* Convertibles issuance $3.80 billion in January
New York, Jan. 30 - Lehman Brothers started the year in first place among convertible underwriters, according to data compiled by Prospect News.
Thanks to its role as bookrunner for the $1 billion two-tranche offering from Teva Pharmaceutical Industries Ltd., Lehman brought more convertibles to market in January than any other firm.
The top convertible underwriter for all of 2003, Citigroup, placed second with $0.81 billion for the month.
Overall issuance, meanwhile, was subdued at $3.80 billion in 22 deals for the month, the lowest figure since October's $3.62 billion and well down from December's $8.32 billion.
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 - which include Citigroup's $750 million SynDECS exchangeable for News Corp. - the month's total would have been even more lackluster at $2.93 billion in 13 deals. On the same basis, that would have been the lowest level since February 2003's $2.60 billion in 11 deals.
January 2004
2003 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1. | Lehman | 1.000 | 2 | 26.34% | 7 | 0.316 | 1 | 4.74%
|
| 2. | Citigroup | 0.813 | 3 | 21.42% | 4 | 0.750 | 2 | 11.25%
|
| 3. | UBS | 0.600 | 1 | 15.80% | 9 | 0.134 | 1 | 2.01%
|
| 4. | Deutsche Bank | 0.305 | 2 | 8.03% | - | - | - | -
|
| 5. | Bear Stearns | 0.260 | 3 | 6.85% | - | - | - | -
|
| 6. | Banc of America | 0.250 | 1 | 6.59% | 2 | 0.884 | 3 | 13.26%
|
| 7. | JPMorgan | 0.225 | 1 | 5.93% | 3 | 0.884 | 3 | 13.26%
|
| 8. | Morgan Stanley | 0.172 | 1 | 4.54% | 6 | 0.750 | 2 | 11.25%
|
| 9. | Goldman Sachs | 0.113 | 5 | 2.98% | 1 | 1.994 | 6 | 29.90%
|
| 10. | JJB Hilliard Lyons | 0.040 | 1 | 1.06% | - | - | - | -
|
|
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| Total | $3.796 | 22 | $6.668 | 10 |
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| Average size | $0.173 | $0.667
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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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