Analysis of high yield issuance for 13 months through February 2014

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

Yield

	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
3.99% and lower	1.300	0.500	1.600	2.765	0	1.000	0	2.600	0.500	0	0.996	0.743	1.500
4%-4.99%	2.272	4.850	6.650	10.887	0	0	0.071	2.243	0	1.098	1.747	1.954	2.588
5%-5.99%	7.645	10.528	7.187	11.173	1.236	5.334	2.362	10.521	5.921	8.244	5.390	3.353	6.215
6%-6.99%	3.339	7.700	2.289	10.604	4.759	3.963	3.547	10.599	10.648	7.941	6.235	8.565	1.990
7%-7.99%	2.015	5.973	2.206	3.687	4.689	2.579	1.933	10.595	3.777	2.101	3.675	5.314	0.380
8%-8.99%	1.568	1.543	1.575	2.553	0.419	3.488	3.985	6.146	3.753	3.645	2.379	0.103	0.880
9%-9.99%	1.952	0.774	0.162	2.280	1.620	1.023	1.160	2.215	0.050	0.764	0.396	1.095	0.175
10%-10.99%	0.622	1.604	0	0.867	0.200	1.073	0.467	0.675	0	0.176	1.434	0	0.907
11% and higher	1.450	0.650	0.051	1.075	0.472	0	0.248	1.296	1.025	0.457	0.110	1.322	0.150
Floater	0	0	0	0	0	0.375	0.175	0	0.404	0.300	0	0	0
NA	0.014	0.394	1.036	0.282	0.229	0.208	0.005	0	0.182	0.947	0.050	0.075	0.101
Total	22.178	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
3.99% and lower	4.365	7	3.600	4	1.496	2	2.243	3	2.243	3	13.504	19	12.204	17	6.00%
4%-4.99%	17.537	30	2.314	3	2.846	6	4.542	7	4.542	7	34.362	58	32.090	52	12.14%
5%-5.99%	19.595	37	18.217	33	19.554	41	9.568	19	9.568	19	85.107	162	77.462	149	25.58%
6%-6.99%	17.652	33	18.109	40	24.825	38	10.555	18	10.555	18	82.180	153	78.841	146	28.21%
7%-7.99%	10.582	31	15.106	24	9.553	20	5.694	14	5.694	14	48.924	105	46.909	99	15.22%
8%-8.99%	4.547	15	13.618	26	9.777	23	0.983	4	0.983	4	32.036	77	30.468	71	2.63%
9%-9.99%	4.062	13	4.398	14	1.209	6	1.270	4	1.270	4	13.666	43	11.713	40	3.39%
10%-10.99%	1.067	4	2.214	7	1.611	5	0.907	3	0.907	3	8.026	24	7.403	21	2.42%
11% and higher	1.599	5	1.544	3	1.592	6	1.472	2	1.472	2	8.306	21	6.856	18	3.93%
Floater	0	0	0.550	2	0.704	2	0	0	0	0	1.254	4	1.254	4	0.00%
NA	1.546	16	0.213	5	1.179	5	0.176	2	0.176	2	3.523	37	3.509	35	0.47%
Total	82.553	191	79.885	161	74.346	154	37.411	76	37.411	76	330.889	703	308.711	652	100.00%
Versus Talk
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Lower	0	1.900	1.000	3.806	0	0.921	0	2.993	0	0	1.296	0.450	0
Low end	9.032	14.337	10.866	13.951	0.900	9.587	2.579	6.662	10.474	11.392	11.572	12.958	9.394
Middle	9.283	13.104	6.304	18.625	8.167	5.029	5.810	29.776	8.042	9.208	7.215	6.832	4.382
High end	2.728	2.869	1.163	4.416	4.162	2.240	1.441	3.992	5.575	2.825	1.476	1.865	0.755
Higher	0.797	0	0.594	1.000	0	0	0.250	0	0	0.246	0	0	0.175
NA	0.339	2.307	2.829	4.376	0.394	1.265	3.872	3.467	2.170	2.002	0.852	0.419	0.180
Total	22.178	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	4.806	8	3.915	5	1.296	2	0.450	1	0.450	1	12.367	19	12.367	19	1.20%
Low end	25.717	57	18.828	42	33.437	65	22.352	44	22.352	44	123.704	254	114.672	237	59.75%
Middle	33.095	61	40.616	64	24.465	47	11.214	17	11.214	17	131.777	227	122.494	206	29.98%
High end	9.742	22	7.672	20	9.876	20	2.620	8	2.620	8	35.507	82	32.779	76	7.00%
Higher	1.594	3	0.250	1	0.246	1	0.175	1	0.175	1	3.063	8	2.266	6	0.47%
NA	7.599	40	8.603	29	5.024	19	0.599	5	0.599	5	24.470	113	24.132	108	1.60%
Total	82.553	191	79.885	161	74.346	154	37.411	76	37.411	76	330.889	703	308.711	652	100.00%
Upsized?
