The document reviews the leveraged finance market of 2013, highlighting the significant growth in junk bonds and loans, with the speculative-grade debt market reaching $2 trillion. It notes concerns about risk-taking in credit markets and warns of potential high-yield bubbles due to record-low yields and increased issuance of risky debt. The outlook for 2014 indicates expectations for continued strong demand for leveraged loans, although the ability to sustain high issuance levels may depend on mergers and regulatory impacts.

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2. 01.14.14 www.bloombergbriefs.com
Bloomberg Brief | Leveraged Finance
2013 IN REVIEW
MONTH
JAN
YEAR IN REVIEW
BY JAMES CROMBIE
EVENT
Esther George, president of the Federal Reserve Bank of Kansas City, refers to the elevated
price of high-yield and leveraged loans.
Dell secures financing for its $24.4 billion buyout, the biggest LBO since the financial crisis.
FEB
Fed Governor Jeremy Stein warns that some credit markets, including corporate debt,
show signs of potentially excessive risk-taking.
MAR
Apollo Global leads a rebound in Europe’s market for CLOs.
APR
Investors favor triple C rated bonds by the most in 17 months as confidence mounts that
central banks will prop up debt markets through year-end.
MAY
2
Private-equity firms raise loans to pay themselves dividends at a pace exceeding frothy
pre-crisis levels.
Barclays raises its junk-bond return forecast to 6-8 percent, citing year-to-date total returns
of 5.3 percent.
Investor appetite for high-yield credit started
2013 strongly and closed the year in good
shape, casting off a mid-year wobble caused
by fears about the impact of Fed tapering.
Expectations of higher rates spurred record
cash flows into loan funds, while new highs
were set for both bond and loan issuance.
Fears of a high-yield bubble were stoked by
record low yields on junk bonds and significant increases in issuance of PIK notes. More
covenant-light, second-lien, LBO and dividend
fund raisings also raised alarm bells, not least
from regulators.
Whether issuance can be sustained at the
same pace in 2014 depends on mergers,
which bankers expect to be more active this
year. CLO sales will be key for loans, though
regulation may stifle this year’s revival.
Fund flows will likely dictate whether the
trend towards even greater concessions to
borrowers continues. As long as investors are
liquid and yield-hungry – and volatility remains
low – junk-rated companies will take advantage of the debt issuance opportunity.
Bloomberg Brief Leveraged Finance
JUN
Losses on junk-bond ETFs outpace the broader U.S. high-yield market by the most in three
years, signaling a slump for debt that traded at record-highs less than a month before.
Newsletter Ted Merz
Executive Editor tmerz@bloomberg.net
+1-212-617-2309
Junk bonds stage a comeback, with the biggest gain in 18 months.
Bloomberg News Robert Burgess
Managing Editor bburgess@bloomberg.net
+1-212-617-2945
Investors pump money into junk bonds globally at the fastest pace ever.
Leveraged Finance James Crombie
Editor jcrombie8@bloomberg.net
212-617-3590
JUL
The speculative-grade debt market hits $2 trillion, up from $243 billion in 1997.
AUG
The lowest volume for U.S. corporate-bond trading since 2008 underscore the potential for
market disruptions.
Private-equity firms obtain buyout loans at the fastest pace in six years.
SEP
Sprint raises $6.5 billion in the largest speculative-grade deal since 2008.
OCT
NOV
DEC
Fed and Office of the Comptroller of the Currency send letters to some of the biggest banks
asking them to avoid originating loans that can be considered “criticized.”
BlackRock CEO Laurence D. Fink says Fed policies contribute to “bubble-like markets,”
pointing to corporate debt as an area of concern.
The biggest year for CLOs since 2007 is propped up by deals managed by
Blackstone and Carlyle.
The number of U.S. companies with the lowest credit ratings jump to the highest in six
months after junk borrowers obtain a record amount of bonds and loans.
The market for junk loans increased to $683 billion, exceeding the 2008 peak of $596 billion.
Reporter
David Holley
dholley8@bloomberg.net
212-617-1311
Contributing
Daniel Covello
Analysts Lara Deke
Matthew Geudtner Srobana Ghosh
Michael Luongo Luke Reeve
Nikolas Trenchi Luminita Teodorescu
Afrim Zeka
Newsletter Nick Ferris
Business Manager nferris2@bloomberg.net
212-617-6975
Advertising Jeff Maniatty
jmaniatty@bloomberg.net
+1-203-550-2446
Reprints & Lori Husted
Permissions lori.husted@theygsgroup.com
717-505-9701
To subscribe via the Bloomberg Terminal type BRIEF
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Please contact our reprints and permissions group
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© 2014 Bloomberg LP All rights reserved.
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3. 01.14.14 www.bloombergbriefs.com
Bloomberg Brief | Leveraged Finance
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4. 01.14.14 www.bloombergbriefs.com
Bloomberg Brief | Leveraged Finance
4
LEVERAGED FINANCE 2013: BY THE NUMBERS
$2 trillion: Total market for dollar-denominated junk rated debt.
$1.3 trillion: Sales of junk bonds since the end of 2008.
24%: Junk issuance as a percentage of all U.S. corporate bond sales, up from 8% in 2008.
$683 billion: The market for junk-rated loans, exceeding the 2008 peak of $596 billion.
$1.6 trillion: Commercial and industrial loans outstanding, exceeding the prior high set October 2008.
42%: Loans considered “criticized,” or having a deficiency that may result in a loss,
according to the Fed and the Office of the Comptroller of the Currency.
46%: Percentage of loans issued as covenant light.
767%: Increase in loan issuance for LBOs since 2009.
4836%: Increase in loan issuance for dividend payments since 2009.
2.2%: U.S. leveraged loan default rate in December, down from 3.1 percent a year earlier.
62: Moody’s-rated corporate debt issuers that defaulted, compared with 63 in 2012.
$17 billion: Issuance of triple C rated bonds, up from $13 billion in 2012.
$32 billion: Second-lien loan issuance, up from $18 billion in 2012.
$22.5 billion: Issuance of PIK bonds globally, up from $12.9 billion in 2012.
