Analysis of preferred stock issuance for 13 months through April 2013

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

Dividend

	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Less than 5%	0.050	0	0	0	0	0.025	0	0	0.080	0	0	0.125	0
5%-5.99%	0.500	0.475	0.720	1.675	2.877	1.934	2.700	0.950	1.200	2.219	0.400	1.146	5.526
6%-6.99%	2.720	0.925	0	1.950	1.225	0.172	1.525	0.410	0.100	0.397	0.435	0.775	0.266
7%-7.99%	0.160	0.478	2.595	0.496	0.350	0.521	0.223	0.075	0.421	0.394	0.213	0.304	0.581
8%-8.99%	0.192	0.035	0.006	0.436	0.150	0.344	0.125	0.115	0	0.051	0	0.037	0.200
9% and higher	0	0	0	0.009	0	0.016	0	0	0	0	0.039	0	0.100
NA	0	1.180	0.081	0.197	0	0.106	0.266	0.133	0.488	0.157	0.239	0.580	0.099
Total	3.623	3.093	3.403	4.763	4.602	3.118	4.838	1.683	2.289	3.217	1.326	2.967	6.772
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 5%	0.050	1	0.025	1	0.080	1	0.125	1	0	0	0.125	1	0.280	4	0.230	3	0.88%
5%-5.99%	1.695	17	6.487	20	4.850	8	3.765	14	5.526	9	9.291	23	22.323	68	21.823	67	65.05%
6%-6.99%	3.645	7	3.348	7	2.035	8	1.607	12	0.266	3	1.872	15	10.900	37	8.180	33	13.11%
7%-7.99%	3.233	8	1.367	9	0.719	9	0.910	8	0.581	4	1.491	12	6.810	38	6.650	37	10.44%
8%-8.99%	0.233	5	0.930	11	0.240	3	0.089	3	0.200	1	0.289	4	1.692	23	1.500	20	2.02%
9% and higher	0	0	0.025	2	0	0	0.039	2	0.100	1	0.139	3	0.164	5	0.164	5	0.98%
NA	1.261	20	0.303	22	0.887	61	0.975	48	0.099	8	1.074	56	3.525	159	3.525	159	7.52%
Total	10.118	58	12.483	72	8.811	90	7.509	88	6.772	26	14.282	114	45.694	334	42.071	324	100.00%
Use of Proceeds
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Acquisition	0	0	0	0	0	0	0.024	0.090	0	0	0	0	0
GCP	3.358	1.760	2.506	3.328	2.958	1.973	3.770	1.578	1.355	1.816	0.805	1.574	5.726
No proceeds	0	0	0.470	0.197	0.445	0.150	0.071	0.015	0.073	0.175	0.064	0.525	0.099
Refinance	0	1.333	0.254	0.425	0.950	0.848	0.762	0	0.669	0.325	0.132	0.150	0.325
Repay bank debt	0	0	0.172	0.149	0	0	0.086	0	0.193	0.466	0	0.554	0.100
Multiple/Other/NA	0.265	0	0	0.665	0.250	0.146	0.125	0	0	0.435	0.325	0.165	0.522
Total	3.623	3.093	3.403	4.763	4.602	3.118	4.838	1.683	2.289	3.217	1.326	2.967	6.772
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0	0	0.114	3	0	0	0	0	0	0	0.114	3	0.114	3	0.00%
GCP	7.624	17	8.258	19	6.703	22	4.195	22	5.726	11	9.921	33	32.506	91	29.148	84	69.47%
No proceeds	0.470	14	0.792	30	0.159	51	0.764	47	0.099	8	0.863	55	2.283	150	2.283	150	6.04%
Refinance	1.587	23	2.223	11	1.431	10	0.607	5	0.325	2	0.932	7	6.173	51	6.173	51	6.53%
Repay bank debt	0.172	1	0.149	2	0.279	3	1.020	7	0.100	1	1.120	8	1.720	14	1.720	14	7.84%
Multiple/Other/NA	0.265	3	1.061	10	0.125	1	0.924	7	0.522	4	1.446	11	2.898	25	2.633	22	10.12%
Total	10.118	58	12.483	72	8.811	90	7.509	88	6.772	26	14.282	114	45.694	334	42.071	324	100.00%
Upsized?
