Analysis of high yield issuance for 13 months through October 2013

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

Yield

	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
3.99% and lower	0.750	0.497	0	0.400	1.300	0.500	1.600	2.765	0	1.000	0	2.600	0.500
4%-4.99%	3.207	1.585	3.700	9.408	2.272	4.850	6.650	10.887	0	0	0.071	2.243	0
5%-5.99%	7.425	2.896	6.168	5.467	7.645	10.528	7.187	11.173	1.236	5.334	2.362	10.646	5.921
6%-6.99%	9.370	16.246	4.430	4.228	3.339	7.652	2.289	10.604	4.759	3.963	3.547	10.599	10.648
7%-7.99%	4.138	2.198	3.047	6.733	2.015	5.973	2.206	3.687	4.689	2.579	1.933	10.595	3.777
8%-8.99%	6.288	2.735	5.020	2.039	1.568	1.543	1.575	2.553	0.419	3.488	3.985	6.146	3.753
9%-9.99%	4.290	0.100	3.275	0.651	1.952	0.774	0.162	2.280	1.620	1.023	1.160	2.215	0.050
10%-10.99%	1.352	1.203	0.247	0.950	0.622	1.604	0	0.867	0.200	1.073	0.467	0.675	0
11%-11.99%	1.174	0.160	0.582	0.785	1.325	0.650	0.051	1.075	0	0	0	1.296	1.500
12% and higher	0	0.676	0.320	0	0.125	0	0	0	0.472	0	0.248	0	0.025
Floater	0	0	0	0	0	0	0.200	0	0	0.525	0.175	0	0.404
NA	0.036	0	0.013	0.833	0.014	0.394	1.036	0.282	0.229	0.208	0.005	0	0.182
Total	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	13.952	47.015	26.761
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	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	0.500	1	10.665	16	11.912	18	11.162	17	3.84%
4%-4.99%	8.492	15	16.530	30	17.537	30	2.314	3	0	0	36.382	63	44.875	78	41.668	73	13.10%
5%-5.99%	16.489	27	23.639	44	19.595	37	18.342	34	5.921	12	67.498	127	83.987	154	76.562	142	24.30%
6%-6.99%	30.046	52	15.219	31	17.652	33	18.109	40	10.648	15	61.628	119	91.675	171	82.304	152	22.18%
7%-7.99%	9.383	30	14.722	31	10.582	31	15.106	24	3.777	10	44.187	96	53.570	126	49.432	115	15.91%
8%-8.99%	14.042	36	5.150	15	4.547	15	13.618	26	3.753	9	27.068	65	41.110	101	34.822	87	9.74%
9%-9.99%	7.665	21	3.377	8	4.062	13	4.398	14	0.050	1	11.887	36	19.553	57	15.263	45	4.28%
10%-10.99%	2.803	7	3.176	6	1.067	4	2.214	7	0	0	6.458	17	9.261	24	7.908	21	2.32%
11%-11.99%	1.916	5	2.760	5	1.127	3	1.296	2	1.500	1	6.682	11	8.598	16	7.424	14	2.41%
12% and higher	0.997	8	0.125	1	0.472	2	0.248	1	0.025	1	0.870	5	1.867	13	1.867	13	0.31%
Floater	0	0	0	0	0.200	1	0.700	3	0.404	1	1.304	5	1.304	5	1.304	5	0.47%
NA	0.049	5	1.242	15	1.546	16	0.213	5	0.182	1	3.184	37	3.233	42	3.197	41	1.15%
Total	93.131	208	88.141	190	82.753	192	80.159	163	26.761	52	277.814	597	370.945	805	332.914	725	100.00%
Versus Talk
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Lower	0.782	0.406	0.375	0.650	0	1.900	1.000	3.806	0	0.921	0	2.993	0
Low end	15.976	4.707	12.161	15.518	9.032	14.337	10.866	13.951	0.900	9.587	2.579	6.662	10.974
Middle	11.435	8.527	9.276	10.130	9.283	13.104	6.304	18.625	8.167	5.029	5.810	29.776	8.042
High end	8.518	10.303	1.370	3.252	2.728	2.869	1.163	4.416	4.162	2.240	1.441	3.992	5.575
Higher	0.252	0.728	0	0	0.797	0	0.594	1.000	0	0	0.250	0	0
NA	1.068	3.624	3.622	1.945	0.339	2.258	3.029	4.376	0.394	1.415	3.872	3.592	2.170
Total	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	13.952	47.015	26.761
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	1.563	4	2.550	5	4.806	8	3.915	5	0	0	11.271	18	12.835	22	12.052	20	4.06%
Low end	32.844	66	38.887	74	25.717	57	18.828	42	10.974	23	94.406	196	127.250	262	111.274	233	33.98%
Middle	29.239	67	32.517	57	33.095	61	40.616	64	8.042	13	114.269	195	143.508	262	132.073	237	41.13%
High end	20.190	39	8.848	20	9.742	22	7.672	20	5.575	9	31.838	71	52.028	110	43.510	94	11.46%
Higher	0.980	2	0.797	2	1.594	3	0.250	1	0	0	2.641	6	3.622	8	3.370	7	0.95%
NA	8.314	30	4.542	32	7.799	41	8.878	31	2.170	7	23.389	111	31.703	141	30.634	134	8.42%
Total	93.131	208	88.141	190	82.753	192	80.159	163	26.761	52	277.814	597	370.945	805	332.914	725	100.00%
Upsized?
