Analysis of preferred stock issuance for 13 months through December 2013

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

Dividend

	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Less than 5%	0.080	0	0	0.125	0	1.000	0	0.005	0	0.050	0	0	0
5%-5.99%	1.200	2.269	0.400	1.181	5.576	3.788	0.338	1.500	0	0	0	0	0
6%-6.99%	0.100	0.412	0.435	0.800	0.320	0	0.115	1.800	0	0.385	1.650	0	2.165
7%-7.99%	0.421	0.394	0.219	0.314	0.581	0.277	0.138	0.180	0.195	2.045	0.311	0.087	0
8%-8.99%	0	0.051	0	0.037	0.200	0.182	0.060	0	0	0.076	0.095	0	0.020
9% and higher	0	0	0.039	0	0.110	0.126	0.007	0.052	0.130	0.025	0.074	0	0.029
Floater	0	0	0	0	0	0	0	0	0.271	0	0	0.409	0
NA	0.488	0.157	0.239	0.580	0.099	0.265	0.043	0.099	0.249	0.399	0.066	0.049	1.150
Total	2.289	3.282	1.332	3.037	6.886	5.638	0.701	3.636	0.845	2.981	2.196	0.544	3.364
	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	1.180	5	3.42%
5%-5.99%	3.850	14	9.702	19	1.500	1	0	0	15.052	34	16.252	36	15.052	34	43.70%
6%-6.99%	1.647	12	0.435	4	2.185	3	3.815	7	8.082	26	8.182	27	8.082	26	23.46%
7%-7.99%	0.926	8	0.996	10	2.421	6	0.397	4	4.740	28	5.161	33	4.740	28	13.76%
8%-8.99%	0.089	3	0.443	5	0.076	2	0.115	2	0.722	12	0.722	12	0.722	12	2.10%
9% and higher	0.039	2	0.243	5	0.207	5	0.103	5	0.593	17	0.593	17	0.593	17	1.72%
Floater	0	0	0	0	0.271	3	0.409	1	0.680	4	0.680	4	0.680	4	1.97%
NA	0.975	48	0.407	19	0.747	36	1.265	31	3.394	134	3.882	162	3.394	134	9.85%
Total	7.651	88	13.225	64	7.462	58	6.105	50	34.443	260	36.732	297	34.443	260	100.00%
Use of Proceeds
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Capex	0	0	0	0	0	0.075	0	0	0	0	0.053	0.409	0
GCP	1.355	1.816	0.812	1.604	5.776	2.856	0.142	3.089	0	2.532	1.850	0.087	2.193
No proceeds	0.073	0.175	0.064	0.525	0.099	0	0.043	0.049	0.124	0.091	0.066	0.049	0
Redeem notes	0	0	0	0	0	0	0.287	0	0.195	0.308	0	0	0.654
Refinance	0.669	0.340	0.132	0.150	0.325	2.402	0.050	0.135	0.271	0	0.206	0	0.222
Repay bank debt	0.193	0.516	0	0.594	0.110	0	0.118	0	0.130	0	0.008	0	0
Multiple/Other/NA	0	0.435	0.325	0.165	0.576	0.305	0.060	0.363	0.125	0.050	0.013	0	0.295
Total	2.289	3.282	1.332	3.037	6.886	5.638	0.701	3.636	0.845	2.981	2.196	0.544	3.364
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Capex	0	0	0.075	1	0	0	0.462	2	0.537	3	0.537	3	0.537	3	1.56%
GCP	4.231	22	8.774	23	5.620	12	4.130	12	22.755	69	24.110	75	22.755	69	66.07%
No proceeds	0.764	47	0.142	17	0.264	32	0.115	23	1.285	119	1.358	142	1.285	119	3.73%
Redeem notes	0	0	0.287	1	0.503	3	0.654	4	1.445	8	1.445	8	1.445	8	4.20%
Refinance	0.622	5	2.777	10	0.406	5	0.428	4	4.233	24	4.902	30	4.233	24	12.29%
Repay bank debt	1.110	7	0.228	3	0.130	1	0.008	1	1.476	12	1.669	14	1.476	12	4.29%
Multiple/Other/NA	0.924	7	0.942	9	0.538	5	0.307	4	2.712	25	2.712	25	2.712	25	7.87%
Total	7.651	88	13.225	64	7.462	58	6.105	50	34.443	260	36.732	297	34.443	260	100.00%
Upsized?
