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

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

Yield

	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Less than 6%	0.708	0.143	0	0	0	0	0	0	0.322	1.128	1.057	0.790	0
6%-6.99%	0	0.717	1.297	0	0.548	0	0	0	0	1.015	0.462	0	0
7%-7.99%	3.226	0.043	1.150	0	0	0.166	0	0	0	0.208	1.913	0	0.388
8%-8.99%	3.300	0	0	0	0	0	0.291	0	0	4.019	0.785	0.331	0.767
9%-9.99%	1.398	0	0.887	0	0.403	0	0.482	0	0	0	0	0.239	0
10%-10.99%	0	0.614	0	0	0	0	0	0	0	0.621	0.598	0	0.323
11% and higher	0.468	0.210	0	0	0	0.141	0.375	0	0	1.193	0.902	0	0.387
Floater	0.755	0.583	0	0	0	0.136	0	0	0	0.897	0.061	0	0
NA	0	0.487	0	0	0	0	0	0.447	0.100	0.318	0.146	0	0
Total	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865
	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	0	0	0	2.507	5	0.790	1	3.297	6	4.147	8	3.439	7	17.38%
6%-6.99%	1.845	2	0	0	1.477	3	0	0	1.477	3	4.039	6	4.039	6	7.79%
7%-7.99%	1.150	2	0.166	1	2.121	4	0.388	1	2.509	5	7.095	15	3.869	9	13.23%
8%-8.99%	0	0	0.291	1	4.804	4	1.098	3	5.902	7	9.493	14	6.193	8	31.11%
9%-9.99%	1.290	3	0.482	1	0	0	0.239	1	0.239	1	3.408	8	2.011	5	1.26%
10%-10.99%	0	0	0	0	1.219	3	0.323	1	1.542	4	2.156	6	2.156	6	8.13%
11% and higher	0	0	0.517	2	2.095	5	0.387	1	2.482	6	3.677	11	3.209	9	13.09%
Floater	0	0	0.136	1	0.958	3	0	0	0.958	3	2.433	8	1.678	5	5.05%
NA	0	0	0.447	1	0.565	4	0	0	0.565	4	1.499	6	1.499	6	2.98%
Total	4.286	7	2.039	7	15.746	31	3.225	8	18.971	39	37.949	82	28.093	61	100.00%
Versus Talk
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Lower	0	0	0.462	0	0	0	0	0	0	0	0	0	0
Low end	2.587	0.583	2.162	0	0.548	0.166	0	0	0.322	4.247	1.358	0.790	0.650
Middle	5.265	0.717	0.710	0	0.403	0	0.857	0	0	2.757	3.228	0	0.323
High end	0.988	0.210	0	0	0	0	0.291	0	0	0.447	0.736	0.239	0.505
Higher	0.432	0.650	0	0	0	0	0	0	0	0	0	0	0.387
NA	0.584	0.637	0	0	0	0.278	0	0.447	0.100	1.947	0.604	0.331	0
Total	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.462	1	0	0	0	0	0	0	0	0	0.462	1	0.462	1	0.00%
Low end	2.710	3	0.166	1	5.927	7	1.440	3	7.366	10	13.412	20	10.826	15	38.83%
Middle	1.114	3	0.857	2	5.985	11	0.323	1	6.308	12	14.261	28	8.996	18	33.25%
High end	0	0	0.291	1	1.183	4	0.744	2	1.927	6	3.416	10	2.428	8	10.16%
Higher	0	0	0	0	0	0	0.387	1	0.387	1	1.469	4	1.037	3	2.04%
NA	0	0	0.725	3	2.652	9	0.331	1	2.983	10	4.928	19	4.344	16	15.72%
Total	4.286	7	2.039	7	15.746	31	3.225	8	18.971	39	37.949	82	28.093	61	100.00%
Upsized?
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Yes	1.264	1.301	0	0	0.548	0	0.482	0.447	0.322	3.352	0.333	0	0.893
No	8.160	1.287	3.335	0	0.403	0.444	0.666	0	0.100	6.047	5.592	1.360	0
Downsized	0.432	0.210	0	0	0	0	0	0	0	0	0	0	0.972
Total	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.548	1	0.929	2	4.006	11	0.893	2	4.900	13	8.940	21	7.677	18	25.83%
No	3.738	6	1.110	5	11.740	20	1.360	3	13.100	23	27.395	56	19.235	39	69.05%
Downsized	0	0	0	0	0	0	0.972	3	0.972	3	1.614	5	1.182	4	5.12%
Total	4.286	7	2.039	7	15.746	31	3.225	8	18.971	39	37.949	82	28.093	61	100.00%
Quick Sale?
