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

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

Yield

	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
3.99% and lower	0.294	0	0	0.955	0	0.993	0	1.070	0.673	1.558	2.595	3.513	1.581
4%-4.99%	1.850	0.780	0	0	0	0.147	0	2.310	0.339	2.580	0.147	3.942	2.561
5%-5.99%	0.457	1.572	0	0.349	0	1.247	0.510	0.323	0.732	0.663	1.435	2.051	6.148
6%-6.99%	0.727	2.589	0.435	1.610	0	1.329	0.967	1.728	0.869	0.660	0.215	2.730	0
7%-7.99%	0.895	2.195	0.652	3.055	0	0.545	0.274	2.495	0.446	0.846	0	0.856	5.662
8%-8.99%	0.659	1.217	0.385	1.422	0	0.662	0.764	0.268	0	0.104	0.316	0	0
9%-9.99%	0.327	1.014	1.577	2.172	0	0.505	1.090	0	0.403	0	0	0	0
10%-10.99%	0	0.297	0	0.228	0.428	0.328	0.205	0	0	0	0	0	0
11% and higher	0	0	0	0	0	0	0.199	0.217	0	0	0	0	0.296
Floater	0.196	1.362	0.585	0.868	0	0	0.302	0.270	0	0	0.205	0.293	1.484
NA	0.757	0.310	0.027	0.797	0.086	0.125	1.466	1.422	0.410	1.112	0.462	0.905	0
Total	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.290	17.732
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	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	1.581	2	9.247	12	13.232	18	12.938	17	20.58%
4%-4.99%	2.629	5	0.147	1	2.649	4	6.670	11	2.561	5	9.231	16	14.657	26	12.807	23	20.55%
5%-5.99%	2.029	4	1.596	3	1.564	5	4.149	9	6.148	11	10.298	20	15.487	32	15.030	31	22.92%
6%-6.99%	3.751	8	2.940	4	3.565	9	3.604	8	0	0	3.604	8	13.860	29	13.133	27	8.02%
7%-7.99%	3.743	9	3.600	6	3.215	9	1.702	4	5.662	4	7.364	8	17.922	32	17.026	30	16.39%
8%-8.99%	2.261	5	2.085	6	1.032	3	0.420	2	0	0	0.420	2	5.797	16	5.138	15	0.93%
9%-9.99%	2.917	7	2.677	8	1.492	4	0	0	0	0	0	0	7.087	19	6.760	18	0.00%
10%-10.99%	0.297	1	0.984	3	0.205	1	0	0	0	0	0	0	1.486	5	1.486	5	0.00%
11% and higher	0	0	0	0	0.416	2	0	0	0.296	1	0.296	1	0.712	3	0.712	3	0.66%
Floater	2.143	7	0.868	2	0.571	2	0.498	2	1.484	4	1.982	6	5.564	17	5.368	16	4.41%
NA	1.093	5	1.008	6	3.298	8	2.479	7	0	0	2.479	7	7.879	26	7.122	23	5.52%
Total	21.158	52	17.853	41	19.750	50	27.190	53	17.732	27	44.921	80	103.682	223	97.521	208	100.00%
Versus Talk
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Lower	0	0.459	0	0.445	0	0	0	1.051	0	0.410	0.818	0.415	2.898
Low end	2.264	4.402	0.717	3.818	0	2.925	3.385	5.762	0.820	2.499	3.210	7.095	5.531
Middle	2.434	4.276	2.301	4.677	0	1.738	1.403	2.202	2.595	2.387	0.779	3.185	6.752
High end	0	0	0.231	0.309	0	0.338	0.072	0	0.213	0	0.362	1.385	0.668
NA	1.464	2.199	0.411	2.209	0.514	0.880	0.917	1.088	0.242	2.227	0.208	2.210	1.882
Total	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.290	17.732
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.459	1	0.445	1	1.051	3	1.643	3	2.898	2	4.541	5	6.496	10	6.496	10	10.11%
Low end	7.383	18	6.743	12	9.967	24	12.804	20	5.531	13	18.335	33	42.428	87	40.165	81	40.82%
Middle	9.011	17	6.416	13	6.200	15	6.351	14	6.752	6	13.103	20	34.730	65	32.296	62	29.17%
High end	0.231	1	0.647	2	0.285	3	1.747	5	0.668	3	2.414	8	3.577	14	3.577	14	5.37%
NA	4.074	15	3.604	13	2.247	5	4.645	11	1.882	3	6.527	14	16.452	47	14.988	41	14.53%
Total	21.158	52	17.853	41	19.750	50	27.190	53	17.732	27	44.921	80	103.682	223	97.521	208	100.00%
Upsized?
