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

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

Yield

	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Less than 6%	0	2.781	0	0.708	0.143	0	0	0	0	0	0	0.322	1.128
6%-6.99%	0.750	3.087	1.492	0	0.717	1.297	0	0.548	0	0	0	0	1.015
7%-7.99%	0	1.579	1.115	3.226	0.043	1.150	0	0	0.166	0	0	0	0.208
8%-8.99%	0.663	0.284	1.170	3.300	0	0	0	0	0	0.291	0	0	4.019
9%-9.99%	0	1.449	1.182	1.398	0	0.887	0	0.403	0	0.482	0	0	0
10%-10.99%	0.466	0	0.902	0	0.614	0	0	0	0	0	0	0	0.621
11% and higher	0	0.274	0.649	0.468	0.210	0	0	0	0.141	0.375	0	0	1.193
Floater	0	1.682	0.253	0.755	0.583	0	0	0	0.136	0	0	0	0.897
NA	0	1.991	0.661	0	0.487	0	0	0	0	0	0.447	0.100	0.318
Total	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399
	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%	0.851	2	0	0	0	0	1.450	3	1.450	3	5.082	7	5.082	7	14.76%
6%-6.99%	2.209	5	1.845	2	0	0	1.015	2	1.015	2	8.906	13	8.156	11	10.33%
7%-7.99%	4.385	9	1.150	2	0.166	1	0.208	1	0.208	1	7.488	15	7.488	15	2.12%
8%-8.99%	4.470	9	0	0	0.291	1	4.019	3	4.019	3	9.726	16	9.063	14	40.92%
9%-9.99%	2.580	6	1.290	3	0.482	1	0	0	0	0	5.802	13	5.802	13	0.00%
10%-10.99%	1.516	4	0	0	0	0	0.621	1	0.621	1	2.603	6	2.137	5	6.32%
11% and higher	1.327	5	0	0	0.517	2	1.193	3	1.193	3	3.311	11	3.311	11	12.14%
Floater	1.592	5	0	0	0.136	1	0.897	2	0.897	2	4.307	11	4.307	11	9.13%
NA	1.148	3	0	0	0.447	1	0.419	3	0.419	3	4.005	12	4.005	12	4.27%
Total	20.079	48	4.286	7	2.039	7	9.822	18	9.822	18	51.230	104	49.351	99	100.00%
Versus Talk
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Lower	0	0	0	0	0	0.462	0	0	0	0	0	0	0
Low end	0.631	1.836	1.738	2.587	0.583	2.162	0	0.548	0.166	0	0	0.322	4.247
Middle	1.248	8.596	2.900	5.265	0.717	0.710	0	0.403	0	0.857	0	0	2.757
High end	0	0	1.139	0.988	0.210	0	0	0	0	0.291	0	0	0.447
Higher	0	0	0	0.432	0.650	0	0	0	0	0	0	0	0
NA	0	2.694	1.648	0.584	0.637	0	0	0	0.278	0	0.447	0.100	1.947
Total	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0	0	0.462	1	0	0	0	0	0	0	0.462	1	0.462	1	0.00%
Low end	4.908	11	2.710	3	0.166	1	4.569	4	4.569	4	14.820	23	14.189	21	46.52%
Middle	8.882	18	1.114	3	0.857	2	2.757	6	2.757	6	23.454	42	22.206	39	28.07%
High end	2.338	5	0	0	0.291	1	0.447	2	0.447	2	3.076	8	3.076	8	4.55%
Higher	1.083	3	0	0	0	0	0	0	0	0	1.083	3	1.083	3	0.00%
NA	2.869	11	0	0	0.725	3	2.048	6	2.048	6	8.336	27	8.336	27	20.85%
Total	20.079	48	4.286	7	2.039	7	9.822	18	9.822	18	51.230	104	49.351	99	100.00%
Upsized?
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Yes	0	2.747	1.195	1.264	1.301	0	0	0.548	0	0.482	0.447	0.322	3.352
No	1.509	9.251	6.230	8.160	1.287	3.335	0	0.403	0.444	0.666	0	0.100	6.047
Downsized	0.370	1.128	0	0.432	0.210	0	0	0	0	0	0	0	0
Total	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.759	8	0.548	1	0.929	2	3.674	10	3.674	10	11.656	27	11.656	27	37.41%
No	15.677	38	3.738	6	1.110	5	6.148	8	6.148	8	37.433	73	35.925	69	62.59%
Downsized	0.642	2	0	0	0	0	0	0	0	0	2.140	4	1.771	3	0.00%
Total	20.079	48	4.286	7	2.039	7	9.822	18	9.822	18	51.230	104	49.351	99	100.00%
Quick Sale?
