Analysis of high yield issuance for 13 months through March 2014

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

Yield

	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
3.99% and lower	0.500	1.600	2.765	0	1.000	0	2.600	0.500	0	0.996	0.743	1.500	1.500
4%-4.99%	4.850	6.650	10.887	0	0	0.071	2.243	0	1.098	1.747	1.954	2.588	3.288
5%-5.99%	10.528	7.187	11.173	1.236	5.334	2.362	10.521	5.921	8.244	5.390	3.353	6.215	10.020
6%-6.99%	7.700	2.289	10.604	4.759	3.963	3.547	10.599	10.648	7.941	6.235	8.565	1.990	9.127
7%-7.99%	5.973	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%-8.99%	1.543	1.575	2.553	0.419	3.488	3.985	6.146	3.753	3.645	2.379	0.103	0.880	1.979
9%-9.99%	0.774	0.162	2.280	1.620	1.023	1.160	2.215	0.050	0.764	0.396	1.095	0.175	1.249
10%-10.99%	1.604	0	0.867	0.200	1.073	0.467	0.675	0	0.176	1.434	0	0.907	0.821
11% and higher	0.650	0.051	1.075	0.472	0	0.248	1.296	1.025	0.457	0.110	1.322	0.150	0.596
Floater	0	0	0	0	0.375	0.175	0	0.404	0.300	0	0	0	0
NA	0.394	1.036	0.282	0.229	0.208	0.005	0	0.182	0.947	0.050	0.075	0.101	1.120
Total	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886	31.056
	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	3.743	4	3.743	4	13.704	18	13.204	17	5.47%
4%-4.99%	17.537	30	2.314	3	2.846	6	7.830	14	7.830	14	35.378	59	30.528	53	11.44%
5%-5.99%	19.595	37	18.217	33	19.554	41	19.587	38	19.587	38	87.482	168	76.954	149	28.61%
6%-6.99%	17.652	33	18.109	40	24.825	38	19.682	39	19.682	39	87.968	167	80.268	150	28.75%
7%-7.99%	10.582	31	15.106	24	9.553	20	7.050	20	7.050	20	48.264	105	42.291	95	10.30%
8%-8.99%	4.547	15	13.618	26	9.777	23	2.962	7	2.962	7	32.447	74	30.904	71	4.33%
9%-9.99%	4.062	13	4.398	14	1.209	6	2.519	8	2.519	8	12.963	44	12.189	41	3.68%
10%-10.99%	1.067	4	2.214	7	1.611	5	1.729	6	1.729	6	8.225	24	6.621	22	2.53%
11% and higher	1.599	5	1.544	3	1.592	6	2.068	4	2.068	4	7.452	20	6.802	18	3.02%
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	1.296	4	1.296	4	4.629	37	4.235	30	1.89%
Total	82.553	191	79.885	161	74.346	154	68.467	144	68.467	144	339.767	720	305.250	650	100.00%
Versus Talk
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Lower	1.900	1.000	3.806	0	0.921	0	2.993	0	0	1.296	0.450	0	0
Low end	14.337	10.866	13.951	0.900	9.587	2.579	6.662	10.474	11.392	11.572	12.958	9.394	18.058
Middle	13.104	6.304	18.625	8.167	5.029	5.810	29.776	8.042	9.208	7.215	6.832	4.382	8.332
High end	2.869	1.163	4.416	4.162	2.240	1.441	3.992	5.575	2.825	1.476	1.865	0.755	3.068
Higher	0	0.594	1.000	0	0	0.250	0	0	0.246	0	0	0.175	0
NA	2.307	2.829	4.376	0.394	1.265	3.872	3.467	2.170	2.002	0.852	0.419	0.180	1.598
Total	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886	31.056
	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	10.467	16	0.66%
Low end	25.717	57	18.828	42	33.437	65	40.411	78	40.411	78	132.730	271	118.393	242	59.02%
Middle	33.095	61	40.616	64	24.465	47	19.547	36	19.547	36	130.827	225	117.722	208	28.55%
High end	9.742	22	7.672	20	9.876	20	5.688	18	5.688	18	35.848	86	32.978	80	8.31%
Higher	1.594	3	0.250	1	0.246	1	0.175	1	0.175	1	2.266	6	2.266	6	0.26%
NA	7.599	40	8.603	29	5.024	19	2.197	10	2.197	10	25.729	113	23.423	98	3.21%
Total	82.553	191	79.885	161	74.346	154	68.467	144	68.467	144	339.767	720	305.250	650	100.00%
Upsized?
