Analysis of preferred stock issuance for 13 months through June 2012

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

Dividend

	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Less than 6%	0	0	0	0	0	0	0	0.400	0	2.564	0.550	0.475	0.720
6%-6.99%	0	1.488	0.025	0	0	0	0	2.205	0.825	1.530	2.720	0.925	0
7%-7.99%	0.374	0.019	0	0.287	0.116	0	0	0.793	0.035	0.045	0.150	0.478	2.595
8%-8.99%	0.019	0	0	0.200	0	0	0.728	0.150	0.118	0.418	0.192	0.035	0.006
9% and higher	0	0	0.029	0	0.140	0.040	0	0	0	0.081	0	0	0
Floater	0	0	0	0.312	0	0	1.764	0	0.267	0	0	0	0
NA	0.285	0.431	0	0.365	0	0	0.045	0	0	0.579	0	1.180	0.081
Total	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.548	1.245	5.217	3.613	3.093	3.403
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 6%	0	0	0	0	2.964	9	1.745	18	4.710	27	4.710	27	4.710	27	23.41%
6%-6.99%	1.512	3	0	0	4.560	15	3.645	7	8.205	22	9.717	25	9.717	25	40.78%
7%-7.99%	0.307	2	0.116	2	0.874	6	3.223	8	4.097	14	4.893	19	4.520	18	20.36%
8%-8.99%	0.200	3	0.728	3	0.686	9	0.233	5	0.919	14	1.867	22	1.848	20	4.57%
9% and higher	0.029	1	0.180	4	0.081	1	0	0	0.081	1	0.290	6	0.290	6	0.40%
Floater	0.312	3	1.764	15	0.267	1	0	0	0.267	1	2.343	19	2.343	19	1.33%
NA	0.796	13	0.045	2	0.579	4	1.261	20	1.840	24	2.967	42	2.682	39	9.15%
Total	3.158	25	2.833	26	10.010	45	10.108	58	20.119	103	26.788	160	26.110	154	100.00%
Use of Proceeds
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Acquisition	0	0	0	0	0.077	0	0.700	0	0	0	0	0	0
GCP	0.379	1.019	0.025	0.287	0.030	0	0	2.337	0.517	0.587	3.348	1.760	2.506
No proceeds	0	0	0	0	0	0	0	0	0	2.140	0	0	0.470
Redeem notes	0	0	0	0	0	0	0	0	0	0.425	0	0.009	0
Refinance	0.299	0.919	0	0.743	0.038	0	1.764	0.390	0.287	1.404	0	1.324	0.254
Repay bank debt	0	0	0	0	0	0	0	0	0.035	0.045	0	0	0.172
Multiple/Other/NA	0	0	0.029	0.135	0.110	0.040	0.074	0.821	0.406	0.616	0.265	0	0
Total	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.548	1.245	5.217	3.613	3.093	3.403
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0.777	3	0	0	0	0	0	0	0.777	3	0.777	3	0.00%
GCP	1.332	4	0.030	1	3.441	12	7.614	17	11.055	29	12.796	36	12.417	34	54.95%
No proceeds	0	0	0	0	2.140	7	0.470	14	2.610	21	2.610	21	2.610	21	12.97%
Redeem notes	0	0	0	0	0.425	1	0.009	1	0.434	2	0.434	2	0.434	2	2.16%
Refinance	1.661	18	1.802	16	2.081	10	1.578	22	3.659	32	7.421	70	7.123	66	18.19%
Repay bank debt	0	0	0	0	0.080	2	0.172	1	0.253	3	0.253	3	0.253	3	1.26%
Multiple/Other/NA	0.164	3	0.224	6	1.843	13	0.265	3	2.108	16	2.496	25	2.496	25	10.48%
Total	3.158	25	2.833	26	10.010	45	10.108	58	20.119	103	26.788	160	26.110	154	100.00%
Upsized?
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Yes	0.388	0	0	0	0.077	0	0.700	0.322	0.323	0.320	0.500	1.250	0
No	0.290	1.938	0.054	1.165	0.179	0.040	1.837	3.226	0.923	4.897	3.113	1.843	3.403
Total	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.548	1.245	5.217	3.613	3.093	3.403
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	0.777	3	0.965	6	1.750	4	2.715	10	3.880	15	3.492	13	13.49%
No	3.158	25	2.056	23	9.046	39	8.358	54	17.404	93	22.908	145	22.618	141	86.51%
Total	3.158	25	2.833	26	10.010	45	10.108	58	20.119	103	26.788	160	26.110	154	100.00%
Versus Talk
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Low end	0	0	0	0	0	0	0	0	0.058	0.450	1.815	0.475	0.422
