	87	72.754	151	66.937	138	100.00%
Quick Sale?
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Yes	1.142	0.851	3.342	3.996	3.457	0.333	2.187	1.042	8.440	1.380	2.108	0.832	0.425
No	4.674	0.104	2.464	4.130	2.958	1.756	2.941	0.836	4.686	6.045	7.748	1.966	2.909
Total	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.798	3.335
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	5.335	7	7.785	14	11.670	19.000	4.320	12	0.425	1	16.415	32	29.536	53	28.394	51	37.69%
No	7.242	18	8.844	25	8.464	15.000	15.759	36	2.909	4	27.132	55	43.218	98	38.544	87	62.31%
Total	12.577	25	16.630	39	20.133	34.000	20.079	48	3.335	5	43.547	87	72.754	151	66.937	138	100.00%
Seniority
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
senior secured	2.669	0	4.065	4.431	3.250	0.736	3.472	0.782	4.341	2.475	5.250	2.402	0.425
secured	0.347	0	0	0	0	0	0	0	0	0	0	0	0
senior	2.801	0.955	1.741	3.695	2.487	1.353	1.657	1.097	8.785	4.950	4.606	0.397	2.909
senior subordinated	0	0	0	0	0.678	0	0	0	0	0	0	0	0
Total	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.798	3.335
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	6.733	9	8.417	15	8.594	13.000	10.127	24	0.425	1	19.146	38	34.297	62	31.628	57	43.97%
secured	0.347	1	0	0	0	0	0	0	0	0	0	0	0.347	1	0	0	0.00%
senior	5.497	15	7.535	22	11.539	21.000	9.953	24	2.909	4	24.401	49	37.432	86	34.631	79	56.03%
senior subordinated	0	0	0.678	2	0	0	0	0	0	0	0	0	0.678	2	0.678	2	0.00%
Total	12.577	25	16.630	39	20.133	34.000	20.079	48	3.335	5	43.547	87	72.754	151	66.937	138	100.00%
Moody's Rating
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Ba1	0	0	0	0	0	0	0	0	2.796	0.404	0.708	0.143	2.162
Ba2	0.639	0	0.637	2.120	0.640	0.265	0.411	0	3.675	0.723	0	0.717	0.285
Ba3	0.504	0	1.124	1.212	2.885	1.265	2.246	0.412	1.459	1.139	1.630	0.583	0
B1	1.937	0	2.941	0	0.638	0.068	0	0.370	2.679	0.983	3.087	0	0
B2	1.832	0.851	0.195	1.450	0.389	0.104	0.758	0	0.695	1.484	2.731	0.995	0.425
B3	0	0	0.776	2.493	0.355	0	0.947	0.759	0.693	0.290	0.768	0.106	0
Caa1	0	0	0	0.207	0.544	0	0	0	0.425	0.901	0.453	0	0.462
Caa2	0	0	0	0	0	0	0.402	0	0	0	0.432	0	0
NR	0.905	0.104	0.133	0.645	0.963	0.387	0.364	0.338	0.703	1.500	0.047	0.254	0
Total	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.798	3.335
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	0	0	0	0	2.796	2.000	1.255	3	2.162	2	6.213	7	6.213	7	6.213	7	14.27%
Ba2	1.275	2	3.025	4	4.087	4.000	1.440	3	0.285	1	5.812	8	10.112	14	9.474	13	13.35%
Ba3	1.628	2	5.362	8	4.117	8.000	3.353	6	0	0	7.470	14	14.460	24	13.956	23	17.15%
B1	4.878	6	0.706	2	3.049	4.000	4.070	7	0	0	7.120	11	12.703	19	10.766	16	16.35%
B2	2.879	7	1.943	4	1.453	3.000	5.209	12	0.425	1	7.088	16	11.909	27	10.077	22	16.28%
B3	0.776	2	2.848	9	2.399	5.000	1.164	4	0	0	3.563	9	7.187	20	7.187	20	8.18%
Caa1	0	0	0.751	2	0.425	1.000	1.355	5	0.462	1	2.242	7	2.993	9	2.993	9	5.15%
Caa2	0	0	0	0	0.402	1.000	0.432	1	0	0	0.834	2	0.834	2	0.834	2	1.92%
NR	1.142	6	1.995	10	1.405	6.000	1.801	7	0	0	3.206	13	6.343	29	5.437	26	7.36%
Total	12.577	25	16.630	39	20.133	34.000	20.079	48	3.335	5	43.547	87	72.754	151	66.937	138	100.00%
Use of Proceeds
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Acquisition	0	0	1.499	0	0	0	0	0	0	0.286	0	0.106	0
Dividend/recap	0.347	0	0	0	0	0	0	0	0	0	0.427	0.487	0
GCP	0	0	0.084	0.479	0.191	0.119	0.612	0.293	1.656	0.087	0	0	0
LBO	0.751	0	0.401	1.214	0	0	1.514	0	3.372	0	0	0.508	0.462
