Analysis of preferred stock issuance for 13 months through August 2011

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

Dividend

	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Less than 6%	0	0	0.071	0.018	0	0	0.050	0.051	0.049	0.100	0	0	0
6%-6.99%	0.175	0	0.195	0	0	0	0	0.125	0.576	0.500	0	1.488	0.025
7%-7.99%	0	2.345	0.301	0	0	0.165	0	0.226	0.065	0.480	0.374	0.019	0
8%-8.99%	0.047	0.076	0	0.070	0.161	0	0	4.005	0	0.283	0.019	0	0
9% and higher	0.003	0	0	0	0	0.269	0	0.006	0.084	0.109	0	0	0.029
Floater	1.040	0	0	0	1.599	0	0	0.287	3.133	1.937	0	0	0
NA	0	0.035	0.134	0.033	0.061	0.030	1.104	0.102	0.103	0	0.285	0.431	0
Total	1.264	2.457	0.700	0.121	1.821	0.465	1.154	4.803	4.011	3.409	0.678	1.938	0.054
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 6%	0.089	2	0.101	3	0.149	3	0	0	0.251	6	0.340	8	0.340	8	1.52%
6%-6.99%	0.195	2	0.125	1	1.076	4	1.512	3	2.714	8	3.084	11	2.909	10	16.44%
7%-7.99%	0.301	3	0.391	4	0.919	4	0.019	1	1.329	9	3.976	14	3.976	14	8.05%
8%-8.99%	0.231	3	4.005	5	0.303	5	0	0	4.308	10	4.663	15	4.616	14	26.09%
9% and higher	0	0	0.275	3	0.192	2	0.029	1	0.496	6	0.499	7	0.496	6	3.01%
Floater	1.599	7	0.287	1	5.070	16	0	0	5.357	17	7.995	32	6.956	24	32.45%
NA	0.227	10	1.236	9	0.388	5	0.431	6	2.055	20	2.318	31	2.318	31	12.45%
Total	2.642	27	6.421	26	8.097	39	1.993	11	16.511	76	22.875	118	21.610	107	100.00%
Use of Proceeds
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Capex	0	0	0	0	0	0	0	0.101	0	0	0	0	0
GCP	0.047	0	0.122	0	0.087	0.250	0	0.250	0.201	0.772	0.379	1.019	0.025
No proceeds	0	2.246	0	0	0	0	0	3.887	0.087	0.100	0	0	0
Refinance	1.214	0.211	0.578	0.121	1.733	0.030	1.104	0.405	3.600	1.937	0.299	0.919	0
Multiple/Other/NA	0.003	0	0	0	0	0.184	0.050	0.160	0.122	0.600	0	0	0.029
Total	1.264	2.457	0.700	0.121	1.821	0.465	1.154	4.803	4.011	3.409	0.678	1.938	0.054
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Capex	0	0	0.101	1	0	0	0	0	0.101	1	0.101	1	0.101	1	0.61%
GCP	0.209	3	0.500	3	1.353	8	1.044	3	2.897	14	3.153	18	3.106	17	17.55%
No proceeds	0	0	3.887	3	0.187	2	0	0	4.074	5	6.320	6	6.320	6	24.67%
Refinance	2.433	24	1.539	12	5.836	24	0.919	7	8.294	43	12.152	79	10.938	70	50.23%
Multiple/Other/NA	0	0	0.394	7	0.722	5	0.029	1	1.146	13	1.149	14	1.146	13	6.94%
Total	2.642	27	6.421	26	8.097	39	1.993	11	16.511	76	22.875	118	21.610	107	100.00%
Upsized?
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Yes	0.175	0	0	0	0	0	0	0.217	0.065	0.150	0.388	0	0
No	1.089	2.457	0.700	0.121	1.821	0.465	1.154	4.586	3.946	3.259	0.290	1.938	0.054
Total	1.264	2.457	0.700	0.121	1.821	0.465	1.154	4.803	4.011	3.409	0.678	1.938	0.054
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	0.217	2	0.603	4	0	0	0.820	6	0.995	7	0.820	6	4.97%
No	2.642	27	6.204	24	7.495	35	1.993	11	15.692	70	21.880	111	20.791	101	95.04%
Total	2.642	27	6.421	26	8.097	39	1.993	11	16.511	76	22.875	118	21.610	107	100.00%
Versus Talk
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Low end	0	0	0	0	0	0	0	0.125	0.410	0.380	0	0	0
Middle	0	0	0	0	0	0	0	2.667	0	0	0	0	0
NA	1.264	2.457	0.700	0.121	1.821	0.465	1.154	2.011	3.601	3.029	0.678	1.938	0.054
Total	1.264	2.457	0.700	0.121	1.821	0.465	1.154	4.803	4.011	3.409	0.678	1.938	0.054
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Low end	0	0	0.125	1	0.790	4	0	0	0.915	5	0.915	5	0.915	5	5.54%
Middle	0	0	2.667	1	0	0	0	0	2.667	1	2.667	1	2.667	1	16.15%
NA	2.642	27	3.629	24	7.307	35	1.993	11	12.929	70	19.293	112	18.028	101	78.31%
Total	2.642	27	6.421	26	8.097	39	1.993	11	16.511	76	22.875	118	21.610	107	100.00%
Greenshoe Exercised?
