Analysis of private placement issuance for 13 months through September 2012

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

Coupon

	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Less than 3%	0	0	0.017	0.060	0.031	0.050	0	0.034	0	0.080	0.082	0	0.085
3%-3.99%	0	0.250	0.131	0.553	0.221	0.593	0.300	0.229	0.612	1.492	0.718	0.223	0.275
4%-4.99%	0.752	0.875	0.662	0.718	1.367	1.145	0.800	1.048	0.828	0.942	1.013	0.617	0.228
5%-5.99%	0	0.179	0	0.372	0	0.100	0	0.150	0.402	0	0.086	0	0
6%-6.99%	0	0.044	0	0	0	0	0	0	0.048	0.355	1.000	0.052	0.085
7% and higher	0.145	0.700	0.068	0.065	0	0.100	0.179	0.859	0.450	0	0.083	0	0
Floater	0	0	0.010	0	0	0	0	0	0	0	0	0	0
NA	0.445	0	0.800	0.070	0.548	0.700	0	0.295	0	0.425	0.206	0.012	0.160
Total	1.342	2.048	1.688	1.838	2.167	2.688	1.279	2.615	2.340	3.295	3.188	0.904	0.833
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 3%	0.077	2	0.081	2	0.114	4	0.167	4	0.362	10	0.439	12	0.439	12	1.87%
3%-3.99%	0.934	9	1.113	13	2.333	20	1.216	20	4.663	53	5.597	62	5.597	62	24.15%
4%-4.99%	2.255	19	3.312	19	2.818	26	1.858	19	7.988	64	10.995	90	10.243	83	41.37%
5%-5.99%	0.551	7	0.100	1	0.552	4	0.086	1	0.738	6	1.289	13	1.289	13	3.82%
6%-6.99%	0.044	2	0	0	0.403	3	1.137	5	1.540	8	1.584	10	1.584	10	7.98%
7% and higher	0.833	6	0.279	5	1.309	6	0.083	1	1.671	12	2.648	19	2.503	18	8.66%
Floater	0.010	1	0	0	0	0	0	0	0	0	0.010	1	0.010	1	0.00%
NA	0.870	7	1.248	4	0.720	7	0.379	5	2.346	16	3.662	27	3.216	23	12.15%
Total	5.574	53	6.134	44	8.250	70	4.925	55	19.309	169	26.224	234	24.882	222	100.00%
Seniority
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
mortgage	0	0.250	0.185	0	0	0.088	0	0	0	0.080	0.660	0.150	0
senior secured	0	0.370	0	0	0.200	0.100	0.049	0.022	0.710	0.250	0.267	0	0.103
secured	0	0	0	0	0.900	0	0	0	0	0	0	0	0
senior	1.342	1.400	1.454	1.773	1.067	2.500	1.230	2.563	1.630	2.965	2.261	0.754	0.655
senior subordinated	0	0.028	0.033	0.065	0	0	0	0	0	0	0	0	0
subordinated	0	0	0	0	0	0	0	0.030	0	0	0	0	0.075
preferred	0	0	0.016	0	0	0	0	0	0	0	0	0	0
Total	1.342	2.048	1.688	1.838	2.167	2.688	1.279	2.615	2.340	3.295	3.188	0.904	0.833
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0.435	5	0.088	2	0.080	1	0.810	9	0.978	12	1.413	17	1.413	17	5.06%
senior secured	0.370	4	0.349	4	0.983	7	0.370	5	1.702	16	2.072	20	2.072	20	8.81%
secured	0	0	0.900	1	0	0	0	0	0.900	1	0.900	1	0.900	1	4.66%
senior	4.627	40	4.796	37	7.158	61	3.670	40	15.624	138	21.592	190	20.251	178	80.92%
senior subordinated	0.126	3	0	0	0	0	0	0	0	0	0.126	3	0.126	3	0.00%
subordinated	0	0	0	0	0.030	1	0.075	1	0.105	2	0.105	2	0.105	2	0.54%
preferred	0.016	1	0	0	0	0	0	0	0	0	0.016	1	0.016	1	0.00%
Total	5.574	53	6.134	44	8.250	70	4.925	55	19.309	169	26.224	234	24.882	222	100.00%
