Analysis of high yield issuance for 13 months through May 2013

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

Yield

	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
3.99% and lower	1.250	0	0	0.617	0	0.750	0.497	0	0.400	1.300	1.793	1.600	2.765
4%-4.99%	0.900	1.493	3.416	3.878	4.709	3.207	1.585	3.700	9.408	2.272	4.850	6.650	10.887
5%-5.99%	3.700	0.957	3.857	9.080	12.396	7.425	2.896	6.168	5.467	7.645	10.528	7.187	11.173
6%-6.99%	1.215	1.591	5.286	4.811	13.394	9.370	16.246	4.430	4.228	3.339	7.652	2.289	10.604
7%-7.99%	1.136	0.198	2.014	7.442	4.780	4.138	2.183	3.047	6.733	2.015	5.973	2.206	3.687
8%-8.99%	1.981	1.723	2.871	0.625	3.954	6.288	2.735	5.020	2.039	1.568	1.543	1.575	2.553
9%-9.99%	4.440	0.568	1.263	1.200	3.095	4.290	0.100	3.275	0.651	1.952	0.774	0.162	2.280
10%-10.99%	3.085	1.490	1.761	0.350	1.531	1.352	1.203	0.247	0.950	0.622	1.604	0	0.867
11%-11.99%	0.611	0	0.172	1.420	0.300	1.174	0.160	0.582	0.785	1.325	0.650	0.051	1.075
12% and higher	0.566	0	0.440	0.045	0.145	0	0.676	0.320	0	0.125	0	0	0
Floater	0	0	0	0	0	0	0	0	0.100	0	0	0.200	0
NA	0	0.550	0.051	0	0.050	0.036	0	0.013	0.833	0.014	0.368	1.036	0.282
Total	18.884	8.571	21.131	29.469	44.355	38.032	28.281	26.804	31.594	22.178	35.736	22.956	46.174
	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	0.617	1	1.247	2	3.493	5	4.365	7	7.858	12	10.972	16	9.722	15	4.96%
4%-4.99%	12.004	18	8.492	15	16.530	30	17.537	30	34.068	60	56.957	96	56.057	95	21.48%
5%-5.99%	25.334	33	16.489	27	23.639	44	18.360	32	41.999	76	88.480	142	84.780	138	26.47%
6%-6.99%	23.491	45	30.046	52	15.219	31	12.894	28	28.112	59	84.456	164	83.241	161	17.72%
7%-7.99%	14.236	31	9.369	28	14.722	31	5.893	21	20.615	52	45.554	117	44.417	112	12.99%
8%-8.99%	7.449	20	14.042	36	5.150	15	4.128	13	9.278	28	34.474	94	32.493	88	5.85%
9%-9.99%	5.558	13	7.665	21	3.377	8	2.442	7	5.819	15	24.051	61	19.610	51	3.67%
10%-10.99%	3.643	8	2.803	7	3.176	6	0.867	3	4.043	9	15.064	36	11.979	27	2.55%
11%-11.99%	1.892	6	1.916	5	2.760	5	1.127	3	3.886	8	8.306	22	7.695	19	2.45%
12% and higher	0.630	5	0.996	6	0.125	1	0	0	0.125	1	2.317	15	1.751	12	0.08%
Floater	0	0	0	0	0.100	1	0.200	1	0.300	2	0.300	2	0.300	2	0.19%
NA	0.101	7	0.049	5	1.216	14	1.318	12	2.534	26	3.234	41	3.234	41	1.60%
Total	94.956	187	93.116	204	89.508	191	69.130	157	158.638	348	374.165	806	355.281	761	100.00%
Versus Talk
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Lower	0	0	3.700	0.950	0	0.782	0.406	0.375	0.650	0	1.900	1.000	3.806
Low end	8.017	4.566	6.815	12.202	19.855	15.976	4.707	12.161	15.518	9.032	14.337	10.866	13.951
Middle	5.160	1.740	7.915	11.356	16.826	11.435	8.527	9.276	10.130	9.283	13.104	6.304	18.625
High end	4.296	0	1.424	3.950	6.401	8.518	10.303	1.370	3.252	2.728	2.869	1.163	4.416
Higher	0.725	0	0.226	0.750	0	0.252	0.728	0	0	0.797	0	0.594	1.000
NA	0.685	2.265	1.053	0.261	1.272	1.068	3.608	3.622	2.045	0.339	3.525	3.029	4.376
Total	18.884	8.571	21.131	29.469	44.355	38.032	28.281	26.804	31.594	22.178	35.736	22.956	46.174
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	4.650	5	1.563	4	2.550	5	4.806	8	7.356	13	13.570	22	13.570	22	4.64%
Low end	38.872	77	32.844	66	38.887	74	24.817	54	63.704	128	148.004	293	139.986	281	40.16%
Middle	36.096	57	29.239	67	32.517	57	24.928	48	57.445	105	129.680	249	124.520	234	36.21%
High end	11.775	23	20.190	39	8.848	20	5.580	10	14.428	30	50.690	103	46.394	92	9.09%
Higher	0.976	2	0.980	2	0.797	2	1.594	3	2.391	5	5.072	12	4.347	9	1.51%
NA	2.586	23	8.299	26	5.909	33	7.405	34	13.314	67	27.149	127	26.464	123	8.39%
Total	94.956	187	93.116	204	89.508	191	69.130	157	158.638	348	374.165	806	355.281	761	100.00%
Upsized?
