Analysis of preferred stock issuance for 13 months through January 2013

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

Dividend

	12/2011	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Less than 5%	0	0	1.772	0.050	0	0	0	0	0.025	0	0	0.080	0
5%-5.99%	0.400	0	0.792	0.500	0.475	0.720	1.675	2.877	1.934	2.700	0.950	1.200	2.279
6%-6.99%	2.253	0.825	1.538	2.720	0.925	0	1.950	1.225	0.172	1.525	0.410	0.100	0.397
7%-7.99%	0.793	0.035	0.045	0.160	0.478	2.595	0.496	0.350	0.521	0.223	0.075	0.421	0.394
8%-8.99%	0.150	0.118	0.418	0.192	0.035	0.006	0.436	0.150	0.344	0.125	0.115	0	0.051
9% and higher	0	0	0.081	0	0	0	0.009	0	0.016	0	0	0	0
Floater	0	0.267	0	0	0	0	0	0	0	0	0	0	0
NA	0	0	0.579	0	1.180	0.081	0.197	0	0.106	0.266	0.133	0.488	0.157
Total	3.597	1.245	5.225	3.623	3.093	3.403	4.763	4.602	3.118	4.838	1.683	2.289	3.277
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	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	0	0	0	0	1.927	4	1.927	4	0.00%
5%-5.99%	1.192	8	1.695	17	6.487	20	4.850	8	2.279	7	2.279	7	16.503	60	16.103	59	69.55%
6%-6.99%	4.616	15	3.645	7	3.348	7	2.035	8	0.397	3	0.397	3	14.041	40	11.787	34	12.11%
7%-7.99%	0.874	6	3.233	8	1.367	9	0.719	9	0.394	2	0.394	2	6.586	34	5.793	30	12.02%
8%-8.99%	0.686	9	0.233	5	0.930	11	0.240	3	0.051	2	0.051	2	2.140	30	1.990	28	1.56%
9% and higher	0.081	1	0	0	0.025	2	0	0	0	0	0	0	0.106	3	0.106	3	0.00%
Floater	0.267	1	0	0	0	0	0	0	0	0	0	0	0.267	1	0.267	1	0.00%
NA	0.579	4	1.261	20	0.303	22	0.887	61	0.157	16	0.157	16	3.187	123	3.187	123	4.79%
Total	10.067	45	10.118	58	12.483	72	8.811	90	3.277	30	3.277	30	44.756	295	41.159	282	100.00%
Use of Proceeds
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Acquisition	0	0	0	0	0	0	0	0	0	0.024	0.090	0	0
GCP	2.337	0.517	0.587	3.358	1.760	2.506	3.328	2.958	1.973	3.770	1.578	1.355	1.816
No proceeds	0	0	2.140	0	0	0.470	0.197	0.445	0.150	0.071	0.015	0.073	0.175
Refinance	0.439	0.287	1.829	0	1.333	0.254	0.425	0.950	0.848	0.762	0	0.669	0.325
Repay bank debt	0	0.035	0.045	0	0	0.172	0.149	0	0	0.086	0	0.193	0.466
Multiple/Other/NA	0.821	0.406	0.624	0.265	0	0	0.665	0.250	0.146	0.125	0	0	0.495
Total	3.597	1.245	5.225	3.623	3.093	3.403	4.763	4.602	3.118	4.838	1.683	2.289	3.277
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0	0	0	0	0.114	3	0	0	0	0	0.114	3	0.114	3	0.00%
GCP	3.441	12	7.624	17	8.258	19	6.703	22	1.816	6	1.816	6	27.842	76	25.505	69	55.42%
No proceeds	2.140	7	0.470	14	0.792	30	0.159	51	0.175	17	0.175	17	3.736	119	3.736	119	5.34%
Refinance	2.555	11	1.587	23	2.223	11	1.431	10	0.325	2	0.325	2	8.122	57	7.683	55	9.92%
Repay bank debt	0.080	2	0.172	1	0.149	2	0.279	3	0.466	2	0.466	2	1.146	10	1.146	10	14.22%
Multiple/Other/NA	1.850	13	0.265	3	1.061	10	0.125	1	0.495	3	0.495	3	3.796	30	2.976	26	15.11%
Total	10.067	45	10.118	58	12.483	72	8.811	90	3.277	30	3.277	30	44.756	295	41.159	282	100.00%
Upsized?
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Yes	0.322	0.323	0.328	0.500	1.250	0	1.954	0.950	2.085	1.887	0.775	1.415	1.300
No	3.275	0.923	4.897	3.123	1.843	3.403	2.809	3.652	1.033	2.952	0.908	0.874	1.977
Total	3.597	1.245	5.225	3.623	3.093	3.403	4.763	4.602	3.118	4.838	1.683	2.289	3.277
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.972	6	1.750	4	4.989	17	4.077	11	1.300	2	1.300	2	13.087	40	12.765	38	39.67%
No	9.095	39	8.368	54	7.494	55	4.735	79	1.977	28	1.977	28	31.669	255	28.394	244	60.33%
Total	10.067	45	10.118	58	12.483	72	8.811	90	3.277	30	3.277	30	44.756	295	41.159	282	100.00%
Versus Talk
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Lower	0	0	0	0	0	0	0	0	0	0	0.150	0	0.400
Low end	0	0.058	0.458	1.825	0.475	0.422	0.225	0	0.278	1.375	0.175	0.168	0.810
Middle	0	0	0.400	0	0	0	0.058	0	0.100	0.500	0.100	0.875	0
