Analysis of European high-yield issuance for year through September

Total issuance: $15.731 billion in 44 deals

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

Yield

	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
Less than 6%	0.266	0	0	0	0	0.092	0	0	0
7%-7.99%	1.201	1.027	0.266	0	0	0	0.759	0	0
8%-8.99%	0	0.383	0.198	0.659	0	0.405	0.391	0.619	0.428
9%-9.99%	0.241	0.191	0.854	0	0	0	0	0	0
10%-10.99%	0	0.322	0	0.196	0.336	0	0.284	0	0
11% and higher	0.426	0	0.529	0.274	0	0	0	0	0
Floater	0.913	0.482	1.070	0.344	0	0.110	0.480	0	1.984
Total	3.047	2.405	2.917	1.473	0.336	0.606	1.914	0.619	2.413
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Less than 6%	0.266	1	0.092	1	0	0	0.358	2	2.27%
7%-7.99%	2.494	8	0	0	0.759	2	3.253	10	20.68%
8%-8.99%	0.581	2	1.064	3	1.438	3	3.084	8	19.60%
9%-9.99%	1.287	4	0	0	0	0	1.287	4	8.18%
10%-10.99%	0.322	1	0.533	2	0.284	1	1.138	4	7.23%
11% and higher	0.954	2	0.274	1	0	0	1.228	3	7.81%
Floater	2.466	6	0.453	3	2.465	4	5.384	13	34.23%
Total	8.370	24	2.416	10	4.946	10	15.731	44	100.00%
Versus Talk
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
Lower	0	0.674	0	0	0	0	0	0	0
Low end	1.417	0.346	0.245	0	0	0.405	0.391	0	0.869
Middle	0	1.386	2.144	0.653	0	0.201	1.042	0.619	1.543
High end	0.285	0	0	0.821	0.336	0	0	0	0
Higher	0	0	0.529	0	0	0	0	0	0
NA	1.345	0	0	0	0	0	0.480	0	0
Total	3.047	2.405	2.917	1.473	0.336	0.606	1.914	0.619	2.413
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Lower	0.674	1	0	0	0	0	0.674	1	4.28%
Low end	2.008	10	0.405	1	1.260	3	3.673	14	23.35%
Middle	3.530	9	0.854	5	3.205	6	7.589	20	48.24%
High end	0.285	1	1.157	4	0	0	1.442	5	9.17%
Higher	0.529	1	0	0	0	0	0.529	1	3.36%
NA	1.345	2	0	0	0.480	1	1.825	3	11.60%
Total	8.370	24	2.416	10	4.946	10	15.731	44	100.00%
Upsized?
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
Yes	1.795	0.804	0.198	0.478	0	0	0.995	0	0
No	1.252	1.602	2.719	0.995	0	0.606	0.919	0	2.413
Downsized	0	0	0	0	0.336	0	0	0.619	0
Total	3.047	2.405	2.917	1.473	0.336	0.606	1.914	0.619	2.413
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Yes	2.797	8	0.478	2	0.995	2	4.270	12	27.14%
No	5.573	16	1.602	7	3.331	7	10.506	30	66.79%
Downsized	0	0	0.336	1	0.619	1	0.955	2	6.07%
Total	8.370	24	2.416	10	4.946	10	15.731	44	100.00%
Quick Sale?
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
Yes	1.761	1.194	1.645	0	0	0	0	0	0
No	1.286	1.211	1.272	1.473	0.336	0.606	1.914	0.619	2.413
Total	3.047	2.405	2.917	1.473	0.336	0.606	1.914	0.619	2.413
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Yes	4.600	13	0	0	0	0	4.600	13	29.24%
No	3.770	11	2.416	10	4.946	10	11.131	31	70.76%
Total	8.370	24	2.416	10	4.946	10	15.731	44	100.00%
