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

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

Yield

	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
3.99% and lower	0	0	0	0	0	0	0	0	0	0	0	0.662	0
4%-4.99%	0	1.057	0	0	0	0	0	0.765	0	0.321	0	0.533	0.984
5%-5.99%	1.128	0	0.790	0	0	0.797	0	3.927	1.029	0.650	0.441	1.329	0
6%-6.99%	1.015	0.462	0	0	0.503	0.957	0.863	1.764	1.185	0.510	0	0.756	3.129
7%-7.99%	0.208	1.913	0	0.388	0.376	0.734	0.093	1.012	0	0.651	0	2.576	2.488
8%-8.99%	4.019	0.785	0.331	0.767	0	0	0	0	0.556	0	0.697	1.461	0
9%-9.99%	0	0	0.239	0	0.537	0	0	0.239	0.323	0.885	0	0	0.914
10%-10.99%	0.621	0.598	0	0.323	0	0	0	0.428	0	0	0	0	0
11%-11.99%	0.443	0.499	0	0	0	0.312	0	0	0	0	0	0.079	0
12% and higher	0.750	0.403	0	0.387	0.269	0	0.325	0	0	1.194	0	0	0
Floater	0.897	0.061	0	0	0	0.383	0	0.326	0.360	0.350	0	0.332	0
NA	0.318	0.146	0	0	0	0.591	1.502	0.122	0.510	0.598	0.285	0.137	0.270
Total	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785
	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	0.662	1	0.662	1	0.662	1	0.662	1	4.23%
4%-4.99%	0	0	0.765	1	0.321	1	1.517	3	1.517	3	3.659	7	3.659	7	9.69%
5%-5.99%	0.790	1	4.724	9	2.120	4	1.329	3	1.329	3	10.092	19	9.629	18	8.49%
6%-6.99%	0.503	1	3.585	7	1.695	3	3.885	6	3.885	6	11.145	20	10.130	18	24.82%
7%-7.99%	0.764	2	1.839	5	0.651	2	5.064	12	5.064	12	10.439	25	10.231	24	32.36%
8%-8.99%	1.098	3	0	0	1.253	4	1.461	5	1.461	5	8.617	16	4.598	13	9.33%
9%-9.99%	0.776	2	0.239	1	1.208	4	0.914	1	0.914	1	3.136	8	3.136	8	5.84%
10%-10.99%	0.323	1	0.428	1	0	0	0	0	0	0	1.970	5	1.349	4	0.00%
11%-11.99%	0	0	0.312	1	0	0	0.079	1	0.079	1	1.334	4	0.891	3	0.50%
12% and higher	0.656	2	0.325	1	1.194	2	0	0	0	0	3.328	8	2.578	6	0.00%
Floater	0	0	0.709	3	0.710	2	0.332	1	0.332	1	2.709	9	1.812	7	2.12%
NA	0	0	2.215	3	1.393	6	0.407	2	0.407	2	4.480	14	4.162	12	2.60%
Total	4.910	12	15.141	32	10.544	28	15.651	35	15.651	35	61.570	136	52.837	121	100.00%
Versus Talk
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Lower	0	0	0	0	0	0	0	0	0	0.522	0	0	0
Low end	4.247	1.358	0.790	0.650	0.503	1.226	0.555	2.852	1.143	1.738	0.705	4.747	2.366
Middle	2.757	3.228	0	0.323	0.376	1.359	0.325	4.119	1.029	1.857	0.717	2.771	4.353
High end	0.447	0.736	0.239	0.505	0	0.420	0.402	0.387	0.323	0.127	0	0.348	0
Higher	0	0	0	0.387	0	0	0	0	0	0	0	0	0
NA	1.947	0.604	0.331	0	0.806	0.769	1.502	1.224	1.468	0.915	0	0	1.066
Total	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785
	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	0.522	1	0	0	0	0	0.522	1	0.522	1	0.00%
Low end	1.943	4	4.633	11	3.586	10	7.113	17	7.113	17	22.880	48	18.633	45	45.45%
Middle	0.699	2	5.804	10	3.604	8	7.124	13	7.124	13	23.215	44	21.124	39	45.52%
High end	0.744	2	1.209	5	0.449	2	0.348	1	0.348	1	3.934	14	3.487	12	2.22%
Higher	0.387	1	0	0	0	0	0	0	0	0	0.387	1	0.387	1	0.00%
NA	1.137	3	3.495	6	2.383	7	1.066	4	1.066	4	10.633	28	8.686	23	6.81%
Total	4.910	12	15.141	32	10.544	28	15.651	35	15.651	35	61.570	136	52.837	121	100.00%
Upsized?
