Analysis of CLO issuance for 13 months through May 2014

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

Currency

	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
$	5.434	5.151	2.288	7.325	5.922	5.393	5.529	10.418	3.127	7.713	11.433	14.047	9.388
€	0	0.845	2.230	1.262	0.449	0.491	2.175	1.255	0.560	1.099	1.797	1.413	1.399
£	0	0.024	0.039	0.270	1.001	0	0	0	0	0	0	0	0
Total	5.434	6.020	4.557	8.858	7.372	5.884	7.704	11.673	3.687	8.812	13.230	15.460	10.787
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	15.536	34.000	21.340	46.000	22.273	45.000	23.435	44.000	45.708	89.000	93.169	193.000	87.735	180	87.94%
€	3.941	9.000	3.921	7.000	3.455	6.000	2.812	4.000	6.268	10.000	14.975	28.000	14.975	28	12.06%
£	1.310	1.000	0	0	0	0	0	0	0	0	1.334	1.000	1.334	1	0.00%
Total	20.786	44.000	25.261	53.000	25.728	51.000	26.248	48.000	51.976	728.000	109.477	222.000	104.043	209	100.00%
Coupon
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Fixed, less than 2.4%	0	0	0	0	0	0	0	0	0	0	0	0	0.250
Fixed, 2.4% to 2.79%	0.010	0.071	0	0	0	0	0.101	0	0	0	0	0	0
Fixed, 2.8% to 3.19%	0	0	0	0.020	0	0	0	0.022	0	0	0	0	0
Fixed, 3.2% and higher	0	0	0	0.035	0.045	0.055	0.060	0.070	0.025	0	0	0.050	0.030
Floating, less than 100 bps	0.080	0	0.004	0	0	0	0.158	0	0	0	0	0	0
Floating, 100 to 119 bps	0.799	0.559	0.240	0.475	0.129	0	0.007	0.007	0.199	0.005	0.242	0.235	0
Floating, 120 to 139 bps	0.523	0.370	1.902	2.068	0.838	1.122	0.218	0	0.277	0.251	0.227	0.482	0
Floating, 140 to 159 bps	0.077	0	0	0.477	0.404	0.801	2.256	4.651	1.281	1.881	2.366	2.571	1.467
Floating, 160 bps and higher	0.044	0	0	0.342	0.500	0	0.367	0.262	0.002	0.355	0.376	0.975	0.191
NA	0	0.278	0	0	0	0	0	0	0	0	0	0	0
Total	1.534	1.277	2.146	3.417	1.916	1.978	3.166	5.013	1.784	2.491	3.211	4.312	1.938
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Fixed, less than 2.4%	0	0	0	0	0	0	0.250	1.000	0.250	1.000	0.250	1.000	0.250	1	1.82%
Fixed, 2.4% to 2.79%	0	0	0.101	1.000	0	0	0	0	0	0	0.182	2.000	0.172	2	0.00%
Fixed, 2.8% to 3.19%	0.020	1.000	0.022	1.000	0	0	0	0	0	0	0.042	2.000	0.042	2	0.00%
Fixed, 3.2% and higher	0.080	2.000	0.185	5.000	0.025	1.000	0.080	2.000	0.105	3.000	0.370	6.000	0.370	6	0.76%
Floating, less than 100 bps	0.004	1.000	0.158	1.000	0	0	0	0	0	0	0.241	3.000	0.161	2	0.00%
Floating, 100 to 119 bps	0.845	6.000	0.015	4.000	0.446	4.000	0.235	2.000	0.681	6.000	2.899	19.000	2.100	17	4.96%
Floating, 120 to 139 bps	4.808	16.000	1.340	5.000	0.755	4.000	0.482	2.000	1.237	6.000	8.277	30.000	7.754	28	9.01%
Floating, 140 to 159 bps	0.881	4.000	7.709	24.000	5.528	15.000	4.037	11.000	9.566	25.000	18.231	52.000	18.154	51	69.64%
Floating, 160 bps and higher	0.842	6.000	0.629	6.000	0.733	4.000	1.166	5.000	1.898	9.000	3.413	18.000	3.369	17	13.83%
NA	0	0	0	0	0	0	0	0	0	0	0.278	1.000	0.278	1	0.00%
Total	7.479	27.000	10.157	36.000	7.486	25.000	6.250	20.000	13.736	64.000	34.184	120.000	32.650	113	100.00%
Sponsor
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
