European recovery rate

With regard to the recent waste tyre situation in Europe, by 2010 the European Tyre Rubber Manufacturers Association (ETRM A) was able to claim that the market for tyre-derived products was sustainable and economically viable and that the European recovery rate for end-of-life tyres had reached 96% [7]. In the same article the UK was reported as treating 100% of its end-of-life tyres. The figures that were included showed that of the 479,000 tonnes of end-of-life tyres arising in the UK during 2009, 8.5% were retreaded, 45.1% were processed into other materials, 24% were used as a source of energy, and 19% were re-used or exported. 

Figure 10.2 Utilisation and recovery rates for waste paper in some European industrialised countries.

Generally speaking, France ranks very poorly in European statistics on waste recovery rates - even in comparison to countries which are economically, socially and demographically similar to it, such as Germany, Belgium, Spain, Italy and the... 

Default and Recovery Rates in the Emerging European High-Yield... 

There is a legitimate concern over whether structural subordination, which has the effect of further removing bondholders from the operating assets and cash flows of the company, would have a detrimental effect on postbankruptcy recovery rates. In 2001 and 2002, the European market was just beginning to develop the infrastructure needed to analyze the legal aspects of debt workouts. Clearly, some concessions needed to be made by both issuers and the bankruptcy courts in order to preserve the market s appeal for underwriters and investors. 

Recently, metapopulation models have been successfully applied to assess the risks of contaminants to aquatic populations. A metapopulation model to extrapolate responses of the aquatic isopod Asellus aquaticus as observed in insecticide-stressed mesocosms to assess its recovery potential in drainage ditches, streams, and ponds is provided by van den Brink et al. (2007). They estimated realistic pyrethroid concentrations in these different types of aquatic ecosystems by means of exposure models used in the European legislation procedure for pesticides. It appeared that the rate of recovery of Asellus in pyrethroid-stressed drainage ditches was faster in the field than in the isolated mesocosms. However, the rate of recovery in drainage ditches was calculated to be lower than that in streams and ponds (van den Brink et al. 2007). In another study, the effects of flounder foraging behavior and habitat preferences on exposure to polychlorinated biphenyls in sediments were assessed by Linkov et al. (2002) using a tractable individual-based metapopulation model. In this study, the use of a spatially and temporally explicit model reduced the estimate of risk by an order of magnitude as compared with a nonspatial model (Linkov et al. 2002). 

Given this new landscape, in 2001, Fitch Ratings created a par based default index specific to the European high-yield market. The objective of this chapter is to compare and contrast default and recovery patterns across the two markets in order to give global bond investors and European investors, in particular, historical and current benchmarks for measuring credit risk. 

In the short-term, industry default rates are also valuable by highlighting pockets of weakness in the broader market. For example, investors with material exposures to the telecommunication sector either in the United States or in Europe experienced severe losses in 2001 and 2002. For the nine-month period ending September 2002, the European telecommunication sector produced a default rate of 30%. The US rate for the sector was 38.5%. Furthermore, the weighted average recovery... 

Bi Ming Yen, Jerome Hubacek, Danny Lim and Dougyong Sung, "Methods for Silicon Electrode Assembly Etch Rate and Etch Uniformity Recovery", European Patent Publication No. 1848597, October 31, 2007. 

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