Analysis of high yield issuance for 13 months through June 2013

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

Yield

	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
3.99% and lower	0	0	0.617	0	0.750	0.497	0	0.400	1.300	1.793	1.600	2.765	0
4%-4.99%	1.493	3.416	3.878	4.709	3.207	1.585	3.700	9.408	2.272	4.850	6.650	10.887	0
5%-5.99%	0.957	3.857	9.080	12.396	7.425	2.896	6.168	5.467	7.645	10.528	7.187	11.173	1.136
6%-6.99%	1.591	5.286	4.811	13.394	9.370	16.246	4.430	4.228	3.339	7.652	2.289	10.604	4.759
7%-7.99%	0.198	2.014	7.442	4.780	4.138	2.183	3.047	6.733	2.015	5.973	2.206	3.687	4.689
8%-8.99%	1.723	2.871	0.625	3.954	6.288	2.735	5.020	2.039	1.568	1.543	1.575	2.553	0.400
9%-9.99%	0.568	1.263	1.200	3.095	4.290	0.100	3.275	0.651	1.952	0.774	0.162	2.280	1.620
10%-10.99%	1.490	1.761	0.350	1.531	1.352	1.203	0.247	0.950	0.622	1.604	0	0.867	0.200
11%-11.99%	0	0.172	1.420	0.300	1.174	0.160	0.582	0.785	1.325	0.650	0.051	1.075	0
12% and higher	0	0.440	0.045	0.145	0	0.676	0.320	0	0.125	0	0	0	0.479
Floater	0	0	0	0	0	0	0	0	0	0	0.200	0	0
NA	0.550	0.051	0	0.050	0.036	0	0.013	0.833	0.014	0.368	1.036	0.282	0.229
Total	8.571	21.131	29.469	44.355	38.032	28.281	26.804	31.494	22.178	35.736	22.956	46.174	13.511
	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	9.722	15	9.722	15	4.56%
4%-4.99%	12.004	18	8.492	15	16.530	30	17.537	30	34.068	60	56.057	95	54.564	93	19.80%
5%-5.99%	25.334	33	16.489	27	23.639	44	19.495	36	43.135	80	85.916	142	84.958	140	25.07%
6%-6.99%	23.491	45	30.046	52	15.219	31	17.652	33	32.871	64	88.000	166	86.409	161	19.11%
7%-7.99%	14.236	31	9.369	28	14.722	31	10.582	31	25.304	62	49.106	122	48.908	121	14.71%
8%-8.99%	7.449	20	14.042	36	5.150	15	4.528	14	9.678	29	32.893	89	31.170	85	5.63%
9%-9.99%	5.558	13	7.665	21	3.377	8	4.062	13	7.439	21	21.230	57	20.662	55	4.32%
10%-10.99%	3.643	8	2.803	7	3.176	6	1.067	4	4.243	10	12.179	28	10.689	25	2.47%
11%-11.99%	1.892	6	1.916	5	2.760	5	1.127	3	3.886	8	7.695	19	7.695	19	2.26%
12% and higher	0.630	5	0.996	6	0.125	1	0.479	2	0.604	3	2.230	14	2.230	14	0.35%
Floater	0	0	0	0	0	0	0.200	1	0.200	1	0.200	1	0.200	1	0.12%
NA	0.101	7	0.049	5	1.216	14	1.546	16	2.762	30	3.462	45	2.912	42	1.61%
Total	94.956	187	93.116	204	89.408	190	82.641	190	172.049	380	368.691	793	360.121	771	100.00%
Versus Talk
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Lower	0	3.700	0.950	0	0.782	0.406	0.375	0.650	0	1.900	1.000	3.806	0
Low end	4.566	6.815	12.202	19.855	15.976	4.707	12.161	15.518	9.032	14.337	10.866	13.951	0.900
Middle	1.740	7.915	11.356	16.826	11.435	8.527	9.276	10.130	9.283	13.104	6.304	18.625	7.674
High end	0	1.424	3.950	6.401	8.518	10.303	1.370	3.252	2.728	2.869	1.163	4.416	4.661
Higher	0	0.226	0.750	0	0.252	0.728	0	0	0.797	0	0.594	1.000	0
NA	2.265	1.053	0.261	1.272	1.068	3.608	3.622	1.945	0.339	3.525	3.029	4.376	0.275
Total	8.571	21.131	29.469	44.355	38.032	28.281	26.804	31.494	22.178	35.736	22.956	46.174	13.511
	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	4.28%
Low end	38.872	77	32.844	66	38.887	74	25.717	57	64.604	131	140.886	284	136.320	274	37.55%
Middle	36.096	57	29.239	67	32.517	57	32.602	60	65.119	117	132.194	246	130.454	241	37.85%
High end	11.775	23	20.190	39	8.848	20	10.241	23	19.089	43	51.055	105	51.055	105	11.10%
Higher	0.976	2	0.980	2	0.797	2	1.594	3	2.391	5	4.347	9	4.347	9	1.39%
NA	2.586	23	8.299	26	5.809	32	7.680	39	13.489	71	26.639	127	24.374	120	7.84%
Total	94.956	187	93.116	204	89.408	190	82.641	190	172.049	380	368.691	793	360.121	771	100.00%
Upsized?
