Analysis of preferred stock issuance for 13 months through January 2012

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

Coupon

	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Less than 6%	0	0.050	0.051	0.049	0.100	0	0	0	0	0	0	0	0.400
6%-6.99%	0	0	0.125	0.576	0.500	0	1.488	0.025	0	0	0	0	2.175
7%-7.99%	0.165	0	0.226	0.065	0.480	0.374	0.019	0	0.287	0.116	0	0	0.775
8%-8.99%	0	0	3.905	0	0.283	0.019	0	0	0.200	0	0	0.728	0.138
9% and higher	0.269	0	0.006	0.084	0.109	0	0	0.029	0	0.140	0.040	0	0
Floater	0	0	0.287	3.133	1.937	0	0	0	0.312	0	0	1.764	0
NA	0.030	1.104	0.102	0.103	0	0.285	0.431	0	0.365	0	0	0.045	0
Total	0.465	1.154	4.703	4.011	3.409	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.487
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 6%	0.101	3	0.149	3	0	0	0	0	0.400	1	0.400	1	0.651	7	0.651	7	11.47%
6%-6.99%	0.125	1	1.076	4	1.512	3	0	0	2.175	6	2.175	6	4.888	14	4.888	14	62.37%
7%-7.99%	0.391	4	0.919	4	0.307	2	0.116	2	0.775	4	0.775	4	2.508	16	2.343	14	22.23%
8%-8.99%	3.905	4	0.303	5	0.200	3	0.728	3	0.138	2	0.138	2	5.275	17	5.275	17	3.96%
9% and higher	0.275	3	0.192	2	0.029	1	0.180	4	0	0	0	0	0.677	10	0.408	8	0.00%
Floater	0.287	1	5.070	16	0.312	3	1.764	15	0	0	0	0	7.433	35	7.433	35	0.00%
NA	1.236	9	0.388	5	0.796	13	0.045	2	0	0	0	0	2.465	29	2.435	27	0.00%
Total	6.321	25	8.097	39	3.158	25	2.833	26	3.487	13	3.487	13	23.897	128	23.432	122	100.00%
Use of Proceeds
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Acquisition	0	0	0	0	0	0	0	0	0	0.077	0	0.700	0
Capex	0	0	0.101	0	0	0	0	0	0	0	0	0	0
GCP	0.250	0	0.250	0.201	0.772	0.379	1.019	0.025	0.287	0.030	0	0	2.307
No proceeds	0	0	3.887	0.087	0.100	0	0	0	0	0	0	0	0
Refinance	0.030	1.104	0.405	3.600	1.937	0.299	0.919	0	0.743	0.038	0	1.764	0.390
Multiple/Other/NA	0.184	0.050	0.060	0.122	0.600	0	0	0.029	0.135	0.110	0.040	0.074	0.790
Total	0.465	1.154	4.703	4.011	3.409	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.487
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0	0	0	0	0.777	3	0	0	0	0	0.777	3	0.777	3	0.00%
Capex	0.101	1	0	0	0	0	0	0	0	0	0	0	0.101	1	0.101	1	0.00%
GCP	0.500	3	1.353	8	1.332	4	0.030	1	2.307	7	2.307	7	5.522	23	5.272	22	66.16%
No proceeds	3.887	3	0.187	2	0	0	0	0	0	0	0	0	4.074	5	4.074	5	0.00%
Refinance	1.539	12	5.836	24	1.661	18	1.802	16	0.390	2	0.390	2	11.228	72	11.198	70	11.18%
Multiple/Other/NA	0.294	6	0.722	5	0.164	3	0.224	6	0.790	4	0.790	4	2.194	24	2.010	21	22.66%
Total	6.321	25	8.097	39	3.158	25	2.833	26	3.487	13	3.487	13	23.897	128	23.432	122	100.00%
Upsized?
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Yes	0	0	0.217	0.065	0.150	0.388	0	0	0	0.077	0	0.700	0.280
No	0.465	1.154	4.486	3.946	3.259	0.290	1.938	0.054	1.165	0.179	0.040	1.837	3.207
Total	0.465	1.154	4.703	4.011	3.409	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.487
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.217	2	0.603	4	0	0	0.777	3	0.280	2	0.280	2	1.877	11	1.877	11	8.03%
No	6.104	23	7.495	35	3.158	25	2.056	23	3.207	11	3.207	11	22.020	117	21.555	111	91.97%
Total	6.321	25	8.097	39	3.158	25	2.833	26	3.487	13	3.487	13	23.897	128	23.432	122	100.00%
Versus Talk
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Low end	0	0	0.125	0.410	0.380	0	0	0	0	0	0	0	0
Middle	0	0	2.667	0	0	0	0	0	0	0	0	0	0
NA	0.465	1.154	1.911	3.601	3.029	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.487
Total	0.465	1.154	4.703	4.011	3.409	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.487