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Yes	0.500	1.250	0	1.954	0.950	2.085	1.887	0.775	1.415	1.300	0.325	0.304	0.056
No	3.123	1.843	3.403	2.809	3.652	1.033	2.952	0.908	0.874	1.917	1.001	2.663	6.716
Total	3.623	3.093	3.403	4.763	4.602	3.118	4.838	1.683	2.289	3.217	1.326	2.967	6.772
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.750	4	4.989	17	4.077	11	1.929	7	0.056	1	1.985	8	12.800	40	12.300	39	13.90%
No	8.368	54	7.494	55	4.735	79	5.581	81	6.716	25	12.297	106	32.894	294	29.771	285	86.10%
Total	10.118	58	12.483	72	8.811	90	7.509	88	6.772	26	14.282	114	45.694	334	42.071	324	100.00%
Versus Talk
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Lower	0	0	0	0	0	0	0	0.150	0	0.400	0	0	1.525
Low end	1.825	0.475	0.422	0.225	0	0.278	1.375	0.175	0.168	0.750	0.325	0.475	1.826
Middle	0	0	0	0.058	0	0.100	0.500	0.100	0.875	0	0.250	0.100	0.450
NA	1.798	2.618	2.980	4.480	4.602	2.740	2.963	1.258	1.247	2.067	0.751	2.392	2.971
Total	3.623	3.093	3.403	4.763	4.602	3.118	4.838	1.683	2.289	3.217	1.326	2.967	6.772
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0	0	0	0	0.150	1	0.400	1	1.525	2	1.925	3	2.075	4	2.075	4	13.48%
Low end	2.723	7	0.502	3	1.718	6	1.550	7	1.826	4	3.376	11	8.319	27	6.494	23	23.64%
Middle	0	0	0.158	2	1.475	4	0.350	2	0.450	2	0.800	4	2.433	10	2.433	10	5.60%
NA	7.396	51	11.823	67	5.469	79	5.209	78	2.971	18	8.180	96	32.868	293	31.070	287	57.27%
Total	10.118	58	12.483	72	8.811	90	7.509	88	6.772	26	14.282	114	45.694	334	42.071	324	100.00%
Greenshoe Exercised?
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Yes	1.802	0	0.345	1.660	1.357	1.176	0.500	0	0.115	0.374	0.167	0.454	0.506
No	1.820	3.093	3.058	3.103	3.245	1.942	4.338	1.683	2.174	2.843	1.159	2.513	6.266
Total	3.623	3.093	3.403	4.763	4.602	3.118	4.838	1.683	2.289	3.217	1.326	2.967	6.772
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.147	6	4.194	14	0.615	2	0.994	7	0.506	3	1.500	10	8.456	32	6.654	28	10.50%
No	7.971	52	8.289	58	8.196	88	6.515	81	6.266	23	12.781	104	37.238	302	35.418	296	89.49%
Total	10.118	58	12.483	72	8.811	90	7.509	88	6.772	26	14.282	114	45.694	334	42.071	324	100.00%
S&P Rating
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
AAA	0	0	0	0	0	0.105	0	0	0	0	0	0	0
A-	0	0	0	0	0	0	0	0	0	0	0	0	1.000
BBB+	0	0	0	0	0	0	0	0	0	0.450	0	0.144	0.500
BBB	0	0.150	0	0	0.382	0.480	0.850	0	0	0.850	0.250	0.200	0.625
BBB-	0	0.350	0	0.525	0	0	0	0.350	0	0.200	0	0	0.275
BB+	0	0	0	0	0.875	0	0.750	0	0	0	0	0	0.250
BB	0.100	0.144	0	0	0	0	1.000	0.110	0	0	0	0.150	1.376
