By Stephanie N. Rotondo
Phoenix, March 28 - Citigroup Global Markets Inc. took over as the year's top preferred stock underwriter in March, according to data compiled by Prospect News.
J.P. Morgan Securities LLC had won the top spot the month before.
Year to date, Citigroup has facilitated 13 preferred stock transactions that raised $1.07 billion, or 14.39% of market share.
Wells Fargo Securities LLC held on to the number two position, having done 18 deals that brought in just slightly over $1 billion, or 13.46% of market share.
For March, Citigroup was again the winner. During the month, the underwriter completed five preferred offerings for proceeds of $660 million, or 22.42% of the month's market share.
Continuing the trend, Wells Fargo held on to second place. The bookrunner raised $444 million via eight deals, taking 15.1% of market share.
U.S. market, all issuers, year to date
2012 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Citigroup | 1.077 | 13 | 14.39% | 7 | 0.511 | 9 | 5.07%
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| 2 | Wells Fargo | 1.007 | 18 | 13.46% | 2 | 1.468 | 17 | 14.58%
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| 3 | JPMorgan | 0.964 | 5 | 12.88% | 6 | 0.543 | 6 | 5.39%
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| 4 | Bank of America | 0.748 | 15 | 10.00% | 3 | 1.270 | 21 | 12.62%
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| 5 | Morgan Stanley | 0.733 | 11 | 9.80% | 4 | 1.165 | 12 | 11.57%
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| 6 | UBS | 0.670 | 11 | 8.95% | 5 | 0.817 | 11 | 8.11%
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| 7 | RBC | 0.290 | 7 | 3.87% | 9 | 0.278 | 5 | 2.76%
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| 8 | Raymond James | 0.193 | 6 | 2.58% | 14 | 0.089 | 4 | 0.88%
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| 9 | Goldman Sachs | 0.141 | 3 | 1.88% | 1 | 2.139 | 2 | 21.25%
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| 10 | Deutsche Bank | 0.111 | 3 | 1.48% |
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| Total | 7.484 | 88 | 10.067 | 45 |
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| Average size: | 0.085 | 0.224 |
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| U.S. market, all issuers, March |
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| | | | | 2012 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Citigroup | 0.660 | 5 | 22.42% | 5 | 0.276 | 5 | 5.28%
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| 2 | Wells Fargo | 0.444 | 8 | 15.10% | 2 | 0.853 | 8 | 16.34%
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| 3 | Bank of America | 0.330 | 7 | 11.20% | 3 | 0.650 | 13 | 12.44%
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| 4 | Morgan Stanley | 0.275 | 5 | 9.35% | 6 | 0.269 | 4 | 5.16%
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| 5 | Raymond James | 0.143 | 4 | 4.87% | 11 | 0.030 | 1 | 0.58%
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| 6 | RBC | 0.128 | 4 | 4.36% | 10 | 0.043 | 1 | 0.83%
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| 7 | UBS | 0.117 | 3 | 3.97% | 5 | 0.374 | 5 | 7.15%
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| 8 | JPMorgan | 0.081 | 3 | 2.74% | 14 | 0.025 | 1 | 0.48%
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| 9 | Baird | 0.054 | 3 | 1.83% |
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| 10 | Jefferies | 0.048 | 1 | 1.63% | 13 | 0.027 | 1 | 0.51%
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| Total | 2.942 | 41 | 5.225 | 25 |
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| Average size: | 0.072 | 0.209 |
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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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