Analysis of high yield issuance for 13 months through December 2013

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

Yield

	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
3.99% and lower	0	0.400	1.300	0.500	1.600	2.765	0	1.000	0	2.600	0.500	0	0.996
4%-4.99%	3.700	9.408	2.272	4.850	6.650	10.887	0	0	0.071	2.243	0	1.098	1.747
5%-5.99%	6.168	5.467	7.645	10.528	7.187	11.173	1.236	5.334	2.362	10.646	5.921	8.244	5.390
6%-6.99%	4.430	4.228	3.339	7.652	2.289	10.604	4.759	3.963	3.547	10.599	10.648	7.941	6.235
7%-7.99%	3.047	6.733	2.015	5.973	2.206	3.687	4.689	2.579	1.933	10.595	3.777	2.101	3.675
8%-8.99%	5.020	2.039	1.568	1.543	1.575	2.553	0.419	3.488	3.985	6.146	3.753	3.645	2.379
9%-9.99%	3.275	0.651	1.952	0.774	0.162	2.280	1.620	1.023	1.160	2.215	0.050	0.764	0.396
10%-10.99%	0.247	0.950	0.622	1.604	0	0.867	0.200	1.073	0.467	0.675	0	0.176	0.684
11% and higher	0.902	0.785	1.450	0.650	0.051	1.075	0.472	0	0.248	1.296	1.025	0.457	0.110
Floater	0	0	0	0	0	0	0	0.375	0.175	0	0.404	0.300	0
NA	0.013	0.833	0.014	0.394	1.036	0.282	0.229	0.208	0.005	0	0.182	0.947	0.050
Total	26.804	31.494	22.178	34.468	22.756	46.174	13.623	19.042	13.952	47.015	26.261	25.672	21.662
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
3.99% and lower	2.200	4	4.365	7	3.600	4	1.496	2	11.661	17	11.661	17	11.661	17	3.60%
4%-4.99%	16.530	30	17.537	30	2.314	3	2.846	6	39.228	69	42.928	74	39.228	69	12.10%
5%-5.99%	23.639	44	19.595	37	18.342	34	19.554	41	81.131	156	87.299	166	81.131	156	25.02%
6%-6.99%	15.219	31	17.652	33	18.109	40	24.825	38	75.805	142	80.235	149	75.805	142	23.38%
7%-7.99%	14.722	31	10.582	31	15.106	24	9.553	20	49.963	106	53.010	115	49.963	106	15.41%
8%-8.99%	5.150	15	4.547	15	13.618	26	9.777	23	33.092	79	38.112	94	33.092	79	10.20%
9%-9.99%	3.377	8	4.062	13	4.398	14	1.209	6	13.047	41	16.322	49	13.047	41	4.02%
10%-10.99%	3.176	6	1.067	4	2.214	7	0.860	4	7.318	21	7.566	22	7.318	21	2.26%
11% and higher	2.885	6	1.599	5	1.544	3	1.592	6	7.619	20	8.522	24	7.619	20	2.35%
Floater	0	0	0	0	0.550	2	0.704	2	1.254	4	1.254	4	1.254	4	0.39%
NA	1.242	15	1.546	16	0.213	5	1.179	5	4.181	41	4.194	45	4.181	41	1.29%
Total	88.141	190	82.553	191	80.009	162	73.595	153	324.298	696	351.102	759	324.298	696	100.00%
Versus Talk
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Lower	0.375	0.650	0	1.900	1.000	3.806	0	0.921	0	2.993	0	0	1.296
Low end	12.161	15.518	9.032	14.337	10.866	13.951	0.900	9.587	2.579	6.662	10.474	11.392	11.572
Middle	9.276	10.130	9.283	13.104	6.304	18.625	8.167	5.029	5.810	29.776	8.042	9.208	6.959
High end	1.370	3.252	2.728	2.869	1.163	4.416	4.162	2.240	1.441	3.992	5.575	2.825	1.476
Higher	0	0	0.797	0	0.594	1.000	0	0	0.250	0	0	0.246	0
NA	3.622	1.945	0.339	2.258	2.829	4.376	0.394	1.265	3.872	3.592	2.170	2.002	0.358
Total	26.804	31.494	22.178	34.468	22.756	46.174	13.623	19.042	13.952	47.015	26.261	25.672	21.662
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	2.550	5	4.806	8	3.915	5	1.296	2	12.567	20	12.942	21	12.567	20	3.88%
Low end	38.887	74	25.717	57	18.828	42	33.437	65	116.870	238	129.030	262	116.870	238	36.04%
Middle	32.517	57	33.095	61	40.616	64	24.209	46	130.437	228	139.713	249	130.437	228	40.22%
High end	8.848	20	9.742	22	7.672	20	9.876	20	36.139	82	37.508	88	36.139	82	11.14%
Higher	0.797	2	1.594	3	0.250	1	0.246	1	2.888	7	2.888	7	2.888	7	0.89%
NA	4.542	32	7.599	40	8.728	30	4.530	19	25.398	121	29.021	132	25.398	121	7.83%
Total	88.141	190	82.553	191	80.009	162	73.595	153	324.298	696	351.102	759	324.298	696	100.00%
Upsized?
