Analysis of high yield issuance for 13 months through August 2013

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

Yield

	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
3.99% and lower	0.617	0	0.750	0.497	0	0.400	1.300	0.500	1.600	2.765	0	1.000	0
4%-4.99%	3.878	4.709	3.207	1.585	3.700	9.408	2.272	4.850	6.650	10.887	0	0	0.071
5%-5.99%	9.080	12.396	7.425	2.896	6.168	5.467	7.645	10.528	7.187	11.173	1.236	5.334	2.362
6%-6.99%	4.811	13.394	9.370	16.246	4.430	4.228	3.339	7.652	2.289	10.604	4.759	3.963	3.547
7%-7.99%	7.442	4.780	4.138	2.198	3.047	6.733	2.015	5.973	2.206	3.687	4.689	2.579	1.933
8%-8.99%	0.625	3.954	6.288	2.735	5.020	2.039	1.568	1.543	1.575	2.553	0.419	3.488	2.362
9%-9.99%	1.200	3.095	4.290	0.100	3.275	0.651	1.952	0.774	0.162	2.280	1.620	1.023	1.160
10%-10.99%	0.350	1.531	1.352	1.203	0.247	0.950	0.622	1.604	0	0.867	0.200	1.073	0.467
11%-11.99%	1.420	0.300	1.174	0.160	0.582	0.785	1.325	0.650	0.051	1.075	0	0	0
12% and higher	0.045	0.145	0	0.676	0.320	0	0.125	0	0	0	0.472	0	0.248
Floater	0	0	0	0	0	0	0	0	0.200	0	0	0.525	0.175
NA	0	0.050	0.036	0	0.013	0.833	0.014	0.394	1.036	0.282	0.229	0.208	0.005
Total	29.469	44.355	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	12.329
	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	1.247	2	2.200	4	4.365	7	1.000	1	7.565	12	9.429	15	8.812	14	3.73%
4%-4.99%	8.492	15	16.530	30	17.537	30	0.071	1	34.139	61	51.219	90	47.341	84	16.87%
5%-5.99%	16.489	27	23.639	44	19.595	37	7.696	19	50.931	100	88.897	156	79.816	145	25.16%
6%-6.99%	30.046	52	15.219	31	17.652	33	7.510	22	40.381	86	88.632	174	83.821	163	19.95%
7%-7.99%	9.383	30	14.722	31	10.582	31	4.511	13	29.815	75	51.420	132	43.979	119	14.73%
8%-8.99%	14.042	36	5.150	15	4.547	15	5.849	18	15.546	48	34.167	95	33.542	92	7.68%
9%-9.99%	7.665	21	3.377	8	4.062	13	2.183	7	9.622	28	21.582	58	20.382	56	4.75%
10%-10.99%	2.803	7	3.176	6	1.067	4	1.539	5	5.783	15	10.467	26	10.117	25	2.86%
11%-11.99%	1.916	5	2.760	5	1.127	3	0	0	3.886	8	7.523	18	6.103	14	1.92%
12% and higher	0.997	8	0.125	1	0.472	2	0.248	1	0.845	4	2.032	14	1.987	13	0.41%
Floater	0	0	0	0	0.200	1	0.700	3	0.900	4	0.900	4	0.900	4	0.44%
NA	0.049	5	1.242	15	1.546	16	0.213	5	3.002	36	3.101	42	3.101	42	1.48%
Total	93.131	208	88.141	190	82.753	192	31.521	95	202.415	477	369.370	824	339.901	771	100.00%
Versus Talk
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Lower	0.950	0	0.782	0.406	0.375	0.650	0	1.900	1.000	3.806	0	0.921	0
Low end	12.202	19.855	15.976	4.707	12.161	15.518	9.032	14.337	10.866	13.951	0.900	9.587	2.579
Middle	11.356	16.826	11.435	8.527	9.276	10.130	9.283	13.104	6.304	18.625	7.674	5.029	4.187
High end	3.950	6.401	8.518	10.303	1.370	3.252	2.728	2.869	1.163	4.416	4.655	2.240	1.441
Higher	0.750	0	0.252	0.728	0	0	0.797	0	0.594	1.000	0	0	0.250
NA	0.261	1.272	1.068	3.624	3.622	1.945	0.339	2.258	3.029	4.376	0.394	1.415	3.872
Total	29.469	44.355	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	12.329
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	1.563	4	2.550	5	4.806	8	0.921	2	8.278	15	10.791	21	9.841	19	4.09%
Low end	32.844	66	38.887	74	25.717	57	12.166	31	76.770	162	141.672	291	129.470	270	37.93%
Middle	29.239	67	32.517	57	32.602	60	9.216	29	74.336	146	131.756	257	120.400	239	36.72%
High end	20.190	39	8.848	20	10.234	23	3.680	10	22.763	53	53.305	110	49.355	104	11.25%
Higher	0.980	2	0.797	2	1.594	3	0.250	1	2.641	6	4.372	9	3.622	8	1.30%
NA	8.314	30	4.542	32	7.799	41	5.286	22	17.627	95	27.474	136	27.213	131	8.71%
Total	93.131	208	88.141	190	82.753	192	31.521	95	202.415	477	369.370	824	339.901	771	100.00%
Upsized?
