Analysis of private placement issuance for 13 months through April 2014

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

Coupon

	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Less than 3%	0.05	0	0	0	0	0	0	0	0.1	0	0	0.708	0.03
3%-3.99%	0.355	0.292	0.7	0.52	0.57	0.145	0.809	0.38	0.618	0	0.07	0.315	0.265
4%-4.99%	0.195	0.073	0.475	0.19	0.285	1.693	1.307	0.34	0.865	0.075	0.055	0.767	0.72
5%-5.99%	0.1	0	0.05	0.315	0.09	0.377	0.205	0.188	0	0.05	0	0	0
6%-6.99%	0	0.115	0.121	0	0	0.031	0	0.07	0	0	0	0	0
7%-7.99%	0	0	0.064	0	0	0	0	0	0.2	0.15	0	0	0
8%-8.99%	0	0	0.04	0.022	0	0	0	0	0	0	0	0	0
9%-9.99%	0	0.094	0	0	0	0	0	0.03	0	0	0.518	0	0.45
10% and higher	0.012	0	0.202	0.248	0	0.08	0.046	0.027	0.08	0.225	0.075	0.165	0.15
Floater	0	0.02	0	0	0	0	0.061	0	0	0.05	0.417	0	0
NA	0	0	0.05	0.3	0	0.125	0.03	0.355	0.685	0.775	0	0	0.485
Total	0.712	0.594	1.701	1.595	0.945	2.451	2.458	1.39	2.548	1.325	1.135	1.955	2.1
	Q2/2013	Count	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%	0.05	1	0	0	0.1	1	0.708	2	0.03	1	0.738	3	0.888	5	0.838	4	0.1133
3%-3.99%	1.347	19	1.235	11	1.807	17	0.385	3	0.265	4	0.65	7	5.039	54	4.684	48	0.0998
4%-4.99%	0.743	10	2.168	17	2.512	37	0.897	5	0.72	7	1.617	12	7.04	76	6.845	73	0.2482
5%-5.99%	0.15	3	0.782	7	0.393	12	0.05	1	0	0	0.05	1	1.375	23	1.275	22	0.0077
6%-6.99%	0.236	2	0.031	1	0.07	1	0	0	0	0	0	0	0.337	4	0.337	4	0
7%-7.99%	0.064	1	0	0	0.2	3	0.15	1	0	0	0.15	1	0.413	5	0.413	5	0.023
8%-8.99%	0.04	2	0.022	1	0	0	0	0	0	0	0	0	0.062	3	0.062	3	0
9%-9.99%	0.094	1	0	0	0.03	1	0.518	1	0.45	1	0.968	2	1.092	4	1.092	4	0.1486
10% and higher	0.214	3	0.328	4	0.153	3	0.465	3	0.15	1	0.615	4	1.31	14	1.298	13	0.0943
Floater	0.02	1	0	0	0.061	2	0.467	3	0	0	0.467	3	0.548	6	0.548	6	0.0717
NA	0.05	1	0.425	3	1.07	10	0.775	2	0.485	2	1.26	4	2.805	18	2.805	18	0.1934
Total	3.007	44	4.991	44	6.396	87	4.415	21	2.1	16	6.515	37	20.909	212	20.197	200	1
Seniority
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
mortgage	0.25	0	0.425	0	0	0	0	0	0.13	0	0	0	0
senior secured	0.1	0	0.277	0.273	0	0	0.275	0.26	0.271	0.65	0.518	0	0.18
secured	0	0	0	0	0	0	0	0	0.1	0	0	0	0
senior	0.362	0.594	0.98	1.3	0.945	2.326	2.172	1.055	2.047	0.3	0.35	1.79	1.83
senior subordinated	0	0	0	0	0	0	0	0	0	0.225	0	0.165	0
subordinated	0	0	0	0	0	0	0.011	0.075	0	0.15	0	0	0
preferred	0	0	0.02	0.022	0	0.125	0	0	0	0	0.267	0	0.09
Total	0.712	0.594	1.701	1.595	0.945	2.451	2.458	1.39	2.548	1.325	1.135	1.955	2.1
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0.675	8	0	0	0.13	3	0	0	0	0	0	0	0.805	11	0.555	7	0.00%
senior secured	0.377	4	0.273	3	0.806	11	1.168	3	0.18	1	1.348	4	2.804	22	2.704	21	0.2069
secured	0	0	0	0	0.1	1	0	0	0	0	0	0	0.1	1	0.1	1	0
senior	1.935	31	4.571	38	5.274	69	2.44	14	1.83	13	4.27	27	16.05	165	15.688	158	0.6554
senior subordinated	0	0	0	0	0	0	0.39	2	0	0	0.39	2	0.39	2	0.39	2	0.0599
subordinated	0	0	0	0	0.086	3	0.15	1	0	0	0.15	1	0.236	4	0.236	4	0.023
preferred	0.02	1	0.147	3	0	0	0.267	1	0.09	2	0.357	3	0.524	7	0.524	7	0.0548