Add on?
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
Yes	0.092	0.674	0.047	0	0	0	0	0	0
No	2.955	1.732	2.871	1.473	0.336	0.606	1.914	0.619	2.413
Total	3.047	2.405	2.917	1.473	0.336	0.606	1.914	0.619	2.413
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Yes	0.812	3	0	0	0	0	0.812	3	5.16%
No	7.558	21	2.416	10	4.946	10	14.919	41	94.84%
Total	8.370	24	2.416	10	4.946	10	15.731	44	100.00%
Seniority
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
senior secured	0	0	1.070	0.456	0	0.110	0.391	0	1.235
senior	2.109	2.022	1.039	1.017	0.336	0.497	1.523	0.619	0.749
senior subordinated	0.285	0.383	0.808	0	0	0	0	0	0.428
subordinated	0.653	0	0	0	0	0	0	0	0
Total	3.047	2.405	2.917	1.473	0.336	0.606	1.914	0.619	2.413
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
senior secured	1.070	3	0.566	3	1.627	3	3.263	9	20.74%
senior	5.171	17	1.850	7	2.891	6	9.911	30	63.00%
senior subordinated	1.476	3	0	0	0.428	1	1.904	4	12.10%
subordinated	0.653	1	0	0	0	0	0.653	1	4.15%
Total	8.370	24	2.416	10	4.946	10	15.731	44	100.00%
Moody's Rating
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
Ba2	0.266	0	0	0	0	0	0	0	0
B1	0.170	0.154	0	1.277	0	0	0	0	1.115
B2	0	0	0.266	0.196	0	0.405	0.546	0.619	0
B3	0.092	0.865	0.047	0	0.336	0	0.604	0	0.548
Caa1	0.748	0.582	0.808	0	0	0.110	0.284	0	0
Caa2	0.426	0	0	0	0	0	0	0	0
Caa3	0	0	0.198	0	0	0	0	0	0
NR	1.345	0.804	1.599	0	0	0.092	0.480	0	0.749
Total	3.047	2.405	2.917	1.473	0.336	0.606	1.914	0.619	2.413
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Ba2	0.266	1	0	0	0	0	0.266	1	1.69%
B1	0.325	2	1.277	5	1.115	1	2.717	8	17.27%
B2	0.266	1	0.601	2	1.165	3	2.033	6	12.92%
B3	1.004	4	0.336	1	1.152	3	2.492	8	15.84%
Caa1	2.138	6	0.110	1	0.284	1	2.531	8	16.09%
Caa2	0.426	1	0	0	0	0	0.426	1	2.71%
Caa3	0.198	1	0	0	0	0	0.198	1	1.26%
NR	3.747	8	0.092	1	1.229	2	5.068	11	32.22%
Total	8.370	24	2.416	10	4.946	10	15.731	44	100.00%
Use of Proceeds
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
Acquisition	0	0	0	0.478	0	0	0.391	0	0
Capex	0	0	0	0	0	0.092	0	0	0
Dividend/recap	1.118	0.804	0	0	0	0	0.480	0	0
GCP	0	0	0	0	0	0	0.604	0	0
LBO	0	0.582	1.336	0	0.336	0	0	0.619	0.120
Redeem notes	0.377	0.828	0.198	0.343	0	0	0	0	0
Refinance	0.463	0.191	0.047	0.196	0	0	0.155	0	2.292
Repay bank debt	0.266	0	1.336	0.456	0	0.110	0.284	0	0
Multiple/Other/NA	0.823	0	0	0	0	0.405	0	0	0
Total	3.047	2.405	2.917	1.473	0.336	0.606	1.914	0.619	2.413
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Acquisition	0	0	0.478	2	0.391	1	0.869	3	5.52%
Capex	0	0	0.092	1	0	0	0.092	1	0.58%
Dividend/recap	1.922	4	0	0	0.480	1	2.402	5	15.27%
GCP	0	0	0	0	0.604	1	0.604	1	3.84%
