Analysis of high yield issuance for 13 months through March 2013

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

Yield

	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
3.99% and lower	0	0	1.250	0	0	0.617	0	0.750	0.497	0	0.400	1.300	1.793
4%-4.99%	0	0.350	0.900	1.493	3.416	3.878	4.709	3.207	1.585	3.700	9.408	2.272	4.850
5%-5.99%	11.671	0.963	3.700	0.957	3.857	9.080	12.396	7.425	2.896	6.168	5.467	7.645	10.528
6%-6.99%	6.056	6.207	1.215	1.591	5.286	4.811	13.394	9.870	16.246	4.430	4.228	3.339	7.640
7%-7.99%	6.798	4.595	1.136	0.198	2.014	7.442	4.780	4.138	2.183	3.047	6.733	2.015	5.973
8%-8.99%	1.258	2.925	1.981	1.723	2.871	0.625	3.954	6.288	2.735	5.020	2.039	1.568	1.543
9%-9.99%	3.777	3.536	4.440	0.568	1.263	1.200	3.095	4.290	0.100	3.275	0.651	1.952	0.774
10%-10.99%	0.825	0.249	3.085	1.490	1.761	0.350	1.531	1.352	1.203	0.247	0.950	0.622	1.604
11%-11.99%	0	1.400	0.611	0	0.172	1.420	0.300	1.174	0.160	0.582	0.785	1.325	0.175
12% and higher	1.327	0.674	0.566	0	0.440	0.045	0.145	0	0.676	0.320	0	0.125	0
Floater	0	0	0	0	0	0	0	0	0	0	0.100	0	0
NA	1.100	0.033	0	0.550	0.051	0	0.050	0.036	0	0.013	0.833	0.014	0.368
Total	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178	35.249
	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	3.493	5	3.493	5	6.607	9	6.607	9	3.92%
4%-4.99%	2.743	4	12.004	18	8.492	15	16.530	30	16.530	30	39.770	67	39.770	67	18.57%
5%-5.99%	5.620	10	25.334	33	16.489	27	23.639	44	23.639	44	82.754	130	71.083	114	26.55%
6%-6.99%	9.013	20	23.491	45	30.546	52	15.207	31	15.207	31	84.314	161	78.257	148	17.08%
7%-7.99%	5.929	17	14.236	31	9.369	28	14.722	31	14.722	31	51.054	125	44.256	107	16.54%
8%-8.99%	6.628	18	7.449	20	14.042	36	5.150	15	5.150	15	34.527	95	33.270	89	5.79%
9%-9.99%	8.544	18	5.558	13	7.665	21	3.377	8	3.377	8	28.922	70	25.145	60	3.79%
10%-10.99%	4.824	13	3.643	8	2.803	7	3.176	6	3.176	6	15.270	37	14.445	34	3.57%
11%-11.99%	2.011	5	1.892	6	1.916	5	2.285	4	2.285	4	8.104	20	8.104	20	2.57%
12% and higher	1.240	6	0.630	5	0.996	6	0.125	1	0.125	1	4.319	24	2.991	18	0.14%
Floater	0	0	0	0	0	0	0.100	1	0.100	1	0.100	1	0.100	1	0.11%
NA	0.583	4	0.101	7	0.049	5	1.216	14	1.216	14	3.049	32	1.949	30	1.37%
Total	48.386	116	94.956	187	93.616	204	89.021	190	89.021	190	358.791	771	325.979	697	100.00%
Versus Talk
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Lower	0	0.208	0	0	3.700	0.950	0	0.782	0.406	0.375	0.650	0	1.900
Low end	11.501	9.313	8.017	4.566	6.815	12.202	19.855	16.476	4.707	12.161	15.518	9.032	13.862
Middle	14.647	7.991	5.160	1.740	7.915	11.356	16.826	11.435	8.527	9.276	10.130	9.283	13.104
High end	4.360	0.909	4.296	0	1.424	3.950	6.401	8.518	10.303	1.370	3.252	2.728	2.869
Higher	0	1.198	0.725	0	0.226	0.750	0	0.252	0.728	0	0	0.797	0
NA	2.304	1.312	0.685	2.265	1.053	0.261	1.272	1.068	3.608	3.622	2.045	0.339	3.513
Total	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178	35.249
	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	2.550	5	2.550	5	8.971	15	8.971	15	2.86%
Low end	21.896	41	38.872	77	33.344	66	38.412	73	38.412	73	144.026	282	132.525	257	43.15%
Middle	14.891	35	36.096	57	29.239	67	32.517	57	32.517	57	127.390	244	112.743	216	36.53%
High end	5.205	14	11.775	23	20.190	39	8.848	20	8.848	20	50.379	107	46.020	96	9.94%
Higher	1.923	6	0.976	2	0.980	2	0.797	2	0.797	2	4.676	12	4.676	12	0.90%
NA	4.262	19	2.586	23	8.299	26	5.897	33	5.897	33	23.348	111	21.044	101	6.62%
Total	48.386	116	94.956	187	93.616	204	89.021	190	89.021	190	358.791	771	325.979	697	100.00%
Upsized?
