Analysis of European high-yield issuance for year through June

Total issuance: $10.786 billion in 34 deals

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

Yield

Less than 6%	0.358	2	3.31%
7%-7.99%	2.494	8	23.12%
8%-8.99%	1.645	5	15.25%
9%-9.99%	1.287	4	11.94%
10%-10.99%	0.854	3	7.92%
11% and higher	1.228	3	11.39%
Floater	2.919	9	27.07%
Total	10.786	34
Pricing versus talk
Lower	0.674	1	6.24%
Low end	2.413	11	22.37%
Middle	4.384	14	40.65%
High end	1.442	5	13.37%
Higher	0.529	1	4.90%
NA	1.345	2	12.47%
Total	10.786	34
Upsized?
Yes	3.275	10	30.37%
No	7.174	23	66.52%
Downsized	0.336	1	3.12%
Total	10.786	34
Quick sale?
Yes	4.600	13	42.65%
No	6.186	21	57.35%
Total	10.786	34
Add on?
Yes	0.812	3	7.53%
No	9.974	31	92.47%
Total	10.786	34
Zero coupon?
No	10.786	34	100.00%
Total	10.786	34
Seniority
Senior secured	1.636	6	15.17%
Senior	7.021	24	65.09%
Senior sub	1.476	3	13.69%
Subordinated	0.653	1	6.06%
Total	10.786	34
Moody's rating
Ba2	0.266	1	2.46%
B1	1.602	7	14.85%
B2	0.868	3	8.04%
B3	1.340	5	12.42%
Caa1	2.248	7	20.84%
Caa2	0.426	1	3.95%
Caa3	0.198	1	1.84%
NR	3.839	9	35.59%
Total	10.786	34
Use of proceeds
Acquisition	0.478	2	4.43%
Capex	0.092	1	0.85%
Dividend/recap	1.922	4	17.82%
LBO	2.255	5	20.91%
Refinance/tender for notes	1.746	6	16.18%
Repay bank debt	2.168	8	20.10%
Refinance	0.897	5	8.32%
Multiple	1.228	3	11.39%
Total	10.786	34
Industry sector (by SIC code)
Agriculture (0xxx)	0.336	1	3.12%
Mining (1xxx)	0.092	1	0.85%
Manufacturing (2xxx, 3xxx)	4.374	14	40.55%
Communications (48xx)	2.764	10	25.62%
Electric, gas, sanitary services (49xx)	0.343	1	3.18%
Wholesale, retail (5xxx)	2.363	5	21.91%
Services (7xxx)	0.514	2	4.77%
Total	10.786	34
Home country of issuer
France	2.743	5	25.43%
Germany	2.340	7	21.69%
Ireland	0.711	2	6.59%
Italy	0.725	3	6.72%
Switzerland	1.070	3	9.92%
U.K.	1.649	8	15.29%
Other	1.549	6	14.35%
Total	10.786	34
Currency
CHF	0.311	1	2.88%
€	10.174	31	94.33%
£	0.301	2	2.79%
Total	10.786	34

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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