Analysis of European high yield issuance for 2004 through October

Total issuance: $16.523 billion in 60 deals

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

Yield

6%-6.99%	2.031	7	12.29%
7%-7.99%	1.766	6	10.69%
8%-8.99%	4.762	14	28.82%
9%-9.99%	3.771	16	22.82%
10%-10.99%	2.041	7	12.35%
11% and higher	0.669	4	4.04%
Floater	1.484	6	8.98%
Total	16.523	60
Pricing versus talk
Lower	2.189	8	13.25%
Low end	4.782	14	28.94%
Middle	3.397	12	20.56%
High end	2.050	8	12.41%
Higher	3.664	13	22.17%
NA	0.442	5	2.67%
Total	16.523	60
Upsized?
Yes	6.696	18	40.52%
No	5.534	25	33.49%
Downsized	4.293	17	25.98%
Total	16.523	60
Quick sale?
Yes	1.011	6	6.12%
No	15.513	54	93.88%
Total	16.523	60
Add on?
Yes	0.606	5	3.67%
No	15.917	55	96.33%
Total	16.523	60
Zero coupon?
No	16.523	60	100.00%
Total	16.523	60
Seniority
Senior secured	1.694	7	10.25%
Senior	12.291	40	74.39%
Senior sub	2.538	13	15.36%
Total	16.523	60
Moody's rating
Ba2	0.177	1	1.07%
Ba3	0.890	4	5.39%
B1	1.073	7	6.49%
B2	3.302	15	19.98%
B3	8.354	23	50.56%
Caa1	1.048	4	6.34%
Caa2	0.333	2	2.01%
NR	1.346	4	8.15%
Total	16.523	60
Use of proceeds
Acquisition	0.304	1	1.84%
Capex	0.023	1	0.14%
GCP	0.132	1	0.80%
LBO	4.414	13	26.71%
Refinance/tender for notes	1.222	7	7.39%
Repay bank debt	1.881	8	11.39%
Refinance	6.810	20	41.21%
Other/Multiple	1.738	9	10.52%
Total	16.523	60
Industry sector (by SIC code)
Mining (1xxx)	0.023	1	0.14%
Oil and gas (13xx)	0.319	1	1.93%
Manufacturing (2xxx, 3xxx)	7.726	33	46.76%
Transportation (4xxx)	0.434	2	2.63%
Communications (48xx)	2.698	9	16.33%
Wholesale (5xxx)	1.696	7	10.27%
Services (7xxx)	3.627	7	21.95%
Total	16.523	60
Home country of issuer
Canada	0.023	1	0.14%
France	0.546	3	3.31%
Germany	5.534	18	33.49%
Ireland	0.485	2	2.94%
Italy	1.754	2	10.62%
Netherlands	0.510	2	3.09%
Norway	0.410	2	2.48%
Spain	0.329	2	1.99%
Sweden	0.283	2	1.71%
Switzerland	0.553	2	3.35%
U.K.	3.143	13	19.02%
U.S.	2.953	11	17.87%
Total	16.523	60
Currency
NOK	0.114	2	0.69%
€	14.413	50	87.23%
£	1.996	8	12.08%
Total	16.523	60

Criteria

* Issuers from industrialized countries

* Denominated in currency of a European industrialized countries

* Converted to dollars at rate shown in Federal Reserve's H.10 release on day of pricing

* 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.

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