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Yes	1.415	1.350	0.325	0.314	0.056	1.113	0	0.032	0	0.863	1.300	0	0
No	0.874	1.932	1.007	2.723	6.830	4.526	0.701	3.605	0.845	2.118	0.896	0.544	3.364
Total	2.289	3.282	1.332	3.037	6.886	5.638	0.701	3.636	0.845	2.981	2.196	0.544	3.364
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.989	7	1.169	4	0.894	2	1.300	1	5.352	14	6.767	18	5.352	14	15.54%
No	5.662	81	12.057	60	6.568	56	4.805	49	29.091	246	29.966	279	29.091	246	84.46%
Total	7.651	88	13.225	64	7.462	58	6.105	50	34.443	260	36.732	297	34.443	260	100.00%
Versus Talk
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Lower	0	0.400	0	0	1.525	0.600	0	1.500	0	0	0.200	0	0
Low end	0.168	0.800	0.325	0.475	1.826	2.144	0.338	1.550	0	0	0.461	0	1.300
Middle	0.875	0	0.250	0.100	0.450	0.617	0.198	0.332	0.130	2.430	1.300	0	0.750
NA	1.247	2.082	0.757	2.462	3.085	2.277	0.165	0.255	0.715	0.550	0.235	0.544	1.314
Total	2.289	3.282	1.332	3.037	6.886	5.638	0.701	3.636	0.845	2.981	2.196	0.544	3.364
	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	4.225	6	4.225	6	12.27%
Low end	1.600	7	4.308	12	1.550	2	1.761	5	9.219	26	9.386	28	9.219	26	26.77%
Middle	0.350	2	1.265	9	2.892	7	2.050	2	6.557	20	7.432	22	6.557	20	19.04%
NA	5.301	78	5.527	40	1.520	48	2.094	42	14.442	208	15.689	241	14.442	208	41.93%
Total	7.651	88	13.225	64	7.462	58	6.105	50	34.443	260	36.732	297	34.443	260	100.00%
Greenshoe Exercised?
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Yes	0.115	1.049	0.308	1.139	1.186	0.886	0.391	0.032	0.130	1.530	0.260	0.037	0.021
No	2.174	2.233	1.024	1.898	5.700	4.752	0.310	3.605	0.715	1.450	1.937	0.508	3.343
Total	2.289	3.282	1.332	3.037	6.886	5.638	0.701	3.636	0.845	2.981	2.196	0.544	3.364
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.495	16	2.463	15	1.692	5	0.317	5	6.968	41	7.083	42	6.968	41	20.23%
No	5.155	72	10.762	49	5.770	53	5.788	45	27.475	219	29.649	255	27.475	219	79.77%
Total	7.651	88	13.225	64	7.462	58	6.105	50	34.443	260	36.732	297	34.443	260	100.00%
S&P Rating
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
A+	0	0	0	0	0	0	0	1.500	0	0	0	0	0
A-	0	0	0	0	1.000	0	0	0	0	0	0.250	0	0
BBB+	0	0.500	0	0.144	0.500	0	0	0	0	0	0	0	0.750
BBB	0	0.850	0.250	0.200	0.675	1.000	0	1.800	0	0	0	0	0
BBB-	0	0.200	0	0	0.275	0	0	0	0	0.385	0	0	0.565
BB+	0	0	0	0	0.250	0.887	0	0	0	0.863	0	0	0.850
BB	0	0	0	0.150	1.376	0	0	0	0	0.900	1.300	0	0
B+	0	0	0	0.150	0	0	0	0	0	0	0	0	0
B-	0	0	0	0	0	0	0	0	0	0.026	0	0	0
CCC+	0	0	0	0.144	0	0	0	0	0	0	0	0	0