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Yes	19.428	26.539	19.206	8.412	11.525	13.081	7.173	17.160	9.762	21.169	4.007	8.600	4.893
No	9.741	15.482	16.159	18.859	14.179	17.459	14.355	16.345	12.344	23.445	8.315	9.297	6.235
Downsized	0.300	2.334	2.666	1.025	1.100	0.955	0.650	0.964	0.850	1.560	1.301	1.295	1.201
Total	29.469	44.355	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	12.329
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	39.143	76	37.414	60	34.939	66	13.492	34	85.845	160	170.955	310	151.527	280	42.41%
No	49.197	123	48.158	125	44.103	116	15.533	55	107.794	296	182.215	477	172.473	455	53.25%
Downsized	4.791	9	2.569	5	3.711	10	2.496	6	8.776	21	16.201	37	15.901	36	4.34%
Total	93.131	208	88.141	190	82.753	192	31.521	95	202.415	477	369.370	824	339.901	771	100.00%
Quick Sale?
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Yes	25.383	29.561	28.090	17.710	17.426	20.301	17.586	18.911	16.717	28.195	5.573	12.001	9.031
No	4.087	14.794	9.942	10.586	9.378	11.194	4.592	15.557	6.239	17.979	8.049	7.191	3.297
Total	29.469	44.355	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	12.329
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	63.225	140	56.798	133	50.485	121	21.033	61	128.315	315	246.484	557	221.101	513	63.39%
No	29.906	68	31.343	57	32.268	71	10.488	34	74.099	162	122.887	267	118.800	258	36.61%
Total	93.131	208	88.141	190	82.753	192	31.521	95	202.415	477	369.370	824	339.901	771	100.00%
Seniority
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
senior secured	6.533	9.998	7.184	5.662	5.477	6.231	5.192	5.974	3.146	8.666	1.498	3.880	0.834
secured	0	0	0	0.128	0.425	0	0	0.157	0.914	0.336	0	0	0.209
senior	20.386	32.684	28.638	20.149	20.889	22.537	16.972	26.951	18.891	34.947	10.504	15.304	11.280
senior subordinated	2.550	0.923	2.085	0.109	0.013	2.376	0.014	0.762	0.005	1.475	0.623	0.008	0.005
subordinated	0	0.750	0.125	2.248	0	0.350	0	0.625	0	0.750	0.999	0	0
Total	29.469	44.355	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	12.329
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	18.323	41	17.397	29	13.309	38	4.715	17	35.420	84	70.275	151	63.742	140	17.50%
secured	0.553	2	0.157	1	1.250	7	0.209	1	1.616	9	2.169	11	2.169	11	0.80%
senior	69.675	151	66.461	143	64.342	134	26.584	73	157.386	350	280.131	606	259.744	568	77.75%
senior subordinated	2.207	12	3.152	14	2.103	11	0.013	4	5.269	29	10.949	47	8.399	43	2.60%
subordinated	2.373	2	0.975	3	1.749	2	0	0	2.724	5	5.847	9	5.847	9	1.35%
Total	93.131	208	88.141	190	82.753	192	31.521	95	202.415	477	369.370	824	339.901	771	100.00%
Moody's Rating
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Ba1	1.300	1.925	0	0.650	0.500	0	3.094	2.126	1.850	2.103	0.392	0.591	1.053
Ba2	4.053	4.511	2.150	2.086	1.661	5.455	0.579	3.500	4.400	0.826	1.849	0.900	0.750
Ba3	3.543	3.188	3.004	2.344	3.802	8.965	4.373	5.175	3.918	12.077	0.701	1.168	2.106
B1	6.655	12.726	5.475	7.446	2.700	6.155	4.444	9.795	2.620	5.988	4.419	4.222	1.301
B2	4.832	5.859	7.037	3.820	3.642	1.777	4.843	2.700	1.750	5.605	1.432	3.654	0.849
