Morgan Stanley top convertibles underwriter year to date

* Convertibles issuance totals $18.80 billion year to date

* Morgan Stanley top convertibles underwriter in March

* Convertibles issuance $6.81 billion in March

New York, March 31 - Morgan Stanley moved into the number one position among underwriters of convertibles for the year so far, ousting Lehman Brothers, according to data compiled by Prospect News.

For the first quarter, Morgan Stanley brought to market $3.10 billion of convertibles in 23 deals - or $2.90 billion in 13 deals excluding investment bank equity-linked offerings.

Lehman had taken the top spot for the year to date at the end of February but fell to the number three position with $2.26 billion in 12 deals for the first quarter - or the number two position with $2.10 billion in five deals excluding investment bank equity-linkeds. Lehman was also first in January.

Citigroup placed second for the year so far with $2.54 billion in 14 deals or fifth with $1.67 billion in 10 deals excluding investment bank equity-linkeds.

Morgan Stanley was also the number one underwriter for March.

Helping Morgan Stanley take first place was its role as joint bookrunner with Merrill Lynch & Co. on the biggest deal for March and the quarter, the $1.1 billion perpetual preferred transaction for Freeport-McMoRan Copper & Gold Inc.

Overall issuance for the month was $6.81 billion in 42 deals (or $6.57 billion in 26 deals excluding investment bank exchangeables).

That was down from February's $7.93 billion and slightly better than March 2003's $6.69 billion.

It was also marginally less than the monthly average for the past year of $8.31 billion although future greenshoe exercises will likely boost March 2004's total.

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

Year to date 2004. including investment bank exchangeables

2003 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1.	Morgan Stanley	3.097	23	16.47%	7	1.173	6	6.78%
2.	Citigroup	2.537	14	13.49%	2	2.779	12	16.06%
3.	Lehman	2.256	12	12.00%	9	0.581	3	3.36%
4.	Merrill Lynch	1.953	12	10.39%	5	1.982	11	11.45%
5.	Deutsche Bank	1.673	9	8.89%	6	1.338	3	7.73%
6.	Goldman Sachs	1.540	20	8.19%	4	2.068	14	11.95%
7.	UBS	1.525	4	8.11%	10	0.526	3	3.04%
8.	Banc of America	1.209	8	6.43%	3	2.548	10	14.72%
9.	JPMorgan	0.938	5	4.99%	1	3.090	7	17.85%
10.	CSFB	0.868	4	4.61%	8	1.081	5	6.24%
	Total	$18.804	115	$17.310	51
	Average size	$0.164	$0.339
March 2004, including investment bank exchangeables
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1.	Morgan Stanley	1.342	7	19.72%	8	0.250	1	3.74%
2.	Goldman Sachs	0.936	8	13.75%	10	0.035	4	0.53%
3.	Citigroup	0.920	7	13.53%	2	1.706	6	25.51%
4.	Merrill Lynch	0.920	6	13.53%	4	0.572	5	8.55%
5.	Deutsche Bank	0.713	5	10.47%	-	-	-	-
6.	JPMorgan	0.562	3	8.27%	1	1.956	3	29.25%
7.	Banc of America	0.414	4	6.08%	3	1.259	4	18.82%
8.	Lehman	0.402	5	5.91%	6	0.265	2	3.96%
9.	CSFB	0.214	2	3.14%	7	0.254	2	3.80%
10.	Bear Stearns	0.171	3	2.52%	-	-	-	-
	Total	$6.805	42	$6.688	20
	Average size	$0.162	$0.334
Year to date 2004. excluding investment bank exchangeables
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1.	Morgan Stanley	2.896	13	16.86%	6	1.149	5	7.27%
2.	Lehman	2.098	5	12.21%	8	0.566	2	3.58%
3.	Merrill Lynch	1.750	9	10.19%	5	1.865	8	11.81%
4.	Deutsche Bank	1.673	9	9.74%	11	0.117	1	0.74%
5.	Citigroup	1.672	10	9.73%	2	2.744	10	17.37%
6.	UBS	1.525	4	8.88%	9	0.526	3	3.33%
7.	Goldman Sachs	1.436	7	8.36%	4	1.986	5	12.57%
8.	Banc of America	1.209	8	7.04%	3	2.548	10	16.13%
9.	JPMorgan	0.938	5	5.46%	1	3.090	7	19.56%
10.	CSFB	0.868	4	5.05%	7	1.081	5	6.84%
	Total	$17.178	66	$15.798	31
	Average size	$0.260	$0.510
March 2004, excluding investment bank exchangeables
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1.	Morgan Stanley	1.303	4	19.85%	8	0.250	1	3.79%
2.	Citigroup	0.920	7	14.02%	2	1.695	5	25.68%
3.	Goldman Sachs	0.911	4	13.87%	-	-	-	-
4.	Merrill Lynch	0.868	4	13.21%	4	0.547	4	8.28%
5.	Deutsche Bank	0.713	5	10.85%	-	-	-	-
6.	JPMorgan	0.562	3	8.57%	1	1.956	3	29.63%
7.	Banc of America	0.414	4	6.30%	3	1.259	4	19.06%
8.	Lehman	0.304	2	4.63%	7	0.250	1	3.79%
9.	CSFB	0.214	2	3.25%	6	0.254	2	3.85%
10.	Bear Stearns	0.171	3	2.61%	-	-	-	-
	Total	$6.567	26	$6.603	13
	Average size	$0.253	$0.508
Prospect News Convertibles Underwriter Rankings

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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