* Morgan Stanley top convertibles underwriter in November
* Convertibles issuance $102.14 billion year to date
* Convertibles issuance $10.94 billion in November
New York, Nov. 30 - Merrill Lynch & Co. held on to its perennial number one position among underwriters of convertible securities for the year so far in November while Morgan Stanley won the top spot for the month of November alone, according to data compiled by Prospect News.
Issuance continued at its rapid pace, with the month's $10.94 billion almost identical to October's $10.91 billion. The year-to-date total passed the $100 billion mark during the month and by the end of the period reached $102.14 billion, according to the Prospect News data, which counts deals when they settle.
By comparison, the figure for all of 2000 was $64.43 billion.
Merrill has been held the position of leading underwriter of convertibles for the year to date every month this year except January as well as for 2000 as a whole. November was no exception; the firm's total of $21.72 billion in 56 deals is 27% ahead of number-two placed Goldman, Sachs & Co. at $17.10 billion.
However for November alone Merrill came in at sixth in the league table. Morgan Stanley was top for the month with $2.61 billion in six deals, helped considerably by a $1 billion offering for AIG for which the firm was the sole bookrunner.
Details are as follows:
NOVEMBER
November 2000
| Dealer | Amount | No. Deals | Rank | Amount | Number
|
| 1. | Morgan Stanley | 2608.33 | 6 | 6 | 266.80 | 4
|
| 2. | J.P. Morgan | 2236.66 | 6 | - | - | -
|
| 3. | Salomon SB | 1398.73 | 5 | 8 | 175.00 | 1
|
| 4. | Goldman Sachs | 1383.23 | 6 | 2 | 2384.50 | 6
|
| 5. | CS First Boston | 866.66 | 4 | 4 | 353.50 | 2
|
| 6. | Merrill Lynch | 771.75 | 4 | 1 | 5731.10 | 5
|
| 7. | Banc of America | 400.00 | 3 | 5 | 274.60 | 2
|
| 7. | Robertson Stephens | 400.00 | 1 | - | - | -
|
| 9. | Deutsche Banc AB | 345.00 | 1 | - | - | -
|
| 10. | Lehman Brothers | 300.00 | 1 | - | - | -
|
|
|
| Total | 10943.98 | 29 | 10460.60 | 22
|
|
|
| Average size | 377.38 | 475.4
|
|
|
| YEAR TO DATE
|
| | | | | 2000 Comparables
|
| Dealer | Amount | No. Deals | Rank | Amount | Number
|
| 1. | Merrill Lynch | 21719.95 | 56 | 1 | 15840.60 | 34
|
| 2. | Goldman Sachs | 17096.43 | 42 | 2 | 12615.80 | 39
|
| 3. | CS First Boston | 14301.83 | 37 | 3 | 9442.10 | 31
|
| 4. | Salomon SB | 14427.20 | 39 | 5 | 5031.00 | 19
|
| 5. | Morgan Stanley | 11879.21 | 40 | 4 | 8384.70 | 33
|
| 6. | Lehman Brothers | 6615.50 | 17 | 6 | 3908.70 | 11
|
| 7. | UBS Warburg | 5217.38 | 22 | 9 | 1050.00 | 6
|
| 8. | J.P. Morgan | 4894.16 | 14 | 10 | 620.00 | 2
|
| 9. | Banc of America | 2273.10 | 11 | 12 | 384.60 | 3
|
| 10. | Bear Stearns | 1116.27 | 6 | 11 | 550.00 | 2
|
|
|
| Total | 102144.11 | 246 | 61963.30 | 178
|
|
|
| Average size | 415.22 | 348.11
|
|
|
| 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 settle.
* Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the lead manager. For multiple leads, the total value is divided equally among joint lead managers.
* 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; bond 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.
End
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