* Convertibles issuance totals $46.38 billion year to date
* Salomon top convertible underwriter in second quarter
* Convertibles issuance totals $15.07 billion in second quarter
* JP Morgan top convertible underwriter in June
* Convertibles issuance totals $3.31 billion in June
New York, June 28 - Merrill Lynch & Co. was top underwriter of convertible securities for the first half of 2002 but Salomon Smith Barney took the number one position in the second quarter and JP Morgan was the leader for June, according to data compiled by Prospect News. (Note that effective this month Prospect News data is compiled using the pricing date as the criteria for inclusion, replacing the settlement date as used previously. Comparable figures from previous years have also been adjusted.)
Total issuance for the first six months of the year was $46.38 billion, well down from the $64.65 billion at the same point in 2001. The total number of issues, meanwhile, held up better at 138 versus 153 for the comparable period last year.
However the totals for the second quarter and June show more marked declines.
Issuance in the second quarter was $15.07 billion in 59 issues, just 39% of the dollar volume of the second quarter of 2001 when $38.77 billion was brought to market in 101 issues.
For June, new issues totaled $3.31 billion in 14 issues, only 42% of the $7.79 billion in 30 issues for June 2001.
That also makes June the slowest month of the year, although May was not much busier at $3.60 billion in 21 transactions. The biggest month so far in 2002 has been January with $11.9 billion in 34 offerings.
Clearly the biggest new deal brought to market in June was Nortel Networks Corp.'s $821 million offering via joint bookrunners Credit Suisse First Boston, JP Morgan and Salomon Smith Barney. The next biggest was $506 million for FLP Group Inc.
Among individual underwriter's performance, JP Morgan moved up sharply - and not just in the figures for June, which tend to be volatile as they are only for a single month and one with lower issuance. For the year to date, JP Morgan jumped five places to fourth place compared to ninth place for the first six months of 2001 and for the second quarter the firm moved up to third from eighth for the same period a year earlier.
Deutsche Bank Securities Inc. also moved higher in the second quarter, to fifth place from 11th a year earlier. However June proved a dry month for the firm with no new deals reported.
2002 Year To Date
2001 Comparables
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Merrill Lynch | 12,691.36 | 35 | 1 | 16,913.80 | 36
|
| 2. | Salomon SB | 9,470.96 | 32 | 4 | 8,634.67 | 25
|
| 3. | Goldman Sachs | 7,408.23 | 17 | 2 | 10,194.35 | 24
|
| 4. | JP Morgan | 3,611.31 | 13 | 9 | 822.50 | 5
|
| 5. | Morgan Stanley | 3,501.39 | 10 | 5 | 6,451.40 | 25
|
| 6. | CS First Boston | 3,217.64 | 14 | 3 | 9,867.52 | 23
|
| 7. | Banc of America | 1,925.84 | 8 | 8 | 1,579.45 | 5
|
| 8. | Deutsche Bank | 1,345.00 | 6 | 10 | 545.00 | 4
|
| 9. | UBS Warburg | 1,176.75 | 9 | 7 | 3,919.50 | 12
|
| 10. | Lehman | 1,174.19 | 7 | 6 | 4,445.00 | 10
|
| 11. | Bear Stearns | 400.00 | 4 | 11 | 425.00 | 3
|
| 12. | Scotia | 143.75 | 1 | - | - | -
|
| 13. | ABN Amro | 138.00 | 8 | 15 | 125.00 | 3
|
| 14. | CIBC | 90.00 | 1 | 14 | 150.00 | 1
|
| 15. | Robertson Stephens | 35.50 | 1 | 12 | 400.00 | 1
|
|
|
| Total | $46,379.92 | 138 | $64,645.68 | 153
|
|
|
| Average size | $336.08 | $422.52
|
|
|
| 2002 Second Quarter
|
| | | | | 2001 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Salomon SB | 4,117.97 | 14 | 5 | 3,896.77 | 16
|
| 2. | Merrill Lynch | 3,792.64 | 15 | 1 | 10,632.70 | 22
|
| 3. | JP Morgan | 1,638.81 | 7 | 8 | 822.50 | 5
|
| 4. | Goldman Sachs | 1,443.53 | 8 | 2 | 6,180.45 | 16
|
| 5. | Deutsche Bank | 975.00 | 4 | 11 | 395.00 | 3
|
| 6. | Banc of America | 915.84 | 4 | 9 | 747.80 | 3
|
| 7. | CS First Boston | 886.31 | 4 | 3 | 5,362.82 | 14
|
| 8. | UBS Warburg | 718.75 | 5 | 6 | 3,293.50 | 6
|
| 9. | Lehman | 285.00 | 3 | 7 | 1,782.50 | 5
|
| 10. | CIBC | 90.00 | 1 | 13 | 150.00 | 1
|
|
|
| Total | $15,067.67 | 59 | $38,770.48 | 101
|
|
|
| Average size | $255.38 | $383.87
|
|
|
| June 2002
|
| | | | | 2001 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | JP Morgan | 1,028.81 | 5 | 6 | 322.50 | 3
|
| 2. | Salomon SB | 672.31 | 5 | 5 | 959.17 | 7
|
| 3. | CS First Boston | 523.81 | 2 | 1 | 2,212.82 | 5
|
| 4. | Merrill Lynch | 403.00 | 2 | 2 | 1,610.17 | 6
|
| 5. | Goldman Sachs | 353.00 | 2 | 3 | 990.50 | 6
|
| 6. | Banc of America | 100.00 | 1 | 10 | 115.00 | 1
|
| 7. | Lehman | 85.00 | 2 | 9 | 149.50 | 1
|
| 8. | UBS Warburg | 75.00 | 1 | 13 | 6.50 | 1
|
| 9. | Robertson Stephens | 35.50 | 1 | - | - | -
|
| 10. | Hibernia | 35.00 | 1 | - | - | -
|
|
|
| Total | $3,311.42 | 14 | 7,793.05 | 30
|
|
|
| Average size | $236.53 | $259.77
|
|
|
|
|
| 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 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.
* 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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