Analysis of preferred stock issuance for 13 months through December 2012

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

Dividend

	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Less than 5%	0	0	0	1.772	0.050	0	0	0	0	0.025	0	0	0.080
5%-5.99%	0	0.400	0	0.792	0.500	0.475	0.720	1.675	2.877	1.934	2.700	0.950	1.200
6%-6.99%	0	2.253	0.825	1.538	2.720	0.925	0	1.950	1.225	0.172	1.525	0.410	0.100
7%-7.99%	0	0.793	0.035	0.045	0.160	0.478	2.595	0.496	0.350	0.521	0.223	0.075	0.421
8%-8.99%	0.728	0.150	0.118	0.418	0.192	0.035	0.006	0.436	0.150	0.344	0.125	0.115	0
9% and higher	0	0	0	0.081	0	0	0	0.009	0	0.016	0	0	0
Floater	1.764	0	0.267	0	0	0	0	0	0	0	0	0	0
NA	0.045	0	0	0.579	0	1.180	0.081	0.197	0	0.106	0.266	0.133	0.488
Total	2.537	3.597	1.245	5.225	3.623	3.093	3.403	4.763	4.602	3.118	4.838	1.683	2.289
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 5%	1.772	1	0.050	1	0.025	1	0.080	1	1.927	4	1.927	4	1.927	4	4.65%
5%-5.99%	1.192	8	1.695	17	6.487	20	4.850	8	14.224	53	14.224	53	14.224	53	34.29%
6%-6.99%	4.616	15	3.645	7	3.348	7	2.035	8	13.644	37	13.644	37	13.644	37	32.89%
7%-7.99%	0.874	6	3.233	8	1.367	9	0.719	9	6.192	32	6.192	32	6.192	32	14.93%
8%-8.99%	0.686	9	0.233	5	0.930	11	0.240	3	2.089	28	2.817	31	2.089	28	5.04%
9% and higher	0.081	1	0	0	0.025	2	0	0	0.106	3	0.106	3	0.106	3	0.26%
Floater	0.267	1	0	0	0	0	0	0	0.267	1	2.031	16	0.267	1	0.64%
NA	0.579	4	1.261	20	0.303	22	0.887	61	3.030	107	3.075	109	3.030	107	7.30%
Total	10.067	45	10.118	58	12.483	72	8.811	90	41.479	265	44.016	285	41.479	265	100.00%
Use of Proceeds
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Acquisition	0.700	0	0	0	0	0	0	0	0	0	0.024	0.090	0
GCP	0	2.337	0.517	0.587	3.358	1.760	2.506	3.328	2.958	1.973	3.770	1.578	1.355
No proceeds	0	0	0	2.140	0	0	0.470	0.197	0.445	0.150	0.071	0.015	0.073
Refinance	1.764	0.439	0.287	1.829	0	1.333	0.254	0.425	0.950	0.848	0.762	0	0.669
Repay bank debt	0	0	0.035	0.045	0	0	0.172	0.149	0	0	0.086	0	0.193
Multiple/Other/NA	0.074	0.821	0.406	0.624	0.265	0	0	0.665	0.250	0.146	0.125	0	0
Total	2.537	3.597	1.245	5.225	3.623	3.093	3.403	4.763	4.602	3.118	4.838	1.683	2.289
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0	0	0	0	0.114	3	0.114	3	0.814	5	0.114	3	0.27%
GCP	3.441	12	7.624	17	8.258	19	6.703	22	26.026	70	26.026	70	26.026	70	62.75%
No proceeds	2.140	7	0.470	14	0.792	30	0.159	51	3.560	102	3.560	102	3.560	102	8.58%
Refinance	2.555	11	1.587	23	2.223	11	1.431	10	7.797	55	9.560	70	7.797	55	18.80%
Repay bank debt	0.080	2	0.172	1	0.149	2	0.279	3	0.680	8	0.680	8	0.680	8	1.64%
Multiple/Other/NA	1.850	13	0.265	3	1.061	10	0.125	1	3.301	27	3.375	30	3.301	27	7.96%
Total	10.067	45	10.118	58	12.483	72	8.811	90	41.479	265	44.016	285	41.479	265	100.00%
Upsized?
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Yes	0.700	0.322	0.323	0.328	0.500	1.250	0	1.954	0.950	2.085	1.887	0.775	1.415
No	1.837	3.275	0.923	4.897	3.123	1.843	3.403	2.809	3.652	1.033	2.952	0.908	0.874
Total	2.537	3.597	1.245	5.225	3.623	3.093	3.403	4.763	4.602	3.118	4.838	1.683	2.289
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.972	6	1.750	4	4.989	17	4.077	11	11.787	38	12.487	40	11.787	38	28.42%
No	9.095	39	8.368	54	7.494	55	4.735	79	29.692	227	31.529	245	29.692	227	71.58%
Total	10.067	45	10.118	58	12.483	72	8.811	90	41.479	265	44.016	285	41.479	265	100.00%
Versus Talk
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Lower	0	0	0	0	0	0	0	0	0	0	0	0.150	0
Low end	0	0	0.058	0.458	1.825	0.475	0.422	0.225	0	0.278	1.375	0.175	0.168
Middle	0	0	0	0.400	0	0	0	0.058	0	0.100	0.500	0.100	0.875
