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

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

Yield

	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
3.99% and lower	0	0	0	0	0	0	0	0.662	0	0.460	0.294	0	0
4%-4.99%	0	0	0	0.765	0	0.321	0	0.533	0.984	1.013	1.850	0.780	0
5%-5.99%	0	0.797	0	3.927	1.029	0.650	0.441	1.329	0	1.302	0.457	1.572	0
6%-6.99%	0.503	0.957	0.863	1.764	1.185	0.510	0	0.756	3.129	2.602	0.727	2.589	0.435
7%-7.99%	0.376	0.734	0.093	1.012	0	0.651	0	2.576	2.488	1.013	0.895	2.195	0.652
8%-8.99%	0	0	0	0	0.556	0	0.697	1.461	0	0.668	0.659	1.296	0.385
9%-9.99%	0.537	0	0	0.239	0.323	0.885	0	0	0.914	0	0.327	1.014	1.577
10%-10.99%	0	0	0	0.428	0	0	0	0	0	0	0	0.297	0
11%-11.99%	0	0.312	0	0	0	0	0	0.079	0	0	0	0	0
12% and higher	0.269	0	0.325	0	0	1.194	0	0	0	0	0	0	0
Floater	0	0.383	0	0.326	0.360	0.350	0	0.332	0	0.165	0.196	1.362	0.585
NA	0	0.591	1.502	0.122	0.510	0.598	0.285	0.137	0.270	0.573	0.809	0.310	0.027
Total	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.414	3.661
	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	3.17%
4%-4.99%	0.765	1	0.321	1	2.529	6	2.629	5	5.159	11	6.244	13	6.244	13	11.53%
5%-5.99%	4.724	9	2.120	4	2.631	6	2.029	4	4.660	10	11.504	23	11.504	23	10.42%
6%-6.99%	3.585	7	1.695	3	6.487	9	3.751	8	10.238	17	16.021	28	15.518	27	22.89%
7%-7.99%	1.839	5	0.651	2	6.077	15	3.743	9	9.820	24	12.685	32	12.310	31	21.95%
8%-8.99%	0	0	1.253	4	2.129	6	2.340	6	4.469	12	5.722	16	5.722	16	9.99%
9%-9.99%	0.239	1	1.208	4	0.914	1	2.917	7	3.831	8	5.815	14	5.278	13	8.56%
10%-10.99%	0.428	1	0	0	0	0	0.297	1	0.297	1	0.725	2	0.725	2	0.66%
11%-11.99%	0.312	1	0	0	0.079	1	0	0	0.079	1	0.391	2	0.391	2	0.18%
12% and higher	0.325	1	1.194	2	0	0	0	0	0	0	1.788	4	1.519	3	0.00%
Floater	0.709	3	0.710	2	0.498	2	2.143	7	2.641	9	4.059	14	4.059	14	5.90%
NA	2.215	3	1.393	6	0.980	4	1.145	5	2.125	9	5.733	18	5.733	18	4.75%
Total	15.141	32	10.544	28	23.446	52	21.289	53	44.735	105	72.105	169	70.420	165	100.00%
Versus Talk
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Lower	0	0	0	0	0	0.522	0	0	0	0.301	0	0.459	0
Low end	0.503	1.226	0.555	2.852	1.143	1.738	0.705	4.747	2.366	2.774	2.264	4.402	0.717
Middle	0.376	1.359	0.325	4.119	1.029	1.857	0.717	2.771	4.353	1.664	2.434	4.276	2.301
High end	0	0.420	0.402	0.387	0.323	0.127	0	0.348	0	0	0	0	0.231
NA	0.806	0.769	1.502	1.224	1.468	0.915	0	0	1.066	3.056	1.516	2.278	0.411
Total	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.414	3.661
	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	1.70%
Low end	4.633	11	3.586	10	9.887	23	7.383	18	17.270	41	25.993	63	25.489	62	38.61%
Middle	5.804	10	3.604	8	8.788	17	9.011	17	17.799	34	27.582	53	27.206	52	39.79%
High end	1.209	5	0.449	2	0.348	1	0.231	1	0.579	2	2.238	9	2.238	9	1.29%
NA	3.495	6	2.383	7	4.122	10	4.205	16	8.327	26	15.011	41	14.205	39	18.61%
Total	15.141	32	10.544	28	23.446	52	21.289	53	44.735	105	72.105	169	70.420	165	100.00%
Upsized?
