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

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

Yield

	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Less than 6%	2.781	0	0.708	0.143	0	0	0	0	0	0	0.322	1.128	1.057
6%-6.99%	3.087	1.492	0	0.717	1.297	0	0.548	0	0	0	0	1.015	0.462
7%-7.99%	1.579	1.115	3.226	0.043	1.150	0	0	0.166	0	0	0	0.208	1.913
8%-8.99%	0.284	1.170	3.300	0	0	0	0	0	0.291	0	0	4.019	0.785
9%-9.99%	1.449	1.182	1.398	0	0.887	0	0.403	0	0.482	0	0	0	0
10%-10.99%	0	0.902	0	0.614	0	0	0	0	0	0	0	0.621	0.265
11% and higher	0.274	0.649	0.468	0.210	0	0	0	0.141	0.375	0	0	1.193	0.902
Floater	1.682	0.253	0.755	0.583	0	0	0	0.136	0	0	0	0.897	0.061
NA	1.991	0.661	0	0.487	0	0	0	0	0	0.447	0.100	0.318	0.146
Total	13.126	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.592
	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	2.507	5	2.507	5	6.139	9	3.358	7	16.27%
6%-6.99%	2.209	5	1.845	2	0	0	1.477	3	1.477	3	8.618	12	5.531	10	9.58%
7%-7.99%	4.385	9	1.150	2	0.166	1	2.121	4	2.121	4	9.401	18	7.822	16	13.76%
8%-8.99%	4.470	9	0	0	0.291	1	4.804	4	4.804	4	9.848	15	9.565	14	31.17%
9%-9.99%	2.580	6	1.290	3	0.482	1	0	0	0	0	5.802	13	4.352	10	0.00%
10%-10.99%	1.516	4	0	0	0	0	0.886	2	0.886	2	2.402	6	2.402	6	5.75%
11% and higher	1.327	5	0	0	0.517	2	2.095	5	2.095	5	4.213	13	3.940	12	13.59%
Floater	1.592	5	0	0	0.136	1	0.958	3	0.958	3	4.368	12	2.686	9	6.22%
NA	1.148	3	0	0	0.447	1	0.565	4	0.565	4	4.152	13	2.160	8	3.67%
Total	20.079	48	4.286	7	2.039	7	15.414	30	15.414	30	54.943	111	41.817	92	100.00%
Versus Talk
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Lower	0	0	0	0	0.462	0	0	0	0	0	0	0	0
Low end	1.836	1.738	2.587	0.583	2.162	0	0.548	0.166	0	0	0.322	4.247	1.358
Middle	8.596	2.900	5.265	0.717	0.710	0	0.403	0	0.857	0	0	2.757	3.228
High end	0	1.139	0.988	0.210	0	0	0	0	0.291	0	0	0.447	0.403
Higher	0	0	0.432	0.650	0	0	0	0	0	0	0	0	0
NA	2.694	1.648	0.584	0.637	0	0	0	0.278	0	0.447	0.100	1.947	0.604
Total	13.126	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.592
	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	5.927	7	5.927	7	15.547	24	13.711	22	38.45%
Middle	8.882	18	1.114	3	0.857	2	5.985	11	5.985	11	25.434	44	16.838	34	38.83%
High end	2.338	5	0	0	0.291	1	0.850	3	0.850	3	3.479	9	3.479	9	5.51%
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	2.652	9	2.652	9	8.939	30	6.245	23	17.21%
Total	20.079	48	4.286	7	2.039	7	15.414	30	15.414	30	54.943	111	41.817	92	100.00%
Upsized?
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Yes	2.747	1.195	1.264	1.301	0	0	0.548	0	0.482	0.447	0.322	3.352	0
No	9.251	6.230	8.160	1.287	3.335	0	0.403	0.444	0.666	0	0.100	6.047	5.592
Downsized	1.128	0	0.432	0.210	0	0	0	0	0	0	0	0	0
Total	13.126	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.592
	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	8.909	21	23.84%
No	15.677	38	3.738	6	1.110	5	11.740	20	11.740	20	41.517	81	32.266	69	76.16%
Downsized	0.642	2	0	0	0	0	0	0	0	0	1.771	3	0.642	2	0.00%
Total	20.079	48	4.286	7	2.039	7	15.414	30	15.414	30	54.943	111	41.817	92	100.00%
Quick Sale?
