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

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

Yield

	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Less than 6%	0	0	0	0	0	0	0.322	1.128	1.057	0.790	0	0	0.420
6%-6.99%	1.297	0	0.548	0	0	0	0	1.015	0.462	0	0	0.503	0.957
7%-7.99%	1.150	0	0	0.166	0	0	0	0.208	1.913	0	0.388	0.376	0.734
8%-8.99%	0	0	0	0	0.291	0	0	4.019	0.785	0.331	0.767	0	0
9%-9.99%	0.887	0	0.403	0	0.482	0	0	0	0	0.239	0	0.537	0
10%-10.99%	0	0	0	0	0	0	0	0.621	0.598	0	0.323	0	0
11% and higher	0	0	0	0.141	0.375	0	0	1.193	0.902	0	0.387	0.269	0.312
Floater	0	0	0	0.136	0	0	0	0.897	0.061	0	0	0	0.204
NA	0	0	0	0	0	0.447	0.100	0.318	0.146	0	0	0	0.591
Total	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.219
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 6%	0	0	0	0	2.507	5	0.790	1	0.420	2	3.717	8	3.717	8	3.717	8	15.57%
6%-6.99%	1.845	2	0	0	1.477	3	0.503	1	0.957	2	2.937	6	4.782	8	3.485	7	12.30%
7%-7.99%	1.150	2	0.166	1	2.121	4	0.764	2	0.734	1	3.619	7	4.935	10	3.785	8	15.16%
8%-8.99%	0	0	0.291	1	4.804	4	1.098	3	0	0	5.902	7	6.193	8	6.193	8	24.72%
9%-9.99%	1.290	3	0.482	1	0	0	0.776	2	0	0	0.776	2	2.548	6	1.661	4	3.25%
10%-10.99%	0	0	0	0	1.219	3	0.323	1	0	0	1.542	4	1.542	4	1.542	4	6.46%
11% and higher	0	0	0.517	2	2.095	5	0.656	2	0.312	1	3.064	8	3.581	10	3.581	10	12.83%
Floater	0	0	0.136	1	0.958	3	0	0	0.204	1	1.162	4	1.299	5	1.299	5	4.87%
NA	0	0	0.447	1	0.565	4	0	0	0.591	1	1.156	5	1.603	6	1.603	6	4.84%
Total	4.286	7	2.039	7	15.746	31	4.910	12	3.219	8	23.875	51	30.199	65	26.865	60	100.00%
Versus Talk
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Lower	0.462	0	0	0	0	0	0	0	0	0	0	0	0
Low end	2.162	0	0.548	0.166	0	0	0.322	4.247	1.358	0.790	0.650	0.503	0.849
Middle	0.710	0	0.403	0	0.857	0	0	2.757	3.228	0	0.323	0.376	1.359
High end	0	0	0	0	0.291	0	0	0.447	0.736	0.239	0.505	0	0.420
Higher	0	0	0	0	0	0	0	0	0	0	0.387	0	0
NA	0	0	0	0.278	0	0.447	0.100	1.947	0.604	0.331	0	0.806	0.591
Total	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.219
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.462	1	0	0	0	0	0	0	0	0	0	0	0.462	1	0	0	0.00%
Low end	2.710	3	0.166	1	5.927	7	1.943	4	0.849	3	8.719	14	11.594	18	9.432	16	36.52%
Middle	1.114	3	0.857	2	5.985	11	0.699	2	1.359	2	8.043	15	10.014	20	9.303	18	33.69%
High end	0	0	0.291	1	1.183	4	0.744	2	0.420	2	2.347	8	2.638	9	2.638	9	9.83%
Higher	0	0	0	0	0	0	0.387	1	0	0	0.387	1	0.387	1	0.387	1	1.62%
NA	0	0	0.725	3	2.652	9	1.137	3	0.591	1	4.380	13	5.105	16	5.105	16	18.35%
Total	4.286	7	2.039	7	15.746	31	4.910	12	3.219	8	23.875	51	30.199	65	26.865	60	100.00%
Upsized?
