Analysis of private placement issuance for 13 months through May 2014

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

Coupon

	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Less than 3%	0	0	0	0	0	0	0	0.1	0	0	0.708	0.03	0
3%-3.99%	0.292	0.7	0.52	0.57	0.145	0.809	0.38	0.618	0	0.07	0.315	0.265	0.08
4%-4.99%	0.073	0.475	0.19	0.285	1.693	1.307	0.34	0.865	0.075	0.055	0.767	0.72	0.3
5%-5.99%	0	0.05	0.315	0.09	0.377	0.205	0.188	0	0.05	0	0	0	0
6%-6.99%	0.115	0.121	0	0	0.031	0	0.07	0	0	0	0	0	0.25
7%-7.99%	0	0.064	0	0	0	0	0	0.2	0.15	0	0	0	0.25
8%-8.99%	0	0.04	0.022	0	0	0	0	0	0	0	0	0	0
9%-9.99%	0.094	0	0	0	0	0	0.03	0	0	0.518	0	0.45	0
10% and higher	0	0.202	0.248	0	0.08	0.046	0.027	0.08	0.225	0.075	0.165	0.15	0.497
Floater	0.02	0	0	0	0	0.061	0	0	0.05	0.417	0	0	0
NA	0	0.05	0.3	0	0.125	0.03	0.355	0.685	0.775	0	0	0.585	0.235
Total	0.594	1.701	1.595	0.945	2.451	2.458	1.39	2.548	1.325	1.135	1.955	2.2	1.612
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 3%	0	0	0.1	1	0.708	2	0.03	1	0.738	3	0.838	4	0.838	4	8.97%
3%-3.99%	1.235	11	1.807	17	0.385	3	0.345	5	0.73	8	4.764	49	4.472	43	8.87%
4%-4.99%	2.168	17	2.512	37	0.897	5	1.02	11	1.917	16	7.145	77	7.072	75	23.30%
5%-5.99%	0.782	7	0.393	12	0.05	1	0	0	0.05	1	1.275	22	1.275	22	0.61%
6%-6.99%	0.031	1	0.07	1	0	0	0.25	1	0.25	1	0.587	5	0.472	4	3.04%
7%-7.99%	0	0	0.2	3	0.15	1	0.25	1	0.4	2	0.663	6	0.663	6	4.86%
8%-8.99%	0.022	1	0	0	0	0	0	0	0	0	0.062	3	0.062	3	0.00%
9%-9.99%	0	0	0.03	1	0.518	1	0.45	1	0.968	2	1.092	4	0.998	3	11.77%
10% and higher	0.328	4	0.153	3	0.465	3	0.647	3	1.112	6	1.794	15	1.794	15	13.52%
Floater	0	0	0.061	2	0.467	3	0	0	0.467	3	0.548	6	0.528	5	5.68%
NA	0.425	3	1.07	10	0.775	2	0.82	4	1.595	6	3.14	20	3.14	20	19.39%
Total	4.991	44	6.396	87	4.415	21	3.812	27	8.227	48	21.909	211	21.315	200	100.00%
Seniority
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
mortgage	0	0.425	0	0	0	0	0	0.13	0	0	0	0	0.28
senior secured	0	0.277	0.273	0	0	0.275	0.26	0.271	0.65	0.518	0	0.18	0.235
secured	0	0	0	0	0	0	0	0.1	0	0	0	0	0
senior	0.594	0.98	1.3	0.945	2.326	2.172	1.055	2.047	0.3	0.35	1.79	1.93	0.962
senior subordinated	0	0	0	0	0	0	0	0	0.225	0	0.165	0	0.135
subordinated	0	0	0	0	0	0.011	0.075	0	0.15	0	0	0	0
preferred	0	0.02	0.022	0	0.125	0	0	0	0	0.267	0	0.09	0
Total	0.594	1.701	1.595	0.945	2.451	2.458	1.39	2.548	1.325	1.135	1.955	2.2	1.612
	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	0.13	3	0	0	0.28	3	0.28	3	0.835	10	0.835	10	3.40%
senior secured	0.273	3	0.806	11	1.168	3	0.415	2	1.583	5	2.939	22	2.939	22	19.24%
secured	0	0	0.1	1	0	0	0	0	0	0	0.1	1	0.1	1	0.00%
senior	4.571	38	5.274	69	2.44	14	2.892	19	5.332	33	16.749	164	16.155	153	64.81%
senior subordinated	0	0	0	0	0.39	2	0.135	1	0.525	3	0.525	3	0.525	3	6.38%
subordinated	0	0	0.086	3	0.15	1	0	0	0.15	1	0.236	4	0.236	4	1.82%
preferred	0.147	3	0	0	0.267	1	0.09	2	0.357	3	0.524	7	0.524	7	4.34%
