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

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

Yield

	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
3.99% and lower	0	0	0.662	0	0.460	0.294	0	0	0.955	0	0.993	0	1.070
4%-4.99%	0.321	0	0.533	0.984	1.013	1.850	0.780	0	0	0	0.147	0	2.310
5%-5.99%	0.650	0.441	1.329	0	1.302	0.457	1.572	0	0.349	0	1.247	0.510	0.323
6%-6.99%	0.510	0	0.756	3.129	2.602	0.727	2.589	0.435	1.610	0	1.329	0.967	1.728
7%-7.99%	0.651	0	2.576	2.488	1.013	0.895	2.195	0.652	3.055	0	0.545	0.274	2.495
8%-8.99%	0	0.697	1.461	0	0.668	0.659	1.217	0.385	1.422	0	0.662	0.764	0.268
9%-9.99%	0.885	0	0	0.914	0	0.327	1.014	1.577	2.172	0	0.505	1.090	0
10%-10.99%	0	0	0	0	0	0	0.297	0	0.228	0.428	0.328	0.205	0
11% and higher	1.194	0	0.079	0	0	0	0	0	0	0	0	0.199	0.217
Floater	0.350	0	0.332	0	0.165	0.196	1.362	0.585	0.868	0	0	0.302	0.270
NA	0.598	0.285	0.137	0.270	0.573	0.757	0.310	0.027	0.797	0.086	0.125	1.466	1.422
Total	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103
	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	1.122	2	0.294	1	1.948	2	1.070	2	4.435	7	4.435	7	4.435	7	5.66%
4%-4.99%	2.529	6	2.629	5	0.147	1	2.310	3	7.616	15	7.937	16	7.616	15	9.72%
5%-5.99%	2.631	6	2.029	4	1.596	3	0.833	2	7.089	15	8.180	17	7.530	16	9.05%
6%-6.99%	6.487	9	3.751	8	2.940	4	2.696	6	15.873	27	16.383	28	15.873	27	20.26%
7%-7.99%	6.077	15	3.743	9	3.600	6	2.769	7	16.189	37	16.840	39	16.189	37	20.67%
8%-8.99%	2.129	6	2.261	5	2.085	6	1.032	3	7.506	20	8.203	22	8.203	22	9.58%
9%-9.99%	0.914	1	2.917	7	2.677	8	1.090	3	7.598	19	8.483	22	7.598	19	9.70%
10%-10.99%	0	0	0.297	1	0.984	3	0.205	1	1.486	5	1.486	5	1.486	5	1.90%
11% and higher	0.079	1	0	0	0	0	0.416	2	0.495	3	1.689	5	0.495	3	0.63%
Floater	0.498	2	2.143	7	0.868	2	0.571	2	4.080	13	4.430	14	4.080	13	5.21%
NA	0.980	4	1.093	5	1.008	6	2.888	6	5.970	21	6.853	24	6.255	22	7.62%
Total	23.446	52	21.158	52	17.853	41	15.880	37	78.338	182	84.919	199	79.761	186	100.00%
Versus Talk
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Lower	0.522	0	0	0	0.301	0	0.459	0	0.445	0	0	0	1.051
Low end	1.738	0.705	4.747	2.366	2.774	2.264	4.402	0.717	3.818	0	2.925	3.385	5.762
Middle	1.857	0.717	2.771	4.353	1.664	2.434	4.276	2.301	4.677	0	1.738	1.403	2.202
High end	0.127	0	0.348	0	0	0	0	0.231	0.309	0	0.338	0.072	0
NA	0.915	0	0	1.066	3.056	1.464	2.199	0.411	2.209	0.514	0.880	0.917	1.088
Total	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.301	1	0.459	1	0.445	1	1.051	3	2.255	6	2.777	7	2.255	6	2.88%
Low end	9.887	23	7.383	18	6.743	12	9.147	22	33.160	75	35.603	81	33.865	77	42.33%
Middle	8.788	17	9.011	17	6.416	13	3.605	7	27.820	54	30.395	60	28.537	56	35.51%
High end	0.348	1	0.231	1	0.647	2	0.072	1	1.298	5	1.425	6	1.298	5	1.66%
NA	4.122	10	4.074	15	3.604	13	2.005	4	13.804	42	14.719	45	13.804	42	17.62%
Total	23.446	52	21.158	52	17.853	41	15.880	37	78.338	182	84.919	199	79.761	186	100.00%
Upsized?
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Yes	1.402	0.285	2.582	0.611	1.856	1.505	2.879	0.435	0.525	0.428	0.512	0.641	2.857
No	3.528	1.138	5.205	7.174	5.939	3.978	7.305	2.957	10.376	0.086	5.369	4.573	7.247
Downsized	0.228	0	0.079	0	0	0.679	1.151	0.269	0.557	0	0	0.562	0
Total	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	5.049	12	4.819	10	1.465	4	3.498	8	14.831	34	16.518	37	15.116	35	18.93%
No	18.318	39	14.240	37	15.832	36	11.820	27	60.209	139	64.876	152	61.347	142	76.86%
Downsized	0.079	1	2.099	5	0.557	1	0.562	2	3.297	9	3.525	10	3.297	9	4.21%
Total	23.446	52	21.158	52	17.853	41	15.880	37	78.338	182	84.919	199	79.761	186	100.00%
Quick Sale?