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Yes	2.860	12.830	19.428	26.539	19.206	8.412	11.525	13.081	7.173	17.160	9.762	21.169	4.007
No	5.711	7.786	9.741	15.482	16.159	18.844	14.179	17.459	14.355	17.612	12.344	23.445	8.196
Downsized	0	0.516	0.300	2.334	2.666	1.025	1.100	0.955	0.650	0.964	0.850	1.560	1.308
Total	8.571	21.131	29.469	44.355	38.032	28.281	26.804	31.494	22.178	35.736	22.956	46.174	13.511
	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	34.939	66	72.352	126	173.153	304	170.293	297	42.05%
No	33.009	83	49.182	119	49.425	125	43.984	114	93.410	239	181.312	456	175.601	441	54.29%
Downsized	3.149	9	4.791	9	2.569	5	3.718	10	6.287	15	14.227	33	14.227	33	3.65%
Total	94.956	187	93.116	204	89.408	190	82.641	190	172.049	380	368.691	793	360.121	771	100.00%
Quick Sale?
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Yes	5.148	14.619	25.383	29.561	28.090	17.695	17.426	20.301	17.586	20.178	16.717	28.195	5.455
No	3.423	6.512	4.087	14.794	9.942	10.586	9.378	11.194	4.592	15.557	6.239	17.979	8.056
Total	8.571	21.131	29.469	44.355	38.032	28.281	26.804	31.494	22.178	35.736	22.956	46.174	13.511
	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	58.065	133	50.366	119	108.431	252	246.351	539	241.204	524	63.02%
No	25.393	51	29.906	68	31.343	57	32.274	71	63.618	128	122.340	254	118.917	247	36.98%
Total	94.956	187	93.116	204	89.408	190	82.641	190	172.049	380	368.691	793	360.121	771	100.00%
Seniority
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
mortgage	0.088	0	0	0	0	0	0	0	0	0	0	0	0
senior secured	2.750	2.863	6.533	9.998	7.184	5.662	5.477	6.231	5.192	5.974	3.146	8.666	1.498
secured	0.126	0	0	0	0	0.128	0.425	0	0	0.157	0.914	0.336	0
senior	5.084	17.183	20.386	32.684	28.638	20.149	20.889	22.537	16.972	28.219	18.891	34.947	10.391
senior subordinated	0.198	1.086	2.550	0.923	2.085	0.094	0.013	2.376	0.014	0.762	0.005	1.475	0.623
subordinated	0.325	0	0	0.750	0.125	2.248	0	0.350	0	0.625	0	0.750	0.999
Total	8.571	21.131	29.469	44.355	38.032	28.281	26.804	31.494	22.178	35.736	22.956	46.174	13.511
	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	0	0.00%
senior secured	19.394	36	18.323	41	17.397	29	13.309	38	30.706	67	71.172	150	68.423	144	17.85%
secured	0	0	0.553	2	0.157	1	1.250	7	1.407	8	2.086	11	1.960	10	0.82%
senior	70.253	134	69.675	151	67.728	143	64.230	132	131.958	275	276.969	572	271.885	560	76.70%
senior subordinated	4.559	15	2.192	8	3.152	14	2.103	11	5.255	25	12.205	49	12.007	48	3.05%
subordinated	0.750	2	2.373	2	0.975	3	1.749	2	2.724	5	6.172	10	5.847	9	1.58%
Total	94.956	187	93.116	204	89.408	190	82.641	190	172.049	380	368.691	793	360.121	771	100.00%
Moody's Rating
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Ba1	1.951	0.500	1.300	1.925	0	0.650	0.500	0	3.094	2.100	1.850	2.103	0.392
Ba2	0.665	1.823	4.053	4.511	2.150	2.086	1.661	5.455	0.579	3.500	4.400	0.826	1.849
Ba3	0.214	1.168	3.543	3.188	3.004	2.344	3.802	8.965	4.373	5.175	3.918	12.077	0.701
B1	1.870	6.177	6.655	12.726	5.475	7.446	2.700	6.155	4.444	9.795	2.620	5.988	4.419