B3	5.090	5.493	9.609	6.892	7.779	2.920	2.089	3.747	1.474	8.663	1.566	3.355	1.248
Caa1	1.597	4.682	7.541	0.992	3.487	3.711	1.934	2.704	2.238	6.489	1.100	3.619	3.838
Caa2	0.350	3.643	1.831	1.088	1.258	1.538	0.615	0	1.050	2.551	2.011	0.737	0
Caa3	0.864	0.460	0.261	0	0	0	0	3.975	0	0	0	0	0.248
NR	1.186	1.869	1.122	2.980	1.975	0.974	0.209	0.746	3.656	1.873	0.153	0.947	0.936
Total	29.469	44.355	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	12.329
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	1.150	2	5.220	11	4.345	7	1.644	4	11.210	22	15.585	32	14.285	29	5.54%
Ba2	5.897	11	9.534	18	7.075	8	1.650	4	18.258	30	32.719	56	28.666	49	9.02%
Ba3	9.150	17	18.512	31	16.696	28	3.274	7	38.482	66	54.362	96	50.820	92	19.01%
B1	15.621	26	20.394	30	13.026	23	5.523	13	38.943	66	73.944	117	67.289	108	19.24%
B2	14.499	30	9.319	22	8.787	22	4.503	14	22.609	58	47.798	110	42.966	100	11.17%
B3	24.280	53	8.755	25	11.703	32	4.603	18	25.061	75	59.924	149	54.834	140	12.38%
Caa1	12.020	32	8.349	19	9.827	28	7.457	17	25.632	64	43.931	110	42.334	106	12.66%
Caa2	4.177	10	2.153	6	5.611	15	0.737	3	8.501	24	16.671	42	16.321	41	4.20%
Caa3	0.261	1	3.975	4	0	0	0.248	1	4.223	5	5.808	10	4.944	8	2.09%
NR	6.077	26	1.930	24	5.683	29	1.883	14	9.496	67	18.628	102	17.441	98	4.69%
Total	93.131	208	88.141	190	82.753	192	31.521	95	202.415	477	369.370	824	339.901	771	100.00%
Use of Proceeds
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Acquisition	2.700	3.225	8.666	2.679	4.727	1.798	1.933	0	2.550	4.075	4.642	2.742	0.453
Capex	0.450	0	0	0.497	0.500	1.500	0	0.543	2.532	0.425	0	0	0
Dividend/recap	0.305	0.686	3.530	0.460	2.953	0.421	0.793	0.300	1.300	1.614	1.055	2.275	2.914
Exit financing	0	0	0	0	0	0	0	0	0	0.420	0	0	0
GCP	4.972	7.873	4.717	5.095	4.609	7.069	3.777	1.748	5.835	4.084	0.671	2.193	2.017
LBO	0	0.490	1.260	1.305	1.305	1.200	0	3.889	0	0.350	0.850	0.575	0.202
No proceeds	0	0	0	0.015	0.013	0.016	0.014	0.012	0.005	0	0.013	0.008	0.005
Redeem notes	3.075	9.694	4.591	6.473	3.033	6.983	7.159	11.726	3.146	10.131	2.311	1.700	2.947
Refinance	3.623	4.505	3.654	6.669	0.945	3.857	0	4.675	0.650	9.028	0.744	3.595	0.835
Repay bank debt	6.675	9.456	2.694	3.049	2.766	3.850	6.877	9.339	4.332	9.873	2.345	3.640	1.510
Multiple/Other/NA	7.669	8.425	8.918	2.054	5.954	4.801	1.625	2.236	2.607	6.174	0.990	2.464	1.445
Total	29.469	44.355	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	12.329
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	16.072	28	3.731	8	11.267	16	3.195	9	18.194	33	40.191	72	37.491	67	8.99%
Capex	0.997	2	2.043	3	2.957	9	0	0	5.000	12	6.447	15	5.997	14	2.47%
Dividend/recap	6.943	19	1.514	6	3.969	11	5.189	11	10.673	28	18.607	51	18.302	49	5.27%
Exit financing	0	0	0	0	0.420	1	0	0	0.420	1	0.420	1	0.420	1	0.21%
GCP	14.420	31	12.594	34	10.591	32	4.210	15	27.395	81	54.660	138	49.688	130	13.53%
LBO	3.870	7	5.089	4	1.200	5	0.777	3	7.066	12	11.426	20	11.426	20	3.49%
No proceeds	0.028	8	0.042	10	0.019	6	0.013	4	0.074	20	0.102	28	0.102	28	0.04%
Redeem notes	14.097	22	25.868	46	15.588	34	4.647	11	46.103	91	72.969	139	69.894	133	22.78%
