Analysis of private placement issuance for 13 months through July 2013

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

Coupon

	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Less than 3%	0.082	0	0.085	0.125	0.282	0.15	0	0	0.081	0.05	0	0	0
3%-3.99%	0.718	0.223	0.275	0.285	0.37	0.757	0.45	0.815	0.784	0.355	0.292	0.7	0.52
4%-4.99%	1.013	0.617	0.228	1.245	0.12	0.718	0.45	0.635	0.08	0.195	0.073	0.475	0.19
5%-5.99%	0.086	0	0	0.5	0.02	0.425	0	0.074	0	0.1	0	0.05	0.345
6%-6.99%	1	0.052	0.085	0	0	0.018	0	0	0	0	0.115	0.121	0
7%-7.99%	0	0	0	0	0.2	0	0	0	0	0	0	0.064	0
8%-8.99%	0	0	0	0.525	0	0	0	0.068	0	0	0	0.04	0
9%-9.99%	0	0	0	0.035	0	0	0.045	0	0.23	0	0.094	0	0
10% and higher	0.083	0	0.03	0.453	0.027	0	0.254	0	0	0.012	0	0.202	0.248
Floater	0	0	0	0	0.125	0	0	0.04	0	0	0.02	0	0
NA	0.206	0.012	0.16	1.185	1.387	0.725	0.715	0.347	0.25	0	0	0.05	0.3
Total	3.188	0.904	0.863	4.353	2.532	2.793	1.914	1.979	1.425	0.712	0.594	1.701	1.603
	Q3/2012	Count	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%	0.167	4	0.557	5	0.081	2	0.05	1	0	0	0.131	3	0.856	12	0.773	9	1.32%
3%-3.99%	1.216	20	1.412	24	2.049	24	1.347	19	0.52	4	3.916	47	6.544	91	5.826	81	39.44%
4%-4.99%	1.858	19	2.083	12	1.165	11	0.743	10	0.19	4	2.098	25	6.039	56	5.026	48	21.13%
5%-5.99%	0.086	1	0.945	4	0.074	1	0.15	3	0.345	2	0.569	6	1.6	11	1.514	10	5.73%
6%-6.99%	1.137	5	0.018	2	0	0	0.236	2	0	0	0.236	2	1.391	9	0.391	8	2.38%
7%-7.99%	0	0	0.2	1	0	0	0.064	1	0	0	0.064	1	0.264	2	0.264	2	0.64%
8%-8.99%	0	0	0.525	2	0.068	1	0.04	2	0	0	0.108	3	0.633	5	0.633	5	1.09%
9%-9.99%	0	0	0.035	1	0.275	2	0.094	1	0	0	0.369	3	0.404	4	0.404	4	3.72%
10% and higher	0.113	2	0.48	5	0.254	4	0.214	3	0.248	3	0.716	10	1.308	17	1.225	16	7.21%
Floater	0	0	0.125	2	0.04	1	0.02	1	0	0	0.06	2	0.185	4	0.185	4	0.60%
NA	0.379	5	3.297	12	1.312	12	0.05	1	0.3	1	1.663	14	5.338	31	5.132	29	16.75%
Total	4.955	56	9.678	70	5.318	58	3.007	44	1.603	14	9.928	116	24.561	242	21.373	216	100.00%
Seniority
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
mortgage	0.66	0.15	0	0.05	0.23	0.35	0	0	0	0.25	0	0.425	0
senior secured	0.267	0	0.103	0.805	0.177	0.8	0.374	0.55	0.41	0.1	0	0.277	0.303
senior	2.261	0.754	0.685	3.397	2.105	1.635	0.995	1.315	0.765	0.362	0.594	0.98	1.3
subordinated	0	0	0.075	0.1	0.02	0	0	0	0	0	0	0	0
preferred	0	0	0	0	0	0.009	0.545	0.114	0	0	0	0.02	0
OPIC guaranteed	0	0	0	0	0	0	0	0	0.25	0	0	0	0
Total	3.188	0.904	0.863	4.353	2.532	2.793	1.914	1.979	1.425	0.712	0.594	1.701	1.603
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0.81	9	0.63	9	0	0	0.675	8	0	0	0.675	8	2.115	26	1.455	19	6.80%
senior secured	0.37	5	1.783	10	1.334	15	0.377	4	0.303	3	2.013	22	4.166	37	3.899	33	20.28%
senior	3.7	41	7.137	48	3.075	36	1.935	31	1.3	11	6.311	78	17.147	167	14.887	152	63.57%
subordinated	0.075	1	0.12	2	0	0	0	0	0	0	0	0	0.195	3	0.195	3	0.00%
preferred	0	0	0.009	1	0.659	6	0.02	1	0	0	0.679	7	0.688	8	0.688	8	6.84%
OPIC guaranteed	0	0	0	0	0.25	1	0	0	0	0	0.25	1	0.25	1	0.25	1	2.52%
Total	4.955	56	9.678	70	5.318	58	3.007	44	1.603	14	9.928	116	24.561	242	21.373	216	100.00%
