Analysis of European high-yield issuance for year to date and 12 months through April

Total year-to-date issuance: $13.222 billion in 24 deals

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

Yield

	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Less than 6%	0	0.092	0	0	0	0.360	0	0.526	1.203	0	0	0.127
6%-6.99%	0	0	0	0	0	0	0	0	0	1.197	0	0.487
7%-7.99%	0	0	0.759	0	0	0.213	0	0.269	2.128	0	0.717	0.212
8%-8.99%	0	0.405	0.391	0.619	0.428	0.362	0	0.422	0	0.484	0	0.997
9%-9.99%	0	0	0	0	0	0	1.133	0	0	0	0	1.030
10%-10.99%	0.336	0	0.284	0	0	0.115	0	0	0	0	0	0
11%-11.99%	0	0	0	0	0	0	0	0	0	0.058	0	0
Floater	0	0.110	0.480	0	1.984	0	0	0.643	0.246	0.060	1.654	2.621
Total	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Less than 6%	0	0	0.886	2	1.203	2	0.127	1	1.330	3	2.307	6	10.06%
6%-6.99%	0	0	0	0	1.197	1	0.487	1	1.685	2	1.685	2	12.74%
7%-7.99%	0.759	2	0.482	2	2.844	3	0.212	1	3.057	4	4.297	8	23.12%
8%-8.99%	1.438	3	0.783	3	0.484	2	0.997	1	1.481	3	4.108	10	11.20%
9%-9.99%	0	0	1.133	2	0	0	1.030	3	1.030	3	2.163	5	7.79%
10%-10.99%	0.284	1	0.115	1	0	0	0	0	0	0	0.735	3	0.00%
11%-11.99%	0	0	0	0	0.058	1	0	0	0.058	1	0.058	1	0.44%
Floater	2.465	4	0.643	1	1.960	5	2.621	3	4.581	8	7.798	14	34.65%
Total	4.946	10	4.041	11	7.747	14	5.475	10	13.222	24	23.151	49	100.00%
Versus Talk
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Lower	0	0	0	0	0	0	0	0.643	0.246	0	0	0.935
Low end	0	0.405	0.391	0	0.749	0.360	0.968	1.217	2.128	1.524	1.624	1.459
Middle	0	0.201	1.042	0.619	1.543	0.362	0	0	1.203	0.157	0.123	2.594
High end	0.336	0	0	0	0.120	0	0.164	0	0	0.058	0.594	0.487
Higher	0	0	0	0	0	0.327	0	0	0	0	0	0
NA	0	0	0.480	0	0	0	0	0	0	0.060	0.030	0
Total	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Lower	0	0	0.643	1	0.246	1	0.935	1	1.180	2	1.823	3	8.92%
Low end	1.140	2	2.545	6	5.276	4	1.459	3	6.735	7	10.825	16	50.94%
Middle	3.205	6	0.362	1	1.484	4	2.594	5	4.078	9	7.846	18	30.84%
High end	0.120	1	0.164	1	0.652	2	0.487	1	1.139	3	1.760	6	8.61%
Higher	0	0	0.327	2	0	0	0	0	0	0	0.327	2	0.00%
NA	0.480	1	0	0	0.090	3	0	0	0.090	3	0.570	4	0.68%
Total	4.946	10	4.041	11	7.747	14	5.475	10	13.222	24	23.151	49	100.00%
Upsized?
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Yes	0	0	0.995	0	0	0	0.164	1.169	0	0	0	1.980
No	0	0.606	0.919	0	2.413	1.049	0.968	0.691	1.449	1.799	2.371	3.193
Downsized	0.336	0	0	0.619	0	0	0	0	2.128	0	0	0.302
Total	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	0.995	2	1.333	3	0	0	1.980	4	1.980	4	4.309	9	14.98%
No	3.331	7	2.708	8	5.619	13	3.193	5	8.812	18	15.457	36	66.65%
Downsized	0.619	1	0	0	2.128	1	0.302	1	2.430	2	3.385	4	18.38%
Total	4.946	10	4.041	11	7.747	14	5.475	10	13.222	24	23.151	49	100.00%
Quick Sale?
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Yes	0	0	0	0	0	0.362	0	0	0	0.157	0.123	0
No	0.336	0.606	1.914	0.619	2.413	0.687	1.133	1.860	3.577	1.642	2.248	5.475
Total	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	0.362	1	0.280	2	0	0	0.280	2	0.642	3	2.12%
No	4.946	10	3.679	10	7.466	12	5.475	10	12.942	22	22.509	46	97.88%
Total	4.946	10	4.041	11	7.747	14	5.475	10	13.222	24	23.151	49	100.00%
Add on?
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Yes	0	0	0	0	0	0	0	0	0	0.157	0.123	0.212
No	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.642	2.248	5.263
