Analysis of high yield issuance for 13 months through April 2013

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

Yield

	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
3.99% and lower	0	1.250	0	0	0.617	0	0.750	0.497	0	0.400	1.300	1.793	1.600
4%-4.99%	0.350	0.900	1.493	3.416	3.878	4.709	3.207	1.585	3.700	9.408	2.272	4.850	6.650
5%-5.99%	0.963	3.700	0.957	3.857	9.080	12.396	7.425	2.896	6.168	5.467	7.645	10.528	6.437
6%-6.99%	6.207	1.215	1.591	5.286	4.811	13.394	9.870	16.246	4.430	4.228	3.339	7.652	2.289
7%-7.99%	4.595	1.136	0.198	2.014	7.442	4.780	4.138	2.183	3.047	6.733	2.015	5.973	2.206
8%-8.99%	2.925	1.981	1.723	2.871	0.625	3.954	6.288	2.735	5.020	2.039	1.568	1.543	1.175
9%-9.99%	3.536	4.440	0.568	1.263	1.200	3.095	4.290	0.100	3.275	0.651	1.952	0.774	0.162
10%-10.99%	0.249	3.085	1.490	1.761	0.350	1.531	1.352	1.203	0.247	0.950	0.622	1.604	0
11%-11.99%	1.400	0.611	0	0.172	1.420	0.300	1.174	0.160	0.582	0.785	1.325	0.175	0.051
12% and higher	0.674	0.566	0	0.440	0.045	0.145	0	0.676	0.320	0	0.125	0	0
Floater	0	0	0	0	0	0	0	0	0	0.100	0	0	0.200
NA	0.033	0	0.550	0.051	0	0.050	0.036	0	0.013	0.833	0.014	0.368	1.436
Total	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178	35.261	22.206
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	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	1.600	3	5.093	8	8.207	12	8.207	12	4.58%
4%-4.99%	2.743	4	12.004	18	8.492	15	16.530	30	6.650	10	23.180	40	46.420	77	46.070	76	20.84%
5%-5.99%	5.620	10	25.334	33	16.489	27	23.639	44	6.437	11	30.076	55	77.520	125	76.557	121	27.04%
6%-6.99%	9.013	20	23.491	45	30.546	52	15.219	31	2.289	6	17.508	37	80.559	154	74.352	142	15.74%
7%-7.99%	5.929	17	14.236	31	9.369	28	14.722	31	2.206	8	16.928	39	46.462	115	41.867	104	15.22%
8%-8.99%	6.628	18	7.449	20	14.042	36	5.150	15	1.175	2	6.325	17	34.445	91	31.520	83	5.69%
9%-9.99%	8.544	18	5.558	13	7.665	21	3.377	8	0.162	1	3.539	9	25.306	61	21.771	55	3.18%
10%-10.99%	4.824	13	3.643	8	2.803	7	3.176	6	0	0	3.176	6	14.445	34	14.197	33	2.86%
11%-11.99%	2.011	5	1.892	6	1.916	5	2.285	4	0.051	1	2.337	5	8.156	21	6.756	19	2.10%
12% and higher	1.240	6	0.630	5	0.996	6	0.125	1	0	0	0.125	1	2.991	18	2.317	15	0.11%
Floater	0	0	0	0	0	0	0.100	1	0.200	1	0.300	2	0.300	2	0.300	2	0.27%
NA	0.583	4	0.101	7	0.049	5	1.216	14	1.436	11	2.652	25	3.385	41	3.352	40	2.38%
Total	48.386	116	94.956	187	93.616	204	89.033	190	22.206	54	111.240	244	348.197	751	327.266	702	100.00%
Versus Talk
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Lower	0.208	0	0	3.700	0.950	0	0.782	0.406	0.375	0.650	0	1.900	1.000
Low end	9.313	8.017	4.566	6.815	12.202	19.855	16.476	4.707	12.161	15.518	9.032	13.862	10.866
Middle	7.991	5.160	1.740	7.915	11.356	16.826	11.435	8.527	9.276	10.130	9.283	13.104	6.304
High end	0.909	4.296	0	1.424	3.950	6.401	8.518	10.303	1.370	3.252	2.728	2.869	1.163
Higher	1.198	0.725	0	0.226	0.750	0	0.252	0.728	0	0	0.797	0	0.594
NA	1.312	0.685	2.265	1.053	0.261	1.272	1.068	3.608	3.622	2.045	0.339	3.525	2.279
Total	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178	35.261	22.206
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.208	1	4.650	5	1.563	4	2.550	5	1.000	2	3.550	7	9.971	17	9.763	16	3.19%
Low end	21.896	41	38.872	77	33.344	66	38.412	73	10.866	19	49.278	92	143.390	276	134.077	257	44.30%
Middle	14.891	35	36.096	57	29.239	67	32.517	57	6.304	13	38.820	70	119.047	229	111.056	214	34.90%
High end	5.205	14	11.775	23	20.190	39	8.848	20	1.163	2	10.012	22	47.183	98	46.274	95	9.00%
Higher	1.923	6	0.976	2	0.980	2	0.797	2	0.594	1	1.391	3	5.271	13	4.072	10	1.25%
NA	4.262	19	2.586	23	8.299	26	5.909	33	2.279	17	8.188	50	23.335	118	22.023	110	7.36%
Total	48.386	116	94.956	187	93.616	204	89.033	190	22.206	54	111.240	244	348.197	751	327.266	702	100.00%
Upsized?
