Analysis of high yield issuance for 13 months through September 2013

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

Yield

	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
3.99% and lower	0	0.750	0.497	0	0.400	1.300	0.500	1.600	2.765	0	1.000	0	2.600
4%-4.99%	4.709	3.207	1.585	3.700	9.408	2.272	4.850	6.650	10.887	0	0	0.071	2.243
5%-5.99%	12.396	7.425	2.896	6.168	5.467	7.645	10.528	7.187	11.173	1.236	5.334	2.362	10.646
6%-6.99%	13.394	9.370	16.246	4.430	4.228	3.339	7.652	2.289	10.604	4.759	3.963	3.547	10.599
7%-7.99%	4.780	4.138	2.198	3.047	6.733	2.015	5.973	2.206	3.687	4.689	2.579	1.933	11.095
8%-8.99%	3.954	6.288	2.735	5.020	2.039	1.568	1.543	1.575	2.553	0.419	3.488	2.362	6.346
9%-9.99%	3.095	4.290	0.100	3.275	0.651	1.952	0.774	0.162	2.280	1.620	1.023	1.160	2.215
10%-10.99%	1.531	1.352	1.203	0.247	0.950	0.622	1.604	0	0.867	0.200	1.073	0.467	0.375
11%-11.99%	0.300	1.174	0.160	0.582	0.785	1.325	0.650	0.051	1.075	0	0	0	1.296
12% and higher	0.145	0	0.676	0.320	0	0.125	0	0	0	0.472	0	0.248	0
Floater	0	0	0	0	0	0	0	0.200	0	0	0.525	0.175	0
NA	0.050	0.036	0	0.013	0.833	0.014	0.394	1.036	0.282	0.229	0.208	0.005	0
Total	44.355	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	12.329	47.415
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
3.99% and lower	1.247	2	2.200	4	4.365	7	3.600	4	10.165	15	11.412	17	11.412	17	4.07%
4%-4.99%	8.492	15	16.530	30	17.537	30	2.314	3	36.382	63	49.584	86	44.875	78	14.56%
5%-5.99%	16.489	27	23.639	44	19.595	37	18.342	34	61.577	115	90.462	160	78.066	142	24.65%
6%-6.99%	30.046	52	15.219	31	17.652	33	18.109	40	50.980	104	94.420	181	81.026	156	20.41%
7%-7.99%	9.383	30	14.722	31	10.582	31	15.606	24	40.910	86	55.073	130	50.293	116	16.38%
8%-8.99%	14.042	36	5.150	15	4.547	15	12.195	26	21.892	56	39.888	100	35.934	92	8.76%
9%-9.99%	7.665	21	3.377	8	4.062	13	4.398	14	11.837	35	22.597	63	19.503	56	4.74%
10%-10.99%	2.803	7	3.176	6	1.067	4	1.914	6	6.158	16	10.492	26	8.961	23	2.46%
11%-11.99%	1.916	5	2.760	5	1.127	3	1.296	2	5.182	10	7.398	16	7.098	15	2.07%
12% and higher	0.997	8	0.125	1	0.472	2	0.248	1	0.845	4	1.987	13	1.842	12	0.34%
Floater	0	0	0	0	0.200	1	0.700	3	0.900	4	0.900	4	0.900	4	0.36%
NA	0.049	5	1.242	15	1.546	16	0.213	5	3.002	36	3.101	42	3.051	41	1.20%
Total	93.131	208	88.141	190	82.753	192	78.936	162	249.830	544	387.316	838	342.961	752	100.00%
Versus Talk
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Lower	0	0.782	0.406	0.375	0.650	0	1.900	1.000	3.806	0	0.921	0	2.993
Low end	19.855	15.976	4.707	12.161	15.518	9.032	14.337	10.866	13.951	0.900	9.587	2.579	6.662
Middle	16.826	11.435	8.527	9.276	10.130	9.283	13.104	6.304	18.625	8.167	5.029	4.187	30.176
High end	6.401	8.518	10.303	1.370	3.252	2.728	2.869	1.163	4.416	4.162	2.240	1.441	3.992
Higher	0	0.252	0.728	0	0	0.797	0	0.594	1.000	0	0	0.250	0
NA	1.272	1.068	3.624	3.622	1.945	0.339	2.258	3.029	4.376	0.394	1.415	3.872	3.592
Total	44.355	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	12.329	47.415
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	1.563	4	2.550	5	4.806	8	3.915	5	11.271	18	12.835	22	12.835	22	4.51%
Low end	32.844	66	38.887	74	25.717	57	18.828	42	83.432	173	136.132	281	116.277	239	33.40%
Middle	29.239	67	32.517	57	33.095	61	39.392	63	105.004	181	151.069	274	134.243	248	42.03%
High end	20.190	39	8.848	20	9.742	22	7.672	20	26.262	62	52.854	113	46.453	101	10.51%
Higher	0.980	2	0.797	2	1.594	3	0.250	1	2.641	6	3.622	8	3.622	8	1.06%
NA	8.314	30	4.542	32	7.799	41	8.878	31	21.219	104	30.805	140	29.533	134	8.49%
Total	93.131	208	88.141	190	82.753	192	78.936	162	249.830	544	387.316	838	342.961	752	100.00%
Upsized?
