Analysis of preferred stock issuance for 13 months through January 2014

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

Dividend

	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Less than 5%	0	0	0.125	0	1.000	0	0.005	0	0.050	0	0	0	0
5%-5.99%	2.319	0.400	1.181	5.576	3.788	0.338	1.500	0	0	0	0	0	0
6%-6.99%	0.412	0.435	0.800	0.320	0	0.115	1.800	0	0.385	1.650	0	2.165	2.850
7%-7.99%	0.394	0.219	0.314	0.606	0.277	0.138	0.180	0.195	2.045	0.311	0.087	0	0
8%-8.99%	0.051	0	0.037	0.200	0.182	0.060	0	0	0.076	0.095	0	0.020	0.150
9% and higher	0	0.039	0	0.110	0.126	0.007	0.052	0.130	0.025	0.074	0	0.029	0
Floater	0	0	0	0	0	0	0	0.271	0	0	0.409	0	0
NA	0.157	0.239	0.580	0.099	0.265	0.043	0.099	0.249	0.399	0.066	0.049	1.150	0.021
Total	3.332	1.332	3.037	6.911	5.638	0.701	3.636	0.845	2.981	2.196	0.544	3.364	3.021
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	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	0	0	0	0	1.180	5	1.180	5	0.00%
5%-5.99%	3.900	14	9.702	19	1.500	1	0	0	0	0	0	0	15.102	34	12.783	28	0.00%
6%-6.99%	1.647	12	0.435	4	2.185	3	3.815	7	2.850	2	2.850	2	10.932	28	10.520	25	94.34%
7%-7.99%	0.926	8	1.021	10	2.421	6	0.397	4	0	0	0	0	4.765	28	4.371	26	0.00%
8%-8.99%	0.089	3	0.443	5	0.076	2	0.115	2	0.150	2	0.150	2	0.872	14	0.821	12	4.97%
9% and higher	0.039	2	0.243	5	0.207	5	0.103	5	0	0	0	0	0.593	17	0.593	17	0.00%
Floater	0	0	0	0	0.271	3	0.409	1	0	0	0	0	0.680	4	0.680	4	0.00%
NA	0.975	48	0.407	19	0.747	36	1.265	31	0.021	10	0.021	10	3.415	144	3.258	128	0.70%
Total	7.701	88	13.250	64	7.462	58	6.105	50	3.021	14	3.021	14	37.539	274	34.206	245	100.00%
Use of Proceeds
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Capex	0	0	0	0	0.075	0	0	0	0	0.053	0.409	0	0
GCP	1.866	0.702	1.604	5.801	2.856	0.142	3.089	0	2.532	1.850	0.087	2.193	2.150
No proceeds	0.175	0.064	0.525	0.099	0	0.043	0.049	0.124	0.091	0.066	0.049	0	0.021
Redeem notes	0	0	0	0	0	0.287	0	0.195	0.308	0	0	0.654	0
Refinance	0.340	0.242	0.150	0.325	2.402	0.050	0.135	0.271	0	0.206	0	0.222	0
Repay bank debt	0.516	0	0.594	0.110	0	0.118	0	0.130	0	0.008	0	0	0
Multiple/Other/NA	0.435	0.325	0.165	0.576	0.305	0.060	0.363	0.125	0.050	0.013	0	0.295	0.850
Total	3.332	1.332	3.037	6.911	5.638	0.701	3.636	0.845	2.981	2.196	0.544	3.364	3.021
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Capex	0	0	0.075	1	0	0	0.462	2	0	0	0	0	0.537	3	0.537	3	0.00%
GCP	4.171	21	8.799	23	5.620	12	4.130	12	2.150	3	2.150	3	24.870	71	23.005	65	71.17%
No proceeds	0.764	47	0.142	17	0.264	32	0.115	23	0.021	10	0.021	10	1.306	129	1.130	112	0.70%
Redeem notes	0	0	0.287	1	0.503	3	0.654	4	0	0	0	0	1.445	8	1.445	8	0.00%
Refinance	0.732	6	2.777	10	0.406	5	0.428	4	0	0	0	0	4.343	25	4.003	23	0.00%
Repay bank debt	1.110	7	0.228	3	0.130	1	0.008	1	0	0	0	0	1.476	12	0.960	10	0.00%
Multiple/Other/NA	0.924	7	0.942	9	0.538	5	0.307	4	0.850	1	0.850	1	3.562	26	3.127	24	28.14%
Total	7.701	88	13.250	64	7.462	58	6.105	50	3.021	14	3.021	14	37.539	274	34.206	245	100.00%
Upsized?
