Bank of America top underwriter of preferreds for year to date

• Issuance totals $29.54 billion year to date

New York, Aug. 31 - Bank of America Merrill Lynch held on to its position as the top underwriter of preferred stock for the year so far, according to data compiled by Prospect News.

The bank took the number one spot in July, pushing Goldman Sachs & Co. into second place.

Since then, Goldman has fallen further and now ranks fifth for the year to date.

Wells Fargo is now second, up from fourth for the year through July, JPMorgan is third, up from fifth, and Morgan Stanley is fourth, down from third.

For 2012 to date, Bank of America has brought to market $3.9 billion of preferreds in 64 deals, or 13.2% of the market.

JPMorgan placed first for August, bringing $1.49 billion of deals to market.

Issuance remained strong in August at $4.60 billion. That was down slightly from $4.76 billion in July, but the months are the second and third busiest of 2012, behind March with $5.23 billion.

Year-to-date volume totals $29.54 billion, up 80% from the $16.41 billion at the same stage in 2011. Activity is now well ahead of the $20.41 billion total for all of 2011.

Year to date, U.S. market, all issuers

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	3.902	64	13.21%	2	1.918	29	11.69%
2	Wells Fargo	3.770	40	12.76%	5	0.975	24	5.94%
3	JPMorgan	3.573	20	12.09%	4	1.140	5	6.95%
4	Morgan Stanley	3.512	31	11.89%	3	1.351	18	8.23%
5	Goldman Sachs	3.342	6	11.31%	12	0.486	2	2.96%
6	UBS	2.404	29	8.14%	13	0.441	16	2.69%
7	Citigroup	2.003	25	6.78%	6	0.865	17	5.27%
8	Barclays	1.039	13	3.52%	10	0.745	4	4.54%
9	USB	0.728	2	2.47%
10	RBC	0.648	12	2.19%	17	0.045	2	0.28%
	Total	29.544	151	16.411	75
	Average size:	0.196	0.219
August, U.S. market, all issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.490	4	32.37%
2	Wells Fargo	1.258	9	27.32%
3	Bank of America	0.585	12	12.70%
4	Morgan Stanley	0.412	4	8.96%
5	UBS	0.338	3	7.33%
6	Sandler O'Neill	0.127	6	2.76%
7	RBC	0.115	2	2.51%
8	Goldman Sachs	0.100	1	2.17%
9	Stifel Nicolaus	0.095	1	2.07%
10	Citigroup	0.062	1	1.36%
	Total	4.602	16	0.054	2
	Average size:	0.288	0.027
Prospect News Preferred Stock Underwriter Rankings

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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