* Convertibles issuance $83.36 billion year to date
* Citigroup top convertibles underwriter in October
* Convertibles issuance $3.47 billion in October
New York, Oct. 31 - Citigroup held on to its position as number one underwriter of convertible bonds so far this year in October, according to data compiled by Prospect News. Meanwhile issuance picked up a little from its low level in September but remained well down from activity earlier this year.
Among underwriters, Citigroup remains solidly in first place, the position it has held for all the monthly year-to-date totals since it took over from JP Morgan in June. With $12.72 billion underwritten, it is $1.34 billion ahead of number-two placed JP Morgan.
Citigroup was also in the number one position for October with $682 million, followed by Lehman Brothers at $562 million.
October's issuance of $3.47 billion in 29 deals brings the year-to-date total to $83.36 billion in 348 deals.
With the slower month, prospects of beating 2001's record volume receded.
Year-to-date issuance through the end of October is now more than $10 billion behind the $93.81 billion at the same point of 2001.
To beat the $114.80 billion seen for 2001 as a whole, the rest of this year would need $31.44 billion of new deals.
October's $3.47 billion was better than the $3.29 billion in September but only marginally and makes the month the second slowest of 2003. Average monthly volume so far this year, including October, is $8.34 billion.
The Prospect News 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, the year-to-date volume is $79.73 billion in 242 deals and October's $3.28 billion in 15 deals.
Year to date
2002 Comparables
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Citigroup | 12,715.83 | 62 | 2 | 10,858.20 | 41
|
| 2. | JP Morgan | 11,378.08 | 43 | 5 | 4,060.47 | 16
|
| 3. | Goldman Sachs | 10,411.94 | 63 | 3 | 8,398.55 | 34
|
| 4. | Morgan Stanley | 9,969.81 | 53 | 4 | 4,725.58 | 16
|
| 5. | Merrill Lynch | 8,647.37 | 54 | 1 | 13,504.88 | 43
|
| 6. | Banc of America | 6,974.76 | 35 | 7 | 3,289.83 | 14
|
| 7. | UBS | 5,668.25 | 33 | 10 | 1,388.00 | 10
|
| 8. | CSFB | 5,044.49 | 27 | 6 | 3,475.35 | 16
|
| 9. | Lehman | 4,277.16 | 31 | 8 | 1,459.19 | 8
|
| 10. | Deutsche Bank | 3,828.88 | 20 | 9 | 1,395.00 | 6
|
| 11. | Wachovia | 1,432.50 | 9 | 16 | 55.00 | 1
|
| 12. | Piper Jaffray | 725.00 | 2 | - | - | -
|
| 13. | Bear Stearns | 708.61 | 8 | 11 | 400.00 | 4
|
| 14. | ABN Amro | 531.27 | 18 | 12 | 168.25 | 12
|
| 15. | CIBC | 400.00 | 4 | 14 | 90.00 | 1
|
|
|
| Total | $83,358.95 | 348 | $53,566.56 | 181
|
|
|
| Average size | $251.05 | $295.29
|
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| October 2003
|
| | | | | 2002 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Citigroup | 682.23 | 4 | 4 | 570.87 | 3
|
| 2. | Lehman | 562.28 | 6 | - | - | -
|
| 3. | Morgan Stanley | 551.67 | 2 | 2 | 750.00 | 1
|
| 4. | Banc of America | 435.00 | 2 | 1 | 1043.16 | 3
|
| 5. | JPMorgan | 336.67 | 3 | - | - | -
|
| 6. | Merrill Lynch | 226.00 | 3 | 5 | 84.39 | 2
|
| 7. | CSFB | 182.50 | 2 | 6 | 43.13 | 1
|
| 8. | Goldman Sachs | 140.56 | 2 | 3 | 579.82 | 5
|
| 9. | ING | 112.50 | 1 | - | - | -
|
| 10. | RBC | 82.50 | 1 | - | - | -
|
|
|
| Total | $3,470.01 | 29 | $3,071.36 | 10
|
|
|
| Average size | $119.66 | $307.14
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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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