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Yes	1.400	0.325	0.314	0.056	1.113	0	0.032	0	0.863	1.300	0	0	0
No	1.932	1.007	2.723	6.855	4.526	0.701	3.605	0.845	2.118	0.896	0.544	3.364	3.021
Total	3.332	1.332	3.037	6.911	5.638	0.701	3.636	0.845	2.981	2.196	0.544	3.364	3.021
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.039	7	1.169	4	0.894	2	1.300	1	0	0	0	0	5.402	14	4.002	12	0.00%
No	5.662	81	12.082	60	6.568	56	4.805	49	3.021	14	3.021	14	32.137	260	30.205	233	100.00%
Total	7.701	88	13.250	64	7.462	58	6.105	50	3.021	14	3.021	14	37.539	274	34.206	245	100.00%
Versus Talk
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Lower	0.400	0	0	1.525	0.600	0	1.500	0	0	0.200	0	0	0
Low end	0.800	0.325	0.475	1.826	2.144	0.338	1.550	0	0	0.461	0	1.300	0
Middle	0	0.250	0.100	0.450	0.617	0.198	0.332	0.130	2.430	1.300	0	0.750	3.000
NA	2.132	0.757	2.462	3.110	2.277	0.165	0.255	0.715	0.550	0.235	0.544	1.314	0.021
Total	3.332	1.332	3.037	6.911	5.638	0.701	3.636	0.845	2.981	2.196	0.544	3.364	3.021
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.400	1	2.125	3	1.500	1	0.200	1	0	0	0	0	4.225	6	3.825	5	0.00%
Low end	1.600	7	4.308	12	1.550	2	1.761	5	0	0	0	0	9.219	26	8.419	24	0.00%
Middle	0.350	2	1.265	9	2.892	7	2.050	2	3.000	4	3.000	4	9.557	24	9.557	24	99.30%
NA	5.351	78	5.552	40	1.520	48	2.094	42	0.021	10	0.021	10	14.538	218	12.405	192	0.70%
Total	7.701	88	13.250	64	7.462	58	6.105	50	3.021	14	3.021	14	37.539	274	34.206	245	100.00%
Greenshoe Exercised?
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Yes	1.949	0.308	1.139	1.386	0.886	0.391	0.032	0.130	1.530	0.260	0.037	0.021	0
No	1.383	1.024	1.898	5.525	4.752	0.310	3.605	0.715	1.450	1.937	0.508	3.343	3.021
Total	3.332	1.332	3.037	6.911	5.638	0.701	3.636	0.845	2.981	2.196	0.544	3.364	3.021
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.395	17	2.663	16	1.692	5	0.317	5	0	0	0	0	8.068	43	6.119	38	0.00%
No	4.305	71	10.587	48	5.770	53	5.788	45	3.021	14	3.021	14	29.471	231	28.087	207	100.00%
Total	7.701	88	13.250	64	7.462	58	6.105	50	3.021	14	3.021	14	37.539	274	34.206	245	100.00%
S&P Rating
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
A+	0	0	0	0	0	0	1.500	0	0	0	0	0	0
A-	0	0	0	1.000	0	0	0	0	0	0.250	0	0	0
BBB+	0.500	0	0.144	0.500	0	0	0	0	0	0	0	0.750	0
BBB	0.900	0.250	0.200	0.675	1.000	0	1.800	0	0	0	0	0	2.850
BBB-	0.200	0	0	0.275	0	0	0	0	0.385	0	0	0.565	0
BB+	0	0	0	0.250	0.887	0	0	0	0.863	0	0	0.850	0
BB	0	0	0.150	1.376	0	0	0	0	0.900	1.300	0	0	0
B+	0	0	0.150	0	0	0	0	0	0	0	0	0	0
B-	0	0	0	0	0	0	0	0	0.026	0	0	0	0
CCC+	0	0	0.144	0	0	0	0	0	0	0	0	0	0