B+	0	0	0	0	0	0	0	0	0	0	0	0.150	0
B	0	0	0	0.200	0	0	0.125	0	0	0	0	0	0
CCC+	0	0	0	0	0	0	0	0	0	0	0	0.144	0
NR	3.523	2.449	3.403	4.038	3.346	2.533	2.113	1.223	2.289	1.717	1.076	2.179	2.746
Total	3.623	3.093	3.403	4.763	4.602	3.118	4.838	1.683	2.289	3.217	1.326	2.967	6.772
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
AAA	0	0	0.105	1	0	0	0	0	0	0	0	0	0.105	1	0.105	1	0.00%
A-	0	0	0	0	0	0	0	0	1.000	1	1.000	1	1.000	1	1.000	1	7.00%
BBB+	0	0	0	0	0	0	0.594	2	0.500	1	1.094	3	1.094	3	1.094	3	7.66%
BBB	0.150	1	0.862	2	0.850	2	1.300	3	0.625	2	1.925	5	3.787	10	3.787	10	13.48%
BBB-	0.350	1	0.525	2	0.350	2	0.200	1	0.275	1	0.475	2	1.700	7	1.700	7	3.33%
BB+	0	0	0.875	1	0.750	1	0	0	0.250	1	0.250	1	1.875	3	1.875	3	1.75%
BB	0.244	2	0	0	1.110	3	0.150	1	1.376	2	1.526	3	2.880	8	2.780	7	10.68%
B+	0	0	0	0	0	0	0.150	1	0	0	0.150	1	0.150	1	0.150	1	1.05%
B	0	0	0.200	1	0.125	1	0	0	0	0	0	0	0.325	2	0.325	2	0.00%
CCC+	0	0	0	0	0	0	0.144	1	0	0	0.144	1	0.144	1	0.144	1	1.01%
NR	9.375	54	9.916	65	5.626	81	4.972	79	2.746	18	7.718	97	32.635	297	29.112	288	54.04%
Total	10.118	58	12.483	72	8.811	90	7.509	88	6.772	26	14.282	114	45.694	334	42.071	324	100.00%
Industry Sector (by SIC code)
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Oil and gas (13xx)	0	0	0	0	0	0.062	0	0	0	0	0.014	0	0.100
Manufacturing (2xxx, 3xxx)	0	0	2.250	1.759	0	0	0	0	0	0	0	0	0
Transportation (4xxx)	0	0	0	0	0	0	0	0	0	0	0.025	0	0.150
Electric, gas, sanitary services (49xx)	0	0.475	0	0	0	0	0	0	0	0.400	0	0.002	0
Finance, insurance, real estate (6xxx)	3.623	2.618	1.153	3.004	4.602	3.056	4.838	1.668	2.289	2.801	1.286	2.965	6.522
Services (7xxx)	0	0	0	0	0	0	0	0.015	0	0.016	0	0	0
Total	3.623	3.093	3.403	4.763	4.602	3.118	4.838	1.683	2.289	3.217	1.326	2.967	6.772
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Oil and gas (13xx)	0	0	0.062	2	0	0	0.014	1	0.100	1	0.114	2	0.176	4	0.176	4	0.80%
Manufacturing (2xxx, 3xxx)	2.250	1	1.759	2	0	0	0	0	0	0	0	0	4.009	3	4.009	3	0.00%
Transportation (4xxx)	0	0	0	0	0	0	0.025	1	0.150	1	0.175	2	0.175	2	0.175	2	1.23%
Electric, gas, sanitary services (49xx)	0.475	1	0	0	0	0	0.402	2	0	0	0.402	2	0.877	3	0.877	3	2.81%
Finance, insurance, real estate (6xxx)	7.393	56	10.662	68	8.796	89	7.052	83	6.522	24	13.574	107	40.426	320	36.803	310	95.04%
Services (7xxx)	0	0	0	0	0.015	1	0.016	1	0	0	0.016	1	0.031	2	0.031	2	0.11%
Total	10.118	58	12.483	72	8.811	90	7.509	88	6.772	26	14.282	114	45.694	334	42.071	324	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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