Refinance	11.269	22	8.532	16	10.422	20	4.430	12	23.384	48	42.780	89	39.157	81	11.55%
Repay bank debt	8.509	27	20.067	42	16.550	35	5.150	16	41.767	93	66.407	145	59.732	137	20.63%
Multiple/Other/NA	16.926	42	8.661	21	9.771	23	3.909	14	22.341	58	55.360	126	47.692	111	11.04%
Total	93.131	208	88.141	190	82.753	192	31.521	95	202.415	477	369.370	824	339.901	771	100.00%
Industry Sector (by SIC code)
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Agriculture (0xxx)	0	0.325	0	0	0.274	0.422	0	0	0	0	0	0	0
Mining (1xxx)	0.260	1.645	0.556	2.003	1.693	0.300	0	0.699	1.250	2.860	0.153	0	0.596
Oil and gas (13xx)	4.121	4.157	6.165	1.748	1.715	3.687	1.497	5.375	4.791	4.645	1.961	1.378	0.898
Construction (15xx)	0.182	1.397	0.350	0.719	0	1.347	0.473	0.400	0.899	0.663	0	0.820	0.300
Manufacturing (2xxx, 3xxx)	4.025	18.177	7.266	6.248	5.645	12.898	5.304	8.843	4.882	10.068	4.171	5.648	2.283
Transportation (4xxx)	0	1.651	0.452	0.878	0.822	0.350	0.298	1.100	1.314	1.436	0.225	0.951	0.509
Communications (48xx)	6.388	4.046	5.003	3.280	4.130	1.600	5.655	9.350	4.411	9.399	0	1.150	2.071
Electric, gas, sanitary services (49xx)	0.864	2.688	1.079	1.349	1.580	2.675	0	0.450	2.612	2.180	1.829	0	0.406
Wholesale (5xxx)	1.800	2.288	3.804	0.566	2.152	2.723	4.412	0.736	1.212	4.324	1.270	3.214	0.626
Finance, insurance, real estate (6xxx)	5.168	4.006	2.178	4.909	2.872	1.899	1.042	3.615	0.786	6.558	2.094	4.590	1.533
Services (7xxx)	3.062	2.900	6.851	5.943	4.322	2.494	3.350	2.300	0.800	2.390	1.920	1.274	3.106
Health services (8xxx)	3.600	1.075	4.326	0.652	1.600	1.100	0.147	1.600	0	1.650	0	0.168	0
Total	29.469	44.355	38.032	28.296	26.804	31.494	22.178	34.468	22.956	46.174	13.623	19.192	12.329
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.274	1	0.422	1	0	0	0	0	0.422	1	1.021	3	1.021	3	0.21%
Mining (1xxx)	4.252	11	0.999	3	4.263	8	0.596	1	5.857	12	12.014	27	11.754	26	2.89%
Oil and gas (13xx)	9.629	29	10.559	18	11.397	28	2.276	9	24.232	55	42.139	98	38.018	92	11.97%
Construction (15xx)	1.069	4	2.219	8	1.562	5	1.120	4	4.901	17	7.549	27	7.367	25	2.42%
Manufacturing (2xxx, 3xxx)	19.159	43	27.045	51	19.120	41	7.931	22	54.097	114	95.458	194	91.433	185	26.73%
Transportation (4xxx)	2.152	8	1.748	6	2.975	12	1.460	4	6.183	22	9.985	34	9.985	34	3.05%
Communications (48xx)	12.413	14	16.605	20	13.810	19	3.221	9	33.637	48	56.483	79	50.095	70	16.62%
Electric, gas, sanitary services (49xx)	4.009	9	3.125	4	6.622	13	0.406	1	10.153	18	17.713	34	16.850	32	5.02%
Wholesale (5xxx)	6.522	17	7.871	15	6.806	18	3.840	9	18.517	42	29.127	68	27.327	65	9.15%
Finance, insurance, real estate (6xxx)	9.959	33	6.557	33	9.438	30	6.123	21	22.118	84	41.251	138	36.083	128	10.93%
Services (7xxx)	17.116	29	8.144	23	5.110	16	4.379	14	17.633	53	40.711	96	37.649	88	8.71%
Health services (8xxx)	6.578	10	2.847	8	1.650	2	0.168	1	4.665	11	15.918	26	12.318	23	2.30%
Total	93.131	208	88.141	190	82.753	192	31.521	95	202.415	477	369.370	824	339.901	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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