* Convertibles issuance totals $2.14 billion in January
New York, Jan. 31 - Morgan Stanley started 2005 where it ended 2004 - as number one underwriter of convertible offerings, according to data compiled by Prospect News.
But overall the year got off to a very weak start as the month saw activity slump to its lowest level since last summer.
Morgan Stanley handled more than half of the dollar value of new convertible deals, bringing to market $1.21 billion or 56.7% of the $2.14 billion total.
Second placed Credit Suisse First Boston had just a single $300 million deal to its credit.
The Prospect News figures cover dollar-denominated deals offered in the United States as registered transactions or under Rule 144A. They include equity-linked deals issued by investment banks.
Excluding the investment bank synthetics, Morgan Stanley was still on top with $1.17 billion or 60.0% of the $1.95 billion total. CSFB was again second.
The month's volume of $2.14 billion was the smallest since July 2004's $1.04 billion.
By comparison, December managed $3.27 billion despite the disruption of the holiday period.
January 2005, including investment bank exchangeables
2004 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Morgan Stanley | 1.213 | 5 | 56.65% | 6 | 0.276 | 5 | 6.61%
|
| 2 | CSFB | 0.300 | 1 | 14.01% | - | - | - | -
|
| 3 | Goldman Sachs | 0.154 | 7 | 7.19% | 9 | 0.123 | 6 | 2.95%
|
| 4 | Merrill Lynch | 0.125 | 1 | 5.86% | - | - | - | -
|
| 5 | JPMorgan | 0.115 | 1 | 5.37% | 8 | 0.225 | 1 | 5.38%
|
| 6 | UBS | 0.098 | 2 | 4.58% | 3 | 0.600 | 1 | 14.35%
|
| 7 | Deutsche Bank | 0.048 | 1 | 2.24% | 4 | 0.305 | 2 | 7.29%
|
| 7 | Lehman | 0.048 | 1 | 2.24% | 1 | 1.201 | 4 | 28.73%
|
| 9 | Barclays | 0.028 | 5 | 1.33% | - | - | - | -
|
| 10 | ABN | 0.011 | 9 | 0.53% | 11 | 0.030 | 4 | 0.72%
|
| Total | 2.141 | 29 | 4.182 | 32
|
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| Average size: | 0.074 | 0.131
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| January 2005, excluding investment bank exchangeables
|
| | | | | 2004 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Morgan Stanley | 1.172 | 4 | 59.97% | 7 | 0.172 | 1 | 5.60%
|
| 2 | CSFB | 0.300 | 1 | 15.35% | - | - | - | -
|
| 3 | Merrill Lynch | 0.125 | 1 | 6.42% | - | - | - | -
|
| 4 | JPMorgan | 0.115 | 1 | 5.88% | 6 | 0.225 | 1 | 7.30%
|
| 5 | UBS | 0.098 | 2 | 5.01% | 2 | 0.600 | 1 | 19.46%
|
| 6 | Deutsche Bank | 0.048 | 1 | 2.46% | 3 | 0.305 | 2 | 9.89%
|
| 6 | Goldman Sachs | 0.048 | 1 | 2.46% | 8 | 0.075 | 1 | 2.43%
|
| 6 | Lehman | 0.048 | 1 | 2.46% | 1 | 1.094 | 2 | 35.51%
|
| Total | 1.954 | 8 | 3.082 | 14
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| Average size: | 0.244 | 0.220
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| Prospect News Convertibles Underwriter Rankings
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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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