Analysis of European high yield issuance for 13 months through September 2013

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

Yield

	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
3.99% and lower	0	0	0	0	0.662	0	0.460	0.294	0	0	0.955	0	0.993
4%-4.99%	0.765	0	0.321	0	0.533	0.984	1.013	1.850	0.780	0	0	0	0.147
5%-5.99%	3.927	1.029	0.650	0.441	1.329	0	1.302	0.457	1.572	0	0.349	0	1.247
6%-6.99%	1.764	1.185	0.510	0	0.756	3.129	2.602	0.727	2.589	0.435	1.610	0	1.329
7%-7.99%	1.012	0	0.651	0	2.576	2.488	1.013	0.895	2.195	0.652	3.055	0	0
8%-8.99%	0	0.556	0	0.697	1.461	0	0.668	0.659	1.217	0.385	1.422	0	0.662
9%-9.99%	0.239	0.323	0.885	0	0	0.914	0	0.327	1.014	1.577	2.172	0	0.505
10%-10.99%	0.428	0	0	0	0	0	0	0	0.297	0	0.228	0.428	0.328
11%-11.99%	0	0	0	0	0.079	0	0	0	0	0	0	0	0
12% and higher	0	0	1.194	0	0	0	0	0	0	0	0	0	0
Floater	0.326	0.360	0.350	0	0.332	0	0.165	0.196	1.362	0.585	0.868	0	0
NA	0.122	0.510	0.598	0.285	0.137	0.270	0.573	0.757	0.310	0.027	0.797	0.086	0.125
Total	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.336
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
3.99% and lower	0	0	1.122	2	0.294	1	1.948	2	3.365	5	3.365	5	3.365	5	5.43%
4%-4.99%	0.321	1	2.529	6	2.629	5	0.147	1	5.306	12	6.391	14	5.626	13	8.57%
5%-5.99%	2.120	4	2.631	6	2.029	4	1.596	3	6.256	13	12.304	23	8.377	17	10.10%
6%-6.99%	1.695	3	6.487	9	3.751	8	2.940	4	13.178	21	16.637	27	14.873	24	21.28%
7%-7.99%	0.651	2	6.077	15	3.743	9	3.055	4	12.875	28	14.537	33	13.526	30	20.80%
8%-8.99%	1.253	4	2.129	6	2.261	5	2.085	6	6.475	17	7.728	21	7.728	21	10.46%
9%-9.99%	1.208	4	0.914	1	2.917	7	2.677	8	6.508	16	7.955	21	7.716	20	10.51%
10%-10.99%	0	0	0	0	0.297	1	0.984	3	1.281	4	1.709	5	1.281	4	2.07%
11%-11.99%	0	0	0.079	1	0	0	0	0	0.079	1	0.079	1	0.079	1	0.13%
12% and higher	1.194	2	0	0	0	0	0	0	0	0	1.194	2	1.194	2	0.00%
Floater	0.710	2	0.498	2	2.143	7	0.868	2	3.509	11	4.545	14	4.218	13	5.67%
NA	1.393	6	0.980	4	1.093	5	1.008	6	3.082	15	4.597	22	4.474	21	4.98%
Total	10.544	28	23.446	52	21.158	52	17.309	39	61.913	143	81.040	188	72.457	171	100.00%
Versus Talk
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Lower	0	0	0.522	0	0	0	0.301	0	0.459	0	0.445	0	0
Low end	2.852	1.143	1.738	0.705	4.747	2.366	2.774	2.264	4.402	0.717	3.818	0	2.925
Middle	4.119	1.029	1.857	0.717	2.771	4.353	1.664	2.434	4.276	2.301	4.677	0	1.532
High end	0.387	0.323	0.127	0	0.348	0	0	0	0	0.231	0.309	0	0.338
NA	1.224	1.468	0.915	0	0	1.066	3.056	1.464	2.199	0.411	2.209	0.514	0.542
Total	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.336
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.522	1	0.301	1	0.459	1	0.445	1	1.204	3	1.726	4	1.726	4	1.94%
Low end	3.586	10	9.887	23	7.383	18	6.743	12	24.013	53	30.451	69	27.599	63	38.79%
Middle	3.604	8	8.788	17	9.011	17	6.209	12	24.008	46	31.731	61	27.612	54	38.78%
High end	0.449	2	0.348	1	0.231	1	0.647	2	1.226	4	2.063	7	1.675	6	1.98%
NA	2.383	7	4.122	10	4.074	15	3.265	12	11.461	37	15.068	47	13.845	44	18.51%
Total	10.544	28	23.446	52	21.158	52	17.309	39	61.913	143	81.040	188	72.457	171	100.00%
Upsized?
