Analysis of European high yield issuance for 13 months through January 2014

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

Yield

	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
3.99% and lower	0.662	0	0.460	0.294	0	0	0.955	0	0.993	0	1.070	0.673	1.558
4%-4.99%	0.533	0.984	1.013	1.850	0.780	0	0	0	0.147	0	2.310	0.339	2.580
5%-5.99%	1.329	0	1.302	0.457	1.572	0	0.349	0	1.247	0.510	0.323	0.732	0.663
6%-6.99%	0.756	3.129	2.602	0.727	2.589	0.435	1.610	0	1.329	0.967	1.728	0.869	0.660
7%-7.99%	2.576	2.488	1.013	0.895	2.195	0.652	3.055	0	0.545	0.274	2.495	0.446	0.846
8%-8.99%	1.461	0	0.668	0.659	1.217	0.385	1.422	0	0.662	0.764	0.268	0	0
9%-9.99%	0	0.914	0	0.327	1.014	1.577	2.172	0	0.505	1.090	0	0.403	0
10%-10.99%	0	0	0	0	0.297	0	0.228	0.428	0.328	0.205	0	0	0
11% and higher	0.079	0	0	0	0	0	0	0	0	0.199	0.217	0	0
Floater	0.332	0	0.165	0.196	1.362	0.585	0.868	0	0	0.302	0.270	0	0
NA	0.137	0.270	0.573	0.757	0.310	0.027	0.797	0.086	0.125	1.466	1.422	0.410	1.320
Total	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.627
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
3.99% and lower	1.122	2	0.294	1	1.948	2	1.743	3	1.558	3	1.558	3	6.665	11	6.003	10	20.43%
4%-4.99%	2.529	6	2.629	5	0.147	1	2.649	4	2.580	4	2.580	4	10.535	20	10.002	19	33.83%
5%-5.99%	2.631	6	2.029	4	1.596	3	1.564	5	0.663	1	0.663	1	8.483	19	7.154	16	8.69%
6%-6.99%	6.487	9	3.751	8	2.940	4	3.565	9	0.660	2	0.660	2	17.402	32	16.646	30	8.65%
7%-7.99%	6.077	15	3.743	9	3.600	6	3.215	9	0.846	2	0.846	2	17.481	41	14.904	34	11.09%
8%-8.99%	2.129	6	2.261	5	2.085	6	1.032	3	0	0	0	0	7.506	20	6.045	15	0.00%
9%-9.99%	0.914	1	2.917	7	2.677	8	1.492	4	0	0	0	0	8.001	20	8.001	20	0.00%
10%-10.99%	0	0	0.297	1	0.984	3	0.205	1	0	0	0	0	1.486	5	1.486	5	0.00%
11% and higher	0.079	1	0	0	0	0	0.416	2	0	0	0	0	0.495	3	0.416	2	0.00%
Floater	0.498	2	2.143	7	0.868	2	0.571	2	0	0	0	0	4.080	13	3.748	12	0.00%
NA	0.980	4	1.093	5	1.008	6	3.298	8	1.320	3	1.320	3	7.699	26	7.562	25	17.31%
Total	23.446	52	21.158	52	17.853	41	19.750	50	7.627	15	7.627	15	89.835	210	81.968	188	100.00%
Versus Talk
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Lower	0	0	0.301	0	0.459	0	0.445	0	0	0	1.051	0	0.410
Low end	4.747	2.366	2.774	2.264	4.402	0.717	3.818	0	2.925	3.385	5.762	0.820	2.499
Middle	2.771	4.353	1.664	2.434	4.276	2.301	4.677	0	1.738	1.403	2.202	2.595	2.387
High end	0.348	0	0	0	0	0.231	0.309	0	0.338	0.072	0	0.213	0
NA	0	1.066	3.056	1.464	2.199	0.411	2.209	0.514	0.880	0.917	1.088	0.242	2.331
Total	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.627
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.301	1	0.459	1	0.445	1	1.051	3	0.410	1	0.410	1	2.666	7	2.666	7	5.38%
Low end	9.887	23	7.383	18	6.743	12	9.967	24	2.499	4	2.499	4	36.479	81	31.732	68	32.77%
Middle	8.788	17	9.011	17	6.416	13	6.200	15	2.387	5	2.387	5	32.802	67	30.031	59	31.30%
High end	0.348	1	0.231	1	0.647	2	0.285	3	0	0	0	0	1.511	7	1.163	6	0.00%
NA	4.122	10	4.074	15	3.604	13	2.247	5	2.331	5	2.331	5	16.377	48	16.377	48	30.56%
Total	23.446	52	21.158	52	17.853	41	19.750	50	7.627	15	7.627	15	89.835	210	81.968	188	100.00%
Upsized?
