Analysis of private placement issuance for 13 months through January 2013

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

Coupon

	12/2011	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Less than 3%	0.031	0.05	0	0.034	0	0.08	0.082	0	0.085	0.125	0.282	0.15	0
3%-3.99%	0.221	0.593	0.3	0.229	0.612	1.492	0.718	0.223	0.275	0.285	0.415	0.757	0.45
4%-4.99%	1.367	1.145	0.8	1.048	0.828	0.942	1.013	0.617	0.228	1.245	0.2	0.718	0.45
5%-5.99%	0	0.1	0	0.15	0.402	0	0.086	0	0	0.5	0.02	0.425	0
6%-6.99%	0	0	0	0	0.048	0.355	1	0.052	0.085	0	0	0.018	0
7% and higher	0	0.125	0.179	0.859	0.45	0	0.083	0	0.03	1.013	0.227	0	0.299
Floater	0	0	0	0	0	0	0	0	0	0	0.125	0	0
NA	0.548	0.7	0	0.295	0	0.425	0.206	0.012	0.16	1.185	1.387	0.725	0.715
Total	2.167	2.713	1.279	2.615	2.34	3.295	3.188	0.904	0.863	4.353	2.657	2.793	1.914
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 3%	0.081	2	0.114	4	0.167	4	0.557	5	0	0	0	0	0.92	15	0.888	14	0.00%
3%-3.99%	1.113	13	2.333	20	1.216	20	1.457	25	0.45	5	0.45	5	6.57	83	6.349	78	23.51%
4%-4.99%	3.312	19	2.818	26	1.858	19	2.163	13	0.45	5	0.45	5	10.601	82	9.234	74	23.51%
5%-5.99%	0.1	1	0.552	4	0.086	1	0.945	4	0	0	0	0	1.683	10	1.683	10	0.00%
6%-6.99%	0	0	0.403	3	1.137	5	0.018	2	0	0	0	0	1.558	10	1.558	10	0.00%
7% and higher	0.305	6	1.309	6	0.113	2	1.24	9	0.299	5	0.299	5	3.266	28	3.266	28	15.61%
Floater	0	0	0	0	0	0	0.125	2	0	0	0	0	0.125	2	0.125	2	0.00%
NA	1.248	4	0.72	7	0.379	5	3.297	12	0.715	6	0.715	6	6.359	34	5.811	31	37.36%
Total	6.159	45	8.25	70	4.955	56	9.803	72	1.914	21	1.914	21	31.08	264	28.914	247	100.00%
Seniority
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
mortgage	0	0.088	0	0	0	0.08	0.66	0.15	0	0.05	0.23	0.35	0
senior secured	0.2	0.125	0.049	0.022	0.71	0.25	0.267	0	0.103	0.805	0.177	0.8	0.374
secured	0.9	0	0	0	0	0	0	0	0	0	0	0	0
senior	1.067	2.5	1.23	2.563	1.63	2.965	2.261	0.754	0.685	3.397	2.23	1.635	0.995
subordinated	0	0	0	0.03	0	0	0	0	0.075	0.1	0.02	0	0
preferred	0	0	0	0	0	0	0	0	0	0	0	0.009	0.545
Total	2.167	2.713	1.279	2.615	2.34	3.295	3.188	0.904	0.863	4.353	2.657	2.793	1.914
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0.088	2	0.08	1	0.81	9	0.63	9	0	0	0	0	1.608	21	1.608	21	0.00%
senior secured	0.375	5	0.983	7	0.37	5	1.783	10	0.374	6	0.374	6	3.883	33	3.683	32	19.54%
secured	0.9	1	0	0	0	0	0	0	0	0	0	0	0.9	1	0	0	0.00%
senior	4.796	37	7.158	61	3.7	41	7.262	50	0.995	11	0.995	11	23.911	200	22.844	185	51.99%
subordinated	0	0	0.03	1	0.075	1	0.12	2	0	0	0	0	0.225	4	0.225	4	0.00%
preferred	0	0	0	0	0	0	0.009	1	0.545	4	0.545	4	0.554	5	0.554	5	28.47%
Total	6.159	45	8.25	70	4.955	56	9.803	72	1.914	21	1.914	21	31.08	264	28.914	247	100.00%
Use of Proceeds
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Acquisition	0.9	0.2	0.25	0.3	0.52	0	0.133	0.012	0.075	0.475	0	1.075	0.07
Capex	0	0	0	0	0	0	0	0	0.12	0	0	0	0.1
Dividend/recap	0	0	0	0	0	0	0	0	0	0.098	0	0	0
