Analysis of preferred stock issuance for 13 months through May 2012

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

Coupon

	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Less than 6%	0.100	0	0	0	0	0	0	0	0.400	0	2.564	0.550	0.475
6%-6.99%	0.500	0	1.488	0.025	0	0	0	0	2.205	0.825	1.530	2.720	0.925
7%-7.99%	0.480	0.374	0.019	0	0.287	0.116	0	0	0.793	0.035	0.078	0.150	0.478
8%-8.99%	0.283	0.019	0	0	0.200	0	0	0.728	0.150	0.118	0.418	0.192	0.035
9% and higher	0.109	0	0	0.029	0	0.140	0.040	0	0	0	0.081	0	0
Floater	1.937	0	0	0	0.312	0	0	1.764	0	0.267	0	0	0
NA	0	0.285	0.431	0	0.365	0	0	0.045	0	0	0.579	0	1.180
Total	3.409	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.548	1.245	5.250	3.613	3.093
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 6%	0	0	0	0	2.964	9	1.025	3	3.989	12	4.089	13	3.989	12	23.82%
6%-6.99%	1.512	3	0	0	4.560	15	3.645	7	8.205	22	10.217	26	9.717	25	48.99%
7%-7.99%	0.307	2	0.116	2	0.907	7	0.628	5	1.535	12	2.811	19	2.331	17	9.16%
8%-8.99%	0.200	3	0.728	3	0.686	9	0.227	4	0.913	13	2.144	24	1.861	21	5.45%
9% and higher	0.029	1	0.180	4	0.081	1	0	0	0.081	1	0.399	7	0.290	6	0.48%
Floater	0.312	3	1.764	15	0.267	1	0	0	0.267	1	4.280	30	2.343	19	1.59%
NA	0.796	13	0.045	2	0.579	4	1.180	15	1.759	19	2.886	37	2.886	37	10.50%
Total	3.158	25	2.833	26	10.043	46	6.706	34	16.749	80	26.827	156	23.418	137	100.00%
Use of Proceeds
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Acquisition	0	0	0	0	0	0.077	0	0.700	0	0	0	0	0
GCP	0.772	0.379	1.019	0.025	0.287	0.030	0	0	2.337	0.517	0.620	3.348	1.760
No proceeds	0.100	0	0	0	0	0	0	0	0	0	2.140	0	0
Redeem notes	0	0	0	0	0	0	0	0	0	0	0.425	0	0.009
Refinance	1.937	0.299	0.919	0	0.743	0.038	0	1.764	0.390	0.322	1.449	0	1.324
Multiple/Other/NA	0.600	0	0	0.029	0.135	0.110	0.040	0.074	0.821	0.406	0.616	0.265	0
Total	3.409	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.548	1.245	5.250	3.613	3.093
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0.777	3	0	0	0	0	0	0	0.777	3	0.777	3	0.00%
GCP	1.332	4	0.030	1	3.474	13	5.108	14	8.582	27	11.095	39	10.323	34	51.24%
No proceeds	0	0	0	0	2.140	7	0	0	2.140	7	2.240	8	2.140	7	12.78%
Redeem notes	0	0	0	0	0.425	1	0.009	1	0.434	2	0.434	2	0.434	2	2.59%
Refinance	1.661	18	1.802	16	2.161	12	1.324	16	3.485	28	9.184	77	7.248	66	20.81%
Multiple/Other/NA	0.164	3	0.224	6	1.843	13	0.265	3	2.108	16	3.096	27	2.496	25	12.59%
Total	3.158	25	2.833	26	10.043	46	6.706	34	16.749	80	26.827	156	23.418	137	100.00%
Upsized?
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Yes	0.150	0.388	0	0	0	0.077	0	0.700	0.322	0.323	0.353	0.500	1.250
No	3.259	0.290	1.938	0.054	1.165	0.179	0.040	1.837	3.226	0.923	4.897	3.113	1.843
Total	3.409	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.548	1.245	5.250	3.613	3.093
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	0.777	3	0.998	7	1.750	4	2.748	11	4.063	17	3.913	16	16.41%
No	3.158	25	2.056	23	9.046	39	4.956	30	14.001	69	22.764	139	19.505	121	83.59%
Total	3.158	25	2.833	26	10.043	46	6.706	34	16.749	80	26.827	156	23.418	137	100.00%
