* Convertibles issuance totals $47.78 billion year to date
* Salomon top convertible underwriter in July
* Convertibles issuance totals $1.24 billion in July
New York, July 31 - Convertibles issuance plunged to just $1.24 billion in July, far below even the monthly low of $2.80 billion touched in September 2001 after the Sept. 11 terrorist attacks.
Excluding exchangeables issued by investment banks, the figures are even lower, just $1.16 billion of new issuance in only four deals, according to data compiled by Prospect News.
The year-to-date total of $47.78 billion is now running far behind last year's pace; at the same point in 2001, $70.73 billion of convertibles had been brought to market.
With so little new issuance, the year-to-date underwriter league tables are little changed from the month before.
Merrill Lynch & Co. remains the top underwriter of convertible securities with a total of $12.91 billion, well ahead of second placed Salomon Smith Barney with $9.82 billion.
For July, however, Salomon was first with $344.71 million brought to market compared to $221.38 for Merrill, which came in at the number two position.
2002 Year To Date
2001 Comparables
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Merrill Lynch | 12,912.73 | 36 | 1 | 17,713.80 | 37
|
| 2. | Salomon SB | 9,815.67 | 34 | 2 | 11,390.57 | 29
|
| 3. | Goldman Sachs | 7,501.80 | 22 | 3 | 10,479.35 | 26
|
| 4. | JP Morgan | 3,761.31 | 14 | 9 | 822.50 | 5
|
| 5. | Morgan Stanley | 3,501.39 | 10 | 5 | 7,587.90 | 27
|
| 6. | CS First Boston | 3,340.98 | 15 | 4 | 10,042.52 | 24
|
| 7. | Banc of America | 2,049.17 | 9 | 8 | 1,759.45 | 6
|
| 8. | Deutsche Bank | 1,395.00 | 6 | 10 | 545.00 | 4
|
| 9. | UBS Warburg | 1,376.75 | 10 | 7 | 4,444.50 | 13
|
| 10. | Lehman | 1,179.19 | 7 | 6 | 4,625.00 | 11
|
| 11. | Bear Stearns | 400.00 | 4 | 11 | 425.00 | 3
|
| 12. | ABN Amro | 154.00 | 10 | 14 | 155.00 | 4
|
| 13. | Scotia | 143.75 | 1 | - | - | -
|
| 14. | CIBC | 90.00 | 1 | 15 | 150.00 | 1
|
| 15. | McDonald | 69.00 | 1 | - | - | -
|
|
|
| Total | $47,776.24 | 150 | $70,733.08 | 167
|
|
|
| Average size | $318.51 | $423.55
|
|
|
|
|
| July 2002
|
| | | | | 2001 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Salomon SB | 344.71 | 2 | 1 | 2,755.90 | 4
|
| 2. | Merrill Lynch | 221.38 | 1 | 3 | 800.00 | 1
|
| 3. | UBS Warburg | 200.00 | 1 | 4 | 525.00 | 1
|
| 4. | JP Morgan | 150.00 | 1 | - | - | -
|
| 5. | Banc of America | 123.33 | 1 | 6 | 180.00 | 1
|
| 6. | CS First Boston | 123.33 | 1 | 8 | 175.00 | 1
|
| 7. | Goldman Sachs | 70.00 | 3 | 5 | 285.00 | 2
|
| 8. | ABN Amro | 7.75 | 1 | 9 | 30.00 | 1
|
|
|
| Total | $1,240.50 | 8 | $6,087.40 | 14
|
|
|
| Average size | $155.06 | $434.81
|
|
|
|
|
| Prospect News Convertibles Underwriter Rankings
|
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|
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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