Analysis of CLO issuance for 13 months through February 2014

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Currency

	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
$	4.565	14.488	4.755	5.434	5.151	2.288	7.325	5.922	5.393	5.529	10.418	2.506	5.531
€	0.403	0	0.829	0	0.845	2.230	1.262	0.449	0.491	2.175	1.255	0.566	0.584
£	0	0	0	0	0.024	0.039	0.270	1.001	0	0	0	0	0
Total	4.967	14.488	5.584	5.434	6.020	4.557	8.858	7.372	5.884	7.704	11.673	3.072	6.115
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	15.340	34.000	15.536	34.000	21.340	46.000	8.038	16.000	8.038	16.000	79.306	171.000	74.741	160	87.49%
€	1.674	4.000	3.941	9.000	3.921	7.000	1.149	2.000	1.149	2.000	11.087	23.000	10.685	22	12.51%
£	0.024	1.000	1.310	1.000	0	0	0	0	0	0	1.334	1.000	1.334	1	0.00%
Total	17.037	38.000	20.786	44.000	25.261	53.000	9.187	18.000	9.187	126.000	91.727	195.000	86.760	183	100.00%
Coupon
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Fixed, less than 2.4%	0	0.010	0	0	0	0	0	0	0	0	0	0	0
Fixed, 2.4% to 2.79%	0	0	0.117	0.010	0.071	0	0	0	0	0.101	0	0	0
Fixed, 2.8% to 3.19%	0	0	0	0	0	0	0.020	0	0	0	0.022	0	0
Fixed, 3.2% and higher	0	0	0	0	0	0	0.035	0.045	0.055	0.060	0.070	0.025	0
Floating, less than 100 bps	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
Floating, 100 to 119 bps	0	4.389	0.796	0.799	0.559	0.240	0.475	0.129	0	0.007	0.007	0.199	0.005
Floating, 120 to 139 bps	1.871	0.954	0.444	0.523	0.370	1.902	2.068	0.838	1.122	0.218	0	0.277	0
Floating, 140 to 159 bps	0.589	0	0.104	0.077	0	0	0.477	0.404	0.801	2.256	4.651	0.908	1.509
Floating, 160 bps and higher	0.233	0.440	0	0.044	0	0	0.342	0.500	0	0.367	0.262	0.002	0.194
NA	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
Total	2.694	5.984	1.460	1.534	1.277	2.146	3.417	1.916	1.978	3.166	5.013	1.411	1.707
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Fixed, less than 2.4%	0	0	0	0	0	0	0	0	0	0	0.010	1.000	0.010	1	0.00%
Fixed, 2.4% to 2.79%	0.198	3.000	0	0	0.101	1.000	0	0	0	0	0.299	3.000	0.299	3	0.00%
Fixed, 2.8% to 3.19%	0	0	0.020	1.000	0.022	1.000	0	0	0	0	0.042	2.000	0.042	2	0.00%
Fixed, 3.2% and higher	0	0	0.080	2.000	0.185	5.000	0.025	1.000	0.025	1.000	0.290	6.000	0.290	6	0.80%
Floating, less than 100 bps	0.080	1.000	0.004	1.000	0.158	1.000	0	0	0	0	0.432	4.000	0.432	4	0.00%
Floating, 100 to 119 bps	2.154	7.000	0.845	6.000	0.015	4.000	0.204	3.000	0.204	3.000	7.607	37.000	7.607	37	6.54%
Floating, 120 to 139 bps	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	2/1900	1/1900	1/1900	8.89%
Floating, 140 to 159 bps	0.181	2.000	0.881	4.000	7.709	24.000	2.417	5.000	2.417	5.000	11.777	36.000	11.187	34	77.52%
Floating, 160 bps and higher	0.044	1.000	0.842	6.000	0.629	6.000	0.196	2.000	0.196	2.000	2.384	14.000	2.151	12	6.28%
NA	0.278	1.000	0	0	0	0	0	0	0	0	0.278	1.000	0.278	1	0.00%
Total	4.271	18.000	7.479	27.000	10.157	36.000	3.118	10.000	3.118	17.000	33.704	122.000	31.010	112	100.00%