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Yes	0	0	0.548	0	0.482	0.447	0.322	3.352	0.333	0	0.893	0.879	0.591
No	3.335	0	0.403	0.444	0.666	0	0.100	6.047	5.592	1.360	0	0.806	2.628
Downsized	0	0	0	0	0	0	0	0	0	0	0.972	0	0
Total	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.219
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.548	1	0.929	2	4.006	11	1.772	4	0.591	1	6.369	16	7.846	19	7.846	19	26.68%
No	3.738	6	1.110	5	11.740	20	2.166	5	2.628	7	16.534	32	21.382	43	18.047	38	69.25%
Downsized	0	0	0	0	0	0	0.972	3	0	0	0.972	3	0.972	3	0.972	3	4.07%
Total	4.286	7	2.039	7	15.746	31	4.910	12	3.219	8	23.875	51	30.199	65	26.865	60	100.00%
Quick Sale?
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Yes	0.425	0	0.951	0.444	0.291	0.447	0.422	5.584	3.764	1.121	0.323	0.879	2.209
No	2.909	0	0	0	0.857	0	0	3.816	2.161	0.239	1.542	0.806	1.010
Total	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.219
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.376	3	1.182	5	9.770	16	2.323	5	2.209	4	14.301	25	16.859	33	16.434	32	59.90%
No	2.909	4	0.857	2	5.977	15	2.587	7	1.010	4	9.574	26	13.340	32	10.431	28	40.10%
Total	4.286	7	2.039	7	15.746	31	4.910	12	3.219	8	23.875	51	30.199	65	26.865	60	100.00%
Seniority
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
senior secured	0.425	0	0	0	0	0	0	6.053	0.669	0.239	1.478	0.537	1.269
senior	2.909	0	0.951	0.444	1.148	0.447	0.422	3.346	5.256	1.121	0	1.148	1.950
senior subordinated	0	0	0	0	0	0	0	0	0	0	0.387	0	0
Total	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.219
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0.425	1	0	0	6.722	10	2.254	6	1.269	5	10.245	21	10.671	22	10.245	21	42.91%
senior	3.860	6	2.039	7	9.024	21	2.269	5	1.950	3	13.243	29	19.142	42	16.233	38	55.47%
senior subordinated	0	0	0	0	0	0	0.387	1	0	0	0.387	1	0.387	1	0.387	1	1.62%
Total	4.286	7	2.039	7	15.746	31	4.910	12	3.219	8	23.875	51	30.199	65	26.865	60	100.00%
Moody's Rating
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Ba1	2.162	0	0	0	0	0	0	0.525	0.661	0.790	0	0	0.625
Ba2	0.285	0	0.951	0.302	0.291	0	0.322	0.666	0.789	0	0	0	0.259
Ba3	0	0	0	0	0.482	0	0	2.253	1.124	0.239	0	0	1.067
B1	0	0	0	0	0	0	0	3.722	1.909	0	1.478	1.416	0
B2	0.425	0	0	0	0	0	0	1.195	0.403	0.331	0	0	0
B3	0	0	0	0	0	0	0	0.296	0	0	0	0	0
Caa1	0.462	0	0	0	0.375	0	0	0.298	0.832	0	0.387	0.269	0.312
NR	0	0	0	0.141	0	0.447	0.100	0.443	0.207	0	0	0	0.957
Total	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.219
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	2.162	2	0	0	1.186	2	0.790	1	0.625	1	2.600	4	4.763	6	2.600	4	10.89%
Ba2	1.236	3	0.593	3	1.776	4	0	0	0.259	1	2.035	5	3.864	11	3.579	10	8.52%
Ba3	0	0	0.482	1	3.377	7	0.239	1	1.067	2	4.682	10	5.164	11	5.164	11	19.61%
B1	0	0	0	0	5.632	6	2.895	7	0	0	8.526	13	8.526	13	8.526	13	35.71%
B2	0.425	1	0	0	1.599	4	0.331	1	0	0	1.930	5	2.355	6	1.930	5	8.08%
B3	0	0	0	0	0.296	1	0	0	0	0	0.296	1	0.296	1	0.296	1	1.24%
Caa1	0.462	1	0.375	1	1.130	3	0.656	2	0.312	1	2.098	6	2.935	8	2.473	7	8.79%
NR	0	0	0.589	2	0.751	4	0	0	0.957	3	1.708	7	2.296	9	2.296	9	7.15%
Total	4.286	7	2.039	7	15.746	31	4.910	12	3.219	8	23.875	51	30.199	65	26.865	60	100.00%
Use of Proceeds
