• Morgan Stanley top preferred stock underwriter in May
By Stephanie N. Rotondo
Phoenix, May 31 - For the third consecutive month, Goldman Sachs & Co. took the prize for the top preferred stock underwriter for the year to date, according to data compiled by Prospect News.
Goldman has raised $2.5 billion in three preferred stock sales thus far in 2012. Morgan Stanley & Co. LLC, however, was hot on Goldman's heels, having brought in proceeds of $2.24 billion via 18 transactions.
Morgan Stanley also was the month of May's top agent.
Morgan Stanley was also April's number one underwriter.
In April, Morgan Stanley facilitated four preferred sales, as did Bank of America. Morgan Stanley took in $354 million, while Bank of America brought in $342 million.
Overall, yearly issuance levels remained well above 2011 comparables, though monthly issuance was down slightly in terms of dollars raised.
For the year, issuers have raised $16.66 billion via 78 preferred offerings, versus $13.74 billion raised in 58 stock sales the year before.
In May, a total of $3 billion was raised in 22 transactions. That compared to $3.41 billion raised in 19 preferred stock sales in 2011.
Year to date, U.S. market, all issuers
2011 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Goldman Sachs | 2.501 | 3 | 15.01% | 12 | 0.486 | 2 | 3.54%
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| 2 | Morgan Stanley | 2.242 | 18 | 13.45% | 11 | 0.646 | 13 | 4.70%
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| 3 | Wells Fargo | 1.965 | 24 | 11.79% | 9 | 0.720 | 21 | 5.24%
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| 4 | Bank of America | 1.823 | 28 | 10.94% | 2 | 1.330 | 25 | 9.68%
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| 5 | None/Unknown | 1.759 | 19 | 10.56% | 1 | 4.197 | 20 | 30.55%
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| 6 | Citigroup | 1.283 | 17 | 7.70% | 3 | 0.856 | 16 | 6.23%
|
| 7 | UBS | 1.136 | 15 | 6.82% | 14 | 0.186 | 13 | 1.35%
|
| 8 | JPMorgan | 1.064 | 10 | 6.38% | 7 | 0.807 | 4 | 5.87%
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| 9 | USB | 0.728 | 2 | 4.37% |
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| 10 | RBC | 0.385 | 6 | 2.31% | 16 | 0.045 | 2 | 0.33%
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| Total | 16.664 | 78 | 13.741 | 58 |
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| Average size: | 0.214 | 0.237 |
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| May, U.S. market, all issuers |
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| | | | | 2011 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Morgan Stanley | 0.354 | 4 | 11.77% | 9 | 0.025 | 1 | 0.73%
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| 2 | Bank of America | 0.342 | 4 | 11.36% | 2 | 0.432 | 6 | 12.67%
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| 3 | UBS | 0.294 | 3 | 9.77% | 5 | 0.062 | 1 | 1.83%
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| 4 | Citigroup | 0.225 | 2 | 7.48% | 4 | 0.142 | 3 | 4.16%
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| 5 | Wells Fargo | 0.223 | 2 | 7.41% | 3 | 0.203 | 3 | 5.94%
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| 6 | Deutsche Bank | 0.144 | 1 | 4.78% |
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| 7 | JPMorgan | 0.119 | 2 | 3.95% | 6 | 0.033 | 1 | 0.98%
|
| 7 | RBC | 0.119 | 1 | 3.95% | 10 | 0.025 | 1 | 0.73%
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| 9 | MLV | 0.009 | 1 | 0.31% |
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| Total | 3.008 | 22 | 3.409 | 19 |
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| Average size: | 0.137 | 0.179 |
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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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