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Yes	1.042	8.440	1.380	2.108	0.832	0.425	0	0.951	0.444	0.291	0.447	0.422	5.584
No	0.836	4.686	6.045	7.748	1.966	2.909	0	0	0	0.857	0	0	3.816
Total	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.320	12	1.376	3	1.182	5	6.006	8	6.006	8	22.366	43	21.324	40	61.15%
No	15.759	36	2.909	4	0.857	2	3.816	10	3.816	10	28.863	61	28.027	59	38.85%
Total	20.079	48	4.286	7	2.039	7	9.822	18	9.822	18	51.230	104	49.351	99	100.00%
Seniority
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
senior secured	0.782	4.341	2.475	5.250	2.402	0.425	0	0	0	0	0	0	6.053
senior	1.097	8.785	4.950	4.606	0.397	2.909	0	0.951	0.444	1.148	0.447	0.422	3.346
Total	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	10.127	24	0.425	1	0	0	6.053	8	6.053	8	21.728	41	20.946	39	61.63%
senior	9.953	24	3.860	6	2.039	7	3.768	10	3.768	10	29.502	63	28.405	60	38.36%
Total	20.079	48	4.286	7	2.039	7	9.822	18	9.822	18	51.230	104	49.351	99	100.00%
Moody's Rating
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Ba1	0	2.796	0.404	0.708	0.143	2.162	0	0	0	0	0	0	0.525
Ba2	0	3.675	0.723	0	0.717	0.285	0	0.951	0.302	0.291	0	0.322	0.666
Ba3	0.412	1.459	1.139	1.630	0.583	0	0	0	0	0.482	0	0	2.253
B1	0.370	2.679	0.983	3.087	0	0	0	0	0	0	0	0	3.722
B2	0	0.695	1.484	2.731	0.995	0.425	0	0	0	0	0	0	1.195
B3	0.759	0.693	0.290	0.768	0.106	0	0	0	0	0	0	0	0.296
Caa1	0	0.425	0.901	0.453	0	0.462	0	0	0	0.375	0	0	0.298
Caa2	0	0	0	0.432	0	0	0	0	0	0	0	0	0
NR	0.338	0.703	1.500	0.047	0.254	0	0	0	0.141	0	0.447	0.100	0.443
Total	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	1.255	3	2.162	2	0	0	0.525	1	0.525	1	6.738	8	6.738	8	5.35%
Ba2	1.440	3	1.236	3	0.593	3	0.987	2	0.987	2	7.932	14	7.932	14	10.05%
Ba3	3.353	6	0	0	0.482	1	2.253	6	2.253	6	7.959	18	7.547	17	22.94%
B1	4.070	7	0	0	0	0	3.722	2	3.722	2	10.842	13	10.472	12	37.89%
B2	5.209	12	0.425	1	0	0	1.195	3	1.195	3	7.525	17	7.525	17	12.17%
B3	1.164	4	0	0	0	0	0.296	1	0.296	1	2.912	8	2.153	6	3.01%
Caa1	1.355	5	0.462	1	0.375	1	0.298	1	0.298	1	2.915	9	2.915	9	3.03%
Caa2	0.432	1	0	0	0	0	0	0	0	0	0.432	1	0.432	1	0.00%
NR	1.801	7	0	0	0.589	2	0.544	2	0.544	2	3.974	16	3.636	15	5.54%
Total	20.079	48	4.286	7	2.039	7	9.822	18	9.822	18	51.230	104	49.351	99	100.00%
Use of Proceeds
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Acquisition	0	0	0.286	0	0.106	0	0	0	0	0.375	0	0	0
Dividend/recap	0	0	0	0.427	0.487	0	0	0	0	0	0	0	0
GCP	0.293	1.656	0.087	0	0	0	0	0	0	0.291	0.447	0.100	0.666
LBO	0	3.372	0	0	0.508	0.462	0	0	0	0	0	0	0.982
Redeem notes	0	1.298	0	0	0	0	0	0	0	0	0	0	0
Refinance	1.174	5.341	2.876	2.014	0.353	2.588	0	0.548	0.307	0	0	0	2.677
