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

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

Yield

	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
3.99% and lower	0	0	0	0.662	0	0.460	0.294	0	0	0.955	0	0.993	0
4%-4.99%	0	0.321	0	0.533	0.984	1.013	1.850	0.780	0	0	0	0.147	0
5%-5.99%	1.029	0.650	0.441	1.329	0	1.302	0.457	1.572	0	0.349	0	1.247	0.510
6%-6.99%	1.185	0.510	0	0.756	3.129	2.602	0.727	2.589	0.435	1.610	0	1.329	0.967
7%-7.99%	0	0.651	0	2.576	2.488	1.013	0.895	2.195	0.652	3.055	0	0.545	0.274
8%-8.99%	0.556	0	0.697	1.461	0	0.668	0.659	1.217	0.385	1.422	0	0.662	0.764
9%-9.99%	0.323	0.885	0	0	0.914	0	0.327	1.014	1.577	2.172	0	0.505	1.090
10%-10.99%	0	0	0	0	0	0	0	0.297	0	0.228	0.428	0.328	0.205
11%-11.99%	0	0	0	0.079	0	0	0	0	0	0	0	0	0
12% and higher	0	1.194	0	0	0	0	0	0	0	0	0	0	0.199
Floater	0.360	0.350	0	0.332	0	0.165	0.196	1.362	0.585	0.868	0	0	0.302
NA	0.510	0.598	0.285	0.137	0.270	0.573	0.757	0.310	0.027	0.797	0.086	0.125	1.466
Total	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	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	0	0	3.365	5	3.365	5	3.365	5	4.93%
4%-4.99%	0.321	1	2.529	6	2.629	5	0.147	1	0	0	5.306	12	5.626	13	5.626	13	7.78%
5%-5.99%	2.120	4	2.631	6	2.029	4	1.596	3	0.510	1	6.766	14	8.886	18	7.857	16	9.92%
6%-6.99%	1.695	3	6.487	9	3.751	8	2.940	4	0.967	3	14.145	24	15.840	27	14.655	25	20.73%
7%-7.99%	0.651	2	6.077	15	3.743	9	3.600	6	0.274	2	13.694	32	14.345	34	14.345	34	20.07%
8%-8.99%	1.253	4	2.129	6	2.261	5	2.085	6	0.764	2	7.238	19	8.492	23	7.935	21	10.61%
9%-9.99%	1.208	4	0.914	1	2.917	7	2.677	8	1.090	3	7.598	19	8.806	23	8.483	22	11.14%
10%-10.99%	0	0	0	0	0.297	1	0.984	3	0.205	1	1.486	5	1.486	5	1.486	5	2.18%
11%-11.99%	0	0	0.079	1	0	0	0	0	0	0	0.079	1	0.079	1	0.079	1	0.12%
12% and higher	1.194	2	0	0	0	0	0	0	0.199	1	0.199	1	1.393	3	1.393	3	0.29%
Floater	0.710	2	0.498	2	2.143	7	0.868	2	0.302	1	3.811	12	4.520	14	4.161	13	5.59%
NA	1.393	6	0.980	4	1.093	5	1.008	6	1.466	4	4.548	19	5.940	25	5.430	22	6.67%
Total	10.544	28	23.446	52	21.158	52	17.853	41	5.777	18	68.234	163	78.778	191	74.815	180	100.00%
Versus Talk
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Lower	0	0.522	0	0	0	0.301	0	0.459	0	0.445	0	0	0
Low end	1.143	1.738	0.705	4.747	2.366	2.774	2.264	4.402	0.717	3.818	0	2.925	3.385
Middle	1.029	1.857	0.717	2.771	4.353	1.664	2.434	4.276	2.301	4.677	0	1.738	1.403
High end	0.323	0.127	0	0.348	0	0	0	0	0.231	0.309	0	0.338	0.072
NA	1.468	0.915	0	0	1.066	3.056	1.464	2.199	0.411	2.209	0.514	0.880	0.917
Total	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.522	1	0.301	1	0.459	1	0.445	1	0	0	1.204	3	1.726	4	1.726	4	1.76%
Low end	3.586	10	9.887	23	7.383	18	6.743	12	3.385	11	27.398	64	30.984	74	29.841	70	40.15%
Middle	3.604	8	8.788	17	9.011	17	6.416	13	1.403	4	25.618	51	29.221	59	28.193	57	37.54%
High end	0.449	2	0.348	1	0.231	1	0.647	2	0.072	1	1.298	5	1.748	7	1.425	6	1.90%
NA	2.383	7	4.122	10	4.074	15	3.604	13	0.917	2	12.716	40	15.100	47	13.632	43	18.64%
Total	10.544	28	23.446	52	21.158	52	17.853	41	5.777	18	68.234	163	78.778	191	74.815	180	100.00%
Upsized?
