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

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

Yield

	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
3.99% and lower	0	0	0	0	0	0	0.662	0	0.460	0.294	0	0	0.955
4%-4.99%	0	0	0.765	0	0.321	0	0.533	0.984	1.013	1.850	0.780	0	0
5%-5.99%	0.797	0	3.927	1.029	0.650	0.441	1.329	0	1.302	0.457	1.572	0	0.349
6%-6.99%	0.957	0.863	1.764	1.185	0.510	0	0.756	3.129	2.602	0.727	2.589	0.435	1.610
7%-7.99%	0.734	0.093	1.012	0	0.651	0	2.576	2.488	1.013	0.895	2.195	0.652	3.055
8%-8.99%	0	0	0	0.556	0	0.697	1.461	0	0.668	0.659	1.296	0.385	1.422
9%-9.99%	0	0	0.239	0.323	0.885	0	0	0.914	0	0.327	1.014	1.577	2.172
10%-10.99%	0	0	0.428	0	0	0	0	0	0	0	0.297	0	0.228
11%-11.99%	0.312	0	0	0	0	0	0.079	0	0	0	0	0	0
12% and higher	0	0.325	0	0	1.194	0	0	0	0	0	0	0	0
Floater	0.383	0	0.326	0.360	0.350	0	0.332	0	0.165	0.196	1.362	0.585	0.868
NA	0.591	1.502	0.122	0.510	0.598	0.285	0.137	0.270	0.573	0.809	0.310	0.027	0.797
Total	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.414	3.661	11.458
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	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	0.955	1	2.371	4	2.371	4	2.371	4	4.22%
4%-4.99%	0.765	1	0.321	1	2.529	6	2.629	5	0	0	5.159	11	6.244	13	6.244	13	9.18%
5%-5.99%	4.724	9	2.120	4	2.631	6	2.029	4	0.349	1	5.009	11	11.854	24	11.056	21	8.91%
6%-6.99%	3.585	7	1.695	3	6.487	9	3.751	8	1.610	2	11.848	19	17.128	29	16.171	27	21.08%
7%-7.99%	1.839	5	0.651	2	6.077	15	3.743	9	3.055	4	12.875	28	15.365	35	14.631	34	22.91%
8%-8.99%	0	0	1.253	4	2.129	6	2.340	6	1.422	4	5.892	16	7.145	20	7.145	20	10.49%
9%-9.99%	0.239	1	1.208	4	0.914	1	2.917	7	2.172	6	6.003	14	7.450	19	7.450	19	10.68%
10%-10.99%	0.428	1	0	0	0	0	0.297	1	0.228	1	0.525	2	0.953	3	0.953	3	0.93%
11%-11.99%	0.312	1	0	0	0.079	1	0	0	0	0	0.079	1	0.391	2	0.079	1	0.14%
12% and higher	0.325	1	1.194	2	0	0	0	0	0	0	0	0	1.519	3	1.519	3	0.00%
Floater	0.709	3	0.710	2	0.498	2	2.143	7	0.868	2	3.509	11	4.927	16	4.545	14	6.24%
NA	2.215	3	1.393	6	0.980	4	1.145	5	0.797	3	2.922	12	6.530	21	5.939	20	5.20%
Total	15.141	32	10.544	28	23.446	52	21.289	53	11.458	24	56.193	129	81.878	189	78.104	179	100.00%
Versus Talk
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Lower	0	0	0	0	0.522	0	0	0	0.301	0	0.459	0	0.445
Low end	1.226	0.555	2.852	1.143	1.738	0.705	4.747	2.366	2.774	2.264	4.402	0.717	3.818
Middle	1.359	0.325	4.119	1.029	1.857	0.717	2.771	4.353	1.664	2.434	4.276	2.301	4.677
High end	0.420	0.402	0.387	0.323	0.127	0	0.348	0	0	0	0	0.231	0.309
NA	0.769	1.502	1.224	1.468	0.915	0	0	1.066	3.056	1.516	2.278	0.411	2.209
Total	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.414	3.661	11.458
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0	0	0.522	1	0.301	1	0.459	1	0.445	1	1.204	3	1.726	4	1.726	4	2.14%
Low end	4.633	11	3.586	10	9.887	23	7.383	18	3.818	6	21.089	47	29.308	68	28.082	64	37.53%
Middle	5.804	10	3.604	8	8.788	17	9.011	17	4.677	10	22.477	44	31.884	62	30.525	60	40.00%
High end	1.209	5	0.449	2	0.348	1	0.231	1	0.309	1	0.888	3	2.547	10	2.127	8	1.58%
NA	3.495	6	2.383	7	4.122	10	4.205	16	2.209	6	10.536	32	16.414	45	15.645	43	18.75%
Total	15.141	32	10.544	28	23.446	52	21.289	53	11.458	24	56.193	129	81.878	189	78.104	179	100.00%
Upsized?