Repay bank debt	0	1.459	2.210	3.023	0.583	0.285	0	0.403	0	0.482	0	0	4.170
Multiple/Other/NA	0.412	0	1.967	4.392	0.761	0	0	0	0.136	0	0	0.322	0.906
Total	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.392	2	0	0	0.375	1	0	0	0	0	0.767	3	0.767	3	0.00%
Dividend/recap	0.914	2	0	0	0	0	0	0	0	0	0.914	2	0.914	2	0.00%
GCP	0.087	1	0	0	0.738	2	0.766	2	0.766	2	3.539	8	3.246	7	7.80%
LBO	0.508	1	0.462	1	0	0	0.982	3	0.982	3	5.324	9	5.324	9	10.00%
Redeem notes	0	0	0	0	0	0	0	0	0	0	1.298	2	1.298	2	0.00%
Refinance	5.242	14	3.135	4	0.307	2	2.677	6	2.677	6	17.876	36	16.702	33	27.26%
Repay bank debt	5.817	13	0.688	2	0.482	1	4.170	4	4.170	4	12.616	24	12.616	24	42.46%
Multiple/Other/NA	7.120	15	0	0	0.136	1	1.227	3	1.227	3	8.895	20	8.483	19	12.49%
Total	20.079	48	4.286	7	2.039	7	9.822	18	9.822	18	51.230	104	49.351	99	100.00%
Industry Sector (by SIC code)
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Oil and gas (13xx)	0	0	0	0.047	0	0	0	0	0	0	0	0	0
Construction (15xx)	0	0.603	0	0	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.293	6.374	2.036	5.851	1.497	2.624	0	0.951	0.302	0.291	0.447	0.322	2.828
Transportation (4xxx)	0	0.378	0.723	0	0	0	0	0	0.141	0	0	0.100	0
Communications (48xx)	0.412	2.963	0	0.501	1.301	0.425	0	0	0	0.375	0	0	1.221
Electric, gas, sanitary services (49xx)	0	0	1.344	0.427	0	0	0	0	0	0	0	0	0
Wholesale (5xxx)	0.338	1.871	0.404	1.108	0	0	0	0	0	0	0	0	0.525
Finance, insurance, real estate (6xxx)	0.836	0.938	1.570	0	0	0.285	0	0	0	0	0	0	0.452
Services (7xxx)	0	0	1.010	1.922	0	0	0	0	0	0.482	0	0	0.651
Health services (8xxx)	0	0	0.339	0	0	0	0	0	0	0	0	0	3.722
Total	1.879	13.126	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Oil and gas (13xx)	0.047	1	0	0	0	0	0	0	0	0	0.047	1	0.047	1	0.00%
Construction (15xx)	0	0	0	0	0	0	0	0	0	0	0.603	1	0.603	1	0.00%
Manufacturing (2xxx, 3xxx)	9.384	23	3.575	5	1.040	4	3.149	7	3.149	7	23.815	46	23.523	45	32.06%
Transportation (4xxx)	0.723	2	0	0	0.141	1	0.100	1	0.100	1	1.343	6	1.343	6	1.02%
Communications (48xx)	1.802	3	0.425	1	0.375	1	1.221	4	1.221	4	7.198	14	6.787	13	12.43%
Electric, gas, sanitary services (49xx)	1.771	4	0	0	0	0	0	0	0	0	1.771	4	1.771	4	0.00%
Wholesale (5xxx)	1.512	3	0	0	0	0	0.525	1	0.525	1	4.246	9	3.908	8	5.35%
Finance, insurance, real estate (6xxx)	1.570	3	0.285	1	0	0	0.452	1	0.452	1	4.081	9	3.244	7	4.60%
Services (7xxx)	2.932	8	0	0	0.482	1	0.651	2	0.651	2	4.065	11	4.065	11	6.63%
Health services (8xxx)	0.339	1	0	0	0	0	3.722	2	3.722	2	4.061	3	4.061	3	37.89%
Total	20.079	48	4.286	7	2.039	7	9.822	18	9.822	18	51.230	104	49.351	99	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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