Analysis of European high yield issuance for 13 months through December 2013

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

Yield

	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
3.99% and lower	0	0.662	0	0.460	0.294	0	0	0.955	0	0.993	0	1.070	0.673
4%-4.99%	0	0.533	0.984	1.013	1.850	0.780	0	0	0	0.147	0	2.310	0.339
5%-5.99%	0.441	1.329	0	1.302	0.457	1.572	0	0.349	0	1.247	0.510	0.323	0.732
6%-6.99%	0	0.756	3.129	2.602	0.727	2.589	0.435	1.610	0	1.329	0.967	1.728	0.869
7%-7.99%	0	2.576	2.488	1.013	0.895	2.195	0.652	3.055	0	0.545	0.274	2.495	0.446
8%-8.99%	0.697	1.461	0	0.668	0.659	1.217	0.385	1.422	0	0.662	0.764	0.268	0
9%-9.99%	0	0	0.914	0	0.327	1.014	1.577	2.172	0	0.505	1.090	0	0.403
10%-10.99%	0	0	0	0	0	0.297	0	0.228	0.428	0.328	0.205	0	0
11% and higher	0	0.079	0	0	0	0	0	0	0	0	0.199	0.217	0
Floater	0	0.332	0	0.165	0.196	1.362	0.585	0.868	0	0	0.302	0.270	0
NA	0.285	0.137	0.270	0.573	0.757	0.310	0.027	0.797	0.086	0.125	1.466	1.422	0.410
Total	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
3.99% and lower	1.122	2	0.294	1	1.948	2	1.743	3	5.108	8	5.108	8	5.108	8	6.21%
4%-4.99%	2.529	6	2.629	5	0.147	1	2.649	4	7.955	16	7.955	16	7.955	16	9.68%
5%-5.99%	2.631	6	2.029	4	1.596	3	1.564	5	7.820	18	8.261	19	7.820	18	9.51%
6%-6.99%	6.487	9	3.751	8	2.940	4	3.565	9	16.742	30	16.742	30	16.742	30	20.37%
7%-7.99%	6.077	15	3.743	9	3.600	6	3.215	9	16.635	39	16.635	39	16.635	39	20.24%
8%-8.99%	2.129	6	2.261	5	2.085	6	1.032	3	7.506	20	8.203	22	7.506	20	9.13%
9%-9.99%	0.914	1	2.917	7	2.677	8	1.492	4	8.001	20	8.001	20	8.001	20	9.73%
10%-10.99%	0	0	0.297	1	0.984	3	0.205	1	1.486	5	1.486	5	1.486	5	1.81%
11% and higher	0.079	1	0	0	0	0	0.416	2	0.495	3	0.495	3	0.495	3	0.61%
Floater	0.498	2	2.143	7	0.868	2	0.571	2	4.080	13	4.080	13	4.080	13	4.96%
NA	0.980	4	1.093	5	1.008	6	3.298	8	6.380	23	6.664	24	6.380	23	7.76%
Total	23.446	52	21.158	52	17.853	41	19.750	50	82.208	195	83.630	199	82.208	195	100.00%
Versus Talk
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Lower	0	0	0	0.301	0	0.459	0	0.445	0	0	0	1.051	0
Low end	0.705	4.747	2.366	2.774	2.264	4.402	0.717	3.818	0	2.925	3.385	5.762	0.820
Middle	0.717	2.771	4.353	1.664	2.434	4.276	2.301	4.677	0	1.738	1.403	2.202	2.595
High end	0	0.348	0	0	0	0	0.231	0.309	0	0.338	0.072	0	0.213
NA	0	0	1.066	3.056	1.464	2.199	0.411	2.209	0.514	0.880	0.917	1.088	0.242
Total	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.301	1	0.459	1	0.445	1	1.051	3	2.255	6	2.255	6	2.255	6	2.74%
Low end	9.887	23	7.383	18	6.743	12	9.967	24	33.980	77	34.685	79	33.980	77	41.33%
Middle	8.788	17	9.011	17	6.416	13	6.200	15	30.415	62	31.132	64	30.415	62	37.00%
High end	0.348	1	0.231	1	0.647	2	0.285	3	1.511	7	1.511	7	1.511	7	1.84%
NA	4.122	10	4.074	15	3.604	13	2.247	5	14.046	43	14.046	43	14.046	43	17.09%
Total	23.446	52	21.158	52	17.853	41	19.750	50	82.208	195	83.630	199	82.208	195	100.00%
Upsized?
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Yes	0.285	2.582	0.611	1.856	1.505	2.879	0.435	0.525	0.428	0.512	0.641	2.857	0.989
No	1.138	5.205	7.174	5.939	3.978	7.305	2.957	10.376	0.086	5.369	4.573	7.247	2.881
Downsized	0	0.079	0	0	0.679	1.151	0.269	0.557	0	0	0.562	0	0
Total	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	5.049	12	4.819	10	1.465	4	4.487	11	15.820	37	16.104	38	15.820	37	19.24%
No	18.318	39	14.240	37	15.832	36	14.701	37	63.091	149	64.229	152	63.091	149	76.75%
Downsized	0.079	1	2.099	5	0.557	1	0.562	2	3.297	9	3.297	9	3.297	9	4.01%
Total	23.446	52	21.158	52	17.853	41	19.750	50	82.208	195	83.630	199	82.208	195	100.00%
Quick Sale?
