Analysis of preferred stock issuance for 13 months through November 2013

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

Dividend

	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Less than 5%	0	0.080	0	0	0.125	0	1.000	0	0.005	0	0.050	0	0
5%-5.99%	0.950	1.200	2.219	0.400	1.156	5.526	3.788	0.338	1.500	0	0	0	0
6%-6.99%	0.410	0.100	0.412	0.435	0.775	0.266	0	0.115	1.800	0	0.350	1.650	0
7%-7.99%	0.075	0.421	0.394	0.213	0.304	0.581	0.277	0.138	0.180	0.195	1.900	0.300	0.087
8%-8.99%	0.115	0	0.051	0	0.037	0.200	0.182	0.055	0	0	0.076	0.095	0
9% and higher	0	0	0	0.039	0	0.100	0.126	0.007	0.052	0.120	0.025	0.074	0
Floater	0	0	0	0	0	0	0	0	0	0.271	0	0	0
NA	0.170	0.488	0.157	0.239	0.580	0.099	0.265	0.043	0.099	0.249	0.399	0.066	0.049
Total	1.720	2.289	3.232	1.326	2.977	6.772	5.638	0.695	3.636	0.835	2.800	2.185	0.136
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 5%	0.125	1	1.000	2	0.055	2	0	0	1.180	5	1.260	6	1.260	6	3.90%
5%-5.99%	3.775	14	9.652	19	1.500	1	0	0	14.927	34	17.077	39	16.127	36	49.37%
6%-6.99%	1.622	12	0.381	4	2.150	3	1.650	3	5.802	22	6.312	26	5.902	23	19.19%
7%-7.99%	0.910	8	0.996	10	2.275	6	0.387	4	4.568	28	5.064	34	4.989	33	15.11%
8%-8.99%	0.089	3	0.437	5	0.076	2	0.095	1	0.697	11	0.812	13	0.697	11	2.31%
9% and higher	0.039	2	0.233	5	0.197	5	0.074	3	0.544	15	0.544	15	0.544	15	1.80%
Floater	0	0	0	0	0.271	3	0	0	0.271	3	0.271	3	0.271	3	0.90%
NA	0.975	48	0.407	19	0.747	36	0.115	23	2.244	126	2.902	174	2.732	154	7.42%
Total	7.534	88	13.106	64	7.272	58	2.321	34	30.233	244	34.242	310	32.522	281	100.00%
Use of Proceeds
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Acquisition	0.090	0	0	0	0	0	0	0	0	0	0	0	0
Capex	0	0	0	0	0	0	0.075	0	0	0	0	0.053	0
GCP	1.578	1.355	1.816	0.805	1.574	5.726	2.856	0.142	3.089	0	2.351	1.850	0.087
No proceeds	0.052	0.073	0.175	0.064	0.525	0.099	0	0.043	0.049	0.124	0.091	0.066	0.049
Redeem notes	0	0	0	0	0	0	0	0.287	0	0.195	0.308	0	0
Refinance	0	0.669	0.340	0.132	0.150	0.325	2.402	0.050	0.135	0.271	0	0.195	0
Repay bank debt	0	0.193	0.466	0	0.564	0.100	0	0.118	0	0.120	0	0.008	0
Multiple/Other/NA	0	0	0.435	0.325	0.165	0.522	0.305	0.055	0.363	0.125	0.050	0.013	0
Total	1.720	2.289	3.232	1.326	2.977	6.772	5.638	0.695	3.636	0.835	2.800	2.185	0.136
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0	0	0	0	0	0	0	0	0.090	2	0	0	0.00%
Capex	0	0	0.075	1	0	0	0.053	1	0.129	2	0.129	2	0.129	2	0.43%
GCP	4.195	22	8.724	23	5.440	12	1.937	6	20.296	63	23.229	78	21.651	69	67.13%
No proceeds	0.764	47	0.142	17	0.264	32	0.115	23	1.285	119	1.409	160	1.358	142	4.25%
Redeem notes	0	0	0.287	1	0.503	3	0	0	0.791	4	0.791	4	0.791	4	2.62%
Refinance	0.622	5	2.777	10	0.406	5	0.195	2	4.000	22	4.669	28	4.669	28	13.23%
Repay bank debt	1.030	7	0.218	3	0.120	1	0.008	1	1.376	12	1.569	14	1.569	14	4.55%
Multiple/Other/NA	0.924	7	0.882	9	0.538	5	0.013	1	2.357	22	2.357	22	2.357	22	7.80%
Total	7.534	88	13.106	64	7.272	58	2.321	34	30.233	244	34.242	310	32.522	281	100.00%
Upsized?
