Analysis of European high yield issuance for 13 months through September 2012

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

Yield

	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Less than 6%	0	0	0	0	0.322	1.128	1.057	0.790	0	0	0.797	0	4.692
6%-6.99%	0.548	0	0	0	0	1.015	0.462	0	0	0.503	0.957	0.863	1.764
7%-7.99%	0	0.166	0	0	0	0.208	1.913	0	0.388	0.376	0.734	0.093	1.012
8%-8.99%	0	0	0.291	0	0	4.019	0.785	0.331	0.767	0	0	0	0
9%-9.99%	0.403	0	0.482	0	0	0	0	0.239	0	0.537	0	0	0.239
10%-10.99%	0	0	0	0	0	0.621	0.598	0	0.323	0	0	0	0.428
11% and higher	0	0.141	0.375	0	0	1.193	0.902	0	0.387	0.269	0.312	0.325	0
Floater	0	0.136	0	0	0	0.897	0.061	0	0	0	0.383	0	0.326
NA	0	0	0	0.447	0.100	0.318	0.146	0	0	0	0.591	1.502	0.122
Total	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 6%	0	0	2.507	5	0.790	1	5.489	10	8.786	16	8.786	16	8.786	16	24.54%
6%-6.99%	0	0	1.477	3	0.503	1	3.585	7	5.565	11	6.113	12	5.565	11	15.55%
7%-7.99%	0.166	1	2.121	4	0.764	2	1.839	5	4.724	11	4.890	12	4.890	12	13.20%
8%-8.99%	0.291	1	4.804	4	1.098	3	0	0	5.902	7	6.193	8	6.193	8	16.49%
9%-9.99%	0.482	1	0	0	0.776	2	0.239	1	1.015	3	1.899	5	1.496	4	2.84%
10%-10.99%	0	0	1.219	3	0.323	1	0.428	1	1.970	5	1.970	5	1.970	5	5.50%
11% and higher	0.517	2	2.095	5	0.656	2	0.637	2	3.389	9	3.906	11	3.906	11	9.47%
Floater	0.136	1	0.958	3	0	0	0.709	3	1.667	6	1.803	7	1.803	7	4.66%
NA	0.447	1	0.565	4	0	0	2.215	3	2.780	7	3.227	8	3.227	8	7.77%
Total	2.039	7	15.746	31	4.910	12	15.141	32	35.797	75	38.787	84	37.836	82	100.00%
Versus Talk
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Low end	0.548	0.166	0	0	0.322	4.247	1.358	0.790	0.650	0.503	1.226	0.555	2.852
Middle	0.403	0	0.857	0	0	2.757	3.228	0	0.323	0.376	1.359	0.325	4.119
High end	0	0	0.291	0	0	0.447	0.736	0.239	0.505	0	0.420	0.402	0.387
Higher	0	0	0	0	0	0	0	0	0.387	0	0	0	0
NA	0	0.278	0	0.447	0.100	1.947	0.604	0.331	0	0.806	0.769	1.502	1.224
Total	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Low end	0.166	1	5.927	7	1.943	4	4.633	11	12.503	22	13.216	24	12.669	23	34.93%
Middle	0.857	2	5.985	11	0.699	2	5.804	10	12.488	23	13.748	26	13.345	25	34.89%
High end	0.291	1	1.183	4	0.744	2	1.209	5	3.136	11	3.427	12	3.427	12	8.76%
Higher	0	0	0	0	0.387	1	0	0	0.387	1	0.387	1	0.387	1	1.08%
NA	0.725	3	2.652	9	1.137	3	3.495	6	7.284	18	8.009	21	8.009	21	20.35%
Total	2.039	7	15.746	31	4.910	12	15.141	32	35.797	75	38.787	84	37.836	82	100.00%
Upsized?
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Yes	0.548	0	0.482	0.447	0.322	3.352	0.333	0	0.893	0.879	0.591	0.863	3.129
No	0.403	0.444	0.666	0	0.100	6.047	5.592	1.360	0	0.806	3.184	1.595	5.454
Downsized	0	0	0	0	0	0	0	0	0.972	0	0	0.325	0
Total	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.929	2	4.006	11	1.772	4	4.583	9	10.362	24	11.838	27	11.290	26	28.95%
No	1.110	5	11.740	20	2.166	5	10.233	22	24.139	47	25.652	53	25.249	52	67.43%
Downsized	0	0	0	0	0.972	3	0.325	1	1.297	4	1.297	4	1.297	4	3.62%
Total	2.039	7	15.746	31	4.910	12	15.141	32	35.797	75	38.787	84	37.836	82	100.00%
Quick Sale?
