Analysis of investment grade issuance for 13 months through April 2013

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

Spread

	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Less than 75 bps	5.377	6.490	2.636	15.687	7.688	8.036	17.482	31.098	5.742	12.956	15.849	7.737	16.793
75	0.998	9.200	3.743	7.711	6.861	18.804	7.463	20.866	11.579	15.842	9.792	13.720	16.884
100	2.645	14.532	7.078	14.064	5.004	6.465	10.248	17.105	5.782	13.724	6.737	10.875	8.635
125	4.192	13.288	10.635	4.912	11.225	12.434	5.423	14.306	4.709	10.503	6.456	6.771	8.596
150	5.239	10.953	4.791	2.785	4.527	11.450	3.049	10.645	4.084	9.318	6.192	3.834	3.437
175	1.997	6.112	3.592	1.939	4.455	9.159	2.434	2.552	1.669	7.779	5.629	4.181	5.246
200	0	2.478	1.495	1.845	0.846	4.627	2.774	2.689	3.407	2.444	4.292	1.343	0
225	0.650	5.478	5.713	2.318	0.941	5.340	2.111	2.095	1.442	1.260	3.139	0.208	1.497
250	1.993	0.589	2.942	0	0	4.418	0	1.903	0.398	1.244	0.597	1.148	1.250
275	1.999	0.874	2.039	0.499	1.001	1.698	0	0.572	0	2.250	0	0.899	3.147
300 bps and higher	2.122	4.553	4.700	5.780	3.833	1.418	7.087	4.839	0.496	7.446	0.400	1.544	5.183
Floater	1.775	1.851	4.000	2.109	4.525	7.401	1.152	6.150	0.850	7.650	13.972	9.892	8.584
NA	6.886	3.090	13.254	5.314	6.313	27.038	7.106	13.452	2.748	25.613	20.817	19.355	16.602
Total	35.873	79.488	66.620	64.963	57.218	118.287	66.330	128.271	42.907	118.029	93.873	81.506	95.853
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 75 bps	14.503	15	31.411	40	54.323	66	36.543	49	16.793	16	53.336	65	153.573	186	148.196	182	13.70%
75	13.942	20	33.376	46	39.908	42	39.354	54	16.884	12	56.238	66	143.464	174	142.466	172	14.45%
100	24.256	32	25.534	34	33.135	37	31.336	41	8.635	10	39.970	51	122.895	154	120.250	149	10.27%
125	28.114	34	28.571	42	24.437	36	23.730	26	8.596	14	32.326	40	113.448	152	109.256	147	8.30%
150	20.983	27	18.762	22	17.778	34	19.344	21	3.437	7	22.781	28	80.304	111	75.065	104	5.85%
175	11.701	17	15.553	25	6.656	17	17.589	24	5.246	6	22.836	30	56.745	89	54.748	86	5.87%
200	3.974	5	7.318	15	8.870	18	8.078	15	0	0	8.078	15	28.239	53	28.239	53	2.08%
225	11.841	17	8.598	13	5.648	11	4.606	7	1.497	1	6.103	8	32.191	49	31.541	48	1.57%
250	5.524	11	4.418	8	2.301	4	2.989	7	1.250	1	4.239	8	16.481	31	14.488	27	1.09%
275	4.912	6	3.198	8	0.572	2	3.149	4	3.147	5	6.296	9	14.978	25	12.979	24	1.62%