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Yes	2.108	0.832	0.425	0	0.951	0.444	0.291	0.447	0.422	5.584	3.764	1.121	0.323
No	7.748	1.966	2.909	0	0	0	0.857	0	0	3.816	2.161	0.239	1.542
Total	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.376	3	1.182	5	9.770	16	1.444	3	11.214	19	16.712	35	14.604	30	59.11%
No	2.909	4	0.857	2	5.977	15	1.780	5	7.757	20	21.237	47	13.489	31	40.89%
Total	4.286	7	2.039	7	15.746	31	3.225	8	18.971	39	37.949	82	28.093	61	100.00%
Seniority
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
senior secured	5.250	2.402	0.425	0	0	0	0	0	0	6.053	0.669	0.239	1.478
senior	4.606	0.397	2.909	0	0.951	0.444	1.148	0.447	0.422	3.346	5.256	1.121	0
senior subordinated	0	0	0	0	0	0	0	0	0	0	0	0	0.387
Total	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0.425	1	0	0	6.722	10	1.717	5	8.439	15	16.516	34	11.266	21	44.48%
senior	3.860	6	2.039	7	9.024	21	1.121	2	10.145	23	21.047	47.000	16.441	39	53.48%
senior subordinated	0	0	0	0	0	0	0.387	1	0.387	1	0.387	1	0.387	1	2.04%
Total	4.286	7	2.039	7	15.746	31	3.225	8	18.971	39	37.949	82	28.093	61	100.00%
Moody's Rating
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Ba1	0.708	0.143	2.162	0	0	0	0	0	0	0.525	0.661	0.790	0
Ba2	0	0.717	0.285	0	0.951	0.302	0.291	0	0.322	0.666	0.789	0	0
Ba3	1.630	0.583	0	0	0	0	0.482	0	0	2.253	1.124	0.239	0
B1	3.087	0	0	0	0	0	0	0	0	3.722	1.909	0	1.478
B2	2.731	0.995	0.425	0	0	0	0	0	0	1.195	0.403	0.331	0
B3	0.768	0.106	0	0	0	0	0	0	0	0.296	0	0	0
Caa1	0.453	0	0.462	0	0	0	0.375	0	0	0.298	0.832	0	0.387
Caa2	0.432	0	0	0	0	0	0	0	0	0	0	0	0
NR	0.047	0.254	0	0	0	0.141	0	0.447	0.100	0.443	0.207	0	0
Total	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	2.162	2	0	0	1.186	2	0.790	1	1.976	3	4.989	7	4.281	6	10.42%
Ba2	1.236	3	0.593	3	1.776	4	0	0	1.776	4	4.323	11	4.323	11	9.36%
Ba3	0	0	0.482	1	3.377	7	0.239	1	3.616	8	6.311	13	4.681	10	19.06%
B1	0	0	0	0	5.632	6	1.478	4	7.110	10	10.197	15	7.110	10	37.48%
B2	0.425	1	0	0	1.599	4	0.331	1	1.930	5	6.080	14	3.350	8	10.17%
B3	0	0	0	0	0.296	1	0	0	0.296	1	1.170	4	0.402	2	1.56%
Caa1	0.462	1	0.375	1	1.130	3	0.387	1	1.516	4	2.807	8	2.354	6	7.99%
Caa2	0	0	0	0	0	0	0	0	0	0	0.432	1	0	0	0.00%
NR	0	0	0.589	2	0.751	4	0	0	0.751	4	1.640	9	1.593	8	3.96%
Total	4.286	7	2.039	7	15.746	31	3.225	8	18.971	39	37.949	82	28.093	61	100.00%
Use of Proceeds
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Acquisition	0	0.106	0	0	0	0	0.375	0	0	0	0	0	0
Dividend/recap	0.427	0.487	0	0	0	0	0	0	0	0	0	0	0
GCP	0	0	0	0	0	0	0.291	0.447	0.100	0.666	0.785	0	0
LBO	0	0.508	0.462	0	0	0	0	0	0	0.982	0	0	0
Redeem notes	0	0	0	0	0	0	0	0	0	0	0.392	0	0
Refinance	2.014	0.353	2.588	0	0.548	0.307	0	0	0	2.677	1.293	0.570	1.542
