Analysis of European high-yield issuance for 2005

Total issuance: $19.773 billion in 55 deals

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

Yield

	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Less than 6%	0.266	0	0	0	0	0.092	0	0	0	0.360	0	0.526
7%-7.99%	1.201	1.027	0.266	0	0	0	0.759	0	0	0.213	0	0.269
8%-8.99%	0	0.383	0.198	0.659	0	0.405	0.391	0.619	0.428	0.362	0	0.422
9%-9.99%	0.241	0.191	0.854	0	0	0	0	0	0	0	1.133	0
10%-10.99%	0	0.322	0	0.196	0.336	0	0.284	0	0	0.115	0	0
11% and higher	0.426	0	0.529	0.274	0	0	0	0	0	0	0	0
Floater	0.913	0.482	1.070	0.344	0	0.110	0.480	0	1.984	0	0	0.643
Total	3.047	2.405	2.917	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Less than 6%	0.266	1	0.092	1	0	0	0.886	2	1.243	4	6.29%
7%-7.99%	2.494	8	0	0	0.759	2	0.482	2	3.734	12	18.88%
8%-8.99%	0.581	2	1.064	3	1.438	3	0.783	3	3.867	11	19.56%
9%-9.99%	1.287	4	0	0	0	0	1.133	2	2.420	6	12.24%
10%-10.99%	0.322	1	0.533	2	0.284	1	0.115	1	1.253	5	6.34%
11% and higher	0.954	2	0.274	1	0	0	0	0	1.228	3	6.21%
Floater	2.466	6	0.453	3	2.465	4	0.643	1	6.027	14	30.48%
Total	8.370	24	2.416	10	4.946	10	4.041	11	19.773	55	100.00%
Versus Talk
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Lower	0	0.674	0	0	0	0	0	0	0	0	0	0.643
Low end	1.417	0.346	0.245	0	0	0.405	0.391	0	0.749	0.360	0.968	1.217
Middle	0	1.386	2.144	0.653	0	0.201	1.042	0.619	1.543	0.362	0	0
High end	0.285	0	0	0.821	0.336	0	0	0	0.120	0	0.164	0
Higher	0	0	0.529	0	0	0	0	0	0	0.327	0	0
NA	1.345	0	0	0	0	0	0.480	0	0	0	0	0
Total	3.047	2.405	2.917	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Lower	0.674	1	0	0	0	0	0.643	1	1.316	2	6.66%
Low end	2.008	10	0.405	1	1.140	2	2.545	6	6.098	19	30.84%
Middle	3.530	9	0.854	5	3.205	6	0.362	1	7.951	21	40.21%
High end	0.285	1	1.157	4	0.120	1	0.164	1	1.726	7	8.73%
Higher	0.529	1	0	0	0	0	0.327	2	0.856	3	4.33%
NA	1.345	2	0	0	0.480	1	0	0	1.825	3	9.23%
Total	8.370	24	2.416	10	4.946	10	4.041	11	19.773	55	100.00%
Upsized?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Yes	1.795	0.804	0.198	0.478	0	0	0.995	0	0	0	0.164	1.169
No	1.252	1.602	2.719	0.995	0	0.606	0.919	0	2.413	1.049	0.968	0.691
Downsized	0	0	0	0	0.336	0	0	0.619	0	0	0	0
Total	3.047	2.405	2.917	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Yes	2.797	8	0.478	2	0.995	2	1.333	3	5.604	15	28.34%
No	5.573	16	1.602	7	3.331	7	2.708	8	13.213	38	66.82%
Downsized	0	0	0.336	1	0.619	1	0	0	0.955	2	4.83%
Total	8.370	24	2.416	10	4.946	10	4.041	11	19.773	55	100.00%
Quick Sale?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Yes	1.761	1.194	1.645	0	0	0	0	0	0	0.362	0	0
No	1.286	1.211	1.272	1.473	0.336	0.606	1.914	0.619	2.413	0.687	1.133	1.860
Total	3.047	2.405	2.917	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Yes	4.600	13	0	0	0	0	0.362	1	4.962	14	25.09%
No	3.770	11	2.416	10	4.946	10	3.679	10	14.811	41	74.91%
Total	8.370	24	2.416	10	4.946	10	4.041	11	19.773	55	100.00%
Add on?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Yes	0.092	0.674	0.047	0	0	0	0	0	0	0	0	0