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Yes	2.582	0.611	1.856	1.505	2.879	0.435	0.525	0.428	0.512	0.641	2.857	0.989	2.027
No	5.205	7.174	5.939	3.978	7.305	2.957	10.376	0.086	5.369	4.573	7.247	2.881	4.996
Downsized	0.079	0	0	0.679	1.151	0.269	0.557	0	0	0.562	0	0	0.604
Total	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.627
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	5.049	12	4.819	10	1.465	4	4.487	11	2.027	4	2.027	4	17.847	41	15.264	34	26.58%
No	18.318	39	14.240	37	15.832	36	14.701	37	4.996	10	4.996	10	68.086	159	62.881	145	65.50%
Downsized	0.079	1	2.099	5	0.557	1	0.562	2	0.604	1	0.604	1	3.902	10	3.823	9	7.92%
Total	23.446	52	21.158	52	17.853	41	19.750	50	7.627	15	7.627	15	89.835	210	81.968	188	100.00%
Quick Sale?
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Yes	3.269	3.555	4.026	3.124	0.862	0.995	3.408	0.514	3.763	1.529	3.861	0.962	6.967
No	4.597	4.230	3.769	3.038	10.473	2.666	8.050	0	2.118	4.247	6.243	2.908	0.660
Total	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.627
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	10.850	19	4.981	14	7.685	16	6.352	14	6.967	13	6.967	13	36.835	76	33.566	68	91.35%
No	12.597	33	16.177	38	10.168	25	13.398	36	0.660	2	0.660	2	53.000	134	48.402	120	8.65%
Total	23.446	52	21.158	52	17.853	41	19.750	50	7.627	15	7.627	15	89.835	210	81.968	188	100.00%
Seniority
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
senior secured	3.733	2.845	1.249	2.758	5.965	2.621	8.139	0	0.829	2.751	3.103	1.850	0.758
senior	3.735	4.940	6.155	3.404	4.680	1.040	3.319	0.514	5.052	3.026	6.783	2.020	6.869
senior subordinated	0.399	0	0.390	0	0.691	0	0	0	0	0	0.217	0	0
Total	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.627
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	7.827	19	11.344	26	8.968	22	7.704	23	0.758	3	0.758	3	36.600	93	32.867	84	9.94%
senior	14.831	31	9.123	25	8.885	19	11.829	26	6.869	12	6.869	12	51.538	113	47.803	101	90.06%
senior subordinated	0.789	2	0.691	1	0	0	0.217	1	0	0	0	0	1.697	4	1.298	3	0.00%
Total	23.446	52	21.158	52	17.853	41	19.750	50	7.627	15	7.627	15	89.835	210	81.968	188	100.00%
Moody's Rating
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Ba1	0.662	0	0.460	0	0.569	0	0	0	1.970	0	2.155	0	3.113
Ba2	0.533	0.800	0.817	1.707	0.211	0	0.955	0	0	0.407	0	0.673	0.663
Ba3	0.332	4.231	0.838	0.196	0.459	0	0.637	0	0	0	1.306	0.339	1.014
B1	1.690	0	1.629	0	5.098	0.269	0.726	0.428	1.329	0	2.008	0.958	0.675
B2	2.303	1.600	1.505	0.661	1.777	0.666	4.492	0	0.338	1.485	1.579	0.605	0.429
