Bank of America top underwriter of preferreds for year to date

• Morgan Stanley top underwriter of preferreds in June

By Stephanie N. Rotondo

Portland, Ore., June 30 - Bank of America Merrill Lynch won the top underwriter spot in the preferred market for the year to date through June, underwriting 27 preferred stock offerings and generating proceeds of $1.46 billion, according to data compiled by Prospect News.

Total preferred issuance since January came to $14.52 billion in 65 transactions.

About $8.1 billion in 39 offerings were underwritten in the second quarter. Of that total, $824 million was underwritten in one deal, led by Banco BTG Pactual, Banco Bradesco BBI and Itau BBA USA.

For the month, total preferred issuance was $678 million in six transactions. Morgan Stanley & Co. Inc. was the lead underwriter, brining three deals for total proceeds of $249 million.

Year to date, U.S. market, all issuers

	Underwriter	Amount	No.	Share
1	Bank of America	1.463	27	10.08%
2	Morgan Stanley	0.895	16	6.17%
3	Citigroup	0.865	17	5.96%
4	Wells Fargo	0.853	23	5.88%
5	Banco BTG Pactual	0.824	1	5.68%
5	Banco Bradesco BBI	0.824	1	5.68%
5	Itau BBA USA	0.824	1	5.68%
8	JPMorgan	0.807	4	5.56%
9	Barclays	0.745	4	5.13%
10	Deutsche Bank	0.700	2	4.82%
	Total	14.519	65
	Average size:	0.223
Second quarter, U.S. market, all issuers
	Underwriter	Amount	No.	Share
1	Banco BTG Pactual	0.824	1	10.18%
1	Banco Bradesco BBI	0.824	1	10.18%
1	Itau BBA USA	0.824	1	10.18%
4	Bank of America	0.793	15	9.79%
5	Wells Fargo	0.538	11	6.64%
6	Morgan Stanley	0.358	9	4.42%
7	Citigroup	0.342	9	4.23%
8	UBS	0.278	8	3.44%
9	Raymond James	0.058	2	0.71%
10	JPMorgan	0.033	1	0.41%
	Total	8.097	39
	Average size:	0.208
June, U.S. market, all issuers
	Underwriter	Amount	No.	Share
1	Morgan Stanley	0.249	3	36.79%
2	Wells Fargo	0.133	2	19.68%
3	UBS	0.133	2	19.68%
4	Bank of America	0.133	2	19.68%
5	McNicoll Lewis & Vlak	0.020	2	2.88%
6	Citigroup	0.009	1	1.30%
	Total	0.678	6
	Average size:	0.113
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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