Analysis of high yield issuance for 13 months through November 2012

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

Yield

	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
4.99% and lower	0	0	1.299	1.500	0	0.350	2.150	1.493	3.416	4.495	4.709	3.957	2.082
5%-5.99%	1.500	1.527	3.355	9.501	11.671	0.963	3.700	0.957	3.857	9.478	12.396	7.425	2.896
6%-6.99%	7.900	0.158	3.724	2.978	6.056	6.207	1.215	1.591	5.286	4.811	13.394	9.870	15.951
7%-7.99%	4.968	1.200	3.897	7.827	6.798	4.595	1.136	0.198	2.014	7.442	4.780	4.138	2.176
8%-8.99%	2.095	0	4.822	5.387	1.258	2.925	1.981	1.723	2.871	0.625	3.954	6.288	2.735
9%-9.99%	3.752	0.253	2.166	5.734	3.777	3.536	4.440	0.568	1.263	1.200	3.095	4.290	0.100
10%-10.99%	0.335	0.190	0.250	0.594	0.825	0.249	3.085	1.490	1.761	0.350	1.531	1.352	1.203
11%-11.99%	1.000	0.285	0.125	0.350	0	1.400	0.611	0	0.172	1.420	0.300	1.174	0.160
12% and higher	0.413	0.217	1.035	2.501	1.327	0.674	0.566	0	0.440	0.045	0.145	0	0.877
NA	0.280	0	0.690	0.034	1.100	0.033	0	0.550	0.051	0	0.050	0.036	0
Total	22.243	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532	28.180
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
4.99% and lower	2.799	3	3.993	5	12.621	19	6.040	12	25.452	39	25.452	39	25.452	39	8.46%
5%-5.99%	24.527	34	5.620	10	25.732	34	10.321	17	66.200	95	69.227	98	67.727	96	21.99%
6%-6.99%	12.758	26	9.013	20	23.491	45	25.821	43	71.084	134	79.142	144	71.242	135	23.61%
7%-7.99%	18.523	39	5.929	17	14.236	31	6.314	19	45.001	106	51.169	119	46.201	109	14.95%
8%-8.99%	11.467	26	6.628	18	7.449	20	9.023	21	34.567	85	36.662	89	34.567	85	11.48%
9%-9.99%	11.677	23	8.544	18	5.558	13	4.390	13	30.169	67	34.174	72	30.422	69	10.02%
10%-10.99%	1.669	8	4.824	13	3.643	8	2.555	6	12.691	35	13.216	38	12.881	36	4.22%
11%-11.99%	0.475	2	2.011	5	1.892	6	1.334	3	5.712	16	6.997	19	5.997	18	1.90%
12% and higher	4.863	15	1.240	6	0.630	5	0.877	5	7.612	31	8.242	34	7.829	32	2.54%
NA	1.824	4	0.583	4	0.101	7	0.036	1	2.544	16	2.824	17	2.544	16	0.85%
Total	90.583	180	48.386	116	95.354	188	66.711	140	301.033	624	327.106	669	304.863	635	100.00%
Versus Talk
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Lower	0	0	0	0.384	0	0.208	0	0	3.700	0.950	0	0.782	0.406
Low end	6.296	0	9.368	11.560	11.501	9.313	8.017	4.566	6.815	12.202	19.855	16.476	4.707
Middle	10.688	2.581	9.158	18.216	14.647	7.991	5.160	1.740	7.915	11.356	16.826	11.435	8.527
High end	2.770	0.348	0.785	1.029	4.360	0.909	4.296	0	1.424	3.950	6.401	8.518	10.210
Higher	0.217	0.250	0.813	2.250	0	1.198	0.725	0	0.226	0.750	0	0.252	0.728
NA	2.272	0.651	1.240	2.967	2.304	1.312	0.685	2.265	1.053	0.659	1.272	1.068	3.601
Total	22.243	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532	28.180
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.384	1	0.208	1	4.650	5	1.188	3	6.430	10	6.430	10	6.430	10	2.14%
Low end	32.430	65	21.896	41	38.872	77	21.184	42	114.382	225	120.678	234	114.382	225	38.00%
Middle	42.021	67	14.891	35	36.096	57	19.963	46	112.971	205	126.240	221	115.552	209	37.53%
High end	6.174	18	5.205	14	11.775	23	18.727	32	41.882	87	45.000	95	42.230	89	13.91%
Higher	3.063	3	1.923	6	0.976	2	0.980	2	6.942	13	7.409	15	7.192	14	2.31%
