Analysis of high yield issuance for 13 months through January 2013

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

Yield

	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
3.99% and lower	0	0	0	0	1.250	0	0	0.617	0	0.750	0.497	0	0.400
4%-4.99%	1.299	1.500	0	0.350	0.900	1.493	3.416	3.878	4.709	3.207	1.585	3.700	9.408
5%-5.99%	3.355	9.501	11.671	0.963	3.700	0.957	3.857	9.080	12.396	7.425	2.896	6.168	5.467
6%-6.99%	3.724	2.978	6.056	6.207	1.215	1.591	5.286	4.811	13.394	9.870	16.246	4.430	4.228
7%-7.99%	3.897	7.827	6.798	4.595	1.136	0.198	2.014	7.442	4.780	4.138	2.183	3.047	6.733
8%-8.99%	4.822	5.387	1.258	2.925	1.981	1.723	2.871	0.625	3.954	6.288	2.735	5.020	2.039
9%-9.99%	2.166	5.734	3.777	3.536	4.440	0.568	1.263	1.200	3.095	4.290	0.100	3.275	0.651
10%-10.99%	0.250	0.594	0.825	0.249	3.085	1.490	1.761	0.350	1.531	1.352	1.203	0.247	0.950
11%-11.99%	0.125	0.350	0	1.400	0.611	0	0.172	1.420	0.300	1.174	0.160	0.582	0.785
12% and higher	1.035	2.501	1.327	0.674	0.566	0	0.440	0.045	0.145	0	0.676	0.320	0
Floater	0	0	0	0	0	0	0	0	0	0	0	0	0.100
NA	0.690	0.034	1.100	0.033	0	0.550	0.051	0	0.050	0.036	0	0.013	0.833
Total	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
3.99% and lower	0	0	1.250	1	0.617	1	1.247	2	0.400	1	0.400	1	3.514	5	3.514	5	1.27%
4%-4.99%	2.799	3	2.743	4	12.004	18	8.492	15	9.408	18	9.408	18	35.446	58	34.147	56	29.78%
5%-5.99%	24.527	34	5.620	10	25.334	33	16.489	27	5.467	12	5.467	12	77.437	116	74.082	110	17.30%
6%-6.99%	12.758	26	9.013	20	23.491	45	30.546	52	4.228	7	4.228	7	80.037	150	76.313	143	13.38%
7%-7.99%	18.523	39	5.929	17	14.236	31	9.369	28	6.733	15	6.733	15	54.789	130	50.892	121	21.31%
8%-8.99%	11.467	26	6.628	18	7.449	20	14.042	36	2.039	6	2.039	6	41.626	106	36.804	97	6.45%
9%-9.99%	11.677	23	8.544	18	5.558	13	7.665	21	0.651	2	0.651	2	34.095	77	31.929	71	2.06%
10%-10.99%	1.669	8	4.824	13	3.643	8	2.803	7	0.950	1	0.950	1	13.888	37	13.638	36	3.01%
11%-11.99%	0.475	2	2.011	5	1.892	6	1.916	5	0.785	1	0.785	1	7.079	19	6.954	18	2.48%
12% and higher	4.863	15	1.240	6	0.630	5	0.996	6	0	0	0	0	7.732	32	6.696	29	0.00%
Floater	0	0	0	0	0	0	0	0	0.100	1	0.100	1	0.100	1	0.100	1	0.32%
NA	1.824	4	0.583	4	0.101	7	0.049	5	0.833	6	0.833	6	3.391	26	2.701	25	2.64%
Total	90.583	180	48.386	116	94.956	187	93.616	204	31.594	70	31.594	70	359.135	757	337.771	712	100.00%
Versus Talk
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Lower	0	0.384	0	0.208	0	0	3.700	0.950	0	0.782	0.406	0.375	0.650
Low end	9.368	11.560	11.501	9.313	8.017	4.566	6.815	12.202	19.855	16.476	4.707	12.161	15.518
Middle	9.158	18.216	14.647	7.991	5.160	1.740	7.915	11.356	16.826	11.435	8.527	9.276	10.130
High end	0.785	1.029	4.360	0.909	4.296	0	1.424	3.950	6.401	8.518	10.303	1.370	3.252
Higher	0.813	2.250	0	1.198	0.725	0	0.226	0.750	0	0.252	0.728	0	0
NA	1.240	2.967	2.304	1.312	0.685	2.265	1.053	0.261	1.272	1.068	3.608	3.622	2.045
Total	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.384	1	0.208	1	4.650	5	1.563	4	0.650	2	0.650	2	7.455	13	7.455	13	2.06%
Low end	32.430	65	21.896	41	38.872	77	33.344	66	15.518	28	15.518	28	142.060	277	132.692	257	49.12%
Middle	42.021	67	14.891	35	36.096	57	29.239	67	10.130	19	10.130	19	132.377	245	123.220	229	32.06%
High end	6.174	18	5.205	14	11.775	23	20.190	39	3.252	8	3.252	8	46.597	102	45.812	100	10.29%
Higher	3.063	3	1.923	6	0.976	2	0.980	2	0	0	0	0	6.942	13	6.129	11	0.00%
NA	6.511	26	4.262	19	2.586	23	8.299	26	2.045	13	2.045	13	23.703	107	22.463	102	6.47%
Total	90.583	180	48.386	116	94.956	187	93.616	204	31.594	70	31.594	70	359.135	757	337.771	712	100.00%
Upsized?