Total	3.007	44	4.991	44	6.396	87	4.415	21	2.1	16	6.515	37	20.909	212	20.197	200	100.00%
Use of Proceeds
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Acquisition	0	0	0.3	0.022	0	0	0	0	0	0.375	0.15	0	0.3
Capex	0.012	0.02	0.2	0.045	0	0	0.086	0	0	0	0	0	0
GCP	0	0	0.088	0	0	0.595	0.075	0.157	0.43	0	0.125	0.04	0
LBO	0	0	0.177	0	0	0	0	0	0	0	0	0	0
Redeem notes	0.035	0	0.2	0.04	0	0	0.381	0	0	0	0	0	0
Refinance	0.1	0.094	0.05	0.423	0.5	0.175	0.611	0.43	0.777	0.575	0.785	1.25	0.125
Repay bank debt	0.1	0.315	0.05	0.325	0.295	0	0.425	0.145	1.015	0.075	0	0	0.175
Multiple/Other/NA	0.465	0.165	0.636	0.74	0.15	1.681	0.88	0.658	0.326	0.3	0.075	0.665	1.5
Total	0.712	0.594	1.701	1.595	0.945	2.451	2.458	1.39	2.548	1.325	1.135	1.955	2.1
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.3	2	0.022	1	0	0	0.525	3	0.3	1	0.825	4	1.147	7	1.147	7	12.66%
Capex	0.232	4	0.045	2	0.086	2	0	0	0	0	0	0	0.363	8	0.351	7	0.00%
GCP	0.088	2	0.595	5	0.662	8	0.165	3	0	0	0.165	3	1.511	18	1.511	18	2.53%
LBO	0.177	1	0	0	0	0	0	0	0	0	0	0	0.177	1	0.177	1	0.00%
Redeem notes	0.235	3	0.04	2	0.381	7	0	0	0	0	0	0	0.656	12	0.621	11	0.00%
Refinance	0.244	3	1.098	10	1.818	24	2.61	8	0.125	1	2.735	9	5.895	46	5.795	45	41.98%
Repay bank debt	0.465	9	0.62	3	1.585	13	0.075	1	0.175	1	0.25	2	2.92	27	2.82	25	3.84%
Multiple/Other/NA	1.266	20	2.571	21	1.864	33	1.04	6	1.5	13	2.54	19	8.241	93	7.776	86	38.99%
Total	3.007	44	4.991	44	6.396	87	4.415	21	2.1	16	6.515	37	20.909	212	20.197	200	100.00%
Industry Sector (by SIC code)
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Mining (1xxx)	0	0	0.02	0.015	0	0.415	0.075	0.03	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	0.518	0	0
Manufacturing (2xxx, 3xxx)	0.075	0.209	0.2	0.033	0	0	0.675	0.475	0.41	0.05	0.15	1.415	0.125
Pharmaceuticals (2834-6)	0	0	0	0.3	0.17	0	0	0	0.15	0	0	0	0.6
Transportation (4xxx)	0	0	0.141	0.325	0	0.5	0	0.18	0.235	0	0	0	0
Communications (48xx)	0	0	0	0	0	0	0.03	0	0.036	0	0	0	0
Electric, gas, sanitary services (49xx)	0.25	0.05	0.425	0.385	0.775	0.481	0.896	0.08	0.23	0.05	0.125	0.5	0
Wholesale (5xxx)	0.1	0	0.2	0	0	0.75	0	0.15	0.08	0.225	0.075	0	0
Finance, insurance, real estate (6xxx)	0.14	0.11	0.3	0.222	0	0.305	0.486	0.245	1.327	0.35	0.267	0	0.89
Services (7xxx)	0.1	0	0.075	0.225	0	0	0	0.12	0	0.65	0	0.04	0.3
Health services (8xxx)	0	0	0.1	0.09	0	0	0.25	0	0	0	0	0	0.185
Government (91xx)	0	0	0	0	0	0	0	0.083	0	0	0	0	0
Total	0.712	0.594	1.701	1.595	0.945	2.451	2.458	1.39	2.548	1.325	1.135	1.955	2.1
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.02	1	0.43	3	0.105	3	0	0	0	0	0	0	0.555	7	0.555	7	0.00%
Oil and gas (13xx)	0.512	8	0	0	0.153	3	0	0	0	0	0	0	0.665	11	0.618	9	0.00%
Construction (15xx)	0	0	0	0	0	0	0.518	1	0	0	0.518	1	0.518	1	0.518	1	7.95%
Manufacturing (2xxx, 3xxx)	0.484	7	0.033	1	1.56	23	1.615	8	0.125	1	1.74	9	3.817	40	3.742	39	26.71%
Pharmaceuticals (2834-6)	0	0	0.47	2	0.15	2	0	0	0.6	2	0.6	2	1.22	6	1.22	6	9.21%
Transportation (4xxx)	0.141	2	0.825	6	0.415	4	0	0	0	0	0	0	1.381	12	1.381	12	0.00%
