* Convertibles issuance totals $28.23 billion year to date
* UBS top convertibles underwriter in October
* Convertibles issuance totals $1.32 billion in October
New York, Oct. 31 - Lehman Brothers held on to its place as number one underwriter of convertibles for the year to date - although with issuance plummeting the bank brought to market only one self-issued exchangeable in October, according to data compiled by Prospect News.
Lehman had taken the number one spot for the year through August thanks to its role as sole bookrunner for U.S. Bancorp's $2.5 billion offering of convertible debentures, pushing Morgan Stanley off the top spot which it had held every month this year before August and also for 2004 as a whole. Lehman has stayed at number one since then.
Total issuance for October was $1.32 billion in 25 deals - but excluding investment bank exchangeables the total was just $1.11 billion in four deals.
Even including the exchangeables, issuance was at the lowest level since May, when volume was $1.12 billion, or $0.95 billion without the exchangeables.
Year to date, volume totals $28.23 billion, 65% of the amount at the same point last year.
The Prospect News figures cover dollar-denominated deals offered in the United States as registered transactions or under Rule 144A. They include deals issued by investment banks linked to a single stock, unless otherwise noted.
Year-to-date 2005, including investment bank exchangeables
2004 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Lehman | 4.483 | 28 | 15.88% | 4 | 4.761 | 31 | 11.02%
|
| 2 | Citigroup | 4.200 | 38 | 14.88% | 2 | 5.320 | 37 | 12.32%
|
| 3 | Morgan Stanley | 3.435 | 40 | 12.17% | 1 | 6.989 | 58 | 16.18%
|
| 4 | Goldman Sachs | 3.124 | 46 | 11.07% | 3 | 5.039 | 68 | 11.66%
|
| 5 | Merrill Lynch | 2.565 | 18 | 9.09% | 6 | 3.457 | 27 | 8.00%
|
| 6 | Banc of America | 2.191 | 15 | 7.76% | 5 | 4.001 | 20 | 9.26%
|
| 7 | Deutsche Bank | 2.013 | 11 | 7.13% | 7 | 2.955 | 14 | 6.84%
|
| 8 | JPMorgan | 1.706 | 15 | 6.04% | 8 | 2.855 | 24 | 6.61%
|
| 9 | CSFB | 1.508 | 14 | 5.34% | 9 | 2.349 | 13 | 5.44%
|
| 10 | UBS | 1.199 | 12 | 4.25% | 10 | 2.300 | 11 | 5.32%
|
| Total | 28.228 | 379 | 43.198 | 364 |
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| Average size: | 0.074 | 0.119 |
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| Year-to-date 2005, excluding investment bank exchangeables
|
| | | | | 2004 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Lehman | 3.862 | 12 | 16.49% | 5 | 3.580 | 15 | 9.18%
|
| 2 | Morgan Stanley | 2.617 | 16 | 11.18% | 1 | 6.419 | 29 | 16.46%
|
| 3 | Citigroup | 2.398 | 12 | 10.24% | 3 | 4.095 | 22 | 10.50%
|
| 4 | Goldman Sachs | 2.369 | 12 | 10.12% | 2 | 4.423 | 19 | 11.34%
|
| 5 | Merrill Lynch | 2.285 | 15 | 9.76% | 6 | 3.162 | 19 | 8.11%
|
| 6 | Banc of America | 2.191 | 15 | 9.35% | 4 | 4.001 | 20 | 10.26%
|
| 7 | Deutsche Bank | 2.010 | 9 | 8.58% | 7 | 2.955 | 14 | 7.57%
|
| 8 | JPMorgan | 1.706 | 15 | 7.29% | 8 | 2.855 | 24 | 7.32%
|
| 9 | CSFB | 1.503 | 9 | 6.42% | 9 | 2.349 | 13 | 6.02%
|
| 10 | UBS | 1.199 | 12 | 5.12% | 10 | 2.300 | 11 | 5.90%
|
| Total | 23.420 | 87 | 39.005 | 165 |
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| Average size: | 0.269 | 0.236 |
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| October 2005, including investment bank exchangeables
|
| | | | | 2004 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | UBS | 0.226 | 2 | 17.16% | 7 | 0.131 | 2 | 4.56%
|
| 2 | Merrill Lynch | 0.225 | 1 | 17.06% | 8 | 0.105 | 1 | 3.65%
|
| 3 | Citigroup | 0.215 | 4 | 16.27% | 3 | 0.272 | 3 | 9.44%
|
| 4 | Banc of America | 0.172 | 1 | 13.08% | 5 | 0.150 | 1 | 5.21%
|
| 5 | Morgan Stanley | 0.168 | 3 | 12.76% | 4 | 0.265 | 5 | 9.22%
|
| 6 | JPMorgan | 0.131 | 1 | 9.95% | 6 | 0.138 | 2 | 4.78%
|
| 7 | Bear Stearns | 0.095 | 1 | 7.21% |
|
| 8 | Barclays | 0.031 | 9 | 2.35% | 12 | 0.004 | 3 | 0.14%
|
| 9 | Wachovia | 0.020 | 1 | 1.51% |
|
| 10 | Lehman | 0.017 | 1 | 1.29% | 1 | 0.955 | 6 | 33.20%
|
| Total | 1.319 | 25 | 2.877 | 40 |
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| Average size: | 0.053 | 0.072 |
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| October 2005, excluding investment bank exchangeables
|
| | | | | 2004 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | UBS | 0.226 | 2 | 20.34% | 7 | 0.131 | 2 | 7.07%
|
| 2 | Merrill Lynch | 0.225 | 1 | 20.22% | 8 | 0.105 | 1 | 5.66%
|
| 3 | Banc of America | 0.172 | 1 | 15.51% | 4 | 0.150 | 1 | 8.08%
|
| 4 | Citigroup | 0.131 | 1 | 11.80% | 2 | 0.260 | 2 | 14.01%
|
| 5 | JPMorgan | 0.131 | 1 | 11.80% | 6 | 0.138 | 2 | 7.41%
|
| 6 | Morgan Stanley | 0.131 | 1 | 11.80% | 3 | 0.230 | 1 | 12.39%
|
| 7 | Bear Stearns | 0.095 | 1 | 8.54% |
|
| Total | 1.113 | 4 | 1.856 | 13 |
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| Average size: | 0.278 | 0.143 |
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| Prospect News Convertibles Underwriter Rankings
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Criteria
* The tables include all underwritten dollar-denominated offerings sold in the United States 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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