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

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

Yield

	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
3.99% and lower	0	0	0	0	0	0	0	0	0.662	0	0.460	0.294	0
4%-4.99%	0	0	0	0	0.765	0	0.321	0	0.533	0.984	1.013	1.850	0.780
5%-5.99%	0	0	0.797	0	3.927	1.029	0.650	0.441	1.329	0	1.302	0.457	1.572
6%-6.99%	0	0.503	0.957	0.863	1.764	1.185	0.510	0	0.756	3.129	2.602	0.727	2.965
7%-7.99%	0.388	0.376	0.734	0.093	1.012	0	0.651	0	2.576	2.488	1.013	0.895	2.195
8%-8.99%	0.767	0	0	0	0	0.556	0	0.697	1.461	0	0.668	0.659	1.296
9%-9.99%	0	0.537	0	0	0.239	0.323	0.885	0	0	0.914	0	0.327	1.014
10%-10.99%	0.323	0	0	0	0.428	0	0	0	0	0	0	0	0.297
11%-11.99%	0	0	0.312	0	0	0	0	0	0.079	0	0	0	0
12% and higher	0.387	0.269	0	0.325	0	0	1.194	0	0	0	0	0	0
Floater	0	0	0.383	0	0.326	0.360	0.350	0	0.332	0	0.165	0.196	1.512
NA	0	0	0.591	1.502	0.122	0.510	0.598	0.285	0.137	0.270	0.573	0.809	0.310
Total	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.941
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
3.99% and lower	0	0	0	0	1.122	2	0.294	1	1.416	3	1.416	3	1.416	3	3.40%
4%-4.99%	0.765	1	0.321	1	2.529	6	2.629	5	5.159	11	6.244	13	6.244	13	12.40%
5%-5.99%	4.724	9	2.120	4	2.631	6	2.029	4	4.660	10	11.504	23	11.504	23	11.20%
6%-6.99%	3.585	7	1.695	3	6.487	9	3.692	8	10.179	17	15.962	28	15.962	28	24.47%
7%-7.99%	1.839	5	0.651	2	6.077	15	3.091	7	9.167	22	12.421	31	12.033	30	22.04%
8%-8.99%	0	0	1.253	4	2.129	6	1.955	5	4.085	11	6.105	17	5.338	15	9.82%
9%-9.99%	0.239	1	1.208	4	0.914	1	1.340	4	2.254	5	4.238	11	4.238	11	5.42%
10%-10.99%	0.428	1	0	0	0	0	0.297	1	0.297	1	1.048	3	0.725	2	0.71%
11%-11.99%	0.312	1	0	0	0.079	1	0	0	0.079	1	0.391	2	0.391	2	0.19%
12% and higher	0.325	1	1.194	2	0	0	0	0	0	0	2.175	5	1.788	4	0.00%
Floater	0.709	3	0.710	2	0.498	2	1.708	6	2.206	8	3.624	13	3.624	13	5.30%
NA	2.215	3	1.393	6	0.980	4	1.118	4	2.099	8	5.707	17	5.707	17	5.05%
Total	15.141	32	10.544	28	23.446	52	18.154	45	41.601	97	70.836	166	68.971	161	100.00%
Versus Talk
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Lower	0	0	0	0	0	0	0.522	0	0	0	0.301	0	0.459
Low end	0.650	0.503	1.226	0.555	2.852	1.143	1.738	0.705	4.747	2.366	2.774	2.264	4.778
Middle	0.323	0.376	1.359	0.325	4.119	1.029	1.857	0.717	2.771	4.353	1.664	2.434	4.426
High end	0.505	0	0.420	0.402	0.387	0.323	0.127	0	0.348	0	0	0	0
Higher	0.387	0	0	0	0	0	0	0	0	0	0	0	0
NA	0	0.806	0.769	1.502	1.224	1.468	0.915	0	0	1.066	3.056	1.516	2.278
Total	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.941
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0	0	0.522	1	0.301	1	0.459	1	0.759	2	1.281	3	1.281	3	1.82%
Low end	4.633	11	3.586	10	9.887	23	7.042	17	16.929	40	26.301	64	25.651	62	40.69%
Middle	5.804	10	3.604	8	8.788	17	6.860	13	15.648	30	25.755	50	25.431	49	37.61%
High end	1.209	5	0.449	2	0.348	1	0	0	0.348	1	2.513	9	2.007	8	0.84%
Higher	0	0	0	0	0	0	0	0	0	0	0.387	1	0	0	0.00%
NA	3.495	6	2.383	7	4.122	10	3.794	14	7.915	24	14.600	39	14.600	39	19.03%
Total	15.141	32	10.544	28	23.446	52	18.154	45	41.601	97	70.836	166	68.971	161	100.00%
Upsized?