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Yes	8.440	1.380	2.108	0.832	0.425	0	0.951	0.444	0.291	0.447	0.422	5.584	3.764
No	4.686	6.045	7.748	1.966	2.909	0	0	0	0.857	0	0	3.816	1.828
Total	13.126	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.592
	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	9.770	16	9.770	16	25.088	48	16.648	36	63.38%
No	15.759	36	2.909	4	0.857	2	5.644	14	5.644	14	29.856	63	25.169	56	36.62%
Total	20.079	48	4.286	7	2.039	7	15.414	30	15.414	30	54.943	111	41.817	92	100.00%
Seniority
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
senior secured	4.341	2.475	5.250	2.402	0.425	0	0	0	0	0	0	6.053	0.669
senior	8.785	4.950	4.606	0.397	2.909	0	0.951	0.444	1.148	0.447	0.422	3.346	4.924
Total	13.126	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.592
	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	6.722	10	6.722	10	21.615	41	17.274	35	43.61%
senior	9.953	24	3.860	6	2.039	7	8.692	20	8.692	20	33.328	70	24.543	57	56.39%
Total	20.079	48	4.286	7	2.039	7	15.414	30	15.414	30	54.943	111	41.817	92	100.00%
Moody's Rating
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Ba1	2.796	0.404	0.708	0.143	2.162	0	0	0	0	0	0	0.525	0.661
Ba2	3.675	0.723	0	0.717	0.285	0	0.951	0.302	0.291	0	0.322	0.666	0.789
Ba3	1.459	1.139	1.630	0.583	0	0	0	0	0.482	0	0	2.253	1.124
B1	2.679	0.983	3.087	0	0	0	0	0	0	0	0	3.722	1.909
B2	0.695	1.484	2.731	0.995	0.425	0	0	0	0	0	0	1.195	0.403
B3	0.693	0.290	0.768	0.106	0	0	0	0	0	0	0	0.296	0
Caa1	0.425	0.901	0.453	0	0.462	0	0	0	0.375	0	0	0.298	0.499
Caa2	0	0	0.432	0	0	0	0	0	0	0	0	0	0
NR	0.703	1.500	0.047	0.254	0	0	0	0.141	0	0.447	0.100	0.443	0.207
Total	13.126	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.592
	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	1.186	2	1.186	2	7.399	9	4.603	7	7.69%
Ba2	1.440	3	1.236	3	0.593	3	1.776	4	1.776	4	8.721	16	5.046	13	11.52%
Ba3	3.353	6	0	0	0.482	1	3.377	7	3.377	7	8.671	18	7.212	14	21.91%
B1	4.070	7	0	0	0	0	5.632	6	5.632	6	12.381	16	9.702	13	36.54%
B2	5.209	12	0.425	1	0	0	1.599	4	1.599	4	7.928	18	7.233	17	10.37%
B3	1.164	4	0	0	0	0	0.296	1	0.296	1	2.153	6	1.460	5	1.92%
Caa1	1.355	5	0.462	1	0.375	1	0.797	2	0.797	2	3.414	10	2.989	9	5.17%
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	0.751	4	0.751	4	3.843	17	3.140	13	4.87%
Total	20.079	48	4.286	7	2.039	7	15.414	30	15.414	30	54.943	111	41.817	92	100.00%
Use of Proceeds
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Acquisition	0	0.286	0	0.106	0	0	0	0	0.375	0	0	0	0
Dividend/recap	0	0	0.427	0.487	0	0	0	0	0	0	0	0	0
GCP	1.656	0.087	0	0	0	0	0	0	0.291	0.447	0.100	0.666	0.785
LBO	3.372	0	0	0.508	0.462	0	0	0	0	0	0	0.982	0
Redeem notes	1.298	0	0	0	0	0	0	0	0	0	0	0	0.392
Refinance	5.341	2.876	2.014	0.353	2.588	0	0.548	0.307	0	0	0	2.677	0.961
