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

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

Yield

	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Less than 6%	0.411	0	2.781	0	0.708	0.143	0	0	0	0	0	0	0.322
6%-6.99%	1.010	0.750	3.087	1.492	0	0.717	1.297	0	0.548	0	0	0	0
7%-7.99%	1.236	0	1.579	1.115	3.226	0.043	1.150	0	0	0	0	0	0
8%-8.99%	2.070	0.663	0.284	1.170	3.300	0	0	0	0	0	0.291	0	0
9%-9.99%	0	0	1.449	1.182	1.398	0	0.887	0	0.403	0	0.482	0	0
10%-10.99%	0	0.466	0	0.902	0	0.614	0	0	0	0	0	0	0
11% and higher	0.402	0	0.274	0.649	0.468	0.210	0	0	0	0.141	0.375	0	0
Floater	0	0	1.682	0.253	0.755	0.583	0	0	0	0.136	0	0	0
NA	0	0	1.991	0.661	0	0.487	0	0	0	0	0	0.447	0.100
Total	5.128	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.278	1.148	0.447	0.422
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 6%	3.193	3	0.851	2	0	0	0	0	0.322	1	0.322	1	4.365	6	3.954	5	76.30%
6%-6.99%	4.846	5	2.209	5	1.845	2	0	0	0	0	0	0	8.900	12	7.890	11	0.00%
7%-7.99%	2.814	4	4.385	9	1.150	2	0	0	0	0	0	0	8.350	15	7.114	13	0.00%
8%-8.99%	3.016	8	4.470	9	0	0	0.291	1	0	0	0	0	7.777	18	5.707	13	0.00%
9%-9.99%	1.449	3	2.580	6	1.290	3	0.482	1	0	0	0	0	5.802	13	5.802	13	0.00%
10%-10.99%	0.466	1	1.516	4	0	0	0	0	0	0	0	0	1.983	5	1.983	5	0.00%
11% and higher	0.675	2	1.327	5	0	0	0.517	2	0	0	0	0	2.519	9	2.118	8	0.00%
Floater	1.682	3	1.592	5	0	0	0.136	1	0	0	0	0	3.410	9	3.410	9	0.00%
NA	1.991	5	1.148	3	0	0	0.447	1	0.100	1	0.100	1	3.687	10	3.687	10	23.70%
Total	20.133	34	20.079	48	4.286	7	1.873	6	0.422	2	0.422	2	46.793	97	41.665	87	100.00%
Versus Talk
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Lower	0.402	0	0	0	0	0	0.462	0	0	0	0	0	0
Low end	0.956	0.631	1.836	1.738	2.587	0.583	2.162	0	0.548	0	0	0	0.322
Middle	2.454	1.248	8.596	2.900	5.265	0.717	0.710	0	0.403	0	0.857	0	0
High end	0	0	0	1.139	0.988	0.210	0	0	0	0	0.291	0	0
Higher	0	0	0	0	0.432	0.650	0	0	0	0	0	0	0
NA	1.317	0	2.694	1.648	0.584	0.637	0	0	0	0.278	0	0.447	0.100
Total	5.128	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.278	1.148	0.447	0.422
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.402	1	0	0	0.462	1	0	0	0	0	0	0	0.864	2	0.462	1	0.00%
Low end	3.423	6	4.908	11	2.710	3	0	0	0.322	1	0.322	1	11.362	21	10.407	19	76.30%
Middle	12.298	17	8.882	18	1.114	3	0.857	2	0	0	0	0	23.150	40	20.697	36	0.00%
High end	0	0	2.338	5	0	0	0.291	1	0	0	0	0	2.629	6	2.629	6	0.00%
Higher	0	0	1.083	3	0	0	0	0	0	0	0	0	1.083	3	1.083	3	0.00%
NA	4.011	10	2.869	11	0	0	0.725	3	0.100	1	0.100	1	7.705	25	6.388	22	23.70%
Total	20.133	34	20.079	48	4.286	7	1.873	6	0.422	2	0.422	2	46.793	97	41.665	87	100.00%
Upsized?
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Yes	1.171	0	2.747	1.195	1.264	1.301	0	0	0.548	0	0.482	0.447	0.322
No	3.958	1.509	9.251	6.230	8.160	1.287	3.335	0	0.403	0.278	0.666	0	0.100
Downsized	0	0.370	1.128	0	0.432	0.210	0	0	0	0	0	0	0
Total	5.128	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.278	1.148	0.447	0.422
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.917	9	3.759	8	0.548	1	0.929	2	0.322	1	0.322	1	9.475	21	8.304	18	76.30%
No	14.718	23	15.677	38	3.738	6	0.944	4	0.100	1	0.100	1	35.178	72	31.220	65	23.70%
Downsized	1.498	2	0.642	2	0	0	0	0	0	0	0	0	2.140	4	2.140	4	0.00%
Total	20.133	34	20.079	48	4.286	7	1.873	6	0.422	2	0.422	2	46.793	97	41.665	87	100.00%
Quick Sale?
