Analysis of high yield issuance for 13 months through July 2013

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

Yield

	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
3.99% and lower	0	0.617	0	0.750	0.497	0	0.400	1.300	0.500	1.600	2.765	0	1.000
4%-4.99%	3.416	3.878	4.709	3.207	1.585	3.700	9.408	2.272	4.850	6.650	10.887	0	0
5%-5.99%	3.857	9.080	12.396	7.425	2.896	6.168	5.467	7.645	10.528	7.187	11.173	1.236	5.334
6%-6.99%	5.286	4.811	13.394	9.370	16.246	4.430	4.228	3.339	7.652	2.289	10.604	4.759	3.955
7%-7.99%	2.014	7.442	4.780	4.138	2.183	3.047	6.733	2.015	5.973	2.206	3.687	4.689	2.579
8%-8.99%	2.871	0.625	3.954	6.288	2.735	5.020	2.039	1.568	1.543	1.575	2.553	0.419	3.482
9%-9.99%	1.263	1.200	3.095	4.290	0.100	3.275	0.651	1.952	0.774	0.162	2.280	1.620	1.023
10%-10.99%	1.761	0.350	1.531	1.352	1.203	0.247	0.950	0.622	1.604	0	0.867	0.200	1.073
11%-11.99%	0.172	1.420	0.300	1.174	0.160	0.582	0.785	1.325	0.650	0.051	1.075	0	0
12% and higher	0.440	0.045	0.145	0	0.676	0.320	0	0.125	0	0	0	0.479	0
Floater	0	0	0	0	0	0	0	0	0	0.200	0	0	0.525
NA	0.051	0	0.050	0.036	0	0.013	0.833	0.014	0.394	1.036	0.282	0.229	0.208
Total	21.131	29.469	44.355	38.032	28.281	26.804	31.494	22.178	34.468	22.956	46.174	13.629	19.179
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
3.99% and lower	0.617	1	1.247	2	2.200	4	4.365	7	1.000	1	7.565	12	9.429	15	9.429	15	3.98%
4%-4.99%	12.004	18	8.492	15	16.530	30	17.537	30	0	0	34.068	60	54.564	93	51.148	89	17.92%
5%-5.99%	25.334	33	16.489	27	23.639	44	19.595	37	5.334	11	48.569	92	90.392	152	86.535	148	25.55%
6%-6.99%	23.491	45	30.046	52	15.219	31	17.652	33	3.955	12	36.826	76	90.363	173	85.077	164	19.37%
7%-7.99%	14.236	31	9.369	28	14.722	31	10.582	31	2.579	8	27.883	70	51.487	129	49.473	125	14.67%
8%-8.99%	7.449	20	14.042	36	5.150	15	4.547	15	3.482	11	13.179	41	34.671	97	31.800	88	6.93%
9%-9.99%	5.558	13	7.665	21	3.377	8	4.062	13	1.023	4	8.462	25	21.685	59	20.422	55	4.45%
10%-10.99%	3.643	8	2.803	7	3.176	6	1.067	4	1.073	3	5.316	13	11.761	28	10.000	24	2.80%
11%-11.99%	1.892	6	1.916	5	2.760	5	1.127	3	0	0	3.886	8	7.695	19	7.523	18	2.04%
12% and higher	0.630	5	0.996	6	0.125	1	0.479	2	0	0	0.604	3	2.230	14	1.790	11	0.32%
Floater	0	0	0	0	0	0	0.200	1	0.525	2	0.725	3	0.725	3	0.725	3	0.38%
NA	0.101	7	0.049	5	1.242	15	1.546	16	0.208	3	2.997	34	3.147	46	3.096	40	1.58%
