Goldman Sachs top convertibles underwriter year to date

* Convertibles issuance totals $35.50 billion year to date

* Goldman Sachs top convertibles underwriter in November

* Convertibles issuance totals $6.68 billion in November

New York, Nov. 30 - Goldman Sachs & Co. rode a surge in convertibles issuance to take the number one spot among underwriters of convertibles for the year to date, according to data compiled by Prospect News.

With $3.28 billion of business in November, more than any other firm, Goldman jumped from its previous fourth place to the top position. And total market activity saw its best month in almost two years.

Included in Goldman's total for the month were the $2 billion of convertible senior notes for Prudential Financial Inc. and $1.265 billion of convertible senior notes for Qwest Communications International Inc.

In large part because of those two megadeals, total volume for the month jumped to $6.68 billion, its highest level since the $7.75 billion in March 2004. Issuance was almost four times the $1.79 billion recorded in October.

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.

Excluding those investment bank synthetics, issuance year to date is $30.15 billion while the month's figure was $6.26 billion.

On that basis, Goldman was still number one with $3.27 billion.

Despite November's strong showing, activity remains below last year's levels. The $35.50 billion so far in 2005 is only 75% of the $47.60 billion at the same stage of 2004.

Goldman's climb to the number one position dislodges Lehman Brothers, which moved to first place in August after bringing to market U.S. Bancorp's $2.5 billion offering of convertible debentures.

Year-to-date 2005, including investment bank exchangeables

2004 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	6.450	51	18.17%	4	5.103	72	10.72%
2	Lehman	4.842	33	13.64%	3	5.281	37	11.09%
3	Citigroup	4.713	44	13.28%	2	6.351	41	13.34%
4	Morgan Stanley	4.068	45	11.46%	1	7.050	60	14.81%
5	Merrill Lynch	2.784	20	7.84%	6	3.865	29	8.12%
6	Banc of America	2.494	18	7.02%	5	4.085	22	8.58%
7	Deutsche Bank	2.266	14	6.38%	7	3.405	16	7.15%
8	JPMorgan	2.056	18	5.79%	8	3.030	25	6.36%
9	CSFB	1.985	18	5.59%	10	2.349	13	4.93%
10	UBS	1.470	14	4.14%	9	2.540	13	5.34%
	Total	35.498	421	47.601	408
	Average size:	0.084	0.117
Year-to-date 2005, excluding investment bank exchangeables
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	5.634	14	18.69%	3	4.423	19	10.25%
2	Lehman	4.148	14	13.76%	5	4.062	18	9.41%
3	Morgan Stanley	3.210	19	10.65%	1	6.419	29	14.87%
4	Citigroup	2.792	15	9.26%	2	5.063	24	11.73%
5	Merrill Lynch	2.504	17	8.30%	6	3.569	21	8.27%
6	Banc of America	2.494	18	8.27%	4	4.085	22	9.46%
7	Deutsche Bank	2.263	11	7.51%	7	3.405	16	7.89%
8	JPMorgan	2.056	18	6.82%	8	3.030	25	7.02%
9	CSFB	1.826	12	6.06%	10	2.349	13	5.44%
10	UBS	1.470	14	4.88%	9	2.540	13	5.89%
	Total	30.148	101	43.161	187
	Average size:	0.298	0.231
November 2005, including investment bank exchangeables
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	3.276	4	49.02%	12	0.064	4	1.46%
2	Morgan Stanley	0.515	4	7.71%	13	0.061	2	1.40%
3	CSFB	0.444	4	6.64%	-	-	-	-
4	Citigroup	0.395	5	5.91%	1	1.030	4	23.41%
5	JPMorgan	0.350	3	5.24%	10	0.175	1	3.98%
6	Lehman	0.326	5	4.87%	2	0.520	6	11.81%
7	Banc of America	0.303	3	4.53%	11	0.084	2	1.91%
8	Bear Stearns	0.300	1	4.49%	3	0.480	2	10.90%
9	Deutsche Bank	0.253	3	3.79%	4	0.450	2	10.22%
10	UBS	0.253	2	3.79%	7	0.240	2	5.45%
	Total	6.683	36	4.402	44
	Average size:	0.186	0.100
November 2005, excluding investment bank exchangeables
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	3.265	2	52.19%	-	-	-	-
2	Morgan Stanley	0.475	2	7.59%	-	-	-	-
3	JPMorgan	0.350	3	5.59%	10	0.175	1	4.21%
4	Banc of America	0.303	3	4.84%	11	0.084	2	2.02%
5	Bear Stearns	0.300	1	4.80%	3	0.480	2	11.55%
6	CSFB	0.290	3	4.64%	-	-	-	-
7	Citigroup	0.276	2	4.42%	1	0.968	2	23.29%
8	UBS	0.253	2	0.0404	7	0.240	2	5.77%
9	Deutsche Bank	0.253	2	0.0404	4	0.450	2	10.83%
10	Lehman	0.253	2	0.0404	2	0.481	3	11.58%
	Total	6.256	12	4.156	22
	Average size:	0.521	0.189
Prospect News Convertibles Underwriter Rankings

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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