Analysis of European high yield issuance for 2004

Total issuance: $21.380 billion in 76 deals

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

Yield

Less than 6%	0.201	1	0.94%
6%-6.99%	2.774	10	12.98%
7%-7.99%	2.671	10	12.49%
8%-8.99%	5.460	16	25.54%
9%-9.99%	4.639	18	21.70%
10%-10.99%	2.041	7	9.55%
11% and higher	0.871	5	4.07%
Floater	2.724	9	12.74%
Total	21.380	76
Pricing versus talk
Lower	2.189	8	10.24%
Low end	6.644	20	31.08%
Middle	5.378	18	25.15%
High end	2.615	10	12.23%
Higher	3.664	13	17.14%
NA	0.891	7	4.17%
Total	21.380	76
Upsized?
Yes	8.820	25	41.25%
No	8.268	34	38.67%
Downsized	4.293	17	20.08%
Total	21.380	76
Quick sale?
Yes	1.422	9	6.65%
No	19.958	67	93.35%
Total	21.380	76
Add on?
Yes	0.836	7	3.91%
No	20.544	69	96.09%
Total	21.380	76
Zero coupon?
No	21.380	76	100.00%
Total	21.380	76
Seniority
Senior secured	2.597	10	12.14%
Senior	15.271	49	71.43%
Senior sub	3.512	17	16.43%
Total	21.380	76
Moody's rating
Ba2	0.177	1	0.83%
Ba3	1.549	7	7.25%
B1	2.132	9	9.97%
B2	3.730	17	17.45%
B3	9.504	27	44.45%
Caa1	1.954	7	9.14%
Caa2	0.333	2	1.56%
NR	2.001	6	9.36%
Total	21.380	76
Use of proceeds
Acquisition	0.789	2	3.69%
Capex	0.023	1	0.11%
GCP	0.582	3	2.72%
LBO	4.937	14	23.09%
Refinance/tender for notes	1.697	9	7.94%
Repay bank debt	1.881	8	8.80%
Refinance	7.601	23	35.55%
Other/Multiple	3.871	16	18.09%
Total	21.380	76
Industry sector (by SIC code)
Mining (1xxx)	0.023	1	0.11%
Oil and gas (13xx)	0.319	1	1.49%
Construction (15xx)	0.335	2	1.57%
Manufacturing (2xxx, 3xxx)	9.469	39	44.29%
Transportation (4xxx)	0.609	3	2.85%
Communications (48xx)	3.430	11	16.04%
Electric, gas, sanitary services (49xx)	0.959	2	4.49%
Wholesale (5xxx)	2.021	8	9.45%
Services (7xxx)	4.216	9	19.72%
Total	21.380	76
Home country of issuer
Canada	0.023	1	0.11%
France	0.546	3	2.56%
Germany	6.848	23	32.03%
Ireland	0.591	3	2.76%
Italy	1.754	2	8.21%
Japan	0.484	1	2.26%
Luxembourg	0.175	1	0.82%
Netherlands	0.510	2	2.39%
Norway	0.410	2	1.92%
Spain	0.329	2	1.54%
Sweden	0.283	2	1.32%
Switzerland	0.553	2	2.59%
U.K.	4.102	15	19.19%
U.S.	4.772	17	22.32%
Total	21.380	76
Currency
NOK	0.114	2	0.53%
€	18.110	63	84.70%
£	3.157	11	14.76%
Total	21.380	76

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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