Analysis of high yield issuance for 13 months through December 2012

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

Yield

	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
4.99% and lower	0	1.299	1.500	0	0.350	2.150	1.493	3.416	4.495	4.709	3.957	2.082	3.700
5%-5.99%	1.527	3.355	9.501	11.671	0.963	3.700	0.957	3.857	9.478	12.396	7.425	2.896	6.168
6%-6.99%	0.158	3.724	2.978	6.056	6.207	1.215	1.591	5.286	4.811	13.394	9.870	16.246	4.430
7%-7.99%	1.200	3.897	7.827	6.798	4.595	1.136	0.198	2.014	7.442	4.780	4.138	2.183	3.047
8%-8.99%	0	4.822	5.387	1.258	2.925	1.981	1.723	2.871	0.625	3.954	6.288	2.735	5.020
9%-9.99%	0.253	2.166	5.734	3.777	3.536	4.440	0.568	1.263	1.200	3.095	4.290	0.100	3.275
10%-10.99%	0.190	0.250	0.594	0.825	0.249	3.085	1.490	1.761	0.350	1.531	1.352	1.203	0.247
11%-11.99%	0.285	0.125	0.350	0	1.400	0.611	0	0.172	1.420	0.300	1.174	0.160	0.582
12% and higher	0.217	1.035	2.501	1.327	0.674	0.566	0	0.440	0.045	0.145	0	0.676	0.320
NA	0	0.690	0.034	1.100	0.033	0	0.550	0.051	0	0.050	0.036	0	0.013
Total	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532	28.281	26.804
	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	9.739	17	29.152	44	29.152	44	29.152	44	8.89%
5%-5.99%	24.527	34	5.620	10	25.732	34	16.489	27	72.369	105	73.896	106	72.369	105	22.07%
6%-6.99%	12.758	26	9.013	20	23.491	45	30.546	52	75.809	143	75.967	144	75.809	143	23.12%
7%-7.99%	18.523	39	5.929	17	14.236	31	9.369	28	48.056	115	49.256	118	48.056	115	14.65%
8%-8.99%	11.467	26	6.628	18	7.449	20	14.042	36	39.587	100	39.587	100	39.587	100	12.07%
9%-9.99%	11.677	23	8.544	18	5.558	13	7.665	21	33.444	75	33.697	77	33.444	75	10.20%
10%-10.99%	1.669	8	4.824	13	3.643	8	2.803	7	12.938	36	13.128	37	12.938	36	3.95%
11%-11.99%	0.475	2	2.011	5	1.892	6	1.916	5	6.294	18	6.579	20	6.294	18	1.92%
12% and higher	4.863	15	1.240	6	0.630	5	0.996	6	7.732	32	7.949	33	7.732	32	2.36%
NA	1.824	4	0.583	4	0.101	7	0.049	5	2.557	20	2.557	20	2.557	20	0.78%
Total	90.583	180	48.386	116	95.354	188	93.616	204	327.938	688	331.768	699	327.938	688	100.00%
Versus Talk
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Lower	0	0	0.384	0	0.208	0	0	3.700	0.950	0	0.782	0.406	0.375
Low end	0	9.368	11.560	11.501	9.313	8.017	4.566	6.815	12.202	19.855	16.476	4.707	12.161
Middle	2.581	9.158	18.216	14.647	7.991	5.160	1.740	7.915	11.356	16.826	11.435	8.527	9.276
High end	0.348	0.785	1.029	4.360	0.909	4.296	0	1.424	3.950	6.401	8.518	10.303	1.370
Higher	0.250	0.813	2.250	0	1.198	0.725	0	0.226	0.750	0	0.252	0.728	0
NA	0.651	1.240	2.967	2.304	1.312	0.685	2.265	1.053	0.659	1.272	1.068	3.608	3.622
Total	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532	28.281	26.804
	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	1.563	4	6.805	11	6.805	11	6.805	11	2.08%
Low end	32.430	65	21.896	41	38.872	77	33.344	66	126.542	249	126.542	249	126.542	249	38.59%
Middle	42.021	67	14.891	35	36.096	57	29.239	67	122.248	226	124.828	230	122.248	226	37.28%
High end	6.174	18	5.205	14	11.775	23	20.190	39	43.345	94	43.693	96	43.345	94	13.22%
Higher	3.063	3	1.923	6	0.976	2	0.980	2	6.942	13	7.192	14	6.942	13	2.12%
NA	6.511	26	4.262	19	2.984	24	8.299	26	22.056	95	22.707	99	22.056	95	6.73%
Total	90.583	180	48.386	116	95.354	188	93.616	204	327.938	688	331.768	699	327.938	688	100.00%
Upsized?