$6.9 billion: Amount of PIK issuance to fund dividend payments.
$24.4 billion: The size of Dell’s LBO, the biggest since the financial crisis.
$90 billion: Total U.S. LBO volume, up from $65 billion in 2012.
25%: U.S. leveraged loan market share held by JPMorgan and BAML combined, down from 42 percent in 2004.
1.3%: Average fee on a U.S. high-yield bond, down from 2.0% in 2009.
4.986%: Yield to worst on BAML high-yield index May 9, lowest on record, down from 22.653% in 2008.
Source: Bloomberg LP, Morgan Stanley, Moody’s, Standard & Poor’s Capital IQ Leveraged Commentary and Data.

5. 01.14.14 www.bloombergbriefs.com
BIG PICTURE
5
Bloomberg Brief | Leveraged Finance
JAMES CROMBIE
U.S. Loan Issuance Sets Record Amid Jump in Cov-Light, LBOs, Dividends
Total Loan Issuance ($bn)
600
500
50
Cov Lite Loan Volume (Left Axis)
LBO+Div. Pay Volume (Left Axis)
Other Institutional Loan Volume (Left Axis)
Cov Lite as % of Total (Right Axis)
Second Lien Volume ($bn, Rt Axis)
45
40
35
30
400
25
300
%/$bn
700
20
15
200
10
100
5
0
0
2010
Source: Bloomberg LP
2011
2012
2013
Issuers Sell Higher Percentage of Junk Bonds at Lower Yields in U.S.
400
30
Junk as % of All U.S. Corp. Sales (Right Axis)
25
Average Yield (Right Axis)
300
20
250
200
15
150
10
100
5
50
0
2003 2004
Source: Bloomberg LP
0
2005
2006
2007
2008
2009
2010
2011
2012
2013
%
U.S. Junk Bond Issuance ($bn)
350
Junk Bond Issuance Volume (Left Axis)

6. 01.14.14 www.bloombergbriefs.com
Bloomberg Brief | Leveraged Finance
OUTLOOK / 2013 RANKINGS
6
BLOOMBERG DATA
2014 Sell-Side Analyst Predictions
BONDS
JPMorgan
BAML
Citi
Credit Suisse
Deutsche
Barclays
MS
UBS
RBS
2013 Actual
LOANS
ISSUANCE ($BN)
300
220-240
325
260
270-295
334
325-335
348
380
RETURN (%) DEFAULT RATE (%) SPRD (BP)
5.00
Sub 2.0
425
4-5.00
2.2
350
2.50
2.0
400
5.00
2-3.0
529
3.90
1.5
360
3-4.00
2-2.5
350
2.80
1.9
427
2.10
3.4
425
6.33
2.8
400
7.40
2.2
400
ISSUANCE ($BN) CLOS ($BN)
400
60-70
450
65-75
375
360
60-70
340-360
75-85
419
65-75
575-600
660
82
RETURN (%)
4.5
4.0
3.0
5.0
4.3
3.5-4.5
4.0
6.5
4.9
DEFAULT (%)
Sub 2
2
3 to 4
1.5
2-2.5
0.5
2.2
SPRD (BP)
410
420
450
448
425
435
NIM<GO>
Source: Bloomberg LP
JPMorgan Retained Lead Position in U.S. High-Yield
Bond Underwriter Ranks; Deutsche Moved Up
RANK
RANK 1-YR
EARLIER
SHARE
(%)
JPMorgan
1
1
11.7
44.3
326
JPMorgan
BAML
2
2
10.1
38.3
318
Goldman Sachs
Citi
3
3
9.1
34.7
258
Deutsche Bank
4
5
7.9
30.1
239
Credit Suisse
5
4
7.9
30.1
218
BNP Paribas
6
6
7.4
28.0
211
Citi
7
9
7
26.4
181
Morgan Stanley
8
7
6.6
25.2
187
Barclays
9
8
6
22.8
204
HSBC
9
9
10
11
3.6
13.6
125
BAML
10
10
UNDERWRITER
Deutsche Bank
Credit Suisse
▲
▼
Goldman Sachs
Morgan Stanley
Barclays
Wells Fargo
RBC
▲
▼
▼
▲
PROCEEDS
ISSUES
($BN)
JPMorgan Beat Goldman to Lead Euromarket
Corporate High-Yield Ranking Ex-Emerging Markets
LEAG <GO>
Source: Bloomberg LP
BAML Bested JPMorgan in U.S. Leveraged Loan
New Money League; RBC Rose Three Places
▲
▼
▼
▲
▲
▼
▼
▼
SHARE
(%)
BAML
1
1
12.5
43.83
392
Deutsche Bank
JPMorgan
2
2
12.2
42.92
351
BNP Paribas
Wells Fargo
3
3
6.9
24.27
219
JPMorgan
Credit Suisse
4
4
6.8
23.94
192
UniCredit
Barclays
5
5
6.8
23.87
171
RBS
Citi
6
6
5.1
18.04
133
HSBC
7
10
5
17.64
149
Goldman Sachs
8
9
4.8
16.92
174
BAML
9
7
4.7
16.40
159
Credit Agricole
10
11
4
14.05
191
ING
Deutsche Bank
Goldman Sachs
GE Capital
▲
▲
▼
▲
Source: Bloomberg LP
LEAG <GO>
SHARE
(%)
PROCEEDS
ISSUES
($BN)
1
3
8.5
10.82
2
1
8.1
10.33
85
3
2
7.6
9.75
96
4
11
5.9
7.58
72
99
5
7
5.9
7.53
73
6
5
5.8
7.42
51
7
6
5.7
7.24
51
8
4
5.3
6.80
67
4.3
5.47
56
4.1
5.29
51
LEAG <GO>
Deutsche Bank Retained Lead in EMEA High-Yield
Loans Bookrunner Ranks; BNP Rose Two Places
RANK 1-YR
EARLIER
RBC
RANK 1-YR
EARLIER
Source: Bloomberg LP
RANK
UNDERWRITER
PROCEEDS
ISSUES
($BN)
RANK
UNDERWRITER
RANK
RANK 1-YR
EARLIER
SHARE
(%)
1
1
9
15.2
58
▲
▼
▼
2
4
8.1
13.7
57
3
2
7.2
12.1
48
4
3
5.7
9.7
49
5
5
5.1
8.6
34
▲
6
8
4.8
8.2
48
7
7
4.4
7.4
38
▲
▲
▲
8
19
4.3
7.2
34
9
21
3.8
6.3
37
10
16
3.3
5.5
40
UNDERWRITER
Source: Bloomberg LP
PROCEEDS
ISSUES
($BN)
LEAG <GO>

7. 01.14.14 www.bloombergbriefs.com
Bloomberg Brief | Leveraged Finance
7
2014 OUTLOOK
Diversify, Be Nimble as Borrower-Friendly Terms Persist: Investors, Bankers
Diversification, risk retention and a low default rate are among the top themes for 2014, say investors and bankers. M&A is expected
to make a comeback, fuelling financing opportunity from LBOs. The trend toward increasingly borrower-friendly deal terms gives some
investors cause for concern. While some market watchers welcome the prospect of an uncharacteristically boring year for high-yield
bonds, others say that the speed and extent of Fed tapering is a macro wild card. They spoke to Bloomberg Brief’s David Holley in December. Comments have been edited and condensed.
