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

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

Yield

	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
3.99% and lower	0	0	0	0	0	0	0	0	0	0	0.662	0	0.460
4%-4.99%	1.057	0	0	0	0	0	0.765	0	0.321	0	0.533	0.984	1.013
5%-5.99%	0	0.790	0	0	0.797	0	3.927	1.029	0.650	0.441	1.329	0	1.302
6%-6.99%	0.462	0	0	0.503	0.957	0.863	1.764	1.185	0.510	0	0.756	3.129	2.602
7%-7.99%	1.913	0	0.388	0.376	0.734	0.093	1.012	0	0.651	0	2.576	2.488	1.013
8%-8.99%	0.785	0.331	0.767	0	0	0	0	0.556	0	0.697	1.461	0	0.668
9%-9.99%	0	0.239	0	0.537	0	0	0.239	0.323	0.885	0	0	0.914	0
10%-10.99%	0.598	0	0.323	0	0	0	0.428	0	0	0	0	0	0
11%-11.99%	0.499	0	0	0	0.312	0	0	0	0	0	0.079	0	0
12% and higher	0.403	0	0.387	0.269	0	0.325	0	0	1.194	0	0	0	0
Floater	0.061	0	0	0	0.383	0	0.326	0.360	0.350	0	0.332	0	0.165
NA	0.146	0	0	0	0.591	1.502	0.122	0.510	0.598	0.285	0.137	0.270	0.316
Total	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.538
	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	1.122	2	1.122	2	1.122	2	1.122	2	4.83%
4%-4.99%	0	0	0.765	1	0.321	1	2.529	6	2.529	6	4.672	10	3.615	8	10.91%
5%-5.99%	0.790	1	4.724	9	2.120	4	2.631	6	2.631	6	10.265	20	10.265	20	11.35%
6%-6.99%	0.503	1	3.585	7	1.695	3	6.487	9	6.487	9	12.731	21	12.270	20	27.97%
7%-7.99%	0.764	2	1.839	5	0.651	2	6.077	15	6.077	15	11.243	27	9.330	24	26.21%
8%-8.99%	1.098	3	0	0	1.253	4	2.129	6	2.129	6	5.266	14	4.481	13	9.18%
9%-9.99%	0.776	2	0.239	1	1.208	4	0.914	1	0.914	1	3.136	8	3.136	8	3.94%
10%-10.99%	0.323	1	0.428	1	0	0	0	0	0	0	1.349	4	0.751	2	0.00%
11%-11.99%	0	0	0.312	1	0	0	0.079	1	0.079	1	0.891	3	0.391	2	0.34%
12% and higher	0.656	2	0.325	1	1.194	2	0	0	0	0	2.578	6	2.175	5	0.00%
Floater	0	0	0.709	3	0.710	2	0.498	2	0.498	2	1.977	8	1.916	7	2.15%
NA	0	0	2.215	3	1.393	6	0.723	3	0.723	3	4.478	13	4.331	12	3.12%
Total	4.910	12	15.141	32	10.544	28	23.189	51	23.189	51	59.709	136	53.784	123	100.00%
Versus Talk
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Lower	0	0	0	0	0	0	0	0	0.522	0	0	0	0.301
Low end	1.358	0.790	0.650	0.503	1.226	0.555	2.852	1.143	1.738	0.705	4.747	2.366	2.774
Middle	3.228	0	0.323	0.376	1.359	0.325	4.119	1.029	1.857	0.717	2.771	4.353	1.664
High end	0.736	0.239	0.505	0	0.420	0.402	0.387	0.323	0.127	0	0.348	0	0
Higher	0	0	0.387	0	0	0	0	0	0	0	0	0	0
NA	0.604	0.331	0	0.806	0.769	1.502	1.224	1.468	0.915	0	0	1.066	2.799
Total	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.538
	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	0.301	1	0.301	1	0.822	2	0.822	2	1.30%
Low end	1.943	4	4.633	11	3.586	10	9.887	23	9.887	23	21.407	51	20.049	48	42.64%
Middle	0.699	2	5.804	10	3.604	8	8.788	17	8.788	17	22.122	42	18.894	37	37.90%
High end	0.744	2	1.209	5	0.449	2	0.348	1	0.348	1	3.487	12	2.751	10	1.50%
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	3.865	9	3.865	9	11.484	28	10.880	25	16.67%
Total	4.910	12	15.141	32	10.544	28	23.189	51	23.189	51	59.709	136	53.784	123	100.00%
Upsized?