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Yes	2.517	8.651	19.037	13.912	5.940	6.586	2.860	12.830	19.428	26.539	19.706	8.412	11.525
No	1.313	11.147	17.370	18.273	10.066	11.475	5.711	7.786	10.139	15.482	16.159	18.844	14.179
Downsized	0	1.565	0	0.627	4.925	0.823	0	0.516	0.300	2.334	2.666	1.025	1.100
Total	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532	28.281	26.804
	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	39.643	76	155.428	279	157.944	282	155.428	279	47.40%
No	46.790	99	27.251	74	33.407	84	49.182	119	156.631	376	157.944	384	156.631	376	47.76%
Downsized	2.192	7	5.748	8	3.149	9	4.791	9	15.880	33	15.880	33	15.880	33	4.84%
Total	90.583	180	48.386	116	95.354	188	93.616	204	327.938	688	331.768	699	327.938	688	100.00%
Quick Sale?
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Yes	3.173	14.031	27.305	24.365	12.193	9.000	5.148	14.619	25.781	29.561	28.590	17.695	17.426
No	0.657	7.333	9.101	8.447	8.738	9.884	3.423	6.512	4.087	14.794	9.942	10.586	9.378
Total	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532	28.281	26.804
	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	63.710	136	225.713	457	228.885	465	225.713	457	68.83%
No	24.882	59	22.045	53	25.393	51	29.906	68	102.226	231	102.883	234	102.226	231	31.17%
Total	90.583	180	48.386	116	95.354	188	93.616	204	327.938	688	331.768	699	327.938	688	100.00%
Seniority
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
mortgage	0	0	0	0	0	0	0.088	0	0	0	0	0	0
senior secured	0.427	5.694	6.847	4.459	7.069	5.558	2.750	2.863	6.533	9.998	7.184	5.662	5.477
secured	0	0	0	0	0.244	0	0.126	0	0	0	0	0.128	0.425
senior	3.403	15.170	26.711	28.028	13.018	13.326	5.084	17.183	20.784	32.684	28.638	20.149	20.889
senior subordinated	0	0.500	2.849	0.325	0	0	0.198	1.086	2.550	0.923	2.585	0.094	0.013
subordinated	0	0	0	0	0.600	0	0.325	0	0	0.750	0.125	2.248	0
Total	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532	28.281	26.804
	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	18.323	41	70.093	155	70.520	157	70.093	155	21.37%
secured	0	0	0.370	3	0	0	0.553	2	0.923	5	0.923	5	0.923	5	0.28%
senior	69.909	134	31.428	71	70.651	135	69.675	151	241.662	491	245.065	500	241.662	491	73.69%
senior subordinated	3.674	6	0.198	1	4.559	15	2.692	8	11.124	30	11.124	30	11.124	30	3.39%
subordinated	0	0	0.925	2	0.750	2	2.373	2	4.048	6	4.048	6	4.048	6	1.23%
Total	90.583	180	48.386	116	95.354	188	93.616	204	327.938	688	331.768	699	327.938	688	100.00%
Moody's Rating
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Ba1	1.527	2.304	2.500	2.196	1.200	1.250	1.951	0.500	1.300	1.925	0	0.650	0.500
Ba2	1.457	3.800	0.700	5.941	1.774	2.400	0.665	1.823	4.053	4.511	2.150	2.086	1.661
Ba3	0.154	4.223	6.984	2.025	1.469	1.475	0.214	1.168	3.543	3.188	3.004	2.344	3.802
B1	0	3.621	6.013	8.748	2.970	4.957	1.870	6.177	6.655	12.726	5.475	7.446	2.700
B2	0.035	1.026	7.552	3.606	5.845	2.694	0.665	3.595	4.832	5.859	7.037	3.820	3.642