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Yes	11.525	13.081	7.173	17.160	9.762	21.169	4.007	8.600	6.516	19.894	14.700	7.193	6.122
No	14.179	17.459	14.355	16.345	12.144	23.445	8.315	9.147	6.235	21.175	11.286	16.635	15.244
Downsized	1.100	0.955	0.650	0.964	0.850	1.560	1.301	1.295	1.201	5.946	0.275	1.845	0.297
Total	26.804	31.494	22.178	34.468	22.756	46.174	13.623	19.042	13.952	47.015	26.261	25.672	21.662
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	37.414	60	34.939	66	35.010	55	28.014	48	135.377	229	146.902	251	135.377	229	41.74%
No	48.158	125	43.903	115	36.557	94	43.164	99	171.783	433	185.962	472	171.783	433	52.97%
Downsized	2.569	5	3.711	10	8.442	13	2.417	6	17.139	34	18.239	36	17.139	34	5.28%
Total	88.141	190	82.553	191	80.009	162	73.595	153	324.298	696	351.102	759	324.298	696	100.00%
Quick Sale?
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Yes	17.426	20.301	17.586	18.911	16.517	28.195	5.573	11.851	9.031	21.344	20.692	19.182	13.687
No	9.378	11.194	4.592	15.557	6.239	17.979	8.049	7.191	4.921	25.671	5.569	6.490	7.975
Total	26.804	31.494	22.178	34.468	22.756	46.174	13.623	19.042	13.952	47.015	26.261	25.672	21.662
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	56.798	133	50.285	120	42.227	94	53.562	105	202.871	452	220.297	493	202.871	452	62.56%
No	31.343	57	32.268	71	37.783	68	20.033	48	121.427	244	130.805	266	121.427	244	37.44%
Total	88.141	190	82.553	191	80.009	162	73.595	153	324.298	696	351.102	759	324.298	696	100.00%
Seniority
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
mortgage	0	0	0	0	0	0	0	0	0	0	0.610	0.898	0
senior secured	5.477	6.231	5.192	5.974	3.146	8.666	1.498	3.880	0.834	4.171	5.471	2.994	2.602
secured	0.425	0	0	0.157	0.914	0.336	0	0	0.209	0	0	0.512	0
senior	20.889	22.537	16.972	26.951	18.691	34.947	10.504	15.154	12.903	41.391	19.018	19.268	16.228
senior subordinated	0.013	2.376	0.014	0.762	0.005	1.475	0.623	0.008	0.005	1.240	1.000	0	0.850
subordinated	0	0.350	0	0.625	0	0.750	0.999	0	0	0.213	0.162	2.000	1.982
Total	26.804	31.494	22.178	34.468	22.756	46.174	13.623	19.042	13.952	47.015	26.261	25.672	21.662
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0	0	0	0	0	0	1.508	3	1.508	3	1.508	3	1.508	3	0.47%
senior secured	17.397	29	13.309	38	8.886	25	11.066	29	50.658	121	56.135	133	50.658	121	15.62%
secured	0.157	1	1.250	7	0.209	1	0.512	1	2.128	10	2.553	11	2.128	10	0.66%
senior	66.461	143	64.142	133	69.448	129	54.515	114	254.566	519	275.454	565	254.566	519	78.50%
senior subordinated	3.152	14	2.103	11	1.253	5	1.850	3	8.359	33	8.372	37	8.359	33	2.58%
subordinated	0.975	3	1.749	2	0.213	2	4.144	3	7.080	10	7.080	10	7.080	10	2.18%
Total	88.141	190	82.553	191	80.009	162	73.595	153	324.298	696	351.102	759	324.298	696	100.00%
Moody's Rating
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Ba1	0.500	0	3.094	2.126	1.850	2.103	0.392	0.591	1.053	7.576	1.000	1.800	1.200
Ba2	1.661	5.455	0.579	3.500	4.400	0.826	1.849	0.900	0.750	7.654	3.959	3.655	2.682
Ba3	3.802	8.965	4.373	5.175	3.918	12.077	0.701	1.168	2.106	3.598	6.188	3.453	1.797
B1	2.700	6.155	4.444	9.795	2.620	5.988	4.419	4.222	1.301	10.393	3.283	3.534	6.576