Use of Proceeds
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Acquisition	0	0.050	0	0.065	0.900	0.200	0.250	0.300	0.520	0	0.133	0.012	0.075
Capex	0.347	0	0	0.070	0	0	0	0	0	0	0	0	0.120
GCP	0.550	0	0	0.050	0	0.300	0.500	0.125	0	0.175	0	0.175	0.095
LBO	0.145	0.375	0	0	0	0	0	0	0	0	0	0	0
Redeem notes	0	0.028	0	0	0	0	0.039	0	0	0.075	0	0	0.040
Refinance	0	0.425	0.335	0.408	0	0	0	0.283	0.050	0.805	0.218	0.190	0.103
Repay bank debt	0	0.375	0.690	0.100	0.350	0.188	0	1.263	1.245	0.795	0.450	0.202	0.225
Multiple/Other/NA	0.300	0.795	0.663	1.145	0.916	2.000	0.490	0.644	0.525	1.445	2.388	0.325	0.175
Total	1.342	2.048	1.688	1.838	2.167	2.688	1.279	2.615	2.340	3.295	3.188	0.904	0.833
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.115	2	1.350	4	0.820	5	0.220	4	2.389	13	2.505	15	2.505	15	12.37%
Capex	0.070	1	0	0	0	0	0.120	1	0.120	1	0.537	5	0.190	2	0.62%
GCP	0.050	1	0.800	8	0.300	4	0.270	6	1.370	18	1.970	23	1.420	19	7.10%
LBO	0.375	1	0	0	0	0	0	0	0	0	0.520	2	0.375	1	0.00%
Redeem notes	0.028	1	0.039	1	0.075	1	0.040	1	0.154	3	0.182	4	0.182	4	0.80%
Refinance	1.168	7	0	0	1.138	9	0.511	5	1.649	14	2.817	21	2.817	21	8.54%
Repay bank debt	1.165	12	0.538	5	3.303	22	0.876	11	4.718	38	5.883	50	5.883	50	24.43%
Multiple/Other/NA	2.603	28	3.406	26	2.614	29	2.888	27	8.908	82	11.811	114	11.511	110	46.13%
Total	5.574	53	6.134	44	8.250	70	4.925	55	19.309	169	26.224	234	24.882	222	100.00%
Industry Sector (by SIC code)
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0.218	0	0
Mining (1xxx)	0	0.275	0	0	0	0	0	0	0	0	0	0.150	0.160
Oil and gas (13xx)	0.150	0.150	0.105	0	0.200	1.100	0.010	0.556	0.925	0.665	0	0	0
Construction (15xx)	0	0	0	0	0	0	0	0	0	0.175	0	0	0
Manufacturing (2xxx, 3xxx)	0	0.500	0.065	1.060	0.615	0	0.289	0.075	0.875	1.655	0.458	0.150	0.210
Pharmaceuticals (2834-6)	0.350	0	0	0	0	0	0	0	0	0	0.168	0	0
Transportation (4xxx)	0	0.325	0	0	0	0	0	0	0.115	0.170	0	0.012	0.188
Communications (48xx)	0.145	0	0.035	0	0	0	0	0	0.225	0	0	0	0
Electric, gas, sanitary services (49xx)	0.347	0.350	0.185	0.528	1.103	0.188	0.300	0.480	0.050	0.080	0.660	0.275	0.090
Wholesale (5xxx)	0.050	0	0	0.100	0	0	0	1.057	0	0.300	0.250	0.052	0
Finance, insurance, real estate (6xxx)	0.300	0.045	0.765	0.150	0	0	0.530	0.228	0.075	0.250	0.403	0.265	0.085
Services (7xxx)	0	0.403	0.533	0	0.248	1.400	0.150	0.220	0	0	1.032	0	0.100
Health services (8xxx)	0	0	0	0	0	0	0	0	0.075	0	0	0	0
Total	1.342	2.048	1.688	1.838	2.167	2.688	1.279	2.615	2.340	3.295	3.188	0.904	0.833
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0.218	1	0.218	1	0.218	1	0.218	1	1.13%
Mining (1xxx)	0.275	2	0	0	0	0	0.310	5	0.310	5	0.585	7	0.585	7	1.61%
Oil and gas (13xx)	0.255	4	1.310	7	2.146	15	0	0	3.456	22	3.861	28	3.711	26	17.90%