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Yes	3.129	1.910	1.402	0.285	2.582	0.611	1.856	1.505	2.879	0.435	0.525	0.428	0.512
No	5.454	2.053	3.528	1.138	5.205	7.174	5.939	3.978	7.305	2.957	10.376	0.086	4.824
Downsized	0	0	0.228	0	0.079	0	0	0.679	1.151	0.269	0.557	0	0
Total	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.336
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.597	8	5.049	12	4.819	10	1.465	4	11.333	26	18.058	40	14.930	34	18.30%
No	6.720	19	18.318	39	14.240	37	15.287	34	47.845	110	60.019	140	54.565	129	77.28%
Downsized	0.228	1	0.079	1	2.099	5	0.557	1	2.735	7	2.963	8	2.963	8	4.42%
Total	10.544	28	23.446	52	21.158	52	17.309	39	61.913	143	81.040	188	72.457	171	100.00%
Quick Sale?
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Yes	7.196	2.393	2.151	0.441	3.269	3.555	4.026	3.124	0.862	0.995	3.408	0.514	3.424
No	1.387	1.570	3.007	0.982	4.597	4.230	3.769	3.038	10.473	2.666	8.050	0	1.912
Total	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.336
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.985	11	10.850	19	4.981	14	7.347	15	23.178	48	35.358	73	28.162	59	37.44%
No	5.559	17	12.597	33	16.177	38	9.962	24	38.735	95	45.681	115	44.294	112	62.56%
Total	10.544	28	23.446	52	21.158	52	17.309	39	61.913	143	81.040	188	72.457	171	100.00%
Seniority
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
senior secured	2.747	1.143	2.382	1.423	3.733	2.845	1.249	2.758	5.965	2.621	8.139	0	0.829
senior	5.411	2.820	2.776	0	3.735	4.940	6.155	3.404	4.680	1.040	3.319	0.514	4.507
senior subordinated	0.424	0	0	0	0.399	0	0.390	0	0.691	0	0	0	0
Total	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.336
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	4.948	15	7.827	19	11.344	26	8.968	22	28.139	67	35.834	88	33.087	82	45.45%
senior	5.596	13	14.831	31	9.123	25	8.341	17	32.295	73	43.302	96	37.891	86	52.16%
senior subordinated	0	0	0.789	2	0.691	1	0	0	1.480	3	1.903	4	1.480	3	2.39%
Total	10.544	28	23.446	52	21.158	52	17.309	39	61.913	143	81.040	188	72.457	171	100.00%
Moody's Rating
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Ba1	2.468	0	0.321	0	0.662	0	0.460	0	0.569	0	0	0	1.970
Ba2	1.279	1.827	0	0	0.533	0.800	0.817	1.707	0.211	0	0.955	0	0
Ba3	1.354	0	1.684	0.441	0.332	4.231	0.838	0.196	0.459	0	0.637	0	0
B1	0.667	0.323	0.872	0.276	1.690	0	1.629	0	5.098	0.269	0.726	0.428	1.329
B2	0.776	0.916	0.343	0.421	2.303	1.600	1.505	0.661	1.777	0.666	4.492	0	0.338
B3	0.424	0	0	0	1.868	1.054	0.668	1.640	0	1.393	2.028	0	0.324
Caa1	0.200	0	1.109	0	0.079	0	0	0	2.543	0	0.405	0	0
Caa2	0	0	0.313	0	0	0	0	0	0	0	0.256	0	0.328
NR	1.415	0.897	0.517	0.285	0.399	0.101	1.878	1.958	0.679	1.333	1.959	0.086	1.047
Total	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.336
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	0.321	1	1.122	2	0.569	1	1.970	2	3.661	5	6.449	9	3.982	6	5.91%
Ba2	1.827	3	2.150	5	1.918	3	0.955	1	5.024	9	8.129	15	6.850	12	8.11%
Ba3	2.125	4	5.401	7	0.654	2	0.637	1	6.692	10	10.172	16	8.818	14	10.81%
B1	1.471	4	3.319	6	5.367	12	2.484	6	11.169	24	13.307	30	12.640	28	18.04%
B2	1.680	5	5.408	15	3.104	10	4.829	9	13.342	34	15.797	40	15.021	39	21.55%
B3	0	0	3.590	8	3.033	8	2.352	7	8.975	23	9.399	24	8.975	23	14.50%
Caa1	1.109	2	0.079	1	2.543	6	0.405	1	3.027	8	4.336	11	4.135	10	4.89%
Caa2	0.313	1	0	0	0	0	0.583	2	0.583	2	0.896	3	0.896	3	0.94%
NR	1.700	8	2.377	8	3.970	10	3.093	10	9.440	28	12.554	40	11.139	36	15.25%
Total	10.544	28	23.446	52	21.158	52	17.309	39	61.913	143	81.040	188	72.457	171	100.00%
Use of Proceeds
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Acquisition	0.724	0	0	0.697	1.037	2.542	0	0	0.359	0.385	0.405	0	0.270
