Analysis of high yield issuance for 13 months through April 2014

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

Yield

	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
3.99% and lower	1.600	2.765	0	1.000	0	2.600	0.500	0	0.996	0.743	1.500	1.500	0
4%-4.99%	6.650	10.887	0	0	0.071	2.243	0	1.098	1.747	1.954	2.588	3.288	5.496
5%-5.99%	7.187	11.173	1.236	5.334	2.362	10.521	5.921	8.244	5.390	3.353	6.215	10.120	6.590
6%-6.99%	2.289	10.604	4.759	3.963	3.547	10.599	10.648	7.941	6.235	8.565	1.990	9.127	12.950
7%-7.99%	2.206	3.687	4.689	2.579	1.933	10.595	3.777	2.101	3.675	5.314	0.380	1.355	8.433
8%-8.99%	1.175	2.553	0.419	3.488	3.985	6.146	3.753	3.645	2.379	0.103	0.880	1.979	1.661
9%-9.99%	0.162	2.280	1.620	1.023	1.160	2.215	0.050	0.764	0.396	1.095	0.175	1.249	1.845
10%-10.99%	0	0.867	0.200	1.073	0.467	0.675	0	0.176	1.434	0	0.907	0.821	0.999
11% and higher	0.051	1.075	0.472	0	0.248	1.296	1.025	0.457	0.110	1.322	0.150	0.596	0.250
Floater	0	0	0	0.375	0.175	0	0.404	0.300	0	0	0	0	1.500
NA	1.036	0.282	0.229	0.208	0.005	0	0.182	0.947	0.050	0.075	0.101	1.120	0.014
Total	22.356	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886	31.156	39.738
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
3.99% and lower	4.365	7	3.600	4	1.496	2	3.743	4	0	0	3.743	4	13.204	17	11.604	14	3.46%
4%-4.99%	17.537	30	2.314	3	2.846	6	7.830	14	5.496	5	13.326	19	36.023	58	29.373	48	12.30%
5%-5.99%	19.595	37	18.217	33	19.554	41	19.687	38	6.590	12	26.277	50	83.644	161	76.458	149	24.26%
6%-6.99%	17.652	33	18.109	40	24.825	38	19.682	39	12.950	19	32.632	58	93.218	169	90.929	163	30.13%
7%-7.99%	10.582	31	15.106	24	9.553	20	7.050	20	8.433	9	15.483	29	50.724	104	48.518	96	14.30%
8%-8.99%	4.147	14	13.618	26	9.777	23	2.962	7	1.661	6	4.623	13	32.165	76	30.990	74	4.27%
9%-9.99%	4.062	13	4.398	14	1.209	6	2.519	8	1.845	4	4.364	12	14.034	45	13.872	44	4.03%
10%-10.99%	1.067	4	2.214	7	1.611	5	1.729	6	0.999	2	2.727	8	7.619	24	7.619	24	2.52%
11% and higher	1.599	5	1.544	3	1.592	6	2.068	4	0.250	1	2.318	5	7.052	19	7.001	18	2.14%
Floater	0	0	0.550	2	0.704	2	0	0	1.500	1	1.500	1	2.754	5	2.754	5	1.38%
NA	1.546	16	0.213	5	1.179	5	1.296	4	0.014	4	1.310	8	4.249	34	3.213	24	1.21%
Total	82.153	190	79.885	161	74.346	154	68.567	144	39.738	63	108.305	207	344.688	712	322.331	659	100.00%
Versus Talk
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Lower	1.000	3.806	0	0.921	0	2.993	0	0	1.296	0.450	0	0	2.800
Low end	10.866	13.951	0.900	9.587	2.579	6.662	10.474	11.392	11.572	12.958	9.394	18.058	7.025
Middle	5.904	18.625	8.167	5.029	5.810	29.776	8.042	9.208	7.215	6.832	4.382	8.332	24.171
High end	1.163	4.416	4.162	2.240	1.441	3.992	5.575	2.825	1.476	1.865	0.755	3.168	3.592
Higher	0.594	1.000	0	0	0.250	0	0	0.246	0	0	0.175	0	0
NA	2.829	4.376	0.394	1.265	3.872	3.467	2.170	2.002	0.852	0.419	0.180	1.598	2.150
Total	22.356	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886	31.156	39.738
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	4.806	8	3.915	5	1.296	2	0.450	1	2.800	1	3.250	2	13.267	17	12.267	15	3.00%
Low end	25.717	57	18.828	42	33.437	65	40.411	78	7.025	14	47.436	92	125.418	256	114.553	237	43.80%
Middle	32.695	60	40.616	64	24.465	47	19.547	36	24.171	25	43.717	61	141.493	232	135.589	220	40.36%
High end	9.742	22	7.672	20	9.876	20	5.788	18	3.592	10	9.380	28	36.670	90	35.507	88	8.66%
Higher	1.594	3	0.250	1	0.246	1	0.175	1	0	0	0.175	1	2.266	6	1.671	5	0.16%
NA	7.599	40	8.603	29	5.024	19	2.197	10	2.150	13	4.347	23	25.573	111	22.744	94	4.01%
Total	82.153	190	79.885	161	74.346	154	68.567	144	39.738	63	108.305	207	344.688	712	322.331	659	100.00%
Upsized?
