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

• U.S. market convertibles issuance totals $22.47 billion year to date

New York, July 31 - J.P. Morgan Securities Inc. kept its place as the top underwriter of U.S. convertibles for the year through July, according to data compiled by Prospect News.

The bank brought to market $5.93 billion in 36 deals, 26.41% of the total.

Second-placed Banc of America has less than half that amount, $2.82 billion in 24 deals for a 12.55% share.

In third position, Citigroup moved ahead of Morgan Stanley, which had taken the number-three spot for the first half of 2009.

JPMorgan was also the number-one underwriter for the month of July, handling $1.8 billion in six deals, 46.60% of the total.

Credit Suisse was second with $1.09 billion.

Total issuance for the month was $3.86 billion, actually slightly ahead of the $3.53 billion for July 2008.

July's figure was in line with the previous month, which saw $3.99 billion, although the number of deals fell sharply to eight from 18 in June.

Nearly half the month's issuance came from Intel Corp., which sold $2 billion of 30-year convertible junior subordinated debentures.

Year-to-date issuance now totals $22.47 billion, less than half - 38.5% - of the $58.35 billion at the same point in 2008.

Year to date

2008 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.934	36	26.41%	4	7.379	27	12.65%
2	Banc of America	2.819	24	12.55%	1	10.982	21	18.82%
3	Citigroup	2.707	18	12.05%	2	9.011	20	15.44%
4	Morgan Stanley	2.495	16	11.10%	10	2.304	16	3.95%
5	Credit Suisse	2.384	13	10.61%	11	2.244	15	3.85%
6	Goldman Sachs	2.182	15	9.71%	5	6.968	20	11.94%
7	Deutsche Bank	1.290	8	5.74%	9	2.331	11	4.00%
8	Barclays	1.175	8	5.23%	12	0.276	1	0.47%
9	Wachovia	0.605	5	2.69%	6	2.561	6	4.39%
10	Calyon	0.267	1	1.19%
10	SG	0.267	1	1.19%
	Total	22.472	70	58.348	97
	Average size:	0.321	0.602
July
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.800	6	46.60%	3	0.585	3	16.56%
2	Credit Suisse	1.086	2	28.13%	6	0.218	2	6.18%
3	Citigroup	0.471	2	12.19%	9	0.133	1	3.77%
4	Banc of America	0.261	2	6.76%	8	0.172	1	4.88%
5	Morgan Stanley	0.159	2	4.12%	7	0.183	1	5.19%
6	Goldman Sachs	0.085	1	2.20%	2	0.621	3	17.57%
	Total	3.862	8	3.533	9
	Average size:	0.483	0.393
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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