B2	3.642	1.777	4.843	2.700	1.750	5.605	1.432	3.654	0.849	1.996	2.143	1.988	2.326
B3	7.779	2.920	2.089	3.747	1.474	8.663	1.566	3.355	1.248	8.194	2.215	3.180	3.815
Caa1	3.487	3.711	1.934	2.704	2.238	6.489	1.100	3.619	5.462	3.610	2.529	1.350	1.514
Caa2	1.258	1.538	0.615	0	1.050	2.551	2.011	0.737	0	2.654	2.885	1.800	1.350
Caa3	0	0	0	3.975	0	0	0	0	0.248	0	0	0	0.147
NR	1.975	0.974	0.209	0.746	3.456	1.873	0.153	0.797	0.936	1.340	2.059	4.912	0.256
Total	26.804	31.494	22.178	34.468	22.756	46.174	13.623	19.042	13.952	47.015	26.261	25.672	21.662
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	5.220	11	4.345	7	9.221	11	4.000	7	22.786	36	23.286	37	22.786	36	7.03%
Ba2	9.534	18	7.075	8	9.304	13	10.296	15	36.208	54	37.869	56	36.208	54	11.17%
Ba3	18.512	31	16.696	28	6.871	12	11.438	16	53.517	87	57.319	93	53.517	87	16.50%
B1	20.394	30	13.026	23	15.916	23	13.393	21	62.729	97	65.429	102	62.729	97	19.34%
B2	9.319	22	8.787	22	6.499	18	6.456	19	31.061	81	34.703	90	31.061	81	9.58%
B3	8.755	25	11.703	32	12.797	29	9.211	28	42.466	114	50.245	130	42.466	114	13.09%
Caa1	8.349	19	9.827	28	12.690	29	5.393	17	36.258	93	39.745	104	36.258	93	11.18%
Caa2	2.153	6	5.611	15	3.390	8	6.035	14	17.190	43	18.448	46	17.190	43	5.30%
Caa3	3.975	4	0	0	0.248	1	0.147	1	4.370	6	4.370	6	4.370	6	1.35%
NR	1.930	24	5.483	28	3.073	18	7.227	15	17.712	85	19.687	95	17.712	85	5.46%
Total	88.141	190	82.553	191	80.009	162	73.595	153	324.298	696	351.102	759	324.298	696	100.00%
Use of Proceeds
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Acquisition	4.727	1.798	1.933	0	2.550	4.075	4.642	2.742	0.453	7.743	0.849	2.601	4.194
Capex	0.500	1.500	0	0.543	2.532	0.425	0	0	0	0	0	1.000	0
Dividend/recap	2.953	0.421	0.793	0.300	1.300	1.614	1.055	2.275	2.914	0.767	0.990	0.504	0.717
Exit financing	0	0	0	0	0	0.420	0	0	0	0	0	0	0
GCP	4.609	7.069	3.777	1.748	5.835	4.084	0.671	2.193	2.017	10.564	1.369	6.742	9.264
LBO	1.305	1.200	0	3.889	0	0.350	0.850	0.575	1.825	1.575	2.678	0	0
No proceeds	0.013	0.016	0.014	0.012	0.005	0	0.013	0.008	0.005	0	5.638	0	0
Redeem notes	3.033	6.983	7.159	11.726	3.146	10.131	2.311	1.700	2.947	3.764	4.399	4.163	0.610
Refinance	0.945	3.857	0	4.675	0.650	9.028	0.744	3.595	0.835	5.421	2.785	4.433	1.747
Repay bank debt	2.766	3.850	6.877	9.339	4.332	9.873	2.345	3.640	1.510	2.721	3.717	2.128	1.679
Multiple/Other/NA	5.954	4.801	1.625	2.236	2.407	6.174	0.990	2.314	1.445	14.460	3.837	4.102	3.451
Total	26.804	31.494	22.178	34.468	22.756	46.174	13.623	19.042	13.952	47.015	26.261	25.672	21.662
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	3.731	8	11.267	16	10.938	15	7.644	19	33.581	58	38.307	68	33.581	58	10.35%
Capex	2.043	3	2.957	9	0	0	1.000	1	6.000	13	6.500	14	6.000	13	1.85%
Dividend/recap	1.514	6	3.969	11	5.957	13	2.211	8	13.651	38	16.603	45	13.651	38	4.21%
Exit financing	0	0	0.420	1	0	0	0	0	0.420	1	0.420	1	0.420	1	0.13%
GCP	12.594	34	10.591	32	14.774	28	17.374	30	55.332	124	59.941	134	55.332	124	17.06%
LBO	5.089	4	1.200	5	3.975	6	2.678	6	12.942	21	14.247	23	12.942	21	3.99%
No proceeds	0.042	10	0.019	6	0.013	4	5.638	5	5.712	25	5.725	29	5.712	25	1.76%