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Yes	0.333	0	0.893	0.879	0.591	0.863	3.129	1.910	1.402	0.285	2.582	0.611	1.856
No	5.592	1.360	0	0.806	3.184	1.595	5.454	2.053	3.528	1.138	5.205	7.174	5.681
Downsized	0	0	0.972	0	0	0.325	0	0	0.228	0	0.079	0	0
Total	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.538
	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	5.049	12	5.049	12	15.334	34	15.001	33	21.77%
No	2.166	5	10.233	22	6.720	19	18.061	38	18.061	38	42.771	96	37.179	84	77.89%
Downsized	0.972	3	0.325	1	0.228	1	0.079	1	0.079	1	1.604	6	1.604	6	0.34%
Total	4.910	12	15.141	32	10.544	28	23.189	51	23.189	51	59.709	136	53.784	123	100.00%
Quick Sale?
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Yes	3.764	1.121	0.323	0.879	2.209	2.459	7.196	2.393	2.151	0.441	3.269	3.555	4.026
No	2.161	0.239	1.542	0.806	1.566	0.325	1.387	1.570	3.007	0.982	4.597	4.230	3.512
Total	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.538
	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	10.850	19	10.850	19	33.785	65	30.021	57	46.79%
No	2.587	7	3.278	10	5.559	17	12.339	32	12.339	32	25.924	71	23.763	66	53.21%
Total	4.910	12	15.141	32	10.544	28	23.189	51	23.189	51	59.709	136	53.784	123	100.00%
Seniority
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
senior secured	0.669	0.239	1.478	0.537	1.825	1.282	2.747	1.143	2.382	1.423	3.733	2.845	0.992
secured	0	0	0	0	0	1.502	0	0	0	0	0	0	0
senior	5.256	1.121	0	1.148	1.950	0	5.411	2.820	2.776	0	3.735	4.940	6.156
senior subordinated	0	0	0.387	0	0	0	0.424	0	0	0	0.399	0	0.390
Total	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.538
	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	7.570	18	7.570	18	21.295	58	20.626	56	32.64%
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	14.831	31	14.831	31	35.313	73	30.057	62	63.95%
senior subordinated	0.387	1	0.424	1	0	0	0.789	2	0.789	2	1.599	4	1.599	4	3.40%
Total	4.910	12	15.141	32	10.544	28	23.189	51	23.189	51	59.709	136	53.784	123	100.00%
Moody's Rating
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Ba1	0.661	0.790	0	0	0.625	0	2.468	0	0.321	0	0.662	0	0.460
Ba2	0.789	0	0	0	0.259	0	1.279	1.827	0	0	0.533	0.800	0.817
Ba3	1.124	0.239	0	0	1.067	0.957	1.354	0	1.684	0.441	0.332	4.231	0.838
B1	1.909	0	1.478	1.416	0	0	0.667	0.323	0.872	0.276	1.690	0	1.629
B2	0.403	0.331	0	0	0	0	0.776	0.916	0.343	0.421	2.303	1.600	1.505
B3	0	0	0	0	0	0.325	0.424	0	0	0	1.868	1.054	0.668
Caa1	0.832	0	0.387	0.269	0.312	0	0.200	0	1.109	0	0.079	0	0
Caa2	0	0	0	0	0	0	0	0	0.313	0	0	0	0
NR	0.207	0	0	0	1.512	1.502	1.415	0.897	0.517	0.285	0.399	0.101	1.621
Total	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.538
	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	1.122	2	1.122	2	5.986	9	5.325	8	4.84%
Ba2	0	0	1.538	4	1.827	3	2.150	5	2.150	5	6.304	14	5.515	12	9.27%
Ba3	0.239	1	3.377	7	2.125	4	5.401	7	5.401	7	12.266	20	11.142	19	23.29%
B1	2.895	7	0.667	2	1.471	4	3.319	6	3.319	6	10.260	23	8.351	19	14.31%
B2	0.331	1	0.776	1	1.680	5	5.408	15	5.408	15	8.597	23	8.194	22	23.32%
B3	0	0	0.749	2	0	0	3.590	8	3.590	8	4.339	10	4.339	10	15.48%
Caa1	0.656	2	0.513	2	1.109	2	0.079	1	0.079	1	3.188	9	2.356	7	0.34%
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	2.120	7	2.120	7	8.456	27	8.249	25	9.14%
Total	4.910	12	15.141	32	10.544	28	23.189	51	23.189	51	59.709	136	53.784	123	100.00%