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Yes	0.893	0.879	0.591	0.863	3.129	1.910	1.402	0.285	2.582	0.611	1.856	1.505	2.879
No	0	0.806	3.184	1.595	5.454	2.053	3.528	1.138	5.205	7.174	5.939	4.030	7.910
Downsized	0.972	0	0	0.325	0	0	0.228	0	0.079	0	0	0.679	1.151
Total	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.941
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.583	9	3.597	8	5.049	12	4.384	9	9.433	21	19.385	42	18.492	40	22.67%
No	10.233	22	6.720	19	18.318	39	11.941	32	30.258	71	48.017	114	48.017	114	72.73%
Downsized	0.325	1	0.228	1	0.079	1	1.830	4	1.909	5	3.434	10	2.462	7	4.59%
Total	15.141	32	10.544	28	23.446	52	18.154	45	41.601	97	70.836	166	68.971	161	100.00%
Quick Sale?
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Yes	0.323	0.879	2.209	2.459	7.196	2.393	2.151	0.441	3.269	3.555	4.026	3.254	0.862
No	1.542	0.806	1.566	0.325	1.387	1.570	3.007	0.982	4.597	4.230	3.769	2.960	11.078
Total	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.941
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	11.863	22	4.985	11	10.850	19	4.116	11	14.965	30	33.016	66	32.692	65	35.97%
No	3.278	10	5.559	17	12.597	33	14.039	34	26.635	67	37.820	100	36.278	96	64.02%
Total	15.141	32	10.544	28	23.446	52	18.154	45	41.601	97	70.836	166	68.971	161	100.00%
Seniority
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
senior secured	1.478	0.537	1.825	1.282	2.747	1.143	2.382	1.423	3.733	2.845	1.249	2.758	6.491
secured	0	0	0	1.502	0	0	0	0	0	0	0	0	0
senior	0	1.148	1.950	0	5.411	2.820	2.776	0	3.735	4.940	6.155	3.456	4.759
senior subordinated	0.387	0	0	0	0.424	0	0	0	0.399	0	0.390	0	0.691
Total	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.941
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	5.854	17	4.948	15	7.827	19	9.249	22	17.076	41	29.894	78	28.415	74	41.05%
secured	1.502	1	0	0	0	0	0	0	0	0	1.502	1	1.502	1	0.00%
senior	7.361	13	5.596	13	14.831	31	8.215	22	23.045	53	37.150	82	37.150	82	55.40%
senior subordinated	0.424	1	0	0	0.789	2	0.691	1	1.480	3	2.290	5	1.903	4	3.56%
Total	15.141	32	10.544	28	23.446	52	18.154	45	41.601	97	70.836	166	68.971	161	100.00%
Moody's Rating
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Ba1	0	0	0.625	0	2.468	0	0.321	0	0.662	0	0.460	0	0.569
Ba2	0	0	0.259	0	1.279	1.827	0	0	0.533	0.800	0.817	1.707	0.211
Ba3	0	0	1.067	0.957	1.354	0	1.684	0.441	0.332	4.231	0.838	0.196	0.459
B1	1.478	1.416	0	0	0.667	0.323	0.872	0.276	1.690	0	1.629	0	5.098
B2	0	0	0	0	0.776	0.916	0.343	0.421	2.303	1.600	1.505	0.661	1.777
B3	0	0	0	0.325	0.424	0	0	0	1.868	1.054	0.668	1.640	0.526
Caa1	0.387	0.269	0.312	0	0.200	0	1.109	0	0.079	0	0	0	2.543
Caa2	0	0	0	0	0	0	0.313	0	0	0	0	0	0
NR	0	0	1.512	1.502	1.415	0.897	0.517	0.285	0.399	0.101	1.878	2.010	0.758
Total	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.941
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	3.093	4	0.321	1	1.122	2	0.569	1	1.691	3	5.104	8	5.104	8	4.06%
Ba2	1.538	4	1.827	3	2.150	5	1.918	3	4.068	8	7.433	15	7.433	15	9.78%
Ba3	3.377	7	2.125	4	5.401	7	0.654	2	6.055	9	11.558	20	11.558	20	14.55%
B1	0.667	2	1.471	4	3.319	6	5.098	11	8.417	17	13.449	30	11.970	26	20.23%
B2	0.776	1	1.680	5	5.408	15	2.438	8	7.846	23	10.301	29	10.301	29	18.86%
B3	0.749	2	0	0	3.590	8	2.166	6	5.756	14	6.505	16	6.505	16	13.84%
Caa1	0.513	2	1.109	2	0.079	1	2.543	6	2.622	7	4.899	13	4.512	12	6.30%
Caa2	0	0	0.313	1	0	0	0	0	0	0	0.313	1	0.313	1	0.00%
NR	4.429	10	1.700	8	2.377	8	2.768	8	5.145	16	11.274	34	11.274	34	12.37%
Total	15.141	32	10.544	28	23.446	52	18.154	45	41.601	97	70.836	166	68.971	161	100.00%
