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

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

Yield

	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
3.99% and lower	0	0	0.955	0	0.993	0	1.070	0.673	1.558	2.595	3.513	1.581	2.748
4%-4.99%	0.780	0	0	0	0.147	0	2.310	0.339	2.580	0.147	3.942	2.561	0.481
5%-5.99%	1.572	0	0.349	0	1.247	0.510	0.323	0.732	0.663	1.435	2.051	6.148	2.572
6%-6.99%	2.589	0.435	1.610	0	1.329	0.967	1.728	0.869	0.660	0.215	2.730	0.347	2.543
7%-7.99%	2.195	0.652	3.055	0	0.545	0.274	2.495	0.446	0.846	0	0.856	5.998	0.394
8%-8.99%	1.217	0.385	1.422	0	0.662	0.764	0.268	0	0.104	0.316	0.180	0	0.252
9%-9.99%	1.014	1.577	2.172	0	0.505	1.090	0	0.403	0	0	0	0	0.371
10%-10.99%	0.297	0	0.228	0.428	0.328	0.205	0	0	0	0	0	0	0.231
11% and higher	0	0	0	0	0	0.199	0.217	0	0	0	0	0.296	0
Floater	1.362	0.585	0.868	0	0	0.302	0.270	0	0	0.205	0.293	1.484	2.188
NA	0.310	0.027	0.797	0.086	0.125	1.466	1.422	0.410	1.112	0.462	0.905	0	1.729
Total	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.469	18.415	13.509
	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	1.948	2	1.743	3	7.667	10	4.329	6	11.995	16	15.686	21	15.686	21	20.23%
4%-4.99%	0.147	1	2.649	4	6.670	11	3.042	7	9.712	18	13.288	25	12.508	23	16.38%
5%-5.99%	1.596	3	1.564	5	4.149	9	8.720	17	12.870	26	17.602	37	16.030	34	21.71%
6%-6.99%	2.940	4	3.565	9	3.604	8	2.889	8	6.494	16	16.022	35	13.433	30	10.95%
7%-7.99%	3.600	6	3.215	9	1.702	4	6.392	7	8.094	11	17.756	33	15.561	28	13.65%
8%-8.99%	2.085	6	1.032	3	0.600	3	0.252	1	0.852	4	5.570	17	4.353	14	1.44%
9%-9.99%	2.677	8	1.492	4	0	0	0.371	1	0.371	1	7.131	19	6.117	16	0.63%
10%-10.99%	0.984	3	0.205	1	0	0	0.231	1	0.231	1	1.717	6	1.420	5	0.39%
11% and higher	0	0	0.416	2	0	0	0.296	1	0.296	1	0.712	3	0.712	3	0.50%
Floater	0.868	2	0.571	2	0.498	2	3.672	10	4.170	12	7.557	22	6.195	18	7.03%
NA	1.008	6	3.298	8	2.479	7	1.729	3	4.208	10	8.851	26	8.541	25	7.10%
Total	17.853	41	19.750	50	27.369	54	31.924	62	59.293	116	111.892	244	100.557	217	100.00%
Versus Talk
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Lower	0.459	0	0.445	0	0	0	1.051	0	0.410	0.818	0.415	2.898	0.714
Low end	4.402	0.717	3.818	0	2.925	3.385	5.762	0.820	2.499	3.210	7.095	5.531	8.198
Middle	4.276	2.301	4.677	0	1.738	1.403	2.202	2.595	2.387	0.779	3.185	7.089	1.490
High end	0	0.231	0.309	0	0.338	0.072	0	0.213	0	0.362	1.385	0.668	0.918
NA	2.199	0.411	2.209	0.514	0.880	0.917	1.088	0.242	2.227	0.208	2.389	2.229	2.190
Total	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.469	18.415	13.509
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.445	1	1.051	3	1.643	3	3.612	4	5.255	7	7.209	12	6.751	11	8.86%
Low end	6.743	12	9.967	24	12.804	20	13.729	32	26.533	52	48.362	100	43.960	90	44.75%
Middle	6.416	13	6.200	15	6.351	14	8.579	12	14.930	26	34.122	68	29.847	59	25.18%
High end	0.647	2	0.285	3	1.747	5	1.585	6	3.332	11	4.494	17	4.494	17	5.62%
NA	3.604	13	2.247	5	4.824	12	4.419	8	9.244	20	17.704	47	15.505	40	15.59%
Total	17.853	41	19.750	50	27.369	54	31.924	62	59.293	116	111.892	244	100.557	217	100.00%
Upsized?