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Yes	1.505	2.879	0.435	0.525	0.428	0.512	0.641	2.857	0.989	2.027	0.479	3.797	6.651
No	3.978	7.305	2.957	10.376	0.086	5.369	4.573	7.247	2.881	4.892	4.581	10.493	8.433
Downsized	0.679	1.151	0.269	0.557	0	0	0.562	0	0	0.604	0.316	0	2.647
Total	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.290	17.732
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.819	10	1.465	4	4.487	11	6.302	13	6.651	10	12.954	23	23.724	48	22.219	45	28.84%
No	14.240	37	15.832	36	14.701	37	19.967	38	8.433	15	28.400	53	73.172	163	69.194	153	63.22%
Downsized	2.099	5	0.557	1	0.562	2	0.921	2	2.647	2	3.568	4	6.786	12	6.107	10	7.94%
Total	21.158	52	17.853	41	19.750	50	27.190	53	17.732	27	44.921	80	103.682	223	97.521	208	100.00%
Quick Sale?
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Yes	3.124	0.862	0.995	3.408	0.514	3.763	1.529	3.861	0.962	6.863	2.957	8.220	3.431
No	3.038	10.473	2.666	8.050	0	2.118	4.247	6.243	2.908	0.660	2.419	6.070	14.300
Total	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.290	17.732
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.981	14	7.685	16	6.352	14	18.041	32	3.431	7	21.472	39	40.490	83	37.366	76	47.80%
No	16.177	38	10.168	25	13.398	36	9.149	21	14.300	20	23.449	41	63.193	140	60.154	132	52.20%
Total	21.158	52	17.853	41	19.750	50	27.190	53	17.732	27	44.921	80	103.682	223	97.521	208	100.00%
Seniority
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
senior secured	2.758	5.965	2.621	8.139	0	0.829	2.751	3.103	1.850	0.758	0.941	4.171	6.301
secured	0	0	0	0	0	0	0	0	0	0	0	0.110	0
senior	3.404	4.680	1.040	3.319	0.514	5.052	3.026	6.783	2.020	6.766	4.435	10.009	11.431
senior subordinated	0	0.691	0	0	0	0	0	0.217	0	0	0	0	0
Total	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.290	17.732
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	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	6.301	12	12.171	29	40.187	100	37.429	93	27.09%
secured	0	0	0	0	0	0	0.110	1	0	0	0.110	1	0.110	1	0.110	1	0.24%
senior	9.123	25	8.885	19	11.829	26	21.209	35	11.431	15	32.640	50	62.478	120	59.074	112	72.66%
senior subordinated	0.691	1	0	0	0.217	1	0	0	0	0	0	0	0.908	2	0.908	2	0.00%
Total	21.158	52	17.853	41	19.750	50	27.190	53	17.732	27	44.921	80	103.682	223	97.521	208	100.00%
Moody's Rating
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Ba1	0	0.569	0	0	0	1.970	0	2.155	0	3.113	2.595	1.720	0.890
Ba2	1.707	0.211	0	0.955	0	0	0.407	0	0.673	0.663	0	1.798	0
Ba3	0.196	0.459	0	0.637	0	0	0	1.306	0.339	1.014	0	2.647	4.788
B1	0	5.098	0.269	0.726	0.428	1.329	0	2.008	0.958	0.675	0.215	0.192	1.125
B2	0.661	1.777	0.666	4.492	0	0.338	1.485	1.579	0.605	0.429	1.258	4.159	1.862