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Yes	0.591	0.863	3.129	1.910	1.402	0.285	2.582	0.611	1.856	1.505	2.879	0.435	0.525
No	3.184	1.595	5.454	2.053	3.528	1.138	5.205	7.174	5.939	4.030	7.384	2.957	10.376
Downsized	0	0.325	0	0	0.228	0	0.079	0	0	0.679	1.151	0.269	0.557
Total	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.414	3.661	11.458
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.583	9	3.597	8	5.049	12	4.819	10	0.525	1	10.393	23	18.573	40	17.982	39	18.50%
No	10.233	22	6.720	19	18.318	39	14.371	38	10.376	22	43.065	99	60.017	140	56.834	131	76.64%
Downsized	0.325	1	0.228	1	0.079	1	2.099	5	0.557	1	2.735	7	3.288	9	3.288	9	4.87%
Total	15.141	32	10.544	28	23.446	52	21.289	53	11.458	24	56.193	129	81.878	189	78.104	179	100.00%
Quick Sale?
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Yes	2.209	2.459	7.196	2.393	2.151	0.441	3.269	3.555	4.026	3.254	0.862	0.995	3.408
No	1.566	0.325	1.387	1.570	3.007	0.982	4.597	4.230	3.769	2.960	10.552	2.666	8.050
Total	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.414	3.661	11.458
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	11.863	22	4.985	11	10.850	19	5.111	15	3.408	7	19.369	41	36.217	74	34.008	70	34.47%
No	3.278	10	5.559	17	12.597	33	16.178	38	8.050	17	36.824	88	45.661	115	44.095	109	65.53%
Total	15.141	32	10.544	28	23.446	52	21.289	53	11.458	24	56.193	129	81.878	189	78.104	179	100.00%
Seniority
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
senior secured	1.825	1.282	2.747	1.143	2.382	1.423	3.733	2.845	1.249	2.758	5.965	2.621	8.139
secured	0	1.502	0	0	0	0	0	0	0	0	0	0	0
senior	1.950	0	5.411	2.820	2.776	0	3.735	4.940	6.155	3.456	4.759	1.040	3.319
senior subordinated	0	0	0.424	0	0	0	0.399	0	0.390	0	0.691	0	0
Total	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.414	3.661	11.458
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	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	8.139	19	27.310	64	38.111	96	36.287	89	48.60%
secured	1.502	1	0	0	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	3.319	5	27.404	62	40.361	88	38.412	85	48.77%
senior subordinated	0.424	1	0	0	0.789	2	0.691	1	0	0	1.480	3	1.903	4	1.903	4	2.63%
Total	15.141	32	10.544	28	23.446	52	21.289	53	11.458	24	56.193	129	81.878	189	78.104	179	100.00%
Moody's Rating
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Ba1	0.625	0	2.468	0	0.321	0	0.662	0	0.460	0	0.569	0	0
Ba2	0.259	0	1.279	1.827	0	0	0.533	0.800	0.817	1.707	0.211	0	0.955
Ba3	1.067	0.957	1.354	0	1.684	0.441	0.332	4.231	0.838	0.196	0.459	0	0.637
