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

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

Yield

	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
3.99% and lower	0.460	0.294	0	0	0.955	0	0.993	0	1.070	0.673	1.558	2.595	3.513
4%-4.99%	1.013	1.850	0.780	0	0	0	0.147	0	2.310	0.339	2.580	0.147	3.942
5%-5.99%	1.302	0.457	1.572	0	0.349	0	1.247	0.510	0.323	0.732	0.663	1.435	2.051
6%-6.99%	2.602	0.727	2.589	0.435	1.610	0	1.329	0.967	1.728	0.869	0.660	0.215	2.730
7%-7.99%	1.013	0.895	2.195	0.652	3.055	0	0.545	0.274	2.495	0.446	0.846	0	0.856
8%-8.99%	0.668	0.659	1.217	0.385	1.422	0	0.662	0.764	0.268	0	0.104	0.316	0
9%-9.99%	0	0.327	1.014	1.577	2.172	0	0.505	1.090	0	0.403	0	0	0
10%-10.99%	0	0	0.297	0	0.228	0.428	0.328	0.205	0	0	0	0	0
11% and higher	0	0	0	0	0	0	0	0.199	0.217	0	0	0	0
Floater	0.165	0.196	1.362	0.585	0.868	0	0	0.302	0.270	0	0	0.205	0.293
NA	0.573	0.757	0.310	0.027	0.797	0.086	0.125	1.466	1.422	0.410	1.112	0.462	0.905
Total	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.290
	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	0.294	1	1.948	2	1.743	3	7.667	10	7.667	10	12.112	17	11.652	16	28.20%
4%-4.99%	2.629	5	0.147	1	2.649	4	6.670	11	6.670	11	13.108	24	12.095	21	24.53%
5%-5.99%	2.029	4	1.596	3	1.564	5	4.149	9	4.149	9	10.641	24	9.339	21	15.26%
6%-6.99%	3.751	8	2.940	4	3.565	9	3.604	8	3.604	8	16.462	32	13.860	29	13.25%
7%-7.99%	3.743	9	3.600	6	3.215	9	1.702	4	1.702	4	13.273	31	12.260	28	6.26%
8%-8.99%	2.261	5	2.085	6	1.032	3	0.420	2	0.420	2	6.465	17	5.797	16	1.54%
9%-9.99%	2.917	7	2.677	8	1.492	4	0	0	0	0	7.087	19	7.087	19	0.00%
10%-10.99%	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	0	0	0	0.416	2	0	0	0	0	0.416	2	0.416	2	0.00%
Floater	2.143	7	0.868	2	0.571	2	0.498	2	0.498	2	4.246	14	4.080	13	1.83%
NA	1.093	5	1.008	6	3.298	8	2.479	7	2.479	7	8.452	28	7.879	26	9.12%
Total	21.158	52	17.853	41	19.750	50	27.190	53	27.190	53	93.746	213	85.951	196	100.00%
Versus Talk
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Lower	0.301	0	0.459	0	0.445	0	0	0	1.051	0	0.410	0.818	0.415
Low end	2.774	2.264	4.402	0.717	3.818	0	2.925	3.385	5.762	0.820	2.499	3.210	7.095
Middle	1.664	2.434	4.276	2.301	4.677	0	1.738	1.403	2.202	2.595	2.387	0.779	3.185
High end	0	0	0	0.231	0.309	0	0.338	0.072	0	0.213	0	0.362	1.385
NA	3.056	1.464	2.199	0.411	2.209	0.514	0.880	0.917	1.088	0.242	2.227	0.208	2.210
Total	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.290
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.459	1	0.445	1	1.051	3	1.643	3	1.643	3	3.899	9	3.598	8	6.04%
Low end	7.383	18	6.743	12	9.967	24	12.804	20	12.804	20	39.671	80	36.897	74	47.09%
Middle	9.011	17	6.416	13	6.200	15	6.351	14	6.351	14	29.642	63	27.978	59	23.36%
High end	0.231	1	0.647	2	0.285	3	1.747	5	1.747	5	2.909	11	2.909	11	6.43%
NA	4.074	15	3.604	13	2.247	5	4.645	11	4.645	11	17.625	50	14.569	44	17.08%
Total	21.158	52	17.853	41	19.750	50	27.190	53	27.190	53	93.746	213	85.951	196	100.00%
Upsized?
