Analysis of high yield issuance for 13 months through February 2013

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

Yield

	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
3.99% and lower	0	0	0	1.250	0	0	0.617	0	0.750	0.497	0	0.400	1.300
4%-4.99%	1.500	0	0.350	0.900	1.493	3.416	3.878	4.709	3.207	1.585	3.700	9.408	2.272
5%-5.99%	9.501	11.671	0.963	3.700	0.957	3.857	9.080	12.396	7.425	2.896	6.168	5.467	7.645
6%-6.99%	2.978	6.056	6.207	1.215	1.591	5.286	4.811	13.394	9.870	16.246	4.430	4.228	3.339
7%-7.99%	7.827	6.798	4.595	1.136	0.198	2.014	7.442	4.780	4.138	2.183	3.047	6.733	2.015
8%-8.99%	5.387	1.258	2.925	1.981	1.723	2.871	0.625	3.954	6.288	2.735	5.020	2.039	1.568
9%-9.99%	5.734	3.777	3.536	4.440	0.568	1.263	1.200	3.095	4.290	0.100	3.275	0.651	1.952
10%-10.99%	0.594	0.825	0.249	3.085	1.490	1.761	0.350	1.531	1.352	1.203	0.247	0.950	0.622
11%-11.99%	0.350	0	1.400	0.611	0	0.172	1.420	0.300	1.174	0.160	0.582	0.785	1.325
12% and higher	2.501	1.327	0.674	0.566	0	0.440	0.045	0.145	0	0.676	0.320	0	0.125
Floater	0	0	0	0	0	0	0	0	0	0	0	0.100	0
NA	0.034	1.100	0.033	0	0.550	0.051	0	0.050	0.036	0	0.013	0.833	0.014
Total	36.407	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178
	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	1.250	1	0.617	1	1.247	2	1.700	3	1.700	3	4.814	7	4.814	7	3.16%
4%-4.99%	2.743	4	12.004	18	8.492	15	11.680	24	11.680	24	36.420	62	34.920	61	21.72%
5%-5.99%	5.620	10	25.334	33	16.489	27	13.111	25	13.111	25	81.727	123	73.026	112	24.38%
6%-6.99%	9.013	20	23.491	45	30.546	52	7.567	14	7.567	14	79.652	150	76.674	144	14.07%
7%-7.99%	5.929	17	14.236	31	9.369	28	8.749	21	8.749	21	52.908	127	45.080	115	16.27%
8%-8.99%	6.628	18	7.449	20	14.042	36	3.607	12	3.607	12	38.372	103	32.984	92	6.71%
9%-9.99%	8.544	18	5.558	13	7.665	21	2.603	5	2.603	5	33.882	74	28.148	67	4.84%
10%-10.99%	4.824	13	3.643	8	2.803	7	1.572	4	1.572	4	14.261	39	13.666	35	2.92%
11%-11.99%	2.011	5	1.892	6	1.916	5	2.110	3	2.110	3	8.279	20	7.929	19	3.92%
12% and higher	1.240	6	0.630	5	0.996	6	0.125	1	0.125	1	6.821	30	4.319	24	0.23%
Floater	0	0	0	0	0	0	0.100	1	0.100	1	0.100	1	0.100	1	0.19%
NA	0.583	4	0.101	7	0.049	5	0.848	8	0.848	8	2.715	27	2.681	26	1.58%
Total	48.386	116	94.956	187	93.616	204	53.773	121	53.773	121	359.950	763	324.343	703	100.00%
Versus Talk
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Lower	0.384	0	0.208	0	0	3.700	0.950	0	0.782	0.406	0.375	0.650	0
Low end	11.560	11.501	9.313	8.017	4.566	6.815	12.202	19.855	16.476	4.707	12.161	15.518	9.032
Middle	18.216	14.647	7.991	5.160	1.740	7.915	11.356	16.826	11.435	8.527	9.276	10.130	9.283
High end	1.029	4.360	0.909	4.296	0	1.424	3.950	6.401	8.518	10.303	1.370	3.252	2.728
Higher	2.250	0	1.198	0.725	0	0.226	0.750	0	0.252	0.728	0	0	0.797
NA	2.967	2.304	1.312	0.685	2.265	1.053	0.261	1.272	1.068	3.608	3.622	2.045	0.339
Total	36.407	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.208	1	4.650	5	1.563	4	0.650	2	0.650	2	7.455	13	7.071	12	1.21%
Low end	21.896	41	38.872	77	33.344	66	24.550	45	24.550	45	141.724	274	130.964	255	45.65%
Middle	14.891	35	36.096	57	29.239	67	19.413	40	19.413	40	132.503	250	114.287	227	36.10%
High end	5.205	14	11.775	23	20.190	39	5.979	14	5.979	14	48.539	106	47.510	101	11.12%
Higher	1.923	6	0.976	2	0.980	2	0.797	2	0.797	2	6.926	13	4.676	12	1.48%
NA	4.262	19	2.586	23	8.299	26	2.384	18	2.384	18	22.802	107	19.835	96	4.43%
Total	48.386	116	94.956	187	93.616	204	53.773	121	53.773	121	359.950	763	324.343	703	100.00%
Upsized?