Use of Proceeds
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Acquisition	0.133	0.012	0.075	0.475	0	1.075	0.07	0.068	0	0	0	0.3	0
Capex	0	0	0.12	0	0	0	0.1	0	0	0.012	0.02	0.2	0.045
Dividend/recap	0	0	0	0.098	0	0	0	0	0.23	0	0	0	0
GCP	0	0.175	0.095	0	0	0.209	0.182	0.09	0	0	0	0.088	0
LBO	0	0	0	0	0	0	0	0.065	0	0	0	0.177	0
Redeem notes	0	0	0.04	0	0.15	0.225	0.15	0.074	0.05	0.035	0	0.2	0.04
Refinance	0.218	0.19	0.103	0.928	1.42	0.395	0.262	0.4	0.23	0.1	0.094	0.05	0.423
Repay bank debt	0.45	0.202	0.225	0.435	0.375	0.125	0.3	0	0	0.1	0.315	0.05	0.325
Multiple/Other/NA	2.388	0.325	0.205	2.417	0.587	0.765	0.85	1.282	0.915	0.465	0.165	0.636	0.77
Total	3.188	0.904	0.863	4.353	2.532	2.793	1.914	1.979	1.425	0.712	0.594	1.701	1.603
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.22	4	1.55	7	0.138	2	0.3	2	0	0	0.438	4	2.207	15	2.075	13	4.41%
Capex	0.12	1	0	0	0.1	1	0.232	4	0.045	2	0.377	7	0.497	8	0.497	8	3.80%
Dividend/recap	0	0	0.098	1	0.23	1	0	0	0	0	0.23	1	0.328	2	0.328	2	2.32%
GCP	0.27	6	0.209	7	0.272	4	0.088	2	0	0	0.36	6	0.839	19	0.839	19	3.63%
LBO	0	0	0	0	0.065	1	0.177	1	0	0	0.242	2	0.242	2	0.242	2	2.44%
Redeem notes	0.04	1	0.375	4	0.274	4	0.235	3	0.04	2	0.549	9	0.964	14	0.964	14	5.53%
Refinance	0.511	5	2.743	12	0.892	12	0.244	3	0.423	5	1.559	20	4.812	37	4.594	36	15.70%
Repay bank debt	0.876	11	0.935	10	0.3	3	0.465	9	0.325	1	1.09	13	2.901	34	2.452	29	10.98%
Multiple/Other/NA	2.918	28	3.769	29	3.047	30	1.266	20	0.77	4	5.083	54	11.77	111	9.382	93	51.20%
Total	4.955	56	9.678	70	5.318	58	3.007	44	1.603	14	9.928	116	24.561	242	21.373	216	100.00%
Industry Sector (by SIC code)
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Agriculture (0xxx)	0.218	0	0	0	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0	0.15	0.16	0.05	0	0	0.007	0.04	0	0	0	0.02	0.015
Oil and gas (13xx)	0	0	0	1.19	0.277	0.35	0.16	0.4	0	0.047	0.225	0.24	0
Construction (15xx)	0	0	0	0	0	0.845	0	0.282	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.458	0.15	0.21	0.92	0	0.625	0.012	0.565	0.33	0.075	0.209	0.2	0.033
Pharmaceuticals (2834-6)	0.168	0	0	0	0	0	0.175	0	0	0	0	0	0.3
Transportation (4xxx)	0	0.012	0.188	0	0	0.5	0.2	0	0	0	0	0.141	0.325
Communications (48xx)	0	0	0	0	0	0	0.045	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0.66	0.275	0.12	0.375	0.71	0.455	0	0.4	0.05	0.25	0.05	0.425	0.385
Wholesale (5xxx)	0.25	0.052	0	1	0	0.01	0.07	0.068	0	0.1	0	0.2	0
Finance, insurance, real estate (6xxx)	0.403	0.265	0.085	0.318	0.145	0.009	0.995	0.15	1.045	0.14	0.11	0.3	0.2
Services (7xxx)	1.032	0	0.1	0.5	1.4	0	0	0.074	0	0.1	0	0.075	0.255
Health services (8xxx)	0	0	0	0	0	0	0.25	0	0	0	0	0.1	0.09
Total	3.188	0.904	0.863	4.353	2.532	2.793	1.914	1.979	1.425	0.712	0.594	1.701	1.603
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.218	1	0	0	0	0	0	0	0	0	0	0	0.218	1	0	0	0.00%
Mining (1xxx)	0.31	5	0.05	1	0.047	2	0.02	1	0.015	1	0.082	4	0.442	10	0.442	10	0.83%
Oil and gas (13xx)	0	0	1.817	14	0.56	4	0.512	8	0	0	1.072	12	2.889	26	2.889	26	10.80%
Construction (15xx)	0	0	0.845	5	0.282	4	0	0	0	0	0.282	4	1.127	9	1.127	9	2.84%