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Yes	1.910	1.402	0.285	2.582	0.611	1.856	1.505	2.879	0.435	0.525	0.428	0.512	0.641
No	2.053	3.528	1.138	5.205	7.174	5.939	3.978	7.305	2.957	10.376	0.086	5.369	4.573
Downsized	0	0.228	0	0.079	0	0	0.679	1.151	0.269	0.557	0	0	0.562
Total	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.597	8	5.049	12	4.819	10	1.465	4	0.641	2	11.974	28	15.571	36	13.661	31	17.55%
No	6.720	19	18.318	39	14.240	37	15.832	36	4.573	14	52.963	126	59.683	145	57.629	139	77.62%
Downsized	0.228	1	0.079	1	2.099	5	0.557	1	0.562	2	3.297	9	3.525	10	3.525	10	4.83%
Total	10.544	28	23.446	52	21.158	52	17.853	41	5.777	18	68.234	163	78.778	191	74.815	180	100.00%
Quick Sale?
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Yes	2.393	2.151	0.441	3.269	3.555	4.026	3.124	0.862	0.995	3.408	0.514	3.763	1.529
No	1.570	3.007	0.982	4.597	4.230	3.769	3.038	10.473	2.666	8.050	0	2.118	4.247
Total	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.985	11	10.850	19	4.981	14	7.685	16	1.529	4	25.045	53	30.030	64	27.637	59	36.70%
No	5.559	17	12.597	33	16.177	38	10.168	25	4.247	14	43.189	110	48.748	127	47.178	121	63.30%
Total	10.544	28	23.446	52	21.158	52	17.853	41	5.777	18	68.234	163	78.778	191	74.815	180	100.00%
Seniority
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
senior secured	1.143	2.382	1.423	3.733	2.845	1.249	2.758	5.965	2.621	8.139	0	0.829	2.751
senior	2.820	2.776	0	3.735	4.940	6.155	3.404	4.680	1.040	3.319	0.514	5.052	3.026
senior subordinated	0	0	0	0.399	0	0.390	0	0.691	0	0	0	0	0
Total	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	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	2.751	9	30.889	76	35.837	91	34.694	87	45.27%
senior	5.596	13	14.831	31	9.123	25	8.885	19	3.026	9	35.866	84	41.462	97	38.641	90	52.56%
senior subordinated	0	0	0.789	2	0.691	1	0	0	0	0	1.480	3	1.480	3	1.480	3	2.17%
Total	10.544	28	23.446	52	21.158	52	17.853	41	5.777	18	68.234	163	78.778	191	74.815	180	100.00%
Moody's Rating
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Ba1	0	0.321	0	0.662	0	0.460	0	0.569	0	0	0	1.970	0
Ba2	1.827	0	0	0.533	0.800	0.817	1.707	0.211	0	0.955	0	0	0.407
Ba3	0	1.684	0.441	0.332	4.231	0.838	0.196	0.459	0	0.637	0	0	0
B1	0.323	0.872	0.276	1.690	0	1.629	0	5.098	0.269	0.726	0.428	1.329	0
B2	0.916	0.343	0.421	2.303	1.600	1.505	0.661	1.777	0.666	4.492	0	0.338	1.485