B3	0.217	3.378	5.837	2.929	5.481	2.672	1.608	3.836	5.090	5.493	9.609	6.892	7.779
Caa1	0.440	2.417	3.840	3.502	1.623	2.347	1.048	3.493	1.597	4.682	8.041	0.992	3.487
Caa2	0	0.594	0.582	0.492	0	0.626	0	0.300	0.350	3.643	1.831	1.088	1.258
Caa3	0	0	0.831	0	0	0	0	0	0.864	0.460	0.261	0	0
NR	0	0	1.569	3.373	0.568	0.463	0.550	0.240	1.584	1.869	1.122	2.965	1.975
Total	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532	28.281	26.804
	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	1.150	2	16.276	30	17.803	31	16.276	30	4.96%
Ba2	10.441	16	4.839	11	10.388	17	5.897	11	31.564	55	33.021	60	31.564	55	9.62%
Ba3	13.232	24	3.158	8	7.898	15	9.150	17	33.438	64	33.592	65	33.438	64	10.20%
B1	18.382	31	9.798	17	25.557	33	15.621	26	69.357	107	69.357	107	69.357	107	21.15%
B2	12.185	26	9.203	19	14.286	31	14.499	30	50.172	106	50.207	107	50.172	106	15.30%
B3	12.144	27	9.762	25	14.419	28	24.280	53	60.605	133	60.822	134	60.605	133	18.48%
Caa1	9.759	23	5.019	17	9.772	23	12.520	32	37.070	95	37.510	97	37.070	95	11.30%
Caa2	1.667	6	0.626	2	4.293	9	4.177	10	10.763	27	10.763	27	10.763	27	3.28%
Caa3	0.831	2	0	0	1.323	4	0.261	1	2.416	7	2.416	7	2.416	7	0.74%
NR	4.942	12	1.581	11	3.693	19	6.062	22	16.278	64	16.278	64	16.278	64	4.96%
Total	90.583	180	48.386	116	95.354	188	93.616	204	327.938	688	331.768	699	327.938	688	100.00%
Use of Proceeds
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Acquisition	0.210	2.455	2.580	1.116	2.111	1.700	1.010	2.796	2.700	3.225	8.666	2.679	4.727
Capex	0	0.300	0	0.600	0	1.679	0	0	0.450	0	0	0.497	0.500
Dividend/recap	0	0	2.413	0.316	0.275	0.580	0	0	0.305	0.686	3.530	0.460	2.953
GCP	1.179	2.793	3.625	5.232	1.991	4.946	1.952	3.274	4.972	7.873	4.717	5.095	4.503
LBO	0.440	0.730	0.741	0.600	2.958	0.325	0.250	0	0	0.490	1.260	1.305	1.305
No proceeds	0	0.775	0.384	0	0	0	0	0.051	0	0	0	0	0.013
Redeem notes	0	2.146	5.489	9.362	3.771	0.926	0.665	5.532	3.075	9.694	4.591	6.473	3.033
Refinance	0	0.517	4.839	3.371	3.624	1.283	2.073	1.366	2.873	4.505	4.154	6.669	0.945
Repay bank debt	0.257	5.477	10.161	7.859	2.348	3.723	1.758	3.142	7.073	9.456	2.694	3.049	2.766
Multiple/Other/NA	1.744	6.170	6.175	4.356	3.854	3.722	0.863	4.970	8.419	8.425	8.918	2.054	6.060
Total	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532	28.281	26.804
	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	16.072	28	35.765	66	35.975	67	35.765	66	10.91%
Capex	0.900	2	1.679	2	0.450	1	0.997	2	4.026	7	4.026	7	4.026	7	1.23%
Dividend/recap	2.729	5	0.855	4	0.992	4	6.943	19	11.518	32	11.518	32	11.518	32	3.51%
GCP	11.650	28	8.889	22	16.119	34	14.315	30	50.974	114	52.152	118	50.974	114	15.54%
LBO	2.071	4	3.533	5	0.490	1	3.870	7	9.963	17	10.403	19	9.963	17	3.04%
No proceeds	1.159	2	0	0	0.051	6	0.013	4	1.223	12	1.223	12	1.223	12	0.37%
Redeem notes	16.998	33	5.362	11	18.301	35	14.097	22	54.758	101	54.758	101	54.758	101	16.70%
Refinance	8.727	16	6.980	16	8.744	22	11.769	22	36.219	76	36.219	76	36.219	76	11.04%
