By Abigail W. Adams
Portland, Me., Dec. 31 – BofA Securities Inc. claimed the top spot for convertible underwriters in 2019 – a position it has held for much of the year.
BofA served as underwriter for 47 deals totaling $8.47 billion for 14.55% of the total market share.
Goldman Sachs launched into the second-place position for 2019 – moving up three notches from November when it was fourth on the year-to-date league tables.
Goldman Sachs topped the league table in December and in the fourth quarter, serving as sole underwriter for some of the largest deals of the month and the quarter.
The bank was the sole underwriter for Lumentum Holdings Inc.’s $900 million offering of 0.5% convertible notes due 2026 – the largest deal in December.
Goldman Sachs served as underwriter for 39 deals totaling $8.39 billion for 14.40% of the total market share.
J.P. Morgan Securities LLC, previously in second place on the year-to-date league table, was pushed to third.
While third in terms of dollar amount, the bank served as underwriter for the most deals in 2019.
JPMorgan served as underwriter for 49 deals totaling $7.81 billion for 13.41% of the total market share in 2019.
Morgan Stanley, previously in third place, was pushed to fourth and has served as underwriter for 41 deals totaling $7.60 billion for 13.05% of the total market share.
Barclays came in fifth and served as underwriter for 27 deals totaling $4.39 billion for 7.54% of the total market share in 2019.
Issuance in 2019 broke post-financial crisis records with $58.22 billion pricing in 136 deals, according to Prospect News data.
In the global market, JPMorgan led the league table in 2019 serving as underwriter on 62 deals totaling $10.33 billion for 12.44% of the total market share.
BofA, previously in the lead, was pushed to second and served as underwriter on 52 deals totaling $10.11 billion for 12.16% of the total market share.
U.S. market, year to date
2018 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Bank of America | 8.471 | 47 | 14.55% | 3 | 8.141 | 39 | 16.09%
|
| 2 | Goldman Sachs | 8.386 | 39 | 14.40% | 4 | 7.561 | 41 | 14.95%
|
| 3 | JPMorgan | 7.807 | 49 | 13.41% | 1 | 9.108 | 58 | 18.00%
|
| 4 | Morgan Stanley | 7.598 | 41 | 13.05% | 2 | 8.289 | 45 | 16.39%
|
| 5 | Barclays | 4.387 | 27 | 7.54% | 7 | 2.141 | 15 | 4.23%
|
| 6 | Citigroup | 4.033 | 27 | 6.93% | 5 | 3.099 | 21 | 6.13%
|
| 7 | Credit Suisse | 3.717 | 24 | 6.38% | 9 | 1.324 | 12 | 2.62%
|
| 8 | Wells Fargo | 2.806 | 23 | 4.82% | 6 | 2.218 | 17 | 4.39%
|
| 9 | BNP | 1.532 | 9 | 2.63% | 20 | 0.201 | 2 | 0.40%
|
| 10 | RBC | 1.146 | 10 | 1.97% | 10 | 1.217 | 9 | 2.41%
|
| Total | 58.217 | 136 | 50.586 | 150
|
| Average size | 0.428 | 0.337
|
|
|
| U.S. market, fourth quarter
|
| | | | | 2018 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Goldman Sachs | 2.407 | 7 | 25.77% | 3 | 0.774 | 5 | 14.05%
|
| 2 | JPMorgan | 1.073 | 9 | 11.49% | 1 | 1.428 | 10 | 25.91%
|
| 3 | Morgan Stanley | 0.860 | 6 | 9.21% | 6 | 0.215 | 3 | 3.90%
|
| 4 | Bank of America | 0.746 | 7 | 7.99% | 2 | 1.142 | 5 | 20.73%
|
| 5 | Wells Fargo | 0.707 | 6 | 7.57% | 16 | 0.033 | 1 | 0.60%
|
| 6 | Citigroup | 0.699 | 6 | 7.49% | 4 | 0.465 | 4 | 8.44%
|
