Merrill Lynch top convertible underwriter year to date

* Convertibles issuance totals $50.36 billion year to date

* Salomon top convertible underwriter in third quarter

* Convertibles issuance $3.29 billion in third quarter

* Morgan Stanley top convertible underwriter in September

* Convertibles issuance totals $939 million in September

New York, Sept. 30 - Convertibles issuance rebounded smartly in September from the previous month's low but remained well behind the pace earlier in the year, according to data compiled by Prospect News.

During September $939 million came to market in eight deals, substantially higher by dollar amount than the $508.2 million in nine deals in August but still well below the $1.84 billion in 11 deals seen in July.

But the three most recent months are all well below the volumes seen earlier in the year. As a result, the third quarter total of $3.29 billion is only about a fifth - 20.9% - of the $15.76 billion brought to market in the second quarter and only just over a tenth - 10.5% - of the $31.31 billion for the first quarter.

Excluding exchangeables issued by investment banks, September's figure was $890 million in three deals, an improvement from $300 million in two deals in August but still well below July's $1.74 billion in five deals.

Among underwriters, Morgan Stanley was placed first in September thanks to its joint bookrunner roles on Public Service Enterprise Group's $460 million offering and Hartford Financial Services Group's $330 million deal.

For the third quarter Salomon Smith Barney took the number one position, according to the Prospect News data.

But for the year to date, Merrill Lynch & Co. remains in first position with $13.38 billion underwritten.

2002 Year To Date

2001 Comparables

	Underwriter	Amount	No.	Rank	Amount	No.
1.	Merrill Lynch	13,379.56	41	1	19,842.91	42
2.	Salomon	10,261.08	38	3	12,559.32	34
3.	Goldman Sachs	7,818.73	29	2	13,091.85	31
4.	JP Morgan	4,055.47	16	8	2,297.50	7
5.	Morgan Stanley	3,950.58	15	5	8,956.10	34
6.	CS First Boston	3,405.98	15	4	11,017.52	26
7.	Banc of America	2,241.67	11	9	1,845.70	7
8.	Lehman	1,459.19	8	6	5,270.00	13
9.	Deutsche Bank	1,395.00	6	11	545.00	4
10.	UBS Warburg	1,388.00	10	7	5,019.50	14
11.	Bear Stearns	400.00	4	10	625.00	4
12.	ABN Amro	168.25	12	13	250.00	6
13.	Scotia	143.75	1	-	-	-
14.	CIBC	90.00	1	15	150.00	1
15.	McDonald	69.00	1	-	-	-
	Total	$50,361.76	171	$82,114.69	194
	Average size	$294.51	$423.27
Third Quarter 2002
					2001 Comparables
	Underwriter	Amount	No.	Rank	Amount	No.
1.	Salomon	736.38	6	1	3,924.65	9
2.	Merrill Lynch	688.20	6	2	2,929.11	6
3.	Morgan Stanley	449.19	5	4	2,504.70	9
4.	JP Morgan	391.67	3	5	1,475.00	2
5.	Goldman Sachs	346.93	10	3	2,897.50	7
6.	Banc of America	283.33	3	9	266.25	2
7.	UBS Warburg	200.00	1	7	1,100.00	2
8.	CS First Boston	123.33	1	6	1,150.00	3
9.	Wachovia	50.00	1	-	-	-
10.	ABN Amro	22.00	3	11	125.00	3
	Total	$3,291.02	28	$17,469.01	41
	Average size	$117.54	$426.07
September 2002
					2001 Comparables
	Underwriter	Amount	No.	Rank	Amount	No.
1.	Morgan Stanley	346.81	3	3	20.00	1
2.	Merrill Lynch	344.12	3	2	749.71	2
3.	Salomon	110.00	1	4	20.00	1
4.	Banc of America	110.00	1	-	-
5.	Goldman Sachs	20.70	2	1	2012.50	1
6.	ABN Amro	7.50	1	-	-
	Total	$939.13	8	$2,802.21	5
	Average size	$117.39	$560.44
Prospect News Convertibles Underwriter Rankings

Criteria

* The tables include all dollar-denominated offerings sold in the U.S. 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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