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Yes	7.173	17.160	9.762	21.169	4.007	8.600	6.516	19.894	14.700	7.193	6.122	5.492	8.906
No	14.355	16.393	12.144	23.445	8.315	9.147	6.235	21.050	11.286	16.635	15.994	11.543	5.725
Downsized	0.650	0.964	0.850	1.560	1.301	1.295	1.201	5.946	0.275	1.845	0.297	5.490	0.255
Total	22.178	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	34.939	66	35.010	55	28.014	48	14.399	24	14.399	24	136.695	232	129.521	216	38.49%
No	43.903	115	36.432	93	43.915	100	17.267	46	17.267	46	172.266	433	157.911	399	46.15%
Downsized	3.711	10	8.442	13	2.417	6	5.745	6	5.745	6	21.929	38	21.279	37	15.36%
Total	82.553	191	79.885	161	74.346	154	37.411	76	37.411	76	330.889	703	308.711	652	100.00%
Quick Sale?
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Yes	17.586	18.960	16.517	28.195	5.573	11.851	9.031	21.219	20.692	19.182	14.438	8.955	7.340
No	4.592	15.557	6.239	17.979	8.049	7.191	4.921	25.671	5.569	6.490	7.975	13.569	7.545
Total	22.178	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	50.285	120	42.102	93	54.312	106	16.296	36	16.296	36	199.541	441	181.955	401	43.56%
No	32.268	71	37.783	68	20.033	48	21.115	40	21.115	40	131.348	262	126.756	251	56.44%
Total	82.553	191	79.885	161	74.346	154	37.411	76	37.411	76	330.889	703	308.711	652	100.00%
Seniority
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
mortgage	0	0	0	0	0	0	0	0	0.610	0.898	0	0	0
senior secured	5.192	5.974	3.146	8.666	1.498	3.880	0.834	4.171	5.471	2.994	2.602	2.482	4.313
secured	0	0.157	0.914	0.336	0	0	0.209	0	0	0.512	0	0	0
senior	16.972	27.000	18.691	34.947	10.504	15.154	12.903	41.391	19.018	19.268	16.228	17.957	10.048
senior subordinated	0.014	0.762	0.005	1.475	0.623	0.008	0.005	1.240	1.000	0	1.600	0.335	0.375
subordinated	0	0.625	0	0.750	0.999	0	0	0.088	0.162	2.000	1.982	1.750	0.150
Total	22.178	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0	0	0	0	1.508	3	0	0	0	0	1.508	3	1.508	3	0.00%
senior secured	13.309	38	8.886	25	11.066	29	6.796	13	6.796	13	51.223	125	46.031	114	18.17%
secured	1.250	7	0.209	1	0.512	1	0	0	0	0	2.128	10	2.128	10	0.00%
senior	64.142	133	69.448	129	54.515	114	28.005	59	28.005	59	260.082	526	243.110	488	74.86%
senior subordinated	2.103	11	1.253	5	2.600	4	0.710	2	0.710	2	7.443	29	7.429	27	1.90%
subordinated	1.749	2	0.088	1	4.144	3	1.900	2	1.900	2	8.505	10	8.505	10	5.08%
Total	82.553	191	79.885	161	74.346	154	37.411	76	37.411	76	330.889	703	308.711	652	100.00%
Moody's Rating
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Ba1	3.094	2.126	1.850	2.103	0.392	0.591	1.053	7.576	1.000	1.800	1.200	1.800	0.950
Ba2	0.579	3.500	4.400	0.826	1.849	0.900	0.750	7.654	3.959	3.655	2.682	0.510	0.750
Ba3	4.373	5.175	3.918	12.077	0.701	1.168	2.106	3.598	6.188	3.453	1.797	0.350	2.901
B1	4.444	9.795	2.620	5.988	4.419	4.222	1.301	10.393	3.283	3.534	6.576	3.685	4.949
B2	4.843	2.700	1.750	5.605	1.432	3.654	0.849	1.996	2.143	1.988	2.326	1.298	0.950
