Analysis of high yield issuance for 13 months through November 2013

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

Yield

	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
3.99% and lower	0.497	0	0.400	1.300	0.500	1.600	2.765	0	1.000	0	2.600	0.500	0.946
4%-4.99%	1.585	3.700	9.408	2.272	4.850	6.650	10.887	0	0	0.071	2.243	0	1.694
5%-5.99%	2.896	6.168	5.467	7.645	10.528	7.187	11.173	1.236	5.334	2.362	10.646	5.921	8.981
6%-6.99%	16.246	4.430	4.228	3.339	7.652	2.289	10.604	4.759	3.963	3.547	10.599	10.648	7.941
7%-7.99%	2.198	3.047	6.733	2.015	5.973	2.206	3.687	4.689	2.579	1.933	10.595	3.777	2.101
8%-8.99%	2.735	5.020	2.039	1.568	1.543	1.575	2.553	0.419	3.488	3.985	6.146	3.753	3.645
9%-9.99%	0.100	3.275	0.651	1.952	0.774	0.162	2.280	1.620	1.023	1.160	2.215	0.050	0.764
10%-10.99%	1.203	0.247	0.950	0.622	1.604	0	0.867	0.200	1.073	0.467	0.675	0	0.176
11% and higher	0.836	0.902	0.785	1.450	0.650	0.051	1.075	0.472	0	0.248	1.296	1.025	0.457
Floater	0	0	0	0	0	0.200	0	0	0.525	0.175	0	0.404	0.300
NA	0	0.013	0.833	0.014	0.394	1.036	0.282	0.229	0.208	0.005	0	0.182	1.074
Total	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	13.952	47.015	26.261	28.080
	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	2.200	4	4.365	7	3.600	4	1.446	3	11.611	18	12.108	19	11.611	18	3.80%
4%-4.99%	16.530	30	17.537	30	2.314	3	1.694	4	38.077	67	43.362	77	41.777	72	12.47%
5%-5.99%	23.639	44	19.595	37	18.342	34	14.902	32	76.479	147	85.543	162	82.647	157	25.04%
6%-6.99%	15.219	31	17.652	33	18.109	40	18.590	29	69.570	133	90.245	166	74.000	140	22.78%
7%-7.99%	14.722	31	10.582	31	15.106	24	5.878	16	46.288	102	51.533	121	49.335	111	15.16%
8%-8.99%	5.150	15	4.547	15	13.618	26	7.398	14	30.713	70	38.467	92	35.733	85	10.06%
9%-9.99%	3.377	8	4.062	13	4.398	14	0.814	4	12.651	39	16.026	48	15.926	47	4.14%
10%-10.99%	3.176	6	1.067	4	2.214	7	0.176	1	6.634	18	8.085	22	6.882	19	2.17%
11% and higher	2.885	6	1.599	5	1.544	3	1.482	5	7.509	19	9.248	30	8.412	23	2.46%
Floater	0	0	0.200	1	0.700	3	0.704	2	1.604	6	1.604	6	1.604	6	0.53%
NA	1.242	15	1.546	16	0.213	5	1.256	5	4.258	41	4.271	45	4.271	45	1.39%
Total	88.141	190	82.753	192	80.159	163	54.341	115	305.394	660	360.493	788	332.197	723	100.00%
Versus Talk
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Lower	0.406	0.375	0.650	0	1.900	1.000	3.806	0	0.921	0	2.993	0	0.399
Low end	4.707	12.161	15.518	9.032	14.337	10.866	13.951	0.900	9.587	2.579	6.662	10.474	12.878
Middle	8.527	9.276	10.130	9.283	13.104	6.304	18.625	8.167	5.029	5.810	29.776	8.042	9.602
High end	10.303	1.370	3.252	2.728	2.869	1.163	4.416	4.162	2.240	1.441	3.992	5.575	2.825
Higher	0.728	0	0	0.797	0	0.594	1.000	0	0	0.250	0	0	0.246
NA	3.624	3.622	1.945	0.339	2.258	3.029	4.376	0.394	1.415	3.872	3.592	2.170	2.129
Total	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	13.952	47.015	26.261	28.080
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	2.550	5	4.806	8	3.915	5	0.399	1	11.671	19	12.452	21	12.046	20	3.82%
Low end	38.887	74	25.717	57	18.828	42	23.352	49	106.784	222	123.652	259	118.945	246	34.97%
Middle	32.517	57	33.095	61	40.616	64	17.644	32	123.871	214	141.675	256	133.148	235	40.56%
High end	8.848	20	9.742	22	7.672	20	8.400	16	34.662	78	46.335	101	36.032	84	11.35%
Higher	0.797	2	1.594	3	0.250	1	0.246	1	2.888	7	3.616	8	2.888	7	0.95%
NA	4.542	32	7.799	41	8.878	31	4.299	16	25.517	120	32.763	143	29.139	131	8.36%
Total	88.141	190	82.753	192	80.159	163	54.341	115	305.394	660	360.493	788	332.197	723	100.00%
Upsized?
