Analysis of European high-yield issuance for year through May

Total issuance: $10.180 billion in 31 deals

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

Yield

Less than 6%	0.266	1	2.61%
7%-7.99%	2.494	8	24.50%
8%-8.99%	1.240	4	12.18%
9%-9.99%	1.287	4	12.65%
10%-10.99%	0.854	3	8.39%
11% and higher	1.228	3	12.07%
Floater	2.810	8	27.60%
Total	10.180	31
Pricing versus talk
Lower	0.674	1	6.62%
Low end	2.008	10	19.72%
Middle	4.183	12	41.09%
High end	1.442	5	14.17%
Higher	0.529	1	5.19%
NA	1.345	2	13.21%
Total	10.180	31
Upsized?
Yes	3.275	10	32.17%
No	6.568	20	64.52%
Downsized	0.336	1	3.30%
Total	10.180	31
Quick sale?
Yes	4.600	13	45.19%
No	5.579	18	54.81%
Total	10.180	31
Add on?
Yes	0.812	3	7.98%
No	9.368	28	92.02%
Total	10.180	31
Zero coupon?
No	10.180	31	100.00%
Total	10.180	31
Seniority
Senior secured	1.527	5	15.00%
Senior	6.524	22	64.09%
Senior sub	1.476	3	14.50%
Subordinated	0.653	1	6.42%
Total	10.180	31
Moody's rating
Ba2	0.266	1	2.61%
B1	1.602	7	15.73%
B2	0.463	2	4.54%
B3	1.340	5	13.16%
Caa1	2.138	6	21.00%
Caa2	0.426	1	4.18%
Caa3	0.198	1	1.95%
NR	3.747	8	36.81%
Total	10.180	31
Use of proceeds
Acquisition	0.478	2	4.70%
Dividend/recap	1.922	4	18.88%
LBO	2.255	5	22.15%
Refinance/tender for notes	1.746	6	17.15%
Repay bank debt	2.059	7	20.22%
Refinance	0.897	5	8.82%
Multiple	0.823	2	8.09%
Total	10.180	31
Industry sector (by SIC code)
Agriculture (0xxx)	0.336	1	3.30%
Manufacturing (2xxx, 3xxx)	4.374	14	42.96%
Communications (48xx)	2.764	10	27.15%
Electric, gas, sanitary services (49xx)	0.343	1	3.37%
Wholesale, retail (5xxx)	2.363	5	23.22%
Total	10.180	31
Home country of issuer
Denmark	0.529	1	5.37%
Denmark	0.529	1	5.19%
France	2.743	5	26.95%
Germany	2.340	7	22.98%
Greece	0.325	2	3.19%
Ireland	0.711	2	6.98%
Italy	0.725	3	7.12%
Switzerland	1.070	3	10.51%
U.K.	1.539	7	15.12%
U.S.	0.198	1	1.95%
Total	10.180	31
Currency
CHF	0.311	1	3.05%
€	9.678	29	95.07%
£	0.191	1	1.88%
Total	10.180	31

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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