Analysis of private placement issuance for 13 months through December 2012

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

Coupon

	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 3%	0.060	0.031	0.050	0	0.034	0	0.080	0.082	0	0.085	0.125	0.282	0.150
3%-3.99%	0.553	0.221	0.593	0.300	0.229	0.612	1.492	0.718	0.223	0.275	0.285	0.415	0.757
4%-4.99%	0.718	1.367	1.145	0.800	1.048	0.828	0.942	1.013	0.617	0.228	1.245	0.200	0.343
5%-5.99%	0.372	0	0.100	0	0.150	0.402	0	0.086	0	0	0.500	0.020	0
6%-6.99%	0	0	0	0	0	0.048	0.355	1.000	0.052	0.085	0	0	0.010
7% and higher	0.065	0	0.100	0.179	0.859	0.450	0	0.083	0	0.030	1.013	0.227	0
Floater	0	0	0	0	0	0	0	0	0	0	0	0.125	0
NA	0.070	0.548	0.700	0	0.295	0	0.425	0.206	0.012	0.160	1.185	1.387	0.680
Total	1.838	2.167	2.688	1.279	2.615	2.340	3.295	3.188	0.904	0.863	4.353	2.657	1.940
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	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	0.920	15	0.979	16	0.920	15	3.25%
3%-3.99%	1.113	13	2.333	20	1.216	20	1.457	25	6.120	78	6.673	83	6.120	78	21.63%
4%-4.99%	3.312	19	2.818	26	1.858	19	1.788	11	9.776	75	10.494	80	9.776	75	34.56%
5%-5.99%	0.100	1	0.552	4	0.086	1	0.520	2	1.258	8	1.630	12	1.258	8	4.45%
6%-6.99%	0	0	0.403	3	1.137	5	0.010	1	1.550	9	1.550	9	1.550	9	5.48%
7% and higher	0.279	5	1.309	6	0.113	2	1.240	9	2.941	22	3.006	23	2.941	22	10.40%
Floater	0	0	0	0	0	0	0.125	2	0.125	2	0.125	2	0.125	2	0.44%
NA	1.248	4	0.720	7	0.379	5	3.252	11	5.599	27	5.669	28	5.599	27	19.79%
Total	6.134	44	8.250	70	4.955	56	8.949	66	28.288	236	30.126	253	28.288	235	100.00%
Seniority
	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
mortgage	0	0	0.088	0	0	0	0.080	0.660	0.150	0	0.050	0.230	0.350
senior secured	0	0.200	0.100	0.049	0.022	0.710	0.250	0.267	0	0.103	0.805	0.177	0
secured	0	0.900	0	0	0	0	0	0	0	0	0	0	0
senior	1.773	1.067	2.500	1.230	2.563	1.630	2.965	2.261	0.754	0.685	3.397	2.230	1.590
senior subordinated	0.065	0	0	0	0	0	0	0	0	0	0	0	0
subordinated	0	0	0	0	0.030	0	0	0	0	0.075	0.100	0.020	0
Total	1.838	2.167	2.688	1.279	2.615	2.340	3.295	3.188	0.904	0.863	4.353	2.657	1.940
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0.088	2	0.080	1	0.810	9	0.630	9	1.608	21	1.608	21	1.608	21	5.68%
senior secured	0.349	4	0.983	7	0.370	5	0.983	6	2.684	22	2.684	22	2.684	22	9.49%
secured	0.900	1	0	0	0	0	0	0	0.900	1	0.900	1	0.900	1	3.18%
senior	4.796	37	7.158	61	3.700	41	7.217	49	22.871	188	24.644	204	22.871	188	80.85%
senior subordinated	0	0	0	0	0	0	0	0	0	0	0.065	1	0	0	0.00%
subordinated	0	0	0.030	1	0.075	1	0.120	2	0.225	4	0.225	4	0.225	4	0.80%
Total	6.134	44	8.250	70	4.955	56	8.949	66	28.288	236	30.126	253	28.288	236	100.00%
Use of Proceeds
	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
Acquisition	0.065	0.900	0.200	0.250	0.300	0.520	0	0.133	0.012	0.075	0.475	0	0.275