Communications (48xx)	0	0	0	0	0.066	2	0	0	0	0	0	0	0.066	2	0.066	2	0.00%
Electric, gas, sanitary services (49xx)	0.725	10	1.641	20	1.206	22	0.675	4	0	0	0.675	4	4.247	56	3.997	52	10.36%
Wholesale (5xxx)	0.3	3	0.75	3	0.23	2	0.3	2	0	0	0.3	2	1.58	10	1.48	9	4.60%
Finance, insurance, real estate (6xxx)	0.55	8	0.527	7	2.058	19	0.617	3	0.89	11	1.507	14	4.642	48	4.502	46	23.13%
Services (7xxx)	0.175	4	0.225	1	0.12	1	0.69	3	0.3	1	0.99	4	1.51	10	1.41	8	15.20%
Health services (8xxx)	0.1	1	0.09	1	0.25	4	0	0	0.185	1	0.185	1	0.625	7	0.625	7	2.84%
Government (91xx)	0	0	0	0	0.083	2	0	0	0	0	0	0	0.083	2	0.083	2	0.00%
Total	3.007	44	4.991	44	6.396	87	4.415	21	2.1	16	6.515	37	20.909	212	20.197	200	100.00%
Country
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Australia	0	0	0	0	0	0.415	0.075	0.08	0.45	0.2	0	0	0
Canada	0	0.205	0.114	0.24	0.125	0.205	0.325	0.083	0	0.075	0	0.5	0
Cayman Islands	0	0.05	0	0	0	0	0	0	0	0	0	0	0
Colombia	0	0	0.121	0	0	0	0	0	0	0	0	0	0
France	0	0	0	0.3	0	0	0.075	0	0	0.05	0	0	0
Greece	0	0	0.02	0	0	0	0	0	0	0	0	0	0
Hong Kong	0	0	0	0.2	0	0.08	0	0	0	0	0	0	0
Ireland	0	0	0	0	0.17	0	0	0	0	0.575	0	0	0
Israel	0	0	0	0	0	0	0	0.275	0	0	0	0	0
Italy	0	0.115	0	0	0	0	0	0	0	0	0	0	0
Mexico	0	0	0	0	0	0	0	0	0.036	0	0	0	0
Netherlands	0	0	0	0.415	0	0	0	0	0	0	0	0	0.185
Sweden	0	0	0	0	0	0	0	0	0	0	0	1.25	0
Switzerland	0	0	0	0	0	0	0	0.2	0	0	0	0	0
U.K.	0	0	0.02	0	0	0	0	0.03	0.822	0	0	0.165	0.175
U.S.	0.712	0.224	1.427	0.44	0.65	1.751	1.983	0.722	1.16	0.425	1.135	0.04	1.74
Virgin Islands	0	0	0	0	0	0	0	0	0.08	0	0	0	0
Total	0.712	0.594	1.701	1.595	0.945	2.451	2.458	1.39	2.548	1.325	1.135	1.955	2.1
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Australia	0	0	0.415	2	0.605	8	0.2	1	0	0	0.2	1	1.22	11	1.22	11	3.07%
Canada	0.319	5	0.57	5	0.408	4	0.575	2	0	0	0.575	2	1.871	16	1.871	16	0.0883
Cayman Islands	0.05	2	0	0	0	0	0	0	0	0	0	0	0.05	2	0.05	2	0.00%
Colombia	0.121	1	0	0	0	0	0	0	0	0	0	0	0.121	1	0.121	1	0.00%
France	0	0	0.3	1	0.075	1	0.05	1	0	0	0.05	1	0.425	3	0.425	3	0.77%
Greece	0.02	1	0	0	0	0	0	0	0	0	0	0	0.02	1	0.02	1	0.00%
Hong Kong	0	0	0.28	2	0	0	0	0	0	0	0	0	0.28	2	0.28	2	0.00%
Ireland	0	0	0.17	1	0	0	0.575	1	0	0	0.575	1	0.745	2	0.745	2	8.83%
Israel	0	0	0	0	0.275	1	0	0	0	0	0	0	0.275	1	0.275	1	0.00%
Italy	0.115	1	0	0	0	0	0	0	0	0	0	0	0.115	1	0.115	1	0.00%
Mexico	0	0	0	0	0.036	1	0	0	0	0	0	0	0.036	1	0.036	1	0.00%
Netherlands	0	0	0.415	2	0	0	0	0	0.185	1	0.185	1	0.6	3	0.6	3	2.84%
Sweden	0	0	0	0	0	0	1.25	5	0	0	1.25	5	1.25	5	1.25	5	19.19%
Switzerland	0	0	0	0	0.2	2	0	0	0	0	0	0	0.2	2	0.2	2	0.00%
U.K.	0.02	1	0	0	0.852	7	0.165	1	0.175	1	0.34	2	1.212	10	1.212	10	5.22%
U.S.	2.363	33	2.841	31	3.865	62	1.6	10	1.74	14	3.34	24	12.409	150	11.697	138	51.27%
Virgin Islands	0	0	0	0	0.08	1	0	0	0	0	0	0	0.08	1	0.08	1	0.00%
Total	3.007	44	4.991	44	6.396	87	4.415	21	2.1	16	6.515	37	20.909	212	20.197	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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