Analysis of private placement issuance for 13 months through September 2013

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

Coupon

	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Less than 3%	0.085	0.125	0.282	0.15	0	0	0.081	0.05	0	0	0	0	0
3%-3.99%	0.275	0.285	0.37	0.757	0.45	0.815	0.784	0.355	0.292	0.7	0.52	0.57	0.145
4%-4.99%	0.228	1.245	0.12	0.718	0.45	0.635	0.08	0.195	0.073	0.475	0.19	0.285	1.57
5%-5.99%	0	0.5	0.02	0.425	0	0.074	0	0.1	0	0.05	0.345	0.09	0
6%-6.99%	0.085	0	0	0.018	0	0	0	0	0.115	0.121	0	0	0
7%-7.99%	0	0	0.2	0	0	0	0	0	0	0.064	0	0	0
8%-8.99%	0	0.525	0	0	0	0.068	0	0	0	0.04	0.022	0	0
9%-9.99%	0	0.035	0	0	0.045	0	0.23	0	0.094	0	0	0	0
10% and higher	0.03	0.453	0.027	0	0.254	0	0	0.012	0	0.202	0.248	0	0.08
Floater	0	0	0.125	0	0	0.04	0	0	0.02	0	0	0	0
NA	0.16	1.185	1.387	0.725	0.715	0.347	0.25	0	0	0.05	0.3	0	0.125
Total	0.863	4.353	2.532	2.793	1.914	1.979	1.425	0.712	0.594	1.701	1.625	0.945	1.92
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 3%	0.557	5	0.081	2	0.05	1	0	0	0.131	3	0.773	9	0.688	8	1.02%
3%-3.99%	1.412	24	2.049	24	1.347	19	1.235	11	4.631	54	6.318	82	6.043	78	36.14%
4%-4.99%	2.083	12	1.165	11	0.743	10	2.045	16	3.953	37	6.264	52	6.036	49	30.85%
5%-5.99%	0.945	4	0.074	1	0.15	3	0.435	3	0.659	7	1.604	11	1.604	11	5.14%
6%-6.99%	0.018	2	0	0	0.236	2	0	0	0.236	2	0.339	6	0.254	4	1.84%
7%-7.99%	0.2	1	0	0	0.064	1	0	0	0.064	1	0.264	2	0.264	2	0.50%
8%-8.99%	0.525	2	0.068	1	0.04	2	0.022	1	0.13	4	0.655	6	0.655	6	1.01%
9%-9.99%	0.035	1	0.275	2	0.094	1	0	0	0.369	3	0.404	4	0.404	4	2.88%
10% and higher	0.48	5	0.254	4	0.214	3	0.328	4	0.796	11	1.305	17	1.275	16	6.22%
Floater	0.125	2	0.04	1	0.02	1	0	0	0.06	2	0.185	4	0.185	4	0.47%
NA	3.297	12	1.312	12	0.05	1	0.425	3	1.788	16	5.245	30	5.085	28	13.95%
Total	9.678	70	5.318	58	3.007	44	4.49	38	12.815	140	23.356	223	22.493	210	100.00%
Seniority
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
mortgage	0	0.05	0.23	0.35	0	0	0	0.25	0	0.425	0	0	0
senior secured	0.103	0.805	0.177	0.8	0.374	0.55	0.41	0.1	0	0.277	0.303	0	0
senior	0.685	3.397	2.105	1.635	0.995	1.315	0.765	0.362	0.594	0.98	1.3	0.945	1.795
subordinated	0.075	0.1	0.02	0	0	0	0	0	0	0	0	0	0
preferred	0	0	0	0.009	0.545	0.114	0	0	0	0.02	0.022	0	0.125
OPIC guaranteed	0	0	0	0	0	0	0.25	0	0	0	0	0	0
Total	0.863	4.353	2.532	2.793	1.914	1.979	1.425	0.712	0.594	1.701	1.625	0.945	1.92
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0.63	9	0	0	0.675	8	0	0	0.675	8	1.305	17	1.305	17	5.27%
senior secured	1.783	10	1.334	15	0.377	4	0.303	3	2.013	22	3.899	33	3.796	32	15.71%
senior	7.137	48	3.075	36	1.935	31	4.04	32	9.051	99	16.873	158	16.188	147	70.63%
subordinated	0.12	2	0	0	0	0	0	0	0	0	0.195	3	0.12	2	0.00%
preferred	0.009	1	0.659	6	0.02	1	0.147	3	0.826	10	0.835	11	0.835	11	6.45%
OPIC guaranteed	0	0	0.25	1	0	0	0	0	0.25	1	0.25	1	0.25	1	1.95%
Total	9.678	70	5.318	58	3.007	44	4.49	38	12.815	140	23.356	223	22.493	210	100.00%