Dan Roberts
Kevin Lockhart
John Fraser
Dan Roberts
MacKay Shields
Head of Global Fixed Income, CIO
“2014 will need to be the year of
diversification. Many strategies are too
concentrated in duration risk and too
constrained by benchmarks to adapt.
On the margin we favor high-yield bonds
over loans. We expect issuance in high
yield to decline in 2014. Issuance in the
loan market is likely to meet or even exceed 2013 levels given the high demand
for floating rate investments.”
Kevin Lockhart
Jefferies
Co-Head of Leveraged Finance
“The issuers that won’t be able to get the
covenant-light loans – the more difficult
credits – will probably have to go to the
bond market to get financing. Those are
likely to be the 10, 11 percent deals. The
loan market is going to continue to be
strong, but it will not finance all companies. The demand for high yield will still be
there for public companies and CFOs are
saying, “Why would I not do high yield at
record low interest rates?””
.
John Fraser
3i Debt Management U.S.
Managing Partner
“The trend toward increasingly borrowerfriendly deal terms, both in terms of
economics, credit agreement terms, and
capital structures is one of the things
I spend the most time worrying about.
Beyond that, it’s a lack of visibility on new
money, new issue deal flow. Right now it’s
hard to tell what kind of volume we’ll see
on the true new money side of the market
place. Next to overall credit quality, that’s
Beth MacLean
Kevin Sherlock
Ann Benjamin
Beth MacLean
Pimco
Loan Portfolio Manager
“Risk retention is going to be one of the
biggest stories. As long as there is excess
demand in the market, you’ll continue to
see cov-lite, second-lien loans, six month
call protection. We’ll continue to see
second-lien issuance because there is demand and it won’t just be from the CLOs.
When you’re in a low-default, strong credit
fundamental environment, a lot of investors are willing to take more risk and move
into that second-lien space.”
Kevin Sherlock
Deutsche Bank
Head of U.S. loans and High-Yield
Capital Markets
“High-yield investors are a bit more
tactical, more short duration than long
duration and that’s why we’re also seeing a massive amount of inflows into the
leveraged loan market as some protection
against a rising rate environment. [This
year] feels like it’s going to be a lot like
[2013], which was pockets of instability as
you go through macroeconomic numbers
and what happens with the taper.”
Ann Benjamin
Neuberger Berman
HIgh-Yield Bond, Leveraged Loan
Lead Portfolio Manager
“Defaults are going to stay low. If you
look at what’s going to mature in 2014 and
2015: In 2014 it’s $37 billion. In 2015, it’s
$66 billion. Keep in mind that the market
is roughly $1.5 trillion. Where you would
see the potential higher risk of higher default rates is in the smaller companies and
middle market companies that are used to
financing in the high-yield bond market.”

8. 01.14.14 www.bloombergbriefs.com
US LOANS
8
Bloomberg Brief | Leveraged Finance
LARA DEKE AND NIKOLAS TRENCHI, BLOOMBERG DATA ANALYSTS
Second-Lien Surge Contributes to Record Year for Leveraged Loans in 2013
U.S. leveraged loans hit a new high for issuance in 2013, fueled by an increase in covenant-light and second-lien volume. The average
transaction size for first-lien deals jumped to $294 million from $206 million in 2012. Borrowers raised $79 billion to pay dividends.
Leveraged Loan Volume Jumped 57 Percent
$900
$800
Billions
$700
$600
$35
3500
Unsecured (Left Axis)
1st Lien (Left Axis)
180
Volume (Left Axis)
$30
3000
2nd Lien (Left Axis)
160
140
Deal Count (Right Axis)
2500
2000
Deal Count (Right Axis)
$25
$20
100
$15
80
$500
1500
$400
$300
Billions
$1000
Second-Lien Deal Count Surged 64 Percent
1000
$0
2009
Source: Bloomberg LP
2010
2011
2012
$5
0
$100
60
$10
500
$200
120
$0
2013
40
20
0
2009
Source: Bloomberg LP
2010
2011
2012
2013
Total loan issuance, including institutional and pro-rata, rose to $882 billion last year, up 57 percent year on year. Second lien jumped 73 percent.
Second-lien issuance jumped to $31.9 billion in 164 deals, up from $18.5
billion and 101 deals in 2012. Volume was more than triple 2011 sales.
Covenant Light Sales Ballooned, Mostly B/B+
More Proceeds Used for LBOs, Dividends
B-
B
B+
BB-
BB
BB+
BBB-
Issuance (Billions)
Issuance (Billions)
$200
BBB
$150
$100
700
$12
600
$10
500
$8
400
Issuance (Left Axis)
$6
300
Average Margin (Right Axis)
200
$2
$50
$4
100
$0
$0
2009
Source: Bloomberg LP
0
Qtr3
2010
2011
2012
2013
Institutional covenant-light loan volume was $300 billion, more than three
times the $99 billion sold the year before, and 46 percent of the total.