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Yes	6.586	2.860	12.830	19.428	26.539	19.206	8.412	11.525	13.081	7.173	17.160	9.762	21.169
No	11.475	5.711	7.786	9.741	15.482	16.159	18.844	14.179	17.559	14.355	17.612	12.344	23.445
Downsized	0.823	0	0.516	0.300	2.334	2.666	1.025	1.100	0.955	0.650	0.964	0.850	1.560
Total	18.884	8.571	21.131	29.469	44.355	38.032	28.281	26.804	31.594	22.178	35.736	22.956	46.174
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	58.797	95	39.143	76	37.414	60	30.932	58	68.345	118	175.732	311	169.146	296	43.08%
No	33.009	83	49.182	119	49.525	126	35.788	93	85.314	219	184.690	463	173.216	436	53.78%
Downsized	3.149	9	4.791	9	2.569	5	2.410	6	4.979	11	13.742	32	12.919	29	3.14%
Total	94.956	187	93.116	204	89.508	191	69.130	157	158.638	348	374.165	806	355.281	761	100.00%
Quick Sale?
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Yes	9.000	5.148	14.619	25.383	29.561	28.090	17.695	17.426	20.401	17.586	20.178	16.717	28.195
No	9.884	3.423	6.512	4.087	14.794	9.942	10.586	9.378	11.194	4.592	15.557	6.239	17.979
Total	18.884	8.571	21.131	29.469	44.355	38.032	28.281	26.804	31.594	22.178	35.736	22.956	46.174
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	69.562	136	63.210	136	58.165	134	44.912	102	103.076	236	249.997	543	240.997	523	64.98%
No	25.393	51	29.906	68	31.343	57	24.218	55	55.562	112	124.168	263	114.284	238	35.02%
Total	94.956	187	93.116	204	89.508	191	69.130	157	158.638	348	374.165	806	355.281	761	100.00%
Seniority
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
mortgage	0	0.088	0	0	0	0	0	0	0	0	0	0	0
senior secured	5.558	2.750	2.863	6.533	9.998	7.184	5.662	5.477	6.231	5.192	5.974	3.146	8.666
secured	0	0.126	0	0	0	0	0.128	0.425	0	0	0.157	0.914	0.336
senior	13.326	5.084	17.183	20.386	32.684	28.638	20.149	20.889	22.637	16.972	28.219	18.891	34.947
senior subordinated	0	0.198	1.086	2.550	0.923	2.085	0.094	0.013	2.376	0.014	0.762	0.005	1.475
subordinated	0	0.325	0	0	0.750	0.125	2.248	0	0.350	0	0.625	0	0.750
Total	18.884	8.571	21.131	29.469	44.355	38.032	28.281	26.804	31.594	22.178	35.736	22.956	46.174
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0	0	0	0	0	0	0	0	0	0	0.088	1	0.088	1	0.00%
senior secured	19.394	36	18.323	41	17.397	29	11.811	32	29.208	61	75.232	161	69.675	144	18.41%
secured	0	0	0.553	2	0.157	1	1.250	7	1.407	8	2.086	11	2.086	11	0.89%
senior	70.253	134	69.675	151	67.828	144	53.838	110	121.666	254	280.004	579	266.677	551	76.69%
senior subordinated	4.559	15	2.192	8	3.152	14	1.480	7	4.632	21	11.582	45	11.582	45	2.92%
subordinated	0.750	2	2.373	2	0.975	3	0.750	1	1.725	4	5.173	9	5.173	9	1.09%
Total	94.956	187	93.116	204	89.508	191	69.130	157	158.638	348	374.165	806	355.281	761	100.00%
Moody's Rating
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Ba1	1.250	1.951	0.500	1.300	1.925	0	0.650	0.500	0	3.094	2.100	1.850	2.103
Ba2	2.400	0.665	1.823	4.053	4.511	2.150	2.086	1.661	5.455	0.579	3.500	4.400	0.826
Ba3	1.475	0.214	1.168	3.543	3.188	3.004	2.344	3.802	8.965	4.373	5.175	3.918	12.077
B1	4.957	1.870	6.177	6.655	12.726	5.475	7.446	2.700	6.155	4.444	9.795	2.620	5.988
