Analysis of preferred stock issuance for 13 months through July 2013

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

Dividend

	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Less than 5%	0	0	0.025	0	0	0.080	0	0	0.125	0	1.000	0	0.005
5%-5.99%	1.675	2.877	1.934	2.700	0.950	1.200	2.219	0.400	1.146	5.526	3.788	0.338	1.500
6%-6.99%	1.950	1.455	0.172	1.525	0.410	0.100	0.397	0.435	0.775	0.266	0	0.115	1.800
7%-7.99%	0.496	0.350	0.521	0.223	0.075	0.421	0.394	0.213	0.304	0.581	0.277	0.138	0.180
8%-8.99%	0.436	0.150	0.344	0.125	0.115	0	0.051	0	0.037	0.200	0.182	0.055	0
9% and higher	0.009	0	0.016	0	0	0	0	0.039	0	0.100	0.126	0.007	0.048
NA	0.197	0	0.106	0.266	0.133	0.488	0.157	0.239	0.580	0.099	0.265	0.043	0.099
Total	4.763	4.832	3.118	4.838	1.683	2.289	3.217	1.326	2.967	6.772	5.638	0.695	3.632
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 5%	0.025	1	0.080	1	0.125	1	1.000	2	0.005	1	1.130	4	1.235	6	1.235	6	4.66%
5%-5.99%	6.487	20	4.850	8	3.765	14	9.652	19	1.500	1	14.917	34	26.253	62	24.578	59	61.52%
6%-6.99%	3.578	8	2.035	8	1.607	12	0.381	4	1.800	2	3.787	18	9.400	34	7.450	32	15.62%
7%-7.99%	1.367	9	0.719	9	0.910	8	0.996	10	0.180	2	2.086	20	4.172	38	3.676	33	8.60%
8%-8.99%	0.930	11	0.240	3	0.089	3	0.437	5	0	0	0.526	8	1.696	22	1.260	16	2.17%
9% and higher	0.025	2	0	0	0.039	2	0.233	5	0.048	3	0.321	10	0.345	12	0.336	11	1.33%
NA	0.303	22	0.887	61	0.975	48	0.407	19	0.099	15	1.481	82	2.671	165	2.474	150	6.11%
Total	12.713	73	8.811	90	7.509	88	13.106	64	3.632	24	24.247	176	45.771	339	41.008	307	100.00%
Use of Proceeds
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Acquisition	0	0	0	0.024	0.090	0	0	0	0	0	0	0	0
Capex	0	0	0	0	0	0	0	0	0	0	0.075	0	0
GCP	3.328	2.958	1.973	3.770	1.578	1.355	1.816	0.805	1.574	5.726	2.856	0.142	3.084
No proceeds	0.197	0.445	0.150	0.071	0.015	0.073	0.175	0.064	0.525	0.099	0	0.043	0.049
Redeem notes	0	0	0	0	0	0	0	0	0	0	0	0.287	0
Refinance	0.425	1.180	0.848	0.762	0	0.669	0.325	0.132	0.150	0.325	2.402	0.050	0.135
Repay bank debt	0.149	0	0	0.086	0	0.193	0.466	0	0.554	0.100	0	0.118	0
Multiple/Other/NA	0.665	0.250	0.146	0.125	0	0	0.435	0.325	0.165	0.522	0.305	0.055	0.363
Total	4.763	4.832	3.118	4.838	1.683	2.289	3.217	1.326	2.967	6.772	5.638	0.695	3.632
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0.114	3	0	0	0	0	0	0	0	0	0.114	3	0.114	3	0.00%
Capex	0	0	0	0	0	0	0.075	1	0	0	0.075	1	0.075	1	0.075	1	0.31%
GCP	8.258	19	6.703	22	4.195	22	8.724	23	3.084	5	16.004	50	30.965	91	27.637	84	66.00%
No proceeds	0.792	30	0.159	51	0.764	47	0.142	17	0.049	14	0.955	78	1.905	159	1.708	144	3.94%
Redeem notes	0	0	0	0	0	0	0.287	1	0	0	0.287	1	0.287	1	0.287	1	1.18%
Refinance	2.453	12	1.431	10	0.607	5	2.777	10	0.135	2	3.519	17	7.404	39	6.979	37	14.51%
Repay bank debt	0.149	2	0.279	3	1.020	7	0.218	3	0	0	1.238	10	1.665	15	1.517	13	5.11%
Multiple/Other/NA	1.061	10	0.125	1	0.924	7	0.882	9	0.363	3	2.170	19	3.356	30	2.691	24	8.95%
Total	12.713	73	8.811	90	7.509	88	13.106	64	3.632	24	24.247	176	45.771	339	41.008	307	100.00%
Upsized?