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Yes	17.160	9.762	21.169	4.007	8.600	6.516	19.894	14.700	7.193	6.122	5.492	8.906	12.194
No	16.393	12.144	23.445	8.315	9.147	6.235	21.050	11.286	16.635	15.994	11.543	5.725	17.907
Downsized	0.964	0.850	1.560	1.301	1.295	1.201	5.946	0.275	1.845	0.297	5.490	0.255	0.955
Total	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886	31.056
	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	26.592	46	26.592	46	141.715	238	124.555	215	38.84%
No	43.903	115	36.432	93	43.915	100	35.174	89	35.174	89	175.818	442	159.425	397	51.37%
Downsized	3.711	10	8.442	13	2.417	6	6.700	9	6.700	9	22.234	40	21.270	38	9.79%
Total	82.553	191	79.885	161	74.346	154	68.467	144	68.467	144	339.767	720	305.250	650	100.00%
Quick Sale?
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Yes	18.960	16.517	28.195	5.573	11.851	9.031	21.219	20.692	19.182	14.438	8.955	7.340	18.445
No	15.557	6.239	17.979	8.049	7.191	4.921	25.671	5.569	6.490	7.975	13.569	7.545	12.611
Total	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886	31.056
	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	34.741	74	34.741	74	200.400	439	181.440	393	50.74%
No	32.268	71	37.783	68	20.033	48	33.726	70	33.726	70	139.367	281	123.809	257	49.26%
Total	82.553	191	79.885	161	74.346	154	68.467	144	68.467	144	339.767	720	305.250	650	100.00%
Seniority
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
mortgage	0	0	0	0	0	0	0	0.610	0.898	0	0	0	0.062
senior secured	5.974	3.146	8.666	1.498	3.880	0.834	4.171	5.471	2.994	2.602	2.482	4.313	6.786
secured	0.157	0.914	0.336	0	0	0.209	0	0	0.512	0	0	0	0.213
senior	27.000	18.691	34.947	10.504	15.154	12.903	41.391	19.018	19.268	16.228	17.957	10.048	23.980
senior subordinated	0.762	0.005	1.475	0.623	0.008	0.005	1.240	1.000	0	1.600	0.335	0.375	0
subordinated	0.625	0	0.750	0.999	0	0	0.088	0.162	2.000	1.982	1.750	0.150	0.015
Total	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886	31.056
	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	0.062	1	0.062	1	1.570	4	1.570	4	0.09%
senior secured	13.309	38	8.886	25	11.066	29	13.582	25	13.582	25	52.817	126	46.843	117	19.84%
secured	1.250	7	0.209	1	0.512	1	0.213	1	0.213	1	2.341	11	2.184	10	0.31%
senior	64.142	133	69.448	129	54.515	114	51.985	112	51.985	112	267.090	541	240.090	488	75.93%
senior subordinated	2.103	11	1.253	5	2.600	4	0.710	2	0.710	2	7.429	27	6.667	22	1.04%
subordinated	1.749	2	0.088	1	4.144	3	1.915	3	1.915	3	8.521	11	7.896	9	2.80%
Total	82.553	191	79.885	161	74.346	154	68.467	144	68.467	144	339.767	720	305.250	650	100.00%
Moody's Rating
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Ba1	2.126	1.850	2.103	0.392	0.591	1.053	7.576	1.000	1.800	1.200	1.800	0.950	0
Ba2	3.500	4.400	0.826	1.849	0.900	0.750	7.654	3.959	3.655	2.682	0.510	0.750	2.475
Ba3	5.175	3.918	12.077	0.701	1.168	2.106	3.598	6.188	3.453	1.797	0.350	2.901	9.205
B1	9.795	2.620	5.988	4.419	4.222	1.301	10.393	3.283	3.534	6.576	3.685	4.949	3.363
