Analysis of European high yield issuance for 13 months through February 2014

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

Yield

	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
3.99% and lower	0	0.460	0.294	0	0	0.955	0	0.993	0	1.070	0.673	1.558	2.595
4%-4.99%	0.984	1.013	1.850	0.780	0	0	0	0.147	0	2.310	0.339	2.580	0.147
5%-5.99%	0	1.302	0.457	1.572	0	0.349	0	1.247	0.510	0.323	0.732	0.663	1.435
6%-6.99%	3.129	2.602	0.727	2.589	0.435	1.610	0	1.329	0.967	1.728	0.869	0.660	0.215
7%-7.99%	2.488	1.013	0.895	2.195	0.652	3.055	0	0.545	0.274	2.495	0.446	0.846	0
8%-8.99%	0	0.668	0.659	1.217	0.385	1.422	0	0.662	0.764	0.268	0	0	0.316
9%-9.99%	0.914	0	0.327	1.014	1.577	2.172	0	0.505	1.090	0	0.403	0	0
10%-10.99%	0	0	0	0.297	0	0.228	0.428	0.328	0.205	0	0	0	0
11% and higher	0	0	0	0	0	0	0	0	0.199	0.217	0	0	0
Floater	0	0.165	0.196	1.362	0.585	0.868	0	0	0.302	0.270	0	0	0.205
NA	0.270	0.573	0.757	0.310	0.027	0.797	0.086	0.125	1.466	1.422	0.410	1.320	0.462
Total	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.627	5.377
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
3.99% and lower	0.294	1	1.948	2	1.743	3	4.154	6	4.154	6	8.598	13	8.598	13	31.94%
4%-4.99%	2.629	5	0.147	1	2.649	4	2.728	5	2.728	5	10.150	20	9.165	18	20.98%
5%-5.99%	2.029	4	1.596	3	1.564	5	2.098	4	2.098	4	8.590	19	8.590	19	16.13%
6%-6.99%	3.751	8	2.940	4	3.565	9	0.875	3	0.875	3	16.861	31	13.732	27	6.73%
7%-7.99%	3.743	9	3.600	6	3.215	9	0.846	2	0.846	2	14.904	34	12.417	29	6.51%
8%-8.99%	2.261	5	2.085	6	1.032	3	0.316	1	0.316	1	6.361	16	6.361	16	2.43%
9%-9.99%	2.917	7	2.677	8	1.492	4	0	0	0	0	8.001	20	7.087	19	0.00%
10%-10.99%	0.297	1	0.984	3	0.205	1	0	0	0	0	1.486	5	1.486	5	0.00%
11% and higher	0	0	0	0	0.416	2	0	0	0	0	0.416	2	0.416	2	0.00%
Floater	2.143	7	0.868	2	0.571	2	0.205	1	0.205	1	3.953	13	3.953	13	1.58%
NA	1.093	5	1.008	6	3.298	8	1.782	4	1.782	4	8.024	26	7.754	25	13.70%
Total	21.158	52	17.853	41	19.750	50	13.004	26	13.004	26	87.345	199	79.560	186	100.00%
Versus Talk
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Lower	0	0.301	0	0.459	0	0.445	0	0	0	1.051	0	0.410	0.818
Low end	2.366	2.774	2.264	4.402	0.717	3.818	0	2.925	3.385	5.762	0.820	2.499	3.210
Middle	4.353	1.664	2.434	4.276	2.301	4.677	0	1.738	1.403	2.202	2.595	2.387	0.779
High end	0	0	0	0	0.231	0.309	0	0.338	0.072	0	0.213	0	0.362
NA	1.066	3.056	1.464	2.199	0.411	2.209	0.514	0.880	0.917	1.088	0.242	2.331	0.208
Total	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.627	5.377
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.459	1	0.445	1	1.051	3	1.228	2	1.228	2	3.484	8	3.484	8	9.44%
Low end	7.383	18	6.743	12	9.967	24	5.709	9	5.709	9	34.942	73	32.576	69	43.90%
Middle	9.011	17	6.416	13	6.200	15	3.166	7	3.166	7	30.809	61	26.457	56	24.35%
High end	0.231	1	0.647	2	0.285	3	0.362	2	0.362	2	1.525	8	1.525	8	2.78%
NA	4.074	15	3.604	13	2.247	5	2.539	6	2.539	6	16.585	49	15.519	45	19.52%
Total	21.158	52	17.853	41	19.750	50	13.004	26	13.004	26	87.345	199	79.560	186	100.00%
Upsized?