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Yes	0.775	1.415	1.300	0.325	0.304	0.056	1.113	0	0.032	0	0.750	1.300	0
No	0.945	0.874	1.932	1.001	2.673	6.716	4.526	0.695	3.605	0.835	2.050	0.885	0.136
Total	1.720	2.289	3.232	1.326	2.977	6.772	5.638	0.695	3.636	0.835	2.800	2.185	0.136
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.929	7	1.169	4	0.782	2	1.300	1	5.179	14	7.369	20	6.594	18	17.13%
No	5.606	81	11.937	60	6.490	56	1.021	33	25.054	230	26.873	290	25.928	263	82.87%
Total	7.534	88	13.106	64	7.272	58	2.321	34	30.233	244	34.242	310	32.522	281	100.00%
Versus Talk
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Lower	0.150	0	0.400	0	0	1.525	0.600	0	1.500	0	0	0.200	0
Low end	0.175	0.168	0.750	0.325	0.475	1.826	2.144	0.338	1.550	0	0	0.450	0
Middle	0.100	0.875	0	0.250	0.100	0.450	0.617	0.198	0.332	0.120	2.250	1.300	0
NA	1.295	1.247	2.082	0.751	2.402	2.971	2.277	0.160	0.255	0.715	0.550	0.235	0.136
Total	1.720	2.289	3.232	1.326	2.977	6.772	5.638	0.695	3.636	0.835	2.800	2.185	0.136
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.400	1	2.125	3	1.500	1	0.200	1	4.225	6	4.375	7	4.225	6	13.97%
Low end	1.550	7	4.308	12	1.550	2	0.450	3	7.858	24	8.200	27	8.025	26	25.99%
Middle	0.350	2	1.265	9	2.702	7	1.300	1	5.617	19	6.592	22	6.492	21	18.58%
NA	5.234	78	5.408	40	1.520	48	0.371	29	12.533	195	15.075	254	13.780	228	41.45%
Total	7.534	88	13.106	64	7.272	58	2.321	34	30.233	244	34.242	310	32.522	281	100.00%
Greenshoe Exercised?
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Yes	0	0.115	0.514	0.167	0.564	0.506	0.754	0.350	0.032	0	0	0.149	0.037
No	1.720	2.174	2.718	1.159	2.413	6.266	4.884	0.345	3.605	0.835	2.800	2.037	0.099
Total	1.720	2.289	3.232	1.326	2.977	6.772	5.638	0.695	3.636	0.835	2.800	2.185	0.136
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.244	9	1.611	10	0.032	1	0.185	3	3.072	23	3.187	24	3.187	24	10.16%
No	6.290	79	11.495	54	7.240	57	2.136	31	27.161	221	31.055	286	29.336	257	89.84%
Total	7.534	88	13.106	64	7.272	58	2.321	34	30.233	244	34.242	310	32.522	281	100.00%
S&P Rating
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
A+	0	0	0	0	0	0	0	0	1.500	0	0	0	0
A-	0	0	0	0	0	1.000	0	0	0	0	0	0.250	0
BBB+	0	0	0.450	0	0.144	0.500	0	0	0	0	0	0	0
BBB	0	0	0.850	0.250	0.200	0.625	1.000	0	1.800	0	0	0	0
BBB-	0.350	0	0.200	0	0	0.275	0	0	0	0	0.350	0	0
BB+	0	0	0	0	0	0.250	0.887	0	0	0	0.750	0	0
BB	0.110	0	0	0	0.150	1.376	0	0	0	0	0.900	1.300	0
B+	0	0	0	0	0.150	0	0	0	0	0	0	0	0
B-	0	0	0	0	0	0	0	0	0	0	0.026	0	0
CCC+	0	0	0	0	0.144	0	0	0	0	0	0	0	0