Total	94.956	187	93.116	204	88.141	190	82.759	192	19.179	55	190.079	437	378.151	828	357.020	780	100.00%
Versus Talk
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Lower	3.700	0.950	0	0.782	0.406	0.375	0.650	0	1.900	1.000	3.806	0	0.921
Low end	6.815	12.202	19.855	15.976	4.707	12.161	15.518	9.032	14.337	10.866	13.951	0.900	9.587
Middle	7.915	11.356	16.826	11.435	8.527	9.276	10.130	9.283	13.104	6.304	18.625	7.674	5.024
High end	1.424	3.950	6.401	8.518	10.303	1.370	3.252	2.728	2.869	1.163	4.416	4.661	2.240
Higher	0.226	0.750	0	0.252	0.728	0	0	0.797	0	0.594	1.000	0	0
NA	1.053	0.261	1.272	1.068	3.608	3.622	1.945	0.339	2.258	3.029	4.376	0.394	1.406
Total	21.131	29.469	44.355	38.032	28.281	26.804	31.494	22.178	34.468	22.956	46.174	13.629	19.179
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	4.650	5	1.563	4	2.550	5	4.806	8	0.921	2	8.278	15	14.491	24	10.791	21	4.36%
Low end	38.872	77	32.844	66	38.887	74	25.717	57	9.587	23	74.191	154	145.907	297	139.093	283	39.03%
Middle	36.096	57	29.239	67	32.517	57	32.602	60	5.024	16	70.143	133	135.478	257	127.564	244	36.90%
High end	11.775	23	20.190	39	8.848	20	10.241	23	2.240	6	21.329	49	53.295	111	51.871	106	11.22%
Higher	0.976	2	0.980	2	0.797	2	1.594	3	0	0	2.391	5	4.347	9	4.122	8	1.26%
NA	2.586	23	8.299	26	4.542	32	7.799	41	1.406	8	13.747	81	24.632	130	23.579	118	7.23%
Total	94.956	187	93.116	204	88.141	190	82.759	192	19.179	55	190.079	437	378.151	828	357.020	780	100.00%
Upsized?
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Yes	12.830	19.428	26.539	19.206	8.412	11.525	13.081	7.173	17.160	9.762	21.169	4.007	8.591
No	7.786	9.741	15.482	16.159	18.844	14.179	17.459	14.355	16.345	12.344	23.445	8.315	9.292
Downsized	0.516	0.300	2.334	2.666	1.025	1.100	0.955	0.650	0.964	0.850	1.560	1.308	1.295
Total	21.131	29.469	44.355	38.032	28.281	26.804	31.494	22.178	34.468	22.956	46.174	13.629	19.179
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	58.797	95	39.143	76	37.414	60	34.939	66	8.591	22	80.944	148	178.884	319	166.054	298	42.58%
No	33.009	83	49.182	119	48.158	125	44.103	116	9.292	31	101.553	272	183.745	474	175.959	449	53.43%
Downsized	3.149	9	4.791	9	2.569	5	3.718	10	1.295	2	7.582	17	15.522	35	15.007	33	3.99%
Total	94.956	187	93.116	204	88.141	190	82.759	192	19.179	55	190.079	437	378.151	828	357.020	780	100.00%
Quick Sale?
