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

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

Yield

	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
3.99% and lower	0	0	0	0	0	0	0	0	0	0	0	0	0.662
4%-4.99%	0	0	1.057	0	0	0	0	0	0.765	0	0.321	0	0.533
5%-5.99%	0.322	1.128	0	0.790	0	0	0.797	0	3.927	1.029	0.650	0.441	1.329
6%-6.99%	0	1.015	0.462	0	0	0.503	0.957	0.863	1.764	1.185	0.510	0	0.756
7%-7.99%	0	0.208	1.913	0	0.388	0.376	0.734	0.093	1.012	0	0.651	0	2.576
8%-8.99%	0	4.019	0.785	0.331	0.767	0	0	0	0	0.556	0	0.697	1.461
9%-9.99%	0	0	0	0.239	0	0.537	0	0	0.239	0.323	0.885	0	0
10%-10.99%	0	0.621	0.598	0	0.323	0	0	0	0.428	0	0	0	0
11%-11.99%	0	0.443	0.499	0	0	0	0.312	0	0	0	0	0	0.079
12% and higher	0	0.750	0.403	0	0.387	0.269	0	0.325	0	0	1.194	0	0
Floater	0	0.897	0.061	0	0	0	0.383	0	0.326	0.360	0.350	0	0.332
NA	0.100	0.318	0.146	0	0	0	0.591	1.502	0.122	0.510	0.598	0.285	0.137
Total	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
3.99% and lower	0	0	0	0	0	0	0	0	0.662	1	0.662	1	0.662	1	0.662	1	8.41%
4%-4.99%	1.057	2	0	0	0.765	1	0.321	1	0.533	1	0.533	1	2.675	5	2.675	5	6.78%
5%-5.99%	1.450	3	0.790	1	4.724	9	2.120	4	1.329	3	1.329	3	10.413	20	10.092	19	16.89%
6%-6.99%	1.477	3	0.503	1	3.585	7	1.695	3	0.756	2	0.756	2	8.016	16	8.016	16	9.61%
7%-7.99%	2.121	4	0.764	2	1.839	5	0.651	2	2.576	7	2.576	7	7.951	20	7.951	20	32.74%
8%-8.99%	4.804	4	1.098	3	0	0	1.253	4	1.461	5	1.461	5	8.617	16	8.617	16	18.57%
9%-9.99%	0	0	0.776	2	0.239	1	1.208	4	0	0	0	0	2.223	7	2.223	7	0.00%
10%-10.99%	1.219	3	0.323	1	0.428	1	0	0	0	0	0	0	1.970	5	1.970	5	0.00%
11%-11.99%	0.942	2	0	0	0.312	1	0	0	0.079	1	0.079	1	1.334	4	1.334	4	1.00%
12% and higher	1.153	3	0.656	2	0.325	1	1.194	2	0	0	0	0	3.328	8	3.328	8	0.00%
Floater	0.958	3	0	0	0.709	3	0.710	2	0.332	1	0.332	1	2.709	9	2.709	9	4.22%
NA	0.565	4	0	0	2.215	3	1.393	6	0.137	1	0.137	1	4.310	14	4.210	13	1.74%
Total	15.746	31	4.910	12	15.141	32	10.544	28	7.867	22	7.867	22	54.208	125	53.786	123	100.00%
Versus Talk
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Lower	0	0	0	0	0	0	0	0	0	0	0.522	0	0
Low end	0.322	4.247	1.358	0.790	0.650	0.503	1.226	0.555	2.852	1.143	1.738	0.705	4.747
Middle	0	2.757	3.228	0	0.323	0.376	1.359	0.325	4.119	1.029	1.857	0.717	2.771
High end	0	0.447	0.736	0.239	0.505	0	0.420	0.402	0.387	0.323	0.127	0	0.348
Higher	0	0	0	0	0.387	0	0	0	0	0	0	0	0
NA	0.100	1.947	0.604	0.331	0	0.806	0.769	1.502	1.224	1.468	0.915	0	0
Total	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0	0	0	0	0	0	0.522	1	0	0	0	0	0.522	1	0.522	1	0.00%
Low end	5.927	7	1.943	4	4.633	11	3.586	10	4.747	13	4.747	13	20.836	45	20.514	44	60.34%
Middle	5.985	11	0.699	2	5.804	10	3.604	8	2.771	8	2.771	8	18.863	39	18.863	39	35.22%
High end	1.183	4	0.744	2	1.209	5	0.449	2	0.348	1	0.348	1	3.934	14	3.934	14	4.42%
Higher	0	0	0.387	1	0	0	0	0	0	0	0	0	0.387	1	0.387	1	0.00%
NA	2.652	9	1.137	3	3.495	6	2.383	7	0	0	0	0	9.667	25	9.567	24	0.00%
Total	15.746	31	4.910	12	15.141	32	10.544	28	7.867	22	7.867	22	54.208	125	53.786	123	100.00%
Upsized?
