Analysis of investment grade issuance for 13 months through December 2012

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Spread

	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Less than 75 bps	2.000	0	16.903	9.046	5.377	6.490	2.636	15.687	7.688	9.035	17.482	31.098	5.742
75	1.098	0.898	12.275	6.105	0.998	9.200	3.743	7.711	6.861	18.804	7.463	20.866	11.579
100	1.098	7.323	11.011	7.358	2.645	14.532	7.078	14.064	5.004	6.465	10.248	17.105	5.782
125	2.197	4.542	3.269	12.518	4.192	13.288	10.635	4.912	11.225	13.034	5.423	14.306	4.709
150	0	8.000	6.824	18.073	5.239	10.953	4.791	2.785	4.527	11.450	3.049	10.645	4.084
175	3.572	7.317	4.967	11.315	1.997	6.112	3.592	1.939	4.455	9.159	2.434	2.552	1.669
200	5.784	6.439	9.025	9.728	0	2.478	1.495	1.845	0.846	4.627	2.774	2.689	3.407
225	4.343	3.865	4.719	4.737	0.650	5.478	5.713	2.318	0.941	5.340	2.111	2.095	1.442
250	5.979	4.582	1.145	4.039	1.993	0.589	2.942	0	0	4.418	0	1.903	0.398
275	0.241	1.631	2.984	3.944	1.999	0.874	2.039	0.499	1.001	1.698	0	0.572	0
300 bps and higher	1.342	11.703	8.535	8.396	2.122	4.553	4.700	5.780	3.435	1.418	7.087	4.839	0.496
Floater	2.140	3.634	4.150	7.249	1.775	1.851	4.000	2.109	4.525	7.401	1.152	6.150	0.850
NA	1.679	21.535	13.670	16.343	6.886	3.090	13.254	5.314	6.313	27.038	7.106	13.452	2.448
Total	31.475	81.470	99.477	118.851	35.873	79.488	66.620	64.963	56.820	119.886	66.330	128.271	42.607
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 75 bps	25.949	27	14.503	15	32.410	42	54.323	66	127.184	150	129.184	151	127.184	150	13.24%
75	19.278	27	13.942	20	33.376	46	39.908	42	106.505	135	107.603	138	106.505	135	11.09%
100	25.691	34	24.256	32	25.534	34	33.135	37	108.616	137	109.714	139	108.616	137	11.31%
125	20.329	27	28.114	34	29.171	43	24.437	36	102.051	140	104.248	144	102.051	140	10.62%
150	32.898	36	20.983	27	18.762	22	17.778	34	90.421	119	90.421	119	90.421	119	9.41%
175	23.599	27	11.701	17	15.553	25	6.656	17	57.508	86	61.080	90	57.508	86	5.99%
200	25.193	27	3.974	5	7.318	15	8.870	18	45.354	65	51.138	72	45.354	65	4.72%
225	13.320	19	11.841	17	8.598	13	5.648	11	39.407	60	43.751	65	39.407	60	4.10%
250	9.765	12	5.524	11	4.418	8	2.301	4	22.008	35	27.987	41	22.008	35	2.29%
275	8.559	9	4.912	6	3.198	8	0.572	2	17.241	25	17.482	26	17.241	25	1.79%
300 bps and higher	28.635	31	11.376	24	10.632	21	12.421	13	63.064	89	64.406	93	63.064	89	6.56%
Floater	15.033	26	7.626	16	14.035	30	8.152	23	44.846	95	46.986	101	44.846	95	4.67%
NA	51.548	52	23.230	31	38.666	51	23.006	30	136.450	164	138.129	170	136.450	164	14.20%
Total	299.798	354	181.980	255	241.669	358	237.208	333	960.655	1300	992.130	1349	960.655	1300	100.00%
Tenor
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Less than 1.5 years	1.290	2.789	0.100	0.750	0	0	2.000	1.000	1.100	1.800	0	0.500	0.475
