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

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

Yield

	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Less than 6%	0	0.708	0.143	0	0	0	0	0	0	0.322	1.128	1.057	0.790
6%-6.99%	1.492	0	0.717	1.297	0	0.548	0	0	0	0	1.015	0.462	0
7%-7.99%	1.115	3.226	0.043	1.150	0	0	0.166	0	0	0	0.208	1.913	0
8%-8.99%	1.170	3.300	0	0	0	0	0	0.291	0	0	4.019	0.785	0.331
9%-9.99%	1.182	1.398	0	0.887	0	0.403	0	0.482	0	0	0	0	0.239
10%-10.99%	0.902	0	0.614	0	0	0	0	0	0	0	0.621	0.598	0
11% and higher	0.649	0.468	0.210	0	0	0	0.141	0.375	0	0	1.193	0.902	0
Floater	0.253	0.755	0.583	0	0	0	0.136	0	0	0	0.897	0.061	0
NA	0.661	0	0.487	0	0	0	0	0	0.447	0.100	0.318	0.146	0
Total	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 6%	0.851	2	0	0	0	0	2.507	5	0.790	1	3.297	6	4.147	8	4.147	8	19.27%
6%-6.99%	2.209	5	1.845	2	0	0	1.477	3	0	0	1.477	3	5.531	10	4.039	6	8.63%
7%-7.99%	4.385	9	1.150	2	0.166	1	2.121	4	0	0	2.121	4	7.822	16	6.707	14	12.40%
8%-8.99%	4.470	9	0	0	0.291	1	4.804	4	0.331	1	5.135	5	9.895	15	8.726	12	30.02%
9%-9.99%	2.580	6	1.290	3	0.482	1	0	0	0.239	1	0.239	1	4.591	11	3.408	8	1.40%
10%-10.99%	1.516	4	0	0	0	0	1.219	3	0	0	1.219	3	2.735	7	1.833	5	7.13%
11% and higher	1.327	5	0	0	0.517	2	2.095	5	0	0	2.095	5	3.940	12	3.290	10	12.25%
Floater	1.592	5	0	0	0.136	1	0.958	3	0	0	0.958	3	2.686	9	2.433	8	5.60%
NA	1.148	3	0	0	0.447	1	0.565	4	0	0	0.565	4	2.160	8	1.499	6	3.30%
Total	20.079	48	4.286	7	2.039	7	15.746	31	1.360	3	17.106	34	43.509	96	36.084	77	100.00%
Versus Talk
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Lower	0	0	0	0.462	0	0	0	0	0	0	0	0	0
Low end	1.738	2.587	0.583	2.162	0	0.548	0.166	0	0	0.322	4.247	1.358	0.790
Middle	2.900	5.265	0.717	0.710	0	0.403	0	0.857	0	0	2.757	3.228	0
High end	1.139	0.988	0.210	0	0	0	0	0.291	0	0	0.447	0.736	0.239
Higher	0	0.432	0.650	0	0	0	0	0	0	0	0	0	0
NA	1.648	0.584	0.637	0	0	0	0.278	0	0.447	0.100	1.947	0.604	0.331
Total	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0	0	0.462	1	0	0	0	0	0	0	0	0	0.462	1	0.462	1	0.00%
Low end	4.908	11	2.710	3	0.166	1	5.927	7	0.790	1	6.717	8	14.501	23	12.762	18	39.27%
Middle	8.882	18	1.114	3	0.857	2	5.985	11	0	0	5.985	11	16.838	34	13.938	27	34.99%
High end	2.338	5	0	0	0.291	1	1.183	4	0.239	1	1.422	5	4.050	11	2.911	9	8.31%
Higher	1.083	3	0	0	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	0.331	1	2.983	10	6.576	24	4.928	19	17.44%
Total	20.079	48	4.286	7	2.039	7	15.746	31	1.360	3	17.106	34	43.509	96	36.084	77	100.00%
Upsized?
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Yes	1.195	1.264	1.301	0	0	0.548	0	0.482	0.447	0.322	3.352	0.333	0
No	6.230	8.160	1.287	3.335	0	0.403	0.444	0.666	0	0.100	6.047	5.592	1.360
Downsized	0	0.432	0.210	0	0	0	0	0	0	0	0	0	0
Total	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.759	8	0.548	1	0.929	2	4.006	11	0	0	4.006	11	9.242	22	8.047	19	23.42%
No	15.677	38	3.738	6	1.110	5	11.740	20	1.360	3	13.100	23	33.625	72	27.395	56	76.58%
Downsized	0.642	2	0	0	0	0	0	0	0	0	0	0	0.642	2	0.642	2	0.00%
Total	20.079	48	4.286	7	2.039	7	15.746	31	1.360	3	17.106	34	43.509	96	36.084	77	100.00%
Quick Sale?