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Yes	13.912	5.940	6.586	2.860	12.830	19.428	26.539	19.706	8.412	11.525	13.081	7.173	16.685
No	18.273	10.066	11.475	5.711	7.786	9.741	15.482	16.159	18.844	14.179	17.559	14.355	17.600
Downsized	0.627	4.925	0.823	0	0.516	0.300	2.334	2.666	1.025	1.100	0.955	0.650	0.964
Total	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178	35.249
	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	36.939	59	36.939	59	164.678	295	150.766	264	41.49%
No	27.251	74	33.009	83	49.182	119	49.513	126	49.513	126	177.229	443	158.956	402	55.62%
Downsized	5.748	8	3.149	9	4.791	9	2.569	5	2.569	5	16.884	33	16.257	31	2.89%
Total	48.386	116	94.956	187	93.616	204	89.021	190	89.021	190	358.791	771	325.979	697	100.00%
Quick Sale?
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Yes	24.365	12.193	9.000	5.148	14.619	25.383	29.561	28.590	17.695	17.426	20.401	17.586	20.166
No	8.447	8.738	9.884	3.423	6.512	4.087	14.794	9.942	10.586	9.378	11.194	4.592	15.082
Total	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178	35.249
	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	58.153	134	58.153	134	242.131	520	217.766	469	65.33%
No	22.045	53	25.393	51	29.906	68	30.868	56	30.868	56	116.660	251	108.213	228	34.67%
Total	48.386	116	94.956	187	93.616	204	89.021	190	89.021	190	358.791	771	325.979	697	100.00%
Seniority
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
mortgage	0	0	0	0.088	0	0	0	0	0	0	0	0	0
senior secured	4.459	7.069	5.558	2.750	2.863	6.533	9.998	7.184	5.662	5.477	6.231	5.192	5.974
secured	0	0.244	0	0.126	0	0	0	0	0.128	0.425	0	0	0.157
senior	28.028	13.018	13.326	5.084	17.183	20.386	32.684	28.638	20.149	20.889	22.637	16.972	27.732
senior subordinated	0.325	0	0	0.198	1.086	2.550	0.923	2.585	0.094	0.013	2.376	0.014	0.762
subordinated	0	0.600	0	0.325	0	0	0.750	0.125	2.248	0	0.350	0	0.625
Total	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178	35.249
	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	17.397	29	17.397	29	74.949	157	70.490	144	19.54%
secured	0.370	3	0	0	0.553	2	0.157	1	0.157	1	1.079	6	1.079	6	0.18%
senior	31.428	71	70.253	134	69.675	151	67.341	143	67.341	143	266.725	559	238.697	499	75.65%
senior subordinated	0.198	1	4.559	15	2.692	8	3.152	14	3.152	14	10.926	39	10.601	38	3.54%
subordinated	0.925	2	0.750	2	2.373	2	0.975	3	0.975	3	5.023	9	5.023	9	1.10%
Total	48.386	116	94.956	187	93.616	204	89.021	190	89.021	190	358.791	771	325.979	697	100.00%
Moody's Rating
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Ba1	2.196	1.200	1.250	1.951	0.500	1.300	1.925	0	0.650	0.500	0	3.094	2.100
Ba2	5.941	1.774	2.400	0.665	1.823	4.053	4.511	2.150	2.086	1.661	5.455	0.579	3.500
Ba3	2.025	1.469	1.475	0.214	1.168	3.543	3.188	3.004	2.344	3.802	8.965	4.373	5.175
B1	8.748	2.970	4.957	1.870	6.177	6.655	12.726	5.475	7.446	2.700	6.155	4.444	9.795
B2	3.606	5.845	2.694	0.665	3.595	4.832	5.859	7.037	3.820	3.642	1.777	4.843	2.700