B3	2.089	3.747	1.474	8.663	1.566	3.355	1.248	8.194	2.215	3.180	3.815	1.321	3.222
Caa1	1.934	2.704	2.238	6.489	1.100	3.619	5.462	3.610	2.529	1.350	1.514	3.926	0.334
Caa2	0.615	0	1.050	2.551	2.011	0.737	0	2.654	2.885	1.800	2.100	1.385	0.680
Caa3	0	3.975	0	0	0	0	0.248	0	0	0	0.147	0	0
NR	0.209	0.794	3.456	1.873	0.153	0.797	0.936	1.215	2.059	4.912	0.256	8.250	0.150
Total	22.178	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	4.345	7	9.221	11	4.000	7	2.750	5	2.750	5	25.536	41	22.442	36	7.35%
Ba2	7.075	8	9.304	13	10.296	15	1.260	3	1.260	3	32.013	46	31.435	44	3.37%
Ba3	16.696	28	6.871	12	11.438	16	3.251	7	3.251	7	47.803	79	43.430	72	8.69%
B1	13.026	23	15.916	23	13.393	21	8.634	14	8.634	14	65.208	102	60.764	92	23.08%
B2	8.787	22	6.499	18	6.456	19	2.248	6	2.248	6	31.533	81	26.690	73	6.01%
B3	11.703	32	12.797	29	9.211	28	4.543	11	4.543	11	44.089	116	42.001	110	12.14%
Caa1	9.827	28	12.690	29	5.393	17	4.260	13	4.260	13	36.808	100	34.874	94	11.39%
Caa2	5.611	15	3.390	8	6.786	15	2.065	7	2.065	7	18.467	48	17.852	45	5.52%
Caa3	0	0	0.248	1	0.147	1	0	0	0	0	4.370	6	4.370	6	0.00%
NR	5.483	28	2.948	17	7.227	15	8.400	10	8.400	10	25.062	84	24.852	80	22.45%
Total	82.553	191	79.885	161	74.346	154	37.411	76	37.411	76	330.889	703	308.711	652	100.00%
Use of Proceeds
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Acquisition	1.933	0	2.550	4.075	4.642	2.742	0.453	7.743	0.849	2.601	4.194	9.984	0
Capex	0	0.543	2.532	0.425	0	0	0	0	0	1.000	0	0.321	0.079
Dividend/recap	0.793	0.300	1.300	1.614	1.055	2.275	2.914	0.767	0.990	0.504	0.717	0.103	0.250
Exit financing	0	0	0	0.420	0	0	0	0	0	0	0	0	0
GCP	3.777	1.748	5.835	4.084	0.671	2.193	2.017	10.564	1.369	6.742	9.264	2.055	3.300
LBO	0	3.889	0	0.350	0.850	0.575	1.825	1.575	2.678	0	0	0.525	0.255
No proceeds	0.014	0.012	0.005	0	0.013	0.008	0.005	0	5.638	0	0	1.322	0
Redeem notes	7.159	11.726	3.146	10.131	2.311	1.700	3.447	3.639	4.399	4.163	1.360	1.695	4.390
Refinance	0	4.675	0.650	9.028	0.744	3.595	0.335	5.421	2.785	4.433	1.747	0.375	4.718
Repay bank debt	6.877	9.339	4.332	9.873	2.345	3.640	1.510	2.721	3.717	2.128	1.679	2.642	1.611
Multiple/Other/NA	1.625	2.284	2.407	6.174	0.990	2.314	1.445	14.460	3.837	4.102	3.451	3.503	0.282
Total	22.178	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	11.267	16	10.938	15	7.644	19	9.984	12	9.984	12	41.767	66	39.834	62	26.69%
Capex	2.957	9	0	0	1.000	1	0.400	2	0.400	2	4.900	14	4.900	14	1.07%
Dividend/recap	3.969	11	5.957	13	2.211	8	0.353	2	0.353	2	13.583	39	12.790	35	0.94%
Exit financing	0.420	1	0	0	0	0	0	0	0	0	0.420	1	0.420	1	0.00%
GCP	10.591	32	14.774	28	17.374	30	5.355	16	5.355	16	53.619	121	49.842	113	14.31%
LBO	1.200	5	3.975	6	2.678	6	0.780	2	0.780	2	12.522	21	12.522	21	2.08%
No proceeds	0.019	6	0.013	4	5.638	5	1.322	1	1.322	1	7.018	22	7.004	20	3.53%
Redeem notes	15.588	34	8.786	21	9.922	20	6.085	14	6.085	14	59.266	122	52.107	108	16.27%