B3	1.640	0	1.393	2.028	0	0.324	0.270	0.704	0.576	0.329	0.818	0	3.747
Caa1	0	0	0	0	0	0	0	0	0.074	0	0	0	0
Caa1	0	2.543	0	0.405	0	0.545	0	0	0.403	0	0	0.694	3.446
Caa2	0	0	0	0.256	0	0.328	0.205	0	0	0	0	0	0.316
NR	1.958	0.679	1.333	1.959	0.086	1.047	3.409	2.352	0.242	1.301	0.491	3.081	1.557
Total	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.290	17.732
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	0.569	1	1.970	2	2.155	3	7.428	10	0.890	1	8.318	11	13.012	17	13.012	17	18.52%
Ba2	1.918	3	0.955	1	1.080	2	2.461	3	0	0	2.461	3	6.414	9	4.707	7	5.48%
Ba3	0.654	2	0.637	1	1.645	3	3.661	6	4.788	6	8.449	12	11.385	18	11.190	17	18.81%
B1	5.367	12	2.484	6	2.966	7	1.081	3	1.125	2	2.206	5	13.023	30	13.023	30	4.91%
B2	3.104	10	4.829	9	3.669	13	5.845	14	1.862	7	7.707	21	19.310	53	18.649	51	17.16%
B3	3.033	8	2.352	7	1.550	5	1.147	2	3.747	3	4.894	5	11.829	25	10.189	21	10.89%
Caa1	0	0	0	0	0.074	1	0	0	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	3.446	2	4.140	3	8.035	13	8.035	13	9.22%
Caa2	0	0	0.583	2	0.205	1	0	0	0.316	2	0.316	2	1.105	5	1.105	5	0.70%
NR	3.970	10	3.093	10	6.003	14	4.873	14	1.557	4	6.429	18	19.494	52	17.537	46	14.31%
Total	21.158	52	17.853	41	19.750	50	27.190	53	17.732	27	44.921	80	103.682	223	97.521	208	100.00%
Use of Proceeds
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Acquisition	0	0.359	0.385	0.405	0	0.270	1.082	0.268	0.407	0.410	0.687	0	6.286
Capex	0	0	0	0	0	0	0	0	0	0.098	0	0	0.221
Dividend/recap	0.327	0.623	0	0.365	0	0.328	0	0	0.576	0	0.316	0	0.665
GCP	0.972	0.459	0	0	0	1.454	0.540	1.219	1.226	1.901	2.387	5.880	0
LBO	0	1.482	0	1.260	0	0	0	0	0	0	0	0	0
Redeem notes	0	0.653	0.435	0.955	0	1.347	0	0.636	0	0.104	0.818	1.089	3.355
Refinance	0.774	4.560	0.860	3.709	0.428	0.843	1.894	4.666	0.339	1.988	0.462	4.365	1.866
Repay bank debt	1.722	2.989	1.686	3.330	0	0.662	0	0.323	0.942	1.671	0.491	1.148	1.578
Multiple/Other/NA	2.366	0.211	0.296	1.435	0.086	0.977	2.261	2.991	0.381	1.351	0.215	1.807	3.760
Total	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.290	17.732
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.744	2	0.675	2	1.756	6	1.097	4	6.286	5	7.383	9	10.558	19	10.558	19	16.44%
Capex	0	0	0	0	0	0	0.098	1	0.221	1	0.319	2	0.319	2	0.319	2	0.71%
Dividend/recap	0.950	3	0.692	2	0.576	2	0.316	1	0.665	2	0.981	3	3.199	10	2.873	9	2.18%
GCP	1.430	5	1.454	4	2.985	7	10.169	12	0	0	10.169	12	16.039	28	15.067	24	22.64%
LBO	1.482	3	1.260	3	0	0	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	3.355	4	5.366	8	9.393	15	9.393	15	11.95%
Refinance	6.194	17	4.980	10	6.899	17	6.816	13	1.866	5	8.682	18	26.754	62	25.980	60	19.33%