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Yes	2.187	1.042	8.440	1.380	2.108	0.832	0.425	0	0.951	0.278	0.291	0.447	0.422
No	2.941	0.836	4.686	6.045	7.748	1.966	2.909	0	0	0	0.857	0	0
Total	5.128	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.278	1.148	0.447	0.422
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	11.670	19	4.320	12	1.376	3	1.016	4	0.422	2	0.422	2	18.804	40	16.617	36	100.00%
No	8.464	15	15.759	36	2.909	4	0.857	2	0	0	0	0	27.989	57	25.048	51	0.00%
Total	20.133	34	20.079	48	4.286	7	1.873	6	0.422	2	0.422	2	46.793	97	41.665	87	100.00%
Seniority
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
senior secured	3.472	0.782	4.341	2.475	5.250	2.402	0.425	0	0	0	0	0	0
senior	1.657	1.097	8.785	4.950	4.606	0.397	2.909	0	0.951	0.278	1.148	0.447	0.422
Total	5.128	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.278	1.148	0.447	0.422
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	8.594	13	10.127	24	0.425	1	0	0	0	0	0	0	19.146	38	15.675	33	0.00%
senior	11.539	21	9.953	24	3.860	6	1.873	6	0.422	2	0.422	2	27.646	59	25.990	54	100.00%
Total	20.133	34	20.079	48	4.286	7	1.873	6	0.422	2	0.422	2	46.793	97	41.665	87	100.00%
Moody's Rating
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Ba1	0	0	2.796	0.404	0.708	0.143	2.162	0	0	0	0	0	0
Ba2	0.411	0	3.675	0.723	0	0.717	0.285	0	0.951	0.136	0.291	0	0.322
Ba3	2.246	0.412	1.459	1.139	1.630	0.583	0	0	0	0	0.482	0	0
B1	0	0.370	2.679	0.983	3.087	0	0	0	0	0	0	0	0
B2	0.758	0	0.695	1.484	2.731	0.995	0.425	0	0	0	0	0	0
B3	0.947	0.759	0.693	0.290	0.768	0.106	0	0	0	0	0	0	0
Caa1	0	0	0.425	0.901	0.453	0	0.462	0	0	0	0.375	0	0
Caa2	0.402	0	0	0	0.432	0	0	0	0	0	0	0	0
NR	0.364	0.338	0.703	1.500	0.047	0.254	0	0	0	0.141	0	0.447	0.100
Total	5.128	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.278	1.148	0.447	0.422
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	2.796	2	1.255	3	2.162	2	0	0	0	0	0	0	6.213	7	6.213	7	0.00%
Ba2	4.087	4	1.440	3	1.236	3	0.427	2	0.322	1	0.322	1	7.512	13	7.101	12	76.30%
Ba3	4.117	8	3.353	6	0	0	0.482	1	0	0	0	0	7.951	15	5.706	12	0.00%
B1	3.049	4	4.070	7	0	0	0	0	0	0	0	0	7.120	11	7.120	11	0.00%
B2	1.453	3	5.209	12	0.425	1	0	0	0	0	0	0	7.088	16	6.329	14	0.00%
B3	2.399	5	1.164	4	0	0	0	0	0	0	0	0	3.563	9	2.616	7	0.00%
Caa1	0.425	1	1.355	5	0.462	1	0.375	1	0	0	0	0	2.617	8	2.617	8	0.00%
Caa2	0.402	1	0.432	1	0	0	0	0	0	0	0	0	0.834	2	0.432	1	0.00%
NR	1.405	6	1.801	7	0	0	0.589	2	0.100	1	0.100	1	3.895	16	3.531	15	23.70%
Total	20.133	34	20.079	48	4.286	7	1.873	6	0.422	2	0.422	2	46.793	97	41.665	87	100.00%
Use of Proceeds
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Acquisition	0	0	0	0.286	0	0.106	0	0	0	0	0.375	0	0
Dividend/recap	0	0	0	0	0.427	0.487	0	0	0	0	0	0	0
GCP	0.612	0.293	1.656	0.087	0	0	0	0	0	0	0.291	0.447	0.100
LBO	1.514	0	3.372	0	0	0.508	0.462	0	0	0	0	0	0
Redeem notes	0.766	0	1.298	0	0	0	0	0	0	0	0	0	0
Refinance	2.236	1.174	5.341	2.876	2.014	0.353	2.588	0	0.548	0.141	0	0	0