No	2.955	1.732	2.871	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860
Total	3.047	2.405	2.917	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Yes	0.812	3	0	0	0	0	0	0	0.812	3	4.11%
No	7.558	21	2.416	10	4.946	10	4.041	11	18.961	52	95.89%
Total	8.370	24	2.416	10	4.946	10	4.041	11	19.773	55	100.00%
Seniority
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
senior secured	0	0	1.070	0.456	0	0.110	0.391	0	1.235	0.213	0	0
senior	2.109	2.022	1.039	1.017	0.336	0.497	1.523	0.619	0.749	0.836	1.133	1.509
senior subordinated	0.285	0.383	0.808	0	0	0	0	0	0.428	0	0	0
subordinated	0.653	0	0	0	0	0	0	0	0	0	0	0.351
Total	3.047	2.405	2.917	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
senior secured	1.070	3	0.566	3	1.627	3	0.213	1	3.475	10	17.57%
senior	5.171	17	1.850	7	2.891	6	3.478	9	13.389	39	67.71%
senior subordinated	1.476	3	0	0	0.428	1	0	0	1.904	4	9.63%
subordinated	0.653	1	0	0	0	0	0.351	1	1.004	2	5.08%
Total	8.370	24	2.416	10	4.946	10	4.041	11	19.773	55	100.00%
Moody's Rating
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Ba1	0	0	0	0	0	0	0	0	0	0.360	0	0
Ba2	0.266	0	0	0	0	0	0	0	0	0	0	1.169
B1	0.170	0.154	0	1.277	0	0	0	0	1.115	0.213	0	0.620
B2	0	0	0.266	0.196	0	0.405	0.546	0.619	0	0	0	0
B3	0.092	0.865	0.047	0	0.336	0	0.604	0	0.548	0.476	1.133	0
Caa1	0.748	0.582	0.808	0	0	0.110	0.284	0	0	0	0	0.071
Caa2	0.426	0	0	0	0	0	0	0	0	0	0	0
Caa3	0	0	0.198	0	0	0	0	0	0	0	0	0
NR	1.345	0.804	1.599	0	0	0.092	0.480	0	0.749	0	0	0
Total	3.047	2.405	2.917	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Ba1	0	0	0	0	0	0	0.360	1	0.360	1	1.82%
Ba2	0.266	1	0	0	0	0	1.169	2	1.435	3	7.26%
B1	0.325	2	1.277	5	1.115	1	0.833	3	3.550	11	17.95%
B2	0.266	1	0.601	2	1.165	3	0	0	2.033	6	10.28%
B3	1.004	4	0.336	1	1.152	3	1.609	4	4.101	12	20.74%
Caa1	2.138	6	0.110	1	0.284	1	0.071	1	2.602	9	13.16%
Caa2	0.426	1	0	0	0	0	0	0	0.426	1	2.15%
Caa3	0.198	1	0	0	0	0	0	0	0.198	1	1.00%
NR	3.747	8	0.092	1	1.229	2	0	0	5.068	11	25.63%
Total	8.370	24	2.416	10	4.946	10	4.041	11	19.773	55	100.00%
Use of Proceeds
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Acquisition	0	0	0	0.478	0	0	0.391	0	0	0.362	0	1.591
Capex	0	0	0	0	0	0.092	0	0	0	0	0	0
Dividend/recap	1.118	0.804	0	0	0	0	0.480	0	0	0	0	0
GCP	0	0	0	0	0	0	0.604	0	0	0	0	0
LBO	0	0.582	1.336	0	0.336	0	0	0.619	0.120	0	0.968	0.269
Redeem notes	0.377	0.828	0.198	0.343	0	0	0	0	0	0	0	0
Refinance	0.463	0.191	0.047	0.196	0	0	0.155	0	2.292	0	0	0
Repay bank debt	0.266	0	1.336	0.456	0	0.110	0.284	0	0	0.327	0	0
Multiple/Other/NA	0.823	0	0	0	0	0.405	0	0	0	0.360	0.164	0
Total	3.047	2.405	2.917	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Acquisition	0	0	0.478	2	0.391	1	1.952	5	2.822	8	14.27%
Capex	0	0	0.092	1	0	0	0	0	0.092	1	0.47%
Dividend/recap	1.922	4	0	0	0.480	1	0	0	2.402	5	12.15%
GCP	0	0	0	0	0.604	1	0	0	0.604	1	3.05%
LBO	1.919	4	0.336	1	0.739	2	1.238	2	4.232	9	21.40%
Redeem notes	1.403	5	0.343	1	0	0	0	0	1.746	6	8.83%
Refinance	0.701	4	0.196	1	2.447	4	0	0	3.345	9	16.92%
