Analysis of European high yield issuance for 13 months through October 2010

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

Yield

	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Less than 6%	0	0	0	0.358	0	0	0	0	0.248	0	0	0.084	0
6%-6.99%	0	2.246	0	0.931	0	0	0.540	0	0.793	0	0	1.468	3.213
7%-7.99%	2.568	1.648	0.219	3.515	0.343	0	3.823	0.314	0	1.525	0	3.429	0.516
8%-8.99%	2.857	2.08	0.840	0	0	1.618	1.589	0	0.724	0.939	0.851	0	2.147
9%-9.99%	0.722	1.52	0.557	0.396	0	0.337	0.517	0.385	0	1.48	0	0.776	0.659
10%-10.99%	0	1.332	0.146	1.105	0	0	0	0.198	0.304	0.979	0	0	0.247
11%-11.99%	0	0	0	0.76	0	0	0	0	0	0.294	0	0	0.785
12% and higher	0	0	0.471	0	0	0	0	0	0	0	0.104	0	0.248
Floater	0	0	0	0	0	0	0	0	0	0	0	0.049	0
NA	0.441	0.076	0	0.261	0	2.316	0	0	0.490	0	0	0	0.312
Total	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955	5.806	8.126
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 6%	0	0	0.358	1	0.248	1	0.084	1	0	0	0.690	3	0.690	3	0.690	3	1.64%
6%-6.99%	2.246	1	0.931	1	1.333	2	1.468	2	3.213	4	6.945	9	9.191	10	9.191	10	16.55%
7%-7.99%	4.435	6	3.858	6	4.137	6	4.954	7	0.516	1	13.465	20	17.900	26	15.333	24	32.08%
8%-8.99%	5.777	5	1.618	4	2.312	3	1.790	2	2.147	3	7.867	12	13.644	17	10.787	14	18.75%
9%-9.99%	2.799	6	0.732	2	0.902	2	2.256	7	0.659	2	4.550	13	7.348	19	6.626	18	10.84%
10%-10.99%	1.478	3	1.105	1	0.502	2	0.979	2	0.247	1	2.833	6	4.311	9	4.311	9	6.75%
11%-11.99%	0	0	0.760	1	0	0	0.294	1	0.785	2	1.839	4	1.839	4	1.839	4	4.38%
12% and higher	0.471	1	0	0	0	0	0.104	1	0.248	1	0.352	2	0.823	3	0.823	3	0.84%
Floater	0	0	0	0	0	0	0.049	1	0	0	0.049	1	0.049	1	0.049	1	0.12%
NA	0.517	2	2.577	3	0.490	1	0	0	0.312	2	3.379	6	3.896	8	3.455	7	8.05%
Total	17.723	24	11.940	19	9.925	17	11.977	24	8.126	16	41.968	76	59.690	100	53.103	93	100.00%
Versus Talk
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Lower	2.191	0	0.169	0	0	0.501	0	0	0	0	0	0	0
Low end	1.098	4.469	0.219	1.319	0.343	2.991	3.107	0.698	1.274	1.547	0	2.8	3.747
Middle	1.453	4.357	1.699	3.91	0	0	3.362	0.198	0.304	2.616	0.851	1.207	0.479
High end	0.659	0	0	0.76	0	0.269	0	0	0.981	0.121	0	0	1.558
Higher	0	0	0.146	0	0	0	0	0	0	0.294	0	0	0
NA	1.187	0.076	0	1.337	0	0.511	0	0	0	0.639	0.104	1.799	2.341
Total	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955	5.806	8.126
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	2.360	3	0.501	1	0	0	0	0	0	0	0.501	1	2.861	4	0.669	2	1.19%
Low end	5.787	8	4.652	6	5.080	9	4.347	6	3.747	7	17.826	28	23.613	36	22.514	35	42.48%
Middle	7.509	8	3.910	5	3.864	6	4.674	10	0.479	2	12.927	23	20.436	31	18.983	30	30.80%
High end	0.659	1	1.029	2	0.981	2	0.121	1	1.558	2	3.690	7	4.349	8	3.690	7	8.79%
Higher	0.146	1	0	0	0	0	0.294	1	0	0	0.294	1	0.440	2	0.440	2	0.70%
NA	1.262	3	1.848	5	0	0	2.541	6	2.341	5	6.731	16	7.993	19	6.806	17	16.04%
Total	17.723	24	11.940	19	9.925	17	11.977	24	8.126	16	41.968	76	59.690	100	53.103	93	100.00%
Upsized?
