* Convertibles issuance totals $10.11 billion year to date
New York, April 29 - Morgan Stanley kept its place as the top underwriter of convertibles for the year so far but market activity slumped dramatically in April, according to data compiled by Prospect News.
Morgan Stanley has now been number one year to date for every month this year and for all of 2004.
Banc of America Securities placed first for April, but the month saw a mere three deals - excluding investment bank equity-linked sales - with six banks fighting it out for credit on those offerings.
Year-to-date issuance now stands at $10.11 billion, 44% of the $22.86 billion total at the same point last year.
But excluding the booming investment bank equity-linked market, the total for 2005 so far is $8.31 billion, 40% of the figure for the comparable period of 2004.
April's $2.00 billion ($1.31 billion without the investment bank deals) is the smallest monthly total since July 2004 and two-thirds of March's $3.17 billion (half of the $2.75 billion without the investment bank deals).
However the surge in investment bank synthetic transactions means the number of deals so far this year at 159 is actually close to the 162 total for the first four months of 2004.
The Prospect News figures cover dollar-denominated deals offered in the United States as registered transactions or under Rule 144A. They include deals issued by investment banks linked to a single stock unless otherwise noted.
Year-to-date 2005, including investment bank exchangeables
2004 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Morgan Stanley | 2.262 | 16 | 22.38% | 1 | 3.741 | 31 | 16.37%
|
| 2 | Citigroup | 1.164 | 15 | 11.52% | 2 | 2.798 | 19 | 12.24%
|
| 3 | Merrill Lynch | 1.047 | 9 | 10.36% | 4 | 1.991 | 13 | 8.71%
|
| 4 | Deutsche Bank | 0.885 | 6 | 8.75% | 6 | 1.934 | 10 | 8.46%
|
| 5 | Banc of America | 0.849 | 4 | 8.40% | 9 | 1.438 | 10 | 6.29%
|
| 6 | Goldman Sachs | 0.829 | 22 | 8.20% | 5 | 1.950 | 30 | 8.53%
|
| 7 | Lehman | 0.826 | 9 | 8.17% | 3 | 2.555 | 15 | 11.18%
|
| 8 | CSFB | 0.664 | 10 | 6.57% | 10 | 1.381 | 7 | 6.04%
|
| 9 | JPMorgan | 0.657 | 7 | 6.50% | 8 | 1.452 | 10 | 6.35%
|
| 10 | UBS | 0.278 | 4 | 2.75% | 7 | 1.786 | 6 | 7.81%
|
| Total | 10.111 | 159 | 22.859 | 162
|
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| Average size: | 0.064 | 0.141
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| April 2005, including investment bank exchangeables
|
| | | | | 2004 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Banc of America | 0.467 | 2 | 23.41% | 8 | 0.175 | 2 | 6.29%
|
| 2 | Deutsche Bank | 0.375 | 1 | 18.79% | 9 | 0.150 | 1 | 5.39%
|
| 3 | Morgan Stanley | 0.367 | 3 | 18.40% | 6 | 0.223 | 5 | 8.02%
|
| 4 | Merrill Lynch | 0.275 | 2 | 13.79% | 14 | 0.025 | 1 | 0.90%
|
| 5 | Lehman | 0.192 | 2 | 9.62% | 11 | 0.085 | 2 | 3.04%
|
| 6 | CSFB | 0.094 | 3 | 4.73% | 1 | 0.412 | 2 | 14.82%
|
| 7 | Bear Stearns | 0.092 | 1 | 4.61% | 12 | 0.062 | 1 | 2.25%
|
| 8 | Citigroup | 0.086 | 2 | 4.33% | 4 | 0.299 | 5 | 10.73%
|
| 9 | Barclays | 0.018 | 10 | 0.88% | - | - | - | -
|
| 10 | Goldman Sachs | 0.014 | 2 | 0.70% | 7 | 0.216 | 7 | 7.76%
|
| Total | 1.995 | 29 | 2.783 | 38
|
|
|
| Average size: | 0.069 | 0.073
|
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| Year-to-date 2005, excluding investment bank exchangeables
|
| | | | | 2004 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Morgan Stanley | 1.846 | 8 | 22.21% | 1 | 3.454 | 17 | 16.58%
|
| 2 | Deutsche Bank | 0.885 | 6 | 10.64% | 3 | 1.934 | 10 | 9.28%
|
| 3 | Banc of America | 0.849 | 4 | 10.22% | 9 | 1.438 | 10 | 6.90%
|
| 4 | Citigroup | 0.847 | 4 | 10.19% | 4 | 1.875 | 12 | 9.00%
|
| 5 | Merrill Lynch | 0.767 | 6 | 9.23% | 6 | 1.763 | 9 | 8.46%
|
| 6 | CSFB | 0.659 | 5 | 7.93% | 10 | 1.381 | 7 | 6.63%
|
| 7 | JPMorgan | 0.657 | 7 | 7.91% | 8 | 1.452 | 10 | 6.97%
|
| 8 | Goldman Sachs | 0.553 | 4 | 6.65% | 7 | 1.759 | 9 | 8.44%
|
| 9 | Lehman | 0.470 | 4 | 5.65% | 2 | 2.288 | 6 | 10.98%
|
| 10 | UBS | 0.278 | 4 | 3.34% | 5 | 1.786 | 6 | 8.57%
|
| Total | 8.313 | 39 | 20.836 | 84
|
|
|
| Average size: | 0.213 | 0.248
|
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| April 2005, excluding investment bank exchangeables
|
| | | | | 2004 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Banc of America | 0.467 | 2 | 35.65% | 6 | 0.175 | 2 | 6.88%
|
| 2 | Deutsche Bank | 0.375 | 1 | 28.63% | 8 | 0.150 | 1 | 5.89%
|
| 3 | Lehman | 0.192 | 2 | 14.66% | 11 | 0.075 | 1 | 2.95%
|
| 4 | Morgan Stanley | 0.092 | 1 | 7.02% | 7 | 0.172 | 2 | 6.78%
|
| 5 | CSFB | 0.092 | 1 | 7.02% | 1 | 0.412 | 2 | 16.21%
|
| 6 | Bear Stearns | 0.092 | 1 | 7.02% | 12 | 0.062 | 1 | 2.46%
|
| Total | 1.310 | 3 | 2.545 | 15
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| Average size: | 0.437 | 0.170
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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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