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

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

Yield

	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Less than 6%	0	0	0	0	0	0.322	1.128	1.057	0.790	0	0	0.797	0
6%-6.99%	0	0.548	0	0	0	0	1.015	0.462	0	0	0.503	0.957	0.863
7%-7.99%	0	0	0.166	0	0	0	0.208	1.913	0	0.388	0.376	0.734	0.093
8%-8.99%	0	0	0	0.291	0	0	4.019	0.785	0.331	0.767	0	0	0
9%-9.99%	0	0.403	0	0.482	0	0	0	0	0.239	0	0.537	0	0
10%-10.99%	0	0	0	0	0	0	0.621	0.598	0	0.323	0	0	0
11% and higher	0	0	0.141	0.375	0	0	1.193	0.902	0	0.387	0.269	0.312	0.325
Floater	0	0	0.136	0	0	0	0.897	0.061	0	0	0	0.383	0
NA	0	0	0	0	0.447	0.100	0.318	0.146	0	0	0	0.591	1.502
Total	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784
	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	2.507	5	0.790	1	0.797	3	4.094	9	4.094	9	4.094	9	15.04%
6%-6.99%	0	0	1.477	3	0.503	1	1.820	4	3.800	8	4.348	9	4.348	9	13.96%
7%-7.99%	0.166	1	2.121	4	0.764	2	0.828	2	3.713	8	3.878	9	3.878	9	13.64%
8%-8.99%	0.291	1	4.804	4	1.098	3	0	0	5.902	7	6.193	8	6.193	8	21.69%
9%-9.99%	0.482	1	0	0	0.776	2	0	0	0.776	2	1.661	4	1.661	4	2.85%
10%-10.99%	0	0	1.219	3	0.323	1	0	0	1.542	4	1.542	4	1.542	4	5.67%
11% and higher	0.517	2	2.095	5	0.656	2	0.637	2	3.389	9	3.906	11	3.906	11	12.45%
Floater	0.136	1	0.958	3	0	0	0.383	2	1.341	5	1.477	6	1.477	6	4.93%
NA	0.447	1	0.565	4	0	0	2.093	2	2.658	6	3.105	7	3.105	7	9.77%
Total	2.039	7	15.746	31	4.910	12	6.558	15	27.214	58	30.204	67	30.204	67	100.00%
Versus Talk
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Low end	0	0.548	0.166	0	0	0.322	4.247	1.358	0.790	0.650	0.503	1.226	0.555
Middle	0	0.403	0	0.857	0	0	2.757	3.228	0	0.323	0.376	1.359	0.325
High end	0	0	0	0.291	0	0	0.447	0.736	0.239	0.505	0	0.420	0.402
Higher	0	0	0	0	0	0	0	0	0	0.387	0	0	0
NA	0	0	0.278	0	0.447	0.100	1.947	0.604	0.331	0	0.806	0.769	1.502
Total	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Low end	0.166	1	5.927	7	1.943	4	1.781	5	9.651	16	10.364	18	10.364	18	35.46%
Middle	0.857	2	5.985	11	0.699	2	1.684	3	8.368	16	9.628	19	9.628	19	30.75%
High end	0.291	1	1.183	4	0.744	2	0.822	4	2.749	10	3.040	11	3.040	11	10.10%
Higher	0	0	0	0	0.387	1	0	0	0.387	1	0.387	1	0.387	1	1.42%
NA	0.725	3	2.652	9	1.137	3	2.271	3	6.060	15	6.785	18	6.785	18	22.27%
Total	2.039	7	15.746	31	4.910	12	6.558	15	27.214	58	30.204	67	30.204	67	100.00%
Upsized?
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Yes	0	0.548	0	0.482	0.447	0.322	3.352	0.333	0	0.893	0.879	0.591	0.863
No	0	0.403	0.444	0.666	0	0.100	6.047	5.592	1.360	0	0.806	3.184	1.595
Downsized	0	0	0	0	0	0	0	0	0	0.972	0	0	0.325
Total	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.929	2	4.006	11	1.772	4	1.454	3	7.233	18	8.709	21	8.709	21	26.58%
No	1.110	5	11.740	20	2.166	5	4.779	11	18.685	36	20.198	42	20.198	42	68.66%
Downsized	0	0	0	0	0.972	3	0.325	1	1.297	4	1.297	4	1.297	4	4.77%
Total	2.039	7	15.746	31	4.910	12	6.558	15	27.214	58	30.204	67	30.204	67	100.00%
Quick Sale?