3i Debt Management U.S. LLC	0	0	0	0	0	0	0.516	0	0	0.416	0	0	0.617
Acis Capital Management, LP	0	0	0	0	0.650	0	0	0	0.417	0	0	0.505	0
Alcentra Ltd.	0	0	0.523	0	0	0	0	0	0.560	0	0	0.709	0
Anchorage Capital Group, LLC	0	0.412	0	0	0	0	0	0	0	0.518	0	0	0.622
Apollo Credit Management, LLC	0	0	0	1.789	0	0	0.609	0	0	0	0	0	0
Avoca Capital Holdings	0	0	0	0	0	0	0.419	0	0	0	0	0	0.714
Babson Capital Management LLC	0.491	0	0	0	0	0	0	0.698	0	0	0	0	0.514
Blackstone/GSO Debt Funds Europe Ltd.	0	0	0	0.551	0	0	0	0.834	0	0	0	0	0
BlueMountain Capital Management LLC	0.514	0.429	0	0	0	0.413	0	0.410	0	0	0.513	0	0
Carlyle Investment Management LLC	0	0.991	0	0	0	0.415	0	0	0	0.727	0	0	0.618
CIFC Asset Management LLC	0.519	0	0	0	0.406	0	0.522	0	0	0.623	0	0.829	0
Columbia Management Investment Advisers, LLC	0.527	0	0	0	0	0.411	0	0.463	0	0	0	0	0.621
Credit Suisse Asset Management, LLC	0	0	0	0.546	0	0	0	0	0	0.746	0	0	0.818
CVC Credit Partners, LLC	0	0.617	0	0	0	0.561	0	0.625	0	0	0.519	0	0
GC Investment Management LLC	0	0	0	0.503	0	0	0.556	0	0	0.453	0	0.410	0
GoldenTree Asset Management LP	0	0.405	0	0.195	0	0	0	0	0	0	0.614	0	0
GSO/Blackstone Debt Funds Management LLC	0.516	0	0	0	0	0	0.739	0	0	0	0	0.510	0.717
ING Alternative Asset Management LLC	0	0	0	0	0	0	0.518	0	0	0.413	0.327	0	0
Intermediate Capital Managers Ltd.	0	0	0.523	0	0	0	0.745	0	0	0	0.603	0	0
Invesco Senior Secured Management, Inc.	0	0	0	0.413	0	0	0	0	0	0.670	0	0.316	0
LCM Asset Management LLC	0	0.418	0	0	0	0	0	0	0.624	0	0	0.370	0
MJX Asset Management LLC	0	0	0	0.590	0	0	0	0	0	0.513	0	0.717	0
MP Senior Credit Partners LP	0	0.300	0	0	0	0	0.425	0	0	0	0	0	0.358
NIBC Bank NV	0	0	0	0	1.001	0	0	0.421	0	0	0	0	0
Oak Hill Advisors, LP	0	0.521	0	0	0	0.518	0	0	0	0	0	0	0
Octagon Credit Investors, LLC	0.535	0	0	0.414	0	0	0	0.713	0	0	0.567	0.358	0
Onex Credit Partners, LLC	0	0	0	0	0	0.514	0	0	0	0	0.420	0	1.002
Prudential Investment Management, Inc.	0.416	0	0	0	0.516	0	0	0	0.926	0	0	0	0
Sankaty Advisors LLC	0	0.517	0	0	0	0	0.515	0	0	0.362	0.728	0	0
Sound Point Capital Management LP	0	0	0	0.421	0	0	0	0.635	0	0	0.628	0	0
Symphony Asset Management LLC	0	0	0	0	0.833	0	0	0	0	0	0	0	0.838
Others	1.914	1.409	3.512	3.435	3.966	3.051	2.141	6.874	1.160	3.371	8.311	10.735	3.350
Total	5.434	6.020	4.557	8.858	7.372	5.884	7.704	11.673	3.687	8.812	13.230	15.460	10.787
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
3i Debt Management U.S. LLC	0	0	0.516	1.000	0.416	1.000	0.617	1.000	1.033	2.000	1.549	3.000	1.549	3	1.99%
Acis Capital Management, LP	0.650	1.000	0	0	0.417	1.000	0.505	1.000	0.921	2.000	1.571	3.000	1.571	3	1.77%
Alcentra Ltd.	0.523	1.000	0	0	0.560	1.000	0.709	1.000	1.269	2.000	1.791	3.000	1.791	3	2.44%
Anchorage Capital Group, LLC	0	0	0	0	0.518	1.000	0.622	1.000	1.139	2.000	1.551	3.000	1.551	3	2.19%
Apollo Credit Management, LLC	1.789	2.000	0.609	1.000	0	0	0	0	0	0	2.398	3.000	2.398	3	0.00%
Avoca Capital Holdings	0	0	0.419	1.000	0	0	0.714	1.000	0.714	1.000	1.132	2.000	1.132	2	1.37%
