Banc of America top U.S. market convertibles underwriter year to date

• U.S. market convertibles issuance totals $60.52 billion year to date

• Year-to-date issuance behind last year's pace by 12%

By Rebecca Melvin

New York, Aug. 29 - Banc of America Securities remained at the top of the U.S. market convertible underwriter list for the year to date through August, where it has stood for much of the year, accounting for 19% of total issuance. BofA was an underwriter on $11.44 billion in 24 deals, according to data compiled by Prospect News.

Citigroup was the number two U.S. market convertible underwriter - also a spot with which it is familiar, with $9.26 billion in 22 deals, representing 15% of the $60.52 billion total.

Lehman Brothers, which has been jockeying with others including Goldman Sachs, for third place, prevails for the year to date, with a 14% share of total issuance, in 12 deals totaling $8.37 billion.

JPMorgan was a close number four with 13.2% of total issuance. JPMorgan was the underwriter on $8 billion in issuance in 30 deals, followed by Goldman Sachs with an 11.5% share, in 20 deals for $7 billion.

Issuance for the year to date is behind the comparable year-ago period by 12%, with August 2008 lagging the same month of 2007 by 67%, with only $2.28 billion in issuance in August 2008, compared to last August's $6.97 billion.

JPMorgan was the number one underwriter for August with $649 million in issuance in three deals, representing a 28.5% share of the total. There were six deals in August.

Year to date

2007 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	11.441	24	18.90%	5	5.907	29	8.60%
2	Citigroup	9.256	22	15.29%	1	10.404	31	15.15%
3	Lehman	8.469	12	13.99%	7	4.923	17	7.17%
4	JPMorgan	7.993	30	13.21%	2	10.233	37	14.90%
5	Goldman Sachs	6.968	20	11.51%	9	4.129	20	6.01%
6	UBS	2.786	17	4.60%	10	2.939	18	4.28%
7	Morgan Stanley	2.671	18	4.41%	4	7.644	14	11.13%
8	Wachovia	2.526	6	4.17%	12	0.640	5	0.93%
9	Credit Suisse	2.421	17	4.00%	8	4.353	15	6.34%
10	Merrill Lynch	2.388	17	3.95%	6	5.045	22	7.35%
	Total	60.520	103	68.666	153
	Average size:	0.588	0.449
August
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.649	3	28.50%	2	1.250	1	17.93%
2	Banc of America	0.494	3	21.70%	4	0.650	3	9.32%
3	Morgan Stanley	0.367	2	16.10%	8	0.500	1	7.17%
4	UBS	0.345	1	15.15%
5	Citigroup	0.245	2	10.76%	5	0.625	2	8.96%
6	Credit Suisse	0.177	2	7.79%
	Total	2.278	6	6.973	8
	Average size:	0.380	0.872
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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