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Yes	9.762	21.169	4.007	8.600	6.516	19.894	14.700	7.193	6.122	5.492	8.906	12.294	22.786
No	11.744	23.445	8.315	9.147	6.235	21.050	11.286	16.635	15.994	11.543	5.725	17.907	16.602
Downsized	0.850	1.560	1.301	1.295	1.201	5.946	0.275	1.845	0.297	5.490	0.255	0.955	0.350
Total	22.356	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886	31.156	39.738
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	34.939	66	35.010	55	28.014	48	26.692	46	22.786	26	49.478	72	147.441	241	137.679	223	45.68%
No	43.503	114	36.432	93	43.915	100	35.174	89	16.602	36	51.776	125	175.627	432	163.883	399	47.81%
Downsized	3.711	10	8.442	13	2.417	6	6.700	9	0.350	1	7.050	10	21.620	39	20.770	37	6.51%
Total	82.153	190	79.885	161	74.346	154	68.567	144	39.738	63	108.305	207	344.688	712	322.331	659	100.00%
Quick Sale?
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Yes	16.117	28.195	5.573	11.851	9.031	21.219	20.692	19.182	14.438	8.955	7.340	18.545	13.794
No	6.239	17.979	8.049	7.191	4.921	25.671	5.569	6.490	7.975	13.569	7.545	12.611	25.944
Total	22.356	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886	31.156	39.738
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	49.885	119	42.102	93	54.312	106	34.841	74	13.794	33	48.635	107	194.934	425	178.817	386	44.91%
No	32.268	71	37.783	68	20.033	48	33.726	70	25.944	30	59.670	100	149.753	287	143.514	273	55.09%
Total	82.153	190	79.885	161	74.346	154	68.567	144	39.738	63	108.305	207	344.688	712	322.331	659	100.00%
Seniority
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
mortgage	0	0	0	0	0	0	0.610	0.898	0	0	0	0.062	0
senior secured	2.745	8.666	1.498	3.880	0.834	4.171	5.471	2.994	2.602	2.482	4.313	6.786	10.192
secured	0.914	0.336	0	0	0.209	0	0	0.512	0	0	0	0.213	0
senior	18.691	34.947	10.504	15.154	12.903	41.391	19.018	19.268	16.228	17.957	10.048	24.080	27.782
senior subordinated	0.005	1.475	0.623	0.008	0.005	1.240	1.000	0	1.600	0.335	0.375	0	1.264
subordinated	0	0.750	0.999	0	0	0.088	0.162	2.000	1.982	1.750	0.150	0.015	0.500
Total	22.356	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886	31.156	39.738
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0	0	0	0	1.508	3	0.062	1	0	0	0.062	1	1.570	4	1.570	4	0.06%
senior secured	12.909	37	8.886	25	11.066	29	13.582	25	10.192	11	23.774	36	56.636	127	53.890	119	21.95%
secured	1.250	7	0.209	1	0.512	1	0.213	1	0	0	0.213	1	2.184	10	1.270	6	0.20%
senior	64.142	133	69.448	129	54.515	114	52.085	112	27.782	46	79.866	158	267.971	534	249.280	497	73.74%
senior subordinated	2.103	11	1.253	5	2.600	4	0.710	2	1.264	5	1.974	7	7.931	27	7.925	23	1.82%
subordinated	1.749	2	0.088	1	4.144	3	1.915	3	0.500	1	2.416	4	8.396	10	8.396	10	2.23%
Total	82.153	190	79.885	161	74.346	154	68.567	144	39.738	63	108.305	207	344.688	712	322.331	659	100.00%
Moody's Rating
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Ba1	1.850	2.103	0.392	0.591	1.053	7.576	1.000	1.800	1.200	1.800	0.950	0	0.300
Ba2	4.400	0.826	1.849	0.900	0.750	7.654	3.959	3.655	2.682	0.510	0.750	2.475	0.300
Ba3	3.918	12.077	0.701	1.168	2.106	3.598	6.188	3.453	1.797	0.350	2.901	9.305	11.835
B1	2.620	5.988	4.419	4.222	1.301	10.393	3.283	3.534	6.576	3.685	4.949	3.363	8.312