LBO	1.919	4	0.336	1	0.739	2	2.994	7	19.03%
Redeem notes	1.403	5	0.343	1	0	0	1.746	6	11.10%
Refinance	0.701	4	0.196	1	2.447	4	3.344	9	21.26%
Repay bank debt	1.602	5	0.566	3	0.284	1	2.452	9	15.59%
Multiple/Other/NA	0.823	2	0.405	1	0	0	1.228	3	7.81%
Total	8.370	24	2.416	10	4.946	10	15.731	44	100.00%
Industry Sector (by SIC code)
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
Agriculture (0xxx)	0	0	0	0	0.336	0	0	0	0
Mining (1xxx)	0	0	0	0	0	0.092	0	0	0
Manufacturing (2xxx, 3xxx)	1.462	1.676	1.040	0.196	0	0	0.480	0.619	0.869
Communications (48xx)	0.222	0.538	1.070	0.934	0	0	0.888	0	1.543
Electric, gas, sanitary services (49xx)	0	0	0	0.343	0	0	0	0	0
Wholesale (5xxx)	1.364	0.191	0.808	0	0	0	0.391	0	0
Services (7xxx)	0	0	0	0	0	0.514	0.155	0	0
Total	3.047	2.405	2.917	1.473	0.336	0.606	1.914	0.619	2.413
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Agriculture (0xxx)	0	0	0.336	1	0	0	0.336	1	2.14%
Mining (1xxx)	0	0	0.092	1	0	0	0.092	1	0.58%
Manufacturing (2xxx, 3xxx)	4.178	13	0.196	1	1.969	4	6.343	18	40.32%
Communications (48xx)	1.829	6	0.934	4	2.431	4	5.195	14	33.02%
Electric, gas, sanitary services (49xx)	0	0	0.343	1	0	0	0.343	1	2.18%
Wholesale (5xxx)	2.363	5	0	0	0.391	1	2.755	6	17.51%
Services (7xxx)	0	0	0.514	2	0.155	1	0.669	3	4.25%
Total	8.370	24	2.416	10	4.946	10	15.731	44	100.00%
Country
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
Total	3.047	2.405	2.917	1.473	0.336	0.606	1.914	0.619	2.413
France	0.919	0.674	0.808	0.343	0	0	0	0	0.749
Germany	1.155	0.582	0.266	0	0.336	0	0.284	0	0
Greece	0.170	0.154	0	0	0	0	0	0	1.543
U.K.	0.092	0.513	0	0.934	0	0.110	0	0	0
U.S.	0	0	0.198	0	0	0	0.995	0.619	0.120
Others	0.711	0.482	1.646	0.196	0	0.497	0.635	0	0
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Total	8.370	24	2.416	10	4.946	10	15.731	44	100.00%
France	2.400	4	0.343	1	0.749	1	3.492	6	22.20%
Germany	2.003	6	0.336	1	0.284	1	2.623	8	16.67%
Greece	0.325	2	0	0	1.543	2	1.868	4	11.87%
U.K.	0.605	3	1.044	5	0	0	1.649	8	10.48%
U.S.	0.198	1	0	0	1.734	4	1.932	5	12.28%
Others	2.839	8	0.693	3	0.635	2	4.167	13	26.48%
Currency
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
CHF	0	0	0.311	0	0	0	0	0	0
€	3.047	2.214	2.607	1.473	0.336	0.497	1.914	0.619	2.413
£	0	0.191	0	0	0	0.110	0	0	0
Total	3.047	2.405	2.917	1.473	0.336	0.606	1.914	0.619	2.413
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
CHF	0.311	1	0	0	0	0	0.311	1	1.98%
€	7.868	22	2.306	9	4.946	10	15.120	41	96.12%
£	0.191	1	0.110	1	0	0	0.301	2	1.91%
Total	8.370	24	2.416	10	4.946	10	15.731	44	100.00%

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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