1.5 to 2 years	2.000	3.150	2.100	3.000	2.675	1.000	2.274	2.059	1.400	2.505	1.100	4.000	0.375
2.25 to 4.75 years	5.977	14.303	22.545	24.108	7.785	11.709	18.282	18.515	3.389	22.377	16.870	20.335	3.498
5	7.636	21.056	29.057	32.585	11.083	21.715	12.970	10.646	15.148	26.227	13.803	29.055	17.068
5.25 to 9.75	0.248	7.123	7.602	11.247	2.567	1.639	3.294	6.693	1.368	11.526	3.705	8.791	2.532
10	9.262	24.652	27.023	29.664	6.796	26.287	14.288	16.249	17.234	36.361	18.876	34.958	10.113
10.25 to 20	0	0.800	0	3.648	0.380	1.891	3.294	1.251	2.478	6.042	3.447	9.474	4.033
Longer than 20	5.062	7.597	11.051	13.848	4.587	15.247	10.217	8.550	14.701	13.048	8.529	20.159	4.512
NA	0	0	0	0	0	0	0	0	0	0	0	1.000	0
Total	31.475	81.470	99.477	118.851	35.873	79.488	66.620	64.963	56.820	119.886	66.330	128.271	42.607
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 1.5 years	3.639	8	2.000	3	3.900	8	0.975	4	10.514	23	11.804	28	10.514	23	1.09%
1.5 to 2 years	8.250	14	5.949	11	5.964	15	5.475	13	25.638	53	27.638	57	25.638	53	2.67%
2.25 to 4.75 years	60.956	64	37.776	42	44.281	58	40.703	50	183.716	214	189.692	224	183.716	214	19.12%
5	82.699	79	45.768	52	52.021	59	59.926	66	240.414	256	248.050	266	240.414	256	25.03%
5.25 to 9.75	25.973	26	7.500	16	19.588	27	15.028	27	68.089	96	68.337	97	68.089	96	7.09%
10	81.339	100	47.371	78	69.844	104	63.946	88	262.501	370	271.763	382	262.501	370	27.33%
10.25 to 20	4.448	7	5.565	8	9.771	17	16.954	27	36.738	59	36.738	59	36.738	59	3.82%
Longer than 20	32.496	56	30.051	45	36.299	70	33.200	57	132.046	228	137.108	235	132.046	228	13.75%
NA	0	0	0	0	0	0	1.000	1	1.000	1	1.000	1	1.000	1	0.10%
Total	299.798	354	181.980	255	241.669	358	237.208	333	960.655	1300	992.130	1349	960.655	1300	100.00%
Upsized?
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Yes	5.531	3.476	8.306	14.924	5.879	8.462	9.502	2.008	5.170	10.605	10.461	26.930	10.616
No	25.944	77.995	91.171	103.928	29.994	71.026	57.117	62.955	51.650	109.281	55.869	101.044	31.990
Downsized	0	0	0	0	0	0	0	0	0	0	0	0.298	0
Total	31.475	81.470	99.477	118.851	35.873	79.488	66.620	64.963	56.820	119.886	66.330	128.271	42.607
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	26.705	46	23.844	44	17.782	40	48.007	74	116.338	204	121.869	216	116.338	204	12.11%
No	273.093	308	158.136	211	223.887	318	188.903	258	844.020	1095	869.963	1132	844.020	1095	87.86%
Downsized	0	0	0	0	0	0	0.298	1	0.298	1	0.298	1	0.298	1	0.03%
Total	299.798	354	181.980	255	241.669	358	237.208	333	960.655	1300	992.130	1349	960.655	1300	100.00%
Moody's Rating
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Aaa	2.454	20.463	21.361	20.874	9.774	6.730	9.738	6.410	3.986	20.491	5.242	14.223	2.000
Aa1	0.250	2.747	2.995	3.250	0	0.997	1.497	0.450	3.739	1.498	1.350	5.740	0.999
Aa2	0.925	8.323	1.776	8.978	0.850	1.593	2.691	2.498	0	15.471	7.977	5.126	0