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Yes	0.611	1.856	1.505	2.879	0.435	0.525	0.428	0.512	0.641	2.857	0.989	2.027	0.479
No	7.174	5.939	3.978	7.305	2.957	10.376	0.086	5.369	4.573	7.247	2.881	4.996	4.581
Downsized	0	0	0.679	1.151	0.269	0.557	0	0	0.562	0	0	0.604	0.316
Total	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.627	5.377
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.819	10	1.465	4	4.487	11	2.506	6	2.506	6	15.743	36	15.132	35	19.27%
No	14.240	37	15.832	36	14.701	37	9.577	18	9.577	18	67.462	153	60.289	141	73.65%
Downsized	2.099	5	0.557	1	0.562	2	0.921	2	0.921	2	4.139	10	4.139	10	7.08%
Total	21.158	52	17.853	41	19.750	50	13.004	26	13.004	26	87.345	199	79.560	186	100.00%
Quick Sale?
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Yes	3.555	4.026	3.124	0.862	0.995	3.408	0.514	3.763	1.529	3.861	0.962	6.967	2.957
No	4.230	3.769	3.038	10.473	2.666	8.050	0	2.118	4.247	6.243	2.908	0.660	2.419
Total	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.627	5.377
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.981	14	7.685	16	6.352	14	9.925	18	9.925	18	36.523	73	32.968	69	76.32%
No	16.177	38	10.168	25	13.398	36	3.079	8	3.079	8	50.821	126	46.591	117	23.68%
Total	21.158	52	17.853	41	19.750	50	13.004	26	13.004	26	87.345	199	79.560	186	100.00%
Seniority
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
senior secured	2.845	1.249	2.758	5.965	2.621	8.139	0	0.829	2.751	3.103	1.850	0.758	0.941
senior	4.940	6.155	3.404	4.680	1.040	3.319	0.514	5.052	3.026	6.783	2.020	6.869	4.435
senior subordinated	0	0.390	0	0.691	0	0	0	0	0	0.217	0	0	0
Total	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.627	5.377
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	11.344	26	8.968	22	7.704	23	1.699	6	1.699	6	33.809	87	30.964	82	13.07%
senior	9.123	25	8.885	19	11.829	26	11.304	20	11.304	20	52.238	109	47.298	101	86.93%
senior subordinated	0.691	1	0	0	0.217	1	0	0	0	0	1.298	3	1.298	3	0.00%
Total	21.158	52	17.853	41	19.750	50	13.004	26	13.004	26	87.345	199	79.560	186	100.00%
Moody's Rating
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Ba1	0	0.460	0	0.569	0	0	0	1.970	0	2.155	0	3.113	2.595
Ba2	0.800	0.817	1.707	0.211	0	0.955	0	0	0.407	0	0.673	0.663	0
Ba3	4.231	0.838	0.196	0.459	0	0.637	0	0	0	1.306	0.339	1.014	0
B1	0	1.629	0	5.098	0.269	0.726	0.428	1.329	0	2.008	0.958	0.675	0.215
B2	1.600	1.505	0.661	1.777	0.666	4.492	0	0.338	1.485	1.579	0.605	0.429	1.258
