Analysis of preferred stock issuance for 13 months through August 2012

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

Dividend

	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Less than 5%	0	0	0	0	0	0	0	1.772	0.050	0	0	0	0
5%-5.99%	0	0	0	0	0	0.400	0	0.792	0.500	0.475	0.720	1.675	2.877
6%-6.99%	0.025	0	0	0	0	2.253	0.825	1.538	2.720	0.925	0	1.950	1.225
7%-7.99%	0	0.287	0.116	0	0	0.793	0.035	0.045	0.160	0.478	2.595	0.490	0.350
8%-8.99%	0	0.200	0	0	0.728	0.150	0.118	0.418	0.192	0.035	0.006	0.436	0.150
9% and higher	0.029	0	0.140	0.040	0	0	0	0.081	0	0	0	0.009	0
Floater	0	0.312	0	0	1.764	0	0.267	0	0	0	0	0	0
NA	0	0.365	0	0	0.045	0	0	0.579	0	1.180	0.081	0.197	0
Total	0.054	1.165	0.256	0.040	2.537	3.597	1.245	5.225	3.623	3.093	3.403	4.757	4.602
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 5%	0	0	1.772	1	0.050	1	0	0	1.822	2	1.822	2	1.822	2	6.17%
5%-5.99%	0	0	1.192	8	1.695	17	4.552	12	7.440	37	7.440	37	7.440	37	25.18%
6%-6.99%	0	0	4.616	15	3.645	7	3.175	6	11.436	28	11.461	29	11.436	28	38.71%
7%-7.99%	0.116	2	0.874	6	3.233	8	0.840	7	4.947	21	5.350	24	5.350	24	16.74%
8%-8.99%	0.728	3	0.686	9	0.233	5	0.586	7	1.506	21	2.434	27	2.434	27	5.10%
9% and higher	0.180	4	0.081	1	0	0	0.009	1	0.090	2	0.299	7	0.270	6	0.30%
Floater	1.764	15	0.267	1	0	0	0	0	0.267	1	2.343	19	2.343	19	0.90%
NA	0.045	2	0.579	4	1.261	20	0.197	15	2.037	39	2.448	48	2.448	48	6.89%
Total	2.833	26	10.067	45	10.118	58	9.359	48	29.544	151	33.597	193	33.543	191	100.00%
Use of Proceeds
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Acquisition	0	0	0.077	0	0.700	0	0	0	0	0	0	0	0
GCP	0.025	0.287	0.030	0	0	2.337	0.517	0.587	3.358	1.760	2.506	3.328	2.958
No proceeds	0	0	0	0	0	0	0	2.140	0	0	0.470	0.197	0.445
Refinance	0	0.743	0.038	0	1.764	0.439	0.287	1.829	0	1.333	0.254	0.425	0.950
Repay bank debt	0	0	0	0	0	0	0.035	0.045	0	0	0.172	0.143	0
Multiple/Other/NA	0.029	0.135	0.110	0.040	0.074	0.821	0.406	0.624	0.265	0	0	0.665	0.250
Total	0.054	1.165	0.256	0.040	2.537	3.597	1.245	5.225	3.623	3.093	3.403	4.757	4.602
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.777	3	0	0	0	0	0	0	0	0	0.777	3	0.777	3	0.00%
GCP	0.030	1	3.441	12	7.624	17	6.285	11	17.350	40	17.693	43	17.668	42	58.73%
No proceeds	0	0	2.140	7	0.470	14	0.642	21	3.252	42	3.252	42	3.252	42	11.01%
Refinance	1.802	16	2.555	11	1.587	23	1.375	7	5.517	41	8.061	68	8.061	68	18.67%
Repay bank debt	0	0	0.080	2	0.172	1	0.143	2	0.396	5	0.396	5	0.396	5	1.34%
Multiple/Other/NA	0.224	6	1.850	13	0.265	3	0.915	7	3.030	23	3.418	32	3.389	31	10.26%
Total	2.833	26	10.067	45	10.118	58	9.359	48	29.544	151	33.597	193	33.543	191	100.00%
Upsized?
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Yes	0	0	0.077	0	0.700	0.322	0.323	0.328	0.500	1.250	0	1.954	0.950
No	0.054	1.165	0.179	0.040	1.837	3.275	0.923	4.897	3.123	1.843	3.403	2.803	3.652
Total	0.054	1.165	0.256	0.040	2.537	3.597	1.245	5.225	3.623	3.093	3.403	4.757	4.602
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.777	3	0.972	6	1.750	4	2.904	9	5.626	19	6.403	22	6.403	22	19.04%
No	2.056	23	9.095	39	8.368	54	6.456	39	23.918	132	27.194	171	27.139	169	80.96%
Total	2.833	26	10.067	45	10.118	58	9.359	48	29.544	151	33.597	193	33.543	191	100.00%
Versus Talk
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Low end	0	0	0	0	0	0	0.058	0.458	1.825	0.475	0.422	0.225	0
