Go to the Securities Industry and Financial Markets Association website at www.sifma.org and find the most recent data on U.S. corporate underwriting activity using the following steps. Click on “Advocacy & Resources” and then

“Research & Insights.” In the search bar, type “Fact Book.” Click on the latest Fact Book. After downloading the Fact Book, use its table of contents to find data on U.S. Corporate Issuance (e.g., corporate debt, convertible debt, common stock). How has the distribution of underwriting activity changed since 2021, as reported in Table 4–6?

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TABLE 4-6 U.S. Corporate Underwriting Activity ($ billions) Source: Securities Industry and Financial Markets Association. www.sma.com Straight Con- Asset- Corporate vertible backed Non- agency Total Year Debt Debt Debt MBS Debt Stock Common Preferred Stock Total Total Under- 1986 $134.9 $9.8 $10.0 $62.2 $216.9 $43.2 $13.9 Equity All IPOS writing $57.1 $22.3 $274.0 1987 108.5 10.3 8.9 83.3 211.0 41.5 11.4 52.9 24.0 263.9 1990 76.5 5.5 43.6 43.2 168.8 19.2 4.7 23.9 10.1 192.7 1995 279.8 12.0 113.1 36.5 441.4 82.0 15.1 97.1 30.2 538.5 2000 587.5 49.6 337.0 102.1 1,076.2 189.1 15.4 204.5 76.1 1,280.7 2001 776.1 78.3 383.3 216.5 1,454.2 128.4 41.3 169.7 40.8 1,623.9 2002 635.4 30.5 496.2 263.9 1,399.0 116.4 37.6 154.0 41.2 1,553.0 2005 752.8 30.1 753.5 901.2 2,437.6 160.5 29.9 190.4 62.6 2,628.0 2006 1,058.9 62.8 753.9 917.4 2,793.0 157.2 33.4 190.5 57.9 2,983.5 2007 1,128.3 76.4 509.7 773.9 2,488.2 187.5 60.0 247.5 91.1 2,735.7 2008 707.2 42.0 163.3 45.0 957.4 164.9 77.3 242.3 11.0 1,199.7 2009 901.9 33.0 150.9 32.4 1,118.2 254.6 9.6 264.2 26.9 1,382.4 2010 1,062.8 29.11 107.5 19.0 1,218.4 239.5 22.2 261.7 52.0 1,480.0 2015 2017 2020 1,489.9 21.5 329.0 199.3 2,039.6 224.1 32.7 256.8 38.9 2,296.4 1,636.9 2,282.0 2021 1,918.7 29.2 559.2 89.2 304.3 78.3 446.5 224.0 2,449.3 332.6 566.8 3,469.6 199.3 24.2 223.5 46.1 2,672.8 3,999.3 343.7 46.3 390.0 85.3 4,389.3 299.2 78.3 377.4 115.5 4,027.0