Repay bank debt	6.397	14	3.992	12	1.265	4	3.309	9	1.578	4	4.887	13	16.541	43	14.819	38	10.88%
Multiple/Other/NA	2.873	6	2.498	4	5.633	13	3.373	9	3.760	6	7.134	15	18.137	38	15.771	35	15.88%
Total	21.158	52	17.853	41	19.750	50	27.190	53	17.732	27	44.921	80	103.682	223	97.521	208	100.00%
Industry Sector (by SIC code)
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Agriculture (0xxx)	0	0	0.231	0	0	0	0.606	0.381	0	0	0	0	0
Mining (1xxx)	0	0	0	0.365	0	0	0	0	0	0	0	0	0
Oil and gas (13xx)	0	0	0	0	0	0	0	0	0.242	0.675	0	0	0
Construction (15xx)	0	0	0	0.525	0	0	0	1.357	0.138	0	0.215	1.475	0
Manufacturing (2xxx, 3xxx)	1.048	5.172	0.027	7.206	0.086	2.402	1.484	3.094	1.575	1.739	3.904	8.274	3.349
Transportation (4xxx)	0	1.618	0	0	0	0.545	0	0.270	0.403	0.202	0	0	0
Communications (48xx)	2.298	0.459	0.334	0	0	0.328	0.510	0.636	0.407	1.355	0	1.089	8.686
Electric, gas, sanitary services (49xx)	0.078	0	0.269	0	0	1.022	0.540	0.801	0	0	0	0.110	0.890
Wholesale (5xxx)	1.406	1.008	0.385	1.054	0	0	0	0.947	0	0	0.479	0.769	0.816
Finance, insurance, real estate (6xxx)	0.437	0.616	0.674	1.477	0	1.076	1.478	1.393	0	2.040	0	1.587	2.731
Services (7xxx)	0.391	1.855	1.741	0.832	0.428	0.184	1.159	1.224	1.104	0.503	0.779	0.296	1.076
Health services (8xxx)	0.504	0.606	0	0	0	0.324	0	0	0	1.011	0	0.690	0.182
Total	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.290	17.732
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	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	0	0	1.218	4	1.218	4	0.00%
Mining (1xxx)	0	0	0.365	1	0	0	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	0	0.675	1	0.917	2	0.917	2	1.50%
Construction (15xx)	0	0	0.525	1	1.495	3	1.690	4	0	0	1.690	4	3.710	8	3.710	8	3.76%
Manufacturing (2xxx, 3xxx)	6.247	15	9.695	17	6.153	15	13.917	22	3.349	9	17.267	31	39.362	78	38.314	76	38.44%
Transportation (4xxx)	1.618	4	0.545	2	0.672	2	0.202	2	0	0	0.202	2	3.037	10	3.037	10	0.45%
Communications (48xx)	3.091	6	0.328	1	1.553	3	2.444	3	8.686	5	11.130	8	16.101	18	13.803	14	24.78%
Electric, gas, sanitary services (49xx)	0.347	2	1.022	2	1.341	2	0.110	1	0.890	1	1.000	2	3.710	8	3.632	7	2.23%
Wholesale (5xxx)	2.798	7	1.054	3	0.947	2	1.248	4	0.816	2	2.065	6	6.864	18	5.458	14	4.60%
Finance, insurance, real estate (6xxx)	1.728	5	2.553	9	2.870	9	3.627	8	2.731	5	6.358	13	13.509	36	13.072	34	14.15%
Services (7xxx)	3.988	8	1.444	4	3.488	10	1.577	5	1.076	4	2.653	9	11.573	31	11.182	30	5.91%
Health services (8xxx)	1.111	4	0.324	1	0	0	1.701	3	0.182	1	1.882	4	3.317	9	2.813	8	4.19%
Total	21.158	52	17.853	41	19.750	50	27.190	53	17.732	27	44.921	80	103.682	223	97.521	208	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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