B2	2.700	1.750	5.605	1.432	3.654	0.849	1.996	2.143	1.988	2.326	1.298	0.950	5.217
B3	3.747	1.474	8.663	1.566	3.355	1.248	8.194	2.215	3.180	3.815	1.321	3.222	4.668
Caa1	2.704	2.238	6.489	1.100	3.619	5.462	3.610	2.529	1.350	1.514	3.926	0.334	2.990
Caa2	0	1.050	2.551	2.011	0.737	0	2.654	2.885	1.800	2.100	1.385	0.680	0.646
Caa3	3.975	0	0	0	0	0.248	0	0	0	0.147	0	0	0
NR	0.794	3.456	1.873	0.153	0.797	0.936	1.215	2.059	4.912	0.256	8.250	0.150	2.491
Total	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886	31.056
	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	22.442	36	20.316	30	4.02%
Ba2	7.075	8	9.304	13	10.296	15	3.735	8	3.735	8	33.910	49	30.410	44	5.46%
Ba3	16.696	28	6.871	12	11.438	16	12.456	20	12.456	20	52.636	85	47.461	76	18.19%
B1	13.026	23	15.916	23	13.393	21	11.997	21	11.997	21	64.127	99	54.332	88	17.52%
B2	8.787	22	6.499	18	6.456	19	7.466	18	7.466	18	31.907	85	29.207	77	10.90%
B3	11.703	32	12.797	29	9.211	28	9.211	26	9.211	26	46.669	125	42.922	115	13.45%
Caa1	9.827	28	12.690	29	5.393	17	7.250	21	7.250	21	37.864	102	35.160	95	10.59%
Caa2	5.611	15	3.390	8	6.786	15	2.711	9	2.711	9	18.499	47	18.499	47	3.96%
Caa3	0	0	0.248	1	0.147	1	0	0	0	0	4.370	6	0.395	2	0.00%
NR	5.483	28	2.948	17	7.227	15	10.891	16	10.891	16	27.343	86	26.549	76	15.91%
Total	82.553	191	79.885	161	74.346	154	68.467	144	68.467	144	339.767	720	305.250	650	100.00%
Use of Proceeds
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Acquisition	0	2.550	4.075	4.642	2.742	0.453	7.743	0.849	2.601	4.194	10.267	0	0.510
Capex	0.543	2.532	0.425	0	0	0	0	0	1.000	0	0.321	0.079	0.213
Dividend/recap	0.300	1.300	1.614	1.055	2.275	2.914	0.767	0.990	0.504	0.717	0.103	0.250	0.077
Exit financing	0	0	0.420	0	0	0	0	0	0	0	0	0	0
GCP	1.748	5.835	4.084	0.671	2.193	2.017	10.564	1.369	6.742	9.264	2.055	3.300	2.340
LBO	3.889	0	0.350	0.850	0.575	2.166	1.575	2.678	0	0	0.525	0.255	1.000
No proceeds	0.012	0.005	0	0.013	0.008	0.005	0	5.638	0	0	1.322	0	0.425
Redeem notes	11.726	3.146	10.131	2.311	1.700	3.447	3.639	4.399	4.163	1.360	1.695	4.390	10.709
Refinance	4.675	0.650	9.028	0.744	3.595	0.335	5.421	2.785	4.433	1.747	0.375	4.718	4.260
Repay bank debt	9.339	4.332	9.873	2.345	3.640	1.510	2.721	3.717	2.128	1.679	2.642	1.611	4.390
Multiple/Other/NA	2.284	2.407	6.174	0.990	2.314	1.105	14.460	3.837	4.102	3.451	3.220	0.282	7.132
Total	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886	31.056
	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	10.777	15	10.777	15	40.626	65	40.626	65	15.74%
Capex	2.957	9	0	0	1.000	1	0.613	3	0.613	3	5.113	15	4.569	13	0.90%
Dividend/recap	3.969	11	5.957	13	2.211	8	0.430	3	0.430	3	12.867	36	12.567	35	0.63%
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	7.695	25	7.695	25	52.182	122	50.434	115	11.24%
LBO	1.200	5	4.316	7	2.678	6	1.780	3	1.780	3	13.862	23	9.973	21	2.60%
No proceeds	0.019	6	0.013	4	5.638	5	1.747	2	1.747	2	7.429	21	7.417	17	2.55%
Redeem notes	15.588	34	8.786	21	9.922	20	16.794	34	16.794	34	62.817	128	51.091	109	24.53%