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Yes	8.651	19.037	13.912	5.940	6.586	2.860	12.830	19.428	26.539	19.706	8.412	11.525	13.081
No	11.147	17.370	18.273	10.066	11.475	5.711	7.786	9.741	15.482	16.159	18.844	14.179	17.559
Downsized	1.565	0	0.627	4.925	0.823	0	0.516	0.300	2.334	2.666	1.025	1.100	0.955
Total	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	41.601	74	15.387	34	58.797	95	39.643	76	13.081	21	13.081	21	168.508	300	159.857	284	41.40%
No	46.790	99	27.251	74	33.009	83	49.182	119	17.559	47	17.559	47	173.791	422	162.644	398	55.58%
Downsized	2.192	7	5.748	8	3.149	9	4.791	9	0.955	2	0.955	2	16.835	35	15.270	30	3.02%
Total	90.583	180	48.386	116	94.956	187	93.616	204	31.594	70	31.594	70	359.135	757	337.771	712	100.00%
Quick Sale?
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Yes	14.031	27.305	24.365	12.193	9.000	5.148	14.619	25.383	29.561	28.590	17.695	17.426	20.401
No	7.333	9.101	8.447	8.738	9.884	3.423	6.512	4.087	14.794	9.942	10.586	9.378	11.194
Total	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	65.701	121	26.341	63	69.562	136	63.710	136	20.401	48	20.401	48	245.715	504	231.684	478	64.57%
No	24.882	59	22.045	53	25.393	51	29.906	68	11.194	22	11.194	22	113.420	253	106.087	234	35.43%
Total	90.583	180	48.386	116	94.956	187	93.616	204	31.594	70	31.594	70	359.135	757	337.771	712	100.00%
Seniority
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
mortgage	0	0	0	0	0	0.088	0	0	0	0	0	0	0
senior secured	5.694	6.847	4.459	7.069	5.558	2.750	2.863	6.533	9.998	7.184	5.662	5.477	6.231
secured	0	0	0	0.244	0	0.126	0	0	0	0	0.128	0.425	0
senior	15.170	26.711	28.028	13.018	13.326	5.084	17.183	20.386	32.684	28.638	20.149	20.889	22.637
senior subordinated	0.500	2.849	0.325	0	0	0.198	1.086	2.550	0.923	2.585	0.094	0.013	2.376
subordinated	0	0	0	0.600	0	0.325	0	0	0.750	0.125	2.248	0	0.350
Total	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0	0	0.088	1	0	0	0	0	0	0	0	0	0.088	1	0.088	1	0.00%
senior secured	17.000	40	15.376	38	19.394	36	18.323	41	6.231	9	6.231	9	76.324	164	70.631	150	19.72%
secured	0	0	0.370	3	0	0	0.553	2	0	0	0	0	0.923	5	0.923	5	0.00%
senior	69.909	134	31.428	71	70.253	134	69.675	151	22.637	53	22.637	53	263.902	543	248.732	513	71.65%
senior subordinated	3.674	6	0.198	1	4.559	15	2.692	8	2.376	7	2.376	7	13.500	37	13.000	36	7.52%
subordinated	0	0	0.925	2	0.750	2	2.373	2	0.350	1	0.350	1	4.398	7	4.398	7	1.11%
Total	90.583	180	48.386	116	94.956	187	93.616	204	31.594	70	31.594	70	359.135	757	337.771	712	100.00%
Moody's Rating
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Ba1	2.304	2.500	2.196	1.200	1.250	1.951	0.500	1.300	1.925	0	0.650	0.500	0
Ba2	3.800	0.700	5.941	1.774	2.400	0.665	1.823	4.053	4.511	2.150	2.086	1.661	5.455
Ba3	4.223	6.984	2.025	1.469	1.475	0.214	1.168	3.543	3.188	3.004	2.344	3.802	8.965
B1	3.621	6.013	8.748	2.970	4.957	1.870	6.177	6.655	12.726	5.475	7.446	2.700	6.155
B2	1.026	7.552	3.606	5.845	2.694	0.665	3.595	4.832	5.859	7.037	3.820	3.642	1.777
