Citigroup top convertibles underwriter year to date

• Convertibles issuance now $57.36 billion year to date

• Citigroup leads convertibles underwriters in June

• Convertibles issuance totals $7.92 billion in June

New York, June 29 - Citigroup held on to its position as top underwriter of convertibles for the year so far, according to data compiled by Prospect News.

The bank, which jumped to the top spot in May, expanded its lead in June.

Meanwhile issuance slowed from May's rapid pace and actually fell below year-ago levels but nevertheless managed a strong showing.

For the year so far, Citigroup has brought to market $9.38 billion of convertibles, putting it $1.5 billion ahead of JPMorgan in the number two spot with $7.92 billion. Citigroup expanded its lead by just over $1 billion, also placing first for the second quarter and June.

Boosting Citi's total was the $1 billion of convertible floating-rate notes for Gannett Co. Inc., which had the bank as sole bookrunner, and the $1.88 billion of mandatory convertibles for Companhia Vale do Rio Doce SA, with bookrunning shared between Citi and JPMorgan.

Issuance so far this year now stands at $57.36 billion, 60% ahead of the $35.84 billion at the same stage in 2006.

However, June's total of $7.92 billion was actually lower than the $9.59 billion seen in June 2006, the first month in 2007 to fall behind on a year-on-year basis.

June activity was also well down from May's 12.34 billion.

The Prospect News figures cover dollar-denominated deals offered in the United States as registered transactions or under Rule 144A.

Year to date

2006 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	9.383	25	16.36%	2	5.361	17	14.96%
2	JPMorgan	7.919	31	13.81%	8	2.931	13	8.18%
3	Deutsche Bank	7.226	18	12.60%	9	1.078	4	3.01%
4	Morgan Stanley	7.144	13	12.45%	3	5.119	16	14.28%
5	Merrill Lynch	4.944	22	8.62%	1	5.967	22	16.65%
6	Credit Suisse	4.103	13	7.15%	10	0.963	7	2.69%
7	Lehman	3.640	14	6.35%	5	3.204	7	8.94%
8	Banc of America	3.563	22	6.21%	6	2.983	18	8.32%
9	Goldman Sachs	3.252	17	5.67%	7	2.963	11	8.27%
10	UBS	2.272	15	3.96%	4	3.234	14	9.02%
	Total	57.360	130	35.839	70
	Average size:	0.441	0.512
Q2
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	6.274	13	20.76%	1	3.605	11	15.52%
2	Morgan Stanley	5.951	8	19.69%	2	3.295	11	14.19%
3	Deutsche Bank	3.051	11	10.09%	9	0.733	2	3.16%
4	Lehman	2.695	7	8.92%	8	1.490	2	6.41%
5	Banc of America	2.321	13	7.68%	5	2.496	13	10.75%
6	Credit Suisse	2.240	5	7.41%	11	0.499	5	2.15%
7	JPMorgan	1.904	12	6.30%	7	1.676	9	7.22%
8	Goldman Sachs	1.357	7	4.49%	4	2.866	10	12.34%
9	Merrill Lynch	1.139	9	3.77%	3	3.194	12	13.75%
10	Bear Stearns	1.015	7	3.36%	15	0.050	1	0.22%
	Total	30.230	65	23.227	45
	Average size:	0.465	0.516
June
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	2.294	6	28.97%	4	1.057	6	11.02%
2	JPMorgan	1.249	6	15.78%	3	1.166	6	12.15%
3	Deutsche Bank	0.928	5	11.73%
4	Goldman Sachs	0.672	4	8.49%	7	0.564	3	5.88%
5	Merrill Lynch	0.619	6	7.81%	2	1.585	5	16.52%
6	Banc of America	0.381	6	4.81%	6	0.807	4	8.41%
7	Bear Stearns	0.357	3	4.52%
8	Morgan Stanley	0.353	3	4.46%	5	0.878	4	9.16%
9	Lehman	0.302	2	3.81%	11	0.115	1	1.20%
10	RBC	0.175	2	2.21%
	Total	7.918	28	9.590	19
	Average size:	0.283	0.505
Prospect News Convertibles Underwriter Rankings

Criteria

• The tables include all underwritten dollar-denominated offerings sold in the United States 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.

• Structured products issued by an investment bank and exchangeables for or linked to another company's stock 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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