Use of Proceeds
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Acquisition	0.075	0.475	0	1.075	0.07	0.068	0	0	0	0.3	0.022	0	0
Capex	0.12	0	0	0	0.1	0	0	0.012	0.02	0.2	0.045	0	0
Dividend/recap	0	0.098	0	0	0	0	0.23	0	0	0	0	0	0
GCP	0.095	0	0	0.209	0.182	0.09	0	0	0	0.088	0	0	0.595
LBO	0	0	0	0	0	0.065	0	0	0	0.177	0	0	0
Redeem notes	0.04	0	0.15	0.225	0.15	0.074	0.05	0.035	0	0.2	0.04	0	0
Refinance	0.103	0.928	1.42	0.395	0.262	0.4	0.23	0.1	0.094	0.05	0.423	0.5	0.175
Repay bank debt	0.225	0.435	0.375	0.125	0.3	0	0	0.1	0.315	0.05	0.325	0.295	0
Multiple/Other/NA	0.205	2.417	0.587	0.765	0.85	1.282	0.915	0.465	0.165	0.636	0.77	0.15	1.15
Total	0.863	4.353	2.532	2.793	1.914	1.979	1.425	0.712	0.594	1.701	1.625	0.945	1.92
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	1.55	7	0.138	2	0.3	2	0.022	1	0.46	5	2.085	13	2.01	12	3.59%
Capex	0	0	0.1	1	0.232	4	0.045	2	0.377	7	0.497	8	0.377	7	2.94%
Dividend/recap	0.098	1	0.23	1	0	0	0	0	0.23	1	0.328	2	0.328	2	1.79%
GCP	0.209	7	0.272	4	0.088	2	0.595	5	0.956	11	1.259	20	1.164	18	7.46%
LBO	0	0	0.065	1	0.177	1	0	0	0.242	2	0.242	2	0.242	2	1.89%
Redeem notes	0.375	4	0.274	4	0.235	3	0.04	2	0.549	9	0.964	14	0.924	13	4.28%
Refinance	2.743	12	0.892	12	0.244	3	1.098	10	2.234	25	5.079	38	4.976	37	17.43%
Repay bank debt	0.935	10	0.3	3	0.465	9	0.62	3	1.385	15	2.545	28	2.32	25	10.81%
Multiple/Other/NA	3.769	29	3.047	30	1.266	20	2.07	15	6.383	65	10.357	98	10.152	94	49.81%
Total	9.678	70	5.318	58	3.007	44	4.49	38	12.815	140	23.356	223	22.493	210	100.00%
Industry Sector (by SIC code)
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Mining (1xxx)	0.16	0.05	0	0	0.007	0.04	0	0	0	0.02	0.015	0	0.415
Oil and gas (13xx)	0	1.19	0.277	0.35	0.16	0.4	0	0.047	0.225	0.24	0	0	0
Construction (15xx)	0	0	0	0.845	0	0.282	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.21	0.92	0	0.625	0.012	0.565	0.33	0.075	0.209	0.2	0.033	0	0
Pharmaceuticals (2834-6)	0	0	0	0	0.175	0	0	0	0	0	0.3	0.17	0
Transportation (4xxx)	0.188	0	0	0.5	0.2	0	0	0	0	0.141	0.325	0	0
Communications (48xx)	0	0	0	0	0.045	0	0	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0.12	0.375	0.71	0.455	0	0.4	0.05	0.25	0.05	0.425	0.385	0.775	0.45
Wholesale (5xxx)	0	1	0	0.01	0.07	0.068	0	0.1	0	0.2	0	0	0.75
Finance, insurance, real estate (6xxx)	0.085	0.318	0.145	0.009	0.995	0.15	1.045	0.14	0.11	0.3	0.222	0	0.305
Services (7xxx)	0.1	0.5	1.4	0	0	0.074	0	0.1	0	0.075	0.255	0	0
Health services (8xxx)	0	0	0	0	0.25	0	0	0	0	0.1	0.09	0	0
Total	0.863	4.353	2.532	2.793	1.914	1.979	1.425	0.712	0.594	1.701	1.625	0.945	1.92
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.05	1	0.047	2	0.02	1	0.43	3	0.497	6	0.707	9	0.547	7	3.88%
Oil and gas (13xx)	1.817	14	0.56	4	0.512	8	0	0	1.072	12	2.889	26	2.889	26	8.37%
Construction (15xx)	0.845	5	0.282	4	0	0	0	0	0.282	4	1.127	9	1.127	9	2.20%
Manufacturing (2xxx, 3xxx)	1.545	13	0.907	9	0.484	7	0.033	1	1.424	17	3.179	33	2.969	30	11.11%