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Yes	1.954	1.180	2.085	1.887	0.775	1.415	1.300	0.325	0.304	0.056	1.113	0	0.028
No	2.809	3.652	1.033	2.952	0.908	0.874	1.917	1.001	2.663	6.716	4.526	0.695	3.605
Total	4.763	4.832	3.118	4.838	1.683	2.289	3.217	1.326	2.967	6.772	5.638	0.695	3.632
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	5.219	18	4.077	11	1.929	7	1.169	4	0.028	1	3.125	12	12.420	41	10.466	35	12.89%
No	7.494	55	4.735	79	5.581	81	11.937	60	3.605	23	21.122	164	33.351	298	30.542	272	87.11%
Total	12.713	73	8.811	90	7.509	88	13.106	64	3.632	24	24.247	176	45.771	339	41.008	307	100.00%
Versus Talk
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Lower	0	0	0	0	0.150	0	0.400	0	0	1.525	0.600	0	1.500
Low end	0.225	0	0.278	1.375	0.175	0.168	0.750	0.325	0.475	1.826	2.144	0.338	1.550
Middle	0.058	0	0.100	0.500	0.100	0.875	0	0.250	0.100	0.450	0.617	0.198	0.328
NA	4.480	4.832	2.740	2.963	1.258	1.247	2.067	0.751	2.392	2.971	2.277	0.160	0.255
Total	4.763	4.832	3.118	4.838	1.683	2.289	3.217	1.326	2.967	6.772	5.638	0.695	3.632
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0	0	0.150	1	0.400	1	2.125	3	1.500	1	4.025	5	4.175	6	4.175	6	16.60%
Low end	0.502	3	1.718	6	1.550	7	4.308	12	1.550	2	7.408	21	9.628	30	9.403	29	30.55%
Middle	0.158	2	1.475	4	0.350	2	1.265	9	0.328	2	1.943	13	3.575	19	3.518	18	8.01%
NA	12.053	68	5.469	79	5.209	78	5.408	40	0.255	19	10.872	137	28.393	284	23.913	254	44.84%
Total	12.713	73	8.811	90	7.509	88	13.106	64	3.632	24	24.247	176	45.771	339	41.008	307	100.00%
Greenshoe Exercised?
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Yes	1.660	1.587	1.176	0.500	0	0.115	0.374	0.167	0.454	0.506	0.754	0.350	0
No	3.103	3.245	1.942	4.338	1.683	2.174	2.843	1.159	2.513	6.266	4.884	0.345	3.632
Total	4.763	4.832	3.118	4.838	1.683	2.289	3.217	1.326	2.967	6.772	5.638	0.695	3.632
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.423	15	0.615	2	0.994	7	1.611	10	0	0	2.605	17	7.643	34	5.983	27	10.74%
No	8.289	58	8.196	88	6.515	81	11.495	54	3.632	24	21.643	159	38.128	305	35.025	280	89.26%
Total	12.713	73	8.811	90	7.509	88	13.106	64	3.632	24	24.247	176	45.771	339	41.008	307	100.00%
S&P Rating
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
AAA	0	0	0.105	0	0	0	0	0	0	0	0	0	0
A+	0	0	0	0	0	0	0	0	0	0	0	0	1.500
A-	0	0	0	0	0	0	0	0	0	1.000	0	0	0
BBB+	0	0	0	0	0	0	0.450	0	0.144	0.500	0	0	0
BBB	0	0.382	0.480	0.850	0	0	0.850	0.250	0.200	0.625	1.000	0	1.800
BBB-	0.525	0	0	0	0.350	0	0.200	0	0	0.275	0	0	0
BB+	0	0.875	0	0.750	0	0	0	0	0	0.250	0.887	0	0
BB	0	0	0	1.000	0.110	0	0	0	0.150	1.376	0	0	0
B+	0	0.230	0	0	0	0	0	0	0.150	0	0	0	0