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Yes	2.151	0.441	3.269	3.555	4.026	3.124	0.862	0.995	3.408	0.514	3.763	1.529	3.861
No	3.007	0.982	4.597	4.230	3.769	3.038	10.473	2.666	8.050	0	2.118	4.247	6.243
Total	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	10.850	19	4.981	14	7.685	16	5.390	10	28.906	59	31.498	65	29.347	60	36.90%
No	12.597	33	16.177	38	10.168	25	10.490	27	49.432	123	53.421	134	50.414	126	63.10%
Total	23.446	52	21.158	52	17.853	41	15.880	37	78.338	182	84.919	199	79.761	186	100.00%
Seniority
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
senior secured	2.382	1.423	3.733	2.845	1.249	2.758	5.965	2.621	8.139	0	0.829	2.751	3.103
senior	2.776	0	3.735	4.940	6.155	3.404	4.680	1.040	3.319	0.514	5.052	3.026	6.783
senior subordinated	0	0	0.399	0	0.390	0	0.691	0	0	0	0	0	0.217
Total	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	7.827	19	11.344	26	8.968	22	5.854	17	33.992	84	37.797	95	35.415	88	43.39%
senior	14.831	31	9.123	25	8.885	19	9.810	19	42.649	94	45.425	100	42.649	94	54.44%
senior subordinated	0.789	2	0.691	1	0	0	0.217	1	1.697	4	1.697	4	1.697	4	2.17%
Total	23.446	52	21.158	52	17.853	41	15.880	37	78.338	182	84.919	199	79.761	186	100.00%
Moody's Rating
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Ba1	0.321	0	0.662	0	0.460	0	0.569	0	0	0	1.970	0	2.155
Ba2	0	0	0.533	0.800	0.817	1.707	0.211	0	0.955	0	0	0.407	0
Ba3	1.684	0.441	0.332	4.231	0.838	0.196	0.459	0	0.637	0	0	0	1.306
B1	0.872	0.276	1.690	0	1.629	0	5.098	0.269	0.726	0.428	1.329	0	2.008
B2	0.343	0.421	2.303	1.600	1.505	0.661	1.777	0.666	4.492	0	0.338	1.485	1.579
B3	0	0	1.868	1.054	0.668	1.640	0	1.393	2.028	0	0.324	0.270	0.704
Caa1	1.109	0	0.079	0	0	0	2.543	0	0.405	0	0.545	0	0
Caa2	0.313	0	0	0	0	0	0	0	0.256	0	0.328	0.205	0
NR	0.517	0.285	0.399	0.101	1.878	1.958	0.679	1.333	1.959	0.086	1.047	3.409	2.352
Total	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	1.122	2	0.569	1	1.970	2	2.155	3	5.816	8	6.136	9	5.816	8	7.42%
Ba2	2.150	5	1.918	3	0.955	1	0.407	1	5.431	10	5.431	10	5.431	10	6.93%
Ba3	5.401	7	0.654	2	0.637	1	1.306	2	7.998	12	10.124	16	8.439	13	10.21%
B1	3.319	6	5.367	12	2.484	6	2.008	4	13.177	28	14.325	31	13.454	29	16.82%
B2	5.408	15	3.104	10	4.829	9	3.064	10	16.406	44	17.169	46	16.826	45	20.94%
B3	3.590	8	3.033	8	2.352	7	0.975	3	9.950	26	9.950	26	9.950	26	12.70%
Caa1	0.079	1	2.543	6	0.949	3	0	0	3.572	10	4.680	12	3.572	10	4.56%
Caa2	0	0	0	0	0.583	2	0.205	1	0.788	3	1.101	4	0.788	3	1.01%
NR	2.377	8	3.970	10	3.093	10	5.761	13	15.200	41	16.003	45	15.485	42	19.40%
Total	23.446	52	21.158	52	17.853	41	15.880	37	78.338	182	84.919	199	79.761	186	100.00%
Use of Proceeds
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Acquisition	0	0.697	1.037	2.542	0	0	0.359	0.385	0.405	0	0.270	1.082	0.268
Dividend/recap	0	0	0	0	0.466	0.327	0.623	0	0.365	0	0.328	0	0
GCP	0	0	0	0	2.661	0.972	0.459	0	0	0	1.454	0.540	1.219
LBO	0.881	0	0.332	0	0	0	1.482	0	1.260	0	0	0	0
Redeem notes	0	0	0.137	0	0.816	0	0.653	0.435	0.955	0	1.347	0	0.636
Refinance	1.383	0.441	4.159	3.248	0.912	0.774	4.560	0.860	3.709	0.428	0.843	1.894	4.666
Repay bank debt	1.540	0.285	0.938	0	1.686	1.722	2.989	1.686	3.330	0	0.662	0	0.323