NA	2.537	3.597	1.188	4.367	1.798	2.618	2.980	4.480	4.602	2.740	2.963	1.258	1.247
Total	2.537	3.597	1.245	5.225	3.623	3.093	3.403	4.763	4.602	3.118	4.838	1.683	2.289
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0	0	0	0	0	0	0.150	1	0.150	1	0.150	1	0.150	1	0.36%
Low end	0.515	4	2.723	7	0.502	3	1.718	6	5.457	20	5.457	20	5.457	20	13.16%
Middle	0.400	1	0	0	0.158	2	1.475	4	2.033	7	2.033	7	2.033	7	4.90%
NA	9.152	40	7.396	51	11.823	67	5.469	79	33.839	237	36.376	257	33.839	237	81.58%
Total	10.067	45	10.118	58	12.483	72	8.811	90	41.479	265	44.016	285	41.479	265	100.00%
Greenshoe Exercised?
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Yes	0	1.082	0.345	0.453	1.802	0	0.345	1.660	1.357	1.176	0.500	0	0.115
No	2.537	2.515	0.900	4.771	1.820	3.093	3.058	3.103	3.245	1.942	4.338	1.683	2.174
Total	2.537	3.597	1.245	5.225	3.623	3.093	3.403	4.763	4.602	3.118	4.838	1.683	2.289
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.881	12	2.147	6	4.194	14	0.615	2	8.836	34	8.836	34	8.836	34	21.30%
No	8.186	33	7.971	52	8.289	58	8.196	88	32.643	231	35.180	251	32.643	231	78.70%
Total	10.067	45	10.118	58	12.483	72	8.811	90	41.479	265	44.016	285	41.479	265	100.00%
S&P Rating
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
AAA	0	0	0	0	0	0	0	0	0	0.105	0	0	0
BBB+	0	0.400	0	0.425	0	0	0	0	0	0	0	0	0
BBB	0	1.300	0	0	0	0.150	0	0	0.382	0.480	0.850	0	0
BBB-	0	0.580	0	0	0	0.350	0	0.525	0	0	0	0.350	0
BB+	0	0	0.287	0	0	0	0	0	0.875	0	0.750	0	0
BB	0	0.290	0	0.230	0.100	0.144	0	0	0	0	1.000	0.110	0
B	0	0	0	0	0	0	0	0.200	0	0	0.125	0	0
NR	2.537	1.027	0.958	4.570	3.523	2.449	3.403	4.038	3.346	2.533	2.113	1.223	2.289
Total	2.537	3.597	1.245	5.225	3.623	3.093	3.403	4.763	4.602	3.118	4.838	1.683	2.289
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
AAA	0	0	0	0	0.105	1	0	0	0.105	1	0.105	1	0.105	1	0.25%
BBB+	0.825	2	0	0	0	0	0	0	0.825	2	0.825	2	0.825	2	1.99%
BBB	1.300	2	0.150	1	0.862	2	0.850	2	3.161	7	3.161	7	3.161	7	7.62%
BBB-	0.580	3	0.350	1	0.525	2	0.350	2	1.805	8	1.805	8	1.805	8	4.35%
BB+	0.287	1	0	0	0.875	1	0.750	1	1.913	3	1.913	3	1.913	3	4.61%
BB	0.520	3	0.244	2	0	0	1.110	3	1.874	8	1.874	8	1.874	8	4.52%
B	0	0	0	0	0.200	1	0.125	1	0.325	2	0.325	2	0.325	2	0.78%
NR	6.554	34	9.375	54	9.916	65	5.626	81	31.472	234	34.009	254	31.472	234	75.87%
Total	10.067	45	10.118	58	12.483	72	8.811	90	41.479	265	44.016	285	41.479	265	100.00%
Industry Sector (by SIC code)
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Oil and gas (13xx)	0.028	0	0	0.055	0	0	0	0	0	0.062	0	0	0
Manufacturing (2xxx, 3xxx)	0	0	0	0	0	0	2.250	1.759	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0.350	0	0	0	0.475	0	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	2.509	3.247	1.245	5.169	3.623	2.618	1.153	3.004	4.602	3.056	4.838	1.668	2.289
Services (7xxx)	0	0	0	0	0	0	0	0	0	0	0	0.015	0
Total	2.537	3.597	1.245	5.225	3.623	3.093	3.403	4.763	4.602	3.118	4.838	1.683	2.289
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Oil and gas (13xx)	0.055	1	0	0	0.062	2	0	0	0.117	3	0.146	4	0.117	3	0.28%
Manufacturing (2xxx, 3xxx)	0	0	2.250	1	1.759	2	0	0	4.009	3	4.009	3	4.009	3	9.67%
Electric, gas, sanitary services (49xx)	0.350	2	0.475	1	0	0	0	0	0.825	3	0.825	3	0.825	3	1.99%
Finance, insurance, real estate (6xxx)	9.661	42	7.393	56	10.662	68	8.796	89	36.513	255	39.022	274	36.513	255	88.03%
Services (7xxx)	0	0	0	0	0	0	0.015	1	0.015	1	0.015	1	0.015	1	0.04%
Total	10.067	45	10.118	58	12.483	72	8.811	90	41.479	265	44.016	285	41.479	265	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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