B3	1.054	0.668	1.640	0	1.393	2.028	0	0.324	0.270	0.704	0.576	0.329	0.818
Caa1	0	0	0	0	0	0	0	0	0	0	0.074	0	0
Caa1	0	0	0	2.543	0	0.405	0	0.545	0	0	0.403	0	0
Caa2	0	0	0	0	0	0.256	0	0.328	0.205	0	0	0	0
NR	0.101	1.878	1.958	0.679	1.333	1.959	0.086	1.047	3.409	2.352	0.242	1.404	0.491
Total	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.627	5.377
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	0.569	1	1.970	2	2.155	3	5.708	8	5.708	8	10.862	15	10.862	15	43.89%
Ba2	1.918	3	0.955	1	1.080	2	0.663	1	0.663	1	6.234	11	5.433	9	5.10%
Ba3	0.654	2	0.637	1	1.645	3	1.014	1	1.014	1	9.019	13	4.788	9	7.80%
B1	5.367	12	2.484	6	2.966	7	0.889	2	0.889	2	13.335	28	13.335	28	6.84%
B2	3.104	10	4.829	9	3.669	13	1.687	6	1.687	6	16.395	46	14.795	42	12.97%
B3	3.033	8	2.352	7	1.550	5	1.147	2	1.147	2	9.804	25	8.750	23	8.82%
Caa1	0	0	0	0	0.074	1	0	0	0	0	0.074	1	0.074	1	0.00%
Caa1	2.543	6	0.949	3	0.403	1	0	0	0	0	3.895	10	3.895	10	0.00%
Caa2	0	0	0.583	2	0.205	1	0	0	0	0	0.788	3	0.788	3	0.00%
NR	3.970	10	3.093	10	6.003	14	1.895	6	1.895	6	16.939	47	16.838	46	14.57%
Total	21.158	52	17.853	41	19.750	50	13.004	26	13.004	26	87.345	199	79.560	186	100.00%
Use of Proceeds
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Acquisition	2.542	0	0	0.359	0.385	0.405	0	0.270	1.082	0.268	0.407	0.410	0.687
Capex	0	0	0	0	0	0	0	0	0	0	0	0.098	0
Dividend/recap	0	0.466	0.327	0.623	0	0.365	0	0.328	0	0	0.576	0	0.316
GCP	0	2.661	0.972	0.459	0	0	0	1.454	0.540	1.219	1.226	1.901	2.387
LBO	0	0	0	1.482	0	1.260	0	0	0	0	0	0	0
Redeem notes	0	0.816	0	0.653	0.435	0.955	0	1.347	0	0.636	0	0	0.818
Refinance	3.248	0.912	0.774	4.560	0.860	3.709	0.428	0.843	1.894	4.666	0.339	1.988	0.462
Repay bank debt	0	1.686	1.722	2.989	1.686	3.330	0	0.662	0	0.323	0.942	1.671	0.491
Multiple/Other/NA	1.996	1.253	2.366	0.211	0.296	1.435	0.086	0.977	2.261	2.991	0.381	1.559	0.215
Total	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.627	5.377
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.744	2	0.675	2	1.756	6	1.097	4	1.097	4	6.814	18	4.272	14	8.44%
Capex	0	0	0	0	0	0	0.098	1	0.098	1	0.098	1	0.098	1	0.75%
Dividend/recap	0.950	3	0.692	2	0.576	2	0.316	1	0.316	1	3.001	10	3.001	10	2.43%
GCP	1.430	5	1.454	4	2.985	7	4.289	4	4.289	4	12.820	24	12.820	24	32.98%
LBO	1.482	3	1.260	3	0	0	0	0	0	0	2.742	6	2.742	6	0.00%
Redeem notes	1.088	2	2.302	4	0.636	1	0.818	1	0.818	1	5.661	10	5.661	10	6.29%
Refinance	6.194	17	4.980	10	6.899	17	2.450	5	2.450	5	24.682	57	21.435	51	18.84%
Repay bank debt	6.397	14	3.992	12	1.265	4	2.162	6	2.162	6	15.502	40	15.502	40	16.63%