B3	3.378	5.837	2.929	5.481	2.672	1.608	3.836	5.090	5.493	9.609	6.892	7.779	2.920
Caa1	2.417	3.840	3.502	1.623	2.347	1.048	3.493	1.597	4.682	8.041	0.992	3.487	3.711
Caa2	0.594	0.582	0.492	0	0.626	0	0.300	0.350	3.643	1.831	1.088	1.258	1.538
Caa3	0	0.831	0	0	0	0	0	0.864	0.460	0.261	0	0	0
NR	0	1.569	3.373	0.568	0.463	0.550	0.240	1.186	1.869	1.122	2.965	1.975	1.074
Total	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	7.000	13	4.401	6	3.725	9	1.150	2	0	0	0	0	16.276	30	13.972	26	0.00%
Ba2	10.441	16	4.839	11	10.388	17	5.897	11	5.455	11	5.455	11	37.019	66	33.219	60	17.27%
Ba3	13.232	24	3.158	8	7.898	15	9.150	17	8.965	15	8.965	15	42.403	79	38.179	68	28.38%
B1	18.382	31	9.798	17	25.557	33	15.621	26	6.155	9	6.155	9	75.512	116	71.891	110	19.48%
B2	12.185	26	9.203	19	14.286	31	14.499	30	1.777	6	1.777	6	51.949	112	50.922	109	5.62%
B3	12.144	27	9.762	25	14.419	28	24.280	53	2.920	9	2.920	9	63.524	142	60.146	134	9.24%
Caa1	9.759	23	5.019	17	9.772	23	12.520	32	3.711	6	3.711	6	40.781	101	38.364	96	11.75%
Caa2	1.667	6	0.626	2	4.293	9	4.177	10	1.538	3	1.538	3	12.301	30	11.708	28	4.87%
Caa3	0.831	2	0	0	1.323	4	0.261	1	0	0	0	0	2.416	7	2.416	7	0.00%
NR	4.942	12	1.581	11	3.295	18	6.062	22	1.074	11	1.074	11	16.954	74	16.954	74	3.40%
Total	90.583	180	48.386	116	94.956	187	93.616	204	31.594	70	31.594	70	359.135	757	337.771	712	100.00%
Use of Proceeds
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Acquisition	2.455	2.580	1.116	2.111	1.700	1.010	2.796	2.700	3.225	8.666	2.679	4.727	1.798
Capex	0.300	0	0.600	0	1.679	0	0	0.450	0	0	0.497	0.500	0
Dividend/recap	0	2.413	0.316	0.275	0.580	0	0	0.305	0.686	3.530	0.460	2.953	0.421
GCP	2.793	3.625	5.232	1.991	4.946	1.952	3.274	4.972	7.873	4.717	5.095	4.503	8.569
LBO	0.730	0.741	0.600	2.958	0.325	0.250	0	0	0.490	1.260	1.305	1.305	1.200
No proceeds	0.775	0.384	0	0	0	0	0.051	0	0	0	0	0.013	0.016
Redeem notes	2.146	5.489	9.362	3.771	0.926	0.665	5.532	3.075	9.694	4.591	6.473	3.033	6.345
Refinance	0.517	4.839	3.371	3.624	1.283	2.073	1.366	2.873	4.505	4.154	6.669	0.945	3.645
Repay bank debt	5.477	10.161	7.859	2.348	3.723	1.758	3.142	6.675	9.456	2.694	3.049	2.766	3.850
Multiple/Other/NA	6.170	6.175	4.356	3.854	3.722	0.863	4.970	8.419	8.425	8.918	2.054	6.060	5.751
Total	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	6.151	11	4.821	10	8.721	17	16.072	28	1.798	4	1.798	4	37.563	70	35.108	65	5.69%
Capex	0.900	2	1.679	2	0.450	1	0.997	2	0	0	0	0	4.026	7	3.726	6	0.00%
Dividend/recap	2.729	5	0.855	4	0.992	4	6.943	19	0.421	1	0.421	1	11.938	33	11.938	33	1.33%
GCP	11.650	28	8.889	22	16.119	34	14.315	30	8.569	20	8.569	20	59.542	134	56.749	127	27.12%
LBO	2.071	4	3.533	5	0.490	1	3.870	7	1.200	2	1.200	2	11.163	19	10.433	17	3.80%
No proceeds	1.159	2	0	0	0.051	6	0.013	4	0.016	4	0.016	4	1.239	16	0.464	15	0.05%
Redeem notes	16.998	33	5.362	11	18.301	35	14.097	22	6.345	12	6.345	12	61.103	113	58.957	110	20.08%
Refinance	8.727	16	6.980	16	8.744	22	11.769	22	3.645	6	3.645	6	39.864	82	39.347	80	11.54%