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Yes	1.856	1.505	2.879	0.435	0.525	0.428	0.512	0.641	2.857	0.989	2.027	0.479	3.797
No	5.939	3.978	7.305	2.957	10.376	0.086	5.369	4.573	7.247	2.881	4.892	4.581	10.493
Downsized	0	0.679	1.151	0.269	0.557	0	0	0.562	0	0	0.604	0.316	0
Total	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.290
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.819	10	1.465	4	4.487	11	6.302	13	6.302	13	18.929	42	17.073	38	23.18%
No	14.240	37	15.832	36	14.701	37	19.967	38	19.967	38	70.678	161	64.740	148	73.44%
Downsized	2.099	5	0.557	1	0.562	2	0.921	2	0.921	2	4.139	10	4.139	10	3.39%
Total	21.158	52	17.853	41	19.750	50	27.190	53	27.190	53	93.746	213	85.951	196	100.00%
Quick Sale?
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Yes	4.026	3.124	0.862	0.995	3.408	0.514	3.763	1.529	3.861	0.962	6.863	2.957	8.220
No	3.769	3.038	10.473	2.666	8.050	0	2.118	4.247	6.243	2.908	0.660	2.419	6.070
Total	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.290
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.981	14	7.685	16	6.352	14	18.041	32	18.041	32	41.084	83	37.058	76	66.35%
No	16.177	38	10.168	25	13.398	36	9.149	21	9.149	21	52.661	130	48.892	120	33.65%
Total	21.158	52	17.853	41	19.750	50	27.190	53	27.190	53	93.746	213	85.951	196	100.00%
Seniority
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
senior secured	1.249	2.758	5.965	2.621	8.139	0	0.829	2.751	3.103	1.850	0.758	0.941	4.171
secured	0	0	0	0	0	0	0	0	0	0	0	0	0.110
senior	6.155	3.404	4.680	1.040	3.319	0.514	5.052	3.026	6.783	2.020	6.766	4.435	10.009
senior subordinated	0.390	0	0.691	0	0	0	0	0	0.217	0	0	0	0
Total	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.290
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	11.344	26	8.968	22	7.704	23	5.870	17	5.870	17	35.135	93	33.886	88	21.59%
secured	0	0	0	0	0	0	0.110	1	0.110	1	0.110	1	0.110	1	0.40%
senior	9.123	25	8.885	19	11.829	26	21.209	35	21.209	35	57.203	116	51.047	105	78.00%
senior subordinated	0.691	1	0	0	0.217	1	0	0	0	0	1.298	3	0.908	2	0.00%
Total	21.158	52	17.853	41	19.750	50	27.190	53	27.190	53	93.746	213	85.951	196	100.00%
Moody's Rating
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Ba1	0.460	0	0.569	0	0	0	1.970	0	2.155	0	3.113	2.595	1.720
Ba2	0.817	1.707	0.211	0	0.955	0	0	0.407	0	0.673	0.663	0	1.798
Ba3	0.838	0.196	0.459	0	0.637	0	0	0	1.306	0.339	1.014	0	2.647
B1	1.629	0	5.098	0.269	0.726	0.428	1.329	0	2.008	0.958	0.675	0.215	0.192
B2	1.505	0.661	1.777	0.666	4.492	0	0.338	1.485	1.579	0.605	0.429	1.258	4.159