B2	2.694	0.665	3.595	4.832	5.859	7.037	3.820	3.642	1.777	4.843	2.700	1.750	5.605
B3	2.672	1.608	3.836	5.090	5.493	9.609	6.892	7.779	2.920	2.089	3.747	1.474	8.663
Caa1	2.347	1.048	3.493	1.597	4.682	7.541	0.992	3.487	3.711	1.934	2.704	2.238	6.489
Caa2	0.626	0	0.300	0.350	3.643	1.831	1.088	1.258	1.538	0.615	0	1.050	2.551
Caa3	0	0	0	0.864	0.460	0.261	0	0	0	0	3.975	0	0
NR	0.463	0.550	0.240	1.186	1.869	1.122	2.965	1.975	1.074	0.209	2.039	3.656	1.873
Total	18.884	8.571	21.131	29.469	44.355	38.032	28.281	26.804	31.594	22.178	35.736	22.956	46.174
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	3.725	9	1.150	2	5.194	10	3.953	6	9.147	16	17.222	31	15.972	30	5.77%
Ba2	10.388	17	5.897	11	9.534	18	5.226	6	14.760	24	34.109	57	31.709	54	9.30%
Ba3	7.898	15	9.150	17	18.512	31	15.995	26	34.507	57	53.244	94	51.769	91	21.75%
B1	25.557	33	15.621	26	20.394	30	8.607	18	29.001	48	77.006	117	72.049	110	18.28%
B2	14.286	31	14.499	30	9.319	22	7.355	16	16.674	38	48.817	108	46.123	101	10.51%
B3	14.419	28	24.280	53	8.755	25	10.137	26	18.892	51	61.871	146	59.199	136	11.91%
Caa1	9.772	23	12.020	32	8.349	19	8.727	25	17.076	44	42.263	112	39.916	102	10.76%
Caa2	4.293	9	4.177	10	2.153	6	3.601	10	5.754	16	14.850	37	14.224	35	3.63%
Caa3	1.323	4	0.261	1	3.975	4	0	0	3.975	4	5.560	9	5.560	9	2.51%
NR	3.295	18	6.062	22	3.323	26	5.529	24	8.853	50	19.222	95	18.759	93	5.58%
Total	94.956	187	93.116	204	89.508	191	69.130	157	158.638	348	374.165	806	355.281	761	100.00%
Use of Proceeds
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Acquisition	1.700	1.010	2.796	2.700	3.225	8.666	2.679	4.727	1.798	1.933	0	2.550	3.375
Capex	1.679	0	0	0.450	0	0	0.497	0.500	1.500	0	0.543	2.532	0.425
Dividend/recap	0.580	0	0	0.305	0.686	3.530	0.460	2.953	0.421	0.793	0.300	1.300	1.614
GCP	4.946	1.952	3.274	4.972	7.873	4.717	5.095	4.609	7.069	3.777	3.042	5.835	4.084
LBO	0.325	0.250	0	0	0.490	1.260	1.305	1.305	1.200	0	3.889	0	0.350
No proceeds	0	0	0.051	0	0	0	0	0.013	0.016	0.014	0.012	0.005	0
Redeem notes	0.926	0.665	5.532	3.075	9.694	4.591	6.473	3.033	6.983	7.159	11.700	3.146	10.131
Refinance	1.283	2.073	1.366	3.623	4.505	3.654	6.669	0.945	3.857	0	4.675	0.650	9.448
Repay bank debt	3.723	1.758	3.142	6.675	9.456	2.694	3.049	2.766	3.850	6.877	9.339	4.332	9.873
Multiple/Other/NA	3.722	0.863	4.970	7.669	8.425	8.918	2.054	5.954	4.901	1.625	2.236	2.607	6.874
Total	18.884	8.571	21.131	29.469	44.355	38.032	28.281	26.804	31.594	22.178	35.736	22.956	46.174
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	8.721	17	16.072	28	3.731	8	5.925	9	9.656	17	37.160	68	35.460	64	6.09%
Capex	0.450	1	0.997	2	2.043	3	2.957	9	5.000	12	8.126	17	6.447	15	3.15%
Dividend/recap	0.992	4	6.943	19	1.514	6	2.914	8	4.428	14	12.942	40	12.362	37	2.79%
GCP	16.119	34	14.420	31	13.887	35	9.919	27	23.806	62	61.244	140	56.298	131	15.01%
LBO	0.490	1	3.870	7	5.089	4	0.350	2	5.439	6	10.374	16	10.049	15	3.43%
No proceeds	0.051	6	0.013	4	0.042	10	0.005	4	0.047	14	0.112	24	0.112	24	0.03%
Redeem notes	18.301	35	14.097	22	25.842	45	13.276	30	39.118	75	73.108	136	72.181	134	24.66%