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Yes	0.879	0.591	0.863	3.129	1.910	1.402	0.285	2.582	0.611	1.856	1.505	2.879	0.435
No	0.806	3.184	1.595	5.454	2.053	3.528	1.138	5.205	7.174	5.939	4.030	7.384	2.957
Downsized	0	0	0.325	0	0	0.228	0	0.079	0	0	0.679	1.151	0.269
Total	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.414	3.661
	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	4.819	10	9.868	22	18.927	41	18.048	39	22.06%
No	10.233	22	6.720	19	18.318	39	14.371	38	32.689	77	50.448	120	49.641	118	73.07%
Downsized	0.325	1	0.228	1	0.079	1	2.099	5	2.178	6	2.731	8	2.731	8	4.87%
Total	15.141	32	10.544	28	23.446	52	21.289	53	44.735	105	72.105	169	70.420	165	100.00%
Quick Sale?
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Yes	0.879	2.209	2.459	7.196	2.393	2.151	0.441	3.269	3.555	4.026	3.254	0.862	0.995
No	0.806	1.566	0.325	1.387	1.570	3.007	0.982	4.597	4.230	3.769	2.960	10.552	2.666
Total	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.414	3.661
	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	5.111	15	15.961	34	33.688	69	32.809	67	35.68%
No	3.278	10	5.559	17	12.597	33	16.178	38	28.775	71	38.418	100	37.612	98	64.32%
Total	15.141	32	10.544	28	23.446	52	21.289	53	44.735	105	72.105	169	70.420	165	100.00%
Seniority
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
senior secured	0.537	1.825	1.282	2.747	1.143	2.382	1.423	3.733	2.845	1.249	2.758	5.965	2.621
secured	0	0	1.502	0	0	0	0	0	0	0	0	0	0
senior	1.148	1.950	0	5.411	2.820	2.776	0	3.735	4.940	6.155	3.456	4.759	1.040
senior subordinated	0	0	0	0.424	0	0	0	0.399	0	0.390	0	0.691	0
Total	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.414	3.661
	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	11.344	26	19.171	45	30.510	78	29.973	77	42.85%
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	9.254	26	24.085	57	38.190	86	37.042	83	53.84%
senior subordinated	0.424	1	0	0	0.789	2	0.691	1	1.480	3	1.903	4	1.903	4	3.31%
Total	15.141	32	10.544	28	23.446	52	21.289	53	44.735	105	72.105	169	70.420	165	100.00%
Moody's Rating
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Ba1	0	0.625	0	2.468	0	0.321	0	0.662	0	0.460	0	0.569	0
Ba2	0	0.259	0	1.279	1.827	0	0	0.533	0.800	0.817	1.707	0.211	0
Ba3	0	1.067	0.957	1.354	0	1.684	0.441	0.332	4.231	0.838	0.196	0.459	0
B1	1.416	0	0	0.667	0.323	0.872	0.276	1.690	0	1.629	0	5.098	0.269
B2	0	0	0	0.776	0.916	0.343	0.421	2.303	1.600	1.505	0.661	1.777	0.666
B3	0	0	0.325	0.424	0	0	0	1.868	1.054	0.668	1.640	0	1.393
Caa1	0.269	0.312	0	0.200	0	1.109	0	0.079	0	0	0	2.543	0
Caa2	0	0	0	0	0	0.313	0	0	0	0	0	0	0
NR	0	1.512	1.502	1.415	0.897	0.517	0.285	0.399	0.101	1.878	2.010	0.758	1.333
Total	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.414	3.661
	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	3.78%
Ba2	1.538	4	1.827	3	2.150	5	1.918	3	4.068	8	7.433	15	7.433	15	9.09%
Ba3	3.377	7	2.125	4	5.401	7	0.654	2	6.055	9	11.558	20	11.558	20	13.54%
B1	0.667	2	1.471	4	3.319	6	5.367	12	8.686	18	12.239	27	10.823	24	19.42%
B2	0.776	1	1.680	5	5.408	15	3.104	10	8.512	25	10.967	31	10.967	31	19.03%
B3	0.749	2	0	0	3.590	8	3.033	8	6.623	16	7.372	18	7.372	18	14.80%
Caa1	0.513	2	1.109	2	0.079	1	2.543	6	2.622	7	4.512	12	4.243	11	5.86%
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	4.101	11	6.478	19	12.607	37	12.607	37	14.48%
Total	15.141	32	10.544	28	23.446	52	21.289	53	44.735	105	72.105	169	70.420	165	100.00%
Use of Proceeds