Total	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	0	0	0.280	2	0.212	1	0.493	3	0.493	3	3.73%
No	4.946	10	4.041	11	7.466	12	5.263	9	12.729	21	22.659	46	96.27%
Total	4.946	10	4.041	11	7.747	14	5.475	10	13.222	24	23.151	49	100.00%
Seniority
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
senior secured	0	0.110	0.391	0	1.235	0.213	0	0	0.246	0	1.624	0.647
secured	0	0	0	0	0	0	0	0	0	0	0.030	0
senior	0.336	0.497	1.523	0.619	0.749	0.836	1.133	1.509	3.331	1.799	0.717	2.884
senior subordinated	0	0	0	0	0.428	0	0	0	0	0	0	1.944
subordinated	0	0	0	0	0	0	0	0.351	0	0	0	0
Total	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
senior secured	1.627	3	0.213	1	1.870	2	0.647	2	2.517	4	4.466	9	19.04%
secured	0	0	0	0	0.030	1	0	0	0.030	1	0.030	1	0.23%
senior	2.891	6	3.478	9	5.847	11	2.884	5	8.731	16	15.933	34	66.03%
senior subordinated	0.428	1	0	0	0	0	1.944	3	1.944	3	2.372	4	14.70%
subordinated	0	0	0.351	1	0	0	0	0	0	0	0.351	1	0.00%
Total	4.946	10	4.041	11	7.747	14	5.475	10	13.222	24	23.151	49	100.00%
Moody's Rating
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Ba1	0	0	0	0	0	0.360	0	0	0	0	0	0
Ba2	0	0	0	0	0	0	0	1.169	1.203	0	0	0.127
Ba3	0	0	0	0	0	0	0	0	0	1.197	0.594	0
B1	0	0	0	0	1.115	0.213	0	0.620	0.246	0	0	0
B2	0	0.405	0.546	0.619	0	0	0	0	2.128	0	0	2.632
B3	0.336	0	0.604	0	0.548	0.476	1.133	0	0	0.484	1.747	0.160
Caa1	0	0.110	0.284	0	0	0	0	0.071	0	0.058	0	1.944
NR	0	0.092	0.480	0	0.749	0	0	0	0	0.060	0.030	0.614
Total	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Ba1	0	0	0.360	1	0	0	0	0	0	0	0.360	1	0.00%
Ba2	0	0	1.169	2	1.203	2	0.127	1	1.330	3	2.499	5	10.06%
Ba3	0	0	0	0	1.791	2	0	0	1.791	2	1.791	2	13.55%
B1	1.115	1	0.833	3	0.246	1	0	0	0.246	1	2.194	5	1.86%
B2	1.165	3	0	0	2.128	1	2.632	4	4.759	5	6.330	9	35.99%
B3	1.152	3	1.609	4	2.231	4	0.160	1	2.391	5	5.488	13	18.08%
Caa1	0.284	1	0.071	1	0.058	1	1.944	3	2.002	4	2.466	7	15.14%
NR	1.229	2	0	0	0.090	3	0.614	1	0.704	4	2.025	7	5.32%
Total	4.946	10	4.041	11	7.747	14	5.475	10	13.222	24	23.151	49	100.00%
Use of Proceeds
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Acquisition	0	0	0.391	0	0	0.362	0	1.591	2.128	0.058	0	0
Capex	0	0.092	0	0	0	0	0	0	0	0	0	0
Dividend/recap	0	0	0.480	0	0	0	0	0	0	0	0	0.614
GCP	0	0	0.604	0	0	0	0	0	0	0.030	0	0
LBO	0.336	0	0	0.619	0.120	0	0.968	0.269	0	0	0	0.302
Redeem notes	0	0	0	0	0	0	0	0	0	0	0	0.487
Refinance	0	0	0.155	0	2.292	0	0	0	0	0.030	2.218	0.212
Repay bank debt	0	0.110	0.284	0	0	0.327	0	0	0	0.484	0.123	3.573
Multiple/Other/NA	0	0.405	0	0	0	0.360	0.164	0	1.449	1.197	0.030	0.286
Total	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.391	1	1.952	5	2.186	2	0	0	2.186	2	4.529	8	16.53%
Capex	0	0	0	0	0	0	0	0	0	0	0.092	1	0.00%
Dividend/recap	0.480	1	0	0	0	0	0.614	1	0.614	1	1.094	2	4.64%
GCP	0.604	1	0	0	0.030	1	0	0	0.030	1	0.634	2	0.23%
LBO	0.739	2	1.238	2	0	0	0.302	1	0.302	1	2.615	6	2.28%
Redeem notes	0	0	0	0	0	0	0.487	1	0.487	1	0.487	1	3.68%
Refinance	2.447	4	0	0	2.247	3	0.212	1	2.460	4	4.907	8	18.61%
Repay bank debt	0.284	1	0.327	2	0.607	3	3.573	4	4.181	7	4.901	11	31.62%
Multiple/Other/NA	0	0	0.524	2	2.677	5	0.286	2	2.963	7	3.892	10	22.41%
Total	4.946	10	4.041	11	7.747	14	5.475	10	13.222	24	23.151	49	100.00%
Industry Sector (by SIC code)