Manager
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
3i Debt Management U.S. LLC	0.510	0	0	0	0	0	0	0	0	0.516	0	0	0.416
Acis Capital Management, LP	0	0.525	0	0	0	0	0	0.650	0	0	0	0.417	0
Alcentra Ltd.	0	0	0	0	0	0.523	0	0	0	0	0	0.566	0
Apollo Credit Management, LLC	0	0	0.438	0	0	0	1.789	0	0	0.609	0	0	0
Babson Capital Management LLC	0	0	0	0.491	0	0	0	0	0	0	0.698	0	0
Blackstone/GSO Debt Funds Europe Ltd.	0	0	0	0	0	0	0.551	0	0	0	0.834	0	0
BlueMountain Capital Management LLC	0	0	0	0.514	0.429	0	0	0	0.413	0	0.410	0	0
Carlyle Investment Management LLC	0	0.266	0	0	0.991	0	0	0	0.415	0	0	0	0.727
CIFC Asset Management LLC	0	0.498	0	0.519	0	0	0	0.406	0	0.522	0	0	0
Columbia Management Investment Advisers, LLC	0	0	0	0.527	0	0	0	0	0.411	0	0.463	0	0
Credit Suisse Asset Management, LLC	0.832	0	0.664	0	0	0	0.546	0	0	0	0	0	0.746
CVC Credit Partners, LLC	0	0	0.523	0	0.617	0	0	0	0.561	0	0.625	0	0
GC Investment Management LLC	0	0	0	0	0	0	0.503	0	0	0.556	0	0	0.453
GoldenTree Asset Management LP	0	0	0.669	0	0.405	0	0.195	0	0	0	0	0	0
GSO/Blackstone Debt Funds Management LLC	0	1.247	0	0.516	0	0	0	0	0	0.739	0	0	0
ING Alternative Asset Management LLC	0	0.618	0.470	0	0	0	0	0	0	0.518	0	0	0.406
Intermediate Capital Managers Ltd.	0	0	0	0	0	0.523	0	0	0	0.745	0	0	0
Invesco Senior Secured Management, Inc.	0	0.412	0	0	0	0	0.413	0	0	0	0	0	0.670
LCM Asset Management LLC	0	0	0	0	0.418	0	0	0	0	0	0	0.624	0
MJX Asset Management LLC	0	0.600	0	0	0	0	0.590	0	0	0	0	0	0.502
Neuberger Berman Fixed Income LLC	0	0	0	0.413	0	0	0	0.412	0	0	0	0	0.572
NIBC Bank NV	0	0	0	0	0	0	0	1.001	0	0	0.421	0	0
Oak Hill Advisors, LP	0	0	0.415	0	0.521	0	0	0	0.518	0	0	0	0
Oaktree Capital Management, LP	0	0.759	0	0	0	0	0	0	0	0	0	0.516	0
Octagon Credit Investors, LLC	0	0	0	0.535	0	0	0.414	0	0	0	0.713	0	0
Onex Credit Partners, LLC	0	0.510	0	0	0	0	0	0	0.514	0	0	0	0
Prudential Investment Management, Inc.	0	0.425	0	0.416	0	0	0	0.516	0	0	0	0.305	0
Sankaty Advisors LLC	0	0	0	0	0.517	0	0	0	0	0.515	0	0	0
Sound Point Capital Management LP	0	0.400	0	0	0	0	0.421	0	0	0	0.635	0	0
Others	3.625	8.227	2.404	1.501	2.121	3.512	3.435	4.387	3.051	2.985	6.874	0.644	1.624
Total	4.967	14.488	5.584	5.434	6.020	4.557	8.858	7.372	5.884	7.704	11.673	3.072	6.115
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
3i Debt Management U.S. LLC	0	0	0	0	0.516	1.000	0.416	1.000	0.416	1.000	1.442	3.000	0.932	2	4.53%
Acis Capital Management, LP	0	0	0.650	1.000	0	0	0.417	1.000	0.417	1.000	1.592	3.000	1.592	3	4.54%
Alcentra Ltd.	0	0	0.523	1.000	0	0	0.566	1.000	0.566	1.000	1.088	2.000	1.088	2	6.16%
Apollo Credit Management, LLC	0.438	1.000	1.789	3.000	0.609	1.000	0	0	0	0	2.836	5.000	2.836	5	0.00%
Babson Capital Management LLC	0.491	1.000	0	0	0.698	1.000	0	0	0	0	1.188	2.000	1.188	2	0.00%
Blackstone/GSO Debt Funds Europe Ltd.	0	0	0.551	1.000	0.834	1.000	0	0	0	0	1.385	2.000	1.385	2	0.00%