NA	6.511	26	4.262	19	2.984	24	4.669	15	18.426	84	21.349	94	19.077	88	6.12%
Total	90.583	180	48.386	116	95.354	188	66.711	140	301.033	624	327.106	669	304.863	635	100.00%
Upsized?
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Yes	12.757	2.517	8.651	19.037	13.912	5.940	6.586	2.860	12.830	19.428	26.539	19.706	8.412
No	7.251	1.313	11.147	17.370	18.273	10.066	11.475	5.711	7.786	10.139	15.482	16.159	18.743
Downsized	2.235	0	1.565	0	0.627	4.925	0.823	0	0.516	0.300	2.334	2.666	1.025
Total	22.243	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532	28.180
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	41.601	74	15.387	34	58.797	95	28.118	54	143.903	257	159.176	273	146.419	260	47.80%
No	46.790	99	27.251	74	33.407	84	34.902	79	142.350	336	150.915	360	143.664	344	47.29%
Downsized	2.192	7	5.748	8	3.149	9	3.691	7	14.780	31	17.015	36	14.780	31	4.91%
Total	90.583	180	48.386	116	95.354	188	66.711	140	301.033	624	327.106	669	304.863	635	100.00%
Quick Sale?
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Yes	18.817	3.173	14.031	27.305	24.365	12.193	9.000	5.148	14.619	25.781	29.561	28.590	17.593
No	3.426	0.657	7.333	9.101	8.447	8.738	9.884	3.423	6.512	4.087	14.794	9.942	10.586
Total	22.243	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532	28.180
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	65.701	121	26.341	63	69.960	137	46.183	94	208.186	415	230.175	449	211.358	423	69.16%
No	24.882	59	22.045	53	25.393	51	20.528	46	92.848	209	96.931	220	93.505	212	30.84%
Total	90.583	180	48.386	116	95.354	188	66.711	140	301.033	624	327.106	669	304.863	635	100.00%
Seniority
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
mortgage	0	0	0	0	0	0	0	0.088	0	0	0	0	0
senior secured	2.280	0.427	5.694	6.847	4.459	7.069	5.558	2.750	2.863	6.533	9.998	7.184	5.662
secured	0	0	0	0	0	0.244	0	0.126	0	0	0	0	0.128
senior	19.683	3.403	15.170	26.711	28.028	13.018	13.326	5.084	17.183	20.784	32.684	28.638	20.141
senior subordinated	0	0	0.500	2.849	0.325	0	0	0.198	1.086	2.550	0.923	2.585	0
subordinated	0.280	0	0	0	0	0.600	0	0.325	0	0	0.750	0.125	2.248
Total	22.243	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532	28.180
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0	0	0.088	1	0	0	0	0	0.088	1	0.088	1	0.088	1	0.03%
senior secured	17.000	40	15.376	38	19.394	36	12.846	29	64.616	143	67.323	150	65.043	145	21.46%
secured	0	0	0.370	3	0	0	0.128	1	0.498	4	0.498	4	0.498	4	0.17%
senior	69.909	134	31.428	71	70.651	135	48.779	105	220.766	445	243.852	482	224.169	454	73.34%
senior subordinated	3.674	6	0.198	1	4.559	15	2.585	3	11.017	25	11.017	25	11.017	25	3.66%
subordinated	0	0	0.925	2	0.750	2	2.373	2	4.048	6	4.328	7	4.048	6	1.34%
Total	90.583	180	48.386	116	95.354	188	66.711	140	301.033	624	327.106	669	304.863	635	100.00%
Moody's Rating
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Ba1	4.900	1.527	2.304	2.500	2.196	1.200	1.250	1.951	0.500	1.300	1.925	0	0.650
Ba2	2.021	1.457	3.800	0.700	5.941	1.774	2.400	0.665	1.823	4.053	4.511	2.150	2.086
Ba3	2.450	0.154	4.223	6.984	2.025	1.469	1.475	0.214	1.168	3.543	3.188	3.004	2.250
