JPMorgan, Wells Fargo rank as top underwriters
By Stephanie N. Rotondo
Phoenix, April 30 - Preferred stock issuers have raised more money in 2014 from fewer deals than those seen in 2013, according to data compiled by Prospect News.
Year to date, issuers have raised $18.28 billion from 58 offerings. By this time in 2013, $14.61 billion had been raised from 114 deals.
The same trend was evident in April. Over the course of the month, $9.3 billion was raised from 18 transactions, which compared with $6.91 billion from 26 deals the year before.
JPMorgan Securities LLC ranked as the year's top underwriter, having facilitated eight preferred stock sales that brought in $4.28 billion, or a 23.45% market share. Wells Fargo Securities LLC came in second, raising $3.02 billion from 11 deals, equaling 16.54% of the total.
Wells Fargo meantime came in first for the month of April. The underwriter facilitated four deals during the month, raising total proceeds of $2.13 billion, or a 22.87% market share. Morgan Stanley & Co. LLC was No. 2, underwriting seven offerings that brought in $2.11 billion, or 22.63% of the total.
U.S. market, all issuers, year to date
2013 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 4.285 | 8 | 23.45% | 1 | 2.627 | 9 | 17.98%
|
2 | Wells Fargo | 3.023 | 11 | 16.54% | 3 | 1.411 | 24 | 9.66%
|
3 | Morgan Stanley | 3.016 | 19 | 16.50% | 4 | 1.371 | 20 | 9.38%
|
4 | Citigroup | 2.533 | 6 | 13.86% | 2 | 2.531 | 16 | 17.32%
|
5 | Goldman Sachs | 2.061 | 7 | 11.28% | 5 | 1.318 | 8 | 9.02%
|
6 | Bank of America | 1.041 | 11 | 5.69% | 6 | 1.314 | 23 | 8.99%
|
7 | UBS | 0.456 | 9 | 2.49% | 7 | 1.183 | 18 | 8.09%
|
8 | Credit Suisse | 0.249 | 5 | 1.36% | 13 | 0.100 | 2 | 0.68%
|
9 | RBC | 0.169 | 2 | 0.92% | 8 | 0.314 | 8 | 2.15%
|
10 | Deutsche Bank | 0.152 | 3 | 0.83% | 11 | 0.222 | 5 | 1.52%
|
| Total | 18.276 | 58 | 14.612 | 114 |
|
| Average size: | 0.315 | 0.128 |
|
|
|
U.S. market, all issuers, April |
|
| | | | | 2013 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Wells Fargo | 2.127 | 4 | 22.87% | 7 | 0.369 | 6 | 5.34%
|
2 | Morgan Stanley | 2.105 | 7 | 22.63% | 4 | 0.605 | 9 | 8.75%
|
3 | Citigroup | 1.903 | 3 | 20.47% | 2 | 1.442 | 3 | 20.86%
|
4 | Goldman Sachs | 1.578 | 4 | 16.97% | 3 | 1.177 | 5 | 17.03%
|
5 | Bank of America | 0.180 | 4 | 1.93% | 5 | 0.536 | 8 | 7.75%
|
6 | Deutsche Bank | 0.125 | 1 | 1.34% | 9 | 0.109 | 2 | 1.57%
|
7 | JPMorgan | 0.125 | 1 | 1.34% | 1 | 1.613 | 4 | 23.34%
|
8 | UBS | 0.110 | 2 | 1.18% | 6 | 0.487 | 7 | 7.04%
|
9 | RBC | 0.100 | 1 | 1.08% | 16 | 0.018 | 1 | 0.25%
|
10 | Barclays | 0.070 | 2 | 0.75% | 8 | 0.128 | 2 | 1.86%
|
| Total | 9.298 | 18 | 6.911 | 26 |
|
| Average size: | 0.517 | 0.266 |
|
|
|
|
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)
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.