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.” In the search bar, type “Fact Book.” Click on “SIFMA Fact Book 2018.” 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 2018, as reported in Table 4–6?

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Straight Con- Asset- Corporate vertible backed Debt Debt Debt Year 1986 $134.9 1987 108.5 1990 $9.8 10.3 5.5 Non- agency Total MBS Debt Common Preferred Total Stock $10.0 $62.2 $216.9 8.9 83.3 211.0 76.5 43.6 43.2 168.8 1995 279.8 12.0 113.1 36.5 441.4 49.6 337.0 102.1 1,076.2 189.1 128.4 187.5 2000 587.5 2001 776.1 78.3 383.3 216.5 1.454.2 2002 635.4 30.5 496.2 263.9 1.399.0 116.4 2005 752.8 30.1 753.5 901.2 2.437.6 160.5 2006 1,058.9 62.8 753.9 917.4 2,793.0 157.2 2007 1.128.3 76.4 509.7 773.9 2,488.2 2008 707.2 42.0 163.3 2009 901.9 33.0 150.9 2010 1,062.8 29.1 107.5 19.0 2014 1.438.6 37.5 225.45 78.9 2015 1,489.9 21.5 329.0 199.3 2,039.6 224.1 2016 1,521.6 24.4 323.2 164.0 2,033.1 174.7 2017 1,636.9 29.2 559.2 224.0 2,449.3 199.3 957.4 164.9 45.0 32.4 1,118.2. 1.218.4 254.6 239.5 1.780.4 274.5 $43.2 41.5 19.2 82.0 Stock Equity All IPOs $13.9 11.4 $57.1 $22.3 52.9 24.0 23.9 10.1 97.1 30.2 76.1 40.8 41.2 190.4 62.6 190.5 57.9 91.1 4.7 15.1 15.4 204.5 41.3 169.7 37.6 154.0 29.9 33.4 60.0 247.5 77.3 242.3 11.0 9.6 264.2 26.9 22.2 261.7 52.0 36.9 311.4 100.8 32.7 256.8 38.9 22.9 197.7 20.9 24.2 223.5 46.1 Total Under- writing $274.0 263.9 192.7 538.5 1,280.7 1.623.9 1.553.0 2,628.0 2,983.5 2,735.7 1,199.7 1,382 4. 1,480.0 2.192.6 2,296.4 2,230.8 2,672.8