Multiple/Other/NA	1.355	0	1.264	1.996	1.253	2.366	0.211	0.296	1.435	0.086	0.977	2.261	2.991
Total	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	3.579	7	0.744	2	0.675	2	1.349	5	6.347	16	7.044	18	7.044	18	8.10%
Dividend/recap	0.466	2	0.950	3	0.692	2	0	0	2.109	7	2.109	7	2.109	7	2.69%
GCP	2.661	4	1.430	5	1.454	4	1.759	3	7.305	16	7.305	16	7.305	16	9.32%
LBO	0.332	1	1.482	3	1.260	3	0	0	3.074	7	3.955	8	3.074	7	3.92%
Redeem notes	0.953	3	1.088	2	2.302	4	0.636	1	4.979	10	4.979	10	4.979	10	6.36%
Refinance	8.318	19	6.194	17	4.980	10	6.560	16	26.052	62	27.876	67	26.493	63	33.26%
Repay bank debt	2.624	7	6.397	14	3.992	12	0.323	1	13.336	34	15.161	40	13.621	35	17.02%
Multiple/Other/NA	4.512	9	2.873	6	2.498	4	5.252	11	15.135	30	16.490	33	15.135	30	19.32%
Total	23.446	52	21.158	52	17.853	41	15.880	37	78.338	182	84.919	199	79.761	186	100.00%
Industry Sector (by SIC code)
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Agriculture (0xxx)	0	0	0	0	0	0	0	0.231	0	0	0	0.606	0.381
Mining (1xxx)	0	0.276	0	0	0	0	0	0	0.365	0	0	0	0
Oil and gas (13xx)	0	0	0	0	0.316	0	0	0	0	0	0	0	0
Construction (15xx)	0	0	0	0	0	0	0	0	0.525	0	0	0	1.357
Manufacturing (2xxx, 3xxx)	2.048	0.421	2.489	1.768	4.411	1.048	5.172	0.027	7.206	0.086	2.402	1.484	3.094
Transportation (4xxx)	0	0.441	0	0	0	0	1.618	0	0	0	0.545	0	0.270
Communications (48xx)	0.963	0.285	1.013	3.028	0.668	2.298	0.459	0.334	0	0	0.328	0.510	0.636
Electric, gas, sanitary services (49xx)	0	0	0	0.555	0.269	0.078	0	0.269	0	0	1.022	0.540	0.801
Wholesale (5xxx)	0	0	0.241	0.433	1.486	1.406	1.008	0.385	1.054	0	0	0	0.947
Finance, insurance, real estate (6xxx)	1.195	0	1.786	0.652	0	0.437	0.616	0.674	1.477	0	1.076	1.478	1.393
Services (7xxx)	0.826	0	2.337	1.208	0.646	0.391	1.855	1.741	0.832	0.428	0.184	1.159	1.224
Health services (8xxx)	0.127	0	0	0.140	0	0.504	0.606	0	0	0	0.324	0	0
Total	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103
	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	0.231	1	0	0	0.987	3	1.218	4	1.218	4	1.218	4	1.55%
Mining (1xxx)	0	0	0	0	0.365	1	0	0	0.365	1	0.641	2	0.641	2	0.47%
Oil and gas (13xx)	0.316	1	0	0	0	0	0	0	0.316	1	0.316	1	0.316	1	0.40%
Construction (15xx)	0	0	0	0	0.525	1	1.357	2	1.882	3	1.882	3	1.882	3	2.40%
Manufacturing (2xxx, 3xxx)	8.668	16	6.247	15	9.695	17	4.578	10	29.188	58	31.657	64	29.609	59	37.26%
Transportation (4xxx)	0	0	1.618	4	0.545	2	0.270	1	2.433	7	2.874	8	2.874	8	3.11%
Communications (48xx)	4.709	6	3.091	6	0.328	1	1.146	2	9.273	15	10.521	18	9.558	16	11.84%
Electric, gas, sanitary services (49xx)	0.824	2	0.347	2	1.022	2	1.341	2	3.534	8	3.534	8	3.534	8	4.51%
Wholesale (5xxx)	2.159	7	2.798	7	1.054	3	0.947	2	6.959	19	6.959	19	6.959	19	8.88%
Finance, insurance, real estate (6xxx)	2.438	6	1.728	5	2.553	9	2.870	9	9.589	29	10.784	31	9.589	29	12.24%
Services (7xxx)	4.191	13	3.988	8	1.444	4	2.383	6	12.006	31	12.832	34	12.006	31	15.33%
Health services (8xxx)	0.140	1	1.111	4	0.324	1	0	0	1.575	6	1.702	7	1.575	6	2.01%
Total	23.446	52	21.158	52	17.853	41	15.880	37	78.338	182	84.919	199	79.761	186	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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