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Yes	19.037	13.912	5.940	6.586	2.860	12.830	19.428	26.539	19.706	8.412	11.525	13.081	7.173
No	17.370	18.273	10.066	11.475	5.711	7.786	9.741	15.482	16.159	18.844	14.179	17.559	14.355
Downsized	0	0.627	4.925	0.823	0	0.516	0.300	2.334	2.666	1.025	1.100	0.955	0.650
Total	36.407	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	15.387	34	58.797	95	39.643	76	20.254	37	20.254	37	167.031	300	148.794	274	37.67%
No	27.251	74	33.009	83	49.182	119	31.913	81	31.913	81	176.999	432	159.629	398	59.35%
Downsized	5.748	8	3.149	9	4.791	9	1.605	3	1.605	3	15.920	31	15.920	31	2.98%
Total	48.386	116	94.956	187	93.616	204	53.773	121	53.773	121	359.950	763	324.343	703	100.00%
Quick Sale?
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Yes	27.305	24.365	12.193	9.000	5.148	14.619	25.383	29.561	28.590	17.695	17.426	20.401	17.586
No	9.101	8.447	8.738	9.884	3.423	6.512	4.087	14.794	9.942	10.586	9.378	11.194	4.592
Total	36.407	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	26.341	63	69.562	136	63.710	136	37.987	88	37.987	88	249.270	518	222.765	475	70.64%
No	22.045	53	25.393	51	29.906	68	15.786	33	15.786	33	110.679	245	101.578	228	29.36%
Total	48.386	116	94.956	187	93.616	204	53.773	121	53.773	121	359.950	763	324.343	703	100.00%
Seniority
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
mortgage	0	0	0	0	0.088	0	0	0	0	0	0	0	0
senior secured	6.847	4.459	7.069	5.558	2.750	2.863	6.533	9.998	7.184	5.662	5.477	6.231	5.192
secured	0	0	0.244	0	0.126	0	0	0	0	0.128	0.425	0	0
senior	26.711	28.028	13.018	13.326	5.084	17.183	20.386	32.684	28.638	20.149	20.889	22.637	16.972
senior subordinated	2.849	0.325	0	0	0.198	1.086	2.550	0.923	2.585	0.094	0.013	2.376	0.014
subordinated	0	0	0.600	0	0.325	0	0	0.750	0.125	2.248	0	0.350	0
Total	36.407	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0.088	1	0	0	0	0	0	0	0	0	0.088	1	0.088	1	0.00%
senior secured	15.376	38	19.394	36	18.323	41	11.423	20	11.423	20	75.823	161	68.976	148	21.24%
secured	0.370	3	0	0	0.553	2	0	0	0	0	0.923	5	0.923	5	0.00%
senior	31.428	71	70.253	134	69.675	151	39.609	91	39.609	91	265.704	551	239.793	508	73.66%
senior subordinated	0.198	1	4.559	15	2.692	8	2.390	9	2.390	9	13.014	38	10.165	34	4.44%
subordinated	0.925	2	0.750	2	2.373	2	0.350	1	0.350	1	4.398	7	4.398	7	0.65%
Total	48.386	116	94.956	187	93.616	204	53.773	121	53.773	121	359.950	763	324.343	703	100.00%
Moody's Rating
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Ba1	2.500	2.196	1.200	1.250	1.951	0.500	1.300	1.925	0	0.650	0.500	0	3.094
Ba2	0.700	5.941	1.774	2.400	0.665	1.823	4.053	4.511	2.150	2.086	1.661	5.455	0.579
Ba3	6.984	2.025	1.469	1.475	0.214	1.168	3.543	3.188	3.004	2.344	3.802	8.965	4.373
B1	6.013	8.748	2.970	4.957	1.870	6.177	6.655	12.726	5.475	7.446	2.700	6.155	4.444
B2	7.552	3.606	5.845	2.694	0.665	3.595	4.832	5.859	7.037	3.820	3.642	1.777	4.843
