* Goldman Sachs top convertible underwriter in Q4, December
* Convertible issuance totals $112.00 billion in 2001
* Convertible issuance totals $30.38 billion in Q4
* Convertible issuance totals $7.87 billion in December
New York, Dec. 31 - Merrill Lynch & Co. was the top underwriter of convertible securities in the record year of 2001, according to data compiled by Prospect News.
But while Merrill held on to the number one position for the whole 12 months - the firm was also first for 2000 - the firm did not turn in such a strong performance in the year's closing months. Goldman Sachs & Co. was placed number one for the fourth quarter - by a margin of just $31 million - and December.
Clearly setting a new record, total issuance for the year was $112.00 billion, a substantial margin of 74% over the previous biggest year, 2000, when $64.43 billion of convertibles were sold.
Both the fourth quarter and December saw healthy paces of issuance, with $30.38 billion and $7.87 billion respectively. The third quarter, by comparison, saw $17.61 billion of new deals, the second $18.17 billion and the first $25.84 billion, according to the Prospect News data.
Among the underwriters, the top five for the year were unchanged from 2000, except that Salomon Smith Barney moved up to fourth place from fifth, exchanging places with Morgan Stanley.
2001
2000 Comparables
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Merrill Lynch | 24722.97 | 62 | 1 | 16065.60 | 35
|
| 2. | Goldman Sachs | 18102.33 | 46 | 2 | 13282.30 | 42
|
| 3. | CS First Boston | 15739.36 | 43 | 3 | 10524.80 | 33
|
| 4. | Salomon SB | 15726.01 | 44 | 5 | 5031.00 | 19
|
| 5. | Morgan Stanley | 12390.95 | 44 | 4 | 8384.70 | 33
|
| 6. | Lehman Brothers | 6488.00 | 18 | 6 | 4058.70 | 11
|
| 7. | UBS Warburg | 5527.13 | 20 | 8 | 1100.00 | 8
|
| 8. | JP Morgan | 5395.41 | 15 | 10 | 870.00 | 3
|
| 9. | Banc of America | 2653.83 | 13 | 12 | 422.10 | 2
|
| 10. | Deutsche Banc AB | 1890.00 | 6 | 7 | 2080.00 | 8
|
| 11. | Bear Stearns | 1216.27 | 7 | 11 | 550.00 | 2
|
| 12. | Robertson Stephens | 1116.80 | 4 | 9 | 1090.00 | 4
|
| Total | 112001.91 | 272 | 64425.00 | 185
|
| Average size | 411.77 | 348.24
|
|
|
| Fourth Quarter
|
| | | | | 2000 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Goldman Sachs | 4978.23 | 15 | 2 | 5424.60 | 16
|
| 2. | Merrill Lynch | 4947.27 | 20 | 1 | 6186.10 | 7
|
| 3. | CS First Boston | 4635.59 | 16 | 4 | 1355.00 | 3
|
| 4. | Salomon SB | 3537.44 | 14 | -
|
| 5. | Morgan Stanley | 3454.85 | 11 | 5 | 739.30 | 6
|
| 6. | JP Morgan | 3097.91 | 8 | 8 | 250.00 | 1
|
| 7. | Deutsche Banc AB | 1345.00 | 2 | 6 | 425.00 | 2
|
| 8. | Lehman Brothers | 1218.00 | 5 | 3 | 1987.50 | 5
|
| 9. | Banc of America | 894.38 | 7 | 7 | 312.10 | 2
|
| 10. | Robertson Stephens | 665.00 | 2 | -
|
| 11. | Bear Stearns | 591.27 | 3 | -
|
| 12. | UBS Warburg | 507.63 | 6 | 10 | 225.00 | 5
|
| Total | 30377.93 | 84 | 17374.70 | 43
|
| Average size | 361.64 | 404.06
|
|
|
| December
|
| | | | | 2000 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Goldman Sachs | 1922.50 | 5 | 2 | 366.50 | 2
|
| 2. | CS First Boston | 1225.00 | 5 | 1 | 1001.50 | 1
|
| 3. | Deutsche Banc AB | 1000.00 | 1 | -
|
| 4. | Merrill Lynch | 937.50 | 5 | -
|
| 5. | Salomon SB | 918.13 | 5 | -
|
| 6. | Morgan Stanley | 452.64 | 3 | -
|
| 7. | Banc of America | 358.13 | 3 | -
|
| 8. | Prudential | 300.00 | 1 | -
|
| 9. | UBS Warburg | 292.00 | 3 | 4 | 50.00 | 2
|
| 10. | JP Morgan | 250.00 | 1 | 3 | 250.00 | 1
|
| Total | 7868.39 | 27 | 1668.00 | 5
|
| Average size | 291.42 | 333.60
|
|
|
|
|
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