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Yes	26.539	19.206	8.412	11.525	13.081	7.173	17.160	9.762	21.169	4.007	8.600	4.893	19.894
No	15.482	16.159	18.859	14.179	17.459	14.355	16.345	12.344	23.445	8.315	9.297	6.235	21.575
Downsized	2.334	2.666	1.025	1.100	0.955	0.650	0.964	0.850	1.560	1.301	1.295	1.201	5.946
Total	44.355	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	12.329	47.415
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	39.143	76	37.414	60	34.939	66	33.387	55	105.739	181	171.421	301	144.882	257	42.32%
No	49.197	123	48.158	125	44.103	116	37.107	94	129.368	335	194.048	494	178.566	458	51.78%
Downsized	4.791	9	2.569	5	3.711	10	8.442	13	14.722	28	21.846	43	19.513	37	5.89%
Total	93.131	208	88.141	190	82.753	192	78.936	162	249.830	544	387.316	838	342.961	752	100.00%
Quick Sale?
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Yes	29.561	28.090	17.710	17.426	20.301	17.586	18.911	16.717	28.195	5.573	12.001	9.031	22.044
No	14.794	9.942	10.586	9.378	11.194	4.592	15.557	6.239	17.979	8.049	7.191	3.297	25.371
Total	44.355	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	12.329	47.415
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	63.225	140	56.798	133	50.485	121	43.077	95	150.359	349	243.145	547	213.584	489	60.18%
No	29.906	68	31.343	57	32.268	71	35.859	67	99.470	195	144.171	291	129.377	263	39.82%
Total	93.131	208	88.141	190	82.753	192	78.936	162	249.830	544	387.316	838	342.961	752	100.00%
Seniority
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
senior secured	9.998	7.184	5.662	5.477	6.231	5.192	5.974	3.146	8.666	1.498	3.880	0.834	4.171
secured	0	0	0.128	0.425	0	0	0.157	0.914	0.336	0	0	0.209	0
senior	32.684	28.638	20.149	20.889	22.537	16.972	26.951	18.891	34.947	10.504	15.304	11.280	41.791
senior subordinated	0.923	2.085	0.109	0.013	2.376	0.014	0.762	0.005	1.475	0.623	0.008	0.005	1.240
subordinated	0.750	0.125	2.248	0	0.350	0	0.625	0	0.750	0.999	0	0	0.213
Total	44.355	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	12.329	47.415
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	18.323	41	17.397	29	13.309	38	8.886	25	39.592	92	67.913	148	57.915	133	15.85%
secured	0.553	2	0.157	1	1.250	7	0.209	1	1.616	9	2.169	11	2.169	11	0.65%
senior	69.675	151	66.461	143	64.342	134	68.375	129	199.177	406	301.536	624	268.852	557	79.73%
senior subordinated	2.207	12	3.152	14	2.103	11	1.253	5	6.509	30	9.639	44	8.716	42	2.61%
subordinated	2.373	2	0.975	3	1.749	2	0.213	2	2.936	7	6.059	11	5.309	9	1.18%
Total	93.131	208	88.141	190	82.753	192	78.936	162	249.830	544	387.316	838	342.961	752	100.00%
Moody's Rating
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Ba1	1.925	0	0.650	0.500	0	3.094	2.126	1.850	2.103	0.392	0.591	1.053	7.576
Ba2	4.511	2.150	2.086	1.661	5.455	0.579	3.500	4.400	0.826	1.849	0.900	0.750	7.654
Ba3	3.188	3.004	2.344	3.802	8.965	4.373	5.175	3.918	12.077	0.701	1.168	2.106	3.598
B1	12.726	5.475	7.446	2.700	6.155	4.444	9.795	2.620	5.988	4.419	4.222	1.301	10.093
B2	5.859	7.037	3.820	3.642	1.777	4.843	2.700	1.750	5.605	1.432	3.654	0.849	1.996
