• Convertibles issuance totals $25.06 billion year to date
• Morgan Stanley top convertibles underwriter for April
• Convertibles issuance totals $7.70 billion for April
New York, April 28 - Morgan Stanley took the top position as underwriter of convertibles for the year so far and was also first for April, according to data compiled by Prospect News.
Merrill Lynch came in second, just $420 million behind, while UBS Investment Bank was placed third.
Total issuance volume in April was $7.70 billion, up strongly from March's $4.17 billion although below February's surge to $9.45 billion.
Year-to-date issuance now totals $25.06 billion, more than 2½ times the $10.15 billion at the same stage in 2005.
Excluding investment bank exchangeable deals, Merrill Lynch was first and Morgan Stanley second for the year to date.
Volume for April was boosted by Medtronic Inc.'s sale of $4.4 billion of convertibles in two parts although the impact on the league table rankings was somewhat muted by six firms sharing the bookrunner position.
Similarly, the month's second biggest deal, Gilead Sciences Inc.'s $1.3 billion in two parts, was split among three bookrunners.
Nonetheless, Banc of America, Morgan Stanley and Merrill Lynch were among the bookrunners for both transactions - and made up the top three underwriters in April.
The Prospect News figures cover dollar-denominated deals offered in the United States as registered transactions or under Rule 144A. They include deals issued by investment banks linked to a single stock.
Excluding those investment bank synthetics, the year-to-date total is $19.53 billion while April saw $7.07 billion, up from $3.17 billion in March and down from $6.31 billion in February.
Meanwhile issuance of all investment bank exchangeables - including those linked to an index or a basket of stock or indexes as well as those linked to a single stock - was $1.03 billion for the month and $7.85 billion for 2006 so far.
Year to date, including investment bank exchangeables
2005 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Morgan Stanley | 4.505 | 42 | 17.98% | 1 | 2.273 | 18 | 22.39%
|
| 2 | Merrill Lynch | 4.085 | 17 | 16.30% | 3 | 1.047 | 9 | 10.32%
|
| 3 | UBS | 3.559 | 7 | 14.20% | 10 | 0.278 | 4 | 2.74%
|
| 4 | Citigroup | 3.234 | 26 | 12.91% | 2 | 1.164 | 15 | 11.47%
|
| 5 | Lehman | 2.138 | 18 | 8.53% | 7 | 0.839 | 9 | 8.26%
|
| 6 | Banc of America | 1.937 | 11 | 7.73% | 5 | 0.849 | 4 | 8.37%
|
| 7 | Goldman Sachs | 1.676 | 21 | 6.69% | 6 | 0.844 | 24 | 8.32%
|
| 8 | JPMorgan | 1.297 | 5 | 5.17% | 9 | 0.657 | 7 | 6.48%
|
| 9 | Deutsche Bank | 1.072 | 11 | 4.28% | 4 | 0.885 | 6 | 8.72%
|
| 10 | Credit Suisse | 0.580 | 21 | 2.31% | 8 | 0.664 | 10 | 6.54%
|
| Total | 25.057 | 234 | 10.151 | 164
|
|
|
| Average size: | 0.107 | 0.062
|
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| Year to date, excluding investment bank exchangeables
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Merrill Lynch | 4.032 | 15 | 20.64% | 5 | 0.767 | 6 | 9.21%
|
| 2 | Morgan Stanley | 3.191 | 10 | 16.34% | 1 | 1.846 | 8 | 22.18%
|
| 3 | Citigroup | 2.739 | 9 | 14.02% | 4 | 0.847 | 4 | 10.17%
|
| 4 | Banc of America | 1.937 | 11 | 9.92% | 3 | 0.849 | 4 | 10.20%
|
| 5 | Lehman | 1.664 | 5 | 8.52% | 9 | 0.482 | 4 | 5.79%
|
| 6 | JPMorgan | 1.297 | 5 | 6.64% | 7 | 0.657 | 7 | 7.90%
|
| 7 | UBS | 1.209 | 5 | 6.19% | 10 | 0.278 | 4 | 3.34%
|
| 8 | Goldman Sachs | 1.130 | 4 | 5.79% | 8 | 0.553 | 4 | 6.64%
|
| 9 | Deutsche Bank | 1.058 | 4 | 5.42% | 2 | 0.885 | 6 | 10.63%
|
| 10 | Credit Suisse | 0.563 | 4 | 2.88% | 6 | 0.659 | 5 | 7.91%