Total	4.991	44	6.396	87	4.415	21	3.812	27	8.227	48	21.909	211	21.315	200	100.00%
Use of Proceeds
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Acquisition	0	0.3	0.022	0	0	0	0	0	0.375	0.15	0	0.3	0
Capex	0.02	0.2	0.045	0	0	0.086	0	0	0	0	0	0.1	0
GCP	0	0.088	0	0	0.595	0.075	0.157	0.43	0	0.125	0.04	0	0
LBO	0	0.177	0	0	0	0	0	0	0	0	0	0	0
Redeem notes	0	0.2	0.04	0	0	0.381	0	0	0	0	0	0	0
Refinance	0.094	0.05	0.423	0.5	0.175	0.611	0.43	0.777	0.575	0.785	1.25	0.125	0.485
Repay bank debt	0.315	0.05	0.325	0.295	0	0.425	0.145	1.015	0.075	0	0	0.175	0.1
Multiple/Other/NA	0.165	0.636	0.74	0.15	1.681	0.88	0.658	0.326	0.3	0.075	0.665	1.5	1.027
Total	0.594	1.701	1.595	0.945	2.451	2.458	1.39	2.548	1.325	1.135	1.955	2.2	1.612
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.022	1	0	0	0.525	3	0.3	1	0.825	4	1.147	7	1.147	7	10.03%
Capex	0.045	2	0.086	2	0	0	0.1	1	0.1	1	0.451	8	0.431	7	1.22%
GCP	0.595	5	0.662	8	0.165	3	0	0	0.165	3	1.511	18	1.511	18	2.01%
LBO	0	0	0	0	0	0	0	0	0	0	0.177	1	0.177	1	0.00%
Redeem notes	0.04	2	0.381	7	0	0	0	0	0	0	0.621	11	0.621	11	0.00%
Refinance	1.098	10	1.818	24	2.61	8	0.61	3	3.22	11	6.28	47	6.186	46	39.14%
Repay bank debt	0.62	3	1.585	13	0.075	1	0.275	3	0.35	4	2.92	27	2.605	21	4.25%
Multiple/Other/NA	2.571	21	1.864	33	1.04	6	2.527	19	3.567	25	8.802	92	8.637	89	43.36%
Total	4.991	44	6.396	87	4.415	21	3.812	27	8.227	48	21.909	211	21.315	200	100.00%
Industry Sector (by SIC code)
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Mining (1xxx)	0	0.02	0.015	0	0.415	0.075	0.03	0	0	0	0	0	0
Oil and gas (13xx)	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900
Construction (15xx)	0	0	0	0	0	0	0	0	0	0.518	0	0	0
Manufacturing (2xxx, 3xxx)	0.209	0.2	0.033	0	0	0.675	0.475	0.41	0.05	0.15	1.415	0.225	0
Pharmaceuticals (2834-6)	0	0	0.3	0.17	0	0	0	0.15	0	0	0	0.6	0
Transportation (4xxx)	0	0.141	0.325	0	0.5	0	0.18	0.235	0	0	0	0	0.235
Communications (48xx)	0	0	0	0	0	0.03	0	0.036	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0.05	0.425	0.385	0.775	0.481	0.896	0.08	0.23	0.05	0.125	0.5	0	0.28
Wholesale (5xxx)	0	0.2	0	0	0.75	0	0.15	0.08	0.225	0.075	0	0	0
Finance, insurance, real estate (6xxx)	0.11	0.3	0.222	0	0.305	0.486	0.245	1.327	0.35	0.267	0	0.89	0.6
Services (7xxx)	0	0.075	0.225	0	0	0	0.12	0	0.65	0	0.04	0.3	0
Health services (8xxx)	0	0.1	0.09	0	0	0.25	0	0	0	0	0	0.185	0
Government (91xx)	0	0	0	0	0	0	0.083	0	0	0	0	0	0
Total	0.594	1.701	1.595	0.945	2.451	2.458	1.39	2.548	1.325	1.135	1.955	2.2	1.612
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.43	3	0.105	3	0	0	0	0	0	0	0.555	7	0.555	7	0.00%
Oil and gas (13xx)	0	0	0.153	3	0	0	0.497	2	0.497	2	1.115	11	0.89	7	6.04%
Construction (15xx)	0	0	0	0	0.518	1	0	0	0.518	1	0.518	1	0.518	1	6.30%
Manufacturing (2xxx, 3xxx)	0.033	1	1.56	23	1.615	8	0.225	2	1.84	10	3.842	40	3.633	38	22.37%
Pharmaceuticals (2834-6)	0.47	2	0.15	2	0	0	0.6	2	0.6	2	1.22	6	1.22	6	7.29%
Transportation (4xxx)	0.825	6	0.415	4	0	0	0.235	1	0.235	1	1.616	13	1.616	13	2.86%
