Analysis of CLO issuance for 13 months through March 2014

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

Currency

	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
$	14.488	4.755	5.434	5.151	2.288	7.325	5.922	5.393	5.529	10.418	3.127	7.435	8.575
€	0	0.829	0	0.845	2.230	1.262	0.449	0.491	2.175	1.255	0.560	0.584	1.176
£	0	0	0	0.024	0.039	0.270	1.001	0	0	0	0	0	0
Total	14.488	5.584	5.434	6.020	4.557	8.858	7.372	5.884	7.704	11.673	3.687	8.019	9.752
	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	19.138	39.000	19.138	39.000	85.841	183.000	71.353	153	89.19%
€	1.674	4.000	3.941	9.000	3.921	7.000	2.320	4.000	2.320	4.000	11.856	24.000	11.856	24	10.81%
£	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	21.458	43.000	21.458	312.000	99.031	208.000	84.543	178	100.00%
Coupon
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Fixed, less than 2.4%	0.010	0	0	0	0	0	0	0	0	0	0	0	0
Fixed, 2.4% to 2.79%	0	0.117	0.010	0.071	0	0	0	0	0.101	0	0	0	0
Fixed, 2.8% to 3.19%	0	0	0	0	0	0.020	0	0	0	0.022	0	0	0
Fixed, 3.2% and higher	0	0	0	0	0	0.035	0.045	0.055	0.060	0.070	0.025	0	0
Floating, less than 100 bps	0.191	0	0.080	0	0.004	0	0	0	0.158	0	0	0	0
Floating, 100 to 119 bps	4.389	0.796	0.799	0.559	0.240	0.475	0.129	0	0.007	0.007	0.199	0.005	0.242
Floating, 120 to 139 bps	0.954	0.444	0.523	0.370	1.902	2.068	0.838	1.122	0.218	0	0.277	0.251	0.227
Floating, 140 to 159 bps	0	0.104	0.077	0	0	0.477	0.404	0.801	2.256	4.651	1.281	1.881	2.366
Floating, 160 bps and higher	0.440	0	0.044	0	0	0.342	0.500	0	0.367	0.262	0.002	0.194	0
NA	0	0	0	0.278	0	0	0	0	0	0	0	0	0
Total	5.984	1.460	1.534	1.277	2.146	3.417	1.916	1.978	3.166	5.013	1.784	2.330	2.835
	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	0	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	0.36%
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	0.241	3	0.00%
Floating, 100 to 119 bps	2.154	7.000	0.845	6.000	0.015	4.000	0.446	4.000	0.446	4.000	7.849	38.000	3.460	20	6.42%
Floating, 120 to 139 bps	1.337	6.000	4.808	16.000	1.340	5.000	0.755	4.000	0.755	4.000	9.191	33.000	8.238	30	10.87%
Floating, 140 to 159 bps	0.181	2.000	0.881	4.000	7.709	24.000	5.528	15.000	5.528	15.000	14.298	43.000	14.298	43	79.55%
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	2.151	12.000	1.711	12	2.82%
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	6.949	23.000	6.949	31.000	34.841	125.000	28.857	104	100.00%
Sponsor
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Acis Capital Management, LP	0.525	0	0	0	0	0	0.650	0	0	0	0.417	0	0
Alcentra Ltd.	0	0	0	0	0.523	0	0	0	0	0	0.560	0	0
Apollo Credit Management, LLC	0	0.438	0	0	0	1.789	0	0	0.609	0	0	0	0
Babson Capital Management LLC	0	0	0.491	0	0	0	0	0	0	0.698	0	0	0
Blackstone/GSO Debt Funds Europe Ltd.	0	0	0	0	0	0.551	0	0	0	0.834	0	0	0
BlueMountain Capital Management LLC	0	0	0.514	0.429	0	0	0	0.413	0	0.410	0	0	0.513
Carlyle Investment Management LLC	0.266	0	0	0.991	0	0	0	0.415	0	0	0	0.727	0
CIFC Asset Management LLC	0.498	0	0.519	0	0	0	0.406	0	0.522	0	0	0.623	0
Columbia Management Investment Advisers, LLC	0	0	0.527	0	0	0	0	0.411	0	0.463	0	0	0
Credit Suisse Asset Management, LLC	0	0.664	0	0	0	0.546	0	0	0	0	0	0.746	0
CVC Credit Partners, LLC	0	0.523	0	0.617	0	0	0	0.561	0	0.625	0	0	0.519
GC Investment Management LLC	0	0	0	0	0	0.503	0	0	0.556	0	0	0.453	0
GoldenTree Asset Management LP	0	0.669	0	0.405	0	0.195	0	0	0	0	0	0	0.614
GSO/Blackstone Debt Funds Management LLC	1.247	0	0.516	0	0	0	0	0	0.739	0	0	0	0
ING Alternative Asset Management LLC	0.618	0.470	0	0	0	0	0	0	0.518	0	0	0.413	0.327
