* Convertibles issuance $60.14 billion for 2002
* Banc of America top convertible underwriter in Q4
* Convertibles issuance $9.70 billion in Q4
* CSFB top convertible underwriter in December
* Convertibles issuance $2.62 billion in December
New York, Dec. 31 - Convertibles issuance totaled $60.14 billion in 2002, down markedly from 2001 but broadly in line with 2000 and much stronger than 1999, according to data compiled by Prospect News.
The total for 2002 came in 210 deals. Excluding investment bank synthetic offerings, the figures are $57.89 billion in 134 deals.
The overall $60.14 billion total is 47.6% down from $114.80 billion the previous year but only 6.5% lower than the total of $64.29 billion in 2000 and 41.1% higher than the $42.61 billion recorded in 1999.
However the number of deals has stayed firmer; at 210, the total for 2002 is only 25% lower than the figure for 2001 and is 14.8% above the level in 2000.
For the year, Merrill Lynch & Co. was the top convertible underwriter for 2002 as in the previous year and 2000. Morgan Stanley took the number one position in 1999.
In second place was Salomon Smith Barney, up from third in 2001. Goldman Sachs & Co. was third, slipping from second the previous year.
Morgan Stanley moved up to fourth position from fifth in 2001 while Credit Suisse First Boston dropped to fifth from fourth.
The biggest quarter in 2002 was the first, its $31.31 billion of new issuance accounting for more than half - 52.1% - of the year's total. The low point was the third quarter, with just $3.33 billion of deals.
January was the busiest month, seeing $11.90 billion of issuance. Quietest was August at $523 million.
2002
2001
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Merrill Lynch | 14,543.49 | 49 | 1 | 25,542.68 | 63
|
| 2. | Salomon | 11,702.78 | 47 | 3 | 16,269.26 | 49
|
| 3. | Goldman Sachs | 9,038.00 | 39 | 2 | 18,240.08 | 46
|
| 4. | Morgan Stanley | 5,581.58 | 23 | 5 | 12,510.31 | 45
|
| 5. | CS First Boston | 4,312.02 | 19 | 4 | 15,703.11 | 42
|
| 6. | JP Morgan | 4,213.80 | 17 | 8 | 5,457.91 | 15
|
| 7. | Banc of America | 4,032.08 | 18 | 9 | 2,740.08 | 14
|
| 8. | UBS Warburg | 2,134.92 | 13 | 7 | 6,187.13 | 21
|
| 9. | Lehman | 1,919.19 | 10 | 6 | 6,572.60 | 18
|
| 10. | Deutsche Bank | 1,395.00 | 6 | 10 | 2,090.00 | 6
|
| 11. | Bear Stearns | 515.00 | 5 | 11 | 1,216.27 | 7
|
| 12. | CIBC | 193.50 | 3 | 15 | 265.00 | 2
|
| 13. | ABN Amro | 168.25 | 12 | 14 | 274.00 | 8
|
| 14. | Scotia | 143.75 | 1 | - | - | -
|
| 15. | McDonald | 69.00 | 1 | - | - | -
|
|
|
| Total | $60,140.37 | 210 | $114,804.07 | 280
|
|
|
| Average size | $286.38 | $410.01
|
|
|
| Fourth quarter 2002
|
| | | | | 2001 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Banc of America | 1,785.41 | 7 | 10 | 894.38 | 7
|
| 2. | Morgan Stanley | 1,631.00 | 8 | 5 | 3,554.21 | 11
|
| 3. | Salomon | 1,415.45 | 9 | 4 | 3,709.94 | 15
|
| 4. | Goldman Sachs | 1,219.27 | 10 | 2 | 5,148.23 | 15
|
| 5. | Merrill Lynch | 1,148.00 | 8 | 1 | 5,699.77 | 21
|
| 6. | CS First Boston | 879.79 | 4 | 3 | 4,685.59 | 16
|
| 7. | UBS Warburg | 746.92 | 3 | 9 | 1,167.63 | 7
|
| 8. | Lehman | 460.00 | 2 | 8 | 1,302.60 | 5
|
| 9. | JP Morgan | 153.33 | 1 | 6 | 3,160.41 | 8
|
| 10. | Bear Stearns | 115.00 | 1 | 12 | 591.27 | 3
|
|
|
| Total | $9,695.18 | 39 | $32,689.39 | 86
|
|
|
| Average size | $248.59 | $380.11
|
|
|
|
|
| December 2002
|
| | | | | 2001 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | CSFB | 606.67 | 2 | 3 | 1,275.00 | 5
|
| 2. | Banc of America | 570.00 | 2 | 8 | 358.13 | 3
|
| 3. | UBS Warburg | 416.67 | 1 | 6 | 925.00 | 3
|
| 4. | Goldman Sachs | 309.01 | 2 | 1 | 1,720.00 | 3
|
| 5. | Merrill Lynch | 192.00 | 2 | 2 | 1,690.00 | 6
|
| 6. | Salomon | 183.33 | 2 | 5 | 975.63 | 5
|
| 7. | Morgan Stanley | 175.00 | 2 | 7 | 552.00 | 3
|
| 8. | JP Morgan | 153.33 | 1 | 10 | 287.50 | 1
|
| 9. | Lehman | 10.00 | 1 | 11 | 112.50 | 1
|
|
|
| Total | $2,616.01 | 10 | $9,540.75 | 25
|
|
|
| Average size | $261.60 | $381.63
|
|
|
|
|
|
|
| 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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