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Yes	1.380	2.108	0.832	0.425	0	0.951	0.444	0.291	0.447	0.422	5.584	3.764	1.121
No	6.045	7.748	1.966	2.909	0	0	0	0.857	0	0	3.816	2.161	0.239
Total	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.320	12	1.376	3	1.182	5	9.770	16	1.121	2	10.891	18	17.769	38	16.389	34	63.67%
No	15.759	36	2.909	4	0.857	2	5.977	15	0.239	1	6.215	16	25.740	58	19.695	43	36.33%
Total	20.079	48	4.286	7	2.039	7	15.746	31	1.360	3	17.106	34	43.509	96	36.084	77	100.00%
Seniority
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
senior secured	2.475	5.250	2.402	0.425	0	0	0	0	0	0	6.053	0.669	0.239
senior	4.950	4.606	0.397	2.909	0	0.951	0.444	1.148	0.447	0.422	3.346	5.256	1.121
Total	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	10.127	24	0.425	1	0	0	6.722	10	0.239	1	6.960	11	17.512	36	15.038	30	40.69%
senior	9.953	24	3.860	6	2.039	7	9.024	21	1.121	2	10.145	23	25.997	60	21.047	47	59.31%
Total	20.079	48	4.286	7	2.039	7	15.746	31	1.360	3	17.106	34	43.509	96	36.084	77	100.00%
Moody's Rating
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Ba1	0.404	0.708	0.143	2.162	0	0	0	0	0	0	0.525	0.661	0.790
Ba2	0.723	0	0.717	0.285	0	0.951	0.302	0.291	0	0.322	0.666	0.789	0
Ba3	1.139	1.630	0.583	0	0	0	0	0.482	0	0	2.253	1.124	0.239
B1	0.983	3.087	0	0	0	0	0	0	0	0	3.722	1.909	0
B2	1.484	2.731	0.995	0.425	0	0	0	0	0	0	1.195	0.403	0.331
B3	0.290	0.768	0.106	0	0	0	0	0	0	0	0.296	0	0
Caa1	0.901	0.453	0	0.462	0	0	0	0.375	0	0	0.298	0.832	0
Caa2	0	0.432	0	0	0	0	0	0	0	0	0	0	0
NR	1.500	0.047	0.254	0	0	0	0.141	0	0.447	0.100	0.443	0.207	0
Total	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	1.255	3	2.162	2	0	0	1.186	2	0.790	1	1.976	3	5.393	8	4.989	7	11.55%
Ba2	1.440	3	1.236	3	0.593	3	1.776	4	0	0	1.776	4	5.046	13	4.323	11	10.38%
Ba3	3.353	6	0	0	0.482	1	3.377	7	0.239	1	3.616	8	7.450	15	6.311	13	21.14%
B1	4.070	7	0	0	0	0	5.632	6	0	0	5.632	6	9.702	13	8.719	11	32.92%
B2	5.209	12	0.425	1	0	0	1.599	4	0.331	1	1.930	5	7.564	18	6.080	14	11.28%
B3	1.164	4	0	0	0	0	0.296	1	0	0	0.296	1	1.460	5	1.170	4	1.73%
Caa1	1.355	5	0.462	1	0.375	1	1.130	3	0	0	1.130	3	3.322	10	2.420	7	6.61%
Caa2	0.432	1	0	0	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	0	0.751	4	3.140	13	1.640	9	4.39%
Total	20.079	48	4.286	7	2.039	7	15.746	31	1.360	3	17.106	34	43.509	96	36.084	77	100.00%
Use of Proceeds
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Acquisition	0.286	0	0.106	0	0	0	0	0.375	0	0	0	0	0
Dividend/recap	0	0.427	0.487	0	0	0	0	0	0	0	0	0	0
GCP	0.087	0	0	0	0	0	0	0.291	0.447	0.100	0.666	0.785	0
LBO	0	0	0.508	0.462	0	0	0	0	0	0	0.982	0	0
Redeem notes	0	0	0	0	0	0	0	0	0	0	0	0.392	0
Refinance	2.876	2.014	0.353	2.588	0	0.548	0.307	0	0	0	2.677	1.293	0.570
Repay bank debt	2.210	3.023	0.583	0.285	0	0.403	0	0.482	0	0	4.170	1.065	0