Repay bank debt	3.023	0.583	0.285	0	0.403	0	0.482	0	0	4.170	1.065	0	0
Multiple/Other/NA	4.392	0.761	0	0	0	0.136	0	0	0.322	0.906	2.389	0.790	0.323
Total	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0.375	1	0	0	0	0	0	0	0.482	2	0.482	2	0.00%
Dividend/recap	0	0	0	0	0	0	0	0	0	0	0.914	2	0.487	1	0.00%
GCP	0	0	0.738	2	1.551	3	0	0	1.551	3	2.289	5	2.289	5	8.18%
LBO	0.462	1	0	0	0.982	3	0	0	0.982	3	1.951	5	1.951	5	5.18%
Redeem notes	0	0	0	0	0.392	1	0	0	0.392	1	0.392	1	0.392	1	2.07%
Refinance	3.135	4	0.307	2	3.970	9	2.111	6	6.081	15	11.891	28	9.877	23	32.05%
Repay bank debt	0.688	2	0.482	1	5.235	7	0	0	5.235	7	10.011	17	6.988	11	27.59%
Multiple/Other/NA	0	0	0.136	1	3.616	8	1.113	2	4.729	10	10.018	22	5.626	13	24.93%
Total	4.286	7	2.039	7	15.746	31	3.225	8	18.971	39	37.949	82	28.093	61	100.00%
Industry Sector (by SIC code)
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Mining (1xxx)	0	0	0	0	0	0	0	0	0	0	0.146	0	0
Oil and gas (13xx)	0.047	0	0	0	0	0	0	0	0	0	0	0	0
Construction (15xx)	0	0	0	0	0	0	0	0	0	0	0.392	0	0
Manufacturing (2xxx, 3xxx)	5.851	1.497	2.624	0	0.951	0.302	0.291	0.447	0.322	2.828	3.424	0.790	1.090
Transportation (4xxx)	0	0	0	0	0	0.141	0	0	0.100	0	0	0	0
Communications (48xx)	0.501	1.301	0.425	0	0	0	0.375	0	0	1.221	0	0.239	0
Electric, gas, sanitary services (49xx)	0.427	0	0	0	0	0	0	0	0	0	0.403	0	0
Wholesale (5xxx)	1.108	0	0	0	0	0	0	0	0	0.525	0	0	0
Finance, insurance, real estate (6xxx)	0	0	0.285	0	0	0	0	0	0	0.452	0.727	0	0
Services (7xxx)	1.922	0	0	0	0	0	0.482	0	0	0.651	0.333	0.331	0.775
Health services (8xxx)	0	0	0	0	0	0	0	0	0	3.722	0.499	0	0
Total	9.856	2.798	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865
	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	0.146	1	0	0	0.146	1	0.146	1	0.146	1	0.77%
Oil and gas (13xx)	0	0	0	0	0	0	0	0	0	0	0.047	1	0	0	0.00%
Construction (15xx)	0	0	0	0	0.392	1	0	0	0.392	1	0.392	1	0.392	1	2.07%
Manufacturing (2xxx, 3xxx)	3.575	5	1.040	4	6.573	13	1.880	4	8.454	17	20.417	43	14.566	32	44.56%
Transportation (4xxx)	0	0	0.141	1	0.100	1	0	0	0.100	1	0.242	2	0.242	2	0.53%
Communications (48xx)	0.425	1	0.375	1	1.221	4	0.239	1	1.459	5	4.062	10	3.561	9	7.69%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.403	1	0	0	0.403	1	0.830	2	0.403	1	2.12%
Wholesale (5xxx)	0	0	0	0	0.525	1	0	0	0.525	1	1.633	3	0.525	1	2.77%
Finance, insurance, real estate (6xxx)	0.285	1	0	0	1.179	3	0	0	1.179	3	1.464	4	1.464	4	6.21%
Services (7xxx)	0	0	0.482	1	0.984	3	1.106	3	2.090	6	4.493	12	2.571	7	11.02%
Health services (8xxx)	0	0	0	0	4.222	3	0	0	4.222	3	4.222	3	4.222	3	22.26%
Total	4.286	7	2.039	7	15.746	31	3.225	8	18.971	39	37.949	82	28.093	61	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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