Dividend/recap	0.200	0	0	0	0	0	0.466	0.327	0.623	0	0.365	0	0.328
GCP	1.538	0.328	0	0	0	0	2.661	0.972	0.459	0	0	0	1.454
LBO	0	0	0.881	0	0.332	0	0	0	1.482	0	1.260	0	0
Redeem notes	0.491	0.641	0	0	0.137	0	0.816	0	0.653	0.435	0.955	0	1.140
Refinance	1.786	0.758	1.383	0.441	4.159	3.248	0.912	0.774	4.560	0.860	3.709	0.428	0.505
Repay bank debt	1.713	0.567	1.540	0.285	0.938	0	1.686	1.722	2.989	1.686	3.330	0	0.662
Multiple/Other/NA	2.131	1.669	1.355	0	1.264	1.996	1.253	2.366	0.211	0.296	1.435	0.086	0.977
Total	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.336
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.697	2	3.579	7	0.744	2	0.675	2	4.998	11	6.419	14	5.695	13	8.07%
Dividend/recap	0	0	0.466	2	0.950	3	0.692	2	2.109	7	2.309	8	2.109	7	3.41%
GCP	0.328	2	2.661	4	1.430	5	1.454	4	5.546	13	7.411	18	5.874	15	8.96%
LBO	0.881	1	0.332	1	1.482	3	1.260	3	3.074	7	3.955	8	3.955	8	4.97%
Redeem notes	0.641	1	0.953	3	1.088	2	2.096	3	4.137	8	5.269	11	4.778	9	6.68%
Refinance	2.582	8	8.318	19	6.194	17	4.641	9	19.153	45	23.522	56	21.736	53	30.94%
Repay bank debt	2.391	8	2.624	7	6.397	14	3.992	12	13.013	33	17.117	45	15.404	41	21.02%
Multiple/Other/NA	3.023	6	4.512	9	2.873	6	2.498	4	9.883	19	15.038	28	12.906	25	15.96%
Total	10.544	28	23.446	52	21.158	52	17.309	39	61.913	143	81.040	188	72.457	171	100.00%
Industry Sector (by SIC code)
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0.231	0	0	0
Mining (1xxx)	0	0	0	0.276	0	0	0	0	0	0	0.365	0	0
Oil and gas (13xx)	0	0	0	0	0	0	0.316	0	0	0	0	0	0
Construction (15xx)	0.387	0	0	0	0	0	0	0	0	0	0.525	0	0
Manufacturing (2xxx, 3xxx)	3.161	0.877	2.048	0.421	2.489	1.768	4.411	1.048	5.172	0.027	7.206	0.086	2.402
Transportation (4xxx)	0.122	0.170	0	0.441	0	0	0	0	1.618	0	0	0	0
Communications (48xx)	1.795	1.600	0.963	0.285	1.013	3.028	0.668	2.298	0.459	0.334	0	0	0.328
Electric, gas, sanitary services (49xx)	0.979	0	0	0	0	0.555	0.269	0.078	0	0.269	0	0	1.022
Wholesale (5xxx)	0.239	0.340	0	0	0.241	0.433	1.486	1.406	1.008	0.385	1.054	0	0
Finance, insurance, real estate (6xxx)	0.941	0.654	1.195	0	1.786	0.652	0	0.437	0.616	0.674	1.477	0	1.076
Services (7xxx)	0.959	0.323	0.826	0	2.337	1.208	0.646	0.391	1.855	1.741	0.832	0.428	0.184
Health services (8xxx)	0	0	0.127	0	0	0.140	0	0.504	0.606	0	0	0	0.324
Total	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.336
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.231	1	0	0	0.231	1	0.231	1	0.231	1	0.37%
Mining (1xxx)	0.276	1	0	0	0	0	0.365	1	0.365	1	0.641	2	0.641	2	0.59%
Oil and gas (13xx)	0	0	0.316	1	0	0	0	0	0.316	1	0.316	1	0.316	1	0.51%
Construction (15xx)	0	0	0	0	0	0	0.525	1	0.525	1	0.912	2	0.525	1	0.85%
Manufacturing (2xxx, 3xxx)	3.345	9	8.668	16	6.247	15	9.695	17	24.610	48	31.115	63	27.955	57	39.75%
Transportation (4xxx)	0.611	3	0	0	1.618	4	0	0	1.618	4	2.351	8	2.229	7	2.61%
Communications (48xx)	2.848	5	4.709	6	3.091	6	0.328	1	8.127	13	12.770	21	10.975	18	13.13%
Electric, gas, sanitary services (49xx)	0	0	0.824	2	0.347	2	1.022	2	2.193	6	3.172	7	2.193	6	3.54%
Wholesale (5xxx)	0.340	1	2.159	7	2.798	7	1.054	3	6.011	17	6.590	19	6.351	18	9.71%
Finance, insurance, real estate (6xxx)	1.849	4	2.438	6	1.728	5	2.553	9	6.719	20	9.508	26	8.567	24	10.85%
Services (7xxx)	1.149	4	4.191	13	3.988	8	1.444	4	9.623	25	11.730	31	10.772	29	15.54%
Health services (8xxx)	0.127	1	0.140	1	1.111	4	0.324	1	1.575	6	1.702	7	1.702	7	2.54%
Total	10.544	28	23.446	52	21.158	52	17.309	39	61.913	143	81.040	188	72.457	171	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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