Bank of America still top underwriter of preferred stock year to date

• Wells Fargo top underwriter of preferred stock in November

By Stephanie N. Rotondo

Phoenix, Nov. 30 - Bank of America Merrill Lynch has underwritten more preferred stock sales than any other bookrunner year to date, according to data compiled by Prospect News.

For the year thus far, Bank of America has underwritten 90 deals that generated proceeds of $5.26 billion, or 13.41% of market share. Wells Fargo Securities LLC is runner-up, facilitating 50 deals for $5.01 billion, or 12.79% of market share.

Total issuance for the year is over twice that of 2011, with 228 transactions getting done for proceeds of $39.19 billion. That compares to 95 preferred stock offerings in 2011, for proceeds of $17.87 billion.

For November, Wells Fargo was the number one underwriter. The bank underwrote two preferred deals, raising $644 million, or 38.24% of market share.

Goldman Sachs & Co. was number two, working on three deals that brought in $163 million, of 9.65% of market share.

Issuance for the month was well over year-ago comparables. A total of 18 deals were done in November for proceeds of $1.68 billion. In November 2011, only one deal was completed for proceeds of $40 million.

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

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	5.256	90	13.41%	2	2.154	35	12.05%
2	Wells Fargo	5.014	50	12.79%	4	1.190	30	6.66%
3	Goldman Sachs	4.529	13	11.56%	12	0.486	2	2.72%
4	Morgan Stanley	4.374	41	11.16%	3	1.446	19	8.09%
5	JPMorgan	4.373	32	11.16%	5	1.140	5	6.38%
6	Citigroup	4.012	34	10.24%	6	0.898	18	5.02%
7	UBS	3.062	38	7.81%	13	0.456	17	2.55%
8	Barclays	1.080	15	2.76%	10	0.765	5	4.28%
9	RBC	0.809	16	2.06%	17	0.058	3	0.32%
10	USB	0.728	2	1.86%
	Total	39.190	228	17.872	95
	Average size:	0.172	0.188
U.S. market, all issuers, November
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Wells Fargo	0.644	2	38.24%
2	Goldman Sachs	0.163	3	9.65%
3	JPMorgan	0.162	3	9.60%
4	Bank of America	0.156	4	9.28%
5	Sandler O'Neill	0.100	1	5.94%
6	Citigroup	0.081	2	4.83%
7	UBS	0.081	2	4.83%
8	Morgan Stanley	0.075	2	4.46%
9	Deutsche Bank	0.037	1	2.18%
10	Jefferies	0.037	1	2.18%
	Total	1.683	18	0.040	1
	Average size:	0.094	0.040
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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