Merrill Lynch top convertible underwriter year to date

* Convertibles issuance totals $53.20 billion year to date

* Banc of America top convertible underwriter in October

* Convertibles issuance totals $2.82 billion in October

New York, Oct. 31 - Convertibles issuance jumped in October to triple the previous month's pace and more than five times the rate in August, according to data compiled by Prospect News.

But the volume of new deals still remains far below the level of business seen earlier in the year.

October's issuance totaled $2.82 billion, well above September's $939 million and August's $523 million.

However the figure is still only 53% of the $5.32 billion average for the first 10 months of the year - even including the low level of activity in the two preceding months - and is also just 24.2% of the $11.69 billion brought to market during October 2001.

Through the end of October, year-to-date volume is now $53.20 billion, 56.7% of the total at the same point in 2001.

The figures include investment bank synthetic deals. Excluding these offerings, the volume so far this year is $51.22 billion. The number of deals by this measure is 113 against 181.

Among underwriters, Merrill Lynch & Co. remains on top with $13.46 billion of deals brought to market, substantially ahead of number-two placed Salomon Smith Barney with $10.77 billion.

For October, Banc of America Securities came in first, handling $943 million of new convertibles.

2002 Year To Date

2001 Comparables

	Underwriter	Amount	No.	Rank	Amount	No.
1.	Merrill Lynch	13,459.78	43	1	23,279.28	54
2.	Salomon	10,767.76	41	3	13,845.30	39
3.	Goldman Sachs	8,394.38	34	2	14,909.35	36
5.	Morgan Stanley	4,625.58	16	5	9,324.98	36
4.	JP Morgan	4,060.47	16	8	2,697.50	8
6.	CS First Boston	3,449.10	16	4	13,550.20	33
7.	Banc of America	3,189.81	14	9	1,970.70	8
8.	Lehman	1,459.19	8	6	6,115.10	16
9.	Deutsche Bank	1,395.00	6	12	545.00	4
10.	UBS Warburg	1,388.00	10	7	5,148.88	16
11.	Bear Stearns	400.00	4	10	1,116.27	6
12.	ABN Amro	168.25	12	13	263.00	7
13.	Scotia	143.75	1	-	-	-
14.	CIBC	90.00	1	15	150.00	1
15.	McDonald	69.00	1	-	-	-
	Total	$53,200.59	181	$93,806.19	226
	Average size	$293.92	$415.07
October 2002
					2001 Comparables
	Underwriter	Amount	No.	Rank	Amount	No.
1.	Banc of America	943.14	3	11	125.00	1
2.	Morgan Stanley	675.00	1	8	368.88	2
3.	Goldman Sachs	575.66	5	3	1,817.50	5
4.	Salomon	506.68	3	4	1,285.98	5
5.	Merrill Lynch	80.22	2	1	3,436.37	12
6.	CSFB	43.13	1	2	2,532.68	7
	Total	$2,823.83	10	$11,691.51	32
	Average size	$282.38	$365.36
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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