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

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

Yield

	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Less than 6%	0	0.322	1.128	1.057	0.790	0	0	0.797	0	4.692	1.029	0.971	0.441
6%-6.99%	0	0	1.015	0.462	0	0	0.503	0.957	0.863	1.764	1.185	0.510	0
7%-7.99%	0	0	0.208	1.913	0	0.388	0.376	0.734	0.093	1.012	0	0.651	0
8%-8.99%	0	0	4.019	0.785	0.331	0.767	0	0	0	0	0.556	0	0.697
9%-9.99%	0	0	0	0	0.239	0	0.537	0	0	0.239	0.323	0.885	0
10%-10.99%	0	0	0.621	0.598	0	0.323	0	0	0	0.428	0	0	0
11% and higher	0	0	1.193	0.902	0	0.387	0.269	0.312	0.325	0	0	1.194	0
Floater	0	0	0.897	0.061	0	0	0	0.383	0	0.326	0.360	0.350	0
NA	0.447	0.100	0.318	0.146	0	0	0	0.591	1.502	0.122	0.510	0.598	0.285
Total	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 6%	2.507	5	0.790	1	5.489	10	2.441	5	11.227	21	11.227	21	11.227	21	24.22%
6%-6.99%	1.477	3	0.503	1	3.585	7	1.695	3	7.260	14	7.260	14	7.260	14	15.67%
7%-7.99%	2.121	4	0.764	2	1.839	5	0.651	2	5.375	13	5.375	13	5.375	13	11.60%
8%-8.99%	4.804	4	1.098	3	0	0	1.253	4	7.155	11	7.155	11	7.155	11	15.44%
9%-9.99%	0	0	0.776	2	0.239	1	1.208	4	2.223	7	2.223	7	2.223	7	4.80%
10%-10.99%	1.219	3	0.323	1	0.428	1	0	0	1.970	5	1.970	5	1.970	5	4.25%
11% and higher	2.095	5	0.656	2	0.637	2	1.194	2	4.583	11	4.583	11	4.583	11	9.89%
Floater	0.958	3	0	0	0.709	3	0.710	2	2.376	8	2.376	8	2.376	8	5.13%
NA	0.565	4	0	0	2.215	3	1.393	6	4.173	13	4.620	14	4.173	13	9.00%
Total	15.746	31	4.910	12	15.141	32	10.544	28	46.341	103	46.788	104	46.341	103	100.00%
Versus Talk
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Lower	0	0	0	0	0	0	0	0	0	0	0	0.522	0
Low end	0	0.322	4.247	1.358	0.790	0.650	0.503	1.226	0.555	2.852	1.143	1.738	0.705
Middle	0	0	2.757	3.228	0	0.323	0.376	1.359	0.325	4.119	1.029	1.857	0.717
High end	0	0	0.447	0.736	0.239	0.505	0	0.420	0.402	0.387	0.323	0.127	0
Higher	0	0	0	0	0	0.387	0	0	0	0	0	0	0
NA	0.447	0.100	1.947	0.604	0.331	0	0.806	0.769	1.502	1.224	1.468	0.915	0
Total	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0	0	0	0	0	0	0.522	1	0.522	1	0.522	1	0.522	1	1.13%
Low end	5.927	7	1.943	4	4.633	11	3.586	10	16.089	32	16.089	32	16.089	32	34.72%
Middle	5.985	11	0.699	2	5.804	10	3.604	8	16.091	31	16.091	31	16.091	31	34.72%
High end	1.183	4	0.744	2	1.209	5	0.449	2	3.586	13	3.586	13	3.586	13	7.74%
Higher	0	0	0.387	1	0	0	0	0	0.387	1	0.387	1	0.387	1	0.84%
NA	2.652	9	1.137	3	3.495	6	2.383	7	9.667	25	10.114	26	9.667	25	20.86%
Total	15.746	31	4.910	12	15.141	32	10.544	28	46.341	103	46.788	104	46.341	103	100.00%
Upsized?
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Yes	0.447	0.322	3.352	0.333	0	0.893	0.879	0.591	0.863	3.129	1.910	1.402	0.285
No	0	0.100	6.047	5.592	1.360	0	0.806	3.184	1.595	5.454	2.053	3.528	1.138
Downsized	0	0	0	0	0	0.972	0	0	0.325	0	0	0.228	0
Total	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.006	11	1.772	4	4.583	9	3.597	8	13.958	32	14.405	33	13.958	32	30.12%
No	11.740	20	2.166	5	10.233	22	6.720	19	30.858	66	30.858	66	30.858	66	66.59%
Downsized	0	0	0.972	3	0.325	1	0.228	1	1.525	5	1.525	5	1.525	5	3.29%
Total	15.746	31	4.910	12	15.141	32	10.544	28	46.341	103	46.788	104	46.341	103	100.00%
Quick Sale?