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Yes	3.644	3.387	1.311	3.617	0.343	1.618	1.398	0.385	1.284	1.436	0	1.275	2.476
No	2.944	5.515	0.923	2.553	0	2.653	5.072	0.511	1.276	3.781	0.955	3.032	5.650
Downsized	0	0	0	1.156	0	0	0	0	0	0	0	1.499	0
Total	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955	5.806	8.126
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	8.341	11	5.578	9	3.066	6	2.711	4	2.476	4	13.830	23	22.171	34	18.527	31	32.95%
No	9.382	13	5.206	8	6.859	11	7.767	18	5.650	12	25.483	49	34.865	62	31.921	58	60.72%
Downsized	0	0	1.156	2	0	0	1.499	2	0	0	2.655	4	2.655	4	2.655	4	6.33%
Total	17.723	24	11.940	19	9.925	17	11.977	24	8.126	16	41.968	76	59.690	100	53.103	93	100.00%
Quick Sale?
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Yes	0.659	4.157	0	4.836	0	0.68	3.936	0	1.346	1.142	0.851	3.342	3.996
No	5.929	4.744	2.234	2.49	0.343	3.592	2.534	0.896	1.214	4.074	0.104	2.464	4.130
Total	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955	5.806	8.126
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.816	6	5.516	8	5.281	9	5.335	7	3.996	7	20.128	31	24.944	37	24.285	36	47.96%
No	12.907	18	6.424	11	4.644	8	6.642	17	4.130	9	21.840	45	34.746	63	28.818	57	52.04%
Total	17.723	24	11.940	19	9.925	17	11.977	24	8.126	16	41.968	76	59.690	100	53.103	93	100.00%
Seniority
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
senior secured	0.659	4.556	0.388	4.385	0	0.501	0	0.582	0.795	2.069	0	4.065	4.224
secured	0	0	0	0	0	0	0	0	0	0.347	0	0	0
senior	5.929	4.346	1.845	2.727	0.343	3.596	6.469	0.314	1.764	2.801	0.955	1.741	3.901
senior subordinated	0	0	0	0.213	0	0.174	0	0	0	0	0	0	0
Total	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955	5.806	8.126
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	5.603	8	4.886	6	1.378	4	6.133	8	4.224	7	16.621	25	22.225	33	21.566	32	39.60%
secured	0	0	0	0	0	0	0.347	1	0	0	0.347	1	0.347	1	0.347	1	0.83%
senior	12.120	16	6.666	11	8.547	13	5.497	15	3.901	9	24.612	48	36.731	64	30.803	58	58.64%
senior subordinated	0	0	0.388	2	0	0	0	0	0	0	0.388	2	0.388	2	0.388	2	0.92%
Total	17.723	24	11.940	19	9.925	17	11.977	24	8.126	16	41.968	76	59.690	100	53.103	93	100.00%
Moody's Rating
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Ba1	0.441	2.426	0	0	0	2.316	0.945	0	0.490	0	0	0	0
Ba2	0	1.469	0.219	1.763	0.343	0	0	0	0.248	0.639	0	0.637	2.120
Ba3	0	0	0	0.719	0	0.837	0	0.314	0	0.504	0	1.124	1.212
B1	1.404	2.645	1.009	2.108	0	0	0.662	0	1.284	1.937	0	2.941	0
B2	0	0.208	0.146	0	0	0	1.985	0.385	0.304	1.232	0.851	0.195	1.450
B3	0	1.712	0.859	1.579	0	0	1.876	0.198	0.233	0	0	0.776	2.493
Caa1	0	0	0	0	0	0.174	0	0	0	0	0	0	0.207
NR	4.742	0.442	0	1.156	0	0.943	1.001	0	0	0.905	0.104	0.133	0.645
Total	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955	5.806	8.126
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	2.867	3	2.316	2	1.435	2	0	0	0	0	3.752	4	6.618	7	6.177	6	8.94%
Ba2	1.688	3	2.106	3	0.248	1	1.275	2	2.120	2	5.750	8	7.438	11	7.438	11	13.70%
Ba3	0	0	1.556	3	0.314	1	1.628	2	1.212	2	4.709	8	4.709	8	4.709	8	11.22%
B1	5.058	6	2.108	3	1.946	3	4.878	6	0	0	8.932	12	13.990	18	12.586	16	21.28%
B2	0.354	2	0	0	2.674	4	2.279	6	1.450	2	6.402	12	6.756	14	6.756	14	15.25%
B3	2.571	4	1.579	3	2.307	4	0.776	2	2.493	7	7.155	16	9.726	20	9.726	20	17.05%
Caa1	0	0	0.174	1	0	0	0	0	0.207	1	0.381	2	0.381	2	0.381	2	0.91%
NR	5.184	6	2.099	4	1.001	2	1.142	6	0.645	2	4.887	14	10.071	20	5.329	16	11.64%
Total	17.723	24	11.940	19	9.925	17	11.977	24	8.126	16	41.968	76	59.690	100	53.103	93	100.00%
Use of Proceeds
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Acquisition	0.659	0	0	1.105	0	0	0	0	0	0	0	1.499	0
