* Convertibles issuance $25.18 billion year to date
* Merrill Lynch top convertibles underwriter in April
* Convertibles issuance $8.16 billion in April
New York, April 30 - Convertibles issuance firmed to its strongest level in a year during April, according to data compiled by Prospect News.
Meanwhile JP Morgan held on to the number one position among underwriters for the year so far although Merrill Lynch & Co. took first place for April.
The month saw a total of $8.16 billion of convertibles brought to market, the strongest total since April 2002, when there was $8.21 billion of issuance. And the April 2003 figure will likely pass that figure when the final tally is complete since a number of greenshoes are still open for exercise.
However year-to-date volume is still running well behind the 2002 pace at $25.18 billion, 64% of the $39.57 billion brought to market in the first four months of 2002.
The Prospect News data covers dollar-denominated issues sold in the U.S.
It also includes investment bank offerings that are linked to or exchangeable for another company's stock. Without these issues, April 2003's total is $7.86 billion while the year-to-date figure is $23.37 billion. But April remains the busiest month since April 2002 when there were $8.02 billion of convertibles, excluding investment bank equity-linkeds and exchangeables.
While JP Morgan is ranked number one so far this year, the top three firms are all very close. Less than $100 million separates JP Morgan from Merrill Lynch at number two and Citigroup at number three.
For April, Merrill Lynch was the top-ranked underwriter. It was bookrunner or joint bookrunner on seven deals in the month including joint books with Morgan Stanley and Goldman Sachs & Co. on the biggest offering, the $3 billion sold by Wells Fargo & Co.
Year to date
2002 Comparables
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | JP Morgan | 3,757.29 | 10 | 6 | 2,432.50 | 7
|
| 2. | Merrill Lynch | 3,690.25 | 18 | 1 | 11,072.49 | 26
|
| 3. | Citigroup | 3,686.42 | 15 | 2 | 8,595.15 | 25
|
| 4. | Goldman Sachs | 3,100.42 | 19 | 3 | 6,516.64 | 13
|
| 5. | Morgan Stanley | 2,636.16 | 12 | 4 | 3,487.39 | 9
|
| 6. | Banc of America | 2,530.21 | 10 | 7 | 1,675.84 | 6
|
| 7. | Deutsche Bank | 1,790.13 | 6 | 10 | 695.00 | 4
|
| 8. | CSFB | 1,789.17 | 6 | 5 | 2,546.34 | 11
|
| 9. | UBS Warburg | 1,424.17 | 7 | 9 | 708.00 | 6
|
| 10. | Lehman | 623.50 | 5 | 8 | 1,089.19 | 5
|
|
|
| Total | $25,179.22 | 76 | $39,569.30 | 103
|
|
|
| Average size | $331.31 | $384.17
|
|
|
|
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| April 2003
|
| | | | | 2002 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Merrill Lynch | 1,725.33 | 7 | 2 | 2,148.77 | 6
|
| 2. | Morgan Stanley | 1,539.54 | 7 | 11 | 37.33 | 1
|
| 3. | Goldman Sachs | 1,073.63 | 5 | 4 | 551.94 | 4
|
| 4. | UBS Warburg | 898.33 | 4 | 7 | 250.00 | 2
|
| 5. | Citigroup | 831.25 | 3 | 1 | 3,242.17 | 7
|
| 6. | CSFB | 802.50 | 2 | 8 | 215.00 | 1
|
| 7. | Deutsche Bank | 744.58 | 3 | 5 | 460.00 | 1
|
| 8. | Lehman | 452.50 | 3 | 6 | 325.00 | 2
|
| 9. | Banc of America | 83.50 | 2 | 9 | 200.00 | 1
|
| 10. | ABN Amro | 8.50 | 1 | 12 | 21.00 | 1
|
|
|
| Total | $8,159.67 | 25 | $8,207.05 | 24
|
|
|
| Average size | $326.39 | $341.96
|
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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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