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Yes	0.447	0.422	5.584	3.764	1.121	0.323	0.879	2.209	2.459	7.196	2.393	2.151	0.441
No	0	0	3.816	2.161	0.239	1.542	0.806	1.566	0.325	1.387	1.570	3.007	0.982
Total	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	9.770	16	2.323	5	11.863	22	4.985	11	28.941	54	29.388	55	28.941	54	62.45%
No	5.977	15	2.587	7	3.278	10	5.559	17	17.400	49	17.400	49	17.400	49	37.55%
Total	15.746	31	4.910	12	15.141	32	10.544	28	46.341	103	46.788	104	46.341	103	100.00%
Seniority
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
senior secured	0	0	6.053	0.669	0.239	1.478	0.537	1.825	1.282	2.747	1.143	2.382	1.423
secured	0	0	0	0	0	0	0	0	1.502	0	0	0	0
senior	0.447	0.422	3.346	5.256	1.121	0	1.148	1.950	0	5.411	2.820	2.776	0
senior subordinated	0	0	0	0	0	0.387	0	0	0	0.424	0	0	0
Total	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	6.722	10	2.254	6	5.854	17	4.948	15	19.778	48	19.778	48	19.778	48	42.68%
secured	0	0	0	0	1.502	1	0	0	1.502	1	1.502	1	1.502	1	3.24%
senior	9.024	21	2.269	5	7.361	13	5.596	13	24.251	52	24.698	53	24.251	52	52.33%
senior subordinated	0	0	0.387	1	0.424	1	0	0	0.811	2	0.811	2	0.811	2	1.75%
Total	15.746	31	4.910	12	15.141	32	10.544	28	46.341	103	46.788	104	46.341	103	100.00%
Moody's Rating
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Ba1	0	0	0.525	0.661	0.790	0	0	0.625	0	2.468	0	0.321	0
Ba2	0	0.322	0.666	0.789	0	0	0	0.259	0	1.279	1.827	0	0
Ba3	0	0	2.253	1.124	0.239	0	0	1.067	0.957	1.354	0	1.684	0.441
B1	0	0	3.722	1.909	0	1.478	1.416	0	0	0.667	0.323	0.872	0.276
B2	0	0	1.195	0.403	0.331	0	0	0	0	0.776	0.916	0.343	0.421
B3	0	0	0.296	0	0	0	0	0	0.325	0.424	0	0	0
Caa1	0	0	0.298	0.832	0	0.387	0.269	0.312	0	0.200	0	1.109	0
Caa2	0	0	0	0	0	0	0	0	0	0	0	0.313	0
NR	0.447	0.100	0.443	0.207	0	0	0	1.512	1.502	1.415	0.897	0.517	0.285
Total	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	1.186	2	0.790	1	3.093	4	0.321	1	5.389	8	5.389	8	5.389	8	11.63%
Ba2	1.776	4	0	0	1.538	4	1.827	3	5.141	11	5.141	11	5.141	11	11.09%
Ba3	3.377	7	0.239	1	3.377	7	2.125	4	9.118	19	9.118	19	9.118	19	19.68%
B1	5.632	6	2.895	7	0.667	2	1.471	4	10.664	19	10.664	19	10.664	19	23.01%
B2	1.599	4	0.331	1	0.776	1	1.680	5	4.385	11	4.385	11	4.385	11	9.46%
B3	0.296	1	0	0	0.749	2	0	0	1.045	3	1.045	3	1.045	3	2.26%
Caa1	1.130	3	0.656	2	0.513	2	1.109	2	3.406	9	3.406	9	3.406	9	7.35%
Caa2	0	0	0	0	0	0	0.313	1	0.313	1	0.313	1	0.313	1	0.68%
NR	0.751	4	0	0	4.429	10	1.700	8	6.880	22	7.327	23	6.880	22	14.85%
Total	15.746	31	4.910	12	15.141	32	10.544	28	46.341	103	46.788	104	46.341	103	100.00%
Use of Proceeds
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Acquisition	0	0	0	0	0	0	0	0.591	0	0.724	0	0	0.697
Dividend/recap	0	0	0	0	0	0	0	0	0	0.200	0	0	0
GCP	0.447	0.100	0.666	0.785	0	0	0	0	1.502	1.538	0.328	0	0
LBO	0	0	0.982	0	0	0	0.806	0	0	0	0	0.881	0
Redeem notes	0	0	0	0.392	0	0	0	0	0	0.491	0.641	0	0