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Yes	3.352	0.333	0	0.893	0.879	0.591	0.863	3.129	1.910	1.402	0.285	2.582	0.611
No	6.047	5.592	1.360	0	0.806	3.184	1.595	5.454	2.053	3.528	1.138	5.205	7.174
Downsized	0	0	0	0.972	0	0	0.325	0	0	0.228	0	0.079	0
Total	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.772	4	4.583	9	3.597	8	3.193	8	3.193	8	16.830	39	13.478	30	20.40%
No	2.166	5	10.233	22	6.720	19	12.379	26	12.379	26	43.137	91	37.755	85	79.09%
Downsized	0.972	3	0.325	1	0.228	1	0.079	1	0.079	1	1.604	6	1.604	6	0.50%
Total	4.910	12	15.141	32	10.544	28	15.651	35	15.651	35	61.570	136	52.837	121	100.00%
Quick Sale?
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Yes	5.584	3.764	1.121	0.323	0.879	2.209	2.459	7.196	2.393	2.151	0.441	3.269	3.555
No	3.816	2.161	0.239	1.542	0.806	1.566	0.325	1.387	1.570	3.007	0.982	4.597	4.230
Total	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.323	5	11.863	22	4.985	11	6.824	12	6.824	12	35.343	64	30.425	59	43.60%
No	2.587	7	3.278	10	5.559	17	8.828	23	8.828	23	26.228	72	22.412	62	56.41%
Total	4.910	12	15.141	32	10.544	28	15.651	35	15.651	35	61.570	136	52.837	121	100.00%
Seniority
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
senior secured	6.053	0.669	0.239	1.478	0.537	1.825	1.282	2.747	1.143	2.382	1.423	3.733	2.845
secured	0	0	0	0	0	0	1.502	0	0	0	0	0	0
senior	3.346	5.256	1.121	0	1.148	1.950	0	5.411	2.820	2.776	0	3.735	4.940
senior subordinated	0	0	0	0.387	0	0	0	0.424	0	0	0	0.399	0
Total	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	2.254	6	5.854	17	4.948	15	6.578	14	6.578	14	26.356	62	20.302	54	42.03%
secured	0	0	1.502	1	0	0	0	0	0	0	1.502	1	1.502	1	0.00%
senior	2.269	5	7.361	13	5.596	13	8.675	20	8.675	20	32.504	70	29.823	63	55.43%
senior subordinated	0.387	1	0.424	1	0	0	0.399	1	0.399	1	1.209	3	1.209	3	2.55%
Total	4.910	12	15.141	32	10.544	28	15.651	35	15.651	35	61.570	136	52.837	121	100.00%
Moody's Rating
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Ba1	0.525	0.661	0.790	0	0	0.625	0	2.468	0	0.321	0	0.662	0
Ba2	0.666	0.789	0	0	0	0.259	0	1.279	1.827	0	0	0.533	0.800
Ba3	2.253	1.124	0.239	0	0	1.067	0.957	1.354	0	1.684	0.441	0.332	4.231
B1	3.722	1.909	0	1.478	1.416	0	0	0.667	0.323	0.872	0.276	1.690	0
B2	1.195	0.403	0.331	0	0	0	0	0.776	0.916	0.343	0.421	2.303	1.600
B3	0.296	0	0	0	0	0	0.325	0.424	0	0	0	1.868	1.054
Caa1	0.298	0.832	0	0.387	0.269	0.312	0	0.200	0	1.109	0	0.079	0
Caa2	0	0	0	0	0	0	0	0	0	0.313	0	0	0
NR	0.443	0.207	0	0	0	1.512	1.502	1.415	0.897	0.517	0.285	0.399	0.101
Total	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	0.790	1	3.093	4	0.321	1	0.662	1	0.662	1	6.051	9	5.526	8	4.23%
Ba2	0	0	1.538	4	1.827	3	1.333	3	1.333	3	6.152	13	6.152	13	8.52%
Ba3	0.239	1	3.377	7	2.125	4	4.563	5	4.563	5	13.681	24	11.428	18	29.15%
B1	2.895	7	0.667	2	1.471	4	1.690	5	1.690	5	12.354	24	8.631	22	10.80%
B2	0.331	1	0.776	1	1.680	5	3.903	11	3.903	11	8.287	22	7.092	19	24.94%
B3	0	0	0.749	2	0	0	2.922	7	2.922	7	3.967	10	3.671	9	18.67%
Caa1	0.656	2	0.513	2	1.109	2	0.079	1	0.079	1	3.486	10	3.188	9	0.50%
Caa2	0	0	0	0	0.313	1	0	0	0	0	0.313	1	0.313	1	0.00%
NR	0	0	4.429	10	1.700	8	0.499	2	0.499	2	7.278	23	6.835	22	3.19%
Total	4.910	12	15.141	32	10.544	28	15.651	35	15.651	35	61.570	136	52.837	121	100.00%
Use of Proceeds
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Acquisition	0	0	0	0	0	0.591	0	0.724	0	0	0.697	1.037	2.215