Versus Talk
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Low end	0.380	0	0	0	0	0	0	0	0	0.058	0.450	1.815	0.475
Middle	0	0	0	0	0	0	0	0	0	0	0.400	0	0
NA	3.029	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.548	1.188	4.400	1.798	2.618
Total	3.409	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.548	1.245	5.250	3.613	3.093
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Low end	0	0	0	0	0.507	4	2.290	5	2.797	9	3.178	11	2.797	9	16.70%
Middle	0	0	0	0	0.400	1	0	0	0.400	1	0.400	1	0.400	1	2.39%
NA	3.158	25	2.833	26	9.136	41	4.416	29	13.551	70	23.249	144	20.220	127	80.91%
Total	3.158	25	2.833	26	10.043	46	6.706	34	16.749	80	26.827	156	23.418	137	100.00%
Greenshoe Exercised?
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Yes	0.263	0.374	0.487	0	0.372	0.116	0	0	0.708	0.345	0.304	1.642	0
No	3.145	0.304	1.451	0.054	0.793	0.140	0.040	2.537	2.840	0.900	4.946	1.970	3.093
Total	3.409	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.548	1.245	5.250	3.613	3.093
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.860	3	0.116	2	1.357	11	1.642	3	3.000	14	4.613	22	4.349	20	17.91%
No	2.298	22	2.717	24	8.686	35	5.064	31	13.749	66	22.214	134	19.069	117	82.09%
Total	3.158	25	2.833	26	10.043	46	6.706	34	16.749	80	26.827	156	23.418	137	100.00%
Moody's Rating
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Baa2	0	0	0	0	0	0	0	0	0.750	0	0	0	0
Baa3	0.480	0	1.000	0	0.287	0	0	0	0.490	0	0	0	0.150
NR	2.929	0.678	0.938	0.054	0.878	0.256	0.040	2.537	2.308	1.245	5.250	3.613	2.943
Total	3.409	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.548	1.245	5.250	3.613	3.093
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0	0	0	0	0.750	3	0	0	0.750	3	0.750	3	0.750	3	4.48%
Baa3	1.288	2	0	0	0.490	2	0.150	1	0.640	3	2.407	7	1.927	5	3.82%
NR	1.870	23	2.833	26	8.804	41	6.556	33	15.359	74	23.670	146	20.741	129	91.70%
Total	3.158	25	2.833	26	10.043	46	6.706	34	16.749	80	26.827	156	23.418	137	100.00%
Industry Sector (by SIC code)
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Oil and gas (13xx)	0	0.019	0	0.029	0	0	0	0.028	0	0	0.055	0	0
Transportation (4xxx)	0.109	0	0	0	0	0	0	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0.350	0	0	0	0.475
Finance, insurance, real estate (6xxx)	3.300	0.658	1.938	0.025	1.165	0.256	0.040	2.509	3.198	1.245	5.195	3.613	2.618
Total	3.409	0.678	1.938	0.054	1.165	0.256	0.040	2.537	3.548	1.245	5.250	3.613	3.093
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Oil and gas (13xx)	0.029	1	0.028	1	0.055	1	0	0	0.055	1	0.132	5	0.132	5	0.33%
Transportation (4xxx)	0	0	0	0	0	0	0	0	0	0	0.109	1	0	0	0.00%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.350	2	0.475	1	0.825	3	0.825	3	0.825	3	4.93%
Finance, insurance, real estate (6xxx)	3.128	24	2.805	25	9.638	43	6.231	33	15.869	76	25.760	147	22.460	129	94.75%
Total	3.158	25	2.833	26	10.043	46	6.706	34	16.749	80	26.827	156	23.418	137	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)

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.