B	0.200	0	0	0.125	0	0	0	0	0	0	0	0	0
CCC+	0	0	0	0	0	0	0	0	0.144	0	0	0	0
NR	4.038	3.346	2.533	2.113	1.223	2.289	1.717	1.076	2.179	2.746	3.751	0.695	0.332
Total	4.763	4.832	3.118	4.838	1.683	2.289	3.217	1.326	2.967	6.772	5.638	0.695	3.632
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
AAA	0.105	1	0	0	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	1.500	1	1.500	1	1.500	1	1.500	1	6.19%
A-	0	0	0	0	0	0	1.000	1	0	0	1.000	1	1.000	1	1.000	1	4.12%
BBB+	0	0	0	0	0.594	2	0.500	1	0	0	1.094	3	1.094	3	1.094	3	4.51%
BBB	0.862	2	0.850	2	1.300	3	1.625	4	1.800	2	4.725	9	6.436	13	6.436	13	19.49%
BBB-	0.525	2	0.350	2	0.200	1	0.275	1	0	0	0.475	2	1.350	6	0.825	4	1.96%
BB+	0.875	1	0.750	1	0	0	1.137	3	0	0	1.137	3	2.763	5	2.763	5	4.69%
BB	0	0	1.110	3	0.150	1	1.376	2	0	0	1.526	3	2.636	6	2.636	6	6.29%
B+	0.230	1	0	0	0.150	1	0	0	0	0	0.150	1	0.380	2	0.380	2	0.62%
B	0.200	1	0.125	1	0	0	0	0	0	0	0	0	0.325	2	0.125	1	0.00%
CCC+	0	0	0	0	0.144	1	0	0	0	0	0.144	1	0.144	1	0.144	1	0.59%
NR	9.916	65	5.626	81	4.972	79	7.192	52	0.332	21	12.496	152	28.039	298	24.001	269	51.54%
Total	12.713	73	8.811	90	7.509	88	13.106	64	3.632	24	24.247	176	45.771	339	41.008	307	100.00%
Industry Sector (by SIC code)
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Oil and gas (13xx)	0	0	0.062	0	0	0	0	0.014	0	0.100	0.086	0.125	0.007
Manufacturing (2xxx, 3xxx)	1.759	0	0	0	0	0	0	0	0	0	1.000	0	0
Transportation (4xxx)	0	0	0	0	0	0	0	0.025	0	0.150	0.050	0.020	0.091
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.400	0	0.002	0	0	0.050	0
Finance, insurance, real estate (6xxx)	3.004	4.832	3.056	4.838	1.668	2.289	2.801	1.286	2.965	6.522	4.462	0.480	3.534
Services (7xxx)	0	0	0	0	0.015	0	0.016	0	0	0	0.040	0.020	0
Total	4.763	4.832	3.118	4.838	1.683	2.289	3.217	1.326	2.967	6.772	5.638	0.695	3.632
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Oil and gas (13xx)	0.062	2	0	0	0.014	1	0.311	6	0.007	1	0.333	8	0.395	10	0.395	10	1.37%
Manufacturing (2xxx, 3xxx)	1.759	2	0	0	0	0	1.000	1	0	0	1.000	1	2.759	3	1.000	1	4.12%
Transportation (4xxx)	0	0	0	0	0.025	1	0.220	3	0.091	3	0.336	7	0.336	7	0.336	7	1.39%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.402	2	0.050	1	0	0	0.452	3	0.452	3	0.452	3	1.86%
Finance, insurance, real estate (6xxx)	10.892	69	8.796	89	7.052	83	11.464	51	3.534	20	22.051	154	41.739	312	38.735	282	90.94%
Services (7xxx)	0	0	0.015	1	0.016	1	0.060	2	0	0	0.076	3	0.091	4	0.091	4	0.31%
Total	12.713	73	8.811	90	7.509	88	13.106	64	3.632	24	24.247	176	45.771	339	41.008	307	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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