300 bps and higher	11.376	24	11.030	22	12.421	13	9.390	12	5.183	5	14.573	17	49.400	76	47.277	71	3.74%
Floater	7.626	16	14.035	30	8.152	23	31.514	57	8.584	16	40.098	73	69.911	142	68.136	138	10.30%
NA	23.230	31	38.666	51	23.306	31	65.785	65	16.602	18	82.387	83	167.588	196	160.702	190	21.17%
Total	181.980	255	240.468	356	237.508	334	293.407	382	95.853	111	389.260	493	1049.217	1438	1013.344	1391	100.00%
Tenor
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Less than 1.5 years	0	0	2.000	1.000	1.100	1.800	0	0.500	0.475	1.250	0.750	1.000	0.700
1.5 to 2 years	2.675	1.000	2.274	2.059	1.400	2.505	1.100	4.000	0.375	6.200	5.148	1.750	3.250
2.25 to 4.75 years	7.785	11.709	18.282	18.515	3.389	21.877	16.870	20.335	3.798	22.929	32.614	20.410	7.304
5	11.083	21.715	12.970	10.646	15.148	25.728	13.803	29.055	17.068	25.053	17.335	20.413	26.013
5.25 to 9.75	2.567	1.639	3.294	6.693	1.368	11.526	3.705	8.791	2.532	10.093	5.056	6.399	13.300
10	6.796	26.287	14.288	16.249	17.632	36.361	18.876	34.958	10.113	31.716	23.424	17.844	28.650
10.25 to 20	0.380	1.891	3.294	1.251	2.478	6.042	3.447	9.474	4.033	3.783	0.848	0.776	2.610
Longer than 20	4.587	15.247	10.217	8.550	14.701	12.448	8.529	20.159	4.512	14.034	8.697	12.914	14.026
NA	0	0	0	0	0	0	0	1.000	0	2.971	0	0	0
Total	35.873	79.488	66.620	64.963	57.218	118.287	66.330	128.271	42.907	118.029	93.873	81.506	95.853
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 1.5 years	2.000	3	3.900	8	0.975	4	3.000	6	0.700	3	3.700	9	10.575	24	10.575	24	0.95%
1.5 to 2 years	5.949	11	5.964	15	5.475	13	13.098	24	3.250	5	16.348	29	33.736	68	31.061	64	4.20%
2.25 to 4.75 years	37.776	42	43.781	57	41.003	51	75.953	88	7.304	11	83.256	99	205.817	249	198.032	243	21.39%
5	45.768	52	51.522	58	59.926	66	62.801	73	26.013	25	88.814	98	246.030	274	234.948	263	22.82%
5.25 to 9.75	7.500	16	19.588	27	15.028	27	21.548	24	13.300	9	34.848	33	76.964	103	74.397	97	8.95%
10	47.371	78	70.242	105	63.946	88	72.984	93	28.650	31	101.635	124	283.194	395	276.398	383	26.11%
10.25 to 20	5.565	8	9.771	17	16.954	27	5.408	9	2.610	4	8.018	13	40.308	65	39.928	64	2.06%
Longer than 20	30.051	45	35.699	69	33.200	57	35.644	64	14.026	23	49.670	87	148.621	258	144.034	251	12.76%
NA	0	0	0	0	1.000	1	2.971	1	0	0	2.971	1	3.971	2	3.971	2	0.76%
Total	181.980	255	240.468	356	237.508	334	293.407	382	95.853	111	389.260	493	1049.217	1438	1013.344	1391	100.00%
Upsized?
