Total issuance: $8.370 billion in 24 deals
Columns are amounts in billions of dollars, count of deals and percentage by dollar value.
Yield
| Less than 6% | 0.266 | 1 | 3.18%
|
| 7%-7.99% | 2.494 | 8 | 29.79%
|
| 8%-8.99% | 0.581 | 2 | 6.94%
|
| 9%-9.99% | 1.287 | 4 | 15.38%
|
| 10%-10.99% | 0.322 | 1 | 3.84%
|
| 11% and higher | 0.954 | 2 | 11.40%
|
| Floater | 2.466 | 6 | 29.46%
|
| Total | 8.370 | 24
|
|
|
|
|
| Pricing versus talk
|
|
|
| Lower | 0.674 | 1 | 8.05%
|
| Low end | 2.008 | 10 | 23.99%
|
| Middle | 3.530 | 9 | 42.18%
|
| High end | 0.285 | 1 | 3.41%
|
| Higher | 0.529 | 1 | 6.31%
|
| NA | 1.345 | 2 | 16.07%
|
| Total | 8.370 | 24
|
|
|
|
|
| Upsized?
|
|
|
| Yes | 2.797 | 8 | 33.42%
|
| No | 5.573 | 16 | 66.58%
|
| Total | 8.370 | 24
|
|
|
|
|
| Quick sale?
|
|
|
| Yes | 4.600 | 13 | 54.96%
|
| No | 3.770 | 11 | 45.04%
|
| Total | 8.370 | 24
|
|
|
|
|
| Add on?
|
|
|
| Yes | 0.812 | 3 | 9.70%
|
| No | 7.558 | 21 | 90.30%
|
| Total | 8.370 | 24
|
|
|
|
|
| Zero coupon?
|
|
|
| No | 8.370 | 24 | 100.00%
|
| Total | 8.370 | 24
|
|
|
|
|
| Seniority
|
|
|
| Senior secured | 1.070 | 3 | 12.79%
|
| Senior | 5.171 | 17 | 61.77%
|
| Senior sub | 1.476 | 3 | 17.64%
|
| Subordinated | 0.653 | 1 | 7.80%
|
| Total | 8.370 | 24
|
|
|
| Moody's rating
|
|
|
| Ba2 | 0.266 | 1 | 3.18%
|
| B1 | 0.325 | 2 | 3.88%
|
| B2 | 0.266 | 1 | 3.18%
|
| B3 | 1.004 | 4 | 11.99%
|
| Caa1 | 2.138 | 6 | 25.55%
|
| Caa2 | 0.426 | 1 | 5.09%
|
| Caa3 | 0.198 | 1 | 2.37%
|
| NR | 3.747 | 8 | 44.77%
|
| Total | 8.370 | 24
|
|
|
|
|
| Use of proceeds
|
|
|
| Dividend/recap | 1.922 | 4 | 22.96%
|
| LBO | 1.919 | 4 | 22.92%
|
| Refinance/tender for notes | 1.403 | 5 | 16.76%
|
| Repay bank debt | 1.602 | 5 | 19.14%
|
| Refinance | 0.701 | 4 | 8.38%
|
| Multiple | 0.823 | 2 | 9.84%
|
| Total | 8.370 | 24
|
|
|
|
|
| Industry sector (by SIC code)
|
|
|
| Manufacturing (2xxx, 3xxx) | 4.178 | 13 | 49.90%
|
| Communications (48xx) | 1.829 | 6 | 21.86%
|
| Wholesale, retail (5xxx) | 2.363 | 5 | 28.24%
|
| Total | 8.370 | 24
|
|
|
|
|
| Home country of issuer
|
|
|
| Denmark | 0.529 | 1 | 6.31%
|
| France | 2.400 | 4 | 28.68%
|
| Germany | 2.003 | 6 | 23.94%
|
| Greece | 0.325 | 2 | 3.88%
|
| Ireland | 0.711 | 2 | 8.49%
|
| Italy | 0.529 | 2 | 6.32%
|
| Switzerland | 1.070 | 3 | 12.79%
|
| U.K. | 0.605 | 3 | 7.23%
|
| U.S. | 0.198 | 1 | 2.37%
|
| Total | 8.370 | 24
|
|
|
|
|
| Currency
|
| CHF | 0.311 | 1 | 3.71%
|
| € | 7.868 | 22 | 94.00%
|
| £ | 0.191 | 1 | 2.29%
|
| Total | 8.370 | 24
|
|
|
|
|
|
|
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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