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Acquisition	0	0.591	0	0.724	0	0	0.697	1.037	2.542	0	0	0.359	0.385
Dividend/recap	0	0	0	0.200	0	0	0	0	0	0.466	0.327	0.623	0
GCP	0	0	1.502	1.538	0.328	0	0	0	0	2.661	0.894	0.537	0
LBO	0.806	0	0	0	0	0.881	0	0.332	0	0	0	1.482	0
Redeem notes	0	0	0	0.491	0.641	0	0	0.137	0	0.816	0	0.653	0.435
Refinance	0	0.903	1.189	1.786	0.758	1.383	0.441	4.159	3.248	0.912	0.774	4.560	0.860
Repay bank debt	0.879	0.921	0.093	1.713	0.567	1.540	0.285	0.938	0	1.686	1.722	2.989	1.686
Multiple/Other/NA	0	1.359	0	2.131	1.669	1.355	0	1.264	1.996	1.253	2.496	0.211	0.296
Total	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.414	3.661
	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	0.744	2	4.323	9	6.335	14	6.335	14	9.66%
Dividend/recap	0.200	1	0	0	0.466	2	0.950	3	1.416	5	1.617	6	1.617	6	3.17%
GCP	3.039	4	0.328	2	2.661	4	1.431	5	4.093	9	7.460	15	7.460	15	9.15%
LBO	0	0	0.881	1	0.332	1	1.482	3	1.814	4	3.501	7	2.695	5	4.05%
Redeem notes	0.491	2	0.641	1	0.953	3	1.088	2	2.041	5	3.173	8	3.173	8	4.56%
Refinance	3.878	8	2.582	8	8.318	19	6.194	17	14.512	36	20.972	52	20.972	52	32.44%
Repay bank debt	2.727	9	2.391	8	2.624	7	6.397	14	9.021	21	15.019	40	14.140	38	20.17%
Multiple/Other/NA	3.490	5	3.023	6	4.512	9	3.003	7	7.515	16	14.029	27	14.029	27	16.80%
Total	15.141	32	10.544	28	23.446	52	21.289	53	44.735	105	72.105	169	70.420	165	100.00%
Industry Sector (by SIC code)
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0	0	0.231
Mining (1xxx)	0	0	0	0	0	0	0.276	0	0	0	0	0	0
Oil and gas (13xx)	0	0	0.325	0	0	0	0	0	0	0.316	0	0	0
Construction (15xx)	0	0	0	0.387	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0	2.004	0	3.161	0.877	2.048	0.421	2.489	1.768	4.411	1.178	5.172	0.027
Transportation (4xxx)	0	0	0	0.122	0.170	0	0.441	0	0	0	0	1.618	0
Communications (48xx)	0.503	1.771	0.957	1.795	1.600	0.963	0.285	1.013	3.028	0.668	2.298	0.459	0.334
Electric, gas, sanitary services (49xx)	0	0	0	0.979	0	0	0	0	0.555	0.269	0	0.079	0.269
Wholesale (5xxx)	0	0	0	0.239	0.340	0	0	0.241	0.433	1.486	1.406	1.008	0.385
Finance, insurance, real estate (6xxx)	0	0	0	0.941	0.654	1.195	0	1.786	0.652	0	0.437	0.616	0.674
Services (7xxx)	0	0	1.502	0.959	0.323	0.826	0	2.337	1.208	0.646	0.391	1.855	1.741
Health services (8xxx)	1.182	0	0	0	0	0.127	0	0	0.140	0	0.504	0.606	0
Total	1.685	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.414	3.661
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0.231	1	0.231	1	0.231	1	0.231	1	0.52%
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	0.71%
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	6.377	16	15.045	32	23.554	51	23.554	51	33.63%
Transportation (4xxx)	0.122	1	0.611	3	0	0	1.618	4	1.618	4	2.351	8	2.351	8	3.62%
Communications (48xx)	4.523	12	2.848	5	4.709	6	3.091	6	7.800	12	15.674	30	15.170	29	17.44%
Electric, gas, sanitary services (49xx)	0.979	1	0	0	0.824	2	0.348	2	1.172	4	2.151	5	2.151	5	2.62%
Wholesale (5xxx)	0.239	1	0.340	1	2.159	7	2.798	7	4.958	14	5.536	16	5.536	16	11.08%
Finance, insurance, real estate (6xxx)	0.941	2	1.849	4	2.438	6	1.728	5	4.166	11	6.955	17	6.955	17	9.31%
Services (7xxx)	2.461	3	1.149	4	4.191	13	3.988	8	8.179	21	11.788	28	11.788	28	18.28%
Health services (8xxx)	0	0	0.127	1	0.140	1	1.111	4	1.251	5	2.559	9	1.377	6	2.80%
Total	15.141	32	10.544	28	23.446	52	21.289	53	44.735	105	72.105	169	70.420	165	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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