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Yes	2.879	0.435	0.525	0.428	0.512	0.641	2.857	0.989	2.027	0.479	3.797	6.998	2.517
No	7.305	2.957	10.376	0.086	5.369	4.573	7.247	2.881	4.892	4.581	10.673	8.769	10.656
Downsized	1.151	0.269	0.557	0	0	0.562	0	0	0.604	0.316	0	2.647	0.337
Total	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.469	18.415	13.509
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.465	4	4.487	11	6.302	13	9.515	18	15.817	31	25.083	53	22.204	47	26.68%
No	15.832	36	14.701	37	20.146	39	19.425	41	39.571	80	80.366	180	73.061	161	66.74%
Downsized	0.557	1	0.562	2	0.921	2	2.984	3	3.905	5	6.444	11	5.293	9	6.59%
Total	17.853	41	19.750	50	27.369	54	31.924	62	59.293	116	111.892	244	100.557	217	100.00%
Quick Sale?
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Yes	0.862	0.995	3.408	0.514	3.763	1.529	3.861	0.962	6.863	2.957	8.220	4.114	4.322
No	10.473	2.666	8.050	0	2.118	4.247	6.243	2.908	0.660	2.419	6.250	14.300	9.187
Total	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.469	18.415	13.509
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	7.685	16	6.352	14	18.041	32	8.436	19	26.477	51	42.371	88	41.509	85	44.65%
No	10.168	25	13.398	36	9.329	22	23.487	43	32.816	65	69.521	156	59.048	132	55.35%
Total	17.853	41	19.750	50	27.369	54	31.924	62	59.293	116	111.892	244	100.557	217	100.00%
Seniority
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
senior secured	5.965	2.621	8.139	0	0.829	2.751	3.103	1.850	0.758	0.941	4.351	6.637	6.519
secured	0	0	0	0	0	0	0	0	0	0	0.110	0	0.828
senior	4.680	1.040	3.319	0.514	5.052	3.026	6.783	2.020	6.766	4.435	10.009	11.777	4.660
senior subordinated	0.691	0	0	0	0	0	0.217	0	0	0	0	0	1.502
Total	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.469	18.415	13.509
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	8.968	22	7.704	23	6.050	18	13.156	30	19.206	48	44.464	112	38.499	99	32.39%
secured	0	0	0	0	0.110	1	0.828	2	0.938	3	0.938	3	0.938	3	1.59%
senior	8.885	19	11.829	26	21.209	35	16.438	29	37.647	64	64.081	126	59.401	113	63.49%
senior subordinated	0	0	0.217	1	0	0	1.502	1	1.502	1	2.410	3	1.719	2	2.53%
Total	17.853	41	19.750	50	27.369	54	31.924	62	59.293	116	111.892	244	100.557	217	100.00%
Moody's Rating
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Ba1	0.569	0	0	0	1.970	0	2.155	0	3.113	2.595	1.720	0.890	0
Ba2	0.211	0	0.955	0	0	0.407	0	0.673	0.663	0	1.798	0	2.060
Ba3	0.459	0	0.637	0	0	0	1.306	0.339	1.014	0	2.647	4.788	0.445
B1	5.098	0.269	0.726	0.428	1.329	0	2.008	0.958	0.675	0.215	0.192	1.472	2.274
B2	1.777	0.666	4.492	0	0.338	1.485	1.579	0.605	0.429	1.258	4.159	2.198	2.428