Average margin (bp)
$14
$250
Qtr4
2011
Source: Bloomberg LP
Qtr1
Qtr2
Qtr3
Qtr4
2012
Qtr1
Qtr2
Qtr3
Qtr4
2013
Loan volume for dividend payment and LBOs saw large year-on-year
increases to a post-crisis high.
continued on next page
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9. 01.14.14 www.bloombergbriefs.com
9
Bloomberg Brief | Leveraged Finance
U.S. LOANS…
continued from previous page
CLO Revival, Mutual Fund Inflows Propel Margins Lower, Prices Higher
A jump in CLO issuance and unprecedented mutual fund inflows chasing floating-rate assets helped drive loan prices up in 2013. The
main loan index rose close to pre-crisis highs, while price discrepancies appeared in the BB ratings band.
CLO Issuance Reaching Pre-Crisis Levels
Loan Funds Saw Big Inflows During July-August
CLO Issuance ($bn)
$12
$10
$8
$6
$4
$2
2011
Source: Bloomberg LP
2012
2013
Preliminary Pipeline
CLO Issuance
Average AAA CLO Spread
Preliminary Pipeline Average AAA Spread
Loan Mutual Funds
1,600
Loan ETFs
1,400
1,200
1,000
800
600
400
Jan
Nov
Jul
Sep
May
Jan
Mar
Nov
Jul
Sep
May
Jan
Mar
Nov
Jul
Sep
May
$0
1,800
Flows ($m)
180
160
140
120
100
80
60
40
20
0
$14
Average AAA Spread (bps)
$16
200
2014
0
(200)
Jan Feb Mar
Source: Lipper
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
After a long post-financial crisis hibernation, the CLO market is on track to
match pre-crisis levels.
Above-average inflows to loan mutual funds helped keep margins tight in
2013. Fund gains were concentrated in the third quarter.
Index Recouped More Crisis-Related Losses
BB Loans Offered More Spread Than BB Minus
105
95
90
Margin (bps)
85
80
75
70
65
60
Jan-06 Jan-07
Source: S&P/LSTA
Average Margin at Close
Max bps per turn
S&P/LSTA Leveraged Loan Index
100
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
The benchmark S&P/LSTA loan index came close to its pre-crisis highs
as loans returned 4.9 percent for 2013.
500
450
400
350
300
250
200
150
100
50
0
BBB-
Source: Bloomberg LP
BB+
BB
Average bps per turn
Min bps per turn
BB-
B+
B
B-
S&P Initial Tranche Rating
BB rated loans paid 333 basis points at close on average, more than the
325 basis points paid by deals rated one notch lower, at BB minus.
MONITOR LIQUIDITY
FOR MULTIPLE BONDS
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continued on next page

10. 01.14.14 www.bloombergbriefs.com
Bloomberg Brief | Leveraged Finance
10
U.S. LOANS…
continued from previous page
Second Lien Leads Margin Decline, Price Rise as Libor Floors Diminish
Second-lien issuers enjoyed lower margins and higher prices for new issue loans in 2013, while Libor floors dropped for all classes of
leveraged loans. Compared to 2012, more first-lien deals included a Libor floor.
Average New Issue Loan Price Rose Year-on-Year
Second-Lien Margin Fell More Than First Lien
450
900
400
250
840
200
820
150
Basis Points
Basis Points
2nd Lien
Unsecured
99
860
300
50
1st Lien
880
350
100
99.5
800
1st Lien (Left Axis)
Unsecured (Left Axis)
2nd Lien (Right Axis)
760
2012
98
780
0
2011
Source: Bloomberg LP
98.5
2013
97.5
2010
Source: Bloomberg LP
2011
2012
2013
Second-lien loans saw the biggest contraction in margin last year, at 801
basis points on average, down from 874 basis points the previous year.
Issuers took less of a discount on their new issue loans at all levels. Unsecured deals priced at 99.3 on average, up from 98.1 in 2012.
Libor Floors Dropped for All Loan Classes
More First-Lien Deals Had Libor Floor
100%
300
1st Lien
2nd Lien
Unsecured
80%
250
Libor Floor (bp)
90%
70%
60%
50%
200
40%
30%
150
20%
1st lien without floor
1st lien with floor
10%
100
2009
Source: Bloomberg LP
2010
2011
2012
2013
Investors accepted lower Libor floors. Second-lien tranches had a floor of
114 basis points on average, down from 295 basis points in 2012.
0%
2010
Source: Bloomberg LP
2011
2012
2013
A higher percentage of first-lien transactions included a Libor floor, at 76
percent, up from 63 percent in 2012.