Dividend/recap	0	0	0	0	0	0	0	0.200	0	0	0	0	0
GCP	0.666	0.785	0	0	0	0	1.502	1.538	0.328	0	0	0	0
LBO	0.982	0	0	0	0.806	0	0	0	0	0.881	0	0.332	0
Redeem notes	0	0.392	0	0	0	0	0	0.491	0.641	0	0	0.137	0
Refinance	2.677	1.293	0.570	1.542	0	0.903	1.189	1.786	0.758	1.383	0.441	4.159	3.248
Repay bank debt	4.170	1.065	0	0	0.879	0.921	0.093	1.713	0.567	1.540	0.285	0.938	0
Multiple/Other/NA	0.906	2.389	0.790	0.323	0	1.359	0	2.131	1.669	1.355	0	1.264	2.322
Total	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785
	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	1.315	3	0.697	2	3.252	6	3.252	6	5.264	11	5.264	11	20.78%
Dividend/recap	0	0	0.200	1	0	0	0	0	0	0	0.200	1	0.200	1	0.00%
GCP	0	0	3.039	4	0.328	2	0	0	0	0	4.818	8	4.818	8	0.00%
LBO	0.806	2	0	0	0.881	1	0.332	1	0.332	1	3.001	7	2.019	4	2.12%
Redeem notes	0	0	0.491	2	0.641	1	0.137	1	0.137	1	1.662	5	1.662	5	0.88%
Refinance	2.111	6	3.878	8	2.582	8	7.406	17	7.406	17	19.948	48	17.271	42	47.32%
Repay bank debt	0.879	2	2.727	9	2.391	8	0.938	3	0.938	3	12.170	29	8.001	25	5.99%
Multiple/Other/NA	1.113	2	3.490	5	3.023	6	3.586	7	3.586	7	14.507	27	13.601	25	22.91%
Total	4.910	12	15.141	32	10.544	28	15.651	35	15.651	35	61.570	136	52.837	121	100.00%
Industry Sector (by SIC code)
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Mining (1xxx)	0	0.146	0	0	0	0	0	0	0	0	0.276	0	0
Oil and gas (13xx)	0	0	0	0	0	0	0.325	0	0	0	0	0	0
Construction (15xx)	0	0.392	0	0	0	0	0	0.387	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	2.828	3.424	0.790	1.090	0	2.004	0	3.161	0.877	2.048	0.421	2.489	1.768
Transportation (4xxx)	0	0	0	0	0	0	0	0.122	0.170	0	0.441	0	0
Communications (48xx)	1.221	0	0.239	0	0.503	1.771	0.957	1.795	1.600	0.963	0.285	1.013	3.028
Electric, gas, sanitary services (49xx)	0	0.403	0	0	0	0	0	0.979	0	0	0	0	0.555
Wholesale (5xxx)	0.525	0	0	0	0	0	0	0.239	0.340	0	0	0.241	0.433
Finance, insurance, real estate (6xxx)	0.452	0.727	0	0	0	0	0	0.941	0.654	1.195	0	1.786	0.652
Services (7xxx)	0.651	0.333	0.331	0.775	0	0	1.502	0.959	0.323	0.826	0	2.337	1.208
Health services (8xxx)	3.722	0.499	0	0	1.182	0	0	0	0	0.127	0	0	0.140
Total	9.399	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785
	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	0	0	0	0.276	1	0	0	0	0	0.423	2	0.423	2	0.00%
Oil and gas (13xx)	0	0	0.325	1	0	0	0	0	0	0	0.325	1	0.325	1	0.00%
Construction (15xx)	0	0	0.387	1	0	0	0	0	0	0	0.780	2	0.780	2	0.00%
Manufacturing (2xxx, 3xxx)	1.880	4	5.164	10	3.345	9	4.257	8	4.257	8	20.898	43	18.736	38	27.20%
Transportation (4xxx)	0	0	0.122	1	0.611	3	0	0	0	0	0.733	4	0.733	4	0.00%
Communications (48xx)	0.742	2	4.523	12	2.848	5	4.041	5	4.041	5	13.375	28	12.154	24	25.82%
Electric, gas, sanitary services (49xx)	0	0	0.979	1	0	0	0.555	1	0.555	1	1.938	3	1.938	3	3.55%
Wholesale (5xxx)	0	0	0.239	1	0.340	1	0.674	3	0.674	3	1.777	6	1.252	5	4.31%
Finance, insurance, real estate (6xxx)	0	0	0.941	2	1.849	4	2.438	6	2.438	6	6.407	15	5.955	14	15.58%
Services (7xxx)	1.106	3	2.461	3	1.149	4	3.546	11	3.546	11	9.244	24	8.593	22	22.66%
Health services (8xxx)	1.182	3	0	0	0.127	1	0.140	1	0.140	1	5.670	8	1.948	6	0.89%
Total	4.910	12	15.141	32	10.544	28	15.651	35	15.651	35	61.570	136	52.837	121	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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