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

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

Yield

	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
3.99% and lower	0	0	0	0	0	0.662	0	0.460	0.294	0	0	0.955	0
4%-4.99%	0	0.765	0	0.321	0	0.533	0.984	1.013	1.850	0.780	0	0	0
5%-5.99%	0	3.927	1.029	0.650	0.441	1.329	0	1.302	0.457	1.572	0	0.349	0
6%-6.99%	0.863	1.764	1.185	0.510	0	0.756	3.129	2.602	0.727	2.589	0.435	1.610	0
7%-7.99%	0.093	1.012	0	0.651	0	2.576	2.488	1.013	0.895	2.195	0.652	3.055	0
8%-8.99%	0	0	0.556	0	0.697	1.461	0	0.668	0.659	1.217	0.385	1.422	0
9%-9.99%	0	0.239	0.323	0.885	0	0	0.914	0	0.327	1.014	1.577	2.172	0
10%-10.99%	0	0.428	0	0	0	0	0	0	0	0.297	0	0.228	0.428
11%-11.99%	0	0	0	0	0	0.079	0	0	0	0	0	0	0
12% and higher	0.325	0	0	1.194	0	0	0	0	0	0	0	0	0
Floater	0	0.326	0.360	0.350	0	0.332	0	0.165	0.196	1.362	0.585	0.868	0
NA	1.502	0.122	0.510	0.598	0.285	0.137	0.270	0.573	0.757	0.310	0.027	0.797	0.086
Total	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514
	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	1.122	2	0.294	1	0.955	1	2.371	4	2.371	4	2.371	4	4.19%
4%-4.99%	0.321	1	2.529	6	2.629	5	0	0	5.159	11	6.244	13	6.244	13	9.12%
5%-5.99%	2.120	4	2.631	6	2.029	4	0.349	1	5.009	11	11.056	21	11.056	21	8.85%
6%-6.99%	1.695	3	6.487	9	3.751	8	1.610	2	11.848	19	16.171	27	15.308	25	20.94%
7%-7.99%	0.651	2	6.077	15	3.743	9	3.055	4	12.875	28	14.631	34	14.537	33	22.76%
8%-8.99%	1.253	4	2.129	6	2.261	5	1.422	4	5.813	15	7.066	19	7.066	19	10.27%
9%-9.99%	1.208	4	0.914	1	2.917	7	2.172	6	6.003	14	7.450	19	7.450	19	10.61%
10%-10.99%	0	0	0	0	0.297	1	0.657	2	0.953	3	1.381	4	1.381	4	1.68%
11%-11.99%	0	0	0.079	1	0	0	0	0	0.079	1	0.079	1	0.079	1	0.14%
12% and higher	1.194	2	0	0	0	0	0	0	0	0	1.519	3	1.194	2	0.00%
Floater	0.710	2	0.498	2	2.143	7	0.868	2	3.509	11	4.545	14	4.545	14	6.20%
NA	1.393	6	0.980	4	1.093	5	0.883	4	2.957	13	5.974	21	4.472	20	5.23%
Total	10.544	28	23.446	52	21.158	52	11.972	26	56.577	130	78.487	180	75.703	175	100.00%
Versus Talk
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Lower	0	0	0	0.522	0	0	0	0.301	0	0.459	0	0.445	0
Low end	0.555	2.852	1.143	1.738	0.705	4.747	2.366	2.774	2.264	4.402	0.717	3.818	0
Middle	0.325	4.119	1.029	1.857	0.717	2.771	4.353	1.664	2.434	4.276	2.301	4.677	0
High end	0.402	0.387	0.323	0.127	0	0.348	0	0	0	0	0.231	0.309	0
NA	1.502	1.224	1.468	0.915	0	0	1.066	3.056	1.464	2.199	0.411	2.209	0.514
Total	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.522	1	0.301	1	0.459	1	0.445	1	1.204	3	1.726	4	1.726	4	2.13%
Low end	3.586	10	9.887	23	7.383	18	3.818	6	21.089	47	28.082	64	27.527	63	37.27%
Middle	3.604	8	8.788	17	9.011	17	4.677	10	22.476	44	30.525	60	30.200	59	39.73%
High end	0.449	2	0.348	1	0.231	1	0.309	1	0.888	3	2.127	8	1.725	6	1.57%
NA	2.383	7	4.122	10	4.074	15	2.723	8	10.919	33	16.028	44	14.526	43	19.30%
Total	10.544	28	23.446	52	21.158	52	11.972	26	56.577	130	78.487	180	75.703	175	100.00%
Upsized?