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Yes	8.412	11.525	13.081	7.173	17.160	9.762	21.169	4.007	8.600	6.516	19.894	14.700	8.679
No	18.859	14.179	17.459	14.355	16.345	12.344	23.445	8.315	9.297	6.235	21.175	11.286	17.555
Downsized	1.025	1.100	0.955	0.650	0.964	0.850	1.560	1.301	1.295	1.201	5.946	0.275	1.845
Total	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	13.952	47.015	26.261	28.080
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	37.414	60	34.939	66	35.010	55	23.379	38	130.742	219	150.679	263	142.267	241	42.81%
No	48.158	125	44.103	116	36.707	95	28.841	72	157.810	408	190.848	488	171.989	447	51.67%
Downsized	2.569	5	3.711	10	8.442	13	2.120	5	16.842	33	18.967	37	17.942	35	5.51%
Total	88.141	190	82.753	192	80.159	163	54.341	115	305.394	660	360.493	788	332.197	723	100.00%
Quick Sale?
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Yes	17.710	17.426	20.301	17.586	18.911	16.717	28.195	5.573	12.001	9.031	21.344	20.692	21.590
No	10.586	9.378	11.194	4.592	15.557	6.239	17.979	8.049	7.191	4.921	25.671	5.569	6.490
Total	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	13.952	47.015	26.261	28.080
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	56.798	133	50.485	121	42.377	95	42.282	85	191.941	434	227.077	518	209.367	475	62.85%
No	31.343	57	32.268	71	37.783	68	12.059	30	113.452	226	133.417	270	122.830	248	37.15%
Total	88.141	190	82.753	192	80.159	163	54.341	115	305.394	660	360.493	788	332.197	723	100.00%
Seniority
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
mortgage	0	0	0	0	0	0	0	0	0	0	0	0.610	0.898
senior secured	5.662	5.477	6.231	5.192	5.974	3.146	8.666	1.498	3.880	0.834	4.171	5.471	2.994
secured	0.128	0.425	0	0	0.157	0.914	0.336	0	0	0.209	0	0	0.512
senior	20.149	20.889	22.537	16.972	26.951	18.891	34.947	10.504	15.304	12.903	41.391	19.018	21.549
senior subordinated	0.109	0.013	2.376	0.014	0.762	0.005	1.475	0.623	0.008	0.005	1.240	1.000	0.127
subordinated	2.248	0	0.350	0	0.625	0	0.750	0.999	0	0	0.213	0.162	2.000
Total	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	13.952	47.015	26.261	28.080
	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	1.508	3	1.508	3	1.508	3	1.508	3	0.49%
senior secured	17.397	29	13.309	38	8.886	25	8.465	20	48.056	112	59.195	139	53.533	124	15.74%
secured	0.157	1	1.250	7	0.209	1	0.512	1	2.128	10	2.681	12	2.553	11	0.70%
senior	66.461	143	64.342	134	69.598	130	40.567	87	240.968	494	282.005	583	261.856	540	78.90%
senior subordinated	3.152	14	2.103	11	1.253	5	1.127	2	7.636	32	7.758	41	7.649	36	2.50%
subordinated	0.975	3	1.749	2	0.213	2	2.162	2	5.098	9	7.346	10	5.098	9	1.67%
Total	88.141	190	82.753	192	80.159	163	54.341	115	305.394	660	360.493	788	332.197	723	100.00%
Moody's Rating
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Ba1	0.650	0.500	0	3.094	2.126	1.850	2.103	0.392	0.591	1.053	7.576	1.000	1.800
Ba2	2.086	1.661	5.455	0.579	3.500	4.400	0.826	1.849	0.900	0.750	7.654	3.959	3.655
Ba3	2.344	3.802	8.965	4.373	5.175	3.918	12.077	0.701	1.168	2.106	3.598	6.188	3.453
B1	7.446	2.700	6.155	4.444	9.795	2.620	5.988	4.419	4.222	1.301	10.393	3.283	3.534