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11. 01.14.14 www.bloombergbriefs.com
U.S. LOANS
Bloomberg Brief | Leveraged Finance
11
CLICK ON TABS TO VIEW MATURITIES BY SECTOR
continued on next page
Loan Maturity Schedule Gets Busier in 2016, Focused on Consumer Non-Cylical Names
All
$12
$4
$3
$10
$2
$2
Loans Maturing (Billions)
Loans Maturing (Billions)
$9
$10
$8
$3
$7
$8
$2
$6
Basic Materials
Communications
Consumer, Cyclical
$6
$2
$1
$5
$1
$4
$4
$1
$3
$1
$2
$2
$1
Consumer, Non-cyclical
Financial
Jan
Mar
Apr
Mar
Jun
Jul
Apr
May
Aug
May
Aug
May
Oct
Jul
Jul
Oct
Jun
Nov
Sep
Sep
Sep
Dec
Sep
Jan
Nov
Nov
Apr
Dec
Oct
Feb
Jan
Jan
Jun
Feb
Mar
Nov
Mar
Mar
Jul
Apr
May
May
Feb
May
Aug
Jul
Jul
Jul
Jul
Sep
Aug
Sep
Aug
Sep
Nov
Oct
Aug
Oct
Nov
Nov
Mar
Dec
Sep
Dec
Jan
Jan
Apr
Feb
Apr
Dec
Mar
Mar
May
Apr
Jun
Jan
May
May
Jun
Aug
Jun
Apr
Jul
Jul
Jul
Oct
Aug
Jun
Sep
Nov
Oct
Nov
Dec
Dec
Dec
$0
$0
2014
2014
2014 2014
2014
2014
Source: Bloomberg LP
Source: Bloomberg LP
2015
2015
2015
2015 2015
Industrial
Technology
2016
2016
2016
20162016
2016
Utilities
Biggest U.S. Institutional Leveraged Term Loan Tranches of 2013
ISSUER
Hilton Worldwide
HJ Heinz
Clear Channel
Dell International
Asurion
Sabine Pass
Tribune
Valeant Pharma
Biomet
Neiman Marcus
HJ Heinz
Chrysler
Chrysler
BMC Software
Freescale Semiconductor
Ineos
Del Monte
Nuveen Investments
Nuveen Investments
Neiman Marcus
Source: Bloomberg LP
S&P
RATING
Ba3
Ba2
Caa1
Ba2
Ba2
NA
Ba3
Ba1
B1
B2
Ba2
Ba1
NA
B1
B1
B1
B1
B2
B
B
SIGNING
DATE
10/25/13
6/7/13
5/31/13
10/29/13
2/21/13
5/28/13
12/27/13
8/5/13
9/25/13
10/25/13
6/7/13
6/21/13
12/23/13
9/10/13
3/1/13
5/8/13
2/5/13
4/29/13
1/29/2013
2/8/2013
MATURITY
10/25/20
6/5/20
1/30/19
4/29/20
5/24/19
5/28/20
12/27/20
8/5/20
7/25/17
10/25/20
6/7/19
5/24/17
5/24/17
9/10/20
3/1/20
5/4/18
3/8/18
5/13/17
5/13/17
5/16/2018
ISSUE
PRICE
99.50
99.75
99.00
99.50
99.75
98.50
99.75
99.50
99.50
99.00
99.00
-
LIBOR
FLOOR
100
100
100
125
100
75
100
100
100
75
100
125
100
100
100
SPREAD
AT CLOSE
300
250
675
350
325
300
300
375
350
400
225
325
275
400
375
300
300
400
500
300
SECTOR
Consumer, Cyclical
Consumer, Non-cyclical
Communications
Consumer, Non-cyclical
Financial
Energy
Communications
Consumer, Non-cyclical
Consumer, Non-cyclical
Consumer, Cyclical
Consumer, Non-cyclical
Consumer, Cyclical
Consumer, Cyclical
Technology
Technology
Basic Materials
Consumer, Non-cyclical
Financial
Financial
Consumer, Cyclical
USE OF PROCEEDS
Refinance, GCP
Acquisition, Refi, LBO
Refi
LBO
Refi
Develop/Construct, Refi
Acquisition, Refi, GCP
Acquisition, GCP
Refi
LBO
LBO, Refi
Refi
Refi
LBO
Refi
Refi
Refi
Refi
Refi
Refi
LSRC <GO>

12. 01.14.14 www.bloombergbriefs.com
Bloomberg Brief | Leveraged Finance
12
U.S. LOANS…
continued from previous page
Second-Lien: Biggest U.S. Institutional Leveraged Term Loan Tranches of 2013
ISSUER
Fieldwood Energy
Samson Investment
EP Energy
Performance Food Group
Templar Energy
Travelport
Quicksilver Resources
TWCC Holding
BJ'S Wholesale Club
Carestream Health
Rite Aid
Nuveen Investments
TRANCHE
SIZE ($M)
1725
1000
750
750
700
630
625
625
600
500
500
500
S&P
RATING
B2
B1
Ba3
B3
B3
Caa2
B2
B3
Caa2
Caa1
B3
Caa1
SIGNING
DATE
9/30/13
12/18/13
5/2/13
5/14/13
11/25/13
3/11/13
6/21/13
6/26/13
11/18/13
6/7/13
6/21/13
4/29/13
MATURITY
9/30/20
9/25/18
5/24/18
11/14/19
11/25/20
1/31/16
6/21/19
6/26/20
3/31/20
12/7/19
6/21/21
2/28/19
ISSUE
PRICE
97.0
99.5
98.0
99.0
97.0
99.0
99.5
98.0
-
LIBOR
FLOOR
125
100
75
100
100
150
125
100
100
100
100
125
SPREAD
AT CLOSE
712.5
400.0
275.0
525.0
700.0
800.0
575.0
600.0
750.0
850.0
387.5
525.0
SECTOR
USE OF PROCEEDS
Energy
Energy
Energy
Consumer, Cyclical
Energy
Consumer, Cyclical
Energy
Communications
Consumer, Cyclical
Consumer, Non-cyclical
Consumer, Cyclical
Financial
Source: Bloomberg LP
Acquisition
Refinance
Refinance
Refinance, Div. Pay
Acquisition
Refinance, GCP
Refinance, GCP
Recap, Div. Pay, GCP
Refinance, Div. Pay
Refinance, Div. Pay
Refinance
Refinance
LSRC <GO>
Dividend Payment: Largest U.S. Institutional Leveraged Term Loan Tranches
ISSUER
Carestream Health
BJ's Wholesale
Aptalis Pharma
Generac Power
La Frontera
MultiPlan
Harbor Freight Tools
Regal Cinemas
Magic Newco
TransDigm
TRANCHE
SIZE ($M)
1850
1500
1250
1200
1150
1030
1000
983
922
900
S&P
RATING
B+
BB+
BBBBB+
B+
BB
B+
B
SIGNING
MATURITY
DATE