Middle	0	0	0	0	0	0	0	0	0	0.400	0	0	0
NA	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.548	1.188	4.367	1.798	2.618	2.980
Total	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.548	1.245	5.217	3.613	3.093	3.403
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Low end	0	0	0	0	0.507	4	2.712	7	3.220	11	3.220	11	3.220	11	16.00%
Middle	0	0	0	0	0.400	1	0	0	0.400	1	0.400	1	0.400	1	1.99%
NA	3.158	25	2.833	26	9.103	40	7.396	51	16.499	91	23.168	148	22.490	142	82.01%
Total	3.158	25	2.833	26	10.010	45	10.108	58	20.119	103	26.788	160	26.110	154	100.00%
Greenshoe Exercised?
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Yes	0.374	0.487	0	0.372	0.116	0	0	0.708	0.345	0.271	1.642	0	0.345
No	0.304	1.451	0.054	0.793	0.140	0.040	2.537	2.840	0.900	4.946	1.970	3.093	3.058
Total	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.548	1.245	5.217	3.613	3.093	3.403
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.860	3	0.116	2	1.324	10	1.987	5	3.312	15	4.661	21	4.288	20	16.46%
No	2.298	22	2.717	24	8.686	35	8.121	53	16.807	88	22.126	139	21.822	134	83.54%
Total	3.158	25	2.833	26	10.010	45	10.108	58	20.119	103	26.788	160	26.110	154	100.00%
S&P Rating
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
BBB+	0.374	0	0	0	0	0	0	0.400	0	0.425	0	0	0
BBB	0	1.000	0	0	0	0	0	1.300	0	0	0	0.150	0
BBB-	0	0	0	0	0	0	0	0.580	0	0	0	0.350	0
BB+	0	0	0	0.287	0	0	0	0	0.287	0	0	0	0
BB	0	0	0	0	0	0	0	0.290	0	0.230	0.100	0.144	0
NR	0.304	0.938	0.054	0.878	0.256	0.040	2.537	0.978	0.958	4.562	3.513	2.449	3.403
Total	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.548	1.245	5.217	3.613	3.093	3.403
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
BBB+	0	0	0	0	0.825	2	0	0	0.825	2	1.199	3	0.825	2	4.10%
BBB	1.000	1	0	0	1.300	2	0.150	1	1.450	3	2.450	4	2.450	4	7.21%
BBB-	0	0	0	0	0.580	3	0.350	1	0.930	4	0.930	4	0.930	4	4.62%
BB+	0.287	1	0	0	0.287	1	0	0	0.287	1	0.575	2	0.575	2	1.43%
BB	0	0	0	0	0.520	3	0.244	2	0.764	5	0.764	5	0.764	5	3.80%
NR	1.870	23	2.833	26	6.498	34	9.365	54	15.863	88	20.870	142	20.566	137	78.85%
Total	3.158	25	2.833	26	10.010	45	10.108	58	20.119	103	26.788	160	26.110	154	100.00%
Industry Sector (by SIC code)
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Oil and gas (13xx)	0.019	0	0.029	0	0	0	0.028	0	0	0.055	0	0	0
Manufacturing (2xxx, 3xxx)	0	0	0	0	0	0	0	0	0	0	0	0	2.250
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0.350	0	0	0	0.475	0
Finance, insurance, real estate (6xxx)	0.658	1.938	0.025	1.165	0.256	0.040	2.509	3.198	1.245	5.162	3.613	2.618	1.153
Total	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.548	1.245	5.217	3.613	3.093	3.403
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Oil and gas (13xx)	0.029	1	0.028	1	0.055	1	0	0	0.055	1	0.132	5	0.113	3	0.27%
Manufacturing (2xxx, 3xxx)	0	0	0	0	0	0	2.250	1	2.250	1	2.250	1	2.250	1	11.18%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.350	2	0.475	1	0.825	3	0.825	3	0.825	3	4.10%
Finance, insurance, real estate (6xxx)	3.128	24	2.805	25	9.605	42	7.383	56	16.988	98	23.580	151	22.922	147	84.44%
Total	3.158	25	2.833	26	10.010	45	10.108	58	20.119	103	26.788	160	26.110	154	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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