NA	3.597	1.188	4.367	1.798	2.618	2.980	4.480	4.602	2.740	2.963	1.258	1.247	2.067
Total	3.597	1.245	5.225	3.623	3.093	3.403	4.763	4.602	3.118	4.838	1.683	2.289	3.277
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0	0	0	0	0	0	0.150	1	0.400	1	0.400	1	0.550	2	0.550	2	12.21%
Low end	0.515	4	2.723	7	0.502	3	1.718	6	0.810	3	0.810	3	6.268	23	6.268	23	24.72%
Middle	0.400	1	0	0	0.158	2	1.475	4	0	0	0	0	2.033	7	2.033	7	0.00%
NA	9.152	40	7.396	51	11.823	67	5.469	79	2.067	26	2.067	26	35.906	263	32.309	250	63.08%
Total	10.067	45	10.118	58	12.483	72	8.811	90	3.277	30	3.277	30	44.756	295	41.159	282	100.00%
Greenshoe Exercised?
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Yes	1.082	0.345	0.453	1.802	0	0.345	1.660	1.357	1.176	0.500	0	0.115	0.374
No	2.515	0.900	4.771	1.820	3.093	3.058	3.103	3.245	1.942	4.338	1.683	2.174	2.903
Total	3.597	1.245	5.225	3.623	3.093	3.403	4.763	4.602	3.118	4.838	1.683	2.289	3.277
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.881	12	2.147	6	4.194	14	0.615	2	0.374	1	0.374	1	9.210	35	8.128	29	11.41%
No	8.186	33	7.971	52	8.289	58	8.196	88	2.903	29	2.903	29	35.546	260	33.031	253	88.59%
Total	10.067	45	10.118	58	12.483	72	8.811	90	3.277	30	3.277	30	44.756	295	41.159	282	100.00%
S&P Rating
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
AAA	0	0	0	0	0	0	0	0	0.105	0	0	0	0
BBB+	0.400	0	0.425	0	0	0	0	0	0	0	0	0	0.450
BBB	1.300	0	0	0	0.150	0	0	0.382	0.480	0.850	0	0	0.850
BBB-	0.580	0	0	0	0.350	0	0.525	0	0	0	0.350	0	0.200
BB+	0	0.287	0	0	0	0	0	0.875	0	0.750	0	0	0
BB	0.290	0	0.230	0.100	0.144	0	0	0	0	1.000	0.110	0	0
B	0	0	0	0	0	0	0.200	0	0	0.125	0	0	0
NR	1.027	0.958	4.570	3.523	2.449	3.403	4.038	3.346	2.533	2.113	1.223	2.289	1.777
Total	3.597	1.245	5.225	3.623	3.093	3.403	4.763	4.602	3.118	4.838	1.683	2.289	3.277
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
AAA	0	0	0	0	0.105	1	0	0	0	0	0	0	0.105	1	0.105	1	0.00%
BBB+	0.825	2	0	0	0	0	0	0	0.450	1	0.450	1	1.275	3	0.875	2	13.73%
BBB	1.300	2	0.150	1	0.862	2	0.850	2	0.850	1	0.850	1	4.011	8	2.712	6	25.94%
BBB-	0.580	3	0.350	1	0.525	2	0.350	2	0.200	1	0.200	1	2.005	9	1.425	6	6.10%
BB+	0.287	1	0	0	0.875	1	0.750	1	0	0	0	0	1.913	3	1.913	3	0.00%
BB	0.520	3	0.244	2	0	0	1.110	3	0	0	0	0	1.874	8	1.584	7	0.00%
B	0	0	0	0	0.200	1	0.125	1	0	0	0	0	0.325	2	0.325	2	0.00%
NR	6.554	34	9.375	54	9.916	65	5.626	81	1.777	27	1.777	27	33.249	261	32.222	255	54.23%
Total	10.067	45	10.118	58	12.483	72	8.811	90	3.277	30	3.277	30	44.756	295	41.159	282	100.00%
Industry Sector (by SIC code)
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Oil and gas (13xx)	0	0	0.055	0	0	0	0	0	0.062	0	0	0	0
Manufacturing (2xxx, 3xxx)	0	0	0	0	0	2.250	1.759	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0.350	0	0	0	0.475	0	0	0	0	0	0	0	0.400
Finance, insurance, real estate (6xxx)	3.247	1.245	5.169	3.623	2.618	1.153	3.004	4.602	3.056	4.838	1.668	2.289	2.861
Services (7xxx)	0	0	0	0	0	0	0	0	0	0	0.015	0	0.016
Total	3.597	1.245	5.225	3.623	3.093	3.403	4.763	4.602	3.118	4.838	1.683	2.289	3.277
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	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	0	0	0	0.117	3	0.117	3	0.00%
Manufacturing (2xxx, 3xxx)	0	0	2.250	1	1.759	2	0	0	0	0	0	0	4.009	3	4.009	3	0.00%
Electric, gas, sanitary services (49xx)	0.350	2	0.475	1	0	0	0	0	0.400	1	0.400	1	1.225	4	0.875	2	12.21%
Finance, insurance, real estate (6xxx)	9.661	42	7.393	56	10.662	68	8.796	89	2.861	28	2.861	28	39.374	283	36.127	272	87.31%
Services (7xxx)	0	0	0	0	0	0	0.015	1	0.016	1	0.016	1	0.031	2	0.031	2	0.49%
Total	10.067	45	10.118	58	12.483	72	8.811	90	3.277	30	3.277	30	44.756	295	41.159	282	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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