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Yes	0.863	3.129	1.910	1.402	0.285	2.582	0.611	1.856	1.505	2.879	0.435	0.525	0.428
No	1.595	5.454	2.053	3.528	1.138	5.205	7.174	5.939	3.978	7.305	2.957	10.376	0.086
Downsized	0.325	0	0	0.228	0	0.079	0	0	0.679	1.151	0.269	0.557	0
Total	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.597	8	5.049	12	4.819	10	0.953	2	10.821	24	18.410	40	17.547	38	19.13%
No	6.720	19	18.318	39	14.240	37	10.463	23	43.021	99	56.789	131	55.194	129	76.04%
Downsized	0.228	1	0.079	1	2.099	5	0.557	1	2.735	7	3.288	9	2.963	8	4.83%
Total	10.544	28	23.446	52	21.158	52	11.972	26	56.577	130	78.487	180	75.703	175	100.00%
Quick Sale?
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Yes	2.459	7.196	2.393	2.151	0.441	3.269	3.555	4.026	3.124	0.862	0.995	3.408	0.514
No	0.325	1.387	1.570	3.007	0.982	4.597	4.230	3.769	3.038	10.473	2.666	8.050	0
Total	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.985	11	10.850	19	4.981	14	3.923	9	19.753	42	34.393	71	31.934	67	34.91%
No	5.559	17	12.597	33	16.177	38	8.050	17	36.823	88	44.094	109	43.769	108	65.08%
Total	10.544	28	23.446	52	21.158	52	11.972	26	56.577	130	78.487	180	75.703	175	100.00%
Seniority
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
senior secured	1.282	2.747	1.143	2.382	1.423	3.733	2.845	1.249	2.758	5.965	2.621	8.139	0
secured	1.502	0	0	0	0	0	0	0	0	0	0	0	0
senior	0	5.411	2.820	2.776	0	3.735	4.940	6.155	3.404	4.680	1.040	3.319	0.514
senior subordinated	0	0.424	0	0	0	0.399	0	0.390	0	0.691	0	0	0
Total	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	4.948	15	7.827	19	11.344	26	8.139	19	27.310	64	36.287	89	35.005	85	48.27%
secured	0	0	0	0	0	0	0	0	0	0	1.502	1	0	0	0.00%
senior	5.596	13	14.831	31	9.123	25	3.834	7	27.788	63	38.795	86	38.795	86	49.12%
senior subordinated	0	0	0.789	2	0.691	1	0	0	1.480	3	1.903	4	1.903	4	2.62%
Total	10.544	28	23.446	52	21.158	52	11.972	26	56.577	130	78.487	180	75.703	175	100.00%
Moody's Rating
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Ba1	0	2.468	0	0.321	0	0.662	0	0.460	0	0.569	0	0	0
Ba2	0	1.279	1.827	0	0	0.533	0.800	0.817	1.707	0.211	0	0.955	0
Ba3	0.957	1.354	0	1.684	0.441	0.332	4.231	0.838	0.196	0.459	0	0.637	0
B1	0	0.667	0.323	0.872	0.276	1.690	0	1.629	0	5.098	0.269	0.726	0.428
B2	0	0.776	0.916	0.343	0.421	2.303	1.600	1.505	0.661	1.777	0.666	4.492	0
B3	0.325	0.424	0	0	0	1.868	1.054	0.668	1.640	0	1.393	2.028	0
Caa1	0	0.200	0	1.109	0	0.079	0	0	0	2.543	0	0.405	0
Caa2	0	0	0	0.313	0	0	0	0	0	0	0	0.256	0
NR	1.502	1.415	0.897	0.517	0.285	0.399	0.101	1.878	1.958	0.679	1.333	1.959	0.086
Total	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	0.321	1	1.122	2	0.569	1	0	0	1.691	3	4.479	7	4.479	7	2.99%
Ba2	1.827	3	2.150	5	1.918	3	0.955	1	5.024	9	8.129	15	8.129	15	8.88%
Ba3	2.125	4	5.401	7	0.654	2	0.637	1	6.692	10	11.128	19	10.172	16	11.83%
B1	1.471	4	3.319	6	5.367	12	1.154	4	9.840	22	11.978	28	11.978	28	17.39%
B2	1.680	5	5.408	15	3.104	10	4.492	8	13.004	33	15.459	39	15.459	39	22.98%
B3	0	0	3.590	8	3.033	8	2.028	6	8.650	22	9.400	24	9.074	23	15.29%
Caa1	1.109	2	0.079	1	2.543	6	0.405	1	3.027	8	4.336	11	4.336	11	5.35%
Caa2	0.313	1	0	0	0	0	0.256	1	0.256	1	0.569	2	0.569	2	0.45%
NR	1.700	8	2.377	8	3.970	10	2.046	4	8.393	22	13.009	35	11.508	34	14.83%
Total	10.544	28	23.446	52	21.158	52	11.972	26	56.577	130	78.487	180	75.703	175	100.00%
Use of Proceeds
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Acquisition	0	0.724	0	0	0.697	1.037	2.542	0	0	0.359	0.385	0.405	0