Repay bank debt	23.498	46	7.829	23	19.273	31	8.509	27	3.850	10	3.850	10	62.959	137	57.482	125	12.19%
Multiple/Other/NA	16.701	33	8.439	23	21.814	36	17.031	43	5.751	11	5.751	11	69.735	146	63.565	134	18.20%
Total	90.583	180	48.386	116	94.956	187	93.616	204	31.594	70	31.594	70	359.135	757	337.771	712	100.00%
Industry Sector (by SIC code)
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Agriculture (0xxx)	0.690	0	0	0	0	0	0	0	0.325	0	0	0.274	0.422
Mining (1xxx)	0.125	0.200	2.865	0.300	2.929	0.740	0	0.260	1.645	0.556	2.003	1.693	0.300
Oil and gas (13xx)	2.660	7.608	4.755	6.616	1.736	0.800	1.905	4.121	4.157	6.165	1.748	1.715	3.687
Construction (15xx)	0.300	0.345	0.850	0.350	0.030	0	1.000	0.182	1.397	0.350	0.719	0	1.347
Manufacturing (2xxx, 3xxx)	6.092	5.407	8.223	4.360	3.542	0.685	5.870	4.025	18.177	6.991	6.248	5.380	12.898
Transportation (4xxx)	0	0.514	0.375	0.244	0.834	0.214	0	0	1.651	0.452	0.878	0.822	0.350
Communications (48xx)	4.458	5.225	0.987	2.502	2.962	1.250	3.373	6.388	4.046	5.003	3.280	4.215	1.600
Electric, gas, sanitary services (49xx)	0.400	1.292	0.938	0	0.250	0.775	0.800	0.864	2.688	1.079	1.349	1.580	2.675
Wholesale (5xxx)	2.001	2.417	0.866	2.501	2.185	1.161	2.083	1.800	2.288	3.804	0.566	2.152	2.723
Finance, insurance, real estate (6xxx)	1.048	4.806	4.908	1.151	2.761	1.726	3.326	5.168	4.006	2.178	4.893	2.872	1.999
Services (7xxx)	3.588	5.546	6.154	1.735	1.332	0.500	1.225	3.062	2.900	7.626	5.943	4.502	2.494
Health services (8xxx)	0	3.047	1.891	1.173	0.325	0.720	1.550	3.600	1.075	4.326	0.652	1.600	1.100
Total	21.363	36.407	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.690	1	0	0	0.325	1	0.274	1	0.422	1	0.422	1	1.711	4	1.021	3	1.34%
Mining (1xxx)	3.190	7	3.969	6	1.905	4	4.252	11	0.300	1	0.300	1	13.616	29	13.491	28	0.95%
Oil and gas (13xx)	15.023	27	9.151	17	10.183	19	9.629	29	3.687	6	3.687	6	47.673	98	45.013	93	11.67%
Construction (15xx)	1.495	4	0.380	2	2.579	9	1.069	4	1.347	5	1.347	5	6.869	24	6.569	23	4.26%
Manufacturing (2xxx, 3xxx)	19.722	44	8.587	20	28.072	48	18.619	41	12.898	24	12.898	24	87.899	177	81.806	164	40.82%
Transportation (4xxx)	0.889	4	1.292	7	1.651	4	2.152	8	0.350	1	0.350	1	6.333	24	6.333	24	1.11%
Communications (48xx)	10.671	17	6.713	11	13.806	23	12.498	15	1.600	3	1.600	3	45.288	69	40.830	60	5.06%
Electric, gas, sanitary services (49xx)	2.630	7	1.025	3	4.352	8	4.009	9	2.675	3	2.675	3	14.690	30	14.290	29	8.47%
Wholesale (5xxx)	5.284	14	5.846	16	6.171	14	6.522	17	2.723	4	2.723	4	26.546	65	24.545	61	8.62%
Finance, insurance, real estate (6xxx)	10.763	19	5.638	15	12.501	33	9.944	29	1.999	11	1.999	11	40.844	107	39.796	104	6.33%
Services (7xxx)	15.288	27	3.567	12	7.187	17	18.072	30	2.494	9	2.494	9	46.607	95	43.019	88	7.89%
Health services (8xxx)	4.938	9	2.218	7	6.225	7	6.578	10	1.100	2	1.100	2	21.059	35	21.059	35	3.48%
Total	90.583	180	48.386	116	94.956	187	93.616	204	31.594	70	31.594	70	359.135	757	337.771	712	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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