B1	0	0	0.667	0.323	0.872	0.276	1.690	0	1.629	0	5.098	0.269	0.726
B2	0	0	0.776	0.916	0.343	0.421	2.303	1.600	1.505	0.661	1.777	0.666	4.492
B3	0	0.325	0.424	0	0	0	1.868	1.054	0.668	1.640	0	1.393	2.028
Caa1	0.312	0	0.200	0	1.109	0	0.079	0	0	0	2.543	0	0.405
Caa2	0	0	0	0	0.313	0	0	0	0	0	0	0	0.256
NR	1.512	1.502	1.415	0.897	0.517	0.285	0.399	0.101	1.878	2.010	0.758	1.333	1.959
Total	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.414	3.661	11.458
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	3.093	4	0.321	1	1.122	2	0.569	1	0	0	1.691	3	5.104	8	4.479	7	3.01%
Ba2	1.538	4	1.827	3	2.150	5	1.918	3	0.955	1	5.024	9	8.388	16	8.129	15	8.94%
Ba3	3.377	7	2.125	4	5.401	7	0.654	2	0.637	1	6.692	10	12.195	21	11.128	19	11.91%
B1	0.667	2	1.471	4	3.319	6	5.367	12	0.726	3	9.412	21	11.549	27	11.549	27	16.75%
B2	0.776	1	1.680	5	5.408	15	3.104	10	4.492	8	13.004	33	15.459	39	15.459	39	23.14%
B3	0.749	2	0	0	3.590	8	3.033	8	2.028	6	8.650	22	9.400	24	9.400	24	15.39%
Caa1	0.513	2	1.109	2	0.079	1	2.543	6	0.405	1	3.027	8	4.648	12	4.336	11	5.39%
Caa2	0	0	0.313	1	0	0	0	0	0.256	1	0.256	1	0.569	2	0.569	2	0.46%
NR	4.429	10	1.700	8	2.377	8	4.101	11	1.959	3	8.437	22	14.566	40	13.054	35	15.01%
Total	15.141	32	10.544	28	23.446	52	21.289	53	11.458	24	56.193	129	81.878	189	78.104	179	100.00%
Use of Proceeds
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Acquisition	0.591	0	0.724	0	0	0.697	1.037	2.542	0	0	0.359	0.385	0.405
Dividend/recap	0	0	0.200	0	0	0	0	0	0.466	0.327	0.623	0	0.365
GCP	0	1.502	1.538	0.328	0	0	0	0	2.661	0.894	0.537	0	0
LBO	0	0	0	0	0.881	0	0.332	0	0	0	1.482	0	1.260
Redeem notes	0	0	0.491	0.641	0	0	0.137	0	0.816	0	0.653	0.435	0.955
Refinance	0.903	1.189	1.786	0.758	1.383	0.441	4.159	3.248	0.912	0.774	4.560	0.860	3.709
Repay bank debt	0.921	0.093	1.713	0.567	1.540	0.285	0.938	0	1.686	1.722	2.989	1.686	3.330
Multiple/Other/NA	1.359	0	2.131	1.669	1.355	0	1.264	1.996	1.253	2.496	0.211	0.296	1.435
Total	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.414	3.661	11.458
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	1.315	3	0.697	2	3.579	7	0.744	2	0.405	1	4.727	10	6.739	15	6.148	13	8.41%
Dividend/recap	0.200	1	0	0	0.466	2	0.950	3	0.365	1	1.781	6	1.982	7	1.982	7	3.17%
GCP	3.039	4	0.328	2	2.661	4	1.431	5	0	0	4.093	9	7.460	15	7.460	15	7.28%
LBO	0	0	0.881	1	0.332	1	1.482	3	1.260	3	3.074	7	3.955	8	3.955	8	5.47%
Redeem notes	0.491	2	0.641	1	0.953	3	1.088	2	0.955	1	2.996	6	4.129	9	4.129	9	5.33%
Refinance	3.878	8	2.582	8	8.318	19	6.194	17	3.709	6	18.221	42	24.681	58	23.777	56	32.43%
Repay bank debt	2.727	9	2.391	8	2.624	7	6.397	14	3.330	10	12.351	31	17.470	48	16.549	44	21.98%
