Analysis of preferred stock issuance for 13 months through February 2014

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

Dividend

	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Less than 5%	0	0.125	0	1.000	0	0.005	0	0.050	0	0	0	0	0
5%-5.99%	0.400	1.181	5.576	3.788	0.338	1.500	0	0	0	0	0	0	1.775
6%-6.99%	0.435	0.800	0.320	0	0.115	1.800	0	0.385	1.650	0	2.165	2.850	1.480
7%-7.99%	0.219	0.314	0.606	0.277	0.138	0.180	0.195	2.045	0.311	0.087	0	0	0
8%-8.99%	0	0.037	0.200	0.182	0.060	0	0	0.076	0.095	0	0.020	0.150	0.222
9% and higher	0.039	0	0.110	0.126	0.007	0.052	0.130	0.025	0.074	0	0.029	0	0
Floater	0	0	0	0	0	0	0.271	0	0	0.409	0	0	0
NA	0.239	0.580	0.099	0.265	0.043	0.099	0.249	0.399	0.066	0.049	1.150	0.021	0.226
Total	1.332	3.037	6.911	5.638	0.701	3.636	0.845	2.981	2.196	0.544	3.364	3.021	3.703
	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%	1.000	2	0.055	2	0	0	0	0	0	0	1.180	5	1.180	5	0.00%
5%-5.99%	9.702	19	1.500	1	0	0	1.775	3	1.775	3	14.558	31	14.158	29	26.40%
6%-6.99%	0.435	4	2.185	3	3.815	7	4.330	5	4.330	5	12.000	28	11.565	25	64.40%
7%-7.99%	1.021	10	2.421	6	0.397	4	0	0	0	0	4.371	26	4.153	23	0.00%
8%-8.99%	0.443	5	0.076	2	0.115	2	0.372	5	0.372	5	1.044	15	1.044	15	5.53%
9% and higher	0.243	5	0.207	5	0.103	5	0	0	0	0	0.593	17	0.553	15	0.00%
Floater	0	0	0.271	3	0.409	1	0	0	0	0	0.680	4	0.680	4	0.00%
NA	0.407	19	0.747	36	1.265	31	0.247	12	0.247	12	3.484	130	3.246	122	3.67%
Total	13.250	64	7.462	58	6.105	50	6.724	25	6.724	25	37.910	256	36.578	238	100.00%
Use of Proceeds
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Capex	0	0	0	0.075	0	0	0	0	0.053	0.409	0	0	0
GCP	0.702	1.604	5.801	2.856	0.142	3.089	0	2.532	1.850	0.087	2.193	2.150	3.455
No proceeds	0.064	0.525	0.099	0	0.043	0.049	0.124	0.091	0.066	0.049	0	0.021	0
Redeem notes	0	0	0	0	0.287	0	0.195	0.308	0	0	0.654	0	0
Refinance	0.242	0.150	0.325	2.402	0.050	0.135	0.271	0	0.206	0	0.222	0	0.226
Repay bank debt	0	0.594	0.110	0	0.118	0	0.130	0	0.008	0	0	0	0
Multiple/Other/NA	0.325	0.165	0.576	0.305	0.060	0.363	0.125	0.050	0.013	0	0.295	0.850	0.022
Total	1.332	3.037	6.911	5.638	0.701	3.636	0.845	2.981	2.196	0.544	3.364	3.021	3.703
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Capex	0.075	1	0	0	0.462	2	0	0	0	0	0.537	3	0.537	3	0.00%
GCP	8.799	23	5.620	12	4.130	12	5.605	11	5.605	11	26.459	73	25.758	67	83.36%
No proceeds	0.142	17	0.264	32	0.115	23	0.021	10	0.021	10	1.130	112	1.067	105	0.31%
Redeem notes	0.287	1	0.503	3	0.654	4	0	0	0	0	1.445	8	1.445	8	0.00%
Refinance	2.777	10	0.406	5	0.428	4	0.226	2	0.226	2	4.229	25	3.987	22	3.36%
Repay bank debt	0.228	3	0.130	1	0.008	1	0	0	0	0	0.960	10	0.960	10	0.00%
Multiple/Other/NA	0.942	9	0.538	5	0.307	4	0.873	2	0.873	2	3.149	25	2.824	23	12.98%
Total	13.250	64	7.462	58	6.105	50	6.724	25	6.724	25	37.910	256	36.578	238	100.00%
Upsized?
