Morgan Stanley top convertibles underwriter year to date

* Convertibles issuance totals $27.72 billion year to date

* Morgan Stanley top convertibles underwriter in May

* Convertibles issuance $5.04 billion in May

New York, May 28 - Morgan Stanley retained its position as the number one underwriter of convertible bonds so far this year after a month which saw $5.04 billion of new deals, a marked improvement from April but still below the average of the last 12 months, according to data compiled by Prospect News.

Morgan Stanley has now underwritten $5.05 billion of convertibles in 37 deals so far this year.

Morgan Stanley was also top underwriter for the month of May with $1.34 billion in seven deals. Helping its number one position was its role as joint bookrunner on the month's two second-largest deals, $600 million offerings from Conseco Inc. and Genworth Financial Inc.

Total volume for May was $5.04 billion, approaching double the $2.76 billion in April - and likely reaching double once pending greenshoes are exercised - but still significantly smaller than the $7.05 billion average over the past 12 months.

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

The trend is similar if investment bank equity-linked deals are excluded. May saw $4.93 billion of deals, virtually double April's $2.53 billion but still behind the $6.74 billion monthly average for the past 12 months.

Year-to-date volume is now well behind the pace of last year.

Including all deals, $27.72 billion has come to market so far in 2004 compared to $41.31 billion for the first five months of 2003.

May's total of $5.04 billion was only one third of the $15.53 billion in May 2003.

Year to date 2004. including investment bank exchangeables

2003 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	5.050	37	18.22%	2	6.023	29	14.58%
2	Citigroup	3.138	23	11.32%	4	5.276	24	12.77%
3	Lehman	2.820	16	10.17%	10	1.673	11	4.05%
4	Goldman Sachs	2.530	30	9.13%	5	4.408	28	10.67%
5	Banc of America	2.488	12	8.98%	6	3.304	15	8.00%
6	Merrill Lynch	2.339	19	8.44%	3	5.500	26	13.31%
7	Deutsche Bank	1.934	10	6.98%	8	2.452	11	5.94%
8	UBS	1.890	7	6.82%	9	2.283	12	5.53%
9	CSFB	1.821	10	6.57%	7	2.548	11	6.17%
10	JPMorgan	1.757	14	6.34%	1	6.456	19	15.63%
	Total	27.721	190	41.305	139
	Average size:	0.146	0.297
May 2004, including investment bank exchangeables
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	1.344	7	26.64%	1	3.186	15	20.52%
2	Banc of America	1.050	2	20.81%	8	0.757	5	4.87%
3	Goldman Sachs	0.610	3	12.09%	5	1.266	9	8.16%
4	CSFB	0.440	3	8.72%	9	0.655	4	4.22%
5	Lehman	0.365	2	7.23%	6	0.998	6	6.43%
6	Merrill Lynch	0.348	6	6.90%	3	1.677	8	10.80%
7	Citigroup	0.340	4	6.74%	4	1.665	9	10.72%
8	JPMorgan	0.309	4	6.13%	2	2.671	10	17.21%
9	UBS	0.115	1	2.28%	7	0.821	5	5.29%
10	Bear Stearns	0.060	1	1.19%	14	0.075	1	0.48%
	Total	5.044	34	15.527	61
	Average size:	0.148	0.255
Year to date 2004. excluding investment bank exchangeables
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	4.767	22	18.51%	2	5.806	23	14.88%
2	Lehman	2.652	8	10.30%	9	1.499	6	3.84%
3	Banc of America	2.488	12	9.66%	6	3.304	15	8.47%
4	Goldman Sachs	2.359	11	9.16%	5	4.123	10	10.56%
5	Citigroup	2.180	15	8.47%	4	5.116	19	13.11%
6	Merrill Lynch	2.085	12	8.10%	3	5.326	21	13.65%
7	Deutsche Bank	1.934	10	7.51%	10	1.232	9	3.16%
8	UBS	1.890	7	7.34%	8	2.283	12	5.85%
9	CSFB	1.821	10	7.07%	7	2.548	11	6.53%
10	JPMorgan	1.757	14	6.82%	1	6.456	19	16.54%
	Total	25.748	104	39.026	93
	Average size:	0.248	0.420
May 2004, excluding investment bank exchangeables
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	1.312	5	26.63%	1	3.093	13	20.49%
2	Banc of America	1.050	2	21.31%	8	0.757	5	5.01%
3	Goldman Sachs	0.600	2	12.17%	5	1.137	4	7.53%
4	CSFB	0.440	3	8.92%	9	0.655	4	4.34%
5	Lehman	0.365	2	7.40%	6	0.870	3	5.76%
6	Merrill Lynch	0.322	3	6.53%	3	1.677	8	11.11%
7	JPMorgan	0.309	4	6.28%	2	2.671	10	17.70%
8	Citigroup	0.305	3	6.19%	4	1.595	7	10.57%
9	UBS	0.115	1	2.33%	7	0.821	5	5.44%
10	Bear Stearns	0.060	1	1.22%	14	0.075	1	0.50%
	Total	4.928	20	15.096	48
	Average size:	0.246	0.315
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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