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Yes	5.940	6.586	2.860	12.830	19.428	26.539	19.706	8.412	11.525	13.081	7.173	16.685	9.762
No	10.066	11.475	5.711	7.786	9.741	15.482	16.159	18.844	14.179	17.559	14.355	17.612	11.594
Downsized	4.925	0.823	0	0.516	0.300	2.334	2.666	1.025	1.100	0.955	0.650	0.964	0.850
Total	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178	35.261	22.206
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	15.387	34	58.797	95	39.643	76	36.939	59	9.762	18	46.701	77	160.528	282	154.588	270	41.98%
No	27.251	74	33.009	83	49.182	119	49.525	126	11.594	34	61.119	160	170.561	436	160.496	404	54.94%
Downsized	5.748	8	3.149	9	4.791	9	2.569	5	0.850	2	3.419	7	17.107	33	12.182	28	3.07%
Total	48.386	116	94.956	187	93.616	204	89.033	190	22.206	54	111.240	244	348.197	751	327.266	702	100.00%
Quick Sale?
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Yes	12.193	9.000	5.148	14.619	25.383	29.561	28.590	17.695	17.426	20.401	17.586	20.178	15.967
No	8.738	9.884	3.423	6.512	4.087	14.794	9.942	10.586	9.378	11.194	4.592	15.082	6.239
Total	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178	35.261	22.206
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	26.341	63	69.562	136	63.710	136	58.165	134	15.967	40	74.132	174	233.745	509	221.552	481	66.64%
No	22.045	53	25.393	51	29.906	68	30.868	56	6.239	14	37.108	70	114.452	242	105.714	221	33.36%
Total	48.386	116	94.956	187	93.616	204	89.033	190	22.206	54	111.240	244	348.197	751	327.266	702	100.00%
Seniority
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
mortgage	0	0	0.088	0	0	0	0	0	0	0	0	0	0
senior secured	7.069	5.558	2.750	2.863	6.533	9.998	7.184	5.662	5.477	6.231	5.192	5.974	3.146
secured	0.244	0	0.126	0	0	0	0	0.128	0.425	0	0	0.157	0.914
senior	13.018	13.326	5.084	17.183	20.386	32.684	28.638	20.149	20.889	22.637	16.972	27.744	18.141
senior subordinated	0	0	0.198	1.086	2.550	0.923	2.585	0.094	0.013	2.376	0.014	0.762	0.005
subordinated	0.600	0	0.325	0	0	0.750	0.125	2.248	0	0.350	0	0.625	0
Total	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178	35.261	22.206
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0.088	1	0	0	0	0	0	0	0	0	0	0	0.088	1	0.088	1	0.00%
senior secured	15.376	38	19.394	36	18.323	41	17.397	29	3.146	9	20.542	38	73.635	153	66.567	138	18.47%
secured	0.370	3	0	0	0.553	2	0.157	1	0.914	4	1.071	5	1.994	10	1.750	8	0.96%
senior	31.428	71	70.253	134	69.675	151	67.353	143	18.141	37	85.494	180	256.850	536	243.832	505	76.86%
senior subordinated	0.198	1	4.559	15	2.692	8	3.152	14	0.005	4	3.157	18	10.607	42	10.607	42	2.84%
subordinated	0.925	2	0.750	2	2.373	2	0.975	3	0	0	0.975	3	5.023	9	4.423	8	0.88%
Total	48.386	116	94.956	187	93.616	204	89.033	190	22.206	54	111.240	244	348.197	751	327.266	702	100.00%
Moody's Rating
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Ba1	1.200	1.250	1.951	0.500	1.300	1.925	0	0.650	0.500	0	3.094	2.100	1.850
Ba2	1.774	2.400	0.665	1.823	4.053	4.511	2.150	2.086	1.661	5.455	0.579	3.500	4.400
Ba3	1.469	1.475	0.214	1.168	3.543	3.188	3.004	2.344	3.802	8.965	4.373	5.175	3.918
B1	2.970	4.957	1.870	6.177	6.655	12.726	5.475	7.446	2.700	6.155	4.444	9.795	2.620