B2	3.820	3.642	1.777	4.843	2.700	1.750	5.605	1.432	3.654	0.849	1.996	2.143	1.988
B3	6.892	7.779	2.920	2.089	3.747	1.474	8.663	1.566	3.355	1.248	8.194	2.215	3.180
Caa1	0.992	3.487	3.711	1.934	2.704	2.238	6.489	1.100	3.619	5.462	3.610	2.529	1.350
Caa2	1.088	1.258	1.538	0.615	0	1.050	2.551	2.011	0.737	0	2.654	2.885	1.800
Caa3	0	0	0	0	3.975	0	0	0	0	0.248	0	0	0
NR	2.980	1.975	0.974	0.209	0.746	3.656	1.873	0.153	0.947	0.936	1.340	2.059	7.319
Total	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	13.952	47.015	26.261	28.080
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	5.220	11	4.345	7	9.221	11	2.800	6	21.586	35	22.736	37	22.086	36	7.07%
Ba2	9.534	18	7.075	8	9.304	13	7.614	13	33.526	52	37.273	60	35.187	54	10.98%
Ba3	18.512	31	16.696	28	6.871	12	9.641	12	51.721	83	57.866	95	55.523	89	16.94%
B1	20.394	30	13.026	23	15.916	23	6.817	13	56.153	89	66.299	108	58.853	94	18.39%
B2	9.319	22	8.787	22	6.499	18	4.131	13	28.735	75	36.197	94	32.378	84	9.41%
B3	8.755	25	11.703	32	12.797	29	5.395	17	38.651	103	53.322	132	46.430	119	12.66%
Caa1	8.349	19	9.827	28	12.690	29	3.879	10	34.745	86	39.223	100	38.231	97	11.38%
Caa2	2.153	6	5.611	15	3.390	8	4.685	11	15.840	40	18.186	46	17.098	43	5.19%
Caa3	3.975	4	0	0	0.248	1	0	0	4.223	5	4.223	5	4.223	5	1.38%
NR	1.930	24	5.683	29	3.223	19	9.378	20	20.214	92	25.168	111	22.188	102	6.62%
Total	88.141	190	82.753	192	80.159	163	54.341	115	305.394	660	360.493	788	332.197	723	100.00%
Use of Proceeds
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Acquisition	2.679	4.727	1.798	1.933	0	2.550	4.075	4.642	2.742	0.453	7.993	0.849	3.395
Capex	0.497	0.500	1.500	0	0.543	2.532	0.425	0	0	0	0	0	1.000
Dividend/recap	0.460	2.953	0.421	0.793	0.300	1.300	1.614	1.055	2.275	2.914	0.767	0.990	0.504
Exit financing	0	0	0	0	0	0	0.420	0	0	0	0	0	0
GCP	5.095	4.609	7.069	3.777	1.748	5.835	4.084	0.671	2.193	2.017	10.564	1.369	8.228
LBO	1.305	1.305	1.200	0	3.889	0	0.350	0.850	0.575	1.825	1.325	2.678	0
No proceeds	0.015	0.013	0.016	0.014	0.012	0.005	0	0.013	0.008	0.005	0	5.638	0
Redeem notes	6.473	3.033	6.983	7.159	11.726	3.146	10.131	2.311	1.700	2.947	3.764	4.399	4.163
Refinance	6.669	0.945	3.857	0	4.675	0.650	9.028	0.744	3.595	0.835	5.421	2.785	4.433
Repay bank debt	3.049	2.766	3.850	6.877	9.339	4.332	9.873	2.345	3.640	1.510	2.721	3.717	2.128
Multiple/Other/NA	2.054	5.954	4.801	1.625	2.236	2.607	6.174	0.990	2.464	1.445	14.460	3.837	4.229
Total	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	13.952	47.015	26.261	28.080
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	3.731	8	11.267	16	11.188	16	4.244	12	30.430	52	37.837	68	35.157	62	9.96%
Capex	2.043	3	2.957	9	0	0	1.000	1	6.000	13	6.997	15	6.500	14	1.96%
Dividend/recap	1.514	6	3.969	11	5.957	13	1.494	5	12.933	35	16.346	46	15.886	42	4.23%
Exit financing	0	0	0.420	1	0	0	0	0	0.420	1	0.420	1	0.420	1	0.14%
GCP	12.594	34	10.591	32	14.774	28	9.597	20	47.556	114	57.259	135	52.164	124	15.57%
LBO	5.089	4	1.200	5	3.725	5	2.678	6	12.692	20	15.302	24	13.997	22	4.16%
No proceeds	0.042	10	0.019	6	0.013	4	5.638	5	5.712	25	5.740	33	5.725	29	1.87%