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Low end	0.125	1	0.790	4	0	0	0	0	0	0	0	0	0.915	5	0.915	5	0.00%
Middle	2.667	1	0	0	0	0	0	0	0	0	0	0	2.667	1	2.667	1	0.00%
NA	3.529	23	7.307	35	3.158	25	2.833	26	3.487	13	3.487	13	20.315	122	19.850	116	100.00%
Total	6.321	25	8.097	39	3.158	25	2.833	26	3.487	13	3.487	13	23.897	128	23.432	122	100.00%
Greenshoe Exercised?
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Yes	0	0	0.101	0.630	0.263	0.374	0.487	0	0.372	0.116	0	0	0.058
No	0.465	1.154	4.602	3.381	3.145	0.304	1.451	0.054	0.793	0.140	0.040	2.537	3.430
Total	0.465	1.154	4.703	4.011	3.409	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.487
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.101	1	1.267	6	0.860	3	0.116	2	0.058	1	0.058	1	2.402	13	2.402	13	1.66%
No	6.220	24	6.830	33	2.298	22	2.717	24	3.430	12	3.430	12	21.495	115	21.030	109	98.37%
Total	6.321	25	8.097	39	3.158	25	2.833	26	3.487	13	3.487	13	23.897	128	23.432	122	100.00%
Moody's Rating
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Aaa	0.030	1.104	0.057	0	0	0	0	0	0	0	0	0	0
Baa1	0	0	0	0.375	0	0	0	0	0	0	0	0	0
Baa2	0	0	0.125	0	0	0	0	0	0	0	0	0	0.750
Baa3	0	0	0	0.201	0.480	0	1.000	0	0.287	0	0	0	0.275
Ba3	0	0	0.101	0	0	0	0	0	0	0	0	0	0
B3	0	0	2.667	0	0	0	0	0	0	0	0	0	0
Caa1	0	0	1.022	0	0	0	0	0	0	0	0	0	0
NR	0.434	0.050	0.731	3.435	2.929	0.678	0.938	0.054	0.878	0.256	0.040	2.537	2.462
Total	0.465	1.154	4.703	4.011	3.409	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.487
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	1.191	8	0	0	0	0	0	0	0	0	0	0	1.191	8	1.161	6	0.00%
Baa1	0	0	0.375	2	0	0	0	0	0	0	0	0	0.375	2	0.375	2	0.00%
Baa2	0.125	1	0	0	0	0	0	0	0.750	3	0.750	3	0.875	4	0.875	4	21.51%
Baa3	0	0	0.681	3	1.288	2	0	0	0.275	1	0.275	1	2.244	6	2.244	6	7.89%
Ba3	0.101	1	0	0	0	0	0	0	0	0	0	0	0.101	1	0.101	1	0.00%
B3	2.667	1	0	0	0	0	0	0	0	0	0	0	2.667	1	2.667	1	0.00%
Caa1	1.022	1	0	0	0	0	0	0	0	0	0	0	1.022	1	1.022	1	0.00%
NR	1.215	13	7.041	34	1.870	23	2.833	26	2.462	9	2.462	9	15.422	105	14.988	101	70.61%
Total	6.321	25	8.097	39	3.158	25	2.833	26	3.487	13	3.487	13	23.897	128	23.432	122	100.00%
Industry Sector (by SIC code)
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Mining (1xxx)	0	0	0	0.087	0	0	0	0	0	0	0	0	0
Oil and gas (13xx)	0.019	0	0.024	0	0	0.019	0	0.029	0	0	0	0.028	0
Manufacturing (2xxx, 3xxx)	0	0	0	2.472	0	0	0	0	0	0	0	0	0
Transportation (4xxx)	0.250	0	0	0	0.109	0	0	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0.125	0	0	0	0	0	0	0	0	0	0.350
Finance, insurance, real estate (6xxx)	0.195	1.154	4.553	1.451	3.300	0.658	1.938	0.025	1.165	0.256	0.040	2.509	3.137
Total	0.465	1.154	4.703	4.011	3.409	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.487
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0	0	0.087	1	0	0	0	0	0	0	0	0	0.087	1	0.087	1	0.00%
Oil and gas (13xx)	0.044	3	0.019	2	0.029	1	0.028	1	0	0	0	0	0.121	7	0.102	6	0.00%
Manufacturing (2xxx, 3xxx)	0	0	2.472	1	0	0	0	0	0	0	0	0	2.472	1	2.472	1	0.00%
Transportation (4xxx)	0.250	1	0.109	1	0	0	0	0	0	0	0	0	0.359	2	0.109	1	0.00%
Electric, gas, sanitary services (49xx)	0.125	1	0	0	0	0	0	0	0.350	2	0.350	2	0.475	3	0.475	3	10.04%
Finance, insurance, real estate (6xxx)	5.902	20	5.410	34	3.128	24	2.805	25	3.137	11	3.137	11	20.383	114	20.187	110	89.96%
Total	6.321	25	8.097	39	3.158	25	2.833	26	3.487	13	3.487	13	23.897	128	23.432	122	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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