Refinance	10.422	20	9.351	18	8.964	21	9.354	19	9.354	19	42.766	88	38.091	78	13.66%
Repay bank debt	16.550	35	7.871	25	7.525	19	8.642	22	8.642	22	49.927	117	40.588	101	12.62%
Multiple/Other/NA	9.571	22	17.878	30	11.390	25	10.634	18	10.634	18	51.757	104	49.473	95	15.53%
Total	82.553	191	79.885	161	74.346	154	68.467	144	68.467	144	339.767	720	305.250	650	100.00%
Industry Sector (by SIC code)
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Agriculture (0xxx)	0	0	0	0	0	0	0.797	0.300	0	0	0	0	0
Mining (1xxx)	0.699	1.250	2.860	0.153	0	0.596	1.044	0	0	0.747	0.454	0.200	1.911
Oil and gas (13xx)	5.375	4.791	4.645	1.961	1.378	0.898	6.597	1.890	5.474	1.500	2.156	0.500	1.100
Construction (15xx)	0.400	0.899	0.663	0	0.820	0.300	0.239	0.556	1.457	0.050	0.675	1.351	0.550
Manufacturing (2xxx, 3xxx)	9.018	4.882	9.818	4.171	6.548	2.283	10.001	4.094	5.056	7.621	5.669	7.090	7.373
Transportation (4xxx)	1.100	1.314	1.436	0.225	0.951	0.509	0	0.993	1.462	0.512	0.600	0	1.813
Communications (48xx)	9.350	4.411	9.399	0	1.150	2.071	8.151	7.461	3.455	4.250	0.335	0	1.338
Electric, gas, sanitary services (49xx)	0.450	2.612	2.180	1.829	0	0.406	1.640	3.334	2.235	0.110	1.500	1.286	2.574
Wholesale (5xxx)	0.736	1.212	4.324	1.270	2.314	0.626	0.719	3.292	0.784	0.506	0	0.455	1.130
Finance, insurance, real estate (6xxx)	2.674	0.586	5.808	2.094	4.440	1.533	4.380	0.816	3.197	4.163	5.543	1.325	3.738
Services (7xxx)	3.115	0.800	3.140	1.920	1.274	4.729	8.722	3.124	1.852	2.928	1.593	2.679	4.066
Health services (8xxx)	1.600	0	1.900	0	0.168	0	4.600	0.400	0.700	0.026	4.000	0	5.462
Total	34.517	22.756	46.174	13.623	19.042	13.952	46.890	26.261	25.672	22.412	22.525	14.886	31.056
	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	2.566	9	2.566	9	9.914	26	9.216	24	3.75%
Oil and gas (13xx)	11.397	28	8.873	21	8.865	21	3.756	10	3.756	10	38.266	88	32.891	80	5.49%
Construction (15xx)	1.562	5	1.359	6	2.063	8	2.575	8	2.575	8	7.959	28	7.559	27	3.76%
Manufacturing (2xxx, 3xxx)	18.870	40	18.833	38	16.771	36	20.132	42	20.132	42	83.624	173	74.606	156	29.40%
Transportation (4xxx)	2.975	12	1.460	4	2.967	8	2.413	7	2.413	7	10.915	35	9.815	31	3.52%
Communications (48xx)	13.810	19	11.372	15	15.166	18	1.673	5	1.673	5	51.371	65	42.021	57	2.44%
Electric, gas, sanitary services (49xx)	6.622	13	2.046	3	5.679	12	5.360	9	5.360	9	20.156	38	19.706	37	7.83%
Wholesale (5xxx)	6.806	18	3.659	9	4.583	14	1.585	5	1.585	5	17.369	49	16.633	46	2.31%
Finance, insurance, real estate (6xxx)	8.488	28	10.353	32	8.176	10	10.606	21	10.606	21	40.297	104	37.623	91	15.49%
Services (7xxx)	5.860	17	14.725	24	7.904	19	8.339	20	8.339	20	39.942	88	36.827	80	12.18%
Health services (8xxx)	1.900	3	4.768	3	1.126	4	9.462	8	9.462	8	18.855	23	17.255	18	13.82%
Total	82.553	191	79.885	161	74.346	154	68.467	144	68.467	144	339.767	720	305.250	650	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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