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Yes	0.325	0.314	0.056	1.113	0	0.032	0	0.863	1.300	0	0	0	0.615
No	1.007	2.723	6.855	4.526	0.701	3.605	0.845	2.118	0.896	0.544	3.364	3.021	3.088
Total	1.332	3.037	6.911	5.638	0.701	3.636	0.845	2.981	2.196	0.544	3.364	3.021	3.703
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.169	4	0.894	2	1.300	1	0.615	2	0.615	2	4.617	14	4.292	12	9.15%
No	12.082	60	6.568	56	4.805	49	6.109	23	6.109	23	33.293	242	32.286	226	90.85%
Total	13.250	64	7.462	58	6.105	50	6.724	25	6.724	25	37.910	256	36.578	238	100.00%
Versus Talk
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Lower	0	0	1.525	0.600	0	1.500	0	0	0.200	0	0	0	0.750
Low end	0.325	0.475	1.826	2.144	0.338	1.550	0	0	0.461	0	1.300	0	1.950
Middle	0.250	0.100	0.450	0.617	0.198	0.332	0.130	2.430	1.300	0	0.750	3.000	0.480
High end	0	0	0	0	0	0	0	0	0	0	0	0	0.022
NA	0.757	2.462	3.110	2.277	0.165	0.255	0.715	0.550	0.235	0.544	1.314	0.021	0.501
Total	1.332	3.037	6.911	5.638	0.701	3.636	0.845	2.981	2.196	0.544	3.364	3.021	3.703
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	2.125	3	1.500	1	0.200	1	0.750	1	0.750	1	4.575	6	4.575	6	11.15%
Low end	4.308	12	1.550	2	1.761	5	1.950	5	1.950	5	10.368	29	10.043	27	29.00%
Middle	1.265	9	2.892	7	2.050	2	3.480	5	3.480	5	10.037	25	9.787	24	51.75%
High end	0	0	0	0	0	0	0.022	1	0.022	1	0.022	1	0.022	1	0.33%
NA	5.552	40	1.520	48	2.094	42	0.522	13	0.522	13	12.906	195	12.150	180	7.76%
Total	13.250	64	7.462	58	6.105	50	6.724	25	6.724	25	37.910	256	36.578	238	100.00%
Greenshoe Exercised?
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Yes	0.308	1.139	1.386	0.886	0.391	0.032	0.130	1.530	0.260	0.037	0.021	0	0.200
No	1.024	1.898	5.525	4.752	0.310	3.605	0.715	1.450	1.937	0.508	3.343	3.021	3.503
Total	1.332	3.037	6.911	5.638	0.701	3.636	0.845	2.981	2.196	0.544	3.364	3.021	3.703
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.663	16	1.692	5	0.317	5	0.200	2	0.200	2	6.319	40	6.011	37	2.97%
No	10.587	48	5.770	53	5.788	45	6.524	23	6.524	23	31.591	216	30.567	201	97.03%
Total	13.250	64	7.462	58	6.105	50	6.724	25	6.724	25	37.910	256	36.578	238	100.00%
S&P Rating
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
A+	0	0	0	0	0	1.500	0	0	0	0	0	0	0
A-	0	0	1.000	0	0	0	0	0	0.250	0	0	0	0
BBB+	0	0.144	0.500	0	0	0	0	0	0	0	0.750	0	0.750
BBB	0.250	0.200	0.675	1.000	0	1.800	0	0	0	0	0	2.850	0.350
BBB-	0	0	0.275	0	0	0	0	0.385	0	0	0.565	0	0
BB+	0	0	0.250	0.887	0	0	0	0.863	0	0	0.850	0	0
BB	0	0.150	1.376	0	0	0	0	0.900	1.300	0	0	0	0
B+	0	0.150	0	0	0	0	0	0	0	0	0	0	0