Redeem notes	0.229	0	0.195	1.282	0.625	0.265	0.766	0	1.298	0	0	0	0
Refinance	2.331	0.851	2.941	2.766	3.674	0.336	2.236	1.174	5.341	2.876	2.718	0.353	2.588
Repay bank debt	0.676	0	0.686	2.137	0.521	1.265	0	0	1.459	2.210	2.318	0.583	0.285
Multiple/Other/NA	1.483	0.104	0	0.248	1.404	0.104	0	0.412	0	1.967	4.392	0.761	0
Total	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.798	3.335
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	1.499	2	0	0	0	0	0.392	2	0	0	0.392	2	1.891	4	1.891	4	0.90%
Dividend/recap	0.347	1	0	0	0	0	0.914	2	0	0	0.914	2	1.261	3	0.914	2	2.10%
GCP	0.084	1	0.789	5	2.560	5.000	0.087	1	0	0	2.647	6	3.520	12	3.520	12	6.08%
LBO	1.152	3	1.214	2	4.887	7.000	0.508	1	0.462	1	5.856	9	8.222	14	7.471	12	13.45%
Redeem notes	0.424	2	2.172	5	2.064	4.000	0	0	0	0	2.064	4	4.660	11	4.431	10	4.74%
Refinance	6.122	8	6.776	13	8.751	13.000	5.947	15	2.588	3	17.286	31	30.184	52	27.854	48	39.70%
Repay bank debt	1.362	4	3.923	8	1.459	4.000	5.112	12	0.285	1	6.857	17	12.141	29	11.465	27	15.75%
Multiple/Other/NA	1.586	4	1.756	6	0.412	1.000	7.120	15	0	0	7.531	16	10.874	26	9.391	23	17.29%
Total	12.577	25	16.630	39	20.133	34.000	20.079	48	3.335	5	43.547	87	72.754	151	66.937	138	100.00%
Industry Sector (by SIC code)
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Agriculture (0xxx)	0	0	0	0	0	0	0.558	0	0	0	0	0	0
Oil and gas (13xx)	0	0	0	0	0.117	0	0	0	0	0	0.047	0	0
Construction (15xx)	0	0	0	0	0.389	0	0	0	0.603	0	0	0	0
Manufacturing (2xxx, 3xxx)	3.901	0.104	5.673	1.770	1.154	1.752	0.612	0.293	6.374	2.036	5.851	1.497	2.624
Transportation (4xxx)	0	0	0.133	0.661	0.902	0	0	0	0.378	0.723	0	0	0
Communications (48xx)	0	0.851	0	4.186	2.445	0	1.412	0.412	2.963	0	0.501	1.301	0.425
Electric, gas, sanitary services (49xx)	0	0	0	0	0.133	0	0.559	0	0	1.344	0.427	0	0
Wholesale (5xxx)	0.229	0	0	0.617	0	0.068	0	0.338	1.871	0.404	1.108	0	0
Finance, insurance, real estate (6xxx)	0.797	0	0	0.397	0.640	0.268	0	0.836	0.938	1.570	0	0	0.285
Services (7xxx)	0.504	0	0	0.248	0.635	0	0.364	0	0	1.010	1.922	0	0
Health services (8xxx)	0.385	0	0	0.247	0	0	1.624	0	0	0.339	0	0	0
Total	5.816	0.955	5.806	8.126	6.415	2.089	5.128	1.879	13.126	7.425	9.856	2.798	3.335
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.558	1.000	0	0	0	0	0.558	1	0.558	1	0.558	1	1.28%
Oil and gas (13xx)	0	0	0.117	1	0	0	0.047	1	0	0	0.047	1	0.164	2	0.164	2	0.11%
Construction (15xx)	0	0	0.389	1	0.603	1.000	0	0	0	0	0.603	1	0.992	2	0.992	2	1.38%
Manufacturing (2xxx, 3xxx)	9.678	16	4.676	13	7.279	9.000	9.384	23	2.624	3	19.287	35	33.641	64	29.739	57	44.29%
Transportation (4xxx)	0.133	2	1.562	5	0.378	2.000	0.723	2	0	0	1.101	4	2.796	11	2.796	11	2.53%
Communications (48xx)	0.851	1	6.632	8	4.786	7.000	1.802	3	0.425	1	7.014	11	14.497	20	14.497	20	16.11%
Electric, gas, sanitary services (49xx)	0	0	0.133	1	0.559	1.000	1.771	4	0	0	2.329	5	2.463	6	2.463	6	5.35%
Wholesale (5xxx)	0.229	1	0.685	3	2.209	5.000	1.512	3	0	0	3.721	8	4.635	12	4.406	11	8.54%
Finance, insurance, real estate (6xxx)	0.797	2	1.306	3	1.774	4.000	1.570	3	0.285	1	3.629	8	5.732	13	4.934	11	8.33%
Services (7xxx)	0.504	2	0.883	3	0.364	1.000	2.932	8	0	0	3.296	9	4.683	14	4.179	12	7.57%
Health services (8xxx)	0.385	1	0.247	1	1.624	3.000	0.339	1	0	0	1.963	4	2.594	6	2.210	5	4.51%
Total	12.577	25	16.630	39	20.133	34.000	20.079	48	3.335	5	43.547	87	72.754	151	66.937	138	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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