Bank of America is top U.S. market convertibles underwriter for 2009

• U.S. market convertibles issuance totals $59.49 billion for 2009

New York, Dec. 31 - Bank of America was the top underwriter of U.S. convertibles in 2009, according to data compiled by Prospect News - but the figures were heavily skewed by Bank of America's own offering of $19.29 billion of convertible common equivalent securities on Dec. 3.

Without that deal - which some in the market did not consider a true convertible but is included in the Prospect News data because it was issued as preferred stock that converts into common stock - JPMorgan would have been first for the year, with BofA fifth.

Meanwhile volume for the year was $59.49 billion, or $40.20 billion without the Bank of America offering.

Both numbers are below the 2008 total of $61.83 billion - well below for the figure without Bank of America - and the 2007 figure of $96.76 billion.

For 2009, Bank of America's total was $23.67 billion, or $4.38 billion without the big December offering. JPMorgan, in second place, handled $7.52 billion, a little ahead of Citigroup at $7.23 billion. Bank of America had been first for all of 2008, while Citi was second that year and JPMorgan fourth. Lehman Brothers was third in 2008.

Year to date

2008 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	23.672	39	39.79%	1	11.476	24	18.56%
2	JPMorgan	7.520	49	12.64%	4	8.253	31	13.35%
3	Citigroup	7.228	27	12.15%	2	9.256	22	14.97%
4	Goldman Sachs	5.039	26	8.47%	5	7.430	22	12.02%
5	Morgan Stanley	4.164	28	7.00%	8	2.671	18	4.32%
6	Credit Suisse	3.033	21	5.10%	10	2.421	17	3.92%
7	Deutsche Bank	2.822	16	4.74%	11	2.331	11	3.77%
8	Barclays	1.682	12	2.83%	12	0.276	1	0.45%
9	Wachovia	0.605	5	1.02%	9	2.561	6	4.14%
10	Jefferies	0.547	4	0.92%	16	0.125	1	0.20%
	Total	59.491	122	61.825	106
	Average size:	0.488	0.583
Fourth quarter
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	20.345	10	61.04%
2	Citigroup	3.994	5	11.98%
3	Goldman Sachs	1.883	8	5.65%
4	Deutsche Bank	1.442	7	4.32%
5	Morgan Stanley	1.399	9	4.20%
6	JPMorgan	0.897	7	2.69%
7	Credit Suisse	0.510	6	1.53%
8	Barclays	0.506	4	1.52%
9	Jefferies	0.383	2	1.15%
10	UBS	0.324	4	0.97%
	Total	33.334	37	0	0
	Average size:	0.901
December
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	19.423	2	78.73%
2	Citigroup	3.546	2	14.37%
3	Credit Suisse	0.381	4	1.54%
4	Goldman Sachs	0.319	3	1.29%
5	Morgan Stanley	0.246	2	1.00%
6	TD	0.230	1	0.93%
7	UBS	0.151	3	0.61%
8	Deutsche Bank	0.133	1	0.54%
9	JPMorgan	0.133	1	0.54%
10	Friedman Billings	0.052	1	0.21%
	Total	24.671	13	0	0
	Average size:	1.898
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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