Bank of America top preferred stock underwriter of 2011

• Wells Fargo top underwriter for fourth quarter, December

By Stephanie N. Rotondo

Portland, Ore., Dec. 30 - Bank of America Merrill Lynch was the top underwriter of preferred stock in the U.S. market for 2011, according to data compiled by Prospect News.

The Charlotte, N.C.-based bank undertook 37 preferred transactions over the course of the year, helping to raise $2.39 billion.

For the fourth quarter, Wells Fargo was number one, facilitating the sale of $300 million of preferred securities in five deals.

Of those five deals, two of them occurred in December, generating proceeds of $233 million. Those transactions helped Wells also secure the top spot for the month.

U.S. market, dollar-denominated deals, all issuers

	Bookrunner	Amount	Deals	Share of total
1	Bank of America	2.387	37	11.70%
2	Morgan Stanley	1.446	19	7.09%
3	Wells Fargo	1.424	32	6.98%
4	JPMorgan	1.140	5	5.59%
5	Citigroup	0.898	18	4.40%
6	Banco BTG Pactual	0.824	1	4.04%
6	Banco Bradesco BBI	0.824	1	4.04%
6	Itau BBA USA	0.824	1	4.04%
9	Barclays	0.765	5	3.75%
10	Goldman Sachs	0.720	4	3.53%
	Total	20.410	115
	Average size:	0.177
Fourth quarter, U.S. market, all issuers
	Underwriter	Amount	No.	Share of total
1	Wells Fargo	0.300	5	10.57%
2	Bank of America	0.287	4	10.13%
3	Goldman Sachs	0.233	2	8.24%
4	Janney	0.038	1	1.36%
5	Stifel	0.035	2	1.24%
6	Robert W. Baird	0.028	2	0.97%
7	Barclays	0.020	1	0.71%
8	Raymond James	0.015	1	0.53%
8	UBS	0.015	1	0.53%
10	McNicoll Lewis & Vlak	0.014	1	0.50%
	Total	2.833	26
	Average size:	0.109
December, U.S. market, all issuers
	Underwriter	Amount	No.	Share of total
1	Wells Fargo	0.233	2	9.20%
1	Goldman Sachs	0.233	2	9.20%
1	Bank of America	0.233	2	9.20%
4	McNicoll Lewis & Vlak	0.014	1	0.56%
4	Wunderlich	0.014	1	0.56%
	Total	2.537	20
	Average size:	0.127
Prospect News Preferred Stock Underwriter Rankings

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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