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Yes	19.206	8.412	11.525	13.081	7.173	17.160	9.762	21.169	4.007	8.600	6.516	19.894	15.200
No	16.159	18.859	14.179	17.459	14.355	16.345	12.344	23.445	8.315	9.297	6.235	21.175	11.286
Downsized	2.666	1.025	1.100	0.955	0.650	0.964	0.850	1.560	1.301	1.295	1.201	5.946	0.275
Total	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	13.952	47.015	26.761
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	39.143	76	37.414	60	34.939	66	35.010	55	15.200	19	122.563	200	161.706	276	142.499	244	44.12%
No	49.197	123	48.158	125	44.103	116	36.707	95	11.286	32	140.255	368	189.452	491	173.293	448	50.49%
Downsized	4.791	9	2.569	5	3.711	10	8.442	13	0.275	1	14.997	29	19.788	38	17.122	33	5.40%
Total	93.131	208	88.141	190	82.753	192	80.159	163	26.761	52	277.814	597	370.945	805	332.914	725	100.00%
Quick Sale?
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Yes	28.090	17.710	17.426	20.301	17.586	18.911	16.717	28.195	5.573	12.001	9.031	21.344	21.192
No	9.942	10.586	9.378	11.194	4.592	15.557	6.239	17.979	8.049	7.191	4.921	25.671	5.569
Total	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	13.952	47.015	26.761
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	63.225	140	56.798	133	50.485	121	42.377	95	21.192	39	170.852	388	234.077	528	205.987	472	61.50%
No	29.906	68	31.343	57	32.268	71	37.783	68	5.569	13	106.962	209	136.869	277	126.927	253	38.50%
Total	93.131	208	88.141	190	82.753	192	80.159	163	26.761	52	277.814	597	370.945	805	332.914	725	100.00%
Seniority
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
mortgage	0	0	0	0	0	0	0	0	0	0	0	0	0.610
senior secured	7.184	5.662	5.477	6.231	5.192	5.974	3.146	8.666	1.498	3.880	0.834	4.171	5.471
secured	0	0.128	0.425	0	0	0.157	0.914	0.336	0	0	0.209	0	0
senior	28.638	20.149	20.889	22.537	16.972	26.951	18.891	34.947	10.504	15.304	12.903	41.391	19.018
senior subordinated	2.085	0.109	0.013	2.376	0.014	0.762	0.005	1.475	0.623	0.008	0.005	1.240	1.500
subordinated	0.125	2.248	0	0.350	0	0.625	0	0.750	0.999	0	0	0.213	0.162
Total	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	13.952	47.015	26.761
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0	0	0	0	0	0	0	0	0.610	1	0.610	1	0.610	1	0.610	1	0.22%
senior secured	18.323	41	17.397	29	13.309	38	8.886	25	5.471	12	45.062	104	63.386	145	56.202	131	16.22%
secured	0.553	2	0.157	1	1.250	7	0.209	1	0	0	1.616	9	2.169	11	2.169	11	0.58%
senior	69.675	151	66.461	143	64.342	134	69.598	130	19.018	37	219.419	444	289.094	595	260.456	533	78.98%
senior subordinated	2.207	12	3.152	14	2.103	11	1.253	5	1.500	1	8.009	31	10.216	43	8.131	40	2.88%
subordinated	2.373	2	0.975	3	1.749	2	0.213	2	0.162	1	3.098	8	5.471	10	5.346	9	1.12%
Total	93.131	208	88.141	190	82.753	192	80.159	163	26.761	52	277.814	597	370.945	805	332.914	725	100.00%
Moody's Rating
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Ba1	0	0.650	0.500	0	3.094	2.126	1.850	2.103	0.392	0.591	1.053	7.576	1.000
Ba2	2.150	2.086	1.661	5.455	0.579	3.500	4.400	0.826	1.849	0.900	0.750	7.654	3.959
Ba3	3.004	2.344	3.802	8.965	4.373	5.175	3.918	12.077	0.701	1.168	2.106	3.598	6.188
B1	5.475	7.446	2.700	6.155	4.444	9.795	2.620	5.988	4.419	4.222	1.301	10.393	3.283
