• UBS number one underwriter of preferred stock in July
By Stephanie N. Rotondo
Phoenix, July 31 - Bank of America Merrill Lynch topped Goldman Sachs & Co. as the year's top preferred stock underwriter as of July 31, according to data compiled by Prospect News.
Since January, Bank of America has underwritten 52 deal for proceeds of $3.29 billion, or 13.35% of the market share.
Goldman followed with five underwritings for $3.24 billion, or 13.15% of the market share.
UBS Securities LLC meantime won the top spot for July, facilitating nine preferred stock sales for proceeds of $743 million, or 16.6% of the market share.
Combined, issuers have raised $24.65 billion via 134 transactions thus far in 2012. During July alone, issuers took in $4.47 billion from 31 preferred stock offerings.
For both the year and the month, issuance was well above year-ago levels.
Year to date, U.S. market, all issuers
2011 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Bank of America | 3.290 | 52 | 13.35% | 2 | 1.918 | 29 | 11.73%
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| 2 | Goldman Sachs | 3.242 | 5 | 13.15% | 12 | 0.486 | 2 | 2.97%
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| 3 | Morgan Stanley | 3.075 | 27 | 12.48% | 3 | 1.351 | 18 | 8.26%
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| 4 | Wells Fargo | 2.485 | 31 | 10.08% | 5 | 0.975 | 24 | 5.96%
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| 5 | JPMorgan | 2.078 | 16 | 8.43% | 4 | 1.140 | 5 | 6.97%
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| 6 | UBS | 2.039 | 26 | 8.27% | 13 | 0.441 | 16 | 2.70%
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| 7 | Citigroup | 1.935 | 24 | 7.85% | 6 | 0.865 | 17 | 5.29%
|
| 8 | Barclays | 1.015 | 12 | 4.12% | 10 | 0.745 | 4 | 4.56%
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| 9 | USB | 0.728 | 2 | 2.95% |
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| 10 | RBC | 0.472 | 9 | 1.92% | 17 | 0.045 | 2 | 0.28%
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| Total | 24.648 | 134 | 16.357 | 73 |
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| Average size: | 0.184 | 0.224 |
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| July, U.S. market, all issuers |
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| | | | | 2011 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | UBS | 0.743 | 9 | 16.60% | 6 | 0.122 | 1 | 6.29%
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| 2 | Morgan Stanley | 0.670 | 7 | 14.98% | 2 | 0.455 | 2 | 23.49%
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| 3 | Bank of America | 0.619 | 6 | 13.84% | 1 | 0.455 | 2 | 23.49%
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| 4 | JPMorgan | 0.565 | 5 | 12.62% | 4 | 0.333 | 1 | 17.20%
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| 5 | Wells Fargo | 0.370 | 5 | 8.26% | 5 | 0.122 | 1 | 6.29%
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| 6 | Barclays | 0.330 | 3 | 7.37% |
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| 7 | Goldman Sachs | 0.292 | 1 | 6.52% |
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| 8 | Deutsche Bank | 0.182 | 2 | 4.06% |
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| 9 | Citigroup | 0.176 | 5 | 3.94% |
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| 10 | BB&T | 0.167 | 1 | 3.73% |
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| Total | 4.473 | 31 | 1.938 | 9 |
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| Average size: | 0.144 | 0.215 |
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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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