B3	0	0	0	1.868	1.054	0.668	1.640	0	1.393	2.028	0	0.324	0.270
Caa1	0	1.109	0	0.079	0	0	0	2.543	0	0.405	0	0.545	0
Caa2	0	0.313	0	0	0	0	0	0	0	0.256	0	0.328	0.205
NR	0.897	0.517	0.285	0.399	0.101	1.878	1.958	0.679	1.333	1.959	0.086	1.047	3.409
Total	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	0.321	1	1.122	2	0.569	1	1.970	2	0	0	3.661	5	3.982	6	3.982	6	5.37%
Ba2	1.827	3	2.150	5	1.918	3	0.955	1	0.407	1	5.431	10	7.257	13	5.431	10	7.96%
Ba3	2.125	4	5.401	7	0.654	2	0.637	1	0	0	6.692	10	8.818	14	8.818	14	9.81%
B1	1.471	4	3.319	6	5.367	12	2.484	6	0	0	11.169	24	12.640	28	12.317	27	16.37%
B2	1.680	5	5.408	15	3.104	10	4.829	9	1.485	6	14.827	40	16.507	45	15.591	42	21.73%
B3	0	0	3.590	8	3.033	8	2.352	7	0.270	1	9.245	24	9.245	24	9.245	24	13.55%
Caa1	1.109	2	0.079	1	2.543	6	0.949	3	0	0	3.572	10	4.680	12	4.680	12	5.23%
Caa2	0.313	1	0	0	0	0	0.583	2	0.205	1	0.788	3	1.101	4	1.101	4	1.15%
NR	1.700	8	2.377	8	3.970	10	3.093	10	3.409	9	12.849	37	14.548	45	13.651	41	18.83%
Total	10.544	28	23.446	52	21.158	52	17.853	41	5.777	18	68.234	163	78.778	191	74.815	180	100.00%
Use of Proceeds
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Acquisition	0	0	0.697	1.037	2.542	0	0	0.359	0.385	0.405	0	0.270	1.082
Dividend/recap	0	0	0	0	0	0.466	0.327	0.623	0	0.365	0	0.328	0
GCP	0.328	0	0	0	0	2.661	0.972	0.459	0	0	0	1.454	0.540
LBO	0	0.881	0	0.332	0	0	0	1.482	0	1.260	0	0	0
Redeem notes	0.641	0	0	0.137	0	0.816	0	0.653	0.435	0.955	0	1.347	0
Refinance	0.758	1.383	0.441	4.159	3.248	0.912	0.774	4.560	0.860	3.709	0.428	0.843	1.894
Repay bank debt	0.567	1.540	0.285	0.938	0	1.686	1.722	2.989	1.686	3.330	0	0.662	0
Multiple/Other/NA	1.669	1.355	0	1.264	1.996	1.253	2.366	0.211	0.296	1.435	0.086	0.977	2.261
Total	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.697	2	3.579	7	0.744	2	0.675	2	1.082	4	6.079	15	6.776	17	6.776	17	8.91%
Dividend/recap	0	0	0.466	2	0.950	3	0.692	2	0	0	2.109	7	2.109	7	2.109	7	3.09%
GCP	0.328	2	2.661	4	1.430	5	1.454	4	0.540	1	6.086	14	6.414	16	6.086	14	8.92%
LBO	0.881	1	0.332	1	1.482	3	1.260	3	0	0	3.074	7	3.955	8	3.955	8	4.51%
Redeem notes	0.641	1	0.953	3	1.088	2	2.302	4	0	0	4.343	9	4.985	10	4.343	9	6.36%
Refinance	2.582	8	8.318	19	6.194	17	4.980	10	1.894	6	21.386	52	23.968	60	23.210	57	31.35%
Repay bank debt	2.391	8	2.624	7	6.397	14	3.992	12	0	0	13.013	33	15.404	41	14.838	39	19.07%
Multiple/Other/NA	3.023	6	4.512	9	2.873	6	2.498	4	2.261	7	12.144	26	15.167	32	13.499	29	17.80%
