• Year-to-date U.S. convertibles issuance totals $2.84 billion
• Credit Suisse top U.S. market convertibles underwriter in February
By Kenneth Lim
Boston, Feb. 26 - The top two U.S. underwriters of convertible bonds held their spots atop the league tables without having to do anything in February as the primary market continues to see weak volumes, based on preliminary data compiled by Prospect News.
ABG Sundal Collier's $750 million of business and Bank of America's $690 million all came in January, but that was enough to leave the two banks at the front of the pack at the end of February.
Credit Suisse, which led for the month with a $490 million offering by Annaly Capital Management Inc. on Feb. 9, jumped ahead two spots to clinch the third spot. The $500 million principal amount deal could have given Credit Suisse a bigger lead over fourth-place JPMorgan, but the deal was repriced at 98.
Raymond James also worked its way into the top 10, heading straight to the No. 5 position with a $161 million offering by BPZ Resources Inc. on Feb. 2.
The U.S. year-to-date issuance total stands at $2.84 billion heading into the third month of the year, but only $990 million was raised in February.
Behind Credit Suisse in the monthly standings, JPMorgan helped Umpqua Holdings Corp. to raise $208.73 million but had to split CSG Systems International Inc.'s $130 million offering three-ways with Barclays and UBS.
On a global level, Morgan Stanley has the lead in the league tables with deals worth $1.23 billion. JPMorgan is second with $1.10 billion, followed by Credit Suisse with $1.06 billion.
At the end of February, $7.46 billion of convertibles had been sold worldwide.
Year to date, U.S. market
2009 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | ABG Sundal Collier | 0.750 | 1 | 26.41% |
|
| 2 | Bank of America | 0.690 | 3 | 24.30% |
|
| 3 | Credit Suisse | 0.564 | 3 | 19.85% |
|
| 4 | JPMorgan | 0.367 | 4 | 12.93% | 2 | 0.259 | 1 | 32.57%
|
| 5 | Raymond James | 0.161 | 1 | 5.67% |
|
| 6 | UBS | 0.088 | 2 | 3.11% |
|
| 7 | Citigroup | 0.086 | 2 | 3.04% | 1 | 0.259 | 1 | 32.57%
|
| 8 | Deutsche Bank | 0.045 | 1 | 1.58% | 3 | 0.252 | 1 | 31.71%
|
| 9 | Morgan Stanley | 0.045 | 1 | 1.58% |
|
| 10 | Barclays | 0.043 | 1 | 1.53% |
|
| Total | 2.840 | 10 | 0.794 | 3 |
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| Average size: | 0.284 | 0.265 |
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| February, U.S. market
|
| | | | | 2009 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Credit Suisse | 0.490 | 1 | 49.51% |
|
| 2 | JPMorgan | 0.252 | 2 | 25.47% |
|
| 3 | Raymond James | 0.161 | 1 | 16.27% |
|
| 4 | Barclays | 0.043 | 1 | 4.38% |
|
| 5 | UBS | 0.043 | 1 | 4.38% |
|
| Total | 0.990 | 4 | 0.025 | 1 |
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| Average size: | 0.247 | 0.025 |
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| Year to date, global
|
| | | | | 2009 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Morgan Stanley | 1.225 | 4 | 16.43% |
|
| 2 | JPMorgan | 1.103 | 9 | 14.79% | 2 | 0.259 | 1 | 32.57%
|
| 3 | Credit Suisse | 1.064 | 8 | 14.27% |
|
| 4 | ABG Sundal Collier | 0.852 | 2 | 11.42% |
|
| 5 | Bank of America | 0.690 | 3 | 9.25% |
|
| 6 | Nomura | 0.395 | 1 | 5.30% |
|
| 7 | UBS | 0.351 | 4 | 4.71% |
|
| 8 | GMP | 0.240 | 1 | 3.21% |
|
| 9 | Citigroup | 0.211 | 3 | 2.83% | 1 | 0.259 | 1 | 32.57%
|
| 10 | Standard Chartered | 0.200 | 1 | 2.68% |
|
| Total | 7.456 | 30 | 0.794 | 3 |
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| Average size: | 0.249 | 0.265 |
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| Prospect News Convertibles Underwriter Rankings
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Criteria
• The tables include all underwritten dollar-denominated offerings sold in the United States as public or Rule 144A deals reported to Prospect News (for U.S. deals), or all underwritten offerings (global deals).
• 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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