B3	0	1.393	2.028	0	0.324	0.270	0.704	0.576	0.329	0.818	0	3.747	1.580
Caa1	0	0	0	0	0	0	0	0.074	0	0	0	0	0
Caa1	2.543	0	0.405	0	0.545	0	0	0.403	0	0	0.694	3.446	0.863
Caa2	0	0	0.256	0	0.328	0.205	0	0	0	0	0	0.316	0.252
NR	0.679	1.333	1.959	0.086	1.047	3.409	2.352	0.242	1.301	0.491	3.261	1.557	3.607
Total	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.469	18.415	13.509
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	1.970	2	2.155	3	7.428	10	0.890	1	8.318	11	13.012	17	12.443	16	14.03%
Ba2	0.955	1	1.080	2	2.461	3	2.060	3	4.521	6	6.766	10	6.556	9	7.62%
Ba3	0.637	1	1.645	3	3.661	6	5.233	7	8.894	13	11.635	18	11.176	17	15.00%
B1	2.484	6	2.966	7	1.081	3	3.746	8	4.827	11	15.644	36	10.546	25	8.14%
B2	4.829	9	3.669	13	5.845	14	4.626	15	10.471	29	21.413	59	19.636	53	17.66%
B3	2.352	7	1.550	5	1.147	2	5.327	7	6.474	9	11.769	25	11.769	25	10.92%
Caa1	0	0	0.074	1	0	0	0	0	0	0	0.074	1	0.074	1	0.00%
Caa1	0.949	3	0.403	1	0.694	1	4.309	6	5.003	7	8.899	17	6.356	11	8.44%
Caa2	0.583	2	0.205	1	0	0	0.569	3	0.569	3	1.357	6	1.357	6	0.96%
NR	3.093	10	6.003	14	5.052	15	5.163	12	10.216	27	21.323	55	20.644	54	17.23%
Total	17.853	41	19.750	50	27.369	54	31.924	62	59.293	116	111.892	244	100.557	217	100.00%
Use of Proceeds
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Acquisition	0.359	0.385	0.405	0	0.270	1.082	0.268	0.407	0.410	0.208	0	6.286	0
Capex	0	0	0	0	0	0	0	0	0.098	0	0	0.221	0
Dividend/recap	0.623	0	0.365	0	0.328	0	0	0.576	0	0.316	0	1.002	0
GCP	0.459	0	0	0	1.454	0.540	1.219	1.226	1.901	2.387	5.880	0	0.204
LBO	1.482	0	1.260	0	0	0	0	0	0	0.479	0	0	1.854
Redeem notes	0.653	0.435	0.955	0	1.347	0	0.636	0	0.104	0.818	1.089	3.355	1.805
Refinance	4.560	0.860	3.709	0.428	0.843	1.894	4.666	0.339	1.988	0.462	4.365	1.866	1.237
Repay bank debt	2.989	1.686	3.330	0	0.662	0	0.323	0.942	1.671	0.491	1.327	1.578	2.708
Multiple/Other/NA	0.211	0.296	1.435	0.086	0.977	2.261	2.991	0.381	1.351	0.215	1.807	4.107	5.702
Total	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.469	18.415	13.509
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.675	2	1.756	6	0.618	2	6.286	5	6.904	7	10.079	17	9.720	16	11.64%
Capex	0	0	0	0	0.098	1	0.221	1	0.319	2	0.319	2	0.319	2	0.54%
Dividend/recap	0.692	2	0.576	2	0.316	1	1.002	3	1.318	4	3.209	10	2.586	8	2.22%
GCP	1.454	4	2.985	7	10.169	12	0.204	1	10.373	13	15.270	25	14.812	24	17.49%
LBO	1.260	3	0	0	0.479	2	1.854	6	2.333	8	5.075	14	3.593	11	3.93%
Redeem notes	2.302	4	0.636	1	2.011	4	5.160	8	7.171	12	11.198	19	10.545	18	12.09%
Refinance	4.980	10	6.899	17	6.816	13	3.103	9	9.919	22	27.217	64	22.656	52	16.73%