Total	10.544	28	23.446	52	21.158	52	17.853	41	5.777	18	68.234	163	78.778	191	74.815	180	100.00%
Industry Sector (by SIC code)
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0.231	0	0	0	0.606
Mining (1xxx)	0	0	0.276	0	0	0	0	0	0	0.365	0	0	0
Oil and gas (13xx)	0	0	0	0	0	0.316	0	0	0	0	0	0	0
Construction (15xx)	0	0	0	0	0	0	0	0	0	0.525	0	0	0
Manufacturing (2xxx, 3xxx)	0.877	2.048	0.421	2.489	1.768	4.411	1.048	5.172	0.027	7.206	0.086	2.402	1.484
Transportation (4xxx)	0.170	0	0.441	0	0	0	0	1.618	0	0	0	0.545	0
Communications (48xx)	1.600	0.963	0.285	1.013	3.028	0.668	2.298	0.459	0.334	0	0	0.328	0.510
Electric, gas, sanitary services (49xx)	0	0	0	0	0.555	0.269	0.078	0	0.269	0	0	1.022	0.540
Wholesale (5xxx)	0.340	0	0	0.241	0.433	1.486	1.406	1.008	0.385	1.054	0	0	0
Finance, insurance, real estate (6xxx)	0.654	1.195	0	1.786	0.652	0	0.437	0.616	0.674	1.477	0	1.076	1.478
Services (7xxx)	0.323	0.826	0	2.337	1.208	0.646	0.391	1.855	1.741	0.832	0.428	0.184	1.159
Health services (8xxx)	0	0.127	0	0	0.140	0	0.504	0.606	0	0	0	0.324	0
Total	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.231	1	0	0	0.606	2	0.837	3	0.837	3	0.837	3	1.23%
Mining (1xxx)	0.276	1	0	0	0	0	0.365	1	0	0	0.365	1	0.641	2	0.641	2	0.53%
Oil and gas (13xx)	0	0	0.316	1	0	0	0	0	0	0	0.316	1	0.316	1	0.316	1	0.46%
Construction (15xx)	0	0	0	0	0	0	0.525	1	0	0	0.525	1	0.525	1	0.525	1	0.77%
Manufacturing (2xxx, 3xxx)	3.345	9	8.668	16	6.247	15	9.695	17	1.484	5	26.094	53	29.439	62	28.562	59	38.24%
Transportation (4xxx)	0.611	3	0	0	1.618	4	0.545	2	0	0	2.163	6	2.774	9	2.604	7	3.17%
Communications (48xx)	2.848	5	4.709	6	3.091	6	0.328	1	0.510	1	8.637	14	11.485	19	9.885	17	12.66%
Electric, gas, sanitary services (49xx)	0	0	0.824	2	0.347	2	1.022	2	0.540	1	2.733	7	2.733	7	2.733	7	4.01%
Wholesale (5xxx)	0.340	1	2.159	7	2.798	7	1.054	3	0	0	6.011	17	6.351	18	6.011	17	8.81%
Finance, insurance, real estate (6xxx)	1.849	4	2.438	6	1.728	5	2.553	9	1.478	6	8.196	26	10.045	30	9.391	28	12.01%
Services (7xxx)	1.149	4	4.191	13	3.988	8	1.444	4	1.159	3	10.782	28	11.931	32	11.608	31	15.80%
Health services (8xxx)	0.127	1	0.140	1	1.111	4	0.324	1	0	0	1.575	6	1.702	7	1.702	7	2.31%
Total	10.544	28	23.446	52	21.158	52	17.853	41	5.777	18	68.234	163	78.778	191	74.815	180	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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