How long has the taxable preferred securities market existed?
Regular preferred securities have been around for a long time. However, taxable preferred securities are relatively new, with the vast majority of new issues debuting after 1995. As of the first quarter of 2002, there have been $180 billion of taxable preferred securities issued. Approximately two-thirds of these taxable preferred securities are exchange listed, with the remainder trading in the over-the-counter market.