B2	5.845	2.694	0.665	3.595	4.832	5.859	7.037	3.820	3.642	1.777	4.843	2.700	1.750
B3	5.481	2.672	1.608	3.836	5.090	5.493	9.609	6.892	7.779	2.920	2.089	3.747	1.474
Caa1	1.623	2.347	1.048	3.493	1.597	4.682	8.041	0.992	3.487	3.711	1.934	2.704	2.238
Caa2	0	0.626	0	0.300	0.350	3.643	1.831	1.088	1.258	1.538	0.615	0	1.050
Caa3	0	0	0	0	0.864	0.460	0.261	0	0	0	0	3.500	0
NR	0.568	0.463	0.550	0.240	1.186	1.869	1.122	2.965	1.975	1.074	0.209	2.039	2.906
Total	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178	35.261	22.206
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	4.401	6	3.725	9	1.150	2	5.194	10	1.850	3	7.044	13	16.319	30	15.119	28	6.33%
Ba2	4.839	11	10.388	17	5.897	11	9.534	18	4.400	4	13.934	22	35.057	61	33.283	55	12.53%
Ba3	3.158	8	7.898	15	9.150	17	18.512	31	3.918	8	22.430	39	42.636	79	41.168	76	20.16%
B1	9.798	17	25.557	33	15.621	26	20.394	30	2.620	5	23.014	35	73.989	111	71.019	104	20.69%
B2	9.203	19	14.286	31	14.499	30	9.319	22	1.750	3	11.069	25	49.057	105	43.212	95	9.95%
B3	9.762	25	14.419	28	24.280	53	8.755	25	1.474	6	10.229	31	58.690	137	53.209	126	9.20%
Caa1	5.019	17	9.772	23	12.520	32	8.349	19	2.238	6	10.587	25	37.898	97	36.274	93	9.52%
Caa2	0.626	2	4.293	9	4.177	10	2.153	6	1.050	3	3.203	9	12.299	30	12.299	30	2.88%
Caa3	0	0	1.323	4	0.261	1	3.500	3	0	0	3.500	3	5.085	8	5.085	8	3.15%
NR	1.581	11	3.295	18	6.062	22	3.323	26	2.906	16	6.229	42	17.167	93	16.599	87	5.60%
Total	48.386	116	94.956	187	93.616	204	89.033	190	22.206	54	111.240	244	348.197	751	327.266	702	100.00%
Use of Proceeds
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Acquisition	2.111	1.700	1.010	2.796	2.700	3.225	8.666	2.679	4.727	1.798	1.933	0	2.550
Capex	0	1.679	0	0	0.450	0	0	0.497	0.500	1.500	0	0.543	2.532
Dividend/recap	0.275	0.580	0	0	0.305	0.686	3.530	0.460	2.953	0.421	0.793	0.300	1.300
GCP	1.991	4.946	1.952	3.274	4.972	7.873	4.717	5.095	4.609	7.069	3.777	3.042	5.085
LBO	2.958	0.325	0.250	0	0	0.490	1.260	1.305	1.305	1.200	0	3.889	0
No proceeds	0	0	0	0.051	0	0	0	0	0.013	0.016	0.014	0.012	0.005
Redeem notes	3.771	0.926	0.665	5.532	3.075	9.694	4.591	6.473	3.033	6.983	7.509	11.250	3.146
Refinance	3.624	1.283	2.073	1.366	3.623	4.505	4.154	6.669	0.945	3.857	0	4.900	0.650
Repay bank debt	2.348	3.723	1.758	3.142	6.675	9.456	2.694	3.049	2.766	3.850	6.527	9.339	4.332
Multiple/Other/NA	3.854	3.722	0.863	4.970	7.669	8.425	8.918	2.054	5.954	4.901	1.625	1.986	2.607
Total	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178	35.261	22.206
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	4.821	10	8.721	17	16.072	28	3.731	8	2.550	4	6.281	12	35.896	67	33.785	63	5.65%
Capex	1.679	2	0.450	1	0.997	2	2.043	3	2.532	7	4.575	10	7.701	15	7.701	15	4.11%
Dividend/recap	0.855	4	0.992	4	6.943	19	1.514	6	1.300	3	2.814	9	11.603	36	11.328	35	2.53%
GCP	8.889	22	16.119	34	14.420	31	13.887	35	5.085	11	18.972	46	58.401	133	56.410	124	17.06%
LBO	3.533	5	0.490	1	3.870	7	5.089	4	0	0	5.089	4	12.982	17	10.024	14	4.57%
No proceeds	0	0	0.051	6	0.013	4	0.042	10	0.005	4	0.047	14	0.112	24	0.112	24	0.04%
Redeem notes	5.362	11	18.301	35	14.097	22	25.742	45	3.146	6	28.888	51	66.648	119	62.877	112	25.97%