Repay bank debt	0	0	1.459	2.210	3.023	0.583	0.285	0	0.403	0	0.482	0	0
Multiple/Other/NA	0	0.412	0	1.967	4.392	0.761	0	0	0	0.136	0	0	0.322
Total	5.128	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.278	1.148	0.447	0.422
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0.392	2	0	0	0.375	1	0	0	0	0	0.767	3	0.767	3	0.00%
Dividend/recap	0	0	0.914	2	0	0	0	0	0	0	0	0	0.914	2	0.914	2	0.00%
GCP	2.560	5	0.087	1	0	0	0.738	2	0.100	1	0.100	1	3.485	9	2.873	7	23.70%
LBO	4.887	7	0.508	1	0.462	1	0	0	0	0	0	0	5.856	9	4.342	6	0.00%
Redeem notes	2.064	4	0	0	0	0	0	0	0	0	0	0	2.064	4	1.298	2	0.00%
Refinance	8.751	13	5.242	14	3.135	4	0.141	1	0	0	0	0	17.270	32	15.034	29	0.00%
Repay bank debt	1.459	4	5.817	13	0.688	2	0.482	1	0	0	0	0	8.446	20	8.446	20	0.00%
Multiple/Other/NA	0.412	1	7.120	15	0	0	0.136	1	0.322	1	0.322	1	7.989	18	7.989	18	76.30%
Total	20.133	34	20.079	48	4.286	7	1.873	6	0.422	2	0.422	2	46.793	97	41.665	87	100.00%
Industry Sector (by SIC code)
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Agriculture (0xxx)	0.558	0	0	0	0	0	0	0	0	0	0	0	0
Oil and gas (13xx)	0	0	0	0	0.047	0	0	0	0	0	0	0	0
Construction (15xx)	0	0	0.603	0	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.612	0.293	6.374	2.036	5.851	1.497	2.624	0	0.951	0.136	0.291	0.447	0.322
Transportation (4xxx)	0	0	0.378	0.723	0	0	0	0	0	0.141	0	0	0.100
Communications (48xx)	1.412	0.412	2.963	0	0.501	1.301	0.425	0	0	0	0.375	0	0
Electric, gas, sanitary services (49xx)	0.559	0	0	1.344	0.427	0	0	0	0	0	0	0	0
Wholesale (5xxx)	0	0.338	1.871	0.404	1.108	0	0	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0	0.836	0.938	1.570	0	0	0.285	0	0	0	0	0	0
Services (7xxx)	0.364	0	0	1.010	1.922	0	0	0	0	0	0.482	0	0
Health services (8xxx)	1.624	0	0	0.339	0	0	0	0	0	0	0	0	0
Total	5.128	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.278	1.148	0.447	0.422
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.558	1	0	0	0	0	0	0	0	0	0	0	0.558	1	0	0	0.00%
Oil and gas (13xx)	0	0	0.047	1	0	0	0	0	0	0	0	0	0.047	1	0.047	1	0.00%
Construction (15xx)	0.603	1	0	0	0	0	0	0	0	0	0	0	0.603	1	0.603	1	0.00%
Manufacturing (2xxx, 3xxx)	7.279	9	9.384	23	3.575	5	0.874	3	0.322	1	0.322	1	21.434	41	20.822	39	76.30%
Transportation (4xxx)	0.378	2	0.723	2	0	0	0.141	1	0.100	1	0.100	1	1.343	6	1.343	6	23.70%
Communications (48xx)	4.786	7	1.802	3	0.425	1	0.375	1	0	0	0	0	7.389	12	5.977	10	0.00%
Electric, gas, sanitary services (49xx)	0.559	1	1.771	4	0	0	0	0	0	0	0	0	2.329	5	1.771	4	0.00%
Wholesale (5xxx)	2.209	5	1.512	3	0	0	0	0	0	0	0	0	3.721	8	3.721	8	0.00%
Finance, insurance, real estate (6xxx)	1.774	4	1.570	3	0.285	1	0	0	0	0	0	0	3.629	8	3.629	8	0.00%
Services (7xxx)	0.364	1	2.932	8	0	0	0.482	1	0	0	0	0	3.778	10	3.413	9	0.00%
Health services (8xxx)	1.624	3	0.339	1	0	0	0	0	0	0	0	0	1.963	4	0.339	1	0.00%
Total	20.133	34	20.079	48	4.286	7	1.873	6	0.422	2	0.422	2	46.793	97	41.665	87	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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