Use of Proceeds
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Acquisition	0	0	0	0	0.591	0	0.724	0	0	0.697	1.037	2.542	0
Dividend/recap	0	0	0	0	0	0	0.200	0	0	0	0	0	0.466
GCP	0.785	0	0	0	0	1.502	1.538	0.328	0	0	0	0	2.404
LBO	0	0	0	0.806	0	0	0	0	0.881	0	0.332	0	0
Redeem notes	0.392	0	0	0	0	0	0.491	0.641	0	0	0.137	0	0.816
Refinance	1.293	0.570	1.542	0	0.903	1.189	1.786	0.758	1.383	0.441	4.159	3.248	1.580
Repay bank debt	1.065	0	0	0.879	0.921	0.093	1.713	0.567	1.540	0.285	0.938	0	1.686
Multiple/Other/NA	2.389	0.790	0.323	0	1.359	0	2.131	1.669	1.355	0	1.264	1.996	0.585
Total	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.538
	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	3.579	7	3.579	7	5.591	12	5.591	12	15.43%
Dividend/recap	0	0	0.200	1	0	0	0.466	2	0.466	2	0.667	3	0.667	3	2.01%
GCP	0	0	3.039	4	0.328	2	2.404	3	2.404	3	6.556	10	5.771	9	10.37%
LBO	0.806	2	0	0	0.881	1	0.332	1	0.332	1	2.019	4	2.019	4	1.43%
Redeem notes	0	0	0.491	2	0.641	1	0.953	3	0.953	3	2.477	7	2.085	6	4.11%
Refinance	2.111	6	3.878	8	2.582	8	8.986	20	8.986	20	18.851	45	17.557	42	38.75%
Repay bank debt	0.879	2	2.727	9	2.391	8	2.624	7	2.624	7	9.687	29	8.622	26	11.32%
Multiple/Other/NA	1.113	2	3.490	5	3.023	6	3.844	8	3.844	8	13.860	26	11.471	21	16.58%
Total	4.910	12	15.141	32	10.544	28	23.189	51	23.189	51	59.709	136	53.784	123	100.00%
Industry Sector (by SIC code)
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Mining (1xxx)	0.146	0	0	0	0	0	0	0	0	0.276	0	0	0
Oil and gas (13xx)	0	0	0	0	0	0.325	0	0	0	0	0	0	0.316
Construction (15xx)	0.392	0	0	0	0	0	0.387	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	3.424	0.790	1.090	0	2.004	0	3.161	0.877	2.048	0.421	2.489	1.768	3.372
Transportation (4xxx)	0	0	0	0	0	0	0.122	0.170	0	0.441	0	0	0
Communications (48xx)	0	0.239	0	0.503	1.771	0.957	1.795	1.600	0.963	0.285	1.013	3.028	1.707
Electric, gas, sanitary services (49xx)	0.403	0	0	0	0	0	0.979	0	0	0	0	0.555	0.269
Wholesale (5xxx)	0	0	0	0	0	0	0.239	0.340	0	0	0.241	0.433	1.228
Finance, insurance, real estate (6xxx)	0.727	0	0	0	0	0	0.941	0.654	1.195	0	1.786	0.652	0
Services (7xxx)	0.333	0.331	0.775	0	0	1.502	0.959	0.323	0.826	0	2.337	1.208	0.646
Health services (8xxx)	0.499	0	0	1.182	0	0	0	0	0.127	0	0	0.140	0
Total	5.925	1.360	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.538
	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	0.276	1	0.00%
Oil and gas (13xx)	0	0	0.325	1	0	0	0.316	1	0.316	1	0.641	2	0.641	2	1.36%
Construction (15xx)	0	0	0.387	1	0	0	0	0	0	0	0.780	2	0.387	1	0.00%
Manufacturing (2xxx, 3xxx)	1.880	4	5.164	10	3.345	9	7.629	14	7.629	14	21.442	43	18.019	37	32.90%
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	5.748	8	5.748	8	13.860	27	13.860	27	24.79%
Electric, gas, sanitary services (49xx)	0	0	0.979	1	0	0	0.824	2	0.824	2	2.207	4	1.804	3	3.55%
Wholesale (5xxx)	0	0	0.239	1	0.340	1	1.902	6	1.902	6	2.481	8	2.481	8	8.20%
Finance, insurance, real estate (6xxx)	0	0	0.941	2	1.849	4	2.438	6	2.438	6	5.955	14	5.228	12	10.51%
Services (7xxx)	1.106	3	2.461	3	1.149	4	4.191	13	4.191	13	9.239	24	8.906	23	18.07%
Health services (8xxx)	1.182	3	0	0	0.127	1	0.140	1	0.140	1	1.948	6	1.448	5	0.60%
Total	4.910	12	15.141	32	10.544	28	23.189	51	23.189	51	59.709	136	53.784	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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