Fallen Angels Loom Large In European High Yield Bond Market Jan 03

Standard & Poors, January 2003

Abstract
NEW YORK (Standard & Poor's) Jan. 16, 2003--While the European speculative-grade bond market is still visibly constrained by the absence of activity in the still dormant telecommunications sector, a record number of "fallen angels" boosted activity in this market during 2002, Standard & Poor's Ratings Service today said. Fallen angels-which are issuers that fall from investment grade ('BBB-' and above) to speculative grade ('BB+' and below)-accounted for 42% of total volume generated in the high-yield bond market. Total issuance of US$6.6 billion was recorded in the European Union (EU) speculative-grade bond market in 2002. The volume of issuance expanded 8.0% over a year earlier. In size, the EU speculative-grade bond market still remains a fraction of its U.S. counterpart, which...

Companies mentioned in this report are: Ericsson (Telefonaktiebolaget L.M.),Vivendi S.A.,Alcatel-Lucent
Action: S&P Event

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Ericsson (Telefonaktiebolaget L.M.),Vivendi S.A.,Alcatel-Lucent

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