By Stephanie N. Rotondo
Portland, Ore., Nov. 30 - Bank of America Merrill Lynch held on to the top preferred stock underwriting spot for the year, according to data compiled by Prospect News.
The Charlotte, N.C.-based bank has facilitated 35 preferred stock sales so far this year, raising a total of $2.15 billion.
All told, issuers have raised $17.97 billion in 96 transactions this year.
For November, Stifel, Nicolaus & Co. Inc. and Barclays Capital Inc. tied for the number one underwriter position. The underwriters teamed up for a $20 million offering of 9.25% series D cumulative redeemable perpetual preferreds for Winthrop Realty Trust.
U.S. market, dollar-denominated deals, all issuers
| Bookrunner | Amount | Deals | Share of total
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| 1 | Bank of America | 2.153 | 35 | 11.98%
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| 2 | Morgan Stanley | 1.446 | 19 | 8.05%
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| 3 | Wells Fargo | 1.190 | 30 | 6.62%
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| 4 | JPMorgan | 1.140 | 5 | 6.34%
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| 5 | Citigroup | 0.898 | 18 | 4.99%
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| 6 | Banco BTG Pactual | 0.824 | 1 | 4.59%
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| 6 | Banco Bradesco BBI | 0.824 | 1 | 4.59%
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| 6 | Itau BBA USA | 0.824 | 1 | 4.59%
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| 9 | Barclays | 0.765 | 5 | 4.26%
|
| 10 | Deutsche Bank | 0.712 | 3 | 3.96%
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| Total | 17.972 | 96 |
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| Average size: | 0.187 |
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| November, U.S. market, all issuers |
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| Underwriter | Amount | No. | Share of total
|
| 1 | Stifel | 0.020 | 1 | 50.00%
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| 1 | Barclays | 0.020 | 1 | 50.00%
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| Total | 0.040 | 1 |
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| Average size: | 0.040 |
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| Prospect News Preferred Stock Underwriter Rankings
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Criteria
• U.S. tables include all underwritten dollar-denominated offerings sold in the United States as public or Rule 144A deals reported to Prospect News.
• Convertibles are excluded.
• 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. For multiple leads, the total value is divided equally among joint bookrunners.
• The headquarters location of the parent company is used for the country criteria (i.e. registrations in tax havens and offshore finance subsidiaries are ignored)
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