Merrill top convertibles underwriter year to date, October

Convertibles issuance $90.35 billion year to date

Convertibles issuance $10.26 billion in October

New York, Oct. 31 - Convertibles issuance bounced back strongly in October, with $10.26 billion of securities coming to market, according to data compiled by Prospect News.

Top underwriter for the month was long-standing leader Merrill Lynch & Co., which continues to hold on to the number-one position for the year so far.

After a sharp slump in activity during September in response to the terrorist attacks on the U.S., issuance returned to strong levels in October. After just $2.70 billion of new offerings in September, the $10.26 billion in the most recent line was back in line with this year's record pace, indeed slightly ahead of the average. Through August, monthly issuance had averaged $9.67 billion.

Unlike some previous months, October saw few giant offerings and only one, $1.05 billion of mandatory convertibles from Motorola, passed the $1 billion mark.

OCTOBER

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October 2000

Dealer Amount ($ mln) No. Deals Rank Amount No.

------ -------------- --------- ---- ------ ---

1. Merrill Lynch 2680.33 10 5 230.00 1

2. CS First Boston 2495.28 8 - - -

3. Goldman Sachs 1437.50 4 1 2373.60 7

4. Bear Stearns 1018.80 2 - - -

5. Lehman Brothers 770.50 3 2 912.50 2

6. Salomon SB 725.00 2 - - -

7. Morgan Stanley 368.88 2 3 472.50 2

8. JP Morgan 350.00 1 - - -

9. Robertson Stephens 125.00 1 - - -

10. Banc of America 112.50 1 - - -

Total 10259.54 28 4483.60 15

Average size 366.41 298.91

YEAR TO DATE

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2000 comparables

Dealer Amount ($ mln) No. Deals Rank Amount No.

------ -------------- --------- ---- ------ ---

1. Merrill Lynch 20420.68 51 2 10109.50 29

2. Goldman Sachs 15550.70 36 1 10131.30 33

3. CS First Boston 13399.98 34 3 9088.60 29

4. Salomon SB 12522.60 31 5 4856.00 18

5. Morgan Stanley 9270.88 34 4 8086.90 29

6. Lehman Brothers 6235.50 16 6 2983.70 8

7. UBS Warburg 5094.38 20 9 975.00 4

8. JP Morgan 2607.50 8 10 620.00 2

9. Banc of America 1860.60 8 14 110.00 1

10. Bear Stearns 1643.80 5 11 550.00 2

Total 90353.69 216 51301.60 156

Average Size 418.30 328.86

Prospect News Convertibles Underwriter Rankings

Criteria

* The tables include all dollar-denominated offerings sold in the U.S. as public or Rule 144A deals reported to Prospect News.

* Offerings are included in the time period in which they settle.

* Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the lead manager. For multiple leads, the total value is divided equally among joint lead managers.

* 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; bond 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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