JPMorgan remains top U.S. market convertibles underwriter year to date

• U.S. market convertibles issuance totals $18.57 billion year to date

• Second-quarter convertibles issuance: $15.17 billion in 49 deals

By Rebecca Melvin

New York, June 30 - J.P. Morgan Securities Inc. remained the top U.S. market convertibles underwriter for the first half of 2009, with $4.13 billion in 30 deals, accounting for 22.26% of total issuance, according to data compiled by Prospect News.

Banc of America Securities LLC was the No. 2 U.S. market convertibles underwriter, with 22 deals totaling $2.56 billion, or 13.80% of the total.

For the same six-month period in 2008, Banc of America had been No. 1 and JPMorgan No. 4.

This year, Morgan Stanley & Co. Inc. was No. 3 for the first half, running the books on 14 deals totaling $2.34 billion, or 12.5% of the total. And Citigroup Global Markets Inc. was a close fourth, with 16 deals, totaling $2.24 billion, or 12% of the total.

New issuance for the year to date stands at $18.57 billion, which is down from about $47 billion for the comparable period of 2008.

For June, JPMorgan help the top spot among underwriters of convertible paper. The underwriter participated in nine transactions totaling $1.21 billion for the month.

Merrill Lynch & Co., Morgan Stanley, Goldman Sachs & Co. and Wachovia rounded out the top five underwriters of convertibles in June.

In All, U.S. convertibles issuance totaled $3.96 billion in June in 18 deals.

Year to date

2008 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.134	30	22.26%	4	6.794	24	12.39%
2	Banc of America	2.558	22	13.80%	1	10.254	19	18.71%
3	Morgan Stanley	2.336	14	12.58%	9	2.121	15	3.87%
4	Citigroup	2.237	16	12.04%	2	8.877	19	16.19%
5	Goldman Sachs	2.092	14	11.26%	5	6.347	17	11.58%
6	Credit Suisse	1.293	11	6.96%	10	2.025	13	3.69%
7	Deutsche Bank	1.285	8	6.92%	7	2.285	10	4.17%
8	Barclays	1.153	8	6.21%	12	0.276	1	0.50%
9	Wachovia	0.605	5	3.26%	6	2.293	5	4.18%
10	Calyon	0.267	1	1.44%
	Total	18.573	62	54.815	88
	Average size:	0.300	0.623
Second quarter
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	3.353	25	22.11%	2	5.541	14	15.53%
2	Banc of America	2.040	18	13.45%	5	2.558	13	7.17%
3	Morgan Stanley	1.921	12	12.66%	7	1.811	12	5.08%
4	Goldman Sachs	1.897	12	12.51%	4	4.604	12	12.90%
5	Citigroup	1.602	12	10.56%	3	5.156	12	14.45%
6	Barclays	1.052	7	6.94%	12	0.276	1	0.77%
7	Credit Suisse	0.943	9	6.22%	9	1.223	7	3.43%
8	Deutsche Bank	0.908	6	5.99%	8	1.575	5	4.42%
9	Wachovia	0.605	5	3.99%	6	2.136	3	5.99%
10	Calyon	0.267	1	1.76%
	Total	15.166	49	35.676	51
	Average size:	0.310	0.700
June
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.210	9	30.60%	8	0.171	4	2.37%
2	Merrill Lynch	0.955	8	24.13%	5	0.736	4	10.22%
3	Morgan Stanley	0.700	5	17.68%	3	0.893	5	12.39%
4	Goldman Sachs	0.258	3	6.52%	2	1.214	5	16.86%
5	Wachovia	0.196	2	4.96%
6	Credit Suisse	0.190	3	4.79%	6	0.584	4	8.11%
7	Barclays	0.150	1	3.79%
8	Lazard	0.140	1	3.54%
9	Citigroup	0.125	1	3.15%	4	0.808	4	11.21%
10	Deutsche Bank	0.033	1	0.84%
	Total	3.956	18	7.202	17
	Average size:	0.220	0.424
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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.