JPMorgan top preferred stock underwriter for year to date, quarter

• Citigroup number one preferred stock underwriter for September

By Stephanie N. Rotondo

Phoenix, Sept. 30 - J.P. Morgan Securities LLC continued to reign as the top preferred stock underwriter for the year to date.

The investment bank also came in first for the quarter, according to data compiled by Prospect News.

Year to date, JPMorgan has facilitated 18 preferred stock transactions totaling $4.83 billion, or 17.3% of market share. During the third quarter, the firm led four offerings that raised $1.69 billion, or 23.23% of market share.

For September, Citigroup Global Markets Inc. was the top dog, underwriting its own $900 million offering of 7.125% series J fixed-to-floating rate noncumulative perpetual preferreds.

Citigroup also took the second place spot for the year, with 24 deals under its belt that brought in $4.08 billion, or 14.65% of market share.

The number of deals seen thus far in 2013 was outpacing year-ago comparables. Last year, issuers brought 176 deals by the end of the third quarter, which compared to the 210 brought this year.

Total proceeds raised over the year, however, were below the previous year's raises, totaling $27.91 billion versus $32.90 billion the year before.

Third quarter issuance was down all around, with only $7.27 billion being raised via 58 preferred offerings. That compared to $12.71 billion raised from 73 sales for the same quarter of 2012.

Issuance for September was also weaker, with $2.8 billion taken in from 20 transactions, compared to $3.12 billion from 24 offerings the previous year.

U.S. market, all issuers, year to date

2012 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.829	18	17.30%	3	3.980	26	12.10%
2	Citigroup	4.088	24	14.65%	7	2.266	28	6.89%
3	Wells Fargo	3.348	32	11.99%	2	4.134	45	12.57%
4	Bank of America	3.188	37	11.42%	1	4.732	82	14.39%
5	Morgan Stanley	2.763	32	9.90%	4	3.935	36	11.96%
6	Goldman Sachs	1.949	17	6.98%	5	3.452	7	10.49%
7	UBS	1.558	25	5.58%	6	2.712	33	8.24%
8	Deutsche Bank	0.579	11	2.07%	12	0.518	7	1.58%
9	Barclays	0.567	9	2.03%	8	1.080	15	3.28%
10	RBC	0.297	8	1.06%	9	0.778	15	2.36%
	Total	27.912	210	32.898	176
	Average size:	0.133	0.187
U.S. market, all issuers, third quarter
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.689	4	23.23%	1	2.467	15	19.40%
2	Wells Fargo	1.683	3	23.15%	3	2.017	19	15.86%
3	Morgan Stanley	0.935	6	12.86%	4	1.530	16	12.04%
4	Citigroup	0.900	1	12.38%	6	0.505	9	3.97%
5	Bank of America	0.388	6	5.34%	2	2.062	36	16.22%
6	Barclays	0.150	1	2.06%	8	0.392	6	3.08%
7	UBS	0.143	3	1.97%	5	1.413	16	11.11%
8	Goldman Sachs	0.108	3	1.48%	7	0.502	3	3.95%
9	Deutsche Bank	0.050	2	0.68%	10	0.238	4	1.87%
10	Macquarie	0.050	2	0.68%	18	0.025	1	0.20%
10	Zions Direct	0.050	2	0.68%
	Total	7.272	58	12.713	73
	Average size:	0.125	0.174
U.S. market, all issuers, September
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	0.900	1	32.14%	6	0.206	2	6.61%
2	Morgan Stanley	0.858	4	30.65%	2	0.423	5	13.56%
3	Bank of America	0.221	4	7.91%	1	0.773	17	24.79%
4	Wells Fargo	0.183	2	6.55%	4	0.307	4	9.85%
5	UBS	0.083	2	2.98%	5	0.250	3	8.02%
6	Goldman Sachs	0.058	1	2.08%	9	0.110	1	3.53%
6	JPMorgan	0.058	1	2.08%	3	0.407	6	13.06%
8	Jefferies	0.013	1	0.47%
8	Maxim	0.013	1	0.45%
8	MLV	0.013	1	0.45%	14	0.030	3	0.95%
	Total	2.800	20	3.118	24
	Average size:	0.140	0.130
Prospect News Preferred Stock Underwriter Rankings

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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