Aa3	2.961	10.260	18.032	9.244	0.741	4.341	3.000	12.817	3.485	6.580	3.998	0.800	1.148
A1	1.997	5.297	3.946	2.331	5.099	7.019	5.323	8.285	3.010	11.085	10.100	9.835	10.600
A2	8.364	3.391	12.367	10.263	2.872	18.092	16.920	6.701	8.100	11.716	8.744	17.932	11.180
A3	1.419	7.026	6.489	18.578	7.135	5.405	0.200	12.731	8.743	6.354	5.675	16.522	3.938
Baa1	9.415	9.843	12.083	20.649	0.747	15.907	6.086	4.014	5.243	14.677	5.803	28.629	3.136
Baa2	2.848	4.762	5.724	15.918	6.332	14.765	10.978	6.905	12.297	19.581	12.949	14.373	2.289
Baa3	0.595	6.860	13.707	3.556	1.844	4.640	6.728	3.835	3.739	9.542	3.453	9.776	6.970
Ba1	0.248	1.479	0.998	0	0	0	1.345	0	0	1.835	0.599	1.091	0.347
Ba2	0	0	0	1.839	0.380	0	0.500	0	0	0	0	0.300	0
Ba3	0	0.720	0	0	0	0	0	0.317	0.750	0	0	0	0
B1	0	0	0	1.492	0	0	0	0	0	0	0	0	0
NR	0	0.300	0	1.881	0.100	0	1.614	0	3.728	1.057	0.439	3.922	0
Total	31.475	81.470	99.477	118.851	35.873	79.488	66.620	64.963	56.820	119.886	66.330	128.271	42.607
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	62.697	37	26.241	16	30.887	25	21.465	22	141.291	100	143.745	103	141.291	100	14.71%
Aa1	8.992	8	2.494	2	5.686	8	8.089	6	25.261	24	25.510	25	25.261	24	2.63%
Aa2	19.077	21	5.134	10	17.969	21	13.103	12	55.284	64	56.209	66	55.284	64	5.75%
Aa3	37.536	40	8.082	11	22.882	27	5.946	12	74.446	90	77.407	96	74.446	90	7.75%
A1	11.575	12	17.440	21	22.379	42	30.535	36	81.928	111	83.925	115	81.928	111	8.53%
A2	26.021	38	37.884	46	26.517	36	37.856	49	128.278	169	136.642	180	128.278	169	13.35%
A3	32.093	48	12.739	20	27.828	37	26.135	43	98.795	148	100.214	152	98.795	148	10.28%
Baa1	42.575	44	22.740	39	23.934	36	37.569	46	126.819	165	136.234	176	126.819	165	13.20%
Baa2	26.403	50	32.075	55	38.783	80	29.611	57	126.871	242	129.718	246	126.871	242	13.21%
Baa3	24.122	35	13.212	26	17.116	29	20.200	38	74.650	128	75.245	130	74.650	128	7.77%
Ba1	2.477	5	1.345	2	1.835	5	2.037	5	7.694	17	7.942	18	7.694	17	0.80%
Ba2	1.839	4	0.880	2	0	0	0.300	1	3.019	7	3.019	7	3.019	7	0.31%
Ba3	0.720	2	0	0	1.067	2	0	0	1.786	4	1.786	4	1.786	4	0.19%
B1	1.492	2	0	0	0	0	0	0	1.492	2	1.492	2	1.492	2	0.16%
NR	2.180	8	1.714	5	4.786	10	4.361	6	13.042	29	13.042	29	13.042	29	1.36%
Total	299.798	354	181.980	255	241.669	358	237.208	333	960.655	1300	992.130	1349	960.655	1300	100.00%
Industry Sector (by SIC code)
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Mining (1xxx)	0	0	3.991	9.566	0	0	0	1.741	2.960	2.343	0	1.477	0.496
Oil and gas (13xx)	1.999	0	9.409	2.489	2.991	7.569	4.840	3.496	5.131	4.232	1.997	13.234	3.362
Construction (15xx)	0	0	0	0	0	0	0	0	0	1.198	0	0	0
Manufacturing (2xxx, 3xxx)	14.839	16.652	19.656	22.612	9.084	41.770	15.314	25.976	16.337	26.599	19.930	41.060	14.287
Transportation (4xxx)	0	0.249	1.544	2.733	0.380	0	3.200	0.991	1.238	5.030	1.623	1.664	0