Repay bank debt	1.602	5	0.566	3	0.284	1	0.327	2	2.779	11	14.05%
Multiple/Other/NA	0.823	2	0.405	1	0	0	0.524	2	1.752	5	8.86%
Total	8.370	24	2.416	10	4.946	10	4.041	11	19.773	55	100.00%
Industry Sector (by SIC code)
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Agriculture (0xxx)	0	0	0	0	0.336	0	0	0	0	0	0	0
Mining (1xxx)	0	0	0	0	0	0.092	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	1.462	1.676	1.040	0.196	0	0	0.480	0.619	0.869	0.687	0.164	0.071
Communications (48xx)	0.222	0.538	1.070	0.934	0	0	0.888	0	1.543	0.362	0.968	0
Electric, gas, sanitary services (49xx)	0	0	0	0.343	0	0	0	0	0	0	0	0
Wholesale (5xxx)	1.364	0.191	0.808	0	0	0	0.391	0	0	0	0	0
Services (7xxx)	0	0	0	0	0	0.514	0.155	0	0	0	0	1.789
Total	3.047	2.405	2.917	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Agriculture (0xxx)	0	0	0.336	1	0	0	0	0	0.336	1	1.70%
Mining (1xxx)	0	0	0.092	1	0	0	0	0	0.092	1	0.47%
Manufacturing (2xxx, 3xxx)	4.178	13	0.196	1	1.969	4	0.922	5	7.265	23	36.75%
Communications (48xx)	1.829	6	0.934	4	2.431	4	1.330	2	6.525	16	33.00%
Electric, gas, sanitary services (49xx)	0	0	0.343	1	0	0	0	0	0.343	1	1.73%
Wholesale (5xxx)	2.363	5	0	0	0.391	1	0	0	2.755	6	13.93%
Services (7xxx)	0	0	0.514	2	0.155	1	1.789	4	2.459	7	12.44%
Total	8.370	24	2.416	10	4.946	10	4.041	11	19.773	55	100.00%
Country
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
France	0.919	0.674	0.808	0.343	0	0	0	0	0.749	0	0	0
Germany	1.155	0.582	0.266	0	0.336	0	0.284	0	0	0	0	1.591
Greece	0.170	0.154	0	0	0	0	0	0	1.543	0	0.164	0
Italy	0	0.482	0.047	0.196	0	0	0	0	0	0	0.968	0
Switzerland	0	0	1.070	0	0	0	0	0	0	0	0	0
U.K.	0.092	0.513	0	0.934	0	0.110	0	0	0	0.327	0	0
U.S.	0	0	0.198	0	0	0	0.995	0.619	0.120	0.721	0	0.269
Others	0.711	0	0.529	0	0	0.497	0.635	0	0	0	0	0
Total	3.047	2.405	2.917	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
France	2.400	4	0.343	1	0.749	1	0	0	3.492	6	17.66%
Germany	2.003	6	0.336	1	0.284	1	1.591	4	4.214	12	21.31%
Greece	0.325	2	0	0	1.543	2	0.164	1	2.033	5	10.28%
Italy	0.529	2	0.196	1	0	0	0.968	1	1.693	4	8.56%
Switzerland	1.070	3	0	0	0	0	0	0	1.070	3	5.41%
U.K.	0.605	3	1.044	5	0	0	0.327	2	1.976	10	9.99%
U.S.	0.198	1	0	0	1.734	4	0.990	3	2.923	8	14.78%
Others	1.240	3	0.497	2	0.635	2	0	0	2.372	7	12.01%
Total	8.370	24	2.416	10	4.946	10	4.041	11	19.773	55	100.00%
Currency
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
CHF	0	0	0.311	0	0	0	0	0	0	0	0	0
€	3.047	2.214	2.607	1.473	0.336	0.497	1.914	0.619	2.413	0.721	1.133	1.860
£	0	0.191	0	0	0	0.110	0	0	0	0.327	0	0
Total	3.047	2.405	2.917	1.473	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
CHF	0.311	1	0	0	0	0	0	0	0.311	1	1.57%
€	7.868	22	2.306	9	4.946	10	3.714	9	18.834	50	95.25%
£	0.191	1	0.110	1	0	0	0.327	2	0.628	4	3.18%
Total	8.370	24	2.416	10	4.946	10	4.041	11	19.773	55	100.00%

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.

• Best efforts and non-underwritten deals are excluded as are remarketings.

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