B3	5.837	2.929	5.481	2.672	1.608	3.836	5.090	5.493	9.609	6.892	7.779	2.920	2.089
Caa1	3.840	3.502	1.623	2.347	1.048	3.493	1.597	4.682	8.041	0.992	3.487	3.711	1.934
Caa2	0.582	0.492	0	0.626	0	0.300	0.350	3.643	1.831	1.088	1.258	1.538	0.615
Caa3	0.831	0	0	0	0	0	0.864	0.460	0.261	0	0	0	0
NR	1.569	3.373	0.568	0.463	0.550	0.240	1.186	1.869	1.122	2.965	1.975	1.074	0.209
Total	36.407	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	4.401	6	3.725	9	1.150	2	3.094	5	3.094	5	17.065	31	15.365	28	5.75%
Ba2	4.839	11	10.388	17	5.897	11	6.034	13	6.034	13	33.798	62	33.098	60	11.22%
Ba3	3.158	8	7.898	15	9.150	17	13.337	22	13.337	22	42.552	75	35.568	67	24.80%
B1	9.798	17	25.557	33	15.621	26	10.599	19	10.599	19	76.335	120	70.322	111	19.71%
B2	9.203	19	14.286	31	14.499	30	6.619	14	6.619	14	55.765	117	48.213	108	12.31%
B3	9.762	25	14.419	28	24.280	53	5.008	15	5.008	15	62.235	140	56.398	130	9.31%
Caa1	5.019	17	9.772	23	12.520	32	5.645	12	5.645	12	40.298	102	36.458	92	10.50%
Caa2	0.626	2	4.293	9	4.177	10	2.153	6	2.153	6	12.323	31	11.741	29	4.00%
Caa3	0	0	1.323	4	0.261	1	0	0	0	0	2.416	7	1.585	5	0.00%
NR	1.581	11	3.295	18	6.062	22	1.284	15	1.284	15	17.163	78	15.594	73	2.39%
Total	48.386	116	94.956	187	93.616	204	53.773	121	53.773	121	359.950	763	324.343	703	100.00%
Use of Proceeds
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Acquisition	2.580	1.116	2.111	1.700	1.010	2.796	2.700	3.225	8.666	2.679	4.727	1.798	1.933
Capex	0	0.600	0	1.679	0	0	0.450	0	0	0.497	0.500	1.500	0
Dividend/recap	2.413	0.316	0.275	0.580	0	0	0.305	0.686	3.530	0.460	2.953	0.421	0.793
GCP	3.625	5.232	1.991	4.946	1.952	3.274	4.972	7.873	4.717	5.095	4.609	7.069	3.777
LBO	0.741	0.600	2.958	0.325	0.250	0	0	0.490	1.260	1.305	1.305	1.200	0
No proceeds	0.384	0	0	0	0	0.051	0	0	0	0	0.013	0.016	0.014
Redeem notes	5.489	9.362	3.771	0.926	0.665	5.532	3.075	9.694	4.591	6.473	3.033	6.983	7.509
Refinance	4.839	3.371	3.624	1.283	2.073	1.366	2.873	4.505	4.154	6.669	0.945	3.857	0
Repay bank debt	10.161	7.859	2.348	3.723	1.758	3.142	6.675	9.456	2.694	3.049	2.766	3.850	6.527
Multiple/Other/NA	6.175	4.356	3.854	3.722	0.863	4.970	8.419	8.425	8.918	2.054	5.954	4.901	1.625
Total	36.407	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	4.821	10	8.721	17	16.072	28	3.731	8	3.731	8	37.042	69	34.462	65	6.94%
Capex	1.679	2	0.450	1	0.997	2	1.500	1	1.500	1	5.226	7	5.226	7	2.79%
Dividend/recap	0.855	4	0.992	4	6.943	19	1.214	5	1.214	5	12.731	37	10.318	34	2.26%
GCP	8.889	22	16.119	34	14.420	31	10.845	27	10.845	27	59.131	135	55.506	126	20.17%
LBO	3.533	5	0.490	1	3.870	7	1.200	2	1.200	2	10.433	17	9.693	16	2.23%
No proceeds	0	0	0.051	6	0.013	4	0.030	6	0.030	6	0.479	17	0.094	16	0.06%
Redeem notes	5.362	11	18.301	35	14.097	22	14.492	28	14.492	28	67.104	126	61.614	116	26.95%
Refinance	6.980	16	8.744	22	11.769	22	3.857	6	3.857	6	39.559	80	34.721	74	7.17%