GCP	0	0.3	0.5	0.125	0	0.175	0	0.175	0.095	0	0	0.209	0.182
Redeem notes	0	0	0.039	0	0	0.075	0	0	0.04	0	0	0.225	0.15
Refinance	0	0	0	0.283	0.05	0.805	0.218	0.19	0.103	0.928	1.545	0.52	0.262
Repay bank debt	0.35	0.213	0	1.263	1.245	0.795	0.45	0.202	0.225	0.435	0.375	0	0.3
Multiple/Other/NA	0.916	2	0.49	0.644	0.525	1.445	2.388	0.325	0.205	2.417	0.737	0.765	0.85
Total	2.167	2.713	1.279	2.615	2.34	3.295	3.188	0.904	0.863	4.353	2.657	2.793	1.914
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	1.35	4	0.82	5	0.22	4	1.55	7	0.07	1	0.07	1	4.01	21	3.11	20	3.66%
Capex	0	0	0	0	0.12	1	0	0	0.1	1	0.1	1	0.22	2	0.22	2	5.22%
Dividend/recap	0	0	0	0	0	0	0.098	1	0	0	0	0	0.098	1	0.098	1	0.00%
GCP	0.8	8	0.3	4	0.27	6	0.209	7	0.182	2	0.182	2	1.761	27	1.761	27	9.51%
Redeem notes	0.039	1	0.075	1	0.04	1	0.225	2	0.15	2	0.15	2	0.529	7	0.529	7	7.84%
Refinance	0	0	1.138	9	0.511	5	2.993	16	0.262	4	0.262	4	4.903	34	4.903	34	13.69%
Repay bank debt	0.563	6	3.303	22	0.876	11	0.81	8	0.3	3	0.3	3	5.853	50	5.503	48	15.67%
Multiple/Other/NA	3.406	26	2.614	29	2.918	28	3.919	31	0.85	8	0.85	8	13.707	122	12.791	108	44.41%
Total	6.159	45	8.25	70	4.955	56	9.803	72	1.914	21	1.914	21	31.08	264	28.914	247	100.00%
Industry Sector (by SIC code)
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Agriculture (0xxx)	0	0	0	0	0	0	0.218	0	0	0	0	0	0
Mining (1xxx)	0	0	0	0	0	0	0	0.15	0.16	0.05	0	0	0.007
Oil and gas (13xx)	0.2	1.1	0.01	0.556	0.925	0.665	0	0	0	1.19	0.277	0.35	0.16
Construction (15xx)	0	0	0	0	0	0.175	0	0	0	0	0	0.845	0
Manufacturing (2xxx, 3xxx)	0.615	0	0.289	0.075	0.875	1.655	0.458	0.15	0.21	0.92	0	0.625	0.012
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0.168	0	0	0	0	0	0.175
Transportation (4xxx)	0	0	0	0	0.115	0.17	0	0.012	0.188	0	0	0.5	0.2
Communications (48xx)	0	0	0	0	0.225	0	0	0	0	0	0	0	0.045
Electric, gas, sanitary services (49xx)	1.103	0.188	0.3	0.48	0.05	0.08	0.66	0.275	0.12	0.375	0.835	0.455	0
Wholesale (5xxx)	0	0	0	1.057	0	0.3	0.25	0.052	0	1	0	0.01	0.07
Finance, insurance, real estate (6xxx)	0	0.025	0.53	0.228	0.075	0.25	0.403	0.265	0.085	0.318	0.145	0.009	0.995
Services (7xxx)	0.248	1.4	0.15	0.22	0	0	1.032	0	0.1	0.5	1.4	0	0
Health services (8xxx)	0	0	0	0	0.075	0	0	0	0	0	0	0	0.25
Total	2.167	2.713	1.279	2.615	2.34	3.295	3.188	0.904	0.863	4.353	2.657	2.793	1.914
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.218	1	0	0	0	0	0	0	0.218	1	0.218	1	0.00%
Mining (1xxx)	0	0	0	0	0.31	5	0.05	1	0.007	1	0.007	1	0.367	7	0.367	7	0.37%
Oil and gas (13xx)	1.31	7	2.146	15	0	0	1.817	14	0.16	2	0.16	2	5.433	38	5.233	37	8.36%
Construction (15xx)	0	0	0.175	1	0	0	0.845	5	0	0	0	0	1.02	6	1.02	6	0.00%
Manufacturing (2xxx, 3xxx)	0.904	9	2.605	15	0.818	10	1.545	13	0.012	1	0.012	1	5.883	48	5.268	41	0.63%
Pharmaceuticals (2834-6)	0	0	0	0	0.168	3	0	0	0.175	1	0.175	1	0.343	4	0.343	4	9.14%
Transportation (4xxx)	0	0	0.285	5	0.2	3	0.5	4	0.2	2	0.2	2	1.185	14	1.185	14	10.45%