BlueMountain Capital Management LLC	0.943	2.000	0	0	0.823	2.000	0	0	0	0	1.766	4.000	1.766	4	0.00%
Carlyle Investment Management LLC	0.991	2.000	0	0	0.415	1.000	0.727	1.000	0.727	1.000	2.398	5.000	2.398	5	7.91%
CIFC Asset Management LLC	0.519	1.000	0.406	1.000	0.522	1.000	0	0	0	0	1.946	4.000	1.946	4	0.00%
Columbia Management Investment Advisers, LLC	0.527	1.000	0	0	0.874	2.000	0	0	0	0	1.402	3.000	1.402	3	0.00%
Credit Suisse Asset Management, LLC	0.664	1.000	0.546	1.000	0	0	0.746	1.000	0.746	1.000	2.789	4.000	1.957	3	8.12%
CVC Credit Partners, LLC	1.140	2.000	0	0	1.186	2.000	0	0	0	0	2.326	4.000	2.326	4	0.00%
GC Investment Management LLC	0	0	0.503	1.000	0.556	1.000	0.453	1.000	0.453	1.000	1.512	3.000	1.512	3	4.93%
GoldenTree Asset Management LP	1.074	2.000	0.195	1.000	0	0	0	0	0	0	1.269	3.000	1.269	3	0.00%
GSO/Blackstone Debt Funds Management LLC	0.516	1.000	0	0	0.739	1.000	0	0	0	0	2.503	4.000	2.503	4	0.00%
ING Alternative Asset Management LLC	0.470	1.000	0	0	0.518	1.000	0.406	1.000	0.406	1.000	2.013	4.000	2.013	4	4.42%
Intermediate Capital Managers Ltd.	0	0	0.523	1.000	0.745	1.000	0	0	0	0	1.268	2.000	1.268	2	0.00%
Invesco Senior Secured Management, Inc.	0	0	0.413	1.000	0	0	0.670	1.000	0.670	1.000	1.495	3.000	1.495	3	7.29%
LCM Asset Management LLC	0.418	1.000	0	0	0	0	0.624	1.000	0.624	1.000	1.042	2.000	1.042	2	6.79%
MJX Asset Management LLC	0	0	0.590	1.000	0	0	0.502	1.000	0.502	1.000	1.692	3.000	1.692	3	5.46%
Neuberger Berman Fixed Income LLC	0.413	1.000	0.412	1.000	0	0	0.572	1.000	0.572	1.000	1.398	3.000	1.398	3	6.23%
NIBC Bank NV	0	0	1.001	1.000	0.421	1.000	0	0	0	0	1.422	2.000	1.422	2	0.00%
Oak Hill Advisors, LP	0.936	2.000	0	0	0.518	1.000	0	0	0	0	1.455	3.000	1.455	3	0.00%
Oaktree Capital Management, LP	0	0	0	0	0	0	0.516	1.000	0.516	1.000	1.276	2.000	1.276	2	5.62%
Octagon Credit Investors, LLC	0.535	1.000	0.414	1.000	0.713	1.000	0	0	0	0	1.663	3.000	1.663	3	0.00%
Onex Credit Partners, LLC	0	0	0	0	0.514	1.000	0	0	0	0	1.024	2.000	1.024	2	0.00%
Prudential Investment Management, Inc.	0.416	1.000	0.516	1.000	0	0	0.305	1.000	0.305	1.000	1.662	4.000	1.662	4	3.32%
Sankaty Advisors LLC	0.517	1.000	0	0	0.515	1.000	0	0	0	0	1.031	2.000	1.031	2	0.00%
Sound Point Capital Management LP	0	0	0.421	1.000	0.635	1.000	0	0	0	0	1.456	3.000	1.456	3	0.00%
Others	6.026	16.000	11.334	27.000	12.910	31.000	2.268	5.000	2.268	5.000	44.387	107.000	40.763	97	24.69%
Total	17.037	38.000	20.786	44.000	25.261	53.000	9.187	18.000	9.187	126.000	91.727	195.000	86.760	183	100.00%

Criteria

• Offerings are included in the time period in which they price (if the pricing date is available), otherwise in the time period in which they settle.

• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the bookrunner. For multiple bookrunners, the total value is divided equally among all the firms.

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