B3	1.868	1.054	0.668	1.640	0	1.393	2.028	0	0.324	0.270	0.704	0.576	0.329
Caa1	0	0	0	0	0	0	0	0	0	0	0	0.074	0
Caa1	0.079	0	0	0	2.543	0	0.405	0	0.545	0	0	0.403	0
Caa2	0	0	0	0	0	0	0.256	0	0.328	0.205	0	0	0
NR	0.399	0.101	1.878	1.958	0.679	1.333	1.959	0.086	1.047	3.409	2.352	0.242	1.404
Total	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.627
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	1.122	2	0.569	1	1.970	2	2.155	3	3.113	5	3.113	5	8.929	13	8.266	12	40.82%
Ba2	2.150	5	1.918	3	0.955	1	1.080	2	0.663	1	0.663	1	6.766	12	6.234	11	8.69%
Ba3	5.401	7	0.654	2	0.637	1	1.645	3	1.014	1	1.014	1	9.351	14	9.019	13	13.29%
B1	3.319	6	5.367	12	2.484	6	2.966	7	0.675	1	0.675	1	14.810	32	13.120	27	8.85%
B2	5.408	15	3.104	10	4.829	9	3.669	13	0.429	2	0.429	2	17.440	49	15.137	42	5.62%
B3	3.590	8	3.033	8	2.352	7	1.550	5	0.329	1	0.329	1	10.854	29	8.985	24	4.31%
Caa1	0	0	0	0	0	0	0.074	1	0	0	0	0	0.074	1	0.074	1	0.00%
Caa1	0.079	1	2.543	6	0.949	3	0.403	1	0	0	0	0	3.974	11	3.895	10	0.00%
Caa2	0	0	0	0	0.583	2	0.205	1	0	0	0	0	0.788	3	0.788	3	0.00%
NR	2.377	8	3.970	10	3.093	10	6.003	14	1.404	4	1.404	4	16.847	46	16.448	45	18.41%
Total	23.446	52	21.158	52	17.853	41	19.750	50	7.627	15	7.627	15	89.835	210	81.968	188	100.00%
Use of Proceeds
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Acquisition	1.037	2.542	0	0	0.359	0.385	0.405	0	0.270	1.082	0.268	0.407	0.410
Dividend/recap	0	0	0.466	0.327	0.623	0	0.365	0	0.328	0	0	0.576	0
GCP	0	0	2.661	0.972	0.459	0	0	0	1.454	0.540	1.219	1.226	1.901
LBO	0.332	0	0	0	1.482	0	1.260	0	0	0	0	0	0
Redeem notes	0.137	0	0.816	0	0.653	0.435	0.955	0	1.347	0	0.636	0	0
Refinance	4.159	3.248	0.912	0.774	4.560	0.860	3.709	0.428	0.843	1.894	4.666	0.339	1.988
Repay bank debt	0.938	0	1.686	1.722	2.989	1.686	3.330	0	0.662	0	0.323	0.942	1.671
Multiple/Other/NA	1.264	1.996	1.253	2.366	0.211	0.296	1.435	0.086	0.977	2.261	2.991	0.381	1.657
Total	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.627
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	3.579	7	0.744	2	0.675	2	1.756	6	0.410	1	0.410	1	7.164	18	6.127	15	5.38%
Dividend/recap	0.466	2	0.950	3	0.692	2	0.576	2	0	0	0	0	2.684	9	2.684	9	0.00%
GCP	2.661	4	1.430	5	1.454	4	2.985	7	1.901	2	1.901	2	10.432	22	10.432	22	24.92%
LBO	0.332	1	1.482	3	1.260	3	0	0	0	0	0	0	3.074	7	2.742	6	0.00%
Redeem notes	0.953	3	1.088	2	2.302	4	0.636	1	0	0	0	0	4.979	10	4.842	9	0.00%
Refinance	8.318	19	6.194	17	4.980	10	6.899	17	1.988	4	1.988	4	28.378	67	24.220	56	26.07%
Repay bank debt	2.624	7	6.397	14	3.992	12	1.265	4	1.671	4	1.671	4	15.949	41	15.011	38	21.91%