B1	3.967	0	3.621	6.013	8.748	2.970	4.957	1.870	6.177	6.655	12.726	5.475	7.446
B2	0.168	0.035	1.026	7.552	3.606	5.845	2.694	0.665	3.595	4.832	5.859	7.037	3.812
B3	3.345	0.217	3.378	5.837	2.929	5.481	2.672	1.608	3.836	5.090	5.493	9.609	6.892
Caa1	0.867	0.440	2.417	3.840	3.502	1.623	2.347	1.048	3.493	1.597	4.682	8.041	0.992
Caa2	0.245	0	0.594	0.582	0.492	0	0.626	0	0.300	0.350	3.643	1.831	1.088
Caa3	0	0	0	0.831	0	0	0	0	0	0.864	0.460	0.261	0
NR	4.280	0	0	1.569	3.373	0.568	0.463	0.550	0.240	1.584	1.869	1.122	2.965
Total	22.243	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532	28.180
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	7.000	13	4.401	6	3.725	9	0.650	1	15.776	29	22.203	35	17.303	30	5.24%
Ba2	10.441	16	4.839	11	10.388	17	4.236	9	29.903	53	33.380	62	31.360	58	9.93%
Ba3	13.232	24	3.158	8	7.898	15	5.254	10	29.542	57	32.146	62	29.696	58	9.81%
B1	18.382	31	9.798	17	25.557	33	12.921	21	66.657	102	70.624	108	66.657	102	22.14%
B2	12.185	26	9.203	19	14.286	31	10.849	21	46.523	97	46.726	99	46.558	98	15.45%
B3	12.144	27	9.762	25	14.419	28	16.501	37	52.825	117	56.387	126	53.042	118	17.55%
Caa1	9.759	23	5.019	17	9.772	23	9.033	21	33.583	84	34.890	88	34.023	86	11.16%
Caa2	1.667	6	0.626	2	4.293	9	2.919	7	9.505	24	9.751	25	9.505	24	3.16%
Caa3	0.831	2	0	0	1.323	4	0.261	1	2.416	7	2.416	7	2.416	7	0.80%
NR	4.942	12	1.581	11	3.693	19	4.087	12	14.303	54	18.583	57	14.303	54	4.75%
Total	90.583	180	48.386	116	95.354	188	66.711	140	301.033	624	327.106	669	304.863	635	100.00%
Use of Proceeds
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Acquisition	3.793	0.210	2.455	2.580	1.116	2.111	1.700	1.010	2.796	2.700	3.225	8.666	2.586
Capex	0	0	0.300	0	0.600	0	1.679	0	0	0.450	0	0	0
Dividend/recap	1.000	0	0	2.413	0.316	0.275	0.580	0	0	0.305	0.686	3.530	0.460
GCP	7.811	1.179	2.793	3.625	5.232	1.991	4.946	1.952	3.274	4.972	7.873	4.717	5.584
LBO	0.168	0.440	0.730	0.741	0.600	2.958	0.325	0.250	0	0	0.490	1.260	1.305
No proceeds	0	0	0.775	0.384	0	0	0	0	0.051	0	0	0	0
Redeem notes	2.225	0	2.146	5.489	9.362	3.771	0.926	0.665	5.532	3.075	9.694	4.591	6.473
Refinance	1.777	0	0.517	4.839	3.371	3.624	1.283	2.073	1.366	2.873	4.505	4.154	6.263
Repay bank debt	4.147	0.257	5.477	10.161	7.859	2.348	3.723	1.758	3.142	7.073	9.456	2.694	3.049
Multiple/Other/NA	1.322	1.744	6.170	6.175	4.356	3.854	3.722	0.863	4.970	8.419	8.425	8.918	2.460
Total	22.243	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532	28.180
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	6.151	11	4.821	10	8.721	17	11.252	17	30.945	55	34.948	60	31.155	56	10.28%
Capex	0.900	2	1.679	2	0.450	1	0	0	3.029	5	3.029	5	3.029	5	1.01%
Dividend/recap	2.729	5	0.855	4	0.992	4	3.990	12	8.565	25	9.565	26	8.565	25	2.85%
GCP	11.650	28	8.889	22	16.119	34	10.302	22	46.960	106	55.950	120	48.139	110	15.60%
LBO	2.071	4	3.533	5	0.490	1	2.565	5	8.658	15	9.266	18	9.098	17	2.88%
No proceeds	1.159	2	0	0	0.051	6	0	0	1.210	8	1.210	8	1.210	8	0.40%
Redeem notes	16.998	33	5.362	11	18.301	35	11.064	18	51.725	97	53.950	101	51.725	97	17.18%
Refinance	8.727	16	6.980	16	8.744	22	10.418	19	34.868	73	36.645	77	34.868	73	11.58%
Repay bank debt	23.498	46	7.829	23	19.671	32	5.743	18	56.741	119	61.146	128	56.998	121	18.85%