Manufacturing (2xxx, 3xxx)	0.818	10	1.545	13	0.907	9	0.484	7	0.033	1	1.424	17	3.786	40	3.329	34	14.34%
Pharmaceuticals (2834-6)	0.168	3	0	0	0.175	1	0	0	0.3	1	0.475	2	0.643	5	0.475	2	4.78%
Transportation (4xxx)	0.2	3	0.5	4	0.2	2	0.141	2	0.325	1	0.666	5	1.366	12	1.366	12	6.71%
Communications (48xx)	0	0	0	0	0.045	1	0	0	0	0	0.045	1	0.045	1	0.045	1	0.45%
Electric, gas, sanitary services (49xx)	1.055	15	1.54	17	0.45	3	0.725	10	0.385	7	1.56	20	4.155	52	3.495	45	15.71%
Wholesale (5xxx)	0.302	3	1.01	3	0.138	2	0.3	3	0	0	0.438	5	1.75	11	1.5	10	4.41%
Finance, insurance, real estate (6xxx)	0.753	13	0.472	7	2.19	26	0.55	8	0.2	1	2.94	35	4.164	55	3.762	49	29.61%
Services (7xxx)	1.131	3	1.9	6	0.074	1	0.175	4	0.255	1	0.504	6	3.535	15	2.504	13	5.08%
Health services (8xxx)	0	0	0	0	0.25	3	0.1	1	0.09	1	0.44	5	0.44	5	0.44	5	4.43%
Total	4.955	56	9.678	70	5.318	58	3.007	44	1.603	14	9.928	116	24.561	242	21.373	216	100.00%
Country
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Australia	0.175	0	0	0.44	0	0	0	0	0.25	0	0	0	0
Brazil	0	0	0.085	0	0	0	0	0	0	0	0	0	0
Canada	0.032	0	0.12	0.383	0.2	0.35	0.157	0.79	0	0	0.205	0.114	0.27
Cayman Islands	0	0	0	0	0	0	0	0	0	0	0.05	0	0
China	0	0	0.04	0	0	0	0	0	0	0	0	0	0
Colombia	0	0	0	0	0	0	0	0	0	0	0	0.121	0
France	0	0	0	0	0	0	0	0	0	0	0	0	0.3
Germany	0	0	0	0	1.4	0	0	0	0	0	0	0	0
Greece	0	0	0	0	0	0	0	0	0	0	0	0.02	0
Hong Kong	0	0	0	0	0	0	0	0	0	0	0	0	0.2
Italy	0	0	0.085	0	0	0	0	0	0	0	0.115	0	0
Netherlands	0.218	0	0	1	0	0	0	0	0	0	0	0	0.415
Norway	0	0	0	0	0.33	0.33	0	0.282	0	0	0	0	0
U.K.	0	0	0	0.92	0	0.045	0.25	0	0	0	0	0.02	0
U.S.	2.763	0.904	0.533	1.135	0.602	2.068	1.507	0.907	1.175	0.712	0.224	1.427	0.418
United Arab Emirates	0	0	0	0.475	0	0	0	0	0	0	0	0	0
Total	3.188	0.904	0.863	4.353	2.532	2.793	1.914	1.979	1.425	0.712	0.594	1.701	1.603
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Australia	0.175	1	0.44	2	0.25	2	0	0	0	0	0.25	2	0.865	5	0.69	4	2.52%
Brazil	0.085	1	0	0	0	0	0	0	0	0	0	0	0.085	1	0.085	1	0.00%
Canada	0.151	2	0.933	7	0.947	6	0.319	5	0.27	2	1.536	13	2.62	22	2.588	21	15.47%
Cayman Islands	0	0	0	0	0	0	0.05	2	0	0	0.05	2	0.05	2	0.05	2	0.50%
China	0.04	1	0	0	0	0	0	0	0	0	0	0	0.04	1	0.04	1	0.00%
Colombia	0	0	0	0	0	0	0.121	1	0	0	0.121	1	0.121	1	0.121	1	1.22%
France	0	0	0	0	0	0	0	0	0.3	1	0.3	1	0.3	1	0.3	1	3.02%
Germany	0	0	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	0	0.02	1	0	0	0.02	1	0.02	1	0.02	1	0.20%
Hong Kong	0	0	0	0	0	0	0	0	0.2	1	0.2	1	0.2	1	0.2	1	2.01%
Italy	0.085	1	0	0	0	0	0.115	1	0	0	0.115	1	0.2	2	0.2	2	1.16%
Netherlands	0.218	1	1	2	0	0	0	0	0.415	2	0.415	2	1.633	5	1.415	4	4.18%
Norway	0	0	0.66	4	0.282	4	0	0	0	0	0.282	4	0.943	8	0.943	8	2.84%
U.K.	0	0	0.965	5	0.25	3	0.02	1	0	0	0.27	4	1.235	9	1.235	9	2.72%
U.S.	4.2	49	3.805	44	3.588	43	2.363	33	0.418	8	6.369	84	14.374	177	11.611	154	64.15%
United Arab Emirates	0	0	0.475	1	0	0	0	0	0	0	0	0	0.475	1	0.475	1	0.00%
Total	4.955	56	9.678	70	5.318	58	3.007	44	1.603	14	9.928	116	24.561	242	21.373	216	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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