Multiple/Other/NA	3.490	5	3.023	6	4.512	9	3.003	7	1.435	2	8.950	18	15.463	29	14.104	27	15.93%
Total	15.141	32	10.544	28	23.446	52	21.289	53	11.458	24	56.193	129	81.878	189	78.104	179	100.00%
Industry Sector (by SIC code)
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0	0.231	0
Mining (1xxx)	0	0	0	0	0	0.276	0	0	0	0	0	0	0.365
Oil and gas (13xx)	0	0.325	0	0	0	0	0	0	0.316	0	0	0	0
Construction (15xx)	0	0	0.387	0	0	0	0	0	0	0	0	0	0.525
Manufacturing (2xxx, 3xxx)	2.004	0	3.161	0.877	2.048	0.421	2.489	1.768	4.411	1.178	5.172	0.027	7.206
Transportation (4xxx)	0	0	0.122	0.170	0	0.441	0	0	0	0	1.618	0	0
Communications (48xx)	1.771	0.957	1.795	1.600	0.963	0.285	1.013	3.028	0.668	2.298	0.459	0.334	0
Electric, gas, sanitary services (49xx)	0	0	0.979	0	0	0	0	0.555	0.269	0	0.079	0.269	0
Wholesale (5xxx)	0	0	0.239	0.340	0	0	0.241	0.433	1.486	1.406	1.008	0.385	1.054
Finance, insurance, real estate (6xxx)	0	0	0.941	0.654	1.195	0	1.786	0.652	0	0.437	0.616	0.674	1.477
Services (7xxx)	0	1.502	0.959	0.323	0.826	0	2.337	1.208	0.646	0.391	1.855	1.741	0.832
Health services (8xxx)	0	0	0	0	0.127	0	0	0.140	0	0.504	0.606	0	0
Total	3.775	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.214	11.414	3.661	11.458
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0.231	1	0	0	0.231	1	0.231	1	0.231	1	0.41%
Mining (1xxx)	0	0	0.276	1	0	0	0	0	0.365	1	0.365	1	0.641	2	0.641	2	0.65%
Oil and gas (13xx)	0.325	1	0	0	0.316	1	0	0	0	0	0.316	1	0.641	2	0.641	2	0.56%
Construction (15xx)	0.387	1	0	0	0	0	0	0	0.525	1	0.525	1	0.912	2	0.912	2	0.93%
Manufacturing (2xxx, 3xxx)	5.164	10	3.345	9	8.668	16	6.377	16	7.206	12	22.251	44	30.760	63	28.756	59	39.60%
Transportation (4xxx)	0.122	1	0.611	3	0	0	1.618	4	0	0	1.618	4	2.351	8	2.351	8	2.88%
Communications (48xx)	4.523	12	2.848	5	4.709	6	3.091	6	0	0	7.800	12	15.170	29	13.399	23	13.88%
Electric, gas, sanitary services (49xx)	0.979	1	0	0	0.824	2	0.348	2	0	0	1.172	4	2.151	5	2.151	5	2.09%
Wholesale (5xxx)	0.239	1	0.340	1	2.159	7	2.798	7	1.054	3	6.011	17	6.590	19	6.590	19	10.70%
Finance, insurance, real estate (6xxx)	0.941	2	1.849	4	2.438	6	1.728	5	1.477	5	5.643	16	8.432	22	8.432	22	10.04%
Services (7xxx)	2.461	3	1.149	4	4.191	13	3.988	8	0.832	2	9.011	23	12.620	30	12.620	30	16.04%
Health services (8xxx)	0	0	0.127	1	0.140	1	1.111	4	0	0	1.251	5	1.377	6	1.377	6	2.23%
Total	15.141	32	10.544	28	23.446	52	21.289	53	11.458	24	56.193	129	81.878	189	78.104	179	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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