Repay bank debt	3.992	12	1.265	4	3.489	10	4.286	11	7.774	21	17.706	46	14.717	40	13.11%
Multiple/Other/NA	2.498	4	5.633	13	3.373	9	9.809	18	13.182	27	21.820	47	21.609	46	22.23%
Total	17.853	41	19.750	50	27.369	54	31.924	62	59.293	116	111.892	244	100.557	217	100.00%
Industry Sector (by SIC code)
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Agriculture (0xxx)	0	0.231	0	0	0	0.606	0.381	0	0	0	0	0	0.337
Mining (1xxx)	0	0	0.365	0	0	0	0	0	0	0	0	0	0
Oil and gas (13xx)	0	0	0	0	0	0	0	0.242	0.675	0	0	0	0
Construction (15xx)	0	0	0.525	0	0	0	1.357	0.138	0	0.215	1.475	0	0
Manufacturing (2xxx, 3xxx)	5.172	0.027	7.206	0.086	2.402	1.484	3.094	1.575	1.739	3.904	8.454	3.349	8.571
Transportation (4xxx)	1.618	0	0	0	0.545	0	0.270	0.403	0.202	0	0	0	0.224
Communications (48xx)	0.459	0.334	0	0	0.328	0.510	0.636	0.407	1.355	0	1.089	8.686	0
Electric, gas, sanitary services (49xx)	0	0.269	0	0	1.022	0.540	0.801	0	0	0	0.110	0.890	0.971
Wholesale (5xxx)	1.008	0.385	1.054	0	0	0	0.947	0	0	0.479	0.769	0.816	1.626
Finance, insurance, real estate (6xxx)	0.616	0.674	1.477	0	1.076	1.478	1.393	0	2.040	0	1.587	3.068	1.557
Services (7xxx)	1.855	1.741	0.832	0.428	0.184	1.159	1.224	1.104	0.503	0.779	0.296	1.423	0.053
Health services (8xxx)	0.606	0	0	0	0.324	0	0	0	1.011	0	0.690	0.182	0.172
Total	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.523	5.377	14.469	18.415	13.509
	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	0	0.987	3	0	0	0.337	1	0.337	1	1.555	5	1.555	5	0.57%
Mining (1xxx)	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	0.242	1	0.675	1	0	0	0.675	1	0.917	2	0.917	2	1.14%
Construction (15xx)	0.525	1	1.495	3	1.690	4	0	0	1.690	4	3.710	8	3.710	8	2.85%
Manufacturing (2xxx, 3xxx)	9.695	17	6.153	15	14.097	23	11.920	30	26.017	53	47.064	98	41.892	86	43.88%
Transportation (4xxx)	0.545	2	0.672	2	0.202	2	0.224	1	0.426	3	3.261	11	1.643	7	0.72%
Communications (48xx)	0.328	1	1.553	3	2.444	3	8.686	5	11.130	8	13.803	14	13.345	13	18.77%
Electric, gas, sanitary services (49xx)	1.022	2	1.341	2	0.110	1	1.861	3	1.971	4	4.603	9	4.603	9	3.32%
Wholesale (5xxx)	1.054	3	0.947	2	1.248	4	2.442	6	3.690	10	7.084	18	6.076	16	6.22%
Finance, insurance, real estate (6xxx)	2.553	9	2.870	9	3.627	8	4.624	8	8.252	16	14.965	37	14.349	36	13.92%
Services (7xxx)	1.444	4	3.488	10	1.577	5	1.476	6	3.053	11	11.581	32	9.726	28	5.15%
Health services (8xxx)	0.324	1	0	0	1.701	3	0.353	2	2.054	5	2.985	9	2.379	6	3.46%
Total	17.853	41	19.750	50	27.369	54	31.924	62	59.293	116	111.892	244	100.557	217	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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