Dividend/recap	0	0.200	0	0	0	0	0	0.466	0.327	0.623	0	0.365	0
GCP	1.502	1.538	0.328	0	0	0	0	2.661	0.972	0.459	0	0	0
LBO	0	0	0	0.881	0	0.332	0	0	0	1.482	0	1.260	0
Redeem notes	0	0.491	0.641	0	0	0.137	0	0.816	0	0.653	0.435	0.955	0
Refinance	1.189	1.786	0.758	1.383	0.441	4.159	3.248	0.912	0.774	4.560	0.860	3.709	0.428
Repay bank debt	0.093	1.713	0.567	1.540	0.285	0.938	0	1.686	1.722	2.989	1.686	3.330	0
Multiple/Other/NA	0	2.131	1.669	1.355	0	1.264	1.996	1.253	2.366	0.211	0.296	1.435	0.086
Total	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.697	2	3.579	7	0.744	2	0.405	1	4.727	10	6.148	13	6.148	13	8.35%
Dividend/recap	0	0	0.466	2	0.950	3	0.365	1	1.781	6	1.982	7	1.982	7	3.15%
GCP	0.328	2	2.661	4	1.430	5	0	0	4.092	9	7.459	15	5.957	14	7.23%
LBO	0.881	1	0.332	1	1.482	3	1.260	3	3.074	7	3.955	8	3.955	8	5.43%
Redeem notes	0.641	1	0.953	3	1.088	2	0.955	1	2.996	6	4.129	9	4.129	9	5.30%
Refinance	2.582	8	8.318	19	6.194	17	4.137	7	18.649	43	24.205	57	23.017	54	32.96%
Repay bank debt	2.391	8	2.624	7	6.397	14	3.330	10	12.351	31	16.549	44	16.455	43	21.83%
Multiple/Other/NA	3.023	6	4.512	9	2.873	6	1.521	3	8.906	18	14.061	27	14.061	27	15.74%
Total	10.544	28	23.446	52	21.158	52	11.972	26	56.577	130	78.487	180	75.703	175	100.00%
Industry Sector (by SIC code)
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0.231	0	0
Mining (1xxx)	0	0	0	0	0.276	0	0	0	0	0	0	0.365	0
Oil and gas (13xx)	0.325	0	0	0	0	0	0	0.316	0	0	0	0	0
Construction (15xx)	0	0.387	0	0	0	0	0	0	0	0	0	0.525	0
Manufacturing (2xxx, 3xxx)	0	3.161	0.877	2.048	0.421	2.489	1.768	4.411	1.048	5.172	0.027	7.206	0.086
Transportation (4xxx)	0	0.122	0.170	0	0.441	0	0	0	0	1.618	0	0	0
Communications (48xx)	0.957	1.795	1.600	0.963	0.285	1.013	3.028	0.668	2.298	0.459	0.334	0	0
Electric, gas, sanitary services (49xx)	0	0.979	0	0	0	0	0.555	0.269	0.078	0	0.269	0	0
Wholesale (5xxx)	0	0.239	0.340	0	0	0.241	0.433	1.486	1.406	1.008	0.385	1.054	0
Finance, insurance, real estate (6xxx)	0	0.941	0.654	1.195	0	1.786	0.652	0	0.437	0.616	0.674	1.477	0
Services (7xxx)	1.502	0.959	0.323	0.826	0	2.337	1.208	0.646	0.391	1.855	1.741	0.832	0.428
Health services (8xxx)	0	0	0	0.127	0	0	0.140	0	0.504	0.606	0	0	0
Total	2.784	8.583	3.963	5.158	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514
	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	0.231	1	0	0	0.231	1	0.231	1	0.231	1	0.41%
Mining (1xxx)	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	0	0.316	1	0	0	0	0	0.316	1	0.641	2	0.316	1	0.56%
Construction (15xx)	0	0	0	0	0	0	0.525	1	0.525	1	0.912	2	0.912	2	0.93%
Manufacturing (2xxx, 3xxx)	3.345	9	8.668	16	6.247	15	7.292	13	22.207	44	28.713	59	28.713	59	39.25%
Transportation (4xxx)	0.611	3	0	0	1.618	4	0	0	1.618	4	2.351	8	2.351	8	2.86%
Communications (48xx)	2.848	5	4.709	6	3.091	6	0	0	7.800	12	13.399	23	12.443	20	13.79%
Electric, gas, sanitary services (49xx)	0	0	0.824	2	0.347	2	0	0	1.171	4	2.150	5	2.150	5	2.07%
Wholesale (5xxx)	0.340	1	2.159	7	2.798	7	1.054	3	6.011	17	6.590	19	6.590	19	10.62%
Finance, insurance, real estate (6xxx)	1.849	4	2.438	6	1.728	5	1.477	5	5.643	16	8.432	22	8.432	22	9.97%
Services (7xxx)	1.149	4	4.191	13	3.988	8	1.260	3	9.439	24	13.048	31	11.546	30	16.68%
Health services (8xxx)	0.127	1	0.140	1	1.111	4	0	0	1.251	5	1.377	6	1.377	6	2.21%
Total	10.544	28	23.446	52	21.158	52	11.972	26	56.577	130	78.487	180	75.703	175	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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