B2	7.037	3.820	3.642	1.777	4.843	2.700	1.750	5.605	1.432	3.654	0.849	1.996	2.143
B3	9.609	6.892	7.779	2.920	2.089	3.747	1.474	8.663	1.566	3.355	1.248	8.194	2.215
Caa1	7.541	0.992	3.487	3.711	1.934	2.704	2.238	6.489	1.100	3.619	5.462	3.610	2.529
Caa2	1.831	1.088	1.258	1.538	0.615	0	1.050	2.551	2.011	0.737	0	2.654	3.385
Caa3	0.261	0	0	0	0	3.975	0	0	0	0	0.248	0	0
NR	1.122	2.980	1.975	0.974	0.209	0.746	3.656	1.873	0.153	0.947	0.936	1.340	2.059
Total	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	13.952	47.015	26.761
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	1.150	2	5.220	11	4.345	7	9.221	11	1.000	2	19.786	31	20.936	33	20.936	33	7.12%
Ba2	5.897	11	9.534	18	7.075	8	9.304	13	3.959	7	29.871	46	35.768	57	33.618	54	10.75%
Ba3	9.150	17	18.512	31	16.696	28	6.871	12	6.188	7	48.267	78	57.417	95	54.413	90	17.37%
B1	15.621	26	20.394	30	13.026	23	15.916	23	3.283	6	52.620	82	68.240	108	62.765	101	18.94%
B2	14.499	30	9.319	22	8.787	22	6.499	18	2.143	7	26.748	69	41.246	99	34.209	88	9.63%
B3	24.280	53	8.755	25	11.703	32	12.797	29	2.215	7	35.470	93	59.751	146	50.142	122	12.77%
Caa1	12.020	32	8.349	19	9.827	28	12.690	29	2.529	7	33.395	83	45.414	115	37.873	97	12.02%
Caa2	4.177	10	2.153	6	5.611	15	3.390	8	3.385	4	14.540	33	18.717	43	16.885	39	5.23%
Caa3	0.261	1	3.975	4	0	0	0.248	1	0	0	4.223	5	4.484	6	4.223	5	1.52%
NR	6.077	26	1.930	24	5.683	29	3.223	19	2.059	5	12.895	77	18.972	103	17.849	96	4.64%
Total	93.131	208	88.141	190	82.753	192	80.159	163	26.761	52	277.814	597	370.945	805	332.914	725	100.00%
Use of Proceeds
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Acquisition	8.666	2.679	4.727	1.798	1.933	0	2.550	4.075	4.642	2.742	0.453	7.993	0.549
Capex	0	0.497	0.500	1.500	0	0.543	2.532	0.425	0	0	0	0	0
Dividend/recap	3.530	0.460	2.953	0.421	0.793	0.300	1.300	1.614	1.055	2.275	2.914	0.470	0.990
Exit financing	0	0	0	0	0	0	0	0.420	0	0	0	0	0
GCP	4.717	5.095	4.609	7.069	3.777	1.748	5.835	4.084	0.671	2.193	2.017	10.564	1.369
LBO	1.260	1.305	1.305	1.200	0	3.889	0	0.350	0.850	0.575	1.825	1.325	2.678
No proceeds	0	0.015	0.013	0.016	0.014	0.012	0.005	0	0.013	0.008	0.005	0	5.638
Redeem notes	4.591	6.473	3.033	6.983	7.159	11.726	3.146	10.131	2.311	1.700	2.947	3.164	4.899
Refinance	3.654	6.669	0.945	3.857	0	4.675	0.650	9.028	0.744	3.595	0.835	5.421	2.785
Repay bank debt	2.694	3.049	2.766	3.850	6.877	9.339	4.332	9.873	2.345	3.640	1.510	2.721	3.717
Multiple/Other/NA	8.918	2.054	5.954	4.801	1.625	2.236	2.607	6.174	0.990	2.464	1.445	15.357	4.137
Total	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	13.952	47.015	26.761
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	16.072	28	3.731	8	11.267	16	11.188	16	0.549	2	26.736	42	42.808	70	34.142	58	9.62%
Capex	0.997	2	2.043	3	2.957	9	0	0	0	0	5.000	12	5.997	14	5.997	14	1.80%
Dividend/recap	6.943	19	1.514	6	3.969	11	5.660	12	0.990	3	12.133	32	19.075	51	15.545	43	4.37%
Exit financing	0	0	0	0	0.420	1	0	0	0	0	0.420	1	0.420	1	0.420	1	0.15%
GCP	14.420	31	12.594	34	10.591	32	14.774	28	1.369	4	39.327	98	53.747	129	49.030	119	14.16%
LBO	3.870	7	5.089	4	1.200	5	3.725	5	2.678	6	12.692	20	16.562	27	15.302	24	4.57%
No proceeds	0.028	8	0.042	10	0.019	6	0.013	4	5.638	5	5.712	25	5.740	33	5.740	33	2.06%
Redeem notes	14.097	22	25.868	46	15.588	34	7.811	20	4.899	7	54.165	107	68.262	129	63.671	121	19.50%