Refinance	9.494	23	11.269	22	8.532	16	10.098	18	18.630	34	42.748	89	41.465	84	11.74%
Repay bank debt	19.273	31	8.509	27	20.067	42	14.205	29	34.272	71	67.535	145	63.812	134	21.60%
Multiple/Other/NA	21.064	35	16.926	42	8.761	22	9.481	21	18.242	43	60.817	131	57.095	123	11.50%
Total	94.956	187	93.116	204	89.508	191	69.130	157	158.638	348	374.165	806	355.281	761	100.00%
Industry Sector (by SIC code)
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Agriculture (0xxx)	0	0	0	0	0.325	0	0	0.274	0.422	0	0	0	0
Mining (1xxx)	2.929	0.740	0	0.260	1.645	0.556	2.003	1.693	0.300	0	0.699	1.250	2.860
Oil and gas (13xx)	1.736	0.800	1.905	4.121	4.157	6.165	1.748	1.715	3.687	1.497	5.375	4.791	4.645
Construction (15xx)	0.030	0	1.000	0.182	1.397	0.350	0.719	0	1.347	0.473	0.400	0.899	0.663
Manufacturing (2xxx, 3xxx)	3.542	0.685	5.870	4.025	18.177	7.266	6.248	5.645	12.898	5.304	8.843	4.882	10.068
Transportation (4xxx)	0.834	0.214	0	0	1.651	0.452	0.878	0.822	0.350	0.298	1.100	1.314	1.436
Communications (48xx)	2.962	1.250	3.373	6.388	4.046	5.003	3.280	4.130	1.600	5.655	9.350	4.411	9.399
Electric, gas, sanitary services (49xx)	0.250	0.775	0.800	0.864	2.688	1.079	1.349	1.580	2.675	0	0.450	2.612	2.180
Wholesale (5xxx)	2.185	1.161	2.083	1.800	2.288	3.804	0.566	2.152	2.723	4.412	0.710	1.212	4.324
Finance, insurance, real estate (6xxx)	2.761	1.726	3.326	5.168	4.006	2.178	4.893	2.872	1.999	1.042	4.909	0.786	6.558
Services (7xxx)	1.332	0.500	1.225	3.062	2.900	6.851	5.943	4.322	2.494	3.350	2.300	0.800	2.390
Health services (8xxx)	0.325	0.720	1.550	3.600	1.075	4.326	0.652	1.600	1.100	0.147	1.600	0	1.650
Total	18.884	8.571	21.131	29.469	44.355	38.032	28.281	26.804	31.594	22.178	35.736	22.956	46.174
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.325	1	0.274	1	0.422	1	0	0	0.422	1	1.021	3	1.021	3	0.27%
Mining (1xxx)	1.905	4	4.252	11	0.999	3	4.110	7	5.109	10	14.934	30	12.006	26	3.22%
Oil and gas (13xx)	10.183	19	9.629	29	10.559	18	9.436	21	19.995	39	42.342	94	40.607	89	12.60%
Construction (15xx)	2.579	9	1.069	4	2.219	8	1.562	5	3.781	13	7.459	27	7.429	26	2.38%
Manufacturing (2xxx, 3xxx)	28.072	48	19.159	43	27.045	51	14.950	35	41.995	86	93.453	188	89.911	180	26.47%
Transportation (4xxx)	1.651	4	2.152	8	1.748	6	2.750	11	4.498	17	9.349	34	8.515	31	2.84%
Communications (48xx)	13.806	23	12.413	14	16.605	20	13.810	19	30.415	39	60.846	83	57.884	78	19.17%
Electric, gas, sanitary services (49xx)	4.352	8	4.009	9	3.125	4	4.793	9	7.918	13	17.303	33	17.053	32	4.99%
Wholesale (5xxx)	6.171	14	6.522	17	7.845	14	5.536	15	13.381	29	29.419	71	27.234	64	8.43%
Finance, insurance, real estate (6xxx)	12.501	33	9.944	29	7.950	35	7.344	22	15.294	57	42.225	128	39.464	123	9.64%
Services (7xxx)	7.187	17	17.116	29	8.144	23	3.190	11	11.333	34	37.468	86	36.136	81	7.14%
Health services (8xxx)	6.225	7	6.578	10	2.847	8	1.650	2	4.497	10	18.345	29	18.020	28	2.83%
Total	94.956	187	93.116	204	89.508	191	69.130	157	158.638	348	374.165	806	355.281	761	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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