| 7 | Barclays | 0.454 | 5 | 4.86% | 12 | 0.102 | 1 | 1.85%
|
| 8 | Credit Suisse | 0.448 | 5 | 4.79% | 14 | 0.070 | 1 | 1.26%
|
| 9 | Evercore | 0.230 | 1 | 2.46%
|
| 10 | Scotia | 0.217 | 1 | 2.32%
|
| Total | 9.340 | 29 | 5.510 | 21
|
| Average size | 0.322 | 0.262
|
|
|
| U.S. market, December
|
| | | | | 2018 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Goldman Sachs | 1.050 | 3 | 58.23%
|
| 2 | JPMorgan | 0.184 | 2 | 10.20% | 1 | 0.412 | 2 | 100.00%
|
| 3 | Wells Fargo | 0.184 | 2 | 10.20%
|
| 4 | Bank of America | 0.075 | 1 | 4.16%
|
| 5 | Credit Suisse | 0.075 | 1 | 4.16%
|
| 6 | Nomura | 0.075 | 1 | 4.16%
|
| 7 | JMP | 0.051 | 1 | 2.81%
|
| Total | 1.803 | 6 | 0.412 | 2
|
| Average size | 0.301 | 0.206
|
|
|
| Global, year to date
|
| | | | | 2018 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 10.334 | 62 | 12.44% | 1 | 12.423 | 72 | 16.38%
|
| 2 | Bank of America | 10.107 | 52 | 12.16% | 4 | 8.782 | 43 | 11.58%
|
| 3 | Goldman Sachs | 9.282 | 45 | 11.17% | 2 | 10.406 | 49 | 13.72%
|
| 4 | Morgan Stanley | 9.202 | 49 | 11.08% | 3 | 9.548 | 54 | 12.59%
|
| 5 | Citigroup | 5.175 | 33 | 6.23% | 5 | 4.832 | 30 | 6.37%
|
| 6 | Credit Suisse | 4.717 | 29 | 5.68% | 9 | 2.282 | 17 | 3.01%
|
| 7 | Barclays | 4.555 | 29 | 5.48% | 8 | 2.334 | 17 | 3.08%
|
| 8 | BNP | 3.361 | 19 | 4.05% | 12 | 1.202 | 10 | 1.58%
|
| 9 | Wells Fargo | 2.806 | 23 | 3.38% | 10 | 2.218 | 17 | 2.92%
|
| 10 | HSBC | 2.371 | 12 | 2.85% | 17 | 0.673 | 7 | 0.89%
|
| Total | 83.083 | 207 | 75.840 | 234
|
| Average size | 0.401 | 0.324
|
|
|
| Global, fourth quarter
|
| | | | | 2018 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Goldman Sachs | 3.040 | 10 | 23.72% | 3 | 0.774 | 5 | 10.08%
|
| 2 | JPMorgan | 1.522 | 11 | 11.88% | 1 | 2.028 | 12 | 26.41%
|
| 3 | Bank of America | 1.013 | 8 | 7.91% | 2 | 1.142 | 5 | 14.88%
|
| 4 | Morgan Stanley | 0.921 | 7 | 7.19% | 5 | 0.489 | 4 | 6.37%
|
| 5 | Citigroup | 0.837 | 7 | 6.53% | 4 | 0.739 | 5 | 9.63%
|
| 6 | Wells Fargo | 0.707 | 6 | 5.52% | 19 | 0.033 | 1 | 0.43%
|
| 7 | BNP | 0.459 | 5 | 3.58%
|
| 8 | Barclays | 0.454 | 5 | 3.54% | 13 | 0.102 | 1 | 1.33%
|
| 9 | Credit Suisse | 0.448 | 5 | 3.49% | 15 | 0.070 | 1 | 0.91%
|
| 10 | UBS | 0.307 | 2 | 2.40% | 8 | 0.175 | 2 | 2.27%
|
| Total | 12.814 | 44 | 7.678 | 32
|
| Average size | 0.291 | 0.240
|
|
|
| Global, December
|
| | | | | 2018 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Goldman Sachs | 1.622 | 5 | 45.17%
|
| 2 | JPMorgan | 0.572 | 3 | 15.93% | 1 | 0.812 | 3 | 74.08%
|
| 3 | Bank of America | 0.342 | 2 | 9.51%
|
| 4 | Nomura | 0.259 | 2 | 7.21%
|
| 5 | Wells Fargo | 0.184 | 2 | 5.12%
|
| 6 | China International | 0.138 | 1 | 3.83%
|
| 6 | Citigroup | 0.138 | 1 | 3.83%
|
| 8 | Yuanta | 0.100 | 1 | 2.78%
|
| 9 | Credit Suisse | 0.075 | 1 | 2.09%
|
| 10 | JMP | 0.051 | 1 | 1.41%
|
| Total | 3.591 | 12 | 1.097 | 7
|
| Average size | 0.299 | 0.157
|
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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 (for U.S. deals), or all underwritten offerings (global deals).
• 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.
• Preferred issues are included using the same criteria as for bonds.
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