Multiple/Other/NA	1.967	4.392	0.761	0	0	0	0.136	0	0	0.322	0.906	2.389	0.790
Total	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	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	0	0.767	3	0.482	2	0.00%
Dividend/recap	0.914	2	0	0	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	0	0	1.551	3	2.376	6	2.289	5	9.07%
LBO	0.508	1	0.462	1	0	0	0.982	3	0	0	0.982	3	1.951	5	1.951	5	5.74%
Redeem notes	0	0	0	0	0	0	0.392	1	0	0	0.392	1	0.392	1	0.392	1	2.29%
Refinance	5.242	14	3.135	4	0.307	2	3.970	9	0.570	2	4.540	11	13.224	31	10.349	24	26.54%
Repay bank debt	5.817	13	0.688	2	0.482	1	5.235	7	0	0	5.235	7	12.222	23	10.011	17	30.60%
Multiple/Other/NA	7.120	15	0	0	0.136	1	3.616	8	0.790	1	4.406	9	11.662	25	9.695	21	25.76%
Total	20.079	48	4.286	7	2.039	7	15.746	31	1.360	3	17.106	34	43.509	96	36.084	77	100.00%
Industry Sector (by SIC code)
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Mining (1xxx)	0	0	0	0	0	0	0	0	0	0	0	0.146	0
Oil and gas (13xx)	0	0.047	0	0	0	0	0	0	0	0	0	0	0
Construction (15xx)	0	0	0	0	0	0	0	0	0	0	0	0.392	0
Manufacturing (2xxx, 3xxx)	2.036	5.851	1.497	2.624	0	0.951	0.302	0.291	0.447	0.322	2.828	3.424	0.790
Transportation (4xxx)	0.723	0	0	0	0	0	0.141	0	0	0.100	0	0	0
Communications (48xx)	0	0.501	1.301	0.425	0	0	0	0.375	0	0	1.221	0	0.239
Electric, gas, sanitary services (49xx)	1.344	0.427	0	0	0	0	0	0	0	0	0	0.403	0
Wholesale (5xxx)	0.404	1.108	0	0	0	0	0	0	0	0	0.525	0	0
Finance, insurance, real estate (6xxx)	1.570	0	0	0.285	0	0	0	0	0	0	0.452	0.727	0
Services (7xxx)	1.010	1.922	0	0	0	0	0	0.482	0	0	0.651	0.333	0.331
Health services (8xxx)	0.339	0	0	0	0	0	0	0	0	0	3.722	0.499	0
Total	7.425	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0	0	0	0	0	0	0.146	1	0	0	0.146	1	0.146	1	0.146	1	0.85%
Oil and gas (13xx)	0.047	1	0	0	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	0	0.392	1	0.392	1	0.392	1	2.29%
Manufacturing (2xxx, 3xxx)	9.384	23	3.575	5	1.040	4	6.573	13	0.790	1	7.363	14	21.363	46	19.327	40	43.04%
Transportation (4xxx)	0.723	2	0	0	0.141	1	0.100	1	0	0	0.100	1	0.965	4	0.242	2	0.58%
Communications (48xx)	1.802	3	0.425	1	0.375	1	1.221	4	0.239	1	1.459	5	4.062	10	4.062	10	8.53%
Electric, gas, sanitary services (49xx)	1.771	4	0	0	0	0	0.403	1	0	0	0.403	1	2.174	5	0.830	2	2.36%
Wholesale (5xxx)	1.512	3	0	0	0	0	0.525	1	0	0	0.525	1	2.037	4	1.633	3	3.07%
Finance, insurance, real estate (6xxx)	1.570	3	0.285	1	0	0	1.179	3	0	0	1.179	3	3.034	7	1.464	4	6.89%
Services (7xxx)	2.932	8	0	0	0.482	1	0.984	3	0.331	1	1.315	4	4.728	13	3.718	10	7.69%
Health services (8xxx)	0.339	1	0	0	0	0	4.222	3	0	0	4.222	3	4.560	4	4.222	3	24.68%
Total	20.079	48	4.286	7	2.039	7	15.746	31	1.360	3	17.106	34	43.509	96	36.084	77	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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