CCC-	0	0	0	0	0	0	0	0.130	0	0	0	0	0
NR	1.732	1.082	2.249	2.835	3.751	0.701	0.336	0.715	0.807	0.646	0.544	1.199	0.171
Total	3.332	1.332	3.037	6.911	5.638	0.701	3.636	0.845	2.981	2.196	0.544	3.364	3.021
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
A+	0	0	0	0	1.500	1	0	0	0	0	0	0	1.500	1	1.500	1	0
A-	0	0	1.000	1	0	0	0.250	1	0	0	0	0	1.250	2	1.250	2	0.00%
BBB+	0.644	2	0.500	1	0	0	0.750	1	0	0	0	0	1.894	4	1.394	3	0.00%
BBB	1.350	3	1.675	4	1.800	2	0	0	2.850	2	2.850	2	7.675	11	6.775	10	94.34%
BBB-	0.200	1	0.275	1	0.385	1	0.565	2	0	0	0	0	1.425	5	1.225	4	0.00%
BB+	0	0	1.137	3	0.863	1	0.850	1	0	0	0	0	2.850	5	2.850	5	0.00%
BB	0.150	1	1.376	2	0.900	1	1.300	1	0	0	0	0	3.726	5	3.726	5	0.00%
B+	0.150	1	0	0	0	0	0	0	0	0	0	0	0.150	1	0.150	1	0.00%
B-	0	0	0	0	0.026	1	0	0	0	0	0	0	0.026	1	0.026	1	0.00%
CCC+	0.144	1	0	0	0	0	0	0	0	0	0	0	0.144	1	0.144	1	0.00%
CCC-	0	0	0	0	0.130	1	0	0	0	0	0	0	0.130	1	0.130	1	0.00%
NR	5.063	79	7.287	52	1.858	50	2.390	44	0.171	12	0.171	12	16.769	237	15.036	211	5.66%
Total	7.701	88	13.250	64	7.462	58	6.105	50	3.021	14	3.021	14	37.539	274	34.206	245	100.00%
Industry Sector (by SIC code)
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0.283	0	0	0	0
Oil and gas (13xx)	0	0.014	0	0.110	0.086	0.125	0.007	0.130	0.025	0.053	0	0.008	0
Manufacturing (2xxx, 3xxx)	0	0	0	0	1.000	0	0	0	0	0	0	0	0
Transportation (4xxx)	0	0.025	0	0.150	0.050	0.020	0.095	0	0.076	0.008	0.459	0.021	0.150
Electric, gas, sanitary services (49xx)	0.400	0	0.002	0	0	0.050	0	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	2.916	1.292	3.035	6.651	4.462	0.506	3.534	0.715	2.597	2.135	0.086	3.335	2.871
Services (7xxx)	0.016	0	0	0	0.040	0	0	0	0	0	0	0	0
Total	3.332	1.332	3.037	6.911	5.638	0.701	3.636	0.845	2.981	2.196	0.544	3.364	3.021
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.283	1	0	0	0	0	0	0	0.283	1	0.283	1	0.00%
Oil and gas (13xx)	0.014	1	0.321	6	0.162	3	0.062	2	0	0	0	0	0.559	12	0.559	12	0.00%
Manufacturing (2xxx, 3xxx)	0	0	1.000	1	0	0	0	0	0	0	0	0	1.000	1	1.000	1	0.00%
Transportation (4xxx)	0.025	1	0.220	3	0.171	5	0.488	4	0.150	2	0.150	2	1.054	15	1.054	15	4.97%
Electric, gas, sanitary services (49xx)	0.402	2	0.050	1	0	0	0	0	0	0	0	0	0.452	3	0.052	2	0.00%
Finance, insurance, real estate (6xxx)	7.243	83	11.619	52	6.846	49	5.556	44	2.871	12	2.871	12	34.135	240	31.218	213	95.03%
Services (7xxx)	0.016	1	0.040	1	0	0	0	0	0	0	0	0	0.056	2	0.040	1	0.00%
Total	7.701	88	13.250	64	7.462	58	6.105	50	3.021	14	3.021	14	37.539	274	34.206	245	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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