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Yes	0.951	0.444	0.291	0.447	0.422	5.584	3.764	1.121	0.323	0.879	2.209	2.459	7.196
No	0	0	0.857	0	0	3.816	2.161	0.239	1.542	0.806	1.566	0.325	1.387
Total	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.182	5	9.770	16	2.323	5	11.863	22	23.956	43	26.089	50	25.138	48	66.92%
No	0.857	2	5.977	15	2.587	7	3.278	10	11.841	32	12.698	34	12.698	34	33.08%
Total	2.039	7	15.746	31	4.910	12	15.141	32	35.797	75	38.787	84	37.836	82	100.00%
Seniority
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
senior secured	0	0	0	0	0	6.053	0.669	0.239	1.478	0.537	1.825	1.282	2.747
secured	0	0	0	0	0	0	0	0	0	0	0	1.502	0
senior	0.951	0.444	1.148	0.447	0.422	3.346	5.256	1.121	0	1.148	1.950	0	5.411
senior subordinated	0	0	0	0	0	0	0	0	0.387	0	0	0	0.424
Total	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0	0	6.722	10	2.254	6	5.854	17	14.830	33	14.830	33	14.830	33	41.43%
secured	0	0	0	0	0	0	1.502	1	1.502	1	1.502	1	1.502	1	4.20%
senior	2.039	7	9.024	21	2.269	5	7.361	13	18.654	39	21.644	48	20.693	46	52.11%
senior subordinated	0	0	0	0	0.387	1	0.424	1	0.811	2	0.811	2	0.811	2	2.27%
Total	2.039	7	15.746	31	4.910	12	15.141	32	35.797	75	38.787	84	37.836	82	100.00%
Moody's Rating
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Ba1	0	0	0	0	0	0.525	0.661	0.790	0	0	0.625	0	2.468
Ba2	0.951	0.302	0.291	0	0.322	0.666	0.789	0	0	0	0.259	0	1.279
Ba3	0	0	0.482	0	0	2.253	1.124	0.239	0	0	1.067	0.957	1.354
B1	0	0	0	0	0	3.722	1.909	0	1.478	1.416	0	0	0.667
B2	0	0	0	0	0	1.195	0.403	0.331	0	0	0	0	0.776
B3	0	0	0	0	0	0.296	0	0	0	0	0	0.325	0.424
Caa1	0	0	0.375	0	0	0.298	0.832	0	0.387	0.269	0.312	0	0.200
NR	0	0.141	0	0.447	0.100	0.443	0.207	0	0	0	1.512	1.502	1.415
Total	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	0	0	1.186	2	0.790	1	3.093	4	5.068	7	5.068	7	5.068	7	14.16%
Ba2	0.593	3	1.776	4	0	0	1.538	4	3.314	8	4.858	13	3.908	11	9.26%
Ba3	0.482	1	3.377	7	0.239	1	3.377	7	6.993	15	7.475	16	7.475	16	19.54%
B1	0	0	5.632	6	2.895	7	0.667	2	9.193	15	9.193	15	9.193	15	25.68%
B2	0	0	1.599	4	0.331	1	0.776	1	2.705	6	2.705	6	2.705	6	7.56%
B3	0	0	0.296	1	0	0	0.749	2	1.045	3	1.045	3	1.045	3	2.92%
Caa1	0.375	1	1.130	3	0.656	2	0.513	2	2.298	7	2.673	8	2.673	8	6.42%
NR	0.589	2	0.751	4	0	0	4.429	10	5.180	14	5.769	16	5.769	16	14.47%
Total	2.039	7	15.746	31	4.910	12	15.141	32	35.797	75	38.787	84	37.836	82	100.00%
Use of Proceeds
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Acquisition	0	0	0.375	0	0	0	0	0	0	0	0.591	0	0.724
Dividend/recap	0	0	0	0	0	0	0	0	0	0	0	0	0.200
GCP	0	0	0.291	0.447	0.100	0.666	0.785	0	0	0	0	1.502	1.538
LBO	0	0	0	0	0	0.982	0	0	0	0.806	0	0	0
Redeem notes	0	0	0	0	0	0	0.392	0	0	0	0	0	0.491
Refinance	0.548	0.307	0	0	0	2.677	1.293	0.570	1.542	0	0.903	1.189	1.786
Repay bank debt	0.403	0	0.482	0	0	4.170	1.065	0	0	0.879	0.921	0.093	1.713
