Total issuance: $9.843 billion in 30 deals
Columns are amounts in billions of dollars, count of deals and percentage by dollar value.
Yield
| Less than 6% | 0.266 | 1 | 2.70%
|
| 7%-7.99% | 2.494 | 8 | 25.33%
|
| 8%-8.99% | 1.240 | 4 | 12.60%
|
| 9%-9.99% | 1.287 | 4 | 13.08%
|
| 10%-10.99% | 0.518 | 2 | 5.26%
|
| 11% and higher | 1.228 | 3 | 12.48%
|
| Floater | 2.810 | 8 | 28.54%
|
| Total | 9.843 | 30
|
|
|
|
|
| Pricing versus talk
|
|
|
| Lower | 0.674 | 1 | 6.84%
|
| Low end | 2.008 | 10 | 20.40%
|
| Middle | 4.183 | 12 | 42.50%
|
| High end | 1.106 | 4 | 11.23%
|
| Higher | 0.529 | 1 | 5.37%
|
| NA | 1.345 | 2 | 13.66%
|
| Total | 9.843 | 30
|
|
|
|
|
| Upsized?
|
|
|
| Yes | 3.275 | 10 | 33.27%
|
| No | 6.568 | 20 | 66.73%
|
| Total | 9.843 | 30
|
|
|
|
|
| Quick sale?
|
|
|
| Yes | 4.600 | 13 | 46.73%
|
| No | 5.243 | 17 | 53.27%
|
| Total | 9.843 | 30
|
|
|
|
|
| Add on?
|
|
|
| Yes | 0.812 | 3 | 8.25%
|
| No | 9.031 | 27 | 91.75%
|
| Total | 9.843 | 30
|
|
|
|
|
| Zero coupon?
|
|
|
| No | 9.843 | 30 | 100.00%
|
| Total | 9.843 | 30
|
|
|
|
|
| Seniority
|
|
|
| Senior secured | 1.527 | 5 | 15.51%
|
| Senior | 6.188 | 21 | 62.86%
|
| Senior sub | 1.476 | 3 | 15.00%
|
| Subordinated | 0.653 | 1 | 6.63%
|
| Total | 9.843 | 30
|
|
|
| Moody's rating
|
|
|
| Ba2 | 0.266 | 1 | 2.70%
|
| B1 | 1.602 | 7 | 16.27%
|
| B2 | 0.463 | 2 | 4.70%
|
| B3 | 1.004 | 4 | 10.20%
|
| Caa1 | 2.138 | 6 | 21.72%
|
| Caa2 | 0.426 | 1 | 4.33%
|
| Caa3 | 0.198 | 1 | 2.01%
|
| NR | 3.747 | 8 | 38.07%
|
| Total | 9.843 | 30
|
|
|
|
|
| Use of proceeds
|
|
|
| Acquisition | 0.478 | 2 | 4.86%
|
| Dividend/recap | 1.922 | 4 | 19.52%
|
| LBO | 1.919 | 4 | 19.49%
|
| Refinance/tender for notes | 1.746 | 6 | 17.73%
|
| Repay bank debt | 2.059 | 7 | 20.91%
|
| Refinance | 0.897 | 5 | 9.12%
|
| Multiple | 0.823 | 2 | 8.36%
|
| Total | 9.843 | 30
|
|
|
|
|
| Industry sector (by SIC code)
|
|
|
| Manufacturing (2xxx, 3xxx) | 4.374 | 14 | 44.43%
|
| Communications (48xx) | 2.764 | 10 | 28.08%
|
| Electric, gas, sanitary services (49xx) | 0.343 | 1 | 3.48%
|
| Wholesale, retail (5xxx) | 2.363 | 5 | 24.01%
|
| Total | 9.843 | 30
|
|
|
|
|
| Home country of issuer
|
|
|
| Denmark | 0.529 | 1 | 5.37%
|
| France | 2.743 | 5 | 27.87%
|
| Germany | 2.003 | 6 | 20.35%
|
| Greece | 0.325 | 2 | 3.30%
|
| Ireland | 0.711 | 2 | 7.22%
|
| Italy | 0.725 | 3 | 7.37%
|
| Switzerland | 1.070 | 3 | 10.87%
|
| U.K. | 1.539 | 7 | 15.64%
|
| U.S. | 0.198 | 1 | 2.01%
|
| Total | 9.843 | 30
|
|
|
|
|
| Currency
|
| CHF | 0.311 | 1 | 3.16%
|
| € | 9.341 | 28 | 94.90%
|
| £ | 0.191 | 1 | 1.95%
|
| Total | 9.843 | 30
|
|
|
|
|
|
|
|
|
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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