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Yes	0	0.951	0.444	0.291	0.447	0.422	5.584	3.764	1.121	0.323	0.879	2.209	2.459
No	0	0	0	0.857	0	0	3.816	2.161	0.239	1.542	0.806	1.566	0.325
Total	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.182	5	9.770	16	2.323	5	4.667	8	16.760	29	18.893	36	18.893	36	61.59%
No	0.857	2	5.977	15	2.587	7	1.891	7	10.454	29	11.311	31	11.311	31	38.41%
Total	2.039	7	15.746	31	4.910	12	6.558	15	27.214	58	30.204	67	30.204	67	100.00%
Seniority
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
senior secured	0	0	0	0	0	0	6.053	0.669	0.239	1.478	0.537	1.825	1.282
secured	0	0	0	0	0	0	0	0	0	0	0	0	1.502
senior	0	0.951	0.444	1.148	0.447	0.422	3.346	5.256	1.121	0	1.148	1.950	0
senior subordinated	0	0	0	0	0	0	0	0	0	0.387	0	0	0
Total	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784
	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	0	6.722	10	2.254	6	3.107	11	12.083	27	12.083	27	12.083	27	44.40%
secured	0	0	0	0	0	0	1.502	1	1.502	1	1.502	1	1.502	1	5.52%
senior	2.039	7	9.024	21	2.269	5	1.950	3	13.243	29	16.233	38	16.233	38	48.66%
senior subordinated	0	0	0	0	0.387	1	0	0	0.387	1	0.387	1	0.387	1	1.42%
Total	2.039	7	15.746	31	4.910	12	6.558	15	27.214	58	30.204	67	30.204	67	100.00%
Moody's Rating
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Ba1	0	0	0	0	0	0	0.525	0.661	0.790	0	0	0.625	0
Ba2	0	0.951	0.302	0.291	0	0.322	0.666	0.789	0	0	0	0.259	0
Ba3	0	0	0	0.482	0	0	2.253	1.124	0.239	0	0	1.067	0.957
B1	0	0	0	0	0	0	3.722	1.909	0	1.478	1.416	0	0
B2	0	0	0	0	0	0	1.195	0.403	0.331	0	0	0	0
B3	0	0	0	0	0	0	0.296	0	0	0	0	0	0.325
Caa1	0	0	0	0.375	0	0	0.298	0.832	0	0.387	0.269	0.312	0
NR	0	0	0.141	0	0.447	0.100	0.443	0.207	0	0	0	1.512	1.502
Total	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	0	0	1.186	2	0.790	1	0.625	1	2.600	4	2.600	4	2.600	4	9.55%
Ba2	0.593	3	1.776	4	0	0	0.259	1	2.035	5	3.579	10	3.579	10	7.48%
Ba3	0.482	1	3.377	7	0.239	1	2.023	5	5.639	13	6.121	14	6.121	14	20.72%
B1	0	0	5.632	6	2.895	7	0	0	8.526	13	8.526	13	8.526	13	31.33%
B2	0	0	1.599	4	0.331	1	0	0	1.930	5	1.930	5	1.930	5	7.09%
B3	0	0	0.296	1	0	0	0.325	1	0.621	2	0.621	2	0.621	2	2.28%
Caa1	0.375	1	1.130	3	0.656	2	0.312	1	2.098	6	2.473	7	2.473	7	7.71%
NR	0.589	2	0.751	4	0	0	3.014	6	3.765	10	4.353	12	4.353	12	13.83%
Total	2.039	7	15.746	31	4.910	12	6.558	15	27.214	58	30.204	67	30.204	67	100.00%
Use of Proceeds
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Acquisition	0	0	0	0.375	0	0	0	0	0	0	0	0.591	0
GCP	0	0	0	0.291	0.447	0.100	0.666	0.785	0	0	0	0	1.502
LBO	0	0	0	0	0	0	0.982	0	0	0	0.806	0	0
Redeem notes	0	0	0	0	0	0	0	0.392	0	0	0	0	0
Refinance	0	0.548	0.307	0	0	0	2.677	1.293	0.570	1.542	0	0.903	1.189