|
| Total | 19.532 | 35 | 8.326 | 39 |
|
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|
| Average size: | 0.558 | 0.213
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| Year to date, investment bank exchangeables only
|
|
|
| Underwriter | Amount | No. | Share |
|
| 1 | UBS | 2.793 | 25 | 35.57% |
|
| 2 | Morgan Stanley | 1.628 | 49 | 20.73% |
|
| 3 | Goldman Sachs | 0.920 | 29 | 11.72% |
|
| 4 | Merrill Lynch | 0.727 | 10 | 9.26% |
|
| 5 | Citigroup | 0.656 | 23 | 8.36% |
|
| 6 | Lehman | 0.496 | 17 | 6.31% |
|
| 7 | Barclays | 0.163 | 55 | 2.07% |
|
| 8 | Wachovia | 0.101 | 12 | 1.29% |
|
| 9 | JPMorgan | 0.097 | 21 | 1.24% |
|
| 10 | Banc of America | 0.097 | 5 | 1.23% |
|
| Total | 7.852 | 326 |
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| Average size: | 0.024 |
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| April, including investment bank exchangeables
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Morgan Stanley | 1.642 | 11 | 21.33% | 2 | 0.378 | 5 | 18.57%
|
| 2 | Banc of America | 1.458 | 6 | 18.95% | 1 | 0.467 | 2 | 22.95%
|
| 3 | Merrill Lynch | 1.267 | 5 | 16.46% | 4 | 0.275 | 2 | 13.51%
|
| 4 | Goldman Sachs | 1.173 | 7 | 15.23% | 9 | 0.029 | 4 | 1.43%
|
| 5 | Citigroup | 1.089 | 8 | 14.15% | 8 | 0.086 | 2 | 4.24%
|
| 6 | Deutsche Bank | 0.739 | 4 | 9.60% | 3 | 0.375 | 1 | 18.43%
|
| 7 | Credit Suisse | 0.104 | 9 | 1.35% | 6 | 0.094 | 3 | 4.63%
|
| 8 | Lehman | 0.103 | 2 | 1.34% | 5 | 0.204 | 2 | 10.04%
|
| 9 | JPMorgan | 0.042 | 1 | 0.54% |
|
| 10 | CRT | 0.033 | 1 | 0.43% |
|
| Total | 7.697 | 61 | 2.035 | 34 |
|
|
|
| Average size: | 0.126 | 0.060
|
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|
| April, excluding investment bank exchangeables
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Banc of America | 1.458 | 6 | 20.64% | 1 | 0.467 | 2 | 35.31%
|
| 2 | Morgan Stanley | 1.417 | 5 | 20.05% | 5 | 0.092 | 1 | 6.96%
|
| 3 | Merrill Lynch | 1.267 | 5 | 17.93% |
|
| 4 | Goldman Sachs | 1.033 | 3 | 14.62% |
|
| 5 | Citigroup | 0.983 | 3 | 13.92% |
|
| 6 | Deutsche Bank | 0.733 | 2 | 10.38% | 2 | 0.375 | 1 | 28.36%
|
| 7 | Credit Suisse | 0.099 | 2 | 1.40% | 4 | 0.092 | 1 | 6.96%
|
| 8 | JPMorgan | 0.042 | 1 | 0.59% |
|
| 9 | CRT | 0.033 | 1 | 0.47% |
|
| Total | 7.066 | 10 | 1.322 | 3 |
|
|
|
| Average size: | 0.707 | 0.441
|
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| April, investment bank exchangeables only
|
|
|
| Underwriter | Amount | No. | Share |
|
| 1 | Morgan Stanley | 0.305 | 9 | 29.66% |
|
| 2 | Goldman Sachs | 0.270 | 7 | 26.19% |
|
| 3 | Citigroup | 0.145 | 7 | 14.09% |
|
| 4 | Lehman | 0.103 | 2 | 10.01% |
|
| 5 | UBS | 0.085 | 6 | 8.23% |
|
| 6 | Barclays | 0.031 | 14 | 2.97% |
|
| 7 | JPMorgan | 0.023 | 4 | 2.21% |
|
| 8 | LaSalle | 0.018 | 10 | 1.77% |
|
| 9 | Deutsche Bank | 0.011 | 4 | 1.08% |
|
| 10 | Merrill Lynch | 0.011 | 1 | 1.02% |
|
| Total | 1.030 | 79 |
|
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| Average size: | 0.013 |
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| Prospect News Convertibles Underwriter Rankings
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Criteria
• The tables include all underwritten dollar-denominated offerings sold in the United States 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.
• The investment bank exchangeables only group also includes bonds that convert into an index, a basket of stocks or a basket of indexes.
• 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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