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Agriculture (0xxx)	0.336	0	0	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0	0.092	0	0	0	0	0	0	0	0	0.030	0
Oil and gas (13xx)	0	0	0	0	0	0	0	0	0	0.030	0	0
Construction (15xx)	0	0	0	0	0	0	0	0	0	0	0	0.127
Manufacturing (2xxx, 3xxx)	0	0	0.480	0.619	0.869	0.687	0.164	0.071	3.331	1.256	0.717	0.949
Communications (48xx)	0	0	0.888	0	1.543	0.362	0.968	0	0.246	0.514	1.624	2.546
Wholesale (5xxx)	0	0	0.391	0	0	0	0	0	0	0	0	0
Services (7xxx)	0	0.514	0.155	0	0	0	0	1.789	0	0	0	1.854
Total	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0.336	1	0.00%
Mining (1xxx)	0	0	0	0	0.030	1	0	0	0.030	1	0.122	2	0.23%
Oil and gas (13xx)	0	0	0	0	0.030	1	0	0	0.030	1	0.030	1	0.23%
Construction (15xx)	0	0	0	0	0	0	0.127	1	0.127	1	0.127	1	0.96%
Manufacturing (2xxx, 3xxx)	1.969	4	0.922	5	5.303	7	0.949	3	6.252	10	9.143	19	47.28%
Communications (48xx)	2.431	4	1.330	2	2.384	5	2.546	3	4.929	8	8.690	14	37.28%
Wholesale (5xxx)	0.391	1	0	0	0	0	0	0	0	0	0.391	1	0.00%
Services (7xxx)	0.155	1	1.789	4	0	0	1.854	3	1.854	3	4.312	10	14.02%
Total	4.946	10	4.041	11	7.747	14	5.475	10	13.222	24	23.151	49	100.00%
Country
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Austria	0	0.092	0	0	0	0	0	0	0	0	0	0
Canada	0	0	0	0	0	0	0	0	0	0	0.030	0
Denmark	0	0	0	0	0	0	0	0	0	0	0	3.573
Finland	0	0	0	0	0	0	0	0	0	0	0.594	0
France	0	0	0	0	0.749	0	0	0	0	0	0	0
Germany	0.336	0	0.284	0	0	0	0	1.591	1.203	0	1.624	0.286
Greece	0	0	0	0	1.543	0	0.164	0	0.246	0	0	0.614
Italy	0	0	0	0	0	0	0.968	0	0	1.355	0	0
Norway	0	0	0	0	0	0	0	0	0	0.060	0	0
Spain	0	0.405	0.155	0	0	0	0	0	0	0.327	0	0.212
Sweden	0	0	0.480	0	0	0	0	0	0	0	0	0
U.K.	0	0.110	0	0	0	0.327	0	0	2.128	0	0	0
U.S.	0	0	0.995	0.619	0.120	0.721	0	0.269	0	0.058	0.123	0.790
Total	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Austria	0	0	0	0	0	0	0	0	0	0	0.092	1	0.00%
Canada	0	0	0	0	0.030	1	0	0	0.030	1	0.030	1	0.23%
Denmark	0	0	0	0	0	0	3.573	4	3.573	4	3.573	4	27.02%
Finland	0	0	0	0	0.594	1	0	0	0.594	1	0.594	1	4.49%
France	0.749	1	0	0	0	0	0	0	0	0	0.749	1	0.00%
Germany	0.284	1	1.591	4	2.827	3	0.286	2	3.113	5	5.324	11	23.54%
Greece	1.543	2	0.164	1	0.246	1	0.614	1	0.859	2	2.567	5	6.50%
Italy	0	0	0.968	1	1.355	2	0	0	1.355	2	2.323	3	10.25%
Norway	0	0	0	0	0.060	2	0	0	0.060	2	0.060	2	0.45%
Spain	0.155	1	0	0	0.327	1	0.212	1	0.539	2	1.099	4	4.08%
Sweden	0.480	1	0	0	0	0	0	0	0	0	0.480	1	0.00%
U.K.	0	0	0.327	2	2.128	1	0	0	2.128	1	2.565	4	16.09%
U.S.	1.734	4	0.990	3	0.181	2	0.790	2	0.971	4	3.696	11	7.34%
Total	4.946	10	4.041	11	7.747	14	5.475	10	13.222	24	23.151	49	100.00%
Currency
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
NOK	0	0	0	0	0	0	0	0	0	0.060	0.030	0
€	0.336	0.497	1.914	0.619	2.413	0.721	1.133	1.860	3.577	1.682	2.341	5.475
£	0	0.110	0	0	0	0.327	0	0	0	0.058	0	0
Total	0.336	0.606	1.914	0.619	2.413	1.049	1.133	1.860	3.577	1.799	2.371	5.475
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
NOK	0	0	0	0	0.090	3	0	0	0.090	3	0.090	3	0.68%
€	4.946	10	3.714	9	7.599	10	5.475	10	13.074	20	22.566	42	98.88%
£	0	0	0.327	2	0.058	1	0	0	0.058	1	0.495	4	0.44%
Total	4.946	10	4.041	11	7.747	14	5.475	10	13.222	24	23.151	49	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.

© 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.