B2	1.750	5.605	1.432	3.654	0.849	1.996	2.143	1.988	2.326	1.298	0.950	5.217	0.500
B3	1.474	8.663	1.566	3.355	1.248	8.194	2.215	3.180	3.815	1.321	3.222	4.668	7.212
Caa1	2.238	6.489	1.100	3.619	5.462	3.610	2.529	1.350	1.514	3.926	0.334	2.990	5.848
Caa2	1.050	2.551	2.011	0.737	0	2.654	2.885	1.800	2.100	1.385	0.680	0.646	2.731
Caa3	0	0	0	0	0.248	0	0	0	0.147	0	0	0	0.275
Ca	0	0	0	0	0	0	0	0	0	0	0	0	0.850
NR	3.056	1.873	0.153	0.797	0.936	1.215	2.059	4.912	0.256	8.250	0.150	2.491	1.574
Total	22.356	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886	31.156	39.738
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	4.345	7	9.221	11	4.000	7	2.750	5	0.300	1	3.050	6	20.616	31	18.766	28	2.82%
Ba2	7.075	8	9.304	13	10.296	15	3.735	8	0.300	1	4.035	9	30.710	45	26.310	41	3.73%
Ba3	16.696	28	6.871	12	11.438	16	12.556	20	11.835	8	24.391	28	59.396	84	55.478	76	22.52%
B1	13.026	23	15.916	23	13.393	21	11.997	21	8.312	12	20.309	33	62.644	100	60.025	95	18.75%
B2	8.787	22	6.499	18	6.456	19	7.466	18	0.500	1	7.966	19	29.707	78	27.957	75	7.36%
B3	11.703	32	12.797	29	9.211	28	9.211	26	7.212	11	16.424	37	50.134	126	48.660	120	15.16%
Caa1	9.827	28	12.690	29	5.393	17	7.250	21	5.848	9	13.098	30	41.008	104	38.769	98	12.09%
Caa2	5.611	15	3.390	8	6.786	15	2.711	9	2.731	8	5.443	17	21.230	55	20.180	52	5.03%
Caa3	0	0	0.248	1	0.147	1	0	0	0.275	1	0.275	1	0.670	3	0.670	3	0.25%
Ca	0	0	0	0	0	0	0	0	0.850	1	0.850	1	0.850	1	0.850	1	0.78%
NR	5.083	27	2.948	17	7.227	15	10.891	16	1.574	10	12.464	26	27.722	85	24.666	70	11.51%
Total	82.153	190	79.885	161	74.346	154	68.567	144	39.738	63	108.305	207	344.688	712	322.331	659	100.00%
Use of Proceeds
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Acquisition	2.550	4.075	4.642	2.742	0.453	7.743	0.849	2.601	4.194	10.267	0	0.854	12.263
Capex	2.532	0.425	0	0	0	0	0	1.000	0	0.321	0.079	0.213	0.329
Dividend/recap	1.300	1.614	1.055	2.275	2.914	0.767	0.990	0.504	0.717	0.103	0.250	0.077	2.291
Exit financing	0	0.420	0	0	0	0	0	0	0	0	0	0	0
GCP	5.835	4.084	0.671	2.193	2.017	10.564	1.369	6.742	9.264	2.055	3.300	2.340	2.022
LBO	0	0.350	0.850	0.575	2.166	1.575	2.678	0	0	0.525	0.255	1.000	1.050
No proceeds	0.005	0	0.013	0.008	0.005	0	5.638	0	0	1.322	0	0	0.014
Redeem notes	3.146	10.131	2.311	1.700	3.447	3.639	4.399	4.163	1.360	1.695	4.390	11.734	10.446
Refinance	0.650	9.028	0.744	3.595	0.335	5.421	2.785	4.433	1.747	0.375	4.718	3.760	4.522
Repay bank debt	4.332	9.873	2.345	3.640	1.510	2.721	3.717	2.128	1.679	2.642	1.611	5.140	3.392
Multiple/Other/NA	2.007	6.174	0.990	2.314	1.105	14.460	3.837	4.102	3.451	3.220	0.282	6.037	3.410
Total	22.356	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886	31.156	39.738
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	11.267	16	10.938	15	7.644	19	11.121	16	12.263	7	23.384	23	53.234	73	50.684	69	21.59%
Capex	2.957	9	0	0	1.000	1	0.613	3	0.329	2	0.942	5	4.898	15	2.367	8	0.87%
Dividend/recap	3.969	11	5.957	13	2.211	8	0.430	3	2.291	6	2.721	9	14.858	41	13.558	38	2.51%
Exit financing	0.420	1	0	0	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	7.695	25	2.022	9	9.717	34	52.455	124	46.620	112	8.97%
LBO	1.200	5	4.316	7	2.678	6	1.780	3	1.050	2	2.830	5	11.023	23	11.023	23	2.61%
No proceeds	0.019	6	0.013	4	5.638	5	1.322	1	0.014	4	1.336	5	7.006	20	7.001	16	1.23%