Chapter 11 exit	0	0	0	0	0	0.501	0	0	0	0	0	0	0
Dividend/recap	0	0	0.471	0	0	0.337	0	0	0	0.347	0	0	0
GCP	0	2.613	0	0.571	0	0.848	0	0.314	0	0	0	0.084	0.479
LBO	0	3.046	0	0	0	0	0	0	0	0.751	0	0.401	1.214
Redeem notes	0	0.208	0.219	0	0.343	0.269	1.059	0	0.248	0.229	0	0.195	1.076
Refinance	0.746	0	1.228	0.657	0	0	2.106	0.198	1.517	2.331	0.851	2.941	2.973
Repay bank debt	3.644	1.648	0.146	4.993	0	1.637	0.945	0.385	0.304	0.676	0	0.686	2.137
Multiple/Other/NA	1.539	1.387	0.169	0	0	0.680	2.360	0	0.490	0.883	0.104	0	0.248
Total	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955	5.806	8.126
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.659	1	1.105	1	0	0	1.499	2	0	0	2.604	3	3.263	4	2.604	3	6.20%
Chapter 11 exit	0	0	0.501	1	0	0	0	0	0	0	0.501	1	0.501	1	0.501	1	1.19%
Dividend/recap	0.471	1	0.337	1	0	0	0.347	1	0	0	0.684	2	1.154	3	1.154	3	1.63%
GCP	2.613	2	1.419	4	0.314	1	0.084	1	0.479	2	2.296	8	4.908	10	4.908	10	5.47%
LBO	3.046	2	0	0	0	0	1.152	3	1.214	2	2.366	5	5.411	7	5.411	7	5.64%
Redeem notes	0.427	2	0.612	2	1.307	3	0.424	2	1.076	1	3.419	8	3.846	10	3.846	10	8.15%
Refinance	1.974	3	0.657	2	3.821	6	6.122	8	2.973	7	13.572	23	15.546	26	14.801	25	32.34%
Repay bank debt	5.438	7	6.630	7	1.634	3	1.362	4	2.137	3	11.763	17	17.202	24	13.558	21	28.03%
Multiple/Other/NA	3.096	6	0.680	1	2.850	4	0.986	3	0.248	1	4.764	9	7.859	15	6.320	13	11.35%
Total	17.723	24	11.940	19	9.925	17	11.977	24	8.126	16	41.968	76	59.690	100	53.103	93	100.00%
Industry Sector (by SIC code)
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Construction (15xx)	0	0	0	0	0	0	0.945	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	6.588	3.716	0.754	3.722	0	2.817	1.059	0.582	1.764	3.301	0.104	5.673	1.770
Transportation (4xxx)	0	0	0	0	0	0.269	1.001	0	0	0	0	0.133	0.661
Communications (48xx)	0	3.254	0.471	2.124	0	0	1.589	0	0	0	0.851	0	4.186
Electric, gas, sanitary services (49xx)	0	0.442	0.169	0	0	0.674	0	0.314	0	0	0	0	0
Wholesale (5xxx)	0	0.565	0.840	0.324	0	0.337	0	0	0	0.229	0	0	0.617
Finance, insurance, real estate (6xxx)	0	0.747	0	0	0	0	1.359	0	0	0.797	0	0	0.397
Services (7xxx)	0	0.179	0	1.156	0.343	0.174	0.517	0	0.795	0.504	0	0	0.248
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0.385	0	0	0.247
Total	6.588	8.902	2.234	7.326	0.343	4.271	6.469	0.896	2.560	5.216	0.955	5.806	8.126
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Construction (15xx)	0	0	0	0	0.945	1	0	0	0	0	0.945	1	0.945	1	0.945	1	2.25%
Manufacturing (2xxx, 3xxx)	11.057	13	6.539	8	3.405	8	9.078	15	1.770	3	20.792	34	31.849	47	25.261	40	49.54%
Transportation (4xxx)	0	0	0.269	1	1.001	2	0.133	2	0.661	2	2.064	7	2.064	7	2.064	7	4.92%
Communications (48xx)	3.724	4	2.124	2	1.589	1	0.851	1	4.186	6	8.750	10	12.475	14	12.475	14	20.85%
Electric, gas, sanitary services (49xx)	0.611	3	0.674	1	0.314	1	0	0	0	0	0.988	2	1.599	5	1.599	5	2.35%
Wholesale (5xxx)	1.405	2	0.661	3	0	0	0.229	1	0.617	2	1.507	6	2.912	8	2.912	8	3.59%
Finance, insurance, real estate (6xxx)	0.747	1	0	0	1.359	1	0.797	2	0.397	1	2.553	4	3.299	5	3.299	5	6.08%
Services (7xxx)	0.179	1	1.673	4	1.313	3	0.504	2	0.248	1	3.738	10	3.917	11	3.917	11	8.91%
Health services (8xxx)	0	0	0	0	0	0	0.385	1	0.247	1	0.632	2	0.632	2	0.632	2	1.51%
Total	17.723	24	11.940	19	9.925	17	11.977	24	8.126	16	41.968	76	59.690	100	53.103	93	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.

• Fixed-rate medium-term notes with a face value above $100 million are included. All other MTNs 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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