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Yes	14.619	25.383	29.561	28.090	17.695	17.426	20.301	17.586	18.911	16.717	28.195	5.573	11.987
No	6.512	4.087	14.794	9.942	10.586	9.378	11.194	4.592	15.557	6.239	17.979	8.056	7.191
Total	21.131	29.469	44.355	38.032	28.281	26.804	31.494	22.178	34.468	22.956	46.174	13.629	19.179
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	69.562	136	63.210	136	56.798	133	50.485	121	11.987	33	119.270	287	252.043	559	237.424	525	62.75%
No	25.393	51	29.906	68	31.343	57	32.274	71	7.191	22	70.809	150	126.108	269	119.596	255	37.25%
Total	94.956	187	93.116	204	88.141	190	82.759	192	19.179	55	190.079	437	378.151	828	357.020	780	100.00%
Seniority
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
senior secured	2.863	6.533	9.998	7.184	5.662	5.477	6.231	5.192	5.974	3.146	8.666	1.498	3.880
secured	0	0	0	0	0.128	0.425	0	0	0.157	0.914	0.336	0	0
senior	17.183	20.386	32.684	28.638	20.149	20.889	22.537	16.972	26.951	18.891	34.947	10.510	15.290
senior subordinated	1.086	2.550	0.923	2.085	0.094	0.013	2.376	0.014	0.762	0.005	1.475	0.623	0.008
subordinated	0	0	0.750	0.125	2.248	0	0.350	0	0.625	0	0.750	0.999	0
Total	21.131	29.469	44.355	38.032	28.281	26.804	31.494	22.178	34.468	22.956	46.174	13.629	19.179
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	19.394	36	18.323	41	17.397	29	13.309	38	3.880	13	34.586	80	72.303	157	69.440	147	18.20%
secured	0	0	0.553	2	0.157	1	1.250	7	0	0	1.407	8	1.960	10	1.960	10	0.74%
senior	70.253	134	69.675	151	66.461	143	64.349	134	15.290	40	146.099	317	286.026	602	268.844	573	76.86%
senior subordinated	4.559	15	2.192	8	3.152	14	2.103	11	0.008	2	5.264	27	12.015	50	10.929	41	2.77%
subordinated	0.750	2	2.373	2	0.975	3	1.749	2	0	0	2.724	5	5.847	9	5.847	9	1.43%
Total	94.956	187	93.116	204	88.141	190	82.759	192	19.179	55	190.079	437	378.151	828	357.020	780	100.00%
Moody's Rating
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Ba1	0.500	1.300	1.925	0	0.650	0.500	0	3.094	2.126	1.850	2.103	0.392	0.591
Ba2	1.823	4.053	4.511	2.150	2.086	1.661	5.455	0.579	3.500	4.400	0.826	1.849	0.900
Ba3	1.168	3.543	3.188	3.004	2.344	3.802	8.965	4.373	5.175	3.918	12.077	0.701	1.168
B1	6.177	6.655	12.726	5.475	7.446	2.700	6.155	4.444	9.795	2.620	5.988	4.419	4.222
B2	3.595	4.832	5.859	7.037	3.820	3.642	1.777	4.843	2.700	1.750	5.605	1.432	3.654
B3	3.836	5.090	5.493	9.609	6.892	7.779	2.920	2.089	3.747	1.474	8.663	1.566	3.355
Caa1	3.493	1.597	4.682	7.541	0.992	3.487	3.711	1.934	2.704	2.238	6.489	1.100	3.619
Caa2	0.300	0.350	3.643	1.831	1.088	1.258	1.538	0.615	0	1.050	2.551	2.017	0.737
Caa3	0	0.864	0.460	0.261	0	0	0	0	3.975	0	0	0	0
NR	0.240	1.186	1.869	1.122	2.965	1.975	0.974	0.209	0.746	3.656	1.873	0.153	0.933
Total	21.131	29.469	44.355	38.032	28.281	26.804	31.494	22.178	34.468	22.956	46.174	13.629	19.179
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	3.725	9	1.150	2	5.220	11	4.345	7	0.591	1	10.157	19	15.032	30	14.532	29	5.34%