Communications (48xx)	0	0	0.225	1	0	0	0	0	0.045	1	0.045	1	0.27	2	0.27	2	2.35%
Electric, gas, sanitary services (49xx)	1.591	11	0.61	14	1.055	15	1.665	19	0	0	0	0	4.921	59	3.818	53	0.00%
Wholesale (5xxx)	0	0	1.357	6	0.302	3	1.01	3	0.07	1	0.07	1	2.739	13	2.739	13	3.66%
Finance, insurance, real estate (6xxx)	0.555	8	0.552	10	0.753	13	0.472	7	0.995	9	0.995	9	3.327	47	3.327	47	51.99%
Services (7xxx)	1.798	10	0.22	2	1.131	3	1.9	6	0	0	0	0	5.05	21	4.801	18	0.00%
Health services (8xxx)	0	0	0.075	1	0	0	0	0	0.25	3	0.25	3	0.325	4	0.325	4	13.06%
Total	6.159	45	8.25	70	4.955	56	9.803	72	1.914	21	1.914	21	31.08	264	28.914	247	100.00%
Country
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Australia	0	0	0	0.22	0	0	0.175	0	0	0.44	0	0	0
Barbados	0	0	0	0	0.225	0	0	0	0	0	0	0	0
Brazil	0	0	0	0	0	0	0	0	0.085	0	0	0	0
Canada	0.2	0.3	0	0.806	0.925	0.075	0.032	0	0.12	0.383	0.2	0.35	0.157
China	0	0	0	0	0	0	0	0	0.04	0	0	0	0
France	0	1.2	0.15	0.075	0	0.875	0	0	0	0	0	0	0
Germany	0	0	0	0	0	0	0	0	0	0	1.4	0	0
Italy	0	0	0	0	0	0	0	0	0.085	0	0	0	0
Netherlands	0	0	0	0	0	0	0.218	0	0	1	0	0	0
New Zealand	0.3	0	0	0	0	0.105	0	0	0	0	0	0	0
Norway	0	0	0	0	0	0	0	0	0	0	0.33	0.33	0
U.K.	0	0.7	0.2	0	0.19	0.3	0	0	0	0.92	0	0.045	0.25
U.S.	1.667	0.513	0.929	1.464	1	1.94	2.763	0.904	0.533	1.135	0.727	2.068	1.507
United Arab Emirates	0	0	0	0	0	0	0	0	0	0.475	0	0	0
Virgin Islands	0	0	0	0.05	0	0	0	0	0	0	0	0	0
Total	2.167	2.713	1.279	2.615	2.34	3.295	3.188	0.904	0.863	4.353	2.657	2.793	1.914
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Australia	0	0	0.22	2	0.175	1	0.44	2	0	0	0	0	0.835	5	0.835	5	0.00%
Barbados	0	0	0.225	1	0	0	0	0	0	0	0	0	0.225	1	0.225	1	0.00%
Brazil	0	0	0	0	0.085	1	0	0	0	0	0	0	0.085	1	0.085	1	0.00%
Canada	0.5	5	1.806	13	0.151	2	0.933	7	0.157	2	0.157	2	3.547	29	3.347	27	8.20%
China	0	0	0	0	0.04	1	0	0	0	0	0	0	0.04	1	0.04	1	0.00%
France	1.35	5	0.95	6	0	0	0	0	0	0	0	0	2.3	11	2.3	11	0.00%
Germany	0	0	0	0	0	0	1.4	5	0	0	0	0	1.4	5	1.4	5	0.00%
Italy	0	0	0	0	0.085	1	0	0	0	0	0	0	0.085	1	0.085	1	0.00%
Netherlands	0	0	0	0	0.218	1	1	2	0	0	0	0	1.218	3	1.218	3	0.00%
New Zealand	0.3	1	0.105	1	0	0	0	0	0	0	0	0	0.405	2	0.105	1	0.00%
Norway	0	0	0	0	0	0	0.66	4	0	0	0	0	0.66	4	0.66	4	0.00%
U.K.	0.9	3	0.49	4	0	0	0.965	5	0.25	3	0.25	3	2.605	15	2.605	15	13.06%
U.S.	3.109	31	4.404	42	4.2	49	3.93	46	1.507	16	1.507	16	17.15	184	15.484	170	78.74%
United Arab Emirates	0	0	0	0	0	0	0.475	1	0	0	0	0	0.475	1	0.475	1	0.00%
Virgin Islands	0	0	0.05	1	0	0	0	0	0	0	0	0	0.05	1	0.05	1	0.00%
Total	6.159	45	8.25	70	4.955	56	9.803	72	1.914	21	1.914	21	31.08	264	28.914	247	100.00%

Criteria

• The tables include private placements in the U.S market reported to Prospect News.

• Amounts are based on the total sales price (face amount multiplied by the offering price)

• Each tranche is counted as a separate deal.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.