Refinance	10.422	20	9.351	18	8.964	21	5.094	10	5.094	10	38.506	79	38.506	79	13.62%
Repay bank debt	16.550	35	7.871	25	7.525	19	4.253	10	4.253	10	52.415	121	45.537	105	11.37%
Multiple/Other/NA	9.571	22	18.219	31	11.390	25	3.785	7	3.785	7	46.874	97	45.249	94	10.12%
Total	82.553	191	79.885	161	74.346	154	37.411	76	37.411	76	330.889	703	308.711	652	100.00%
Industry Sector (by SIC code)
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Agriculture (0xxx)	0	0	0	0	0	0	0	0.797	0.300	0	0	0	0
Mining (1xxx)	0	0.699	1.250	2.860	0.153	0	0.596	1.044	0	0	0.747	0.454	0.200
Oil and gas (13xx)	1.497	5.375	4.791	4.645	1.961	1.378	0.898	6.597	1.890	5.474	1.500	2.156	0.500
Construction (15xx)	0.473	0.400	0.899	0.663	0	0.820	0.300	0.239	0.556	1.457	0.050	0.675	1.351
Manufacturing (2xxx, 3xxx)	5.304	9.018	4.882	9.818	4.171	6.548	2.283	10.001	4.094	5.056	7.621	5.669	7.090
Transportation (4xxx)	0.298	1.100	1.314	1.436	0.225	0.951	0.509	0	0.993	1.462	0.512	0.600	0
Communications (48xx)	5.655	9.350	4.411	9.399	0	1.150	2.071	8.151	7.461	3.455	4.250	0.335	0
Electric, gas, sanitary services (49xx)	0	0.450	2.612	2.180	1.829	0	0.406	1.640	3.334	2.235	0.110	1.500	1.286
Wholesale (5xxx)	4.412	0.736	1.212	4.324	1.270	2.314	0.626	0.719	3.292	0.784	0.506	0	0.455
Finance, insurance, real estate (6xxx)	1.042	2.674	0.586	5.808	2.094	4.440	1.533	4.380	0.816	3.197	4.163	5.543	1.325
Services (7xxx)	3.350	3.115	0.800	3.140	1.920	1.274	4.729	8.722	3.124	1.852	2.928	1.593	2.679
Health services (8xxx)	0.147	1.600	0	1.900	0	0.168	0	4.600	0.400	0.700	0.026	4.000	0
Total	22.178	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0.797	2	0.300	1	0	0	0	0	1.097	3	1.097	3	0.00%
Mining (1xxx)	4.263	8	1.640	4	0.747	3	0.654	2	0.654	2	8.003	19	8.003	19	1.75%
Oil and gas (13xx)	11.397	28	8.873	21	8.865	21	2.656	7	2.656	7	38.663	89	37.166	85	7.10%
Construction (15xx)	1.562	5	1.359	6	2.063	8	2.026	6	2.026	6	7.882	28	7.409	26	5.42%
Manufacturing (2xxx, 3xxx)	18.870	40	18.833	38	16.771	36	12.759	27	12.759	27	81.555	169	76.251	158	34.10%
Transportation (4xxx)	2.975	12	1.460	4	2.967	8	0.600	1	0.600	1	9.400	30	9.101	29	1.60%
Communications (48xx)	13.810	19	11.372	15	15.166	18	0.335	1	0.335	1	55.688	70	50.033	61	0.90%
Electric, gas, sanitary services (49xx)	6.622	13	2.046	3	5.679	12	2.786	4	2.786	4	17.582	33	17.582	33	7.45%
Wholesale (5xxx)	6.806	18	3.659	9	4.583	14	0.455	2	0.455	2	20.651	54	16.239	46	1.22%
Finance, insurance, real estate (6xxx)	8.488	28	10.353	32	8.176	10	6.868	13	6.868	13	37.601	104	36.559	96	18.36%
Services (7xxx)	5.860	17	14.725	24	7.904	19	4.272	11	4.272	11	39.226	86	35.876	79	11.42%
Health services (8xxx)	1.900	3	4.768	3	1.126	4	4.000	2	4.000	2	13.541	18	13.394	17	10.69%
Total	82.553	191	79.885	161	74.346	154	37.411	76	37.411	76	330.889	703	308.711	652	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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