B3	0.668	1.640	0	1.393	2.028	0	0.324	0.270	0.704	0.576	0.329	0.818	0
Caa1	0	0	0	0	0	0	0	0	0	0.074	0	0	0
Caa1	0	0	2.543	0	0.405	0	0.545	0	0	0.403	0	0	0.694
Caa2	0	0	0	0	0.256	0	0.328	0.205	0	0	0	0	0
NR	1.878	1.958	0.679	1.333	1.959	0.086	1.047	3.409	2.352	0.242	1.301	0.491	3.081
Total	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.290
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	0.569	1	1.970	2	2.155	3	7.428	10	7.428	10	12.581	17	12.122	16	27.32%
Ba2	1.918	3	0.955	1	1.080	2	2.461	3	2.461	3	7.231	11	6.414	9	9.05%
Ba3	0.654	2	0.637	1	1.645	3	3.661	6	3.661	6	7.435	14	6.597	12	13.46%
B1	5.367	12	2.484	6	2.966	7	1.081	3	1.081	3	13.527	29	11.898	28	3.98%
B2	3.104	10	4.829	9	3.669	13	5.845	14	5.845	14	18.954	50	17.448	46	21.50%
B3	3.033	8	2.352	7	1.550	5	1.147	2	1.147	2	8.750	23	8.082	22	4.22%
Caa1	0	0	0	0	0.074	1	0	0	0	0	0.074	1	0.074	1	0.00%
Caa1	2.543	6	0.949	3	0.403	1	0.694	1	0.694	1	4.589	11	4.589	11	2.55%
Caa2	0	0	0.583	2	0.205	1	0	0	0	0	0.788	3	0.788	3	0.00%
NR	3.970	10	3.093	10	6.003	14	4.873	14	4.873	14	19.816	54	17.938	48	17.92%
Total	21.158	52	17.853	41	19.750	50	27.190	53	27.190	53	93.746	213	85.951	196	100.00%
Use of Proceeds
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Acquisition	0	0	0.359	0.385	0.405	0	0.270	1.082	0.268	0.407	0.410	0.687	0
Capex	0	0	0	0	0	0	0	0	0	0	0.098	0	0
Dividend/recap	0.466	0.327	0.623	0	0.365	0	0.328	0	0	0.576	0	0.316	0
GCP	2.661	0.972	0.459	0	0	0	1.454	0.540	1.219	1.226	1.901	2.387	5.880
LBO	0	0	1.482	0	1.260	0	0	0	0	0	0	0	0
Redeem notes	0.816	0	0.653	0.435	0.955	0	1.347	0	0.636	0	0.104	0.818	1.089
Refinance	0.912	0.774	4.560	0.860	3.709	0.428	0.843	1.894	4.666	0.339	1.988	0.462	4.365
Repay bank debt	1.686	1.722	2.989	1.686	3.330	0	0.662	0	0.323	0.942	1.671	0.491	1.148
Multiple/Other/NA	1.253	2.366	0.211	0.296	1.435	0.086	0.977	2.261	2.991	0.381	1.351	0.215	1.807
Total	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.290
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.744	2	0.675	2	1.756	6	1.097	4	1.097	4	4.272	14	4.272	14	4.03%
Capex	0	0	0	0	0	0	0.098	1	0.098	1	0.098	1	0.098	1	0.36%
Dividend/recap	0.950	3	0.692	2	0.576	2	0.316	1	0.316	1	3.001	10	2.534	8	1.16%
GCP	1.430	5	1.454	4	2.985	7	10.169	12	10.169	12	18.700	32	16.039	28	37.40%
LBO	1.482	3	1.260	3	0	0	0	0	0	0	2.742	6	2.742	6	0.00%
Redeem notes	1.088	2	2.302	4	0.636	1	2.011	4	2.011	4	6.853	13	6.037	11	7.40%
Refinance	6.194	17	4.980	10	6.899	17	6.816	13	6.816	13	25.800	59	24.888	57	25.07%