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Yes	5.879	8.462	9.502	2.008	5.170	10.605	10.461	26.930	10.616	6.434	7.882	8.352	13.626
No	29.994	71.026	57.117	62.955	52.048	107.683	55.869	101.044	32.290	111.595	85.991	72.454	82.227
Downsized	0	0	0	0	0	0	0	0.298	0	0	0	0.700	0
Total	35.873	79.488	66.620	64.963	57.218	118.287	66.330	128.271	42.907	118.029	93.873	81.506	95.853
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	23.844	44	17.782	40	48.007	74	22.668	49	13.626	15	36.294	64	125.927	222	120.047	214	9.32%
No	158.136	211	222.686	316	189.203	259	270.040	331	82.227	96	352.267	427	922.293	1213	892.299	1174	90.50%
Downsized	0	0	0	0	0.298	1	0.700	2	0	0	0.700	2	0.998	3	0.998	3	0.18%
Total	181.980	255	240.468	356	237.508	334	293.407	382	95.853	111	389.260	493	1049.217	1438	1013.344	1391	100.00%
Moody's Rating
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Aaa	9.774	6.730	9.738	6.410	3.986	20.491	5.242	14.223	2.300	20.696	22.594	13.509	14.442
Aa1	0	0.997	1.497	0.450	3.739	1.498	1.350	5.740	0.999	3.247	0	0.500	18.200
Aa2	0.850	1.593	2.691	2.498	0	15.471	7.977	5.126	0	6.501	1.798	3.497	6.238
Aa3	0.741	4.341	3.000	12.817	3.485	6.580	3.998	0.800	1.148	12.347	10.884	4.749	3.167
A1	5.099	7.019	5.323	8.285	3.010	11.085	10.100	9.835	10.600	6.893	1.598	8.496	2.747
A2	2.872	18.092	16.920	6.701	8.100	10.717	8.744	17.932	11.180	11.093	10.656	5.472	6.877
A3	7.135	5.405	0.200	12.731	8.743	6.354	5.675	16.522	3.938	15.617	15.592	14.784	12.364
Baa1	0.747	15.907	6.086	4.014	5.243	14.077	5.803	28.629	3.136	5.429	7.879	6.125	6.790
Baa2	6.332	14.765	10.978	6.905	12.297	19.581	12.949	14.373	2.289	22.201	6.850	14.561	10.995
Baa3	1.844	4.640	6.728	3.835	4.137	9.542	3.453	9.776	6.970	10.416	15.523	5.898	10.767
Ba1	0	0	1.345	0	0	1.835	0.599	1.091	0.347	2.097	0	0	1.368
Ba2	0.380	0	0.500	0	0	0	0	0.300	0	0	0	1.050	0.898
Ba3	0	0	0	0.317	0.750	0	0	0	0	0	0	1.250	0
NR	0.100	0	1.614	0	3.728	1.057	0.439	3.922	0	1.493	0.499	1.615	1.000
Total	35.873	79.488	66.620	64.963	57.218	118.287	66.330	128.271	42.907	118.029	93.873	81.506	95.853
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	26.241	16	30.887	25	21.765	23	56.799	38	14.442	11	71.241	49	150.135	113	140.361	108	18.30%
Aa1	2.494	2	5.686	8	8.089	6	3.747	5	18.200	8	21.947	13	38.216	29	38.216	29	5.64%
Aa2	5.134	10	17.969	21	13.103	12	11.796	17	6.238	5	18.034	22	54.240	65	53.390	63	4.63%
Aa3	8.082	11	22.882	27	5.946	12	27.980	38	3.167	8	31.147	46	68.057	96	67.316	94	8.00%
A1	17.440	21	22.379	42	30.535	36	16.987	25	2.747	4	19.734	29	90.088	128	84.989	125	5.07%
A2	37.884	46	25.518	34	37.856	49	27.221	39	6.877	15	34.098	54	135.356	183	132.484	177	8.76%
A3	12.739	20	27.828	37	26.135	43	45.993	60	12.364	12	58.357	72	125.059	172	117.925	162	14.99%
Baa1	22.740	39	23.334	35	37.569	46	19.433	32	6.790	11	26.223	43	109.867	163	109.120	162	6.74%
Baa2	32.075	55	38.783	80	29.611	57	43.612	62	10.995	16	54.606	78	155.074	270	148.742	258	14.03%
Baa3	13.212	26	17.514	30	20.200	38	31.837	50	10.767	16	42.604	66	93.530	160	91.686	156	10.94%