Pharmaceuticals (2834-6)	0	0	0.175	1	0	0	0.47	2	0.645	3	0.645	3	0.645	3	5.03%
Transportation (4xxx)	0.5	4	0.2	2	0.141	2	0.325	1	0.666	5	1.354	11	1.166	9	5.20%
Communications (48xx)	0	0	0.045	1	0	0	0	0	0.045	1	0.045	1	0.045	1	0.35%
Electric, gas, sanitary services (49xx)	1.54	17	0.45	3	0.725	10	1.61	19	2.785	32	4.445	52	4.325	49	21.73%
Wholesale (5xxx)	1.01	3	0.138	2	0.3	3	0.75	3	1.188	8	2.198	11	2.198	11	9.27%
Finance, insurance, real estate (6xxx)	0.472	7	2.19	26	0.55	8	0.527	7	3.267	41	3.824	50	3.739	48	25.49%
Services (7xxx)	1.9	6	0.074	1	0.175	4	0.255	1	0.504	6	2.504	13	2.404	12	3.93%
Health services (8xxx)	0	0	0.25	3	0.1	1	0.09	1	0.44	5	0.44	5	0.44	5	3.43%
Total	9.678	70	5.318	58	3.007	44	4.49	38	12.815	140	23.356	223	22.493	210	100.00%
Country
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Australia	0	0.44	0	0	0	0	0.25	0	0	0	0	0	0.415
Brazil	0.085	0	0	0	0	0	0	0	0	0	0	0	0
Canada	0.12	0.383	0.2	0.35	0.157	0.79	0	0	0.205	0.114	0.27	0.125	0.205
Cayman Islands	0	0	0	0	0	0	0	0	0.05	0	0	0	0
China	0.04	0	0	0	0	0	0	0	0	0	0	0	0
Colombia	0	0	0	0	0	0	0	0	0	0.121	0	0	0
France	0	0	0	0	0	0	0	0	0	0	0.3	0	0
Germany	0	0	1.4	0	0	0	0	0	0	0	0	0	0
Greece	0	0	0	0	0	0	0	0	0	0.02	0	0	0
Hong Kong	0	0	0	0	0	0	0	0	0	0	0.2	0	0.08
Ireland	0	0	0	0	0	0	0	0	0	0	0	0.17	0
Italy	0.085	0	0	0	0	0	0	0	0.115	0	0	0	0
Netherlands	0	1	0	0	0	0	0	0	0	0	0.415	0	0
Norway	0	0	0.33	0.33	0	0.282	0	0	0	0	0	0	0
U.K.	0	0.92	0	0.045	0.25	0	0	0	0	0.02	0	0	0
U.S.	0.533	1.135	0.602	2.068	1.507	0.907	1.175	0.712	0.224	1.427	0.44	0.65	1.22
United Arab Emirates	0	0.475	0	0	0	0	0	0	0	0	0	0	0
Total	0.863	4.353	2.532	2.793	1.914	1.979	1.425	0.712	0.594	1.701	1.625	0.945	1.92
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Australia	0.44	2	0.25	2	0	0	0.415	2	0.665	4	1.105	6	1.105	6	5.19%
Brazil	0	0	0	0	0	0	0	0	0	0	0.085	1	0	0	0.00%
Canada	0.933	7	0.947	6	0.319	5	0.6	5	1.865	16	2.918	24	2.798	23	14.55%
Cayman Islands	0	0	0	0	0.05	2	0	0	0.05	2	0.05	2	0.05	2	0.39%
China	0	0	0	0	0	0	0	0	0	0	0.04	1	0	0	0.00%
Colombia	0	0	0	0	0.121	1	0	0	0.121	1	0.121	1	0.121	1	0.94%
France	0	0	0	0	0	0	0.3	1	0.3	1	0.3	1	0.3	1	2.34%
Germany	1.4	5	0	0	0	0	0	0	0	0	1.4	5	1.4	5	0.00%
Greece	0	0	0	0	0.02	1	0	0	0.02	1	0.02	1	0.02	1	0.16%
Hong Kong	0	0	0	0	0	0	0.28	2	0.28	2	0.28	2	0.28	2	2.18%
Ireland	0	0	0	0	0	0	0.17	1	0.17	1	0.17	1	0.17	1	1.33%
Italy	0	0	0	0	0.115	1	0	0	0.115	1	0.2	2	0.115	1	0.90%
Netherlands	1	2	0	0	0	0	0.415	2	0.415	2	1.415	4	1.415	4	3.24%
Norway	0.66	4	0.282	4	0	0	0	0	0.282	4	0.943	8	0.943	8	2.20%
U.K.	0.965	5	0.25	3	0.02	1	0	0	0.27	4	1.235	9	1.235	9	2.11%
U.S.	3.805	44	3.588	43	2.363	33	2.31	25	8.261	101	12.599	154	12.066	145	64.46%
United Arab Emirates	0.475	1	0	0	0	0	0	0	0	0	0.475	1	0.475	1	0.00%
Total	9.678	70	5.318	58	3.007	44	4.49	38	12.815	140	23.356	223	22.493	210	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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