Intermediate Capital Managers Ltd.	0	0	0	0	0.523	0	0	0	0.745	0	0	0	0
Invesco Senior Secured Management, Inc.	0.412	0	0	0	0	0.413	0	0	0	0	0	0.670	0
Jefferies Finance LLC	0.462	0	0	0	0	0	0	0	0	0	0	0.522	0.309
LCM Asset Management LLC	0	0	0	0.418	0	0	0	0	0	0	0.624	0	0
MJX Asset Management LLC	0.600	0	0	0	0	0.590	0	0	0	0	0	0.513	0
Neuberger Berman Fixed Income LLC	0	0	0.413	0	0	0	0.412	0	0	0	0	0.572	0
NIBC Bank NV	0	0	0	0	0	0	1.001	0	0	0.421	0	0	0
Oak Hill Advisors, LP	0	0.415	0	0.521	0	0	0	0.518	0	0	0	0	0
Oaktree Capital Management, LP	0.759	0	0	0	0	0	0	0	0	0	0.516	0	0
Octagon Credit Investors, LLC	0	0	0.535	0	0	0.414	0	0	0	0.713	0	0	0
Onex Credit Partners, LLC	0.510	0	0	0	0	0	0	0.514	0	0	0	0	0
Prudential Investment Management, Inc.	0.425	0	0.416	0	0	0	0.516	0	0	0	0.926	0	0
Sankaty Advisors LLC	0	0	0	0.517	0	0	0	0	0.515	0	0	0.362	0.728
Sound Point Capital Management LP	0.400	0	0	0	0	0.421	0	0	0	0.635	0	0	0
Western Asset Management Co.	0	0	0.518	0	0	0	0	0	0	0	0	0	0.579
Others	7.765	2.404	0.983	2.121	3.512	3.435	4.387	3.051	3.501	6.874	0.644	2.418	6.163
Total	14.488	5.584	5.434	6.020	4.557	8.858	7.372	5.884	7.704	11.673	3.687	8.019	9.752
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acis Capital Management, LP	0	0	0.650	1.000	0	0	0.417	1.000	0.417	1.000	1.592	3.000	1.067	2	1.94%
Alcentra Ltd.	0	0	0.523	1.000	0	0	0.560	1.000	0.560	1.000	1.083	2.000	1.083	2	2.61%
Apollo Credit Management, LLC	0.438	1.000	1.789	2.000	0.609	1.000	0	0	0	0	2.837	4.000	2.837	4	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	0.513	1.000	0.513	1.000	2.279	5.000	2.279	5	2.39%
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	2.132	4	3.39%
CIFC Asset Management LLC	0.519	1.000	0.406	1.000	0.522	1.000	0.623	1.000	0.623	1.000	2.569	5.000	2.071	4	2.90%
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	1.957	3.000	1.957	3	3.48%
CVC Credit Partners, LLC	1.140	2.000	0	0	1.186	2.000	0.519	1.000	0.519	1.000	2.845	5.000	2.845	5	2.42%
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	2.11%
GoldenTree Asset Management LP	1.074	2.000	0.195	1.000	0	0	0.614	1.000	0.614	1.000	1.883	4.000	1.883	4	2.86%
GSO/Blackstone Debt Funds Management LLC	0.516	1.000	0	0	0.739	1.000	0	0	0	0	2.503	4.000	1.255	2	0.00%
ING Alternative Asset Management LLC	0.470	1.000	0	0	0.518	1.000	0.739	2.000	0.739	2.000	2.346	5.000	1.728	4	3.44%
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	1.083	2	3.12%
Jefferies Finance LLC	0	0	0	0	0	0	0.831	2.000	0.831	2.000	1.293	3.000	0.831	2	3.87%
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	2.91%
MJX Asset Management LLC	0	0	0.590	1.000	0	0	0.513	1.000	0.513	1.000	1.703	3.000	1.103	2	2.39%
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	2.67%
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	0.516	1	2.40%
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	0.514	1	0.00%
Prudential Investment Management, Inc.	0.416	1.000	0.516	1.000	0	0	0.926	2.000	0.926	2.000	2.283	5.000	1.858	4	4.32%
Sankaty Advisors LLC	0.517	1.000	0	0	0.515	1.000	1.089	2.000	1.089	2.000	2.121	4.000	2.121	4	5.08%
Sound Point Capital Management LP	0	0	0.421	1.000	0.635	1.000	0	0	0	0	1.456	3.000	1.056	2	0.00%
Western Asset Management Co.	0.518	1.000	0	0	0	0	0.579	1.000	0.579	1.000	1.097	2.000	1.097	2	2.70%
Others	5.508	15.000	11.334	27.000	13.426	32.000	9.225	20.000	9.225	20.000	47.257	111.000	39.492	94	42.97%
Total	17.037	38.000	20.786	44.000	25.261	53.000	21.458	43.000	21.458	312.000	99.031	208.000	84.543	178	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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