Repay bank debt	1.459	2.210	3.023	0.583	0.285	0	0.403	0	0.482	0	0	4.170	1.065
Multiple/Other/NA	0	1.967	4.392	0.761	0	0	0	0.136	0	0	0.322	0.906	2.389
Total	13.126	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.592
	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	1.551	3	1.551	3	4.032	8	2.376	6	10.06%
LBO	0.508	1	0.462	1	0	0	0.982	3	0.982	3	5.324	9	1.951	5	6.37%
Redeem notes	0	0	0	0	0	0	0.392	1	0.392	1	1.690	3	0.392	1	2.54%
Refinance	5.242	14	3.135	4	0.307	2	3.637	8	3.637	8	17.663	35	12.322	28	23.60%
Repay bank debt	5.817	13	0.688	2	0.482	1	5.235	7	5.235	7	13.681	27	12.222	23	33.96%
Multiple/Other/NA	7.120	15	0	0	0.136	1	3.616	8	3.616	8	10.872	24	10.872	24	23.46%
Total	20.079	48	4.286	7	2.039	7	15.414	30	15.414	30	54.943	111	41.817	92	100.00%
Industry Sector (by SIC code)
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Mining (1xxx)	0	0	0	0	0	0	0	0	0	0	0	0	0.146
Oil and gas (13xx)	0	0	0.047	0	0	0	0	0	0	0	0	0	0
Construction (15xx)	0.603	0	0	0	0	0	0	0	0	0	0	0	0.392
Manufacturing (2xxx, 3xxx)	6.374	2.036	5.851	1.497	2.624	0	0.951	0.302	0.291	0.447	0.322	2.828	3.424
Transportation (4xxx)	0.378	0.723	0	0	0	0	0	0.141	0	0	0.100	0	0
Communications (48xx)	2.963	0	0.501	1.301	0.425	0	0	0	0.375	0	0	1.221	0
Electric, gas, sanitary services (49xx)	0	1.344	0.427	0	0	0	0	0	0	0	0	0	0.403
Wholesale (5xxx)	1.871	0.404	1.108	0	0	0	0	0	0	0	0	0.525	0
Finance, insurance, real estate (6xxx)	0.938	1.570	0	0	0.285	0	0	0	0	0	0	0.452	0.727
Services (7xxx)	0	1.010	1.922	0	0	0	0	0	0.482	0	0	0.651	0
Health services (8xxx)	0	0.339	0	0	0	0	0	0	0	0	0	3.722	0.499
Total	13.126	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.592
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0	0	0	0	0	0	0.146	1	0.146	1	0.146	1	0.146	1	0.95%
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	0.392	1	0.392	1	0.995	2	0.392	1	2.54%
Manufacturing (2xxx, 3xxx)	9.384	23	3.575	5	1.040	4	6.573	13	6.573	13	26.947	51	20.573	45	42.64%
Transportation (4xxx)	0.723	2	0	0	0.141	1	0.100	1	0.100	1	1.343	6	0.965	4	0.65%
Communications (48xx)	1.802	3	0.425	1	0.375	1	1.221	4	1.221	4	6.787	13	3.824	9	7.92%
Electric, gas, sanitary services (49xx)	1.771	4	0	0	0	0	0.403	1	0.403	1	2.174	5	2.174	5	2.61%
Wholesale (5xxx)	1.512	3	0	0	0	0	0.525	1	0.525	1	3.908	8	2.037	4	3.41%
Finance, insurance, real estate (6xxx)	1.570	3	0.285	1	0	0	1.179	3	1.179	3	3.972	9	3.034	7	7.65%
Services (7xxx)	2.932	8	0	0	0.482	1	0.651	2	0.651	2	4.065	11	4.065	11	4.22%
Health services (8xxx)	0.339	1	0	0	0	0	4.222	3	4.222	3	4.560	4	4.560	4	27.39%
Total	20.079	48	4.286	7	2.039	7	15.414	30	15.414	30	54.943	111	41.817	92	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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