Multiple/Other/NA	0	0.136	0	0	0.322	0.906	2.389	0.790	0.323	0	1.359	0	2.131
Total	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.375	1	0	0	0	0	1.315	3	1.315	3	1.690	4	1.690	4	3.67%
Dividend/recap	0	0	0	0	0	0	0.200	1	0.200	1	0.200	1	0.200	1	0.56%
GCP	0.738	2	1.551	3	0	0	3.039	4	4.591	7	5.329	9	5.329	9	12.83%
LBO	0	0	0.982	3	0.806	2	0	0	1.788	5	1.788	5	1.788	5	4.99%
Redeem notes	0	0	0.392	1	0	0	0.491	2	0.883	3	0.883	3	0.883	3	2.47%
Refinance	0.307	2	3.970	9	2.111	6	3.878	8	9.959	23	10.814	26	10.267	25	27.82%
Repay bank debt	0.482	1	5.235	7	0.879	2	2.727	9	8.841	18	9.726	20	9.323	19	24.70%
Multiple/Other/NA	0.136	1	3.616	8	1.113	2	3.490	5	8.219	15	8.356	16	8.356	16	22.96%
Total	2.039	7	15.746	31	4.910	12	15.141	32	35.797	75	38.787	84	37.836	82	100.00%
Industry Sector (by SIC code)
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Mining (1xxx)	0	0	0	0	0	0	0.146	0	0	0	0	0	0
Oil and gas (13xx)	0	0	0	0	0	0	0	0	0	0	0	0.325	0
Construction (15xx)	0	0	0	0	0	0	0.392	0	0	0	0	0	0.387
Manufacturing (2xxx, 3xxx)	0.951	0.302	0.291	0.447	0.322	2.828	3.424	0.790	1.090	0	2.004	0	3.161
Transportation (4xxx)	0	0.141	0	0	0.100	0	0	0	0	0	0	0	0.122
Communications (48xx)	0	0	0.375	0	0	1.221	0	0.239	0	0.503	1.771	0.957	1.795
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.403	0	0	0	0	0	0.979
Wholesale (5xxx)	0	0	0	0	0	0.525	0	0	0	0	0	0	0.239
Finance, insurance, real estate (6xxx)	0	0	0	0	0	0.452	0.727	0	0	0	0	0	0.941
Services (7xxx)	0	0	0.482	0	0	0.651	0.333	0.331	0.775	0	0	1.502	0.959
Health services (8xxx)	0	0	0	0	0	3.722	0.499	0	0	1.182	0	0	0
Total	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0	0	0.146	1	0	0	0	0	0.146	1	0.146	1	0.146	1	0.41%
Oil and gas (13xx)	0	0	0	0	0	0	0.325	1	0.325	1	0.325	1	0.325	1	0.91%
Construction (15xx)	0	0	0.392	1	0	0	0.387	1	0.780	2	0.780	2	0.780	2	2.18%
Manufacturing (2xxx, 3xxx)	1.040	4	6.573	13	1.880	4	5.164	10	13.618	27	15.609	33	14.658	31	38.04%
Transportation (4xxx)	0.141	1	0.100	1	0	0	0.122	1	0.223	2	0.364	3	0.364	3	0.62%
Communications (48xx)	0.375	1	1.221	4	0.742	2	4.523	12	6.486	18	6.861	19	6.861	19	18.12%
Electric, gas, sanitary services (49xx)	0	0	0.403	1	0	0	0.979	1	1.383	2	1.383	2	1.383	2	3.86%
Wholesale (5xxx)	0	0	0.525	1	0	0	0.239	1	0.764	2	0.764	2	0.764	2	2.13%
Finance, insurance, real estate (6xxx)	0	0	1.179	3	0	0	0.941	2	2.120	5	2.120	5	2.120	5	5.92%
Services (7xxx)	0.482	1	0.984	3	1.106	3	2.461	3	4.550	9	5.032	10	5.032	10	12.71%
Health services (8xxx)	0	0	4.222	3	1.182	3	0	0	5.404	6	5.404	6	5.404	6	15.10%
Total	2.039	7	15.746	31	4.910	12	15.141	32	35.797	75	38.787	84	37.836	82	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.

• 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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