Repay bank debt	0	0.403	0	0.482	0	0	4.170	1.065	0	0	0.879	0.921	0.093
Multiple/Other/NA	0	0	0.136	0	0	0.322	0.906	2.389	0.790	0.323	0	1.359	0
Total	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.375	1	0	0	0	0	0.591	2	0.591	2	0.967	3	0.967	3	2.17%
GCP	0.738	2	1.551	3	0	0	1.502	1	3.053	4	3.791	6	3.791	6	11.22%
LBO	0	0	0.982	3	0.806	2	0	0	1.788	5	1.788	5	1.788	5	6.57%
Redeem notes	0	0	0.392	1	0	0	0	0	0.392	1	0.392	1	0.392	1	1.44%
Refinance	0.307	2	3.970	9	2.111	6	2.092	5	8.173	20	9.028	23	9.028	23	30.04%
Repay bank debt	0.482	1	5.235	7	0.879	2	1.015	5	7.128	14	8.013	16	8.013	16	26.19%
Multiple/Other/NA	0.136	1	3.616	8	1.113	2	1.359	2	6.088	12	6.224	13	6.224	13	22.37%
Total	2.039	7	15.746	31	4.910	12	6.558	15	27.214	58	30.204	67	30.204	67	100.00%
Industry Sector (by SIC code)
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Mining (1xxx)	0	0	0	0	0	0	0	0.146	0	0	0	0	0
Oil and gas (13xx)	0	0	0	0	0	0	0	0	0	0	0	0	0.325
Construction (15xx)	0	0	0	0	0	0	0	0.392	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0	0.951	0.302	0.291	0.447	0.322	2.828	3.424	0.790	1.090	0	2.004	0
Transportation (4xxx)	0	0	0.141	0	0	0.100	0	0	0	0	0	0	0
Communications (48xx)	0	0	0	0.375	0	0	1.221	0	0.239	0	0.503	1.771	0.957
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0.403	0	0	0	0	0
Wholesale (5xxx)	0	0	0	0	0	0	0.525	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0	0	0	0	0	0	0.452	0.727	0	0	0	0	0
Services (7xxx)	0	0	0	0.482	0	0	0.651	0.333	0.331	0.775	0	0	1.502
Health services (8xxx)	0	0	0	0	0	0	3.722	0.499	0	0	1.182	0	0
Total	0	0.951	0.444	1.148	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	1/1900
	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	0.146	1	0	0	0	0	0.146	1	0.146	1	0.146	1	0.54%
Oil and gas (13xx)	0	0	0	0	0	0	0.325	1	0.325	1	0.325	1	0.325	1	1.19%
Construction (15xx)	0	0	0.392	1	0	0	0	0	0.392	1	0.392	1	0.392	1	1.44%
Manufacturing (2xxx, 3xxx)	1.040	4	6.573	13	1.880	4	2.004	4	10.457	21	12.448	27	12.448	27	38.43%
Transportation (4xxx)	0.141	1	0.100	1	0	0	0	0	0.100	1	0.242	2	0.242	2	0.37%
Communications (48xx)	0.375	1	1.221	4	0.742	2	2.728	9	4.690	15	5.066	16	5.066	16	17.23%
Electric, gas, sanitary services (49xx)	0	0	0.403	1	0	0	0	0	0.403	1	0.403	1	0.403	1	1.48%
Wholesale (5xxx)	0	0	0.525	1	0	0	0	0	0.525	1	0.525	1	0.525	1	1.93%
Finance, insurance, real estate (6xxx)	0	0	1.179	3	0	0	0	0	1.179	3	1.179	3	1.179	3	4.33%
Services (7xxx)	0.482	1	0.984	3	1.106	3	1.502	1	3.591	7	4.073	8	4.073	8	13.20%
Health services (8xxx)	0	0	4.222	3	1.182	3	0	0	5.404	6	5.404	6	5.404	6	19.86%
Total	2.039	7	15.746	31	4.910	12	6.558	15	27.214	58	30.204	67	30.204	67	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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