Ba2	10.388	17	5.897	11	9.534	18	7.075	8	0.900	2	17.508	28	33.793	56	31.969	54	9.21%
Ba3	7.898	15	9.150	17	18.512	31	16.696	28	1.168	2	36.376	61	53.424	93	52.256	91	19.14%
B1	25.557	33	15.621	26	20.394	30	13.026	23	4.222	10	37.642	63	78.820	122	72.643	114	19.80%
B2	14.286	31	14.499	30	9.319	22	8.787	22	3.654	9	21.760	53	50.544	114	46.950	105	11.45%
B3	14.419	28	24.280	53	8.755	25	11.703	32	3.355	12	23.813	69	62.512	150	58.676	143	12.53%
Caa1	9.772	23	12.020	32	8.349	19	9.827	28	3.619	8	21.794	55	43.586	110	40.093	101	11.47%
Caa2	4.293	9	4.177	10	2.153	6	5.618	15	0.737	3	8.508	24	16.978	43	16.678	42	4.48%
Caa3	1.323	4	0.261	1	3.975	4	0	0	0	0	3.975	4	5.560	9	5.560	9	2.09%
NR	3.295	18	6.062	22	1.930	24	5.683	29	0.933	8	8.546	61	17.902	101	17.663	92	4.50%
Total	94.956	187	93.116	204	88.141	190	82.759	192	19.179	55	190.079	437	378.151	828	357.020	780	100.00%
Use of Proceeds
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Acquisition	2.796	2.700	3.225	8.666	2.679	4.727	1.798	1.933	0	2.550	4.075	4.642	2.742
Capex	0	0.450	0	0	0.497	0.500	1.500	0	0.543	2.532	0.425	0	0
Dividend/recap	0	0.305	0.686	3.530	0.460	2.953	0.421	0.793	0.300	1.300	1.614	1.055	2.275
Exit financing	0	0	0	0	0	0	0	0	0	0	0.420	0	0
GCP	3.274	4.972	7.873	4.717	5.095	4.609	7.069	3.777	1.748	5.835	4.084	0.671	1.788
LBO	0.700	0	0.490	1.260	1.305	1.305	1.200	0	3.889	0	0.350	0.850	0.575
No proceeds	0.051	0	0	0	0	0.013	0.016	0.014	0.012	0.005	0	0.013	0.008
Redeem notes	5.532	3.075	9.694	4.591	6.473	3.033	6.983	7.159	11.726	3.146	10.131	2.318	1.500
Refinance	1.366	3.623	4.505	3.654	6.669	0.945	3.857	0	4.675	0.650	9.028	0.744	3.595
Repay bank debt	3.142	6.675	9.456	2.694	3.049	2.766	3.850	6.877	9.339	4.332	9.873	2.345	3.640
Multiple/Other/NA	4.270	7.669	8.425	8.918	2.054	5.954	4.801	1.625	2.236	2.607	6.174	0.990	3.055
Total	21.131	29.469	44.355	38.032	28.281	26.804	31.494	22.178	34.468	22.956	46.174	13.629	19.179
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	8.721	17	16.072	28	3.731	8	11.267	16	2.742	7	17.741	31	42.535	76	39.738	70	9.33%
Capex	0.450	1	0.997	2	2.043	3	2.957	9	0	0	5.000	12	6.447	15	6.447	15	2.63%
Dividend/recap	0.992	4	6.943	19	1.514	6	3.969	11	2.275	5	7.758	22	15.693	45	15.693	45	4.08%
Exit financing	0	0	0	0	0	0	0.420	1	0	0	0.420	1	0.420	1	0.420	1	0.22%
GCP	16.119	34	14.420	31	12.594	34	10.591	32	1.788	7	24.972	73	55.512	138	52.238	130	13.14%
LBO	1.190	2	3.870	7	5.089	4	1.200	5	0.575	1	6.864	10	11.924	19	11.224	18	3.61%
No proceeds	0.051	6	0.013	4	0.042	10	0.019	6	0.008	2	0.069	18	0.133	28	0.082	22	0.04%
Redeem notes	18.301	35	14.097	22	25.868	46	15.594	34	1.500	3	42.962	83	75.360	140	69.829	131	22.60%
Refinance	9.494	23	11.269	22	8.532	16	10.422	20	3.595	9	22.548	45	43.311	90	41.945	86	11.86%
Repay bank debt	19.273	31	8.509	27	20.067	42	16.550	35	3.640	11	40.257	88	68.039	146	64.897	140	21.18%
Multiple/Other/NA	20.364	34	16.926	42	8.661	21	9.771	23	3.055	10	21.487	54	58.777	130	54.507	122	11.30%