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Acquisition	0	0	0	0	0.375	0	0	0	0	0	0	0	0.591
GCP	0	0	0	0	0.291	0.447	0.100	0.666	0.785	0	0	0	0
LBO	0.462	0	0	0	0	0	0	0.982	0	0	0	0.806	0
Redeem notes	0	0	0	0	0	0	0	0	0.392	0	0	0	0
Refinance	2.588	0	0.548	0.307	0	0	0	2.677	1.293	0.570	1.542	0	0.591
Refinance debt	0	0	0	0	0	0	0	0	0	0	0	0	0.312
Repay bank debt	0.285	0	0.403	0	0.482	0	0	4.170	1.065	0	0	0.879	0.366
Multiple/Other/NA	0	0	0	0.136	0	0	0.322	0.906	2.389	0.790	0.323	0	1.359
Total	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.219
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0.375	1	0	0	0	0	0.591	2	0.591	2	0.967	3	0.967	3	2.48%
GCP	0	0	0.738	2	1.551	3	0	0	0	0	1.551	3	2.289	5	2.289	5	6.50%
LBO	0.462	1	0	0	0.982	3	0.806	2	0	0	1.788	5	2.250	6	1.788	5	7.49%
Redeem notes	0	0	0	0	0.392	1	0	0	0	0	0.392	1	0.392	1	0.392	1	1.64%
Refinance	3.135	4	0.307	2	3.970	9	2.111	6	0.591	1	6.672	16	10.115	22	7.528	19	27.95%
Refinance debt	0	0	0	0	0	0	0	0	0.312	1	0.312	1	0.312	1	0.312	1	1.31%
Repay bank debt	0.688	2	0.482	1	5.235	7	0.879	2	0.366	2	6.480	11	7.649	14	7.364	13	27.14%
Multiple/Other/NA	0	0	0.136	1	3.616	8	1.113	2	1.359	2	6.088	12	6.224	13	6.224	13	25.50%
Total	4.286	7	2.039	7	15.746	31	4.910	12	3.219	8	23.875	51	30.199	65	26.865	60	100.00%
Industry Sector (by SIC code)
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Mining (1xxx)	0	0	0	0	0	0	0	0	0.146	0	0	0	0
Construction (15xx)	0	0	0	0	0	0	0	0	0.392	0	0	0	0
Manufacturing (2xxx, 3xxx)	2.624	0	0.951	0.302	0.291	0.447	0.322	2.828	3.424	0.790	1.090	0	2.004
Transportation (4xxx)	0	0	0	0.141	0	0	0.100	0	0	0	0	0	0
Communications (48xx)	0.425	0	0	0	0.375	0	0	1.221	0	0.239	0	0.503	1.216
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0.403	0	0	0	0
Wholesale (5xxx)	0	0	0	0	0	0	0	0.525	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0.285	0	0	0	0	0	0	0.452	0.727	0	0	0	0
Services (7xxx)	0	0	0	0	0.482	0	0	0.651	0.333	0.331	0.775	0	0
Health services (8xxx)	0	0	0	0	0	0	0	3.722	0.499	0	0	1.182	0
Total	3.335	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.219
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0	0	0	0	0.146	1	0	0	0	0	0.146	1	0.146	1	0.146	1	0.61%
Construction (15xx)	0	0	0	0	0.392	1	0	0	0	0	0.392	1	0.392	1	0.392	1	1.64%
Manufacturing (2xxx, 3xxx)	3.575	5	1.040	4	6.573	13	1.880	4	2.004	4	10.457	21	15.073	30	12.448	27	43.80%
Transportation (4xxx)	0	0	0.141	1	0.100	1	0	0	0	0	0.100	1	0.242	2	0.242	2	0.42%
Communications (48xx)	0.425	1	0.375	1	1.221	4	0.742	2	1.216	4	3.178	10	3.979	12	3.554	11	13.31%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.403	1	0	0	0	0	0.403	1	0.403	1	0.403	1	1.69%
Wholesale (5xxx)	0	0	0	0	0.525	1	0	0	0	0	0.525	1	0.525	1	0.525	1	2.20%
Finance, insurance, real estate (6xxx)	0.285	1	0	0	1.179	3	0	0	0	0	1.179	3	1.464	4	1.179	3	4.94%
Services (7xxx)	0	0	0.482	1	0.984	3	1.106	3	0	0	2.090	6	2.571	7	2.571	7	8.75%
Health services (8xxx)	0	0	0	0	4.222	3	1.182	3	0	0	5.404	6	5.404	6	5.404	6	22.63%
Total	4.286	7	2.039	7	15.746	31	4.910	12	3.219	8	23.875	51	30.199	65	26.865	60	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.

• 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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