6/7/2013
6/7/2019
11/18/2013 9/26/2019
10/4/2013
10/2/2020
5/31/2013
5/31/2020
5/10/2013
9/30/2020
2/15/2013
8/18/2017
7/26/2013
7/26/2019
4/19/2013
8/23/2017
8/16/2013
12/12/2018
7/1/2013
2/28/2020
ISSUE
PRICE
98.5
99.5
99
99.75
99
NA
99.75
NA
NA
98
LIBOR
FLOOR
100
100
100
75
100
100
100
NA
100
75
SPREAD
AT CLOSE
400
350
500
275
350
300
375
250
400
300
SECTOR
Consumer, Non-Cyc
Consumer, Cycl
Consumer, Non-Cyc
Industrial
Utilities
Consumer, Non-Cyc
Industrial
Consumer, Cycl
Technology
Industrial
Source: Bloomberg LP
USE OF PROCEEDS
Refi, Div. Pay
Refi, Div. Pay
Refi, Div. Pay
Refi, Div. Pay, Recap
GCP, Div. Pay
Refi, Div. Pay, Recap
Refi, Div. Pay
Working Cap, Refi, Div. Pay
Refi, Div. Pay
Refi, Recap, Div. Pay
LSRC <GO>
LBO Funding: Biggest U.S. Institutional Leveraged Term Loan Tranches
ISSUER
HJ Heinz
Dell International
HJ Heinz
Neiman Marcus
BMC Software
Gardner Denver
HUB International
Dell International
Brand Energy
Albertsons
Source: Bloomberg LP
TRANCHE
SIZE ($M)
6550
4660
2950
2950
2880
1900
1870
1500
1275
1150
S&P
RATING
BB
BB+
BB
B
B+
B
B
BB+
B
BB-
SIGNING
MATURITY
DATE
6/7/2013
6/5/2020
10/29/2013 4/29/2020
6/7/2013
6/7/2019
10/25/2013 10/25/2020
9/10/2013
9/10/2020
7/30/2013
7/30/2020
10/2/2013
10/2/2020
10/29/2013 10/29/2018
11/26/2013 11/26/2020
3/21/2013
3/21/2016
ISSUE
PRICE
99.75
99
99.5
99.5
99
99.5
99.5
99.5
99.5
99
LIBOR
FLOOR
100
100
100
100
100
100
100
100
100
125
SPREAD
AT CLOSE
250
350
225
400
400
325
375
275
375
450
SECTOR
Consumer, Non-Cyc
Consumer, Non-Cyc
Consumer, Non-Cyc
Consumer, Cycl
Technology
Industrial
Financial
Consumer, Non-Cyc
Consumer, Non-Cyc
Consumer, Non-Cyc
USE OF PROCEEDS
LBO, Refi
LBO
LBO, Refi
LBO
LBO
LBO, Refi
LBO, Refi
LBO
LBO, GCP
LBO, Refi
LSRC <GO>

13. 01.14.14 www.bloombergbriefs.com
EUROPE LOANS
13
Bloomberg Brief | Leveraged Finance
LUKE REEVE, BLOOMBERG DATA ANALYST
Bigger Volume at Lower Margin, Libor Floor; More Europeans Raised Dollars in U.S.
Issuance of leveraged loans in Europe rose 39 percent in 2013, though it is still lagging behind the U.S. Refinancing activity dominated
as borrowers took advantage of declining Libor margins. European borrowers increasingly accessed the U.S. market.
400
300
200
6
2010
2011
2012
100
0
2013
2011
Source: Bloomberg LP
2012
Nov
Jul
Sep
May
Jan
Mar
Nov
Jul
0
Sep
0
2009
Source: Bloomberg LP
200
4
Jan
0
300
8
2
100
10
400
10
May
20
12
Jan
30
600
500
Mar
40
Average Margin at Close
14
Nov
50
New Money
Margin (bps)
Issuance in euros (Billions)
60
Refinanced
16
500
70
Issuance (Euro, billions)
18
Jul
80
600
Deal Count (Right Axis)
Sep
Issuance (Left Axis)
May
90
Refinancing Volume Rose, Margin Fell in 2013
Mar
European Loan Issuance Jumped 39 Percent
2013
Issuance of leveraged loans in Europe rose 39 percent last year to 82
million euros from 530 transactions.
Refinancing was an increasing proportion of proceeds raised from leveraged loans. The average margin ended the year 23 basis points lower.
Libor Floors Used in More Deals, Trend Lower
More Europe-Based Issuers Tapped U.S. Market
600
$10
500
110
8%
100
6%
4%
0%
80
Qtr1
Source: Bloomberg LP
Qtr2
Qtr3
2012
Qtr4
Qtr1
Qtr2
Qtr3
$6
300
Average Margin (Right Axis)
$4
200
100
$0
Qtr4
0
Qtr3
2013
A higher volume of issuance incorporated a Libor floor. The average floor
fell to 100 basis points, from 121 basis points in the second quarter.
400
Issuance (Left Axis)
$2
90
2%
$8
Average margin (bp)
10%
$12
Issuance (Billions)
12%
700
130
14%
$14
120
16%
Include Libor Floor
140
Tranches with Libor Floor (Left Axis)
Average Floor (Right Axis)
18%
Basis points
20%
Qtr4
2011
Source: Bloomberg LP
Qtr1
Qtr2
Qtr3
2012
Qtr4
Qtr1
Qtr2
Qtr3
Qtr4
2013
European companies with U.S. subsidiaries raised $34 billion in the U.S.
leveraged loan market, up from $13 billion in 2012.
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15. 01.14.14 www.bloombergbriefs.com
U.S. BONDS
15
Bloomberg Brief | Leveraged Finance
DANIEL COVELLO AND MICHAEL LUONGO, BLOOMBERG DATA ANALYSTS
Record-Setting Year for Issuance, Low Yields; Junkiest Junk Does Best for Investors
Junk-bond issuance hit an all-time low, while the yield on the benchmark BAML index scraped an historic low under 5 percent in May.
The lowest-rated bonds returned most to investors, whose skittish views were highlighted by volatile fund flows data.