Repay bank debt	23.498	46	7.829	23	19.671	32	8.509	27	59.507	128	59.764	130	59.507	128	18.15%
Multiple/Other/NA	16.701	33	8.439	23	21.814	36	17.031	43	63.984	135	65.729	137	63.984	135	19.51%
Total	90.583	180	48.386	116	95.354	188	93.616	204	327.938	688	331.768	699	327.938	688	100.00%
Industry Sector (by SIC code)
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Agriculture (0xxx)	0	0.690	0	0	0	0	0	0	0	0.325	0	0	0.274
Mining (1xxx)	0	0.125	0.200	2.865	0.300	2.929	0.740	0	0.260	1.645	0.556	2.003	1.693
Oil and gas (13xx)	0.300	2.660	7.608	4.755	6.616	1.736	0.800	1.905	4.121	4.157	6.165	1.748	1.715
Construction (15xx)	0	0.300	0.345	0.850	0.350	0.030	0	1.000	0.182	1.397	0.350	0.719	0
Manufacturing (2xxx, 3xxx)	1.954	6.092	5.407	8.223	4.360	3.542	0.685	5.870	4.025	18.177	6.991	6.248	5.380
Transportation (4xxx)	0	0	0.514	0.375	0.244	0.834	0.214	0	0	1.651	0.452	0.878	0.822
Communications (48xx)	0.690	4.458	5.225	0.987	2.502	2.962	1.250	3.373	6.388	4.046	5.003	3.280	4.215
Electric, gas, sanitary services (49xx)	0	0.400	1.292	0.938	0	0.250	0.775	0.800	0.864	2.688	1.079	1.349	1.580
Wholesale (5xxx)	0.440	2.001	2.417	0.866	2.501	2.185	1.161	2.083	1.800	2.288	3.804	0.566	2.152
Finance, insurance, real estate (6xxx)	0.134	1.048	4.806	4.908	1.151	2.761	1.726	3.326	5.566	4.006	2.178	4.893	2.872
Services (7xxx)	0.312	3.588	5.546	6.154	1.735	1.332	0.500	1.225	3.062	2.900	7.626	5.943	4.502
Health services (8xxx)	0	0	3.047	1.891	1.173	0.325	0.720	1.550	3.600	1.075	4.326	0.652	1.600
Total	3.830	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.867	44.355	38.532	28.281	26.804
	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	0.274	1	1.289	3	1.289	3	1.289	3	0.39%
Mining (1xxx)	3.190	7	3.969	6	1.905	4	4.252	11	13.316	28	13.316	28	13.316	28	4.06%
Oil and gas (13xx)	15.023	27	9.151	17	10.183	19	9.629	29	43.986	92	44.286	93	43.986	92	13.41%
Construction (15xx)	1.495	4	0.380	2	2.579	9	1.069	4	5.522	19	5.522	19	5.522	19	1.68%
Manufacturing (2xxx, 3xxx)	19.722	44	8.587	20	28.072	48	18.619	41	75.001	153	76.955	156	75.001	153	22.87%
Transportation (4xxx)	0.889	4	1.292	7	1.651	4	2.152	8	5.983	23	5.983	23	5.983	23	1.82%
Communications (48xx)	10.671	17	6.713	11	13.806	23	12.498	15	43.688	66	44.378	67	43.688	66	13.32%
Electric, gas, sanitary services (49xx)	2.630	7	1.025	3	4.352	8	4.009	9	12.015	27	12.015	27	12.015	27	3.66%
Wholesale (5xxx)	5.284	14	5.846	16	6.171	14	6.522	17	23.823	61	24.263	63	23.823	61	7.26%
Finance, insurance, real estate (6xxx)	10.763	19	5.638	15	12.899	34	9.944	29	39.243	97	39.377	99	39.243	97	11.97%
Services (7xxx)	15.288	27	3.567	12	7.187	17	18.072	30	44.113	86	44.426	88	44.113	86	13.45%
Health services (8xxx)	4.938	9	2.218	7	6.225	7	6.578	10	19.959	33	19.959	33	19.959	33	6.09%
Total	90.583	180	48.386	116	95.354	188	93.616	204	327.938	688	331.768	699	327.938	688	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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