Redeem notes	25.868	46	15.588	34	8.411	21	8.562	17	58.428	118	67.934	132	61.462	122	19.13%
Refinance	8.532	16	10.422	20	9.851	19	7.218	17	36.022	72	43.636	86	36.967	74	11.80%
Repay bank debt	20.067	42	16.550	35	7.871	25	5.846	14	50.333	116	56.148	133	53.099	125	16.48%
Multiple/Other/NA	8.661	21	9.771	23	18.369	32	8.066	18	44.867	94	52.874	115	50.821	108	14.69%
Total	88.141	190	82.753	192	80.159	163	54.341	115	305.394	660	360.493	788	332.197	723	100.00%
Industry Sector (by SIC code)
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Agriculture (0xxx)	0	0.274	0.422	0	0	0	0	0	0	0	0.797	0.300	0
Mining (1xxx)	2.003	1.693	0.300	0	0.699	1.250	2.860	0.153	0	0.596	1.044	0	0
Oil and gas (13xx)	1.748	1.715	3.687	1.497	5.375	4.791	4.645	1.961	1.378	0.898	6.597	1.890	5.474
Construction (15xx)	0.719	0	1.347	0.473	0.400	0.899	0.663	0	0.820	0.300	0.239	0.556	1.457
Manufacturing (2xxx, 3xxx)	6.248	5.645	12.898	5.304	8.843	4.882	9.818	4.171	6.548	2.283	10.001	4.094	6.543
Transportation (4xxx)	0.878	0.822	0.350	0.298	1.100	1.314	1.436	0.225	0.951	0.509	0	0.993	1.462
Communications (48xx)	3.280	4.130	1.600	5.655	9.350	4.411	9.399	0	1.150	2.071	8.151	7.461	3.455
Electric, gas, sanitary services (49xx)	1.349	1.580	2.675	0	0.450	2.612	2.180	1.829	0	0.406	1.640	3.334	3.029
Wholesale (5xxx)	0.566	2.152	2.723	4.412	0.736	1.212	4.324	1.270	2.314	0.626	0.719	3.292	0.784
Finance, insurance, real estate (6xxx)	4.909	2.872	1.899	1.042	3.615	0.786	6.558	2.094	4.590	1.533	4.504	1.816	3.197
Services (7xxx)	5.943	4.322	2.494	3.350	2.300	0.800	2.390	1.920	1.274	4.729	8.722	2.124	1.852
Health services (8xxx)	0.652	1.600	1.100	0.147	1.600	0	1.900	0	0.168	0	4.600	0.400	0.827
Total	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	13.952	47.015	26.261	28.080
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.422	1	0	0	0.797	2	0.300	1	1.519	4	1.793	5	1.793	5	0.50%
Mining (1xxx)	0.999	3	4.263	8	1.640	4	0	0	6.902	15	10.598	24	8.595	19	2.26%
Oil and gas (13xx)	10.559	18	11.397	28	8.873	21	7.365	17	38.194	84	41.657	99	39.909	92	12.51%
Construction (15xx)	2.219	8	1.562	5	1.359	6	2.013	7	7.153	26	7.872	29	7.153	26	2.34%
Manufacturing (2xxx, 3xxx)	27.045	51	18.870	40	18.833	38	10.637	24	75.385	153	87.278	180	81.030	166	24.68%
Transportation (4xxx)	1.748	6	2.975	12	1.460	4	2.455	6	8.638	28	10.338	34	9.460	31	2.83%
Communications (48xx)	16.605	20	13.810	19	11.372	15	10.916	14	52.703	68	60.113	74	56.833	72	17.26%
Electric, gas, sanitary services (49xx)	3.125	4	6.622	13	2.046	3	6.363	13	18.155	33	21.085	39	19.735	35	5.94%
Wholesale (5xxx)	7.871	15	6.806	18	3.659	9	4.076	11	22.412	53	25.130	61	24.564	59	7.34%
Finance, insurance, real estate (6xxx)	6.557	33	9.438	30	10.627	34	5.013	7	31.635	104	39.416	129	34.507	116	10.36%
Services (7xxx)	8.144	23	5.110	16	14.725	24	3.976	11	31.954	74	42.219	91	36.276	82	10.46%
Health services (8xxx)	2.847	8	1.900	3	4.768	3	1.227	4	10.742	18	12.994	23	12.342	20	3.52%
Total	88.141	190	82.753	192	80.159	163	54.341	115	305.394	660	360.493	788	332.197	723	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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