CCC-	0	0	0	0	0	0	0	0	0	0.120	0	0	0
NR	1.260	2.289	1.732	1.076	2.189	2.746	3.751	0.695	0.336	0.715	0.774	0.635	0.136
Total	1.720	2.289	3.232	1.326	2.977	6.772	5.638	0.695	3.636	0.835	2.800	2.185	0.136
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
A+	0	0	0	0	1.500	1	0	0	1.500	1	1.500	1	1.500	1	4.96%
A-	0	0	1.000	1	0	0	0.250	1	1.250	2	1.250	2	1.250	2	4.13%
BBB+	0.594	2	0.500	1	0	0	0	0	1.094	3	1.094	3	1.094	3	3.62%
BBB	1.300	3	1.625	4	1.800	2	0	0	4.725	9	4.725	9	4.725	9	15.63%
BBB-	0.200	1	0.275	1	0.350	1	0	0	0.825	3	1.175	5	0.825	3	2.73%
BB+	0	0	1.137	3	0.750	1	0	0	1.887	4	1.887	4	1.887	4	6.24%
BB	0.150	1	1.376	2	0.900	1	1.300	1	3.726	5	3.836	6	3.726	5	12.32%
B+	0.150	1	0	0	0	0	0	0	0.150	1	0.150	1	0.150	1	0.50%
B-	0	0	0	0	0.026	1	0	0	0.026	1	0.026	1	0.026	1	0.09%
CCC+	0.144	1	0	0	0	0	0	0	0.144	1	0.144	1	0.144	1	0.48%
CCC-	0	0	0	0	0.120	1	0	0	0.120	1	0.120	1	0.120	1	0.40%
NR	4.997	79	7.192	52	1.825	50	0.771	32	14.786	213	18.335	276	17.075	250	48.91%
Total	7.534	88	13.106	64	7.272	58	2.321	34	30.233	244	34.242	310	32.522	281	100.00%
Industry Sector (by SIC code)
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0.250	0	0
Oil and gas (13xx)	0	0	0	0.014	0	0.100	0.086	0.125	0.007	0.120	0.025	0.053	0
Manufacturing (2xxx, 3xxx)	0	0	0	0	0	0	1.000	0	0	0	0	0	0
Transportation (4xxx)	0	0	0	0.025	0	0.150	0.050	0.020	0.095	0	0.076	0.008	0.050
Electric, gas, sanitary services (49xx)	0	0	0.400	0	0.002	0	0	0.050	0	0	0	0	0
Finance, insurance, real estate (6xxx)	1.705	2.289	2.816	1.286	2.975	6.522	4.462	0.480	3.534	0.715	2.449	2.124	0.049
Services (7xxx)	0.015	0	0.016	0	0	0	0.040	0.020	0	0	0	0	0.037
Total	1.720	2.289	3.232	1.326	2.977	6.772	5.638	0.695	3.636	0.835	2.800	2.185	0.136
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.250	1	0	0	0.250	1	0.250	1	0.250	1	0.83%
Oil and gas (13xx)	0.014	1	0.311	6	0.152	3	0.053	1	0.531	11	0.531	11	0.531	11	1.76%
Manufacturing (2xxx, 3xxx)	0	0	1.000	1	0	0	0	0	1.000	1	1.000	1	1.000	1	3.31%
Transportation (4xxx)	0.025	1	0.220	3	0.171	5	0.058	2	0.474	11	0.474	11	0.474	11	1.57%
Electric, gas, sanitary services (49xx)	0.402	2	0.050	1	0	0	0	0	0.452	3	0.452	3	0.452	3	1.50%
Finance, insurance, real estate (6xxx)	7.077	83	11.464	51	6.698	49	2.173	30	27.413	213	31.407	278	29.702	250	90.67%
Services (7xxx)	0.016	1	0.060	2	0	0	0.037	1	0.113	4	0.128	5	0.113	4	0.37%
Total	7.534	88	13.106	64	7.272	58	2.321	34	30.233	244	34.242	310	32.522	281	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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