B2	0.665	3.595	4.832	5.859	7.037	3.820	3.642	1.777	4.843	2.700	1.750	5.605	1.432
B3	1.608	3.836	5.090	5.493	9.609	6.892	7.779	2.920	2.089	3.747	1.474	8.663	1.566
Caa1	1.048	3.493	1.597	4.682	7.541	0.992	3.487	3.711	1.934	2.704	2.238	6.489	1.100
Caa2	0	0.300	0.350	3.643	1.831	1.088	1.258	1.538	0.615	0	1.050	2.551	2.017
Caa3	0	0	0.864	0.460	0.261	0	0	0	0	3.975	0	0	0
NR	0.550	0.240	1.186	1.869	1.122	2.965	1.975	0.974	0.209	2.039	3.656	1.873	0.035
Total	8.571	21.131	29.469	44.355	38.032	28.281	26.804	31.494	22.178	35.736	22.956	46.174	13.511
	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	4.345	7	9.539	17	16.365	31	14.414	28	5.54%
Ba2	10.388	17	5.897	11	9.534	18	7.075	8	16.608	26	33.558	56	32.893	54	9.65%
Ba3	7.898	15	9.150	17	18.512	31	16.696	28	35.208	59	52.470	93	52.256	91	20.46%
B1	25.557	33	15.621	26	20.394	30	13.026	23	33.420	53	76.468	115	74.598	112	19.42%
B2	14.286	31	14.499	30	9.319	22	8.787	22	18.106	44	47.555	107	46.890	105	10.52%
B3	14.419	28	24.280	53	8.755	25	11.703	32	20.458	57	60.766	142	59.157	138	11.89%
Caa1	9.772	23	12.020	32	8.349	19	9.827	28	18.176	47	41.016	105	39.968	102	10.56%
Caa2	4.293	9	4.177	10	2.153	6	5.618	15	7.771	21	16.241	40	16.241	40	4.52%
Caa3	1.323	4	0.261	1	3.975	4	0	0	3.975	4	5.560	9	5.560	9	2.31%
NR	3.295	18	6.062	22	3.223	25	5.564	27	8.787	52	18.694	95	18.144	92	5.11%
Total	94.956	187	93.116	204	89.408	190	82.641	190	172.049	380	368.691	793	360.121	771	100.00%
Use of Proceeds
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Acquisition	1.010	2.796	2.700	3.225	8.666	2.679	4.727	1.798	1.933	0	2.550	4.075	5.193
Capex	0	0	0.450	0	0	0.497	0.500	1.500	0	0.543	2.532	0.425	0
Dividend/recap	0	0	0.305	0.686	3.530	0.460	2.953	0.421	0.793	0.300	1.300	1.614	1.055
Exit financing	0	0	0	0	0	0	0	0	0	0	0	0.420	0
GCP	1.952	3.274	4.972	7.873	4.717	5.095	4.609	7.069	3.777	3.042	5.835	4.084	0.671
LBO	0.250	0.700	0	0.490	1.260	1.305	1.305	1.200	0	3.889	0	0.350	0.300
No proceeds	0	0.051	0	0	0	0	0.013	0.016	0.014	0.012	0.005	0	0.013
Redeem notes	0.665	5.532	3.075	9.694	4.591	6.473	3.033	6.983	7.159	11.700	3.146	10.131	2.810
Refinance	2.073	1.366	3.623	4.505	3.654	6.669	0.945	3.857	0	4.675	0.650	9.028	0.725
Repay bank debt	1.758	3.142	6.675	9.456	2.694	3.049	2.766	3.850	6.877	9.339	4.332	9.873	1.453
Multiple/Other/NA	0.863	4.270	7.669	8.425	8.918	2.054	5.954	4.801	1.625	2.236	2.607	6.174	1.290
Total	8.571	21.131	29.469	44.355	38.032	28.281	26.804	31.494	22.178	35.736	22.956	46.174	13.511
	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	11.818	18	15.549	26	41.353	73	40.343	71	9.04%
Capex	0.450	1	0.997	2	2.043	3	2.957	9	5.000	12	6.447	15	6.447	15	2.91%
Dividend/recap	0.992	4	6.943	19	1.514	6	3.969	11	5.483	17	13.417	40	13.417	40	3.19%
Exit financing	0	0	0	0	0	0	0.420	1	0.420	1	0.420	1	0.420	1	0.24%
GCP	16.119	34	14.420	31	13.887	35	10.591	32	24.478	67	56.969	136	55.017	132	14.23%
LBO	1.190	2	3.870	7	5.089	4	0.650	3	5.739	7	11.049	17	10.799	16	3.34%
No proceeds	0.051	6	0.013	4	0.042	10	0.019	6	0.061	16	0.125	26	0.125	26	0.04%
