• U.S. convertibles issuance now totals $27.15 billion for 2013
New York, Aug. 30 - Goldman Sachs & Co. continued as the leading underwriter of convertibles for the year so far, according to data compiled by Prospect News.
So far this year, Goldman has brought $4.29 billion of convertibles to market in 24 deals for a 15.8% market share. The bank was also the leader during the previous month.
JPMorgan was second for the year through August, moving up from third place in July. BofA Merrill Lynch moved in the other direction, slipping to second from third.
Morgan Stanley and Barclays completed the top five positions.
Total issuance for the year so far is $27.15 billion, more than double the $13.05 billion for the comparable period of last year.
August saw $3 billion of new convertibles in 11 deals compared to $1.75 billion in August 2012.
On a global basis, covering all currencies and all markets, JPMorgan is the top underwriter for the year so far, as it was in July.
Goldman placed second globally, followed by BofA, Deutsche Bank and Morgan Stanley.
Global issuance is $59.94 billion for the first eight months of 2013, more than twice the $26.81 billion for the equivalent span of 2012.
U.S. market, year to date
2012 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Goldman Sachs | 4.289 | 24 | 15.80% | 3 | 2.204 | 8 | 16.89%
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| 2 | JPMorgan | 3.956 | 35 | 14.57% | 1 | 2.527 | 18 | 19.37%
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| 3 | Bank of America | 3.571 | 25 | 13.15% | 2 | 2.325 | 13 | 17.82%
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| 4 | Morgan Stanley | 3.109 | 25 | 11.45% | 4 | 1.252 | 9 | 9.60%
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| 5 | Barclays | 2.277 | 20 | 8.39% | 6 | 0.739 | 6 | 5.67%
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| 6 | Citigroup | 2.188 | 23 | 8.06% | 5 | 1.042 | 9 | 7.99%
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| 7 | Deutsche Bank | 1.961 | 14 | 7.22% | 9 | 0.447 | 5 | 3.43%
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| 8 | Credit Suisse | 1.028 | 12 | 3.79% | 8 | 0.483 | 4 | 3.70%
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| 9 | Wells Fargo | 0.772 | 9 | 2.84% | 7 | 0.496 | 8 | 3.80%
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| 10 | Credit Agricole | 0.662 | 2 | 2.44% |
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| Total | 27.150 | 89 | 13.046 | 47 |
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| Average size: | 0.305 | 0.278 |
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| U.S. market, August |
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| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Morgan Stanley | 0.605 | 4 | 20.18% | 4 | 0.207 | 1 | 11.84%
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| 2 | JPMorgan | 0.500 | 3 | 16.69% | 1 | 0.501 | 3 | 28.63%
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| 3 | Citigroup | 0.259 | 3 | 8.65% |
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| 4 | China Renaissance | 0.183 | 1 | 6.12% |
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| 5 | UBS | 0.183 | 1 | 6.12% |
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| 6 | Maxim | 0.167 | 1 | 5.57% |
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| 7 | Wells Fargo | 0.159 | 2 | 5.32% | 6 | 0.100 | 1 | 5.72%
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| 8 | Deutsche Bank | 0.129 | 1 | 4.32% |
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| 9 | BMO | 0.129 | 1 | 4.32% |
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| 10 | Jefferies | 0.076 | 2 | 2.54% |
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| Total | 2.998 | 11 | 1.749 | 7 |
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| Average size: | 0.273 | 0.250 |
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| Global, year to date |
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| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 7.225 | 49 | 13.15% | 2 | 3.096 | 22 | 11.55%
|
| 2 | Goldman Sachs | 4.757 | 30 | 8.66% | 1 | 3.420 | 13 | 12.76%
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| 3 | Bank of America | 4.623 | 34 | 8.42% | 4 | 2.740 | 17 | 10.22%
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| 4 | Deutsche Bank | 4.369 | 24 | 7.95% | 6 | 1.635 | 17 | 6.10%
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| 5 | Morgan Stanley | 4.331 | 31 | 7.88% | 5 | 1.897 | 13 | 7.08%
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| 6 | UBS | 4.215 | 17 | 7.67% | 11 | 0.582 | 8 | 2.17%
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| 7 | Barclays | 2.955 | 24 | 5.38% | 8 | 1.207 | 10 | 4.50%
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| 8 | Citigroup | 2.846 | 29 | 5.18% | 7 | 1.576 | 14 | 5.88%
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| 9 | Credit Suisse | 2.232 | 17 | 4.06% | 3 | 2.770 | 8 | 10.33%
|
| 10 | BNP | 1.942 | 12 | 3.54% | 37 | 0.071 | 1 | 0.26%
|
| Total | 54.940 | 177 | 26.805 | 127 |
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| Average size: | 0.310 | 0.211 |
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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 (for U.S. deals), or all underwritten offerings (global deals).
• 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.
• Preferred issues are included using the same criteria as for bonds.
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