Refinance	11.269	22	8.532	16	10.422	20	9.851	19	2.785	7	31.590	62	42.858	84	39.204	76	11.37%
Repay bank debt	8.509	27	20.067	42	16.550	35	7.871	25	3.717	8	48.205	110	56.714	137	54.020	127	17.35%
Multiple/Other/NA	16.926	42	8.661	21	9.771	23	19.266	34	4.137	10	41.835	88	58.761	130	49.843	109	15.06%
Total	93.131	208	88.141	190	82.753	192	80.159	163	26.761	52	277.814	597	370.945	805	332.914	725	100.00%
Industry Sector (by SIC code)
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Agriculture (0xxx)	0	0	0.274	0.422	0	0	0	0	0	0	0	0.797	0.300
Mining (1xxx)	0.556	2.003	1.693	0.300	0	0.699	1.250	2.860	0.153	0	0.596	1.044	0
Oil and gas (13xx)	6.165	1.748	1.715	3.687	1.497	5.375	4.791	4.645	1.961	1.378	0.898	6.597	1.890
Construction (15xx)	0.350	0.719	0	1.347	0.473	0.400	0.899	0.663	0	0.820	0.300	0.239	0.556
Manufacturing (2xxx, 3xxx)	7.266	6.248	5.645	12.898	5.304	8.843	4.882	9.818	4.171	6.548	2.283	10.001	4.094
Transportation (4xxx)	0.452	0.878	0.822	0.350	0.298	1.100	1.314	1.436	0.225	0.951	0.509	0	0.993
Communications (48xx)	5.003	3.280	4.130	1.600	5.655	9.350	4.411	9.399	0	1.150	2.071	8.151	7.461
Electric, gas, sanitary services (49xx)	1.079	1.349	1.580	2.675	0	0.450	2.612	2.180	1.829	0	0.406	1.640	3.334
Wholesale (5xxx)	3.804	0.566	2.152	2.723	4.412	0.736	1.212	4.324	1.270	2.314	0.626	0.719	3.292
Finance, insurance, real estate (6xxx)	2.178	4.909	2.872	1.899	1.042	3.615	0.786	6.558	2.094	4.590	1.533	4.504	2.316
Services (7xxx)	6.851	5.943	4.322	2.494	3.350	2.300	0.800	2.390	1.920	1.274	4.729	8.722	2.124
Health services (8xxx)	4.326	0.652	1.600	1.100	0.147	1.600	0	1.900	0	0.168	0	4.600	0.400
Total	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	13.952	47.015	26.761
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.274	1	0.422	1	0	0	0.797	2	0.300	1	1.519	4	1.793	5	1.793	5	0.55%
Mining (1xxx)	4.252	11	0.999	3	4.263	8	1.640	4	0	0	6.902	15	11.154	26	10.598	24	2.48%
Oil and gas (13xx)	9.629	29	10.559	18	11.397	28	8.873	21	1.890	4	32.719	71	42.348	100	36.183	86	11.78%
Construction (15xx)	1.069	4	2.219	8	1.562	5	1.359	6	0.556	2	5.697	21	6.765	25	6.415	24	2.05%
Manufacturing (2xxx, 3xxx)	19.159	43	27.045	51	18.870	40	18.833	38	4.094	10	68.842	139	88.001	182	80.735	166	24.78%
Transportation (4xxx)	2.152	8	1.748	6	2.975	12	1.460	4	0.993	3	7.176	25	9.328	33	8.876	31	2.58%
Communications (48xx)	12.413	14	16.605	20	13.810	19	11.372	15	7.461	8	49.248	62	61.661	76	56.658	68	17.73%
Electric, gas, sanitary services (49xx)	4.009	9	3.125	4	6.622	13	2.046	3	3.334	5	15.126	25	19.135	34	18.056	31	5.44%
Wholesale (5xxx)	6.522	17	7.871	15	6.806	18	3.659	9	3.292	8	21.628	50	28.150	67	24.346	58	7.79%
Finance, insurance, real estate (6xxx)	9.959	33	6.557	33	9.438	30	10.627	34	2.316	4	28.939	101	38.897	134	36.719	126	10.42%
Services (7xxx)	17.116	29	8.144	23	5.110	16	14.725	24	2.124	5	30.102	68	47.218	97	40.367	85	10.84%
Health services (8xxx)	6.578	10	2.847	8	1.900	3	4.768	3	0.400	2	9.915	16	16.493	26	12.167	21	3.57%
Total	93.131	208	88.141	190	82.753	192	80.159	163	26.761	52	277.814	597	370.945	805	332.914	725	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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