Construction (15xx)	0	0	0	0	0.175	1	0	0	0.175	1	0.175	1	0.175	1	0.91%
Manufacturing (2xxx, 3xxx)	1.625	11	0.904	9	2.605	15	0.818	10	4.327	34	5.952	45	5.952	45	22.41%
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0.168	3	0.168	3	0.518	6	0.168	3	0.87%
Transportation (4xxx)	0.325	2	0	0	0.285	5	0.200	3	0.485	8	0.810	10	0.810	10	2.51%
Communications (48xx)	0.035	1	0	0	0.225	1	0	0	0.225	1	0.405	3	0.260	2	1.17%
Electric, gas, sanitary services (49xx)	1.063	12	1.591	11	0.610	14	1.025	14	3.227	39	4.636	54	4.290	51	16.71%
Wholesale (5xxx)	0.100	1	0	0	1.357	6	0.302	3	1.659	9	1.809	11	1.759	10	8.59%
Finance, insurance, real estate (6xxx)	0.960	13	0.530	7	0.552	10	0.753	13	1.835	30	3.095	45	2.795	43	9.50%
Services (7xxx)	0.936	7	1.798	10	0.220	2	1.131	3	3.150	15	4.085	22	4.085	22	16.31%
Health services (8xxx)	0	0	0	0	0.075	1	0	0	0.075	1	0.075	1	0.075	1	0.39%
Total	5.574	53	6.134	44	8.250	70	4.925	55	19.309	169	26.224	234	24.882	222	100.00%
Country
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Australia	0	0.225	0.300	0	0	0	0	0.220	0	0	0.175	0	0
Barbados	0	0	0	0	0	0	0	0	0.225	0	0	0	0
Brazil	0	0	0	0	0	0	0	0	0	0	0	0	0.085
Canada	0	0.150	0.105	0.250	0.200	0.300	0	0.806	0.925	0.075	0.032	0	0.120
China	0	0	0	0	0	0	0	0	0	0	0	0	0.040
France	0	0	0	0	0	1.200	0.150	0.075	0	0.875	0	0	0
Italy	0	0	0	0.350	0	0	0	0	0	0	0	0	0.085
Netherlands	0.150	0	0.300	0	0	0	0	0	0	0	0.218	0	0
New Zealand	0	0	0	0	0.300	0	0	0	0	0.105	0	0	0
U.K.	0	0	0	0	0	0.700	0.200	0	0.190	0.300	0	0	0
U.S.	1.192	1.673	0.983	1.238	1.667	0.488	0.929	1.464	1.000	1.940	2.763	0.904	0.503
Virgin Islands	0	0	0	0	0	0	0	0.050	0	0	0	0	0
Total	1.342	2.048	1.688	1.838	2.167	2.688	1.279	2.615	2.340	3.295	3.188	0.904	0.833
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Australia	0.525	3	0	0	0.220	2	0.175	1	0.395	3	0.920	6	0.920	6	2.05%
Barbados	0	0	0	0	0.225	1	0	0	0.225	1	0.225	1	0.225	1	1.17%
Brazil	0	0	0	0	0	0	0.085	1	0.085	1	0.085	1	0.085	1	0.44%
Canada	0.505	6	0.500	5	1.806	13	0.151	2	2.458	20	2.962	26	2.962	26	12.73%
China	0	0	0	0	0	0	0.040	1	0.040	1	0.040	1	0.040	1	0.21%
France	0	0	1.350	5	0.950	6	0	0	2.300	11	2.300	11	2.300	11	11.91%
Italy	0.350	1	0	0	0	0	0.085	1	0.085	1	0.435	2	0.435	2	0.44%
Netherlands	0.300	1	0	0	0	0	0.218	1	0.218	1	0.668	4	0.518	2	1.13%
New Zealand	0	0	0.300	1	0.105	1	0	0	0.405	2	0.405	2	0.405	2	2.10%
U.K.	0	0	0.900	3	0.490	4	0	0	1.390	7	1.390	7	1.390	7	7.20%
U.S.	3.894	42	3.084	30	4.404	42	4.170	48	11.658	120	16.744	172	15.552	162	60.38%
Virgin Islands	0	0	0	0	0.050	1	0	0	0.050	1	0.050	1	0.050	1	0.26%
Total	5.574	53	6.134	44	8.250	70	4.925	55	19.309	169	26.224	234	24.882	222	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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