Morgan Stanley top convertibles underwriter year to date

* Convertibles issuance totals $18.65 billion year to date

* JPMorgan top convertibles underwriter in July

* Convertibles issuance totals $2.18 billion in July

New York, July 29 - Morgan Stanley was once more the top underwriter of convertibles, continuing its run as the number-one underwriter for the year so far, according to data compiled by Prospect News.

Morgan Stanley has led the year-to-date rankings every month this year and also placed first for all of 2004.

Meanwhile new deal activity slumped after a burst of issuance in June.

Morgan Stanley has now brought to market $2.85 billion of convertibles, still comfortably ahead of number-two ranked Goldman Sachs & Co. at $2.29 billion.

JPMorgan was tops for July, in large part because it was sole bookrunner for Manor Care Inc.'s $400 million sale on July 26.

Overall July saw $2.18 billion of new deals, way down from June's $5.20 billion.

Year-to-date issuance has now reached $18.65 billion, 55% of the year-ago total as July saw better activity than the same month a year ago.

Thanks to heavy issuance of investment bank exchangeables, the total number of deals at 266 is actually running ahead of the 254 at the same point last year.

Excluding the exchangeables, issuance so far this year comes to $16.03 billion, 51% of the $31.45 billion at the same stage of 2004. On this basis, the number of deals is 62 against 131 a year earlier.

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	2.854	28	15.31%	1	5.874	44	17.28%
2	Goldman Sachs	2.287	34	12.27%	5	3.124	46	9.19%
3	Deutsche Bank	2.010	9	10.78%	9	2.200	12	6.47%
4	Citigroup	1.910	23	10.24%	2	4.403	29	12.95%
5	Merrill Lynch	1.731	12	9.28%	6	2.767	23	8.14%
6	Banc of America	1.568	9	8.41%	4	3.172	17	9.33%
7	CSFB	1.448	13	7.76%	8	2.209	12	6.50%
8	Lehman	1.402	15	7.52%	3	3.172	20	9.33%
9	JPMorgan	1.342	11	7.20%	7	2.527	20	7.43%
10	UBS	0.762	7	4.09%	10	1.905	7	5.60%
	Total	18.647	266	33.994	254
	Average size:	0.070	0.134
Year-to-date 2005, excluding investment bank exchangeables
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	2.213	11	13.80%	1	5.493	25	17.47%
2	Deutsche Bank	2.010	9	12.53%	9	2.200	12	7.00%
3	Goldman Sachs	1.834	9	11.44%	5	2.820	14	8.97%
4	Banc of America	1.568	9	9.78%	3	3.172	17	10.08%
5	Merrill Lynch	1.451	9	9.05%	7	2.472	15	7.86%
6	CSFB	1.443	8	9.00%	8	2.209	12	7.02%
7	Citigroup	1.393	6	8.69%	2	3.329	18	10.58%
8	JPMorgan	1.342	11	8.37%	6	2.527	20	8.04%
9	Lehman	1.016	7	6.34%	4	2.871	10	9.13%
10	UBS	0.762	7	4.75%	10	1.905	7	6.06%
	Total	16.036	62	31.452	131
	Average size:	0.259	0.240
July 2005, including investment bank exchangeables
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.560	3	25.67%	3	0.200	1	19.09%
2	CSFB	0.525	2	24.07%	4	0.175	1	16.71%
3	Lehman	0.210	2	9.63%	-	-	-	-
4	Goldman Sachs	0.207	4	9.49%	1	0.255	7	24.35%
5	Bear Stearns	0.200	1	9.17%	-	-	-	-
6	Banc of America	0.160	2	7.33%	-	-	-	-
7	Morgan Stanley	0.115	3	5.25%	8	0.014	1	1.34%
8	UBS	0.050	1	2.29%	-	-	-	-
8	Citigroup	0.050	2	2.27%	6	0.025	1	2.43%
10	McMahan	0.038	1	1.74%	-	-	-	-
	Total	2.181	34	1.047	21
	Average size:	0.058	0.050
July 2005, excluding investment bank exchangeables
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.560	3	30.14%	2	0.200	1	21.51%
2	CSFB	0.525	2	28.26%	4	0.175	1	18.82%
3	Bear Stearns	0.200	1	10.76%	-	-	-	-
4	Lehman	0.200	1	10.76%	-	-	-	-
5	Banc of America	0.160	2	8.61%	-	-	-	-
6	Goldman Sachs	0.075	1	4.04%	3	0.200	1	21.51%
7	UBS	0.050	1	2.69%	-	-	-	-
7	Morgan Stanley	0.050	1	2.69%	-	-	-	-
9	McMahan	0.038	1	2.05%	-	-	-	-
	Total	1.858	8	0.930	5
	Average size:	0.232	0.186
Prospect News Convertibles Underwriter Rankings

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.

© 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.