Repay bank debt	7.829	23	19.273	31	8.509	27	10.378	25	10.378	25	64.010	140	53.848	125	19.30%
Multiple/Other/NA	8.439	23	21.814	36	16.926	42	6.526	13	6.526	13	64.235	135	58.860	124	12.14%
Total	48.386	116	94.956	187	93.616	204	53.773	121	53.773	121	359.950	763	324.343	703	100.00%
Industry Sector (by SIC code)
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Agriculture (0xxx)	0	0	0	0	0	0	0	0.325	0	0	0.274	0.422	0
Mining (1xxx)	0.200	2.865	0.300	2.929	0.740	0	0.260	1.645	0.556	2.003	1.693	0.300	0
Oil and gas (13xx)	7.608	4.755	6.616	1.736	0.800	1.905	4.121	4.157	6.165	1.748	1.715	3.687	1.497
Construction (15xx)	0.345	0.850	0.350	0.030	0	1.000	0.182	1.397	0.350	0.719	0	1.347	0.473
Manufacturing (2xxx, 3xxx)	5.407	8.223	4.360	3.542	0.685	5.870	4.025	18.177	7.266	6.248	5.645	12.898	5.304
Transportation (4xxx)	0.514	0.375	0.244	0.834	0.214	0	0	1.651	0.452	0.878	0.822	0.350	0.298
Communications (48xx)	5.225	0.987	2.502	2.962	1.250	3.373	6.388	4.046	5.003	3.280	4.215	1.600	5.655
Electric, gas, sanitary services (49xx)	1.292	0.938	0	0.250	0.775	0.800	0.864	2.688	1.079	1.349	1.580	2.675	0
Wholesale (5xxx)	2.417	0.866	2.501	2.185	1.161	2.083	1.800	2.288	3.804	0.566	2.152	2.723	4.412
Finance, insurance, real estate (6xxx)	4.806	4.908	1.151	2.761	1.726	3.326	5.168	4.006	2.178	4.893	2.872	1.999	1.042
Services (7xxx)	5.546	6.154	1.735	1.332	0.500	1.225	3.062	2.900	7.351	5.943	4.237	2.494	3.350
Health services (8xxx)	3.047	1.891	1.173	0.325	0.720	1.550	3.600	1.075	4.326	0.652	1.600	1.100	0.147
Total	36.407	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178
	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	0	0.325	1	0.274	1	0.422	1	0.422	1	1.021	3	1.021	3	0.78%
Mining (1xxx)	3.969	6	1.905	4	4.252	11	0.300	1	0.300	1	13.491	28	13.291	26	0.56%
Oil and gas (13xx)	9.151	17	10.183	19	9.629	29	5.184	10	5.184	10	46.510	97	38.903	87	9.64%
Construction (15xx)	0.380	2	2.579	9	1.069	4	1.819	7	1.819	7	7.042	25	6.697	24	3.38%
Manufacturing (2xxx, 3xxx)	8.587	20	28.072	48	19.159	43	18.202	35	18.202	35	87.650	177	82.243	167	33.85%
Transportation (4xxx)	1.292	7	1.651	4	2.152	8	0.648	2	0.648	2	6.631	25	6.117	22	1.21%
Communications (48xx)	6.713	11	13.806	23	12.498	15	7.255	12	7.255	12	46.485	69	42.060	65	13.49%
Electric, gas, sanitary services (49xx)	1.025	3	4.352	8	4.009	9	2.675	3	2.675	3	14.290	29	12.998	26	4.97%
Wholesale (5xxx)	5.846	16	6.171	14	6.522	17	7.135	12	7.135	12	28.957	69	26.540	62	13.27%
Finance, insurance, real estate (6xxx)	5.638	15	12.501	33	9.944	29	3.042	19	3.042	19	40.838	112	36.032	106	5.66%
Services (7xxx)	3.567	12	7.187	17	17.532	28	5.844	16	5.844	16	45.829	93	40.283	84	10.87%
Health services (8xxx)	2.218	7	6.225	7	6.578	10	1.247	3	1.247	3	21.206	36	18.160	31	2.32%
Total	48.386	116	94.956	187	93.616	204	53.773	121	53.773	121	359.950	763	324.343	703	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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