Redeem notes	15.588	34	8.786	21	9.922	20	17.819	36	10.446	12	28.265	48	62.561	123	59.416	117	26.10%
Refinance	10.422	20	9.351	18	8.964	21	8.854	18	4.522	5	13.376	23	42.113	82	41.463	80	12.35%
Repay bank debt	16.550	35	7.871	25	7.525	19	9.392	23	3.392	10	12.784	33	44.729	112	40.398	102	11.80%
Multiple/Other/NA	9.171	21	17.878	30	11.390	25	9.540	16	3.410	6	12.950	22	51.389	98	49.382	93	11.96%
Total	82.153	190	79.885	161	74.346	154	68.567	144	39.738	63	108.305	207	344.688	712	322.331	659	100.00%
Industry Sector (by SIC code)
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Agriculture (0xxx)	0	0	0	0	0	0.797	0.300	0	0	0	0	0	0
Mining (1xxx)	1.250	2.860	0.153	0	0.596	1.044	0	0	0.747	0.454	0.200	1.911	1.600
Oil and gas (13xx)	4.791	4.645	1.961	1.378	0.898	6.597	1.890	5.474	1.500	2.156	0.150	1.100	10.088
Construction (15xx)	0.899	0.663	0	0.820	0.300	0.239	0.556	1.457	0.050	0.675	1.351	0.550	0.574
Manufacturing (2xxx, 3xxx)	4.482	9.818	4.171	6.548	2.283	10.001	4.094	5.056	7.621	5.669	7.090	7.373	3.938
Transportation (4xxx)	1.314	1.436	0.225	0.951	0.509	0	0.993	1.462	0.512	0.600	0.350	1.813	1.925
Communications (48xx)	4.411	9.399	0	1.150	2.071	8.151	7.461	3.455	4.250	0.335	0	1.338	15.171
Electric, gas, sanitary services (49xx)	2.612	2.180	1.829	0	0.406	1.640	3.334	2.235	0.110	1.500	1.286	2.574	1.079
Wholesale (5xxx)	1.212	4.324	1.270	2.314	0.626	0.719	3.292	0.784	0.506	0	0.455	1.130	0
Finance, insurance, real estate (6xxx)	0.586	5.808	2.094	4.440	1.533	4.380	0.816	3.197	4.163	5.543	1.325	3.738	2.147
Services (7xxx)	0.800	3.140	1.920	1.274	4.729	8.722	3.124	1.852	2.928	1.593	2.679	4.167	3.069
Health services (8xxx)	0	1.900	0	0.168	0	4.600	0.400	0.700	0.026	4.000	0	5.462	0.148
Total	22.356	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886	31.156	39.738
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	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	0	0	1.097	3	1.097	3	0.00%
Mining (1xxx)	4.263	8	1.640	4	0.747	3	2.566	9	1.600	1	4.166	10	10.816	25	9.566	23	3.85%
Oil and gas (13xx)	11.397	28	8.873	21	8.865	21	3.406	9	10.088	15	13.494	24	42.629	94	37.838	84	12.46%
Construction (15xx)	1.562	5	1.359	6	2.063	8	2.575	8	0.574	3	3.149	11	8.133	30	7.234	27	2.91%
Manufacturing (2xxx, 3xxx)	18.470	39	18.833	38	16.771	36	20.132	42	3.938	12	24.070	54	78.144	167	73.662	157	22.22%
Transportation (4xxx)	2.975	12	1.460	4	2.967	8	2.763	8	1.925	4	4.688	12	12.090	36	10.776	31	4.33%
Communications (48xx)	13.810	19	11.372	15	15.166	18	1.673	5	15.171	7	16.844	12	57.192	64	52.781	58	15.55%
Electric, gas, sanitary services (49xx)	6.622	13	2.046	3	5.679	12	5.360	9	1.079	2	6.438	11	20.785	39	18.172	35	5.94%
Wholesale (5xxx)	6.806	18	3.659	9	4.583	14	1.585	5	0	0	1.585	5	16.633	46	15.421	43	1.46%
Finance, insurance, real estate (6xxx)	8.488	28	10.353	32	8.176	10	10.606	21	2.147	12	12.753	33	39.770	103	39.184	96	11.78%
Services (7xxx)	5.860	17	14.725	24	7.904	19	8.439	20	3.069	6	11.507	26	39.996	86	39.196	83	10.62%
Health services (8xxx)	1.900	3	4.768	3	1.126	4	9.462	8	0.148	1	9.610	9	17.404	19	17.404	19	8.87%
Total	82.153	190	79.885	161	74.346	154	68.567	144	39.738	63	108.305	207	344.688	712	322.331	659	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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