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Yes	0	0	0.250	0.088	0.161	0	0	0.101	0.630	0.263	0.374	0.487	0
No	1.264	2.457	0.450	0.033	1.660	0.465	1.154	4.702	3.381	3.145	0.304	1.451	0.054
Total	1.264	2.457	0.700	0.121	1.821	0.465	1.154	4.803	4.011	3.409	0.678	1.938	0.054
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.499	6	0.101	1	1.267	6	0.487	1	1.856	8	2.355	14	2.355	14	11.24%
No	2.143	21	6.320	25	6.830	33	1.505	10	14.655	68	20.520	104	19.255	93	88.76%
Total	2.642	27	6.421	26	8.097	39	1.993	11	16.511	76	22.875	118	21.610	107	100.00%
Moody's Rating
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Aaa	0	0	0	0	0	0.030	1.104	0.057	0	0	0	0	0
Baa1	0	0	0.120	0	0	0	0	0	0.375	0	0	0	0
Baa2	0.175	0	0	0	0	0	0	0.125	0	0	0	0	0
Baa3	0	0	0.075	0	0	0	0	0	0.201	0.480	0	1.000	0
Ba1	0	2.246	0	0	0	0	0	0	0	0	0	0	0
Ba3	0	0	0	0	0	0	0	0.101	0	0	0	0	0
B3	0	0	0	0	0	0	0	2.667	0	0	0	0	0
Caa1	0	0	0	0	0	0	0	1.022	0	0	0	0	0
NR	1.089	0.211	0.505	0.121	1.821	0.434	0.050	0.831	3.435	2.929	0.678	0.938	0.054
Total	1.264	2.457	0.700	0.121	1.821	0.465	1.154	4.803	4.011	3.409	0.678	1.938	0.054
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	0	0	1.191	8	0	0	0	0	1.191	8	1.191	8	1.191	8	7.21%
Baa1	0.120	1	0	0	0.375	2	0	0	0.375	2	0.495	3	0.495	3	2.27%
Baa2	0	0	0.125	1	0	0	0	0	0.125	1	0.300	2	0.125	1	0.76%
Baa3	0.075	1	0	0	0.681	3	1.000	1	1.681	4	1.756	5	1.756	5	10.18%
Ba1	0	0	0	0	0	0	0	0	0	0	2.246	1	2.246	1	0.00%
Ba3	0	0	0.101	1	0	0	0	0	0.101	1	0.101	1	0.101	1	0.61%
B3	0	0	2.667	1	0	0	0	0	2.667	1	2.667	1	2.667	1	16.15%
Caa1	0	0	1.022	1	0	0	0	0	1.022	1	1.022	1	1.022	1	6.19%
NR	2.447	25	1.315	14	7.041	34	0.993	10	9.349	58	13.097	96	12.007	86	56.62%
Total	2.642	27	6.421	26	8.097	39	1.993	11	16.511	76	22.875	118	21.610	107	100.00%
Industry Sector (by SIC code)
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Mining (1xxx)	0	0	0	0	0	0	0	0	0.087	0	0	0	0
Oil and gas (13xx)	0.003	0	0	0	0	0.019	0	0.124	0	0	0.019	0	0.029
Manufacturing (2xxx, 3xxx)	0	0	0	0	0	0	0	0	2.472	0	0	0	0
Transportation (4xxx)	0	0	0	0	0	0.250	0	0	0	0.109	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0.125	0	0	0	0	0
Finance, insurance, real estate (6xxx)	1.261	2.457	0.700	0.121	1.821	0.195	1.154	4.553	1.451	3.300	0.658	1.938	0.025
Total	1.264	2.457	0.700	0.121	1.821	0.465	1.154	4.803	4.011	3.409	0.678	1.938	0.054
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0	0	0	0	0.087	1	0	0	0.087	1	0.087	1	0.087	1	0.53%
Oil and gas (13xx)	0	0	0.144	4	0.019	2	0.029	1	0.193	7	0.196	8	0.193	7	1.17%
Manufacturing (2xxx, 3xxx)	0	0	0	0	2.472	1	0	0	2.472	1	2.472	1	2.472	1	14.97%
Transportation (4xxx)	0	0	0.250	1	0.109	1	0	0	0.359	2	0.359	2	0.359	2	2.17%
Electric, gas, sanitary services (49xx)	0	0	0.125	1	0	0	0	0	0.125	1	0.125	1	0.125	1	0.76%
Finance, insurance, real estate (6xxx)	2.642	27	5.902	20	5.410	34	1.963	10	13.275	64	19.636	105	18.374	95	80.40%
Total	2.642	27	6.421	26	8.097	39	1.993	11	16.511	76	22.875	118	21.610	107	100.00%

Criteria

• Tables include all underwritten dollar-denominated offerings sold in the United States as public or Rule 144A deals reported to Prospect News.

• Convertibles are excluded.

• Offerings are included in the time period in which they price.

• 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 leads, the total value is divided equally among joint bookrunners.

• The headquarters location of the parent company is used for the country criteria (i.e. registrations in tax havens and offshore finance subsidiaries are ignored)

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