Goldman Sachs top convertible underwriter year to date

* Convertibles issuance $10.41 billion year to date

* Deutsche Bank top convertible underwriter in February

* Convertibles issuance $3.82 billion in February

New York, Feb. 28 - Convertibles issuance fell back in February to its late-2002 pace after surging in January, in part because of the giant offering by Tyco International Ltd., according to data compiled by Prospect News.

However the number of deals picked up in February from the previous month's pace.

Total issuance for February was $3.82 billion, down from $6.59 billion in January but a little higher than the $3.30 billion monthly average for the last quarter of 2002.

February saw a total of 19 new deals, up from 10 in January. Excluding deals issued by investment banks exchangeable for or linked to another company's stock, February was still stronger on this basis with 11 deals compared to seven in January. In volume terms, the figures excluding investment bank deals are $2.50 billion for February and $6.52 billion for January.

Top underwriter for February was Deutsche Bank Securities Inc., helped substantially by the $1.22 billion in proceeds from the deal it underwrote for sister company Deutsche Bank Luxembourg exchangeable into USA Interactive stock. That helped Deutsche edge ahead with $1.32 billion versus $1.22 billion for second-placed Merrill Lynch & Co.

For year-to-date issuance, Goldman, Sachs & Co. is in number one position with $1.98 billion of deals. Merrill is second at $1.41 billion.

Compared to last year, issuance remains far slower. The $10.41 billion for the first two months of the year is less than half the $22.12 billion at the same point of 2002. The number of deals is holding up slightly better at 29, just over half the 56 for the first two months of 2002.

Year to date 2003

2002 Comparables

	Underwriter	Amount	No.	Rank	Amount	No.
1.	Goldman Sachs	1,980.63	9	2	5,814.70	8
2.	Merrill Lynch	1,410.75	6	1	5,951.62	12
3.	Deutsche Bank	1,320.13	3	9	370.00	2
4.	Banc of America	1,256.67	6	7	570.00	2
5.	Salomon	1,196.88	6	4	2,538.56	10
6.	JP Morgan	1,134.17	4	6	972.50	4
7.	Morgan Stanley	821.88	3	3	2,550.06	7
8.	CSFB	750.00	2	5	2,331.34	10
9.	Lehman	275.00	1	8	389.19	3
10.	UBS Warburg	244.17	2	11	158.00	3
	Total	$10,408.26	29	22,124.22	56
	Average size	$385.91	$395.08
February 2003
					2002 Comparables
	Underwriter	Amount	No.	Rank	Amount	No.
1.	Deutsche Bank	1,320.13	3	8	300.00	1
2.	Merrill Lynch	1,215.00	4	1	4,925.42	6
3.	Salomon	446.88	4	4	665.00	3
4.	Banc of America	372.50	3	5	460.00	1
5.	JP Morgan	250.00	1	6	460.00	1
6.	UBS Warburg	110.00	1	-	-	-
7.	Morgan Stanley	71.88	1	2	1,910.28	3
8.	Goldman Sachs	28.14	3	7	346.31	4
9.	ABN Amro	8.25	1	11	10.50	1
	Total	$3,822.77	19	10,227.78	22
	Average size	$201.20	$464.90
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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