Redeem notes	18.301	35	14.097	22	25.842	45	16.087	35	41.928	80	74.991	139	74.326	137	24.37%
Refinance	9.494	23	11.269	22	8.532	16	10.403	19	18.935	35	41.770	85	39.697	80	11.01%
Repay bank debt	19.273	31	8.509	27	20.067	42	15.658	33	35.724	75	65.265	138	63.507	133	20.76%
Multiple/Other/NA	20.364	34	16.926	42	8.661	21	10.071	23	18.732	44	56.884	123	56.022	120	10.89%
Total	94.956	187	93.116	204	89.408	190	82.641	190	172.049	380	368.691	793	360.121	771	100.00%
Industry Sector (by SIC code)
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Agriculture (0xxx)	0	0	0	0.325	0	0	0.274	0.422	0	0	0	0	0
Mining (1xxx)	0.740	0	0.260	1.645	0.556	2.003	1.693	0.300	0	0.699	1.250	2.860	0.153
Oil and gas (13xx)	0.800	1.905	4.121	4.157	6.165	1.748	1.715	3.687	1.497	5.375	4.791	4.645	1.968
Construction (15xx)	0	1.000	0.182	1.397	0.350	0.719	0	1.347	0.473	0.400	0.899	0.663	0
Manufacturing (2xxx, 3xxx)	0.685	5.870	4.025	18.177	7.266	6.248	5.645	12.898	5.304	8.843	4.882	10.068	4.171
Transportation (4xxx)	0.214	0	0	1.651	0.452	0.878	0.822	0.350	0.298	1.100	1.314	1.436	0.225
Communications (48xx)	1.250	3.373	6.388	4.046	5.003	3.280	4.130	1.600	5.655	9.350	4.411	9.399	0
Electric, gas, sanitary services (49xx)	0.775	0.800	0.864	2.688	1.079	1.349	1.580	2.675	0	0.450	2.612	2.180	1.829
Wholesale (5xxx)	1.161	2.083	1.800	2.288	3.804	0.566	2.152	2.723	4.412	0.710	1.212	4.324	1.270
Finance, insurance, real estate (6xxx)	1.726	3.326	5.168	4.006	2.178	4.893	2.872	1.899	1.042	4.909	0.786	6.558	1.975
Services (7xxx)	0.500	1.225	3.062	2.900	6.851	5.943	4.322	2.494	3.350	2.300	0.800	2.390	1.920
Health services (8xxx)	0.720	1.550	3.600	1.075	4.326	0.652	1.600	1.100	0.147	1.600	0	1.650	0
Total	8.571	21.131	29.469	44.355	38.032	28.281	26.804	31.494	22.178	35.736	22.956	46.174	13.511
	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	0.25%
Mining (1xxx)	1.905	4	4.252	11	0.999	3	4.263	8	5.262	11	12.159	27	11.419	26	3.06%
Oil and gas (13xx)	10.183	19	9.629	29	10.559	18	11.404	28	21.963	46	42.574	96	41.774	94	12.77%
Construction (15xx)	2.579	9	1.069	4	2.219	8	1.562	5	3.781	13	7.429	26	7.429	26	2.20%
Manufacturing (2xxx, 3xxx)	28.072	48	19.159	43	27.045	51	19.120	41	46.166	92	94.082	186	93.397	183	26.83%
Transportation (4xxx)	1.651	4	2.152	8	1.748	6	2.975	12	4.723	18	8.740	32	8.526	30	2.75%
Communications (48xx)	13.806	23	12.413	14	16.605	20	13.810	19	30.415	39	57.884	78	56.634	76	17.68%
Electric, gas, sanitary services (49xx)	4.352	8	4.009	9	3.125	4	6.622	13	9.747	17	18.882	36	18.107	34	5.67%
Wholesale (5xxx)	6.171	14	6.522	17	7.845	14	6.806	18	14.651	32	28.504	67	27.344	63	8.52%
Finance, insurance, real estate (6xxx)	12.501	33	9.944	29	7.850	34	9.319	28	17.170	62	41.339	128	39.614	124	9.98%
Services (7xxx)	7.187	17	17.116	29	8.144	23	5.110	16	13.253	39	38.056	86	37.556	85	7.70%
Health services (8xxx)	6.225	7	6.578	10	2.847	8	1.650	2	4.497	10	18.020	28	17.300	27	2.61%
Total	94.956	187	93.116	204	89.408	190	82.641	190	172.049	380	368.691	793	360.121	771	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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