B-	0	0	0	0	0	0	0	0.026	0	0	0	0	0
CCC+	0	0.144	0	0	0	0	0	0	0	0	0	0	0
CCC-	0	0	0	0	0	0	0.130	0	0	0	0	0	0
NR	1.082	2.249	2.835	3.751	0.701	0.336	0.715	0.807	0.646	0.544	1.199	0.171	2.603
Total	1.332	3.037	6.911	5.638	0.701	3.636	0.845	2.981	2.196	0.544	3.364	3.021	3.703
	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	1.500	1	0	0	0	0	0	0	1.500	1	1.500	1	0.00%
A-	1.000	1	0	0	0.250	1	0	0	0	0	1.250	2	1.250	2	0.00%
BBB+	0.500	1	0	0	0.750	1	0.750	1	0.750	1	2.144	4	2.144	4	11.15%
BBB	1.675	4	1.800	2	0	0	3.200	3	3.200	3	7.125	11	6.875	10	47.59%
BBB-	0.275	1	0.385	1	0.565	2	0	0	0	0	1.225	4	1.225	4	0.00%
BB+	1.137	3	0.863	1	0.850	1	0	0	0	0	2.850	5	2.850	5	0.00%
BB	1.376	2	0.900	1	1.300	1	0	0	0	0	3.726	5	3.726	5	0.00%
B+	0	0	0	0	0	0	0	0	0	0	0.150	1	0.150	1	0.00%
B-	0	0	0.026	1	0	0	0	0	0	0	0.026	1	0.026	1	0.00%
CCC+	0	0	0	0	0	0	0	0	0	0	0.144	1	0.144	1	0.00%
CCC-	0	0	0.130	1	0	0	0	0	0	0	0.130	1	0.130	1	0.00%
NR	7.287	52	1.858	50	2.390	44	2.774	21	2.774	21	17.640	220	16.558	203	41.26%
Total	13.250	64	7.462	58	6.105	50	6.724	25	6.724	25	37.910	256	36.578	238	100.00%
Industry Sector (by SIC code)
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Agriculture (0xxx)	0	0	0	0	0	0	0	0.283	0	0	0	0	0
Oil and gas (13xx)	0.014	0	0.110	0.086	0.125	0.007	0.130	0.025	0.053	0	0.008	0	0
Manufacturing (2xxx, 3xxx)	0	0	0	1.000	0	0	0	0	0	0	0	0	0
Transportation (4xxx)	0.025	0	0.150	0.050	0.020	0.095	0	0.076	0.008	0.459	0.021	0.150	0.200
Electric, gas, sanitary services (49xx)	0	0.002	0	0	0.050	0	0	0	0	0	0	0	0.275
Finance, insurance, real estate (6xxx)	1.292	3.035	6.651	4.462	0.506	3.534	0.715	2.597	2.135	0.086	3.335	2.871	3.228
Services (7xxx)	0	0	0	0.040	0	0	0	0	0	0	0	0	0
Total	1.332	3.037	6.911	5.638	0.701	3.636	0.845	2.981	2.196	0.544	3.364	3.021	3.703
	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	0.283	1	0	0	0	0	0	0	0.283	1	0.283	1	0.00%
Oil and gas (13xx)	0.321	6	0.162	3	0.062	2	0	0	0	0	0.559	12	0.545	11	0.00%
Manufacturing (2xxx, 3xxx)	1.000	1	0	0	0	0	0	0	0	0	1.000	1	1.000	1	0.00%
Transportation (4xxx)	0.220	3	0.171	5	0.488	4	0.350	4	0.350	4	1.254	17	1.229	16	5.21%
Electric, gas, sanitary services (49xx)	0.050	1	0	0	0	0	0.275	1	0.275	1	0.327	3	0.327	3	4.09%
Finance, insurance, real estate (6xxx)	11.619	52	6.846	49	5.556	44	6.099	20	6.099	20	34.447	221	33.155	205	90.70%
Services (7xxx)	0.040	1	0	0	0	0	0	0	0	0	0.040	1	0.040	1	0.00%
Total	13.250	64	7.462	58	6.105	50	6.724	25	6.724	25	37.910	256	36.578	238	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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