B3	2.929	5.481	2.672	1.608	3.836	5.090	5.493	9.609	6.892	7.779	2.920	2.089	3.747
Caa1	3.502	1.623	2.347	1.048	3.493	1.597	4.682	8.041	0.992	3.487	3.711	1.934	2.704
Caa2	0.492	0	0.626	0	0.300	0.350	3.643	1.831	1.088	1.258	1.538	0.615	0
Caa3	0	0	0	0	0	0.864	0.460	0.261	0	0	0	0	3.500
NR	3.373	0.568	0.463	0.550	0.240	1.186	1.869	1.122	2.965	1.975	1.074	0.209	2.027
Total	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178	35.249
	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	5.194	10	5.194	10	16.665	32	14.469	27	5.83%
Ba2	4.839	11	10.388	17	5.897	11	9.534	18	9.534	18	36.598	65	30.657	57	10.71%
Ba3	3.158	8	7.898	15	9.150	17	18.512	31	18.512	31	40.743	76	38.718	71	20.80%
B1	9.798	17	25.557	33	15.621	26	20.394	30	20.394	30	80.118	122	71.370	106	22.91%
B2	9.203	19	14.286	31	14.499	30	9.319	22	9.319	22	50.913	116	47.307	102	10.47%
B3	9.762	25	14.419	28	24.280	53	8.755	25	8.755	25	60.145	140	57.216	131	9.83%
Caa1	5.019	17	9.772	23	12.520	32	8.349	19	8.349	19	39.162	99	35.659	91	9.38%
Caa2	0.626	2	4.293	9	4.177	10	2.153	6	2.153	6	11.741	29	11.249	27	2.42%
Caa3	0	0	1.323	4	0.261	1	3.500	3	3.500	3	5.085	8	5.085	8	3.93%
NR	1.581	11	3.295	18	6.062	22	3.311	26	3.311	26	17.622	84	14.249	77	3.72%
Total	48.386	116	94.956	187	93.616	204	89.021	190	89.021	190	358.791	771	325.979	697	100.00%
Use of Proceeds
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Acquisition	1.116	2.111	1.700	1.010	2.796	2.700	3.225	8.666	2.679	4.727	1.798	1.933	3.100
Capex	0.600	0	1.679	0	0	0.450	0	0	0.497	0.500	1.500	0	0.543
Dividend/recap	0.316	0.275	0.580	0	0	0.305	0.686	3.530	0.460	2.953	0.421	0.793	0.300
GCP	5.232	1.991	4.946	1.952	3.274	4.972	7.873	4.717	5.095	4.609	7.069	3.777	3.030
LBO	0.600	2.958	0.325	0.250	0	0	0.490	1.260	1.305	1.305	1.200	0	0.789
No proceeds	0	0	0	0	0.051	0	0	0	0	0.013	0.016	0.014	0.012
Redeem notes	9.362	3.771	0.926	0.665	5.532	3.075	9.694	4.591	6.473	3.033	6.983	7.509	7.750
Refinance	3.371	3.624	1.283	2.073	1.366	3.623	4.505	4.154	6.669	0.945	3.857	0	4.900
Repay bank debt	7.859	2.348	3.723	1.758	3.142	6.675	9.456	2.694	3.049	2.766	3.850	6.527	9.339
Multiple/Other/NA	4.356	3.854	3.722	0.863	4.970	7.669	8.425	8.918	2.054	5.954	4.901	1.625	5.486
Total	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178	35.249
	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	6.831	9	6.831	9	37.562	66	36.446	64	7.67%
Capex	1.679	2	0.450	1	0.997	2	2.043	3	2.043	3	5.770	9	5.170	8	2.29%
Dividend/recap	0.855	4	0.992	4	6.943	19	1.514	6	1.514	6	10.618	35	10.303	33	1.70%
GCP	8.889	22	16.119	34	14.420	31	13.875	35	13.875	35	58.536	134	53.304	122	15.59%
LBO	3.533	5	0.490	1	3.870	7	1.989	3	1.989	3	10.482	17	9.882	16	2.23%
No proceeds	0	0	0.051	6	0.013	4	0.042	10	0.042	10	0.106	20	0.106	20	0.05%
Redeem notes	5.362	11	18.301	35	14.097	22	22.242	42	22.242	42	69.364	130	60.002	110	24.98%
Refinance	6.980	16	9.494	23	11.769	22	8.757	17	8.757	17	40.371	86	36.999	78	9.84%
