* Convertibles issuance $6.48 billion in January
New York, Jan. 31 - Convertibles issuance totaled $6.48 billion in January, its highest level since April 2002 but still little more than half the $11.90 billion in January 2002, according to data compiled by Prospect News.
During the month just completed, nine convertible deals came to market for $6.48 billion. Excluding deals issued by investment banks and convertible into other companies' stock, the total was $6.42 billion in seven deals.
January's total is a big increase - 2.4 times bigger - than the $2.77 billion of December 2002. The last time issuance was higher was in April 2002 when $8.21 billion came to market, according to Prospect News data.
However the month's figure was greatly inflated by Tyco International Ltd.'s offering of $4.5 billion of convertibles in two parts, which made up 69.4% of the overall issuance.
Top underwriter for the month was Goldman, Sachs & Co., helped by its role as joint bookrunner (with five other firms) on the Tyco deal and its sole bookrunner position on International Game Technology's $500 million sale and State Street Corp.'s $345 million transaction.
In total, Goldman brought to market $1.88 billion of convertibles.
Merrill Lynch & Co., the number one placed firm in 2002, was placed eighth for January.
January 2003
2002 Comparables
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Goldman Sachs | 1,877.50 | 6 | 1 | 5,468.39 | 4
|
| 2. | Banc of America | 884.17 | 3 | 10 | 110.00 | 1
|
| 2. | JP Morgan | 884.17 | 3 | 6 | 512.50 | 3
|
| 4. | CSFB | 750.00 | 2 | 3 | 1,446.06 | 6
|
| 4. | Morgan Stanley | 750.00 | 2 | 5 | 639.78 | 4
|
| 4. | Salomon | 750.00 | 2 | 2 | 1,873.56 | 7
|
| 7. | Lehman | 275.00 | 1 | 7 | 389.19 | 3
|
| 8. | Merrill Lynch | 177.00 | 2 | 4 | 1,026.21 | 6
|
| 9. | UBS Warburg | 134.17 | 1 | 8 | 158.00 | 3
|
|
|
| Total | $6,482.00 | 9 | $11,896.44 | 34
|
|
|
| Average size | $720.22 | $349.90
|
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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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