Communications (48xx)	0	0	0.066	2	0	0	0	0	0	0	0.066	2	0.066	2	0.00%
Electric, gas, sanitary services (49xx)	1.641	20	1.206	22	0.675	4	0.28	3	0.955	7	4.277	55	4.227	53	11.61%
Wholesale (5xxx)	0.75	3	0.23	2	0.3	2	0	0	0.3	2	1.48	9	1.48	9	3.65%
Finance, insurance, real estate (6xxx)	0.527	7	2.058	19	0.617	3	1.49	15	2.107	18	5.102	50	4.992	47	25.61%
Services (7xxx)	0.225	1	0.12	1	0.69	3	0.3	1	0.99	4	1.41	8	1.41	8	12.03%
Health services (8xxx)	0.09	1	0.25	4	0	0	0.185	1	0.185	1	0.625	7	0.625	7	2.25%
Government (91xx)	0	0	0.083	2	0	0	0	0	0	0	0.083	2	0.083	2	0.00%
Total	4.991	44	6.396	87	4.415	21	3.812	27	8.227	48	21.909	211	21.315	200	100.00%
Country
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Australia	0	0	0	0	0.415	0.075	0.08	0.45	0.2	0	0	0	0
Canada	0.205	0.114	0.24	0.125	0.205	0.325	0.083	0	0.075	0	0.5	0	0
Cayman Islands	0.05	0	0	0	0	0	0	0	0	0	0	0	0
China	0	0	0	0	0	0	0	0	0	0	0	0	0.25
Colombia	0	0.121	0	0	0	0	0	0	0	0	0	0	0
France	0	0	0.3	0	0	0.075	0	0	0.05	0	0	0	0
Greece	0	0.02	0	0	0	0	0	0	0	0	0	0	0
Hong Kong	0	0	0.2	0	0.08	0	0	0	0	0	0	0	0
Ireland	0	0	0	0.17	0	0	0	0	0.575	0	0	0	0
Israel	0	0	0	0	0	0	0.275	0	0	0	0	0	0
Italy	0.115	0	0	0	0	0	0	0	0	0	0	0	0
Mexico	0	0	0	0	0	0	0	0.036	0	0	0	0	0
Netherlands	0	0	0.415	0	0	0	0	0	0	0	0	0.185	0
Sweden	0	0	0	0	0	0	0	0	0	0	1.25	0	0
Switzerland	0	0	0	0	0	0	0.2	0	0	0	0	0	0
U.K.	0	0.02	0	0	0	0	0.03	0.822	0	0	0.165	0.275	0.235
U.S.	0.224	1.427	0.44	0.65	1.751	1.983	0.722	1.16	0.425	1.135	0.04	1.74	1.127
Virgin Islands	0	0	0	0	0	0	0	0.08	0	0	0	0	0
Total	0.594	1.701	1.595	0.945	2.451	2.458	1.39	2.548	1.325	1.135	1.955	2.2	1.612
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Australia	0.415	2	0.605	8	0.2	1	0	0	0.2	1	1.22	11	1.22	11	2.43%
Canada	0.57	5	0.408	4	0.575	2	0	0	0.575	2	1.871	16	1.667	13	6.99%
Cayman Islands	0	0	0	0	0	0	0	0	0	0	0.05	2	0	0	0.00%
China	0	0	0	0	0	0	0.25	1	0.25	1	0.25	1	0.25	1	3.04%
Colombia	0	0	0	0	0	0	0	0	0	0	0.121	1	0.121	1	0.00%
France	0.3	1	0.075	1	0.05	1	0	0	0.05	1	0.425	3	0.425	3	0.61%
Greece	0	0	0	0	0	0	0	0	0	0	0.02	1	0.02	1	0.00%
Hong Kong	0.28	2	0	0	0	0	0	0	0	0	0.28	2	0.28	2	0.00%
Ireland	0.17	1	0	0	0.575	1	0	0	0.575	1	0.745	2	0.745	2	6.99%
Israel	0	0	0.275	1	0	0	0	0	0	0	0.275	1	0.275	1	0.00%
Italy	0	0	0	0	0	0	0	0	0	0	0.115	1	0	0	0.00%
Mexico	0	0	0.036	1	0	0	0	0	0	0	0.036	1	0.036	1	0.00%
Netherlands	0.415	2	0	0	0	0	0.185	1	0.185	1	0.6	3	0.6	3	2.25%
Sweden	0	0	0	0	1.25	5	0	0	1.25	5	1.25	5	1.25	5	15.19%
Switzerland	0	0	0.2	2	0	0	0	0	0	0	0.2	2	0.2	2	0.00%
U.K.	0	0	0.852	7	0.165	1	0.51	3	0.675	4	1.547	12	1.547	12	8.20%
U.S.	2.841	31	3.865	62	1.6	10	2.867	22	4.467	32	12.823	146	12.599	141	54.30%
Virgin Islands	0	0	0.08	1	0	0	0	0	0	0	0.08	1	0.08	1	0.00%
Total	4.991	44	6.396	87	4.415	21	3.812	27	8.227	48	21.909	211	21.315	200	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.

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