* Convertibles issuance totals $57.31 billion year to date
* Merrill Lynch top convertible underwriter in November
* Convertibles issuance totals $4.00 billion in November
New York, Nov. 27 - Convertibles issuance rocketed in November by 50% over the previous month's pace to the fastest rate since April, according to data compiled by Prospect News.
But activity still remained well below the level seen at the start of the year and continued to trail far behind 2001 levels - although it is broadly comparable with 2000's figures.
During November $4.00 billion of deals came to market, up from $2.92 billion in October and 7.6 times the year's low point of $523 million in August.
November's figure is the highest since April's $8.21 billion.
Year-to-date volume is now $57.31 billion, just 54% of the $105.26 billion at the same point in 2001. But 2002's new deals are now trailing only a little behind 2000, which saw $64.29 billion for the full 12 months.
(Prospect News' data includes investment bank synthetic offerings exchangeable for or linked to a single stock. Excluding these issues, November 2002's total is $3.89 billion, October's is $2.85 billion and the low point for the year is $315 million in August. April's issuance on this basis is $8.02 billion and the year-to-date total is $55.22 billion.)
Among underwriters, Merrill Lynch & Co. remains firmly on top for the year so far with $14.35 billion brought to market in 47 deals. Number two is Salomon Smith Barney with $11.43 billion in 45 deals.
For November, Merrill Lynch was also first, handling $872 million of business. In second place was Morgan Stanley with $746 million.
2002 Year To Date
2001 Comparables
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Merrill Lynch | 14,351.49 | 47 | 1 | 23,852.68 | 57
|
| 2. | Salomon | 11,455.67 | 45 | 3 | 15,293.63 | 44
|
| 3. | Goldman Sachs | 8,691.49 | 37 | 2 | 16,520.08 | 43
|
| 5. | Morgan Stanley | 5,396.58 | 21 | 5 | 11,958.31 | 42
|
| 4. | JP Morgan | 4,060.47 | 16 | 8 | 5,170.41 | 14
|
| 6. | CS First Boston | 3,649.10 | 17 | 4 | 14,428.11 | 37
|
| 7. | Banc of America | 3,462.05 | 16 | 9 | 2,381.95 | 11
|
| 8. | Lehman | 1,909.19 | 9 | 6 | 6,460.10 | 17
|
| 9. | UBS Warburg | 1,698.00 | 12 | 7 | 5,262.13 | 18
|
| 10. | Deutsche Bank | 1,395.00 | 6 | 12 | 890.00 | 5
|
| 11. | Bear Stearns | 515.00 | 5 | 11 | 1,116.27 | 6
|
| 12. | ABN Amro | 168.25 | 12 | 13 | 274.00 | 8
|
| 13. | CIBC | 156.00 | 2 | 14 | 265.00 | 2
|
| 14. | Scotia | 143.75 | 1 | - | - | -
|
| 15. | McDonald | 69.00 | 1 | - | - | -
|
|
|
| Total | $57,311.61 | 200 | $105,263.32 | 255
|
|
|
| Average size | $286.56 | $412.80
|
|
|
|
|
| November 2002
|
| | | | | 2001 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Merrill Lynch | 871.62 | 4 | 6 | 573.40 | 3
|
| 2. | Morgan Stanley | 771.00 | 5 | 1 | 2,633.33 | 6
|
| 3. | Salomon | 623.75 | 4 | 4 | 1,448.33 | 5
|
| 4. | Lehman | 450.00 | 1 | 10 | 345.00 | 1
|
| 5. | UBS Warburg | 310.00 | 2 | 12 | 113.25 | 2
|
| 6. | Goldman Sachs | 292.94 | 3 | 3 | 1,610.73 | 7
|
| 7. | Banc of America | 247.25 | 2 | 8 | 411.25 | 3
|
| 8. | CSFB | 200.00 | 1 | 5 | 877.91 | 4
|
| 9. | Bear Stearns | 115.00 | 1 | - | - | -
|
| 10. | CIBC | 66.00 | 1 | 11 | 115.00 | 1
|
|
|
| Total | $3,997.55 | 19 | $11,457.13 | 29
|
|
|
| Average size | $210.40 | $395.07
|
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| Prospect News Convertibles Underwriter Rankings
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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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