B3	5.493	9.609	6.892	7.779	2.920	2.089	3.747	1.474	8.663	1.566	3.355	1.248	8.194
Caa1	4.682	7.541	0.992	3.487	3.711	1.934	2.704	2.238	6.489	1.100	3.619	3.838	4.310
Caa2	3.643	1.831	1.088	1.258	1.538	0.615	0	1.050	2.551	2.011	0.737	0	2.654
Caa3	0.460	0.261	0	0	0	0	3.975	0	0	0	0	0.248	0
NR	1.869	1.122	2.980	1.975	0.974	0.209	0.746	3.656	1.873	0.153	0.947	0.936	1.340
Total	44.355	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	12.329	47.415
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	1.150	2	5.220	11	4.345	7	9.221	11	18.786	29	21.861	36	19.936	31	7.52%
Ba2	5.897	11	9.534	18	7.075	8	9.304	13	25.912	39	36.320	58	31.809	50	10.37%
Ba3	9.150	17	18.512	31	16.696	28	6.871	12	42.079	71	54.417	97	51.229	88	16.84%
B1	15.621	26	20.394	30	13.026	23	15.616	22	49.036	75	77.383	117	64.657	101	19.63%
B2	14.499	30	9.319	22	8.787	22	6.499	18	24.605	62	44.962	104	39.103	92	9.85%
B3	24.280	53	8.755	25	11.703	32	12.797	29	33.255	86	63.029	151	57.536	139	13.31%
Caa1	12.020	32	8.349	19	9.827	28	11.767	29	29.942	76	46.644	118	41.962	108	11.98%
Caa2	4.177	10	2.153	6	5.611	15	3.390	8	11.155	29	18.975	46	15.332	39	4.47%
Caa3	0.261	1	3.975	4	0	0	0.248	1	4.223	5	4.944	8	4.484	6	1.69%
NR	6.077	26	1.930	24	5.683	29	3.223	19	10.836	72	18.781	103	16.913	98	4.34%
Total	93.131	208	88.141	190	82.753	192	78.936	162	249.830	544	387.316	838	342.961	752	100.00%
Use of Proceeds
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Acquisition	3.225	8.666	2.679	4.727	1.798	1.933	0	2.550	4.075	4.642	2.742	0.453	7.993
Capex	0	0	0.497	0.500	1.500	0	0.543	2.532	0.425	0	0	0	0
Dividend/recap	0.686	3.530	0.460	2.953	0.421	0.793	0.300	1.300	1.614	1.055	2.275	2.914	0.470
Exit financing	0	0	0	0	0	0	0	0	0.420	0	0	0	0
GCP	7.873	4.717	5.095	4.609	7.069	3.777	1.748	5.835	4.084	0.671	2.193	2.017	11.264
LBO	0.490	1.260	1.305	1.305	1.200	0	3.889	0	0.350	0.850	0.575	0.202	1.325
No proceeds	0	0	0.015	0.013	0.016	0.014	0.012	0.005	0	0.013	0.008	0.005	0
Redeem notes	9.694	4.591	6.473	3.033	6.983	7.159	11.726	3.146	10.131	2.311	1.700	2.947	2.914
Refinance	4.505	3.654	6.669	0.945	3.857	0	4.675	0.650	9.028	0.744	3.595	0.835	5.421
Repay bank debt	9.456	2.694	3.049	2.766	3.850	6.877	9.339	4.332	9.873	2.345	3.640	1.510	2.421
Multiple/Other/NA	8.425	8.918	2.054	5.954	4.801	1.625	2.236	2.607	6.174	0.990	2.464	1.445	15.607
Total	44.355	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	12.329	47.415
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	16.072	28	3.731	8	11.267	16	11.188	16	26.187	40	45.484	74	42.259	68	10.48%
Capex	0.997	2	2.043	3	2.957	9	0	0	5.000	12	5.997	14	5.997	14	2.00%
Dividend/recap	6.943	19	1.514	6	3.969	11	5.660	12	11.143	29	18.772	50	18.086	48	4.46%
Exit financing	0	0	0	0	0.420	1	0	0	0.420	1	0.420	1	0.420	1	0.17%
GCP	14.420	31	12.594	34	10.591	32	15.474	28	38.659	94	60.952	143	53.079	125	15.47%
LBO	3.870	7	5.089	4	1.200	5	2.102	5	8.391	14	12.751	22	12.261	21	3.36%
No proceeds	0.028	8	0.042	10	0.019	6	0.013	4	0.074	20	0.102	28	0.102	28	0.03%
Redeem notes	14.097	22	25.868	46	15.588	34	7.561	19	49.016	99	72.808	141	63.113	121	19.62%