Multiple/Other/NA	2.873	6	2.498	4	5.633	13	1.773	4	1.773	4	16.026	33	14.030	30	13.63%
Total	21.158	52	17.853	41	19.750	50	13.004	26	13.004	26	87.345	199	79.560	186	100.00%
Industry Sector (by SIC code)
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Agriculture (0xxx)	0	0	0	0	0.231	0	0	0	0.606	0.381	0	0	0
Mining (1xxx)	0	0	0	0	0	0.365	0	0	0	0	0	0	0
Oil and gas (13xx)	0	0.316	0	0	0	0	0	0	0	0	0.242	0.675	0
Construction (15xx)	0	0	0	0	0	0.525	0	0	0	1.357	0.138	0	0.215
Manufacturing (2xxx, 3xxx)	1.768	4.411	1.048	5.172	0.027	7.206	0.086	2.402	1.484	3.094	1.575	1.739	3.904
Transportation (4xxx)	0	0	0	1.618	0	0	0	0.545	0	0.270	0.403	0.305	0
Communications (48xx)	3.028	0.668	2.298	0.459	0.334	0	0	0.328	0.510	0.636	0.407	1.355	0
Electric, gas, sanitary services (49xx)	0.555	0.269	0.078	0	0.269	0	0	1.022	0.540	0.801	0	0	0
Wholesale (5xxx)	0.433	1.486	1.406	1.008	0.385	1.054	0	0	0	0.947	0	0	0.479
Finance, insurance, real estate (6xxx)	0.652	0	0.437	0.616	0.674	1.477	0	1.076	1.478	1.393	0	2.040	0
Services (7xxx)	1.208	0.646	0.391	1.855	1.741	0.832	0.428	0.184	1.159	1.224	1.104	0.503	0.779
Health services (8xxx)	0.140	0	0.504	0.606	0	0	0	0.324	0	0	0	1.011	0
Total	7.785	7.795	6.162	11.335	3.661	11.458	0.514	5.881	5.777	10.103	3.870	7.627	5.377
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.231	1	0	0	0.987	3	0	0	0	0	1.218	4	1.218	4	0.00%
Mining (1xxx)	0	0	0.365	1	0	0	0	0	0	0	0.365	1	0.365	1	0.00%
Oil and gas (13xx)	0	0	0	0	0.242	1	0.675	1	0.675	1	1.233	3	1.233	3	5.19%
Construction (15xx)	0	0	0.525	1	1.495	3	0.215	1	0.215	1	2.235	5	2.235	5	1.65%
Manufacturing (2xxx, 3xxx)	6.247	15	9.695	17	6.153	15	5.643	10	5.643	10	33.917	67	32.149	65	43.39%
Transportation (4xxx)	1.618	4	0.545	2	0.672	2	0.305	2	0.305	2	3.141	10	3.141	10	2.35%
Communications (48xx)	3.091	6	0.328	1	1.553	3	1.355	1	1.355	1	10.022	15	6.994	12	10.42%
Electric, gas, sanitary services (49xx)	0.347	2	1.022	2	1.341	2	0	0	0	0	3.534	8	2.979	7	0.00%
Wholesale (5xxx)	2.798	7	1.054	3	0.947	2	0.479	2	0.479	2	7.197	20	6.764	18	3.68%
Finance, insurance, real estate (6xxx)	1.728	5	2.553	9	2.870	9	2.040	3	2.040	3	9.842	27	9.190	26	15.69%
Services (7xxx)	3.988	8	1.444	4	3.488	10	1.281	4	1.281	4	12.055	31	10.847	28	9.85%
Health services (8xxx)	1.111	4	0.324	1	0	0	1.011	2	1.011	2	2.586	8	2.446	7	7.77%
Total	21.158	52	17.853	41	19.750	50	13.004	26	13.004	26	87.345	199	79.560	186	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.