Capex	0.070	0	0	0	0	0	0	0	0	0.120	0	0	0
Dividend/recap	0	0	0	0	0	0	0	0	0	0	0.098	0	0
GCP	0.050	0	0.300	0.500	0.125	0	0.175	0	0.175	0.095	0	0	0.200
Redeem notes	0	0	0	0.039	0	0	0.075	0	0	0.040	0	0	0.225
Refinance	0.408	0	0	0	0.283	0.050	0.805	0.218	0.190	0.103	0.928	1.545	0.475
Repay bank debt	0.100	0.350	0.188	0	1.263	1.245	0.795	0.450	0.202	0.225	0.435	0.375	0
Multiple/Other/NA	1.145	0.916	2.000	0.490	0.644	0.525	1.445	2.388	0.325	0.205	2.417	0.737	0.765
Total	1.838	2.167	2.688	1.279	2.615	2.340	3.295	3.188	0.904	0.863	4.353	2.657	1.940
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	1.350	4	0.820	5	0.220	4	0.750	3	3.139	16	3.204	17	3.139	16	11.10%
Capex	0	0	0	0	0.120	1	0	0	0.120	1	0.190	2	0.120	1	0.42%
Dividend/recap	0	0	0	0	0	0	0.098	1	0.098	1	0.098	1	0.098	1	0.35%
GCP	0.800	8	0.300	4	0.270	6	0.200	6	1.570	24	1.620	25	1.570	24	5.55%
Redeem notes	0.039	1	0.075	1	0.040	1	0.225	2	0.379	5	0.379	5	0.379	5	1.34%
Refinance	0	0	1.138	9	0.511	5	2.948	15	4.597	29	5.005	31	4.597	29	16.25%
Repay bank debt	0.538	5	3.303	22	0.876	11	0.810	8	5.527	46	5.628	47	5.527	46	19.54%
Multiple/Other/NA	3.406	26	2.614	29	2.918	28	3.919	31	12.857	114	14.002	125	12.857	114	45.45%
Total	6.134	44	8.250	70	4.955	56	8.949	66	28.288	236	30.126	253	28.288	236	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
Agriculture (0xxx)	0	0	0	0	0	0	0	0.218	0	0	0	0	0
Mining (1xxx)	0	0	0	0	0	0	0	0	0.150	0.160	0.050	0	0
Oil and gas (13xx)	0	0.200	1.100	0.010	0.556	0.925	0.665	0	0	0	1.190	0.277	0.350
Construction (15xx)	0	0	0	0	0	0	0.175	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	1.060	0.615	0	0.289	0.075	0.875	1.655	0.458	0.150	0.210	0.920	0	0.625
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0	0.168	0	0	0	0	0
Transportation (4xxx)	0	0	0	0	0	0.115	0.170	0	0.012	0.188	0	0	0.500
Communications (48xx)	0	0	0	0	0	0.225	0	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0.528	1.103	0.188	0.300	0.480	0.050	0.080	0.660	0.275	0.120	0.375	0.835	0.455
Wholesale (5xxx)	0.100	0	0	0	1.057	0	0.300	0.250	0.052	0	1.000	0	0.010
Finance, insurance, real estate (6xxx)	0.150	0	0	0.530	0.228	0.075	0.250	0.403	0.265	0.085	0.318	0.145	0
Services (7xxx)	0	0.248	1.400	0.150	0.220	0	0	1.032	0	0.100	0.500	1.400	0
Health services (8xxx)	0	0	0	0	0	0.075	0	0	0	0	0	0	0
Total	1.838	2.167	2.688	1.279	2.615	2.340	3.295	3.188	0.904	0.863	4.353	2.657	1.940
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.218	1	0	0	0.218	1	0.218	1	0.218	1	0.77%
Mining (1xxx)	0	0	0	0	0.310	5	0.050	1	0.360	6	0.360	6	0.360	6	1.27%
Oil and gas (13xx)	1.310	7	2.146	15	0	0	1.817	14	5.273	36	5.273	36	5.273	36	18.64%
Construction (15xx)	0	0	0.175	1	0	0	0	0	0.175	1	0.175	1	0.175	1	0.62%
Manufacturing (2xxx, 3xxx)	0.904	9	2.605	15	0.818	10	1.545	13	5.872	47	6.932	55	5.872	47	20.76%
Pharmaceuticals (2834-6)	0	0	0	0	0.168	3	0	0	0.168	3	0.168	3	0.168	3	0.59%
