* Convertibles issuance $89.05 billion year to date
* Deutsche Bank top convertibles underwriter in November
* Convertibles issuance $5.28 billion in November
New York, Nov. 26 - Citigroup held on to its position as number one underwriter of convertible securities so far this year in November - even though it did not bring any deals to market during the month, according to data compiled by Prospect News.
Meanwhile issuance picked up noticeably from its low levels in September and October but was still below the average monthly pace so far this year and substantially down from activity earlier in 2003.
Among underwriters, Deutsche Bank placed first in November with $935 million of new convertibles, while JP Morgan was second with $929 million.
As a result, JP Morgan narrowed Citigroup's lead at the top of the league table to $270 million from $1.34 billion at the end of October.
However, there were no changes in position within the top 15 underwriters of convertibles.
With November's $5.28 billion in 22 deals, year-to-date issuance is now $89.05 billion in 374 deals. That means there is essentially no chance that 2003 will beat the record year of 2001 when $114.80 billion of convertibles came to market.
However, November's volume was an improvement from October's $3.60 billion and September's $3.51 billion while still remaining behind the $8.10 billion monthly average for 2003 so far.
The Prospect News figures cover dollar-denominated deals offered in the United States 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 $85.31 billion in 258 deals and November's $5.24 billion in 16 deals.
Year to date
2002 Comparables
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Citigroup | 12,715.83 | 62 | 2 | 11,519.45 | 45
|
| 2. | JP Morgan | 12,448.91 | 47 | 5 | 4,060.47 | 16
|
| 3. | Goldman Sachs | 11,431.44 | 67 | 3 | 8,728.99 | 37
|
| 4. | Morgan Stanley | 10,044.53 | 55 | 4 | 5,506.58 | 21
|
| 5. | Merrill Lynch | 9,389.04 | 57 | 1 | 14,376.49 | 47
|
| 6. | Banc of America | 7,510.93 | 41 | 7 | 3,537.08 | 16
|
| 7. | UBS | 5,668.25 | 33 | 9 | 1,718.25 | 12
|
| 8. | CSFB | 5,194.49 | 29 | 6 | 3,705.35 | 17
|
| 9. | Lehman | 5,007.83 | 35 | 8 | 1,909.19 | 9
|
| 10. | Deutsche Bank | 4,763.88 | 23 | 10 | 1,395.00 | 6
|
| 11. | Wachovia | 1,749.17 | 11 | 16 | 55.00 | 1
|
| 12. | Piper Jaffray | 725.00 | 2 | - | - | -
|
| 13. | Bear Stearns | 708.61 | 8 | 11 | 515.00 | 5
|
| 14. | ABN Amro | 547.67 | 22 | 13 | 168.25 | 12
|
| 15. | CIBC | 400.00 | 4 | 12 | 193.50 | 3
|
|
|
| Total | $89,050.57 | 374 | $57,724.36 | 200
|
|
|
| Average size | $238.10 | $288.62
|
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|
| November 2003
|
| | | | | 2002 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Deutsche Bank | 935.00 | 3 | - | - | -
|
| 2. | JPMorgan | 929.17 | 4 | - | - | -
|
| 3. | Goldman Sachs | 919.50 | 4 | 5 | 330.44 | 3
|
| 4. | Lehman | 720.67 | 3 | 4 | 450.00 | 1
|
| 5. | Merrill Lynch | 691.67 | 2 | 1 | 871.62 | 4
|
| 6. | Banc of America | 474.50 | 6 | 7 | 247.25 | 2
|
| 7. | Wachovia | 300.00 | 2 | - | - | -
|
| 8. | CSFB | 150.00 | 2 | 8 | 230.00 | 1
|
| 9. | Thomas Weisel | 100.00 | 1 | - | - | -
|
| 10. | Morgan Stanley | 50.00 | 1 | 2 | 781.00 | 5
|
|
|
| Total | $5,284.40 | 22 | $4,157.80 | 19
|
|
|
| Average size | $240.20 | $218.83
|
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| Prospect News Convertibles Underwriter Rankings
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Criteria
* The tables include all 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.
* 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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