Multiple/Other/NA	4.512	9	2.873	6	2.498	4	5.633	13	1.657	4	1.657	4	17.173	36	15.909	33	21.73%
Total	23.446	52	21.158	52	17.853	41	19.750	50	7.627	15	7.627	15	89.835	210	81.968	188	100.00%
Industry Sector (by SIC code)
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Agriculture (0xxx)	0	0	0	0	0	0.231	0	0	0	0.606	0.381	0	0
Mining (1xxx)	0	0	0	0	0	0	0.365	0	0	0	0	0	0
Oil and gas (13xx)	0	0	0.316	0	0	0	0	0	0	0	0	0.242	0.675
Construction (15xx)	0	0	0	0	0	0	0.525	0	0	0	1.357	0.138	0
Manufacturing (2xxx, 3xxx)	2.489	1.768	4.411	1.048	5.172	0.027	7.206	0.086	2.402	1.484	3.094	1.575	1.739
Transportation (4xxx)	0	0	0	0	1.618	0	0	0	0.545	0	0.270	0.403	0.305
Communications (48xx)	1.013	3.028	0.668	2.298	0.459	0.334	0	0	0.328	0.510	0.636	0.407	1.355
Electric, gas, sanitary services (49xx)	0	0.555	0.269	0.078	0	0.269	0	0	1.022	0.540	0.801	0	0
Wholesale (5xxx)	0.241	0.433	1.486	1.406	1.008	0.385	1.054	0	0	0	0.947	0	0
Finance, insurance, real estate (6xxx)	1.786	0.652	0	0.437	0.616	0.674	1.477	0	1.076	1.478	1.393	0	2.040
Services (7xxx)	2.337	1.208	0.646	0.391	1.855	1.741	0.832	0.428	0.184	1.159	1.224	1.104	0.503
Health services (8xxx)	0	0.140	0	0.504	0.606	0	0	0	0.324	0	0	0	1.011
Total	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.627
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0.231	1	0	0	0.987	3	0	0	0	0	1.218	4	1.218	4	0.00%
Mining (1xxx)	0	0	0	0	0.365	1	0	0	0	0	0	0	0.365	1	0.365	1	0.00%
Oil and gas (13xx)	0.316	1	0	0	0	0	0.242	1	0.675	1	0.675	1	1.233	3	1.233	3	8.85%
Construction (15xx)	0	0	0	0	0.525	1	1.495	3	0	0	0	0	2.020	4	2.020	4	0.00%
Manufacturing (2xxx, 3xxx)	8.668	16	6.247	15	9.695	17	6.153	15	1.739	4	1.739	4	32.502	67	30.013	61	22.80%
Transportation (4xxx)	0	0	1.618	4	0.545	2	0.672	2	0.305	2	0.305	2	3.141	10	3.141	10	4.00%
Communications (48xx)	4.709	6	3.091	6	0.328	1	1.553	3	1.355	1	1.355	1	11.035	17	10.022	15	17.77%
Electric, gas, sanitary services (49xx)	0.824	2	0.347	2	1.022	2	1.341	2	0	0	0	0	3.534	8	3.534	8	0.00%
Wholesale (5xxx)	2.159	7	2.798	7	1.054	3	0.947	2	0	0	0	0	6.959	19	6.718	18	0.00%
Finance, insurance, real estate (6xxx)	2.438	6	1.728	5	2.553	9	2.870	9	2.040	3	2.040	3	11.629	32	9.842	27	26.75%
Services (7xxx)	4.191	13	3.988	8	1.444	4	3.488	10	0.503	2	0.503	2	13.614	37	11.276	29	6.59%
Health services (8xxx)	0.140	1	1.111	4	0.324	1	0	0	1.011	2	1.011	2	2.586	8	2.586	8	13.26%
Total	23.446	52	21.158	52	17.853	41	19.750	50	7.627	15	7.627	15	89.835	210	81.968	188	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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