Transportation (4xxx)	0	0	0.285	5	0.200	3	0.500	4	0.985	12	0.985	12	0.985	12	3.48%
Communications (48xx)	0	0	0.225	1	0	0	0	0	0.225	1	0.225	1	0.225	1	0.80%
Electric, gas, sanitary services (49xx)	1.591	11	0.610	14	1.055	15	1.665	19	4.921	59	5.449	65	4.921	59	17.40%
Wholesale (5xxx)	0	0	1.357	6	0.302	3	1.010	3	2.669	12	2.769	13	2.669	12	9.44%
Finance, insurance, real estate (6xxx)	0.530	7	0.552	10	0.753	13	0.463	6	2.298	36	2.448	38	2.298	36	8.12%
Services (7xxx)	1.798	10	0.220	2	1.131	3	1.900	6	5.050	21	5.050	21	5.050	21	17.85%
Health services (8xxx)	0	0	0.075	1	0	0	0	0	0.075	1	0.075	1	0.075	1	0.27%
Total	6.134	44	8.250	70	4.955	56	8.949	66	28.288	236	30.126	253	28.288	236	100.00%
Country
	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
Australia	0	0	0	0	0.220	0	0	0.175	0	0	0.440	0	0
Barbados	0	0	0	0	0	0.225	0	0	0	0	0	0	0
Brazil	0	0	0	0	0	0	0	0	0	0.085	0	0	0
Canada	0.250	0.200	0.300	0	0.806	0.925	0.075	0.032	0	0.120	0.383	0.200	0.350
China	0	0	0	0	0	0	0	0	0	0.040	0	0	0
France	0	0	1.200	0.150	0.075	0	0.875	0	0	0	0	0	0
Germany	0	0	0	0	0	0	0	0	0	0	0	1.400	0
Italy	0.350	0	0	0	0	0	0	0	0	0.085	0	0	0
Netherlands	0	0	0	0	0	0	0	0.218	0	0	1.000	0	0
New Zealand	0	0.300	0	0	0	0	0.105	0	0	0	0	0	0
Norway	0	0	0	0	0	0	0	0	0	0	0	0.330	0.330
U.K.	0	0	0.700	0.200	0	0.190	0.300	0	0	0	0.920	0	0
U.S.	1.238	1.667	0.488	0.929	1.464	1.000	1.940	2.763	0.904	0.533	1.135	0.727	1.260
United Arab Emirates	0	0	0	0	0	0	0	0	0	0	0.475	0	0
Virgin Islands	0	0	0	0	0.050	0	0	0	0	0	0	0	0
Total	1.838	2.167	2.688	1.279	2.615	2.340	3.295	3.188	0.904	0.863	4.353	2.657	1.940
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Australia	0	0	0.220	2	0.175	1	0.440	2	0.835	5	0.835	5	0.835	5	2.95%
Barbados	0	0	0.225	1	0	0	0	0	0.225	1	0.225	1	0.225	1	0.80%
Brazil	0	0	0	0	0.085	1	0	0	0.085	1	0.085	1	0.085	1	0.30%
Canada	0.500	5	1.806	13	0.151	2	0.933	7	3.390	27	3.640	29	3.390	27	11.98%
China	0	0	0	0	0.040	1	0	0	0.040	1	0.040	1	0.040	1	0.14%
France	1.350	5	0.950	6	0	0	0	0	2.300	11	2.300	11	2.300	11	8.13%
Germany	0	0	0	0	0	0	1.400	5	1.400	5	1.400	5	1.400	5	4.95%
Italy	0	0	0	0	0.085	1	0	0	0.085	1	0.435	2	0.085	1	0.30%
Netherlands	0	0	0	0	0.218	1	1.000	2	1.218	3	1.218	3	1.218	3	4.31%
New Zealand	0.300	1	0.105	1	0	0	0	0	0.405	2	0.405	2	0.405	2	1.43%
Norway	0	0	0	0	0	0	0.660	4	0.660	4	0.660	4	0.660	4	2.33%
U.K.	0.900	3	0.490	4	0	0	0.920	4	2.310	11	2.310	11	2.310	11	8.17%
U.S.	3.084	30	4.404	42	4.200	49	3.121	41	14.810	162	16.048	176	14.810	162	52.35%
United Arab Emirates	0	0	0	0	0	0	0.475	1	0.475	1	0.475	1	0.475	1	1.68%
Virgin Islands	0	0	0.050	1	0	0	0	0	0.050	1	0.050	1	0.050	1	0.18%
Total	6.134	44	8.250	70	4.955	56	8.949	66	28.288	236	30.126	253	28.288	236	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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