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Yes	0.322	3.352	0.333	0	0.893	0.879	0.591	0.863	3.129	1.910	1.402	0.285	2.582
No	0.100	6.047	5.592	1.360	0	0.806	3.184	1.595	5.454	2.053	3.528	1.138	5.205
Downsized	0	0	0	0	0.972	0	0	0.325	0	0	0.228	0	0.079
Total	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.006	11	1.772	4	4.583	9	3.597	8	2.582	7	2.582	7	16.540	39	16.218	38	32.82%
No	11.740	20	2.166	5	10.233	22	6.720	19	5.205	14	5.205	14	36.064	80	35.963	79	66.16%
Downsized	0	0	0.972	3	0.325	1	0.228	1	0.079	1	0.079	1	1.604	6	1.604	6	1.00%
Total	15.746	31	4.910	12	15.141	32	10.544	28	7.867	22	7.867	22	54.208	125	53.786	123	100.00%
Quick Sale?
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Yes	0.422	5.584	3.764	1.121	0.323	0.879	2.209	2.459	7.196	2.393	2.151	0.441	3.269
No	0	3.816	2.161	0.239	1.542	0.806	1.566	0.325	1.387	1.570	3.007	0.982	4.597
Total	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	9.770	16	2.323	5	11.863	22	4.985	11	3.269	8	3.269	8	32.210	62	31.788	60	41.55%
No	5.977	15	2.587	7	3.278	10	5.559	17	4.597	14	4.597	14	21.998	63	21.998	63	58.43%
Total	15.746	31	4.910	12	15.141	32	10.544	28	7.867	22	7.867	22	54.208	125	53.786	123	100.00%
Seniority
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
senior secured	0	6.053	0.669	0.239	1.478	0.537	1.825	1.282	2.747	1.143	2.382	1.423	3.733
secured	0	0	0	0	0	0	0	1.502	0	0	0	0	0
senior	0.422	3.346	5.256	1.121	0	1.148	1.950	0	5.411	2.820	2.776	0	3.735
senior subordinated	0	0	0	0	0.387	0	0	0	0.424	0	0	0	0.399
Total	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	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	3.733	9	3.733	9	23.511	57	23.511	57	47.45%
secured	0	0	0	0	1.502	1	0	0	0	0	0	0	1.502	1	1.502	1	0.00%
senior	9.024	21	2.269	5	7.361	13	5.596	13	3.735	12	3.735	12	27.986	64	27.564	62	47.48%
senior subordinated	0	0	0.387	1	0.424	1	0	0	0.399	1	0.399	1	1.209	3	1.209	3	5.07%
Total	15.746	31	4.910	12	15.141	32	10.544	28	7.867	22	7.867	22	54.208	125	53.786	123	100.00%
Moody's Rating
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Ba1	0	0.525	0.661	0.790	0	0	0.625	0	2.468	0	0.321	0	0.662
Ba2	0.322	0.666	0.789	0	0	0	0.259	0	1.279	1.827	0	0	0.533
Ba3	0	2.253	1.124	0.239	0	0	1.067	0.957	1.354	0	1.684	0.441	0.332
B1	0	3.722	1.909	0	1.478	1.416	0	0	0.667	0.323	0.872	0.276	1.690
B2	0	1.195	0.403	0.331	0	0	0	0	0.776	0.916	0.343	0.421	2.303
B3	0	0.296	0	0	0	0	0	0.325	0.424	0	0	0	1.868
Caa1	0	0.298	0.832	0	0.387	0.269	0.312	0	0.200	0	1.109	0	0.079
Caa2	0	0	0	0	0	0	0	0	0	0	0.313	0	0
NR	0.100	0.443	0.207	0	0	0	1.512	1.502	1.415	0.897	0.517	0.285	0.399
Total	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	1.186	2	0.790	1	3.093	4	0.321	1	0.662	1	0.662	1	6.051	9	6.051	9	8.41%
Ba2	1.776	4	0	0	1.538	4	1.827	3	0.533	1	0.533	1	5.674	12	5.352	11	6.78%
Ba3	3.377	7	0.239	1	3.377	7	2.125	4	0.332	1	0.332	1	9.451	20	9.451	20	4.22%
B1	5.632	6	2.895	7	0.667	2	1.471	4	1.690	5	1.690	5	12.354	24	12.354	24	21.48%
B2	1.599	4	0.331	1	0.776	1	1.680	5	2.303	7	2.303	7	6.688	18	6.688	18	29.27%
B3	0.296	1	0	0	0.749	2	0	0	1.868	5	1.868	5	2.914	8	2.914	8	23.74%
Caa1	1.130	3	0.656	2	0.513	2	1.109	2	0.079	1	0.079	1	3.486	10	3.486	10	1.00%
Caa2	0	0	0	0	0	0	0.313	1	0	0	0	0	0.313	1	0.313	1	0.00%
NR	0.751	4	0	0	4.429	10	1.700	8	0.399	1	0.399	1	7.278	23	7.178	22	5.07%
Total	15.746	31	4.910	12	15.141	32	10.544	28	7.867	22	7.867	22	54.208	125	53.786	123	100.00%
Use of Proceeds