Refinance	6.980	16	9.494	23	11.769	22	8.757	17	0.650	2	9.407	19	37.649	80	34.026	74	8.46%
Repay bank debt	7.829	23	19.273	31	8.509	27	19.717	41	4.332	10	24.049	51	59.660	132	57.312	125	21.62%
Multiple/Other/NA	8.439	23	21.064	35	16.926	42	8.511	21	2.607	7	11.118	28	57.546	128	53.693	116	9.99%
Total	48.386	116	94.956	187	93.616	204	89.033	190	22.206	54	111.240	244	348.197	751	327.266	702	100.00%
Industry Sector (by SIC code)
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Agriculture (0xxx)	0	0	0	0	0	0.325	0	0	0.274	0.422	0	0	0
Mining (1xxx)	0.300	2.929	0.740	0	0.260	1.645	0.556	2.003	1.693	0.300	0	0.699	0.500
Oil and gas (13xx)	6.616	1.736	0.800	1.905	4.121	4.157	6.165	1.748	1.715	3.687	1.497	5.375	4.791
Construction (15xx)	0.350	0.030	0	1.000	0.182	1.397	0.350	0.719	0	1.347	0.473	0.400	0.899
Manufacturing (2xxx, 3xxx)	4.360	3.542	0.685	5.870	4.025	18.177	7.266	6.248	5.645	12.898	5.304	8.843	5.282
Transportation (4xxx)	0.244	0.834	0.214	0	0	1.651	0.452	0.878	0.822	0.350	0.298	1.100	0.914
Communications (48xx)	2.502	2.962	1.250	3.373	6.388	4.046	5.003	3.280	4.130	1.600	5.655	9.350	4.411
Electric, gas, sanitary services (49xx)	0	0.250	0.775	0.800	0.864	2.688	1.079	1.349	1.580	2.675	0	0.450	2.612
Wholesale (5xxx)	2.501	2.185	1.161	2.083	1.800	2.288	3.804	0.566	2.152	2.723	4.412	0.710	1.212
Finance, insurance, real estate (6xxx)	1.151	2.761	1.726	3.326	5.168	4.006	2.178	4.893	2.872	1.999	1.042	4.909	0.286
Services (7xxx)	1.735	1.332	0.500	1.225	3.062	2.900	7.351	5.943	4.322	2.494	3.350	2.300	1.300
Health services (8xxx)	1.173	0.325	0.720	1.550	3.600	1.075	4.326	0.652	1.600	1.100	0.147	1.125	0
Total	20.931	18.884	8.571	21.131	29.469	44.355	38.532	28.281	26.804	31.594	22.178	35.261	22.206
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	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	0	0.422	1	1.021	3	1.021	3	0.38%
Mining (1xxx)	3.969	6	1.905	4	4.252	11	0.999	3	0.500	1	1.499	4	11.624	25	11.324	24	1.35%
Oil and gas (13xx)	9.151	17	10.183	19	9.629	29	10.559	18	4.791	10	15.349	28	44.313	93	37.697	83	13.80%
Construction (15xx)	0.380	2	2.579	9	1.069	4	2.219	8	0.899	3	3.118	11	7.146	26	6.796	25	2.80%
Manufacturing (2xxx, 3xxx)	8.587	20	28.072	48	19.159	43	27.045	51	5.282	12	32.327	63	88.145	174	83.785	165	29.06%
Transportation (4xxx)	1.292	7	1.651	4	2.152	8	1.748	6	0.914	4	2.662	10	7.756	29	7.513	27	2.39%
Communications (48xx)	6.713	11	13.806	23	12.413	14	16.605	20	4.411	6	21.016	26	53.948	74	51.447	70	18.89%
Electric, gas, sanitary services (49xx)	1.025	3	4.352	8	4.009	9	3.125	4	2.612	4	5.737	8	15.123	28	15.123	28	5.16%
Wholesale (5xxx)	5.846	16	6.171	14	6.522	17	7.845	14	1.212	3	9.057	17	27.596	64	25.095	59	8.14%
Finance, insurance, real estate (6xxx)	5.638	15	12.501	33	9.944	29	7.950	35	0.286	7	8.236	42	36.318	119	35.167	113	7.40%
Services (7xxx)	3.567	12	7.187	17	17.616	29	8.144	23	1.300	4	9.444	27	37.814	85	36.079	79	8.49%
Health services (8xxx)	2.218	7	6.225	7	6.578	10	2.372	7	0	0	2.372	7	17.394	31	16.220	26	2.13%
Total	48.386	116	94.956	187	93.616	204	89.033	190	22.206	54	111.240	244	348.197	751	327.266	702	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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