Repay bank debt	7.829	23	19.273	31	8.509	27	19.717	41	19.717	41	63.187	141	55.328	122	22.15%
Multiple/Other/NA	8.439	23	21.064	35	16.926	42	12.011	24	12.011	24	62.796	133	58.440	124	13.49%
Total	48.386	116	94.956	187	93.616	204	89.021	190	89.021	190	358.791	771	325.979	697	100.00%
Industry Sector (by SIC code)
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Agriculture (0xxx)	0	0	0	0	0	0	0.325	0	0	0.274	0.422	0	0
Mining (1xxx)	2.865	0.300	2.929	0.740	0	0.260	1.645	0.556	2.003	1.693	0.300	0	0.699
Oil and gas (13xx)	4.755	6.616	1.736	0.800	1.905	4.121	4.157	6.165	1.748	1.715	3.687	1.497	5.375
Construction (15xx)	0.850	0.350	0.030	0	1.000	0.182	1.397	0.350	0.719	0	1.347	0.473	0.400
Manufacturing (2xxx, 3xxx)	8.223	4.360	3.542	0.685	5.870	4.025	18.177	7.266	6.248	5.645	12.898	5.304	8.843
Transportation (4xxx)	0.375	0.244	0.834	0.214	0	0	1.651	0.452	0.878	0.822	0.350	0.298	1.100
Communications (48xx)	0.987	2.502	2.962	1.250	3.373	6.388	4.046	5.003	3.280	4.130	1.600	5.655	9.350
Electric, gas, sanitary services (49xx)	0.938	0	0.250	0.775	0.800	0.864	2.688	1.079	1.349	1.580	2.675	0	0.450
Wholesale (5xxx)	0.866	2.501	2.185	1.161	2.083	1.800	2.288	3.804	0.566	2.152	2.723	4.412	0.710
Finance, insurance, real estate (6xxx)	4.908	1.151	2.761	1.726	3.326	5.168	4.006	2.178	4.893	2.872	1.999	1.042	4.897
Services (7xxx)	6.154	1.735	1.332	0.500	1.225	3.062	2.900	7.351	5.943	4.322	2.494	3.350	2.300
Health services (8xxx)	1.891	1.173	0.325	0.720	1.550	3.600	1.075	4.326	0.652	1.600	1.100	0.147	1.125
Total	32.812	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178	35.249
	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	0.47%
Mining (1xxx)	3.969	6	1.905	4	4.252	11	0.999	3	0.999	3	13.989	28	11.124	24	1.12%
Oil and gas (13xx)	9.151	17	10.183	19	9.629	29	10.559	18	10.559	18	44.278	95	39.522	83	11.86%
Construction (15xx)	0.380	2	2.579	9	1.069	4	2.219	8	2.219	8	7.097	25	6.247	23	2.49%
Manufacturing (2xxx, 3xxx)	8.587	20	28.072	48	19.159	43	27.045	51	27.045	51	91.086	183	82.863	162	30.38%
Transportation (4xxx)	1.292	7	1.651	4	2.152	8	1.748	6	1.748	6	7.217	26	6.842	25	1.96%
Communications (48xx)	6.713	11	13.806	23	12.413	14	16.605	20	16.605	20	50.525	71	49.537	68	18.65%
Electric, gas, sanitary services (49xx)	1.025	3	4.352	8	4.009	9	3.125	4	3.125	4	13.448	27	12.511	24	3.51%
Wholesale (5xxx)	5.846	16	6.171	14	6.522	17	7.845	14	7.845	14	27.250	64	26.384	61	8.81%
Finance, insurance, real estate (6xxx)	5.638	15	12.501	33	9.944	29	7.938	35	7.938	35	40.928	122	36.020	112	8.92%
Services (7xxx)	3.567	12	7.187	17	17.616	29	8.144	23	8.144	23	42.668	92	36.514	81	9.15%
Health services (8xxx)	2.218	7	6.225	7	6.578	10	2.372	7	2.372	7	19.285	35	17.394	31	2.66%
Total	48.386	116	94.956	187	93.616	204	89.021	190	89.021	190	358.791	771	325.979	697	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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