Middle	0	0	0	0	0	0	0	0.400	0	0	0	0.058	0
NA	0.054	1.165	0.256	0.040	2.537	3.597	1.188	4.367	1.798	2.618	2.980	4.474	4.602
Total	0.054	1.165	0.256	0.040	2.537	3.597	1.245	5.225	3.623	3.093	3.403	4.757	4.602
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Low end	0	0	0.515	4	2.723	7	0.225	1	3.462	12	3.462	12	3.462	12	11.72%
Middle	0	0	0.400	1	0	0	0.058	1	0.458	2	0.458	2	0.458	2	1.55%
NA	2.833	26	9.152	40	7.396	51	9.077	46	25.624	137	29.677	179	29.623	177	86.73%
Total	2.833	26	10.067	45	10.118	58	9.359	48	29.544	151	33.597	193	33.543	191	100.00%
Greenshoe Exercised?
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Yes	0	0.372	0.116	0	0	1.082	0.345	0.453	1.802	0	0.345	1.614	1.357
No	0.054	0.793	0.140	0.040	2.537	2.515	0.900	4.771	1.820	3.093	3.058	3.143	3.245
Total	0.054	1.165	0.256	0.040	2.537	3.597	1.245	5.225	3.623	3.093	3.403	4.757	4.602
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.116	2	1.881	12	2.147	6	2.972	8	7.000	26	7.488	30	7.488	30	23.69%
No	2.717	24	8.186	33	7.971	52	6.388	40	22.545	125	26.109	163	26.055	161	76.31%
Total	2.833	26	10.067	45	10.118	58	9.359	48	29.544	151	33.597	193	33.543	191	100.00%
S&P Rating
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
BBB+	0	0	0	0	0	0.400	0	0.425	0	0	0	0	0
BBB	0	0	0	0	0	1.300	0	0	0	0.150	0	0	0.382
BBB-	0	0	0	0	0	0.580	0	0	0	0.350	0	0.525	0
BB+	0	0.287	0	0	0	0	0.287	0	0	0	0	0	0.875
BB	0	0	0	0	0	0.290	0	0.230	0.100	0.144	0	0	0
B	0	0	0	0	0	0	0	0	0	0	0	0.200	0
NR	0.054	0.878	0.256	0.040	2.537	1.027	0.958	4.570	3.523	2.449	3.403	4.032	3.346
Total	0.054	1.165	0.256	0.040	2.537	3.597	1.245	5.225	3.623	3.093	3.403	4.757	4.602
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
BBB+	0	0	0.825	2	0	0	0	0	0.825	2	0.825	2	0.825	2	2.79%
BBB	0	0	1.300	2	0.150	1	0.382	1	1.831	4	1.831	4	1.831	4	6.20%
BBB-	0	0	0.580	3	0.350	1	0.525	2	1.455	6	1.455	6	1.455	6	4.92%
BB+	0	0	0.287	1	0	0	0.875	1	1.163	2	1.450	3	1.450	3	3.94%
BB	0	0	0.520	3	0.244	2	0	0	0.764	5	0.764	5	0.764	5	2.59%
B	0	0	0	0	0	0	0.200	1	0.200	1	0.200	1	0.200	1	0.68%
NR	2.833	26	6.554	34	9.375	54	7.378	43	23.307	131	27.072	172	27.018	170	78.89%
Total	2.833	26	10.067	45	10.118	58	9.359	48	29.544	151	33.597	193	33.543	191	100.00%
Industry Sector (by SIC code)
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Oil and gas (13xx)	0.029	0	0	0	0.028	0	0	0.055	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0	0	0	0	0	0	0	0	0	0	2.250	1.759	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0.350	0	0	0	0.475	0	0	0
Finance, insurance, real estate (6xxx)	0.025	1.165	0.256	0.040	2.509	3.247	1.245	5.169	3.623	2.618	1.153	2.998	4.602
Total	0.054	1.165	0.256	0.040	2.537	3.597	1.245	5.225	3.623	3.093	3.403	4.757	4.602
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Oil and gas (13xx)	0.028	1	0.055	1	0	0	0	0	0.055	1	0.113	3	0.084	2	0.19%
Manufacturing (2xxx, 3xxx)	0	0	0	0	2.250	1	1.759	2	4.009	3	4.009	3	4.009	3	13.57%
Electric, gas, sanitary services (49xx)	0	0	0.350	2	0.475	1	0	0	0.825	3	0.825	3	0.825	3	2.79%
Finance, insurance, real estate (6xxx)	2.805	25	9.661	42	7.393	56	7.600	46	24.655	144	28.650	184	28.625	183	83.45%
Total	2.833	26	10.067	45	10.118	58	9.359	48	29.544	151	33.597	193	33.543	191	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)

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.