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Yes	0.441	3.269	3.555	4.026	3.124	0.862	0.995	3.408	0.514	3.763	1.529	3.861	0.962
No	0.982	4.597	4.230	3.769	3.038	10.473	2.666	8.050	0	2.118	4.247	6.243	2.908
Total	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	10.850	19	4.981	14	7.685	16	6.352	14	29.868	63	30.309	64	29.868	63	36.33%
No	12.597	33	16.177	38	10.168	25	13.398	36	52.340	132	53.322	135	52.340	132	63.67%
Total	23.446	52	21.158	52	17.853	41	19.750	50	82.208	195	83.630	199	82.208	195	100.00%
Seniority
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
senior secured	1.423	3.733	2.845	1.249	2.758	5.965	2.621	8.139	0	0.829	2.751	3.103	1.850
senior	0	3.735	4.940	6.155	3.404	4.680	1.040	3.319	0.514	5.052	3.026	6.783	2.020
senior subordinated	0	0.399	0	0.390	0	0.691	0	0	0	0	0	0.217	0
Total	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	7.827	19	11.344	26	8.968	22	7.704	23	35.842	90	37.265	94	35.842	90	43.60%
senior	14.831	31	9.123	25	8.885	19	11.829	26	44.669	101	44.669	101	44.669	101	54.34%
senior subordinated	0.789	2	0.691	1	0	0	0.217	1	1.697	4	1.697	4	1.697	4	2.06%
Total	23.446	52	21.158	52	17.853	41	19.750	50	82.208	195	83.630	199	82.208	195	100.00%
Moody's Rating
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Ba1	0	0.662	0	0.460	0	0.569	0	0	0	1.970	0	2.155	0
Ba2	0	0.533	0.800	0.817	1.707	0.211	0	0.955	0	0	0.407	0	0.673
Ba3	0.441	0.332	4.231	0.838	0.196	0.459	0	0.637	0	0	0	1.306	0.339
B1	0.276	1.690	0	1.629	0	5.098	0.269	0.726	0.428	1.329	0	2.008	0.958
B2	0.421	2.303	1.600	1.505	0.661	1.777	0.666	4.492	0	0.338	1.485	1.579	0.605
B3	0	1.868	1.054	0.668	1.640	0	1.393	2.028	0	0.324	0.270	0.704	0.576
Caa1	0	0	0	0	0	0	0	0	0	0	0	0	0.074
Caa1	0	0.079	0	0	0	2.543	0	0.405	0	0.545	0	0	0.403
Caa2	0	0	0	0	0	0	0	0.256	0	0.328	0.205	0	0
NR	0.285	0.399	0.101	1.878	1.958	0.679	1.333	1.959	0.086	1.047	3.409	2.352	0.242
Total	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	1.122	2	0.569	1	1.970	2	2.155	3	5.816	8	5.816	8	5.816	8	7.07%
Ba2	2.150	5	1.918	3	0.955	1	1.080	2	6.103	11	6.103	11	6.103	11	7.42%
Ba3	5.401	7	0.654	2	0.637	1	1.645	3	8.337	13	8.778	14	8.337	13	10.14%
B1	3.319	6	5.367	12	2.484	6	2.966	7	14.136	31	14.412	32	14.136	31	17.20%
B2	5.408	15	3.104	10	4.829	9	3.669	13	17.011	47	17.432	48	17.011	47	20.69%
B3	3.590	8	3.033	8	2.352	7	1.550	5	10.525	28	10.525	28	10.525	28	12.80%
Caa1	0	0	0	0	0	0	0.074	1	0.074	1	0.074	1	0.074	1	0.09%
Caa1	0.079	1	2.543	6	0.949	3	0.403	1	3.974	11	3.974	11	3.974	11	4.83%
Caa2	0	0	0	0	0.583	2	0.205	1	0.788	3	0.788	3	0.788	3	0.96%
NR	2.377	8	3.970	10	3.093	10	6.003	14	15.443	42	15.727	43	15.443	42	18.79%
Total	23.446	52	21.158	52	17.853	41	19.750	50	82.208	195	83.630	199	82.208	195	100.00%
Use of Proceeds
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Acquisition	0.697	1.037	2.542	0	0	0.359	0.385	0.405	0	0.270	1.082	0.268	0.407
Dividend/recap	0	0	0	0.466	0.327	0.623	0	0.365	0	0.328	0	0	0.576
GCP	0	0	0	2.661	0.972	0.459	0	0	0	1.454	0.540	1.219	1.226
LBO	0	0.332	0	0	0	1.482	0	1.260	0	0	0	0	0
Redeem notes	0	0.137	0	0.816	0	0.653	0.435	0.955	0	1.347	0	0.636	0
Refinance	0.441	4.159	3.248	0.912	0.774	4.560	0.860	3.709	0.428	0.843	1.894	4.666	0.339