Repay bank debt	6.397	14	3.992	12	1.265	4	3.309	9	3.309	9	16.649	43	14.963	39	12.17%
Multiple/Other/NA	2.873	6	2.498	4	5.633	13	3.373	9	3.373	9	15.630	35	14.377	32	12.41%
Total	21.158	52	17.853	41	19.750	50	27.190	53	27.190	53	93.746	213	85.951	196	100.00%
Industry Sector (by SIC code)
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Agriculture (0xxx)	0	0	0	0.231	0	0	0	0.606	0.381	0	0	0	0
Mining (1xxx)	0	0	0	0	0.365	0	0	0	0	0	0	0	0
Oil and gas (13xx)	0.316	0	0	0	0	0	0	0	0	0.242	0.675	0	0
Construction (15xx)	0	0	0	0	0.525	0	0	0	1.357	0.138	0	0.215	1.475
Manufacturing (2xxx, 3xxx)	4.411	1.048	5.172	0.027	7.206	0.086	2.402	1.484	3.094	1.575	1.739	3.904	7.896
Transportation (4xxx)	0	0	1.618	0	0	0	0.545	0	0.270	0.403	0.202	0	0
Communications (48xx)	0.668	2.298	0.459	0.334	0	0	0.328	0.510	0.636	0.407	1.355	0	1.089
Electric, gas, sanitary services (49xx)	0.269	0.078	0	0.269	0	0	1.022	0.540	0.801	0	0	0	0.110
Wholesale (5xxx)	1.486	1.406	1.008	0.385	1.054	0	0	0	0.947	0	0	0.479	1.147
Finance, insurance, real estate (6xxx)	0	0.437	0.616	0.674	1.477	0	1.076	1.478	1.393	0	2.040	0	1.587
Services (7xxx)	0.646	0.391	1.855	1.741	0.832	0.428	0.184	1.159	1.224	1.104	0.503	0.779	0.296
Health services (8xxx)	0	0.504	0.606	0	0	0	0.324	0	0	0	1.011	0	0.690
Total	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.290
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.231	1	0	0	0.987	3	0	0	0	0	1.218	4	1.218	4	0.00%
Mining (1xxx)	0	0	0.365	1	0	0	0	0	0	0	0.365	1	0.365	1	0.00%
Oil and gas (13xx)	0	0	0	0	0.242	1	0.675	1	0.675	1	1.233	3	0.917	2	2.48%
Construction (15xx)	0	0	0.525	1	1.495	3	1.690	4	1.690	4	3.710	8	3.710	8	6.22%
Manufacturing (2xxx, 3xxx)	6.247	15	9.695	17	6.153	15	13.540	21	13.540	21	40.046	76	35.635	68	49.80%
Transportation (4xxx)	1.618	4	0.545	2	0.672	2	0.202	2	0.202	2	3.037	10	3.037	10	0.74%
Communications (48xx)	3.091	6	0.328	1	1.553	3	2.444	3	2.444	3	8.083	14	7.415	13	8.99%
Electric, gas, sanitary services (49xx)	0.347	2	1.022	2	1.341	2	0.110	1	0.110	1	3.089	8	2.820	7	0.40%
Wholesale (5xxx)	2.798	7	1.054	3	0.947	2	1.626	5	1.626	5	7.911	21	6.425	17	5.98%
Finance, insurance, real estate (6xxx)	1.728	5	2.553	9	2.870	9	3.627	8	3.627	8	10.778	31	10.778	31	13.34%
Services (7xxx)	3.988	8	1.444	4	3.488	10	1.577	5	1.577	5	11.142	29	10.496	27	5.80%
Health services (8xxx)	1.111	4	0.324	1	0	0	1.701	3	1.701	3	3.136	8	3.136	8	6.26%
Total	21.158	52	17.853	41	19.750	50	27.190	53	27.190	53	93.746	213	85.951	196	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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