Refinance	11.269	22	8.532	16	10.422	20	9.851	19	28.805	55	44.578	88	40.073	77	11.53%
Repay bank debt	8.509	27	20.067	42	16.550	35	7.571	24	44.187	101	62.153	145	52.697	128	17.69%
Multiple/Other/NA	16.926	42	8.661	21	9.771	23	19.516	35	37.948	79	63.299	132	54.874	121	15.19%
Total	93.131	208	88.141	190	82.753	192	78.936	162	249.830	544	387.316	838	342.961	752	100.00%
Industry Sector (by SIC code)
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Agriculture (0xxx)	0.325	0	0	0.274	0.422	0	0	0	0	0	0	0	0.797
Mining (1xxx)	1.645	0.556	2.003	1.693	0.300	0	0.699	1.250	2.860	0.153	0	0.596	0.744
Oil and gas (13xx)	4.157	6.165	1.748	1.715	3.687	1.497	5.375	4.791	4.645	1.961	1.378	0.898	6.597
Construction (15xx)	1.397	0.350	0.719	0	1.347	0.473	0.400	0.899	0.663	0	0.820	0.300	0.239
Manufacturing (2xxx, 3xxx)	18.177	7.266	6.248	5.645	12.898	5.304	8.843	4.882	10.068	4.171	6.548	2.283	10.001
Transportation (4xxx)	1.651	0.452	0.878	0.822	0.350	0.298	1.100	1.314	1.436	0.225	0.951	0.509	0
Communications (48xx)	4.046	5.003	3.280	4.130	1.600	5.655	9.350	4.411	9.399	0	1.150	2.071	8.151
Electric, gas, sanitary services (49xx)	2.688	1.079	1.349	1.580	2.675	0	0.450	2.612	2.180	1.829	0	0.406	1.640
Wholesale (5xxx)	2.288	3.804	0.566	2.152	2.723	4.412	0.736	1.212	4.324	1.270	2.314	0.626	0.719
Finance, insurance, real estate (6xxx)	4.006	2.178	4.909	2.872	1.899	1.042	3.615	0.786	6.558	2.094	4.590	1.533	5.204
Services (7xxx)	2.900	6.851	5.943	4.322	2.494	3.350	2.300	0.800	2.390	1.920	1.274	3.106	8.722
Health services (8xxx)	1.075	4.326	0.652	1.600	1.100	0.147	1.600	0	1.650	0	0.168	0	4.600
Total	44.355	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	12.329	47.415
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.274	1	0.422	1	0	0	0.797	2	1.219	3	1.818	5	1.493	4	0.49%
Mining (1xxx)	4.252	11	0.999	3	4.263	8	1.340	3	6.602	14	12.499	28	10.854	25	2.64%
Oil and gas (13xx)	9.629	29	10.559	18	11.397	28	8.873	21	30.829	67	44.615	104	40.458	96	12.34%
Construction (15xx)	1.069	4	2.219	8	1.562	5	1.359	6	5.140	19	7.606	27	6.209	23	2.06%
Manufacturing (2xxx, 3xxx)	19.159	43	27.045	51	19.120	41	18.833	38	64.998	130	102.335	201	84.157	173	26.02%
Transportation (4xxx)	2.152	8	1.748	6	2.975	12	1.460	4	6.183	22	9.985	34	8.335	30	2.47%
Communications (48xx)	12.413	14	16.605	20	13.810	19	11.372	15	41.787	54	58.246	76	54.200	68	16.73%
Electric, gas, sanitary services (49xx)	4.009	9	3.125	4	6.622	13	2.046	3	11.792	20	18.490	34	15.801	29	4.72%
Wholesale (5xxx)	6.522	17	7.871	15	6.806	18	3.659	9	18.336	42	27.146	65	24.858	59	7.34%
Finance, insurance, real estate (6xxx)	9.959	33	6.557	33	9.438	30	11.327	34	27.322	97	41.287	141	37.281	130	10.94%
Services (7xxx)	17.116	29	8.144	23	5.110	16	13.101	24	26.355	63	46.371	98	43.471	92	10.55%
Health services (8xxx)	6.578	10	2.847	8	1.650	2	4.768	3	9.265	13	16.918	25	15.843	23	3.71%
Total	93.131	208	88.141	190	82.753	192	78.936	162	249.830	544	387.316	838	342.961	752	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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