* Convertibles issuance $75.92 billion year to date
* JP Morgan top convertibles underwriter in August
* Convertibles issuance $4.00 billion in August
New York, Aug. 29 - Citigroup held on to its position as number one underwriter of convertible bonds so far this year in August, according to data compiled by Prospect News. Morgan Stanley continued in second place but JP Morgan moved up to third, pushing Merrill Lynch & Co. down to fourth.
Total issuance remained strong for what is generally one of the quietest months of the year and the pace remains only a little slower than the record year of 2001.
Citigroup stretched its lead over Morgan Stanley to $2.04 billion for the year through the end of August from $1.62 billion through the end of July. So far this year Citigroup has brought to market $11.97 billion of convertibles, according to the Prospect News data.
JPMorgan, meanwhile, placed number one for the month of August with $922 million.
That helped lift it into the number three position year to date with $9.81 billion brought to market while Merrill Lynch slipped to fourth with $8.87 billion.
Morgan Stanley, placed second, has $9.92 billion so far in 2003.
Number five Goldman Sachs & Co. is only marginally behind Merrill at $8.83 billion.
Total issuance for August was $4.00 billion, the second lowest of the year ahead of February's $3.95 billion and well down from July's $11.00 billion.
But the volume was more than seven times as big as the $523 million for August 2002.
Year-to-date issuance now totals $75.92 billion, far ahead of the $49.54 billion at the same point in 2002.
It also leaves 2003 only a little behind the record year of 2001. Through August, 2001 saw $79.31 billion of issuance. The total for that year was $114.80 billion, according to Prospect News data.
The figures cover dollar-denominated deals offered in the U.S. as registered transactions or under Rule 144A. They include offerings by investment banks that are convertible into or linked to another company's stock. Excluding these investment bank synthetics, August 2003 volume was $3.87 billion and year-to-date volume is $72.78 billion.
Year to date
2002 Comparables
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Citigroup | 11,967.50 | 53 | 2 | 10,177.33 | 37
|
| 2. | Morgan Stanley | 9,923.45 | 49 | 5 | 3,628.76 | 12
|
| 3. | JP Morgan | 9,814.63 | 38 | 4 | 4,060.47 | 16
|
| 4. | Merrill Lynch | 8,872.10 | 47 | 1 | 13,060.43 | 38
|
| 5. | Goldman Sachs | 8,832.92 | 57 | 3 | 7,798.03 | 27
|
| 6. | Banc of America | 5,902.39 | 32 | 7 | 2,136.67 | 10
|
| 7. | UBS | 5,036.68 | 22 | 10 | 1,388.00 | 10
|
| 8. | CSFB | 4,810.57 | 25 | 6 | 3,432.23 | 15
|
| 9. | Deutsche Bank | 3,903.88 | 21 | 9 | 1,395.00 | 6
|
| 10. | Lehman | 3,425.73 | 21 | 8 | 1,459.19 | 8
|
|
|
| Total | $75,915.42 | 287 | $49,540.13 | 163
|
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| Average size | $264.51 | $303.93
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| August 2003
|
| | | | | 2002 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | JPMorgan | 921.67 | 4 | 5 | 55.00 | 1
|
| 2. | Citigroup | 861.67 | 5 | 3 | 90.00 | 2
|
| 3. | Banc of America | 613.33 | 4 | 4 | 55.00 | 1
|
| 4. | Goldman Sachs | 436.33 | 4 | 7 | 36.34 | 2
|
| 5. | Morgan Stanley | 293.26 | 4 | 2 | 102.38 | 2
|
| 6. | Deutsche Bank | 291.67 | 1 | - | - | -
|
| 6. | UBS | 234.52 | 1 | - | - | -
|
| 8. | Piper Jaffray | 100.00 | 1 | - | - | -
|
| 9. | Lehman | 90.00 | 1 | - | - | -
|
| 10. | CIBC | 85.00 | 1 | - | - | -
|
|
|
| Total | $4,003.64 | 27 | $523.16 | 9
|
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|
| Average size | $148.28 | $58.13
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| Prospect News Convertibles Underwriter Rankings
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Criteria
* The tables include all dollar-denominated offerings sold in the U.S. as public or Rule 144A deals reported to Prospect News.
* 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 (or lead manager if no bookrunners). For multiple bookrunners (or lead managers), the total value is divided equally among all the firms.
* Each tranche is counted as a separate deal.
* Bonds are included that convert into the issuer's or another company's stock or the cash equivalent; bonds that convert into other bonds are excluded.
* Units made up of a bond and stock are included; units made up of a bond and warrants are excluded.
* Preferred issues are included using the same criteria as for bonds.
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