High-Yield Bond Issuance Hit Record High
Yield Fell to All-Time Low; Spread Least Since ‘07
400
2500
350
2012
2000
250
Basis Points
Issuance ($bn)
2011
25
YTW (Right Axis)
200
150
100
20
1500
15
May: Junk YTW at
Record Low
Under 5%
1000
%
2013
300
Spread To Worst (Left Axis)
10
500
5
50
Prior spread low, Oct 2007
0
Jan Feb Mar
Source: Bloomberg LP
Apr
May June
Jul
Aug
Sept
Oct
Nov
Dec
0
2004 2005
Source: BAML
0
2006
2007
2008
2009
2010
2011
2012
2013
Junk-bond issuance exceeded the 2012 total on a cumulative basis
throughout the year. Speculative-grade sales beat 2011 by 54 percent.
The spread closed 2013 at its lowest since Oct. 2007. The yield to worst
ended at 5.7 percent, having dropped just below 5 percent in May.
Lowest-Rated Returned Most, Distressed Second
Bond Fund Inflows Peaked in July, September
2,500
U.S. CCC and Lower
1,500
U.S. Distressed
Junk Bond Mutual Funds
Junk ETFs
Flows ($m)
500
U.S. Single B
2013
2012
BAML U.S. HY
(500)
(1,500)
U.S. BB Credit
(2,500)
0
5
10
15
20
25
Full Year Total Return (%)
Source: BAML, S&P, LSTA
Junk bonds rated CCC and lower returned 13 percent in 2013, down from
20.3 percent in 2012. The high-yield index returned 7.4 percent.
(3,500)
Jan Feb Mar
Source: Lipper
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Junk-bond mutual funds saw large outflows in June, followed by aboveaverage inflows in July and September.
continued on next page
ECFC
<GO>
TRACK ECONOMIC FORECASTS

16. 01.14.14 www.bloombergbriefs.com
16
Bloomberg Brief | Leveraged Finance
U.S.BONDS…
continued from previous page
Double B Ratings, Communications Sector Drive Issuance; Refinancing Most Common Use
September was the biggest month for issuance in a year driven by an increase in BB sales. Communications was the most-active industry after jumbo issuance by Sprint and MetroPCS. Refinancing remained the dominant use of proceeds, despite a year-on-year fall.
September Biggest Month; Tenor, Coupon Higher
60
Volume (Left Axis)
Average Tenor (Right Axis)
50
Average Coupon (Right Axis)
9.0
80,000
7.0
10
6.5
0
6.0
Jan
Feb Mar
Apr May
Jun
Jul
Aug
Sep
Oct
Nov
Issuance ($m)
20
%
7.5
2013
60,000
8.0
30
2012
70,000
8.5
40
$bn
Double B Rated Saw Big Year-on-Year Increase
40,000
30,000
20,000
10,000
0
Dec
Source: Bloomberg LP
50,000
B
B-
B+
BB
BB-
BB+
CCC
CCC-
CCC+
Source: Bloomberg LP
September marked the biggest month for high-yield bond issuance, while
both average coupon and tenor ended the year higher.
Bonds rated double B saw the biggest year-on-year increases in issuance
volume, driven by bond sales at the bottom of that rating group.
Communications Most Active Sector for Issuance
Refinancing Still Dominant, Lower Year on Year
Communications
Refinance Debt
Energy
Acquisition
Cons., Non-Cycl
Loan Payment
Cons., Cyclical
GCP
Financial
Tier-1 Capital
Industrial
2013
2012
Share Buyback
2013
Basic Material
Div. Pay to Shareholders
2012
Technology
Capex
Utilities
Intercompany Loan
20,000
40,000
60,000
Issuance ($m)
Communications was the biggest sector for issuance last year, accounting
for 18 percent of the total, following an 18 percent rise in sales.
0
Source: Bloomberg LP
40,000
80,000
120,000
Issuance ($m)
Refinancing was again the most common use of proceeds, with 43 percent of the total, despite a 4 percent decline from 2012.
MONITOR COMMODITY
PLAYS TO FIND
OPPORTUNITY
CPLY
<GO>
0
Source: Bloomberg LP

17. 01.14.14 www.bloombergbriefs.com
GLOBAL PIK SURVEY
17
Bloomberg Brief | Leveraged Finance
MATTHEW GEUDTNER, BLOOMBERG DATA ANALYST
Pay-in-Kind Issuance at Highest Since 2007; Dividend Payment Volume Soared
PIK bond issuance was an important theme for 2013. Volume was the highest globally since 2007. More PIK bonds were raised for dividend payment and companies in the consumer-cyclical sector were the dominant borrowers.
PIKs Used More for Dividend Than Debt Payment
PIK Bond Issuance at Highest Since Crisis
35
PIK Issuance (Left Axis)
Proceeds for Div. Pay (Left Axis)
% Proceeds for Div. Pay (Right Axis)
25
10
25
20
20
15
%
15
10
10
8
6
4
2
2007
Source: Bloomberg LP
2008
2009
2010
2011
2012
Debt Repay
2013
2012
2011
2010
2009
2008
2007
2006
2013
2012
2011
2010
2009
2008
2007
LBO Funding
2013
2006
0
2006
2008
5
0
2007
0
5
2006
$, Billions
12
30
Volume Issued ($bn)
30
Dividend Payment
Source: Bloomberg LP
PIK issuance, at $23 billion, was the highest since the $28 billion issued
in 2007. A greater volume was used to pay dividends than in 2012.
Some $6.1 billion in PIK bonds was raised last year to pay dividends, up
from $3.7 billion in 2012 and more than the $4.8 billion for refinancing.
Consumer Cyclical Issuers Dominated PIK Sales
Average Tenor of New PIK Issuance Declined
14
Consumer, Cycl
4%
5%
36%
12
10
Financial
Industrial
8%
Technology
Basic Materials
9%
Energy
Diversified
13%
15%
Tenor in Years
Communications
Consumer, Non-Cyc
5%
5%
8
6
4
2
0
1987
Source: Bloomberg LP
Consumer cyclical accounted for 36 percent of PIK bonds issued in 2013,
more than twice the next most active sector, which was communications.
1992
1996
2000
2004
2008
2012
Source: Bloomberg LP
The average tenor of PIK issuance was 5.6 years in 2013, down from 5.9
years in 2012. Tenor hit a seven-year peak of 8.7 years in 2007.