CCC-	0	0	0	0	0	0	0	0	0.130	0	0	0	0
NR	2.289	1.732	1.082	2.249	2.810	3.751	0.701	0.336	0.715	0.807	0.646	0.544	1.199
Total	2.289	3.282	1.332	3.037	6.886	5.638	0.701	3.636	0.845	2.981	2.196	0.544	3.364
	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	4.36%
A-	0	0	1.000	1	0	0	0.250	1	1.250	2	1.250	2	1.250	2	3.63%
BBB+	0.644	2	0.500	1	0	0	0.750	1	1.894	4	1.894	4	1.894	4	5.50%
BBB	1.300	3	1.675	4	1.800	2	0	0	4.775	9	4.775	9	4.775	9	13.86%
BBB-	0.200	1	0.275	1	0.385	1	0.565	2	1.425	5	1.425	5	1.425	5	4.14%
BB+	0	0	1.137	3	0.863	1	0.850	1	2.850	5	2.850	5	2.850	5	8.27%
BB	0.150	1	1.376	2	0.900	1	1.300	1	3.726	5	3.726	5	3.726	5	10.82%
B+	0.150	1	0	0	0	0	0	0	0.150	1	0.150	1	0.150	1	0.44%
B-	0	0	0	0	0.026	1	0	0	0.026	1	0.026	1	0.026	1	0.08%
CCC+	0.144	1	0	0	0	0	0	0	0.144	1	0.144	1	0.144	1	0.42%
CCC-	0	0	0	0	0.130	1	0	0	0.130	1	0.130	1	0.130	1	0.38%
NR	5.063	79	7.262	52	1.858	50	2.390	44	16.573	225	18.862	262	16.573	225	48.12%
Total	7.651	88	13.225	64	7.462	58	6.105	50	34.443	260	36.732	297	34.443	260	100.00%
Industry Sector (by SIC code)
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0.283	0	0	0
Oil and gas (13xx)	0	0	0.014	0	0.110	0.086	0.125	0.007	0.130	0.025	0.053	0	0.008
Manufacturing (2xxx, 3xxx)	0	0	0	0	0	1.000	0	0	0	0	0	0	0
Transportation (4xxx)	0	0	0.025	0	0.150	0.050	0.020	0.095	0	0.076	0.008	0.459	0.021
Electric, gas, sanitary services (49xx)	0	0.400	0	0.002	0	0	0.050	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	2.289	2.866	1.292	3.035	6.626	4.462	0.506	3.534	0.715	2.597	2.135	0.086	3.335
Services (7xxx)	0	0.016	0	0	0	0.040	0	0	0	0	0	0	0
Total	2.289	3.282	1.332	3.037	6.886	5.638	0.701	3.636	0.845	2.981	2.196	0.544	3.364
	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	0.283	1	0	0	0.283	1	0.283	1	0.283	1	0.82%
Oil and gas (13xx)	0.014	1	0.321	6	0.162	3	0.062	2	0.559	12	0.559	12	0.559	12	1.62%
Manufacturing (2xxx, 3xxx)	0	0	1.000	1	0	0	0	0	1.000	1	1.000	1	1.000	1	2.90%
Transportation (4xxx)	0.025	1	0.220	3	0.171	5	0.488	4	0.904	13	0.904	13	0.904	13	2.62%
Electric, gas, sanitary services (49xx)	0.402	2	0.050	1	0	0	0	0	0.452	3	0.452	3	0.452	3	1.31%
Finance, insurance, real estate (6xxx)	7.193	83	11.594	52	6.846	49	5.556	44	31.189	228	33.478	265	31.189	228	90.55%
Services (7xxx)	0.016	1	0.040	1	0	0	0	0	0.056	2	0.056	2	0.056	2	0.16%
Total	7.651	88	13.225	64	7.462	58	6.105	50	34.443	260	36.732	297	34.443	260	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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