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Acquisition	0	0	0	0	0	0	0.591	0	0.724	0	0	0.697	1.037
Dividend/recap	0	0	0	0	0	0	0	0	0.200	0	0	0	0
GCP	0.100	0.666	0.785	0	0	0	0	1.502	1.538	0.328	0	0	0
LBO	0	0.982	0	0	0	0.806	0	0	0	0	0.881	0	0.332
Redeem notes	0	0	0.392	0	0	0	0	0	0.491	0.641	0	0	0.137
Refinance	0	2.677	1.293	0.570	1.542	0	0.903	1.189	1.786	0.758	1.383	0.441	3.822
Repay bank debt	0	4.170	1.065	0	0	0.879	0.921	0.093	1.713	0.567	1.540	0.285	1.274
Multiple/Other/NA	0.322	0.906	2.389	0.790	0.323	0	1.359	0	2.131	1.669	1.355	0	1.264
Total	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0	0	1.315	3	0.697	2	1.037	3	1.037	3	3.049	8	3.049	8	13.18%
Dividend/recap	0	0	0	0	0.200	1	0	0	0	0	0	0	0.200	1	0.200	1	0.00%
GCP	1.551	3	0	0	3.039	4	0.328	2	0	0	0	0	4.918	9	4.818	8	0.00%
LBO	0.982	3	0.806	2	0	0	0.881	1	0.332	1	0.332	1	3.001	7	3.001	7	4.22%
Redeem notes	0.392	1	0	0	0.491	2	0.641	1	0.137	1	0.137	1	1.662	5	1.662	5	1.74%
Refinance	3.970	9	2.111	6	3.878	8	2.582	8	3.822	10	3.822	10	16.364	41	16.364	41	48.58%
Repay bank debt	5.235	7	0.879	2	2.727	9	2.391	8	1.274	4	1.274	4	12.507	30	12.507	30	16.19%
Multiple/Other/NA	3.616	8	1.113	2	3.490	5	3.023	6	1.264	3	1.264	3	12.506	24	12.185	23	16.07%
Total	15.746	31	4.910	12	15.141	32	10.544	28	7.867	22	7.867	22	54.208	125	53.786	123	100.00%
Industry Sector (by SIC code)
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Mining (1xxx)	0	0	0.146	0	0	0	0	0	0	0	0	0.276	0
Oil and gas (13xx)	0	0	0	0	0	0	0	0.325	0	0	0	0	0.336
Construction (15xx)	0	0	0.392	0	0	0	0	0	0.387	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.322	2.828	3.424	0.790	1.090	0	2.004	0	3.161	0.877	2.048	0.421	2.153
Transportation (4xxx)	0.100	0	0	0	0	0	0	0	0.122	0.170	0	0.441	0
Communications (48xx)	0	1.221	0	0.239	0	0.503	1.771	0.957	1.795	1.600	0.963	0.285	1.013
Electric, gas, sanitary services (49xx)	0	0	0.403	0	0	0	0	0	0.979	0	0	0	0
Wholesale (5xxx)	0	0.525	0	0	0	0	0	0	0.239	0.340	0	0	0.241
Finance, insurance, real estate (6xxx)	0	0.452	0.727	0	0	0	0	0	0.941	0.654	1.195	0	1.786
Services (7xxx)	0	0.651	0.333	0.331	0.775	0	0	1.502	0.959	0.323	0.826	0	2.337
Health services (8xxx)	0	3.722	0.499	0	0	1.182	0	0	0	0	0.127	0	0
Total	0.422	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.146	1	0	0	0	0	0.276	1	0	0	0	0	0.423	2	0.423	2	0.00%
Oil and gas (13xx)	0	0	0	0	0.325	1	0	0	0.336	1	0.336	1	0.662	2	0.662	2	4.27%
Construction (15xx)	0.392	1	0	0	0.387	1	0	0	0	0	0	0	0.780	2	0.780	2	0.00%
Manufacturing (2xxx, 3xxx)	6.573	13	1.880	4	5.164	10	3.345	9	2.153	5	2.153	5	19.115	41	18.793	40	27.37%
Transportation (4xxx)	0.100	1	0	0	0.122	1	0.611	3	0	0	0	0	0.834	5	0.733	4	0.00%
Communications (48xx)	1.221	4	0.742	2	4.523	12	2.848	5	1.013	2	1.013	2	10.346	25	10.346	25	12.88%
Electric, gas, sanitary services (49xx)	0.403	1	0	0	0.979	1	0	0	0	0	0	0	1.383	2	1.383	2	0.00%
Wholesale (5xxx)	0.525	1	0	0	0.239	1	0.340	1	0.241	1	0.241	1	1.344	4	1.344	4	3.06%
Finance, insurance, real estate (6xxx)	1.179	3	0	0	0.941	2	1.849	4	1.786	5	1.786	5	5.755	14	5.755	14	22.70%
Services (7xxx)	0.984	3	1.106	3	2.461	3	1.149	4	2.337	8	2.337	8	8.036	21	8.036	21	29.71%
Health services (8xxx)	4.222	3	1.182	3	0	0	0.127	1	0	0	0	0	5.530	7	5.530	7	0.00%
Total	15.746	31	4.910	12	15.141	32	10.544	28	7.867	22	7.867	22	54.208	125	53.786	123	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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