Total	94.956	187	93.116	204	88.141	190	82.759	192	19.179	55	190.079	437	378.151	828	357.020	780	100.00%
Industry Sector (by SIC code)
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Agriculture (0xxx)	0	0	0.325	0	0	0.274	0.422	0	0	0	0	0	0
Mining (1xxx)	0	0.260	1.645	0.556	2.003	1.693	0.300	0	0.699	1.250	2.860	0.153	0
Oil and gas (13xx)	1.905	4.121	4.157	6.165	1.748	1.715	3.687	1.497	5.375	4.791	4.645	1.968	1.378
Construction (15xx)	1.000	0.182	1.397	0.350	0.719	0	1.347	0.473	0.400	0.899	0.663	0	0.820
Manufacturing (2xxx, 3xxx)	5.870	4.025	18.177	7.266	6.248	5.645	12.898	5.304	8.843	4.882	10.068	4.171	5.648
Transportation (4xxx)	0	0	1.651	0.452	0.878	0.822	0.350	0.298	1.100	1.314	1.436	0.225	0.951
Communications (48xx)	3.373	6.388	4.046	5.003	3.280	4.130	1.600	5.655	9.350	4.411	9.399	0	1.150
Electric, gas, sanitary services (49xx)	0.800	0.864	2.688	1.079	1.349	1.580	2.675	0	0.450	2.612	2.180	1.829	0
Wholesale (5xxx)	2.083	1.800	2.288	3.804	0.566	2.152	2.723	4.412	0.736	1.212	4.324	1.270	3.214
Finance, insurance, real estate (6xxx)	3.326	5.168	4.006	2.178	4.893	2.872	1.899	1.042	3.615	0.786	6.558	2.094	4.576
Services (7xxx)	1.225	3.062	2.900	6.851	5.943	4.322	2.494	3.350	2.300	0.800	2.390	1.920	1.274
Health services (8xxx)	1.550	3.600	1.075	4.326	0.652	1.600	1.100	0.147	1.600	0	1.650	0	0.168
Total	21.131	29.469	44.355	38.032	28.281	26.804	31.494	22.178	34.468	22.956	46.174	13.629	19.179
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	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	0	0.422	1	1.021	3	1.021	3	0.22%
Mining (1xxx)	1.905	4	4.252	11	0.999	3	4.263	8	0	0	5.262	11	11.419	26	11.419	26	2.77%
Oil and gas (13xx)	10.183	19	9.629	29	10.559	18	11.404	28	1.378	6	23.341	52	43.152	100	41.248	95	12.28%
Construction (15xx)	2.579	9	1.069	4	2.219	8	1.562	5	0.820	3	4.601	16	8.249	29	7.249	26	2.42%
Manufacturing (2xxx, 3xxx)	28.072	48	19.159	43	27.045	51	19.120	41	5.648	16	51.814	108	99.045	199	93.175	188	27.26%
Transportation (4xxx)	1.651	4	2.152	8	1.748	6	2.975	12	0.951	2	5.674	20	9.476	32	9.476	32	2.99%
Communications (48xx)	13.806	23	12.413	14	16.605	20	13.810	19	1.150	3	31.565	42	57.784	79	54.412	73	16.61%
Electric, gas, sanitary services (49xx)	4.352	8	4.009	9	3.125	4	6.622	13	0	0	9.747	17	18.107	34	17.307	33	5.13%
Wholesale (5xxx)	6.171	14	6.522	17	7.871	15	6.806	18	3.214	7	17.891	40	30.584	71	28.501	66	9.41%
Finance, insurance, real estate (6xxx)	12.501	33	9.944	29	6.557	33	9.438	30	4.576	14	20.571	77	43.015	139	39.689	127	10.82%
Services (7xxx)	7.187	17	17.116	29	8.144	23	5.110	16	1.274	3	14.527	42	38.830	88	37.605	85	7.64%
Health services (8xxx)	6.225	7	6.578	10	2.847	8	1.650	2	0.168	1	4.665	11	17.468	28	15.918	26	2.45%
Total	94.956	187	93.116	204	88.141	190	82.759	192	19.179	55	190.079	437	378.151	828	357.020	780	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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