Refinance	0	0	2.677	1.293	0.570	1.542	0	0.903	1.189	1.786	0.758	1.383	0.441
Repay bank debt	0	0	4.170	1.065	0	0	0.879	0.921	0.093	1.713	0.567	1.540	0.285
Multiple/Other/NA	0	0.322	0.906	2.389	0.790	0.323	0	1.359	0	2.131	1.669	1.355	0
Total	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0	0	1.315	3	0.697	2	2.012	5	2.012	5	2.012	5	4.34%
Dividend/recap	0	0	0	0	0.200	1	0	0	0.200	1	0.200	1	0.200	1	0.43%
GCP	1.551	3	0	0	3.039	4	0.328	2	4.918	9	5.366	10	4.918	9	10.61%
LBO	0.982	3	0.806	2	0	0	0.881	1	2.669	6	2.669	6	2.669	6	5.76%
Redeem notes	0.392	1	0	0	0.491	2	0.641	1	1.524	4	1.524	4	1.524	4	3.29%
Refinance	3.970	9	2.111	6	3.878	8	2.582	8	12.541	31	12.541	31	12.541	31	27.06%
Repay bank debt	5.235	7	0.879	2	2.727	9	2.391	8	11.233	26	11.233	26	11.233	26	24.24%
Multiple/Other/NA	3.616	8	1.113	2	3.490	5	3.023	6	11.243	21	11.243	21	11.243	21	24.26%
Total	15.746	31	4.910	12	15.141	32	10.544	28	46.341	103	46.788	104	46.341	103	100.00%
Industry Sector (by SIC code)
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Mining (1xxx)	0	0	0	0.146	0	0	0	0	0	0	0	0	0.276
Oil and gas (13xx)	0	0	0	0	0	0	0	0	0.325	0	0	0	0
Construction (15xx)	0	0	0	0.392	0	0	0	0	0	0.387	0	0	0
Manufacturing (2xxx, 3xxx)	0.447	0.322	2.828	3.424	0.790	1.090	0	2.004	0	3.161	0.877	2.048	0.421
Transportation (4xxx)	0	0.100	0	0	0	0	0	0	0	0.122	0.170	0	0.441
Communications (48xx)	0	0	1.221	0	0.239	0	0.503	1.771	0.957	1.795	1.600	0.963	0.285
Electric, gas, sanitary services (49xx)	0	0	0	0.403	0	0	0	0	0	0.979	0	0	0
Wholesale (5xxx)	0	0	0.525	0	0	0	0	0	0	0.239	0.340	0	0
Finance, insurance, real estate (6xxx)	0	0	0.452	0.727	0	0	0	0	0	0.941	0.654	1.195	0
Services (7xxx)	0	0	0.651	0.333	0.331	0.775	0	0	1.502	0.959	0.323	0.826	0
Health services (8xxx)	0	0	3.722	0.499	0	0	1.182	0	0	0	0	0.127	0
Total	0.447	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.146	1	0	0	0	0	0.276	1	0.423	2	0.423	2	0.423	2	0.91%
Oil and gas (13xx)	0	0	0	0	0.325	1	0	0	0.325	1	0.325	1	0.325	1	0.70%
Construction (15xx)	0.392	1	0	0	0.387	1	0	0	0.780	2	0.780	2	0.780	2	1.68%
Manufacturing (2xxx, 3xxx)	6.573	13	1.880	4	5.164	10	3.345	9	16.963	36	17.410	37	16.963	36	36.60%
Transportation (4xxx)	0.100	1	0	0	0.122	1	0.611	3	0.834	5	0.834	5	0.834	5	1.80%
Communications (48xx)	1.221	4	0.742	2	4.523	12	2.848	5	9.333	23	9.333	23	9.333	23	20.14%
Electric, gas, sanitary services (49xx)	0.403	1	0	0	0.979	1	0	0	1.383	2	1.383	2	1.383	2	2.98%
Wholesale (5xxx)	0.525	1	0	0	0.239	1	0.340	1	1.104	3	1.104	3	1.104	3	2.38%
Finance, insurance, real estate (6xxx)	1.179	3	0	0	0.941	2	1.849	4	3.969	9	3.969	9	3.969	9	8.56%
Services (7xxx)	0.984	3	1.106	3	2.461	3	1.149	4	5.699	13	5.699	13	5.699	13	12.30%
Health services (8xxx)	4.222	3	1.182	3	0	0	0.127	1	5.530	7	5.530	7	5.530	7	11.93%
Total	15.746	31	4.910	12	15.141	32	10.544	28	46.341	103	46.788	104	46.341	103	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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