Multiple/Other/NA	16.701	33	8.439	23	21.814	36	11.378	29	58.331	121	61.397	126	60.075	123	19.38%
Total	90.583	180	48.386	116	95.354	188	66.711	140	301.033	624	327.106	669	304.863	635	100.00%
Industry Sector (by SIC code)
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Agriculture (0xxx)	0	0	0.690	0	0	0	0	0	0	0	0.325	0	0
Mining (1xxx)	3.100	0	0.125	0.200	2.865	0.300	2.929	0.740	0	0.260	1.645	0.556	2.003
Oil and gas (13xx)	5.463	0.300	2.660	7.608	4.755	6.616	1.736	0.800	1.905	4.121	4.157	6.165	1.748
Construction (15xx)	0	0	0.300	0.345	0.850	0.350	0.030	0	1.000	0.182	1.397	0.350	0.625
Manufacturing (2xxx, 3xxx)	2.685	1.954	6.092	5.407	8.223	4.360	3.542	0.685	5.870	4.025	18.177	6.991	6.248
Transportation (4xxx)	0	0	0	0.514	0.375	0.244	0.834	0.214	0	0	1.651	0.452	0.878
Communications (48xx)	6.217	0.690	4.458	5.225	0.987	2.502	2.962	1.250	3.373	6.388	4.046	5.003	3.280
Electric, gas, sanitary services (49xx)	0.435	0	0.400	1.292	0.938	0	0.250	0.775	0.800	0.864	2.688	1.079	1.349
Wholesale (5xxx)	0.868	0.440	2.001	2.417	0.866	2.501	2.185	1.161	2.083	1.800	2.288	3.804	0.566
Finance, insurance, real estate (6xxx)	0.700	0.134	1.048	4.806	4.908	1.151	2.761	1.726	3.326	5.566	4.006	2.178	4.886
Services (7xxx)	0	0.312	3.588	5.546	6.154	1.735	1.332	0.500	1.225	3.062	2.900	7.626	5.943
Health services (8xxx)	2.775	0	0	3.047	1.891	1.173	0.325	0.720	1.550	3.600	1.075	4.326	0.652
Total	22.243	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532	28.180
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.690	1	0	0	0.325	1	0	0	1.015	2	1.015	2	1.015	2	0.34%
Mining (1xxx)	3.190	7	3.969	6	1.905	4	2.559	7	11.622	24	14.722	26	11.622	24	3.86%
Oil and gas (13xx)	15.023	27	9.151	17	10.183	19	7.914	21	42.271	84	48.034	96	42.571	85	14.04%
Construction (15xx)	1.495	4	0.380	2	2.579	9	0.975	3	5.428	18	5.428	18	5.428	18	1.80%
Manufacturing (2xxx, 3xxx)	19.722	44	8.587	20	28.072	48	13.239	29	69.621	141	74.260	150	71.575	144	23.13%
Transportation (4xxx)	0.889	4	1.292	7	1.651	4	1.330	5	5.161	20	5.161	20	5.161	20	1.71%
Communications (48xx)	10.671	17	6.713	11	13.806	23	8.283	10	39.473	61	46.380	68	40.163	62	13.11%
Electric, gas, sanitary services (49xx)	2.630	7	1.025	3	4.352	8	2.429	7	10.435	25	10.870	27	10.435	25	3.47%
Wholesale (5xxx)	5.284	14	5.846	16	6.171	14	4.370	11	21.671	55	22.979	59	22.111	57	7.20%
Finance, insurance, real estate (6xxx)	10.763	19	5.638	15	12.899	34	7.064	17	36.364	85	37.198	89	36.498	87	12.08%
Services (7xxx)	15.288	27	3.567	12	7.187	17	13.570	22	39.612	78	39.924	80	39.924	80	13.16%
Health services (8xxx)	4.938	9	2.218	7	6.225	7	4.978	8	18.359	31	21.134	34	18.359	31	6.10%
Total	90.583	180	48.386	116	95.354	188	66.711	140	301.033	624	327.106	669	304.863	635	100.00%

Criteria

• The tables include all underwritten dollar-denominated offerings sold in the U.S. as public or Rule 144A deals reported to Prospect News.

• Emerging markets issues are excluded.

• 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.

• 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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