Babson Capital Management LLC	0	0	0.698	1.000	0	0	0.514	1.000	0.514	1.000	1.703	3.000	1.212	2	0.99%
Blackstone/GSO Debt Funds Europe Ltd.	0.551	1.000	0.834	1.000	0	0	0	0	0	0	1.385	2.000	1.385	2	0.00%
BlueMountain Capital Management LLC	0	0	0.823	2.000	0.513	1.000	0	0	0.513	1.000	2.279	5.000	1.765	4	0.99%
Carlyle Investment Management LLC	0	0	0.415	1.000	0.727	1.000	0.618	1.000	1.344	2.000	2.750	5.000	2.750	5	2.59%
CIFC Asset Management LLC	0.406	1.000	0.522	1.000	0.623	1.000	0.829	1.000	1.452	2.000	2.899	5.000	2.380	4	2.79%
Columbia Management Investment Advisers, LLC	0	0	0.874	2.000	0	0	0.621	1.000	0.621	1.000	2.023	4.000	1.495	3	1.19%
Credit Suisse Asset Management, LLC	0.546	1.000	0	0	0.746	1.000	0.818	1.000	1.564	2.000	2.110	3.000	2.110	3	3.01%
CVC Credit Partners, LLC	0	0	1.186	2.000	0.519	1.000	0	0	0.519	1.000	2.322	4.000	2.322	4	1.00%
GC Investment Management LLC	0.503	1.000	0.556	1.000	0.453	1.000	0.410	1.000	0.864	2.000	1.922	4.000	1.922	4	1.66%
GoldenTree Asset Management LP	0.195	1.000	0	0	0.614	1.000	0	0	0.614	1.000	1.214	3.000	1.214	3	1.18%
GSO/Blackstone Debt Funds Management LLC	0	0	0.739	1.000	0	0	1.228	2.000	1.228	2.000	2.483	4.000	1.967	3	2.36%
ING Alternative Asset Management LLC	0	0	0.518	1.000	0.739	2.000	0	0	0.739	2.000	1.258	3.000	1.258	3	1.42%
Intermediate Capital Managers Ltd.	0.523	1.000	0.745	1.000	0.603	1.000	0	0	0.603	1.000	1.871	3.000	1.871	3	1.16%
Invesco Senior Secured Management, Inc.	0.413	1.000	0	0	0.670	1.000	0.316	1.000	0.986	2.000	1.399	3.000	1.399	3	1.90%
LCM Asset Management LLC	0	0	0	0	0.624	1.000	0.370	1.000	0.995	2.000	1.412	3.000	1.412	3	1.91%
MJX Asset Management LLC	0.590	1.000	0	0	0.513	1.000	0.717	1.000	1.229	2.000	1.820	3.000	1.820	3	2.36%
MP Senior Credit Partners LP	0	0	0.425	1.000	0	0	0.358	1.000	0.358	1.000	1.083	3.000	1.083	3	0.69%
NIBC Bank NV	1.001	1.000	0.421	1.000	0	0	0	0	0	0	1.422	2.000	1.422	2	0.00%
Oak Hill Advisors, LP	0	0	0.518	1.000	0	0	0	0	0	0	1.040	2.000	1.040	2	0.00%
Octagon Credit Investors, LLC	0.414	1.000	0.713	1.000	0.567	1.000	0.358	1.000	0.925	2.000	2.588	5.000	2.052	4	1.78%
Onex Credit Partners, LLC	0	0	0.514	1.000	0.420	1.000	1.002	1.000	1.422	2.000	1.936	3.000	1.936	3	2.74%
Prudential Investment Management, Inc.	0.516	1.000	0	0	0.926	2.000	0	0	0.926	2.000	1.858	4.000	1.442	3	1.78%
Sankaty Advisors LLC	0	0	0.515	1.000	1.089	2.000	0	0	1.089	2.000	2.121	4.000	2.121	4	2.10%
Sound Point Capital Management LP	0.421	1.000	0.635	1.000	0.628	1.000	0	0	0.628	1.000	1.684	3.000	1.684	3	1.21%
Symphony Asset Management LLC	0.833	1.000	0	0	0	0	0.838	1.000	0.838	1.000	1.671	2.000	1.671	2	1.61%
Others	10.913	27.000	12.066	29.000	12.842	27.000	14.085	28.000	26.927	55.000	53.229	120.000	51.313	114	51.78%
Total	20.786	44.000	25.261	53.000	25.728	51.000	26.248	48.000	51.976	728.000	109.477	222.000	104.043	209	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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