Ba1	1.345	2	1.835	5	2.037	5	2.097	3	1.368	2	3.465	5	8.682	17	8.682	17	0.89%
Ba2	0.880	2	0	0	0.300	1	1.050	2	0.898	2	1.948	4	3.128	7	2.748	6	0.50%
Ba3	0	0	1.067	2	0	0	1.250	2	0	0	1.250	2	2.316	4	2.316	4	0.32%
NR	1.714	5	4.786	10	4.361	6	3.608	9	1.000	1	4.608	10	15.469	31	15.368	30	1.18%
Total	181.980	255	240.468	356	237.508	334	293.407	382	95.853	111	389.260	493	1049.217	1438	1013.344	1391	100.00%
Industry Sector (by SIC code)
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Mining (1xxx)	0	0	0	1.741	2.960	2.343	0	1.477	0.496	0	6.489	1.492	2.995
Oil and gas (13xx)	2.991	7.569	4.840	3.496	5.131	4.232	1.997	13.234	3.362	3.995	0.695	0.249	0
Construction (15xx)	0	0	0	0	0	1.198	0	0	0	0.250	0	0	0
Manufacturing (2xxx, 3xxx)	9.084	41.770	15.314	25.976	16.337	25.600	19.930	41.060	14.387	29.911	23.347	17.794	31.926
Transportation (4xxx)	0.380	0	3.200	0.991	1.238	4.430	1.623	1.664	0	0.500	0	3.147	2.537
Communications (48xx)	0	0.996	7.289	0.749	1.243	3.979	0	7.459	6.246	4.669	10.209	6.848	7.310
Electric, gas, sanitary services (49xx)	0.548	4.863	3.577	0.670	7.909	8.005	4.343	6.384	2.643	7.184	3.642	6.801	1.494
Wholesale (5xxx)	3.641	1.394	5.276	1.244	0.597	5.080	0.449	12.972	0.998	0.998	2.492	1.800	11.019
Finance, insurance, real estate (6xxx)	16.485	19.659	22.356	25.701	19.441	58.537	30.386	35.552	12.192	68.828	45.099	38.952	33.286
Services (7xxx)	2.744	3.237	4.767	4.394	1.362	4.883	7.007	7.070	2.584	1.695	1.898	3.525	4.437
Health services (8xxx)	0	0	0	0	0.998	0	0.595	1.398	0	0	0	0.898	0.850
Total	35.873	79.488	66.620	64.963	57.218	118.287	66.330	128.271	42.907	118.029	93.873	81.506	95.853
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0	0	7.044	10	1.973	3	7.981	6	2.995	3	10.976	9	19.994	22	1999.40%	22	2.82%
Oil and gas (13xx)	15.400	18	12.860	18	18.593	24	4.939	7	0	0	4.939	7	51.792	67	48.801	64	1.27%
Construction (15xx)	0	0	1.198	2	0	0	0.250	1	0	0	0.250	1	1.448	3	1.448	3	0.06%
Manufacturing (2xxx, 3xxx)	66.169	83	67.913	96	75.376	95	71.052	111	31.926	32	102.978	143	312.436	417	303.351	404	26.45%
Transportation (4xxx)	3.580	7	6.659	11	3.287	8	3.647	8	2.537	6	6.183	14	19.710	40	19.331	39	1.59%
Communications (48xx)	8.285	12	5.971	6	13.705	17	21.726	25	7.310	8	29.036	33	56.996	68	56.996	68	7.46%
Electric, gas, sanitary services (49xx)	8.987	26	16.584	38	13.370	37	17.628	32	1.494	5	19.121	37	58.062	138	57.515	135	4.91%
Wholesale (5xxx)	10.311	18	6.921	13	14.419	18	5.290	12	11.019	13	16.308	25	47.959	74	44.318	67	4.19%
Finance, insurance, real estate (6xxx)	58.500	74	103.679	140	78.130	102	152.879	164	33.286	38	186.165	202	426.475	518	409.989	502	47.83%
Services (7xxx)	10.748	17	10.640	20	16.661	25	7.118	14	4.437	5	11.555	19	49.605	81	46.861	77	2.97%
Health services (8xxx)	0	0	0.998	2	1.992	5	0.898	2	0.850	1	1.748	3	4.739	10	4.739	10	0.45%
Total	181.980	255	240.468	356	237.508	334	293.407	382	95.853	111	389.260	493	1049.217	1438	1013.344	1391	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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