• Bank of America to preferred stock underwriter for February
• 2012 issuance levels outpacing 2011, but February lags
By Stephanie N. Rotondo
Portland, Ore., Feb. 29 - Morgan Stanley & Co. LLC held on to the top spot among underwriters of preferred stock for the year through February, according to data compiled by Prospect News.
The firm has helped to raise $812 million via seven preferred stock transactions.
All told, issuers have taken in $4.51 billion in 19 preferred sales since the beginning of the year. That compared to $1.62 billion raised in 11 deals in 2011.
For February, Bank of America Merrill Lynch took the number one position, generating proceeds of $286 million in three preferred stock offerings.
Total proceeds raised for the month came to $958 million in six transactions. In terms of dollars, that was down slightly from 2011 levels, when $1.15 billion had been raised, but in only five sales.
Year to date, U.S. market, all issuers
2011 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Morgan Stanley | 0.812 | 7 | 18.01% | 7 | 0.008 | 2 | 0.48%
|
| 2 | Bank of America | 0.548 | 7 | 12.17% | 2 | 0.274 | 4 | 16.93%
|
| 3 | Wells Fargo | 0.542 | 8 | 12.04% | 3 | 0.174 | 5 | 10.75%
|
| 4 | JPMorgan | 0.518 | 5 | 11.50% |
|
| 5 | Goldman Sachs | 0.367 | 1 | 8.14% |
|
| 5 | U.S. Bancorp | 0.367 | 1 | 8.14% |
|
| 7 | UBS | 0.359 | 5 | 7.96% | 8 | 0.008 | 2 | 0.48%
|
| 8 | Citigroup | 0.223 | 4 | 4.94% | 9 | 0.003 | 1 | 0.18%
|
| 8 | RBC | 0.223 | 4 | 4.94% |
|
| 10 | Credit Suisse | 0.200 | 1 | 4.44% |
|
| Total | 4.506 | 19 | 1.618 | 11 |
|
| Average size: | 0.237 | 0.147 |
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| February, U.S. market, all issuers |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Bank of America | 0.286 | 3 | 29.84% | 3 | 0.005 | 1 | 0.41%
|
| 2 | Wells Fargo | 0.258 | 3 | 26.92% | 2 | 0.055 | 2 | 4.75%
|
| 3 | JPMorgan | 0.089 | 1 | 9.29% |
|
| 3 | UBS | 0.089 | 1 | 9.29% | 5 | 0.005 | 1 | 0.41%
|
| 5 | Citigroup | 0.083 | 2 | 8.71% |
|
| 5 | RBC | 0.083 | 2 | 8.71% |
|
| 7 | Jefferies | 0.035 | 1 | 3.65% |
|
| 8 | Barclays | 0.011 | 1 | 1.20% |
|
| 8 | Raymond James | 0.011 | 1 | 1.20% |
|
| 8 | Stifel Nicolaus | 0.011 | 1 | 1.20% |
|
| Total | 0.958 | 6 | 1.154 | 5 |
|
| Average size: | 0.160 | 0.231 |
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| Prospect News Preferred Stock Underwriter Rankings
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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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