Communications (48xx)	0.988	0.898	5.721	7.026	0	0.996	7.289	0.749	1.243	3.979	0	7.459	6.246
Electric, gas, sanitary services (49xx)	3.273	5.883	4.869	5.240	0.548	4.863	3.577	0.670	7.909	8.005	4.343	6.384	2.643
Wholesale (5xxx)	0	4.839	4.208	0	3.641	1.394	5.276	1.244	0.597	5.080	0.449	12.972	0.998
Finance, insurance, real estate (6xxx)	10.129	52.949	45.711	64.950	16.485	19.659	22.356	25.701	19.043	58.537	30.386	35.552	11.992
Services (7xxx)	0.248	0	4.369	2.739	2.744	3.237	4.767	4.394	1.362	4.883	7.007	7.070	2.584
Health services (8xxx)	0	0	0	1.496	0	0	0	0	0.998	0	0.595	1.398	0
Total	31.475	81.470	99.477	118.851	35.873	79.488	66.620	64.963	56.820	119.886	66.330	128.271	42.607
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	13.557	15	0	0	7.044	10	1.973	3	22.574	28	22.574	28	22.574	28	2.35%
Oil and gas (13xx)	11.897	16	15.400	18	12.860	18	18.593	24	58.751	76	60.749	78	58.751	76	6.12%
Construction (15xx)	0	0	0	0	1.198	2	0	0	1.198	2	1.198	2	1.198	2	0.12%
Manufacturing (2xxx, 3xxx)	58.920	82	66.169	83	68.912	98	75.276	94	269.277	357	284.115	378	269.277	357	28.03%
Transportation (4xxx)	4.527	9	3.580	7	7.259	12	3.287	8	18.654	36	18.654	36	18.654	36	1.94%
Communications (48xx)	13.644	14	8.285	12	5.971	6	13.705	17	41.605	49	42.593	51	41.605	49	4.33%
Electric, gas, sanitary services (49xx)	15.992	37	8.987	26	16.584	38	13.370	37	54.934	138	58.207	145	54.934	138	5.72%
Wholesale (5xxx)	9.047	12	10.311	18	6.921	13	14.419	18	40.698	61	40.698	61	40.698	61	4.24%
Finance, insurance, real estate (6xxx)	163.610	152	58.500	74	103.281	139	77.930	102	403.321	467	413.450	483	403.321	467	41.98%
Services (7xxx)	7.108	14	10.748	17	10.640	20	16.661	25	45.157	76	45.405	77	45.157	76	4.70%
Health services (8xxx)	1.496	3	0	0	0.998	2	1.992	5	4.487	10	4.487	10	4.487	10	0.47%
Total	299.798	354	181.980	255	241.669	358	237.208	333	960.655	1300	992.130	1349	960.655	1300	100.00%

Criteria

• U.S. tables include all underwritten dollar-denominated offerings sold in the United States as public or Rule 144A deals reported to Prospect News.

• Emerging markets issues are excluded.

• Convertibles, trust preferreds and preferred stock are excluded.

• Minimum $75 million deal size

• Deals rated investment grade by either Standard & Poor's or Moody's Investors Service are included.

• Offerings are included in the time period in which they price.

• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the bookrunner. For multiple leads, the total value is divided equally among joint bookrunners.

• 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.

• Remarketings are excluded.

• The headquarters location of the parent company is used for the country criteria (i.e. registrations in tax havens and offshore finance subsidiaries are ignored)

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