Repay bank debt	0.285	0.938	0	1.686	1.722	2.989	1.686	3.330	0	0.662	0	0.323	0.942
Multiple/Other/NA	0	1.264	1.996	1.253	2.366	0.211	0.296	1.435	0.086	0.977	2.261	2.991	0.381
Total	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	3.579	7	0.744	2	0.675	2	1.756	6	6.754	17	7.451	19	6.754	17	8.22%
Dividend/recap	0.466	2	0.950	3	0.692	2	0.576	2	2.684	9	2.684	9	2.684	9	3.26%
GCP	2.661	4	1.430	5	1.454	4	2.985	7	8.531	20	8.531	20	8.531	20	10.38%
LBO	0.332	1	1.482	3	1.260	3	0	0	3.074	7	3.074	7	3.074	7	3.74%
Redeem notes	0.953	3	1.088	2	2.302	4	0.636	1	4.979	10	4.979	10	4.979	10	6.06%
Refinance	8.318	19	6.194	17	4.980	10	6.899	17	26.390	63	26.831	64	26.390	63	32.10%
Repay bank debt	2.624	7	6.397	14	3.992	12	1.265	4	14.278	37	14.563	38	14.278	37	17.37%
Multiple/Other/NA	4.512	9	2.873	6	2.498	4	5.633	13	15.516	32	15.516	32	15.516	32	18.87%
Total	23.446	52	21.158	52	17.853	41	19.750	50	82.208	195	83.630	199	82.208	195	100.00%
Industry Sector (by SIC code)
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Agriculture (0xxx)	0	0	0	0	0	0	0.231	0	0	0	0.606	0.381	0
Mining (1xxx)	0.276	0	0	0	0	0	0	0.365	0	0	0	0	0
Oil and gas (13xx)	0	0	0	0.316	0	0	0	0	0	0	0	0	0.242
Construction (15xx)	0	0	0	0	0	0	0	0.525	0	0	0	1.357	0.138
Manufacturing (2xxx, 3xxx)	0.421	2.489	1.768	4.411	1.048	5.172	0.027	7.206	0.086	2.402	1.484	3.094	1.575
Transportation (4xxx)	0.441	0	0	0	0	1.618	0	0	0	0.545	0	0.270	0.403
Communications (48xx)	0.285	1.013	3.028	0.668	2.298	0.459	0.334	0	0	0.328	0.510	0.636	0.407
Electric, gas, sanitary services (49xx)	0	0	0.555	0.269	0.078	0	0.269	0	0	1.022	0.540	0.801	0
Wholesale (5xxx)	0	0.241	0.433	1.486	1.406	1.008	0.385	1.054	0	0	0	0.947	0
Finance, insurance, real estate (6xxx)	0	1.786	0.652	0	0.437	0.616	0.674	1.477	0	1.076	1.478	1.393	0
Services (7xxx)	0	2.337	1.208	0.646	0.391	1.855	1.741	0.832	0.428	0.184	1.159	1.224	1.104
Health services (8xxx)	0	0	0.140	0	0.504	0.606	0	0	0	0.324	0	0	0
Total	1.423	7.867	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0.231	1	0	0	0.987	3	1.218	4	1.218	4	1.218	4	1.48%
Mining (1xxx)	0	0	0	0	0.365	1	0	0	0.365	1	0.641	2	0.365	1	0.44%
Oil and gas (13xx)	0.316	1	0	0	0	0	0.242	1	0.558	2	0.558	2	0.558	2	0.68%
Construction (15xx)	0	0	0	0	0.525	1	1.495	3	2.020	4	2.020	4	2.020	4	2.46%
Manufacturing (2xxx, 3xxx)	8.668	16	6.247	15	9.695	17	6.153	15	30.763	63	31.184	64	30.763	63	37.42%
Transportation (4xxx)	0	0	1.618	4	0.545	2	0.672	2	2.835	8	3.276	9	2.835	8	3.45%
Communications (48xx)	4.709	6	3.091	6	0.328	1	1.553	3	9.680	16	9.965	17	9.680	16	11.78%
Electric, gas, sanitary services (49xx)	0.824	2	0.347	2	1.022	2	1.341	2	3.534	8	3.534	8	3.534	8	4.30%
Wholesale (5xxx)	2.159	7	2.798	7	1.054	3	0.947	2	6.959	19	6.959	19	6.959	19	8.47%
Finance, insurance, real estate (6xxx)	2.438	6	1.728	5	2.553	9	2.870	9	9.589	29	9.589	29	9.589	29	11.66%
Services (7xxx)	4.191	13	3.988	8	1.444	4	3.488	10	13.111	35	13.111	35	13.111	35	15.95%
Health services (8xxx)	0.140	1	1.111	4	0.324	1	0	0	1.575	6	1.575	6	1.575	6	1.92%
Total	23.446	52	21.158	52	17.853	41	19.750	50	82.208	195	83.630	199	82.208	195	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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.