Redeem notes	25.868	46	15.588	34	8.411	21	9.172	19	59.038	120	62.072	124	59.038	120	18.20%
Refinance	8.532	16	10.422	20	9.851	19	8.964	21	37.769	76	38.714	78	37.769	76	11.65%
Repay bank debt	20.067	42	16.550	35	7.871	25	7.525	19	52.012	121	54.778	130	52.012	121	16.04%
Multiple/Other/NA	8.661	21	9.571	22	18.219	31	11.390	25	47.841	99	53.795	113	47.841	99	14.75%
Total	88.141	190	82.553	191	80.009	162	73.595	153	324.298	696	351.102	759	324.298	696	100.00%
Industry Sector (by SIC code)
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Agriculture (0xxx)	0.274	0.422	0	0	0	0	0	0	0	0.797	0.300	0	0
Mining (1xxx)	1.693	0.300	0	0.699	1.250	2.860	0.153	0	0.596	1.044	0	0	0.747
Oil and gas (13xx)	1.715	3.687	1.497	5.375	4.791	4.645	1.961	1.378	0.898	6.597	1.890	5.474	1.500
Construction (15xx)	0	1.347	0.473	0.400	0.899	0.663	0	0.820	0.300	0.239	0.556	1.457	0.050
Manufacturing (2xxx, 3xxx)	5.645	12.898	5.304	8.843	4.882	9.818	4.171	6.548	2.283	10.001	4.094	5.056	7.621
Transportation (4xxx)	0.822	0.350	0.298	1.100	1.314	1.436	0.225	0.951	0.509	0	0.993	1.462	0.512
Communications (48xx)	4.130	1.600	5.655	9.350	4.411	9.399	0	1.150	2.071	8.151	7.461	3.455	4.250
Electric, gas, sanitary services (49xx)	1.580	2.675	0	0.450	2.612	2.180	1.829	0	0.406	1.640	3.334	2.235	0.110
Wholesale (5xxx)	2.152	2.723	4.412	0.736	1.212	4.324	1.270	2.314	0.626	0.719	3.292	0.784	0.506
Finance, insurance, real estate (6xxx)	2.872	1.114	1.042	2.800	0.586	5.808	2.094	4.440	1.533	4.504	0.816	3.197	4.163
Services (7xxx)	4.322	3.279	3.350	3.115	0.800	3.140	1.920	1.274	4.729	8.722	3.124	1.852	2.178
Health services (8xxx)	1.600	1.100	0.147	1.600	0	1.900	0	0.168	0	4.600	0.400	0.700	0.026
Total	26.804	31.494	22.178	34.468	22.756	46.174	13.623	19.042	13.952	47.015	26.261	25.672	21.662
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.422	1	0	0	0.797	2	0.300	1	1.519	4	1.793	5	1.519	4	0.47%
Mining (1xxx)	0.999	3	4.263	8	1.640	4	0.747	3	7.649	18	9.342	22	7.649	18	2.36%
Oil and gas (13xx)	10.559	18	11.397	28	8.873	21	8.865	21	39.694	88	41.409	96	39.694	88	12.24%
Construction (15xx)	2.219	8	1.562	5	1.359	6	2.063	8	7.203	27	7.203	27	7.203	27	2.22%
Manufacturing (2xxx, 3xxx)	27.045	51	18.870	40	18.833	38	16.771	36	81.519	165	87.164	178	81.519	165	25.14%
Transportation (4xxx)	1.748	6	2.975	12	1.460	4	2.967	8	9.150	30	9.971	33	9.150	30	2.82%
Communications (48xx)	16.605	20	13.810	19	11.372	15	15.166	18	56.953	72	61.083	76	56.953	72	17.56%
Electric, gas, sanitary services (49xx)	3.125	4	6.622	13	2.046	3	5.679	12	17.472	32	19.052	34	17.472	32	5.39%
Wholesale (5xxx)	7.871	15	6.806	18	3.659	9	4.583	14	22.919	56	25.071	62	22.919	56	7.07%
Finance, insurance, real estate (6xxx)	4.957	31	8.488	28	10.477	33	8.176	10	32.099	102	34.970	114	32.099	102	9.90%
Services (7xxx)	9.744	25	5.860	17	14.725	24	7.154	18	37.482	84	41.803	92	37.482	84	11.56%
Health services (8xxx)	2.847	8	1.900	3	4.768	3	1.126	4	10.641	18	12.241	20	10.641	18	3.28%
Total	88.141	190	82.553	191	80.009	162	73.595	153	324.298	696	351.102	759	324.298	696	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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