Use of Proceeds
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Acquisition	0	0	0.591	0	0.724	0	0	0.697	1.037	2.542	0	0	0.359
Dividend/recap	0	0	0	0	0.200	0	0	0	0	0	0.466	0.327	0.623
GCP	0	0	0	1.502	1.538	0.328	0	0	0	0	2.661	0.894	0.537
LBO	0	0.806	0	0	0	0	0.881	0	0.332	0	0	0	1.482
Redeem notes	0	0	0	0	0.491	0.641	0	0	0.137	0	0.816	0	0.653
Refinance	1.542	0	0.903	1.189	1.786	0.758	1.383	0.441	4.159	3.248	0.912	0.774	4.560
Repay bank debt	0	0.879	0.921	0.093	1.713	0.567	1.540	0.285	0.938	0	1.686	1.722	3.515
Multiple/Other/NA	0.323	0	1.359	0	2.131	1.669	1.355	0	1.264	1.996	1.253	2.496	0.211
Total	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.941
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	1.315	3	0.697	2	3.579	7	0.359	1	3.938	8	5.950	13	5.950	13	9.47%
Dividend/recap	0.200	1	0	0	0.466	2	0.950	3	1.416	5	1.617	6	1.617	6	3.40%
GCP	3.039	4	0.328	2	2.661	4	1.431	5	4.093	9	7.460	15	7.460	15	9.84%
LBO	0	0	0.881	1	0.332	1	1.482	3	1.814	4	3.501	7	3.501	7	4.36%
Redeem notes	0.491	2	0.641	1	0.953	3	0.653	1	1.606	4	2.738	7	2.738	7	3.86%
Refinance	3.878	8	2.582	8	8.318	19	5.335	14	13.653	33	21.654	53	20.113	49	32.82%
Repay bank debt	2.727	9	2.391	8	2.624	7	5.237	13	7.861	20	13.859	39	13.859	39	18.90%
Multiple/Other/NA	3.490	5	3.023	6	4.512	9	2.707	5	7.219	14	14.056	26	13.733	25	17.35%
Total	15.141	32	10.544	28	23.446	52	18.154	45	41.601	97	70.836	166	68.971	161	100.00%
Industry Sector (by SIC code)
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Mining (1xxx)	0	0	0	0	0	0	0	0.276	0	0	0	0	0
Oil and gas (13xx)	0	0	0	0.325	0	0	0	0	0	0	0.316	0	0
Construction (15xx)	0	0	0	0	0.387	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	1.090	0	2.004	0	3.161	0.877	2.048	0.421	2.489	1.768	4.411	1.178	5.172
Transportation (4xxx)	0	0	0	0	0.122	0.170	0	0.441	0	0	0	0	1.618
Communications (48xx)	0	0.503	1.771	0.957	1.795	1.600	0.963	0.285	1.013	3.028	0.668	2.298	0.459
Electric, gas, sanitary services (49xx)	0	0	0	0	0.979	0	0	0	0	0.555	0.269	0	0.079
Wholesale (5xxx)	0	0	0	0	0.239	0.340	0	0	0.241	0.433	1.486	1.406	1.008
Finance, insurance, real estate (6xxx)	0	0	0	0	0.941	0.654	1.195	0	1.786	0.652	0	0.437	1.143
Services (7xxx)	0.775	0	0	1.502	0.959	0.323	0.826	0	2.337	1.208	0.646	0.391	1.855
Health services (8xxx)	0	1.182	0	0	0	0	0.127	0	0	0.140	0	0.504	0.606
Total	1.865	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.941
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0	0	0.276	1	0	0	0	0	0	0	0.276	1	0.276	1	0.00%
Oil and gas (13xx)	0.325	1	0	0	0.316	1	0	0	0.316	1	0.641	2	0.641	2	0.76%
Construction (15xx)	0.387	1	0	0	0	0	0	0	0	0	0.387	1	0.387	1	0.00%
Manufacturing (2xxx, 3xxx)	5.164	10	3.345	9	8.668	16	6.350	15	15.018	31	24.618	53	23.527	50	36.10%
Transportation (4xxx)	0.122	1	0.611	3	0	0	1.618	4	1.618	4	2.351	8	2.351	8	3.89%
Communications (48xx)	4.523	12	2.848	5	4.709	6	2.756	5	7.466	11	15.339	29	15.339	29	17.95%
Electric, gas, sanitary services (49xx)	0.979	1	0	0	0.824	2	0.079	1	0.903	3	1.882	4	1.882	4	2.17%
Wholesale (5xxx)	0.239	1	0.340	1	2.159	7	2.414	6	4.573	13	5.152	15	5.152	15	10.99%
Finance, insurance, real estate (6xxx)	0.941	2	1.849	4	2.438	6	1.580	5	4.018	11	6.808	17	6.808	17	9.66%
Services (7xxx)	2.461	3	1.149	4	4.191	13	2.247	5	6.438	18	10.822	27	10.047	25	15.48%
Health services (8xxx)	0	0	0.127	1	0.140	1	1.111	4	1.251	5	2.559	9	2.559	9	3.01%
Total	15.141	32	10.544	28	23.446	52	18.154	45	41.601	97	70.836	166	68.971	161	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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