Morgan Stanley top convertibles underwriter year to date

* Convertibles issuance totals $31.83 billion year to date

* Citigroup top convertibles underwriter in June

* Convertibles issuance $3.73 billion in June

New York, June 30 - Morgan Stanley remained the number one underwriter of convertibles for the year so far, according to data compiled by Prospect News.

Meanwhile total issuance was again lackluster, dropping back to $3.73 billion from May's $5.40 billion total. That put the month's volume at the second lowest level this year, ahead of April's $2.77 billion.

For June, Citigroup was the top underwriter of convertibles, the Prospect News data shows.

Morgan Stanley has now underwritten $5.64 billion of convertibles in 40 deals so far this year.

Citigroup is in the number two position with $3.92 billion in 27 deals after bringing $0.74 billion to market in four deals during June.

The year-to-date total volume is now $31.83 billion, just over half - or 51.9% - the $61.36 billion at the same point in 2003 although the number of deals is actually higher at 220 versus 206 a year ago.

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

The trend is essentially identical if investment bank equity-linked deals are excluded. On this basis Morgan Stanley is number one for the year so far with $5.35 billion of deals while Citigroup is top for June with $0.65 billion.

The year-to-date total excluding investment bank equity-linkeds is $29.67 billion in 124 deals, just over half - or 50.7% - the $58.55 billion in 152 deals for the comparable period of 2003.

Year to date 2004. including investment bank exchangeables

2003 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	5.636	40	17.71%	4	7.765	39	12.66%
2	Citigroup	3.917	27	12.31%	1	9.375	40	15.28%
3	Banc of America	3.125	17	9.82%	6	5.142	23	8.38%
4	Lehman	3.027	18	9.51%	10	2.127	14	3.47%
5	Goldman Sachs	2.804	34	8.81%	3	7.889	46	12.86%
6	Merrill Lynch	2.587	21	8.13%	5	7.299	36	11.90%
7	JPMorgan	2.276	19	7.15%	2	9.122	30	14.87%
8	Deutsche Bank	2.184	12	6.86%	9	2.926	14	4.77%
9	CSFB	1.996	11	6.27%	7	3.890	18	6.34%
10	UBS	1.905	7	5.99%	8	3.870	17	6.31%
	Total	31.827	220	61.358	206
	Average size:	0.145	0.298
June 2004, including investment bank exchangeables
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	0.740	4	19.82%	1	4.100	16	20.44%
2	Morgan Stanley	0.542	3	14.51%	6	1.742	10	8.69%
3	JPMorgan	0.515	5	13.80%	3	2.666	11	13.29%
4	Banc of America	0.487	5	13.04%	4	1.837	8	9.16%
5	Deutsche Bank	0.250	2	6.70%	9	0.474	3	2.36%
6	Goldman Sachs	0.229	4	6.13%	2	3.481	18	17.36%
7	Merrill Lynch	0.205	2	5.48%	5	1.799	10	8.97%
8	Lehman	0.177	2	4.73%	10	0.454	3	2.27%
9	CSFB	0.175	1	4.69%	8	1.341	7	6.69%
10	Barclays	0.140	1	3.75%	-	-	-	-
	Total	3.733	30	20.053	67
	Average size:	0.124	0.299
Year to date 2004. excluding investment bank exchangeables
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	5.353	25	18.04%	3	7.549	33	12.89%
2	Banc of America	3.125	17	10.53%	6	5.142	23	8.78%
3	Citigroup	2.869	17	9.67%	2	8.892	33	15.19%
4	Lehman	2.859	10	9.64%	9	1.841	8	3.14%
5	Goldman Sachs	2.604	13	8.78%	4	7.547	25	12.89%
6	Merrill Lynch	2.292	13	7.72%	5	7.100	30	12.13%
7	JPMorgan	2.276	19	7.67%	1	9.122	30	15.58%
8	Deutsche Bank	2.184	12	7.36%	10	1.706	12	2.91%
9	CSFB	1.996	11	6.73%	7	3.890	18	6.64%
10	UBS	1.905	7	6.42%	8	3.870	17	6.61%
	Total	29.669	124	58.551	152
	Average size:	0.239	0.385
June 2004, excluding investment bank exchangeables
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	0.650	2	18.32%	1	3.777	14	19.34%
2	Morgan Stanley	0.542	3	15.26%	6	1.742	10	8.92%
3	JPMorgan	0.515	5	14.51%	3	2.666	11	13.65%
4	Banc of America	0.487	5	13.71%	4	1.837	8	9.41%
5	Deutsche Bank	0.250	2	7.05%	9	0.474	3	2.43%
6	Goldman Sachs	0.200	2	5.64%	2	3.424	15	17.53%
7	Lehman	0.177	2	4.98%	10	0.343	2	1.75%
8	CSFB	0.175	1	4.93%	8	1.341	7	6.87%
9	Merrill Lynch	0.164	1	4.61%	5	1.774	9	9.09%
10	Barclays	0.140	1	3.95%	-	-	-	-
	Total	3.549	20	19.525	59
	Average size:	0.177	0.331
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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