• BofA Merrill Lynch top preferred stock underwriter in May
By Stephanie N. Rotondo
Phoenix, May 31 - Citigroup Global Markets Inc. and J.P. Morgan Securities LLC flip-flopped again as Citigroup retook the top preferred stock underwriter spot from JPMorgan for the year to date through May.
For the year, Citigroup has led 23 deals that raised $3.18 billion in proceeds, or 15.44% of market share, according to data compiled by Prospect News. JPMorgan meantime participated in 12 underwritings that brought in $3.05 billion, or 14.83% of market share.
For the month, BofA Merrill Lynch was the number one preferred stock underwriter, having facilitated six deals in May that raised $1.45 billion, or 22.91% of market share.
Citigroup came in second for the month, with seven transactions that resulted in proceeds of $651 million.
Overall, issuers have sought $20.6 billion via 134 preferred stock sales so far this year. That compared to $16.78 billion raised from 79 deals in 2012.
During May, a total of 20 transactions occurred, bringing in $6.32 billion. For the same month of 2012, 24 deals had priced, for proceeds of $3.09 billion.
U.S. market, all issuers, year to date
2012 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Citigroup | 3.179 | 23 | 15.44% | 5 | 1.311 | 18 | 7.81%
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| 2 | JPMorgan | 3.054 | 12 | 14.83% | 7 | 1.064 | 10 | 6.34%
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| 3 | Bank of America | 2.714 | 29 | 13.18% | 4 | 1.837 | 29 | 10.94%
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| 4 | Goldman Sachs | 1.794 | 12 | 8.71% | 1 | 2.501 | 3 | 14.90%
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| 5 | Morgan Stanley | 1.722 | 23 | 8.36% | 2 | 2.256 | 18 | 13.44%
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| 6 | Wells Fargo | 1.579 | 27 | 7.66% | 3 | 1.969 | 24 | 11.73%
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| 7 | UBS | 1.329 | 20 | 6.45% | 6 | 1.150 | 15 | 6.85%
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| 8 | Deutsche Bank | 0.709 | 9 | 3.44% | 11 | 0.280 | 3 | 1.67%
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| 9 | Barclays | 0.387 | 6 | 1.88% | 12 | 0.238 | 8 | 1.42%
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| 10 | MLV | 0.320 | 8 | 1.56% | 18 | 0.065 | 2 | 0.38%
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| Total | 20.596 | 134 | 16.782 | 79 |
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| Average size: | 0.154 | 0.212 |
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| U.S. market, all issuers, May |
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| | | | | 2012 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Bank of America | 1.447 | 6 | 22.91% | 2 | 0.353 | 5 | 11.42%
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| 2 | Citigroup | 0.651 | 7 | 10.31% | 4 | 0.237 | 3 | 7.65%
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| 3 | Deutsche Bank | 0.498 | 4 | 7.88% | 6 | 0.155 | 2 | 5.02%
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| 4 | JPMorgan | 0.483 | 3 | 7.65% | 8 | 0.119 | 2 | 3.84%
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| 5 | Goldman Sachs | 0.477 | 4 | 7.55% |
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| 6 | Morgan Stanley | 0.402 | 3 | 6.36% | 1 | 0.354 | 4 | 11.45%
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| 7 | Ladenburg Thalmann | 0.245 | 2 | 3.88% |
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| 8 | Wells Fargo | 0.230 | 3 | 3.65% | 5 | 0.223 | 2 | 7.21%
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| 9 | MLV | 0.224 | 3 | 3.54% | 10 | 0.009 | 1 | 0.30%
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| 10 | JMP | 0.188 | 1 | 2.97% |
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| Total | 6.315 | 20 | 3.093 | 24 |
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| Average size: | 0.316 | 0.129 |
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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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