LEARN HOW TO USE
BLOOMBERG FUNCTIONS
<HELP>

18. 01.14.14 www.bloombergbriefs.com
EUROPE BONDS
18
Bloomberg Brief | Leveraged Finance
SROBANA GHOSH, BLOOMBERG DATA ANALYST
European Junk Issuers Boost Sales at Higher Tenors, Lowest Average Coupon Since 2007
European junk bond issuance volume soared in 2013 as issuers took advantage of lower coupons and higher tenors. Deals rated BB+
accounted for the bulk of this, while single B and B minus rated borrowers saw the biggest year-on-year increase.
Issuance Slowed in Q4; Tenor Trended Higher
14
12
8
10
80
7.5
40
20
0
2010
Source: Bloomberg LP
2011
2012
7
6
6.5
6
2
60
8
4
EUR Billions
EUR Billions
100
8.5
Issuance (Left Axis)
Av. Coupon (Right Axis)
Av. Tenor (Right Axis)
120
5.5
0
2013
Years/%
Euro High-Yield Issuance Increased 58% in 2013
5
Jan Feb Mar
Source: Bloomberg LP
Apr May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Total issuance of speculative-grade bonds in Europe jumped to 124 billion
euros equivalent in 2013, almost double the 63 billion euros sold in 2012.
European junk issuance slowed in the fourth quarter, while the average
coupon and tenor both finished the year higher than in January.
Average Coupon Falls to Lowest Since Crisis
Single B Issuance Saw Big Year-on-Year Surge
9
BB+
B
7
BB
6
BB-
5
4
Average Tenor
B+
Average Coupon
BCCC+
1
2011
BBB-
0
2006
2007
Source: Bloomberg LP
2012
CCC
2
2013
BBB
3
2009
2010
2011
2012
2013
The average coupon on European high-yield debt fell to 6.4 percent,
down from 7.3 percent in 2012 and the lowest since 2007’s 5.4 percent.
0
5
Source: Bloomberg LP
10
Euros, billions
15
20
Single B rated issuance jumped to 17.4 billion euros in 2013 from 4.8 billion euros in 2012, while B minus sales leapt to 12 billion euros.
LOOKUP YOUR FUND
WITH ONE CLICK
FL
<GO>
Years/%
8

19. 01.14.14 www.bloombergbriefs.com
2013 JUNK BOND LEGAL ADVISER RANKINGS
U.S. Issuer Advisers: Simpson Thacher Retained
Lead for Issues, Skadden Moved Up Year on Year
RANK
2012
SHARE
(%)
PROCEEDS
($BN)
BLOOMBERG DATA
U.S. Manager Advisers: Cahill Dominated, Davis
Polk, Cravath Moved Up Ranking
1
1
65
7.5
25.8
Cahill Gordon
1
1
210
32.6
114.1
Latham & Watkins
2
2
45
5.3
18.3
Latham & Watkins
2
2
82
8.6
30.2
3
6
42
7.3
25.2
Davis Polk
3
5
63
9.2
32.1
4
3
35
5.3
18.2
Shearman Sterling
4
4
56
8.7
30.3
5
7
29
4.1
14.3
Cravath Swaine
5
6
41
5.2
18.3
6
4
29
3.6
12.3
Simpson Thacher
6
3
39
4
13.9
7
5
24
3.7
12.7
Skadden Arps
7
7
26
3.1
11.0
8
12
20
3.3
11.4
Cleary Gottlieb
8
9
23
2.9
10.2
9
10
18
4.4
15.3
Milbank
9
13
22
3.3
11.5
10
17
15
1.6
5.4
10
12
19
2
Sullivan Cromwell
Vinson & Elkins
Paul Weiss
Davis Polk
Gibson Dunn
Ropes & Gray
LALT <GO>
Source: Bloomberg LP
Euro Issuer Advisers (Ex-EM): Latham Jumped to
Top of Ranking, Simpson Thacher Also Rose
UNDERWRITER
Latham & Watkins
Simpson Thacher
Linklaters
Kirkland & Ellis
Clifford Chance
Allen & Overy
Shearman Sterling
White & Case
Ropes & Gray
Freshfields
RANK
▲
▲
▲
▲
▼
▼
▲
▲
▼
▼
Source: Bloomberg LP
RANK
2012
ISSUES
SHARE
(%)
White & Case
▲
▲
▼
▲
▲
▲
ISSUES
PROCEEDS
($BN)
Simpson Thacher
Kirkland & Ellis
RANK
SHARE
(%)
RANK
▲
▼
▲
▼
▼
▲
▲
▲
UNDERWRITER
RANK
2012
ADVISER
Skadden Arps
ISSUES
19
Bloomberg Brief | Leveraged Finance
7.1
LALT <GO>
Source: Bloomberg LP
Euro Manager Advisers (Ex-EM): Linklaters Gained,
Allen & Overy Fell Last Year
PROCEEDS
($BN)
UNDERWRITER
RANK
RANK
2012
1
1
65
17.8
21.5
2
7
39
13.4
16.2
3
2
34
15.3
18.5
4
3
32
4.2
5.1
ISSUES
SHARE
(%)
PROCEEDS
($BN)
1
8
34
6.3
7.3
Latham & Watkins
2
6
31
5.3
6.1
Linklaters
3
7
27
10.8
12.5
4
5
26
3.9
4.5
Cravath Swaine
5
4
24
7.2
8.3
Shearman Sterling
5
5
27
9.2
11.2
6
2
22
11.6
13.5
Clifford Chance
6
6
16
3.7
4.5
7
9
15
3
3.5
Cahill Gordon
7
4
15
3.7
4.5
8
17
14
2.9
3.3
White & Case
8
13
14
3.5
4.2
9
3
13
3.3
3.8
Davis Polk
9
14
9
2.9
3.5
10
1
12
3.2
3.8
Loyens & Loeff
10
39
8
1.1
1.3
LALT <GO>
Allen & Overy
▲
▼
▼
▼
▲
▲
▲
Source: Bloomberg LP
LALT <GO>

20. 01.14.14 www.bloombergbriefs.com
Bloomberg Brief | Leveraged Finance
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