Merrill Lynch top convertible underwriter year to date

* Convertibles issuance totals $42.98 billion year to date

* Goldman top convertible underwriter in May

* Convertibles issuance totals $5.06 billion in May

New York, May 31 - Merrill Lynch & Co. remains top underwriter of convertible securities on a year-to-date basis, according to data compiled by Prospect News.

After regaining the position in March, the firm continues at the top of the league tables for May.

However for the month of May itself, Merrill placed number three behind Goldman, Sachs & Co. in first place and Salomon Smith Barney in second.

Overall issuance for the month was $5.057 billion, down from April's $6.048 billion and the smallest of any month so far this year. The previous lowest month was February with $5.407 billion.

May's total was also well below the extraordinary $22.298 billion recorded in May 2001.

Year-to-date new-issue volume is now $42.976 billion, trailing the $55.795 billion at the same point of 2001 by 23.0%.

May saw little by way of large deals, the biggest being Alltel Corp.'s $1.385 billion of mandatory convertibles, which priced at the end of April but is included in the May figures because it settled on May 6.

2002 Year To Date

2001 Comparables

	Underwriter	Amount	No.	Rank	Amount	No.
1.	Merrill Lynch	12,140.45	32	1	14,636.43	27
2.	Salomon SB	8,798.65	27	3	7,675.50	18
3.	Goldman Sachs	7,055.23	15	2	9,103.85	17
4.	Morgan Stanley	3,501.39	10	5	5,472.00	20
5.	CS First Boston	2,693.84	12	4	7,554.70	17
6.	JP Morgan	2,562.50	8	9	500.00	2
7.	UBS Warburg	1,743.00	9	7	3,913.00	11
8.	Banc of America	1,675.84	6	8	1,464.45	4
9.	Lehman	1,089.19	5	6	4,295.50	9
10.	Deutsche Bank	945.00	5	10	455.00	3
11.	Bear Stearns	400.00	4	12	275.00	2
12.	Scotia	143.75	1	-	-	-
13.	ABN Amro	122.00	7	13	50.00	1
14.	CIBC	90.00	1	-	-	-
15.	Ryan Beck	15.00	1	-	-	-
	Total	$42,975.85	120	$55,795.43	117
	Average size	$358.13	$476.88
May 2002
					2001 Comparables
	Underwriter	Amount	No.	Rank	Amount	No.
1.	Goldman Sachs	1,038.59	3	2	4,089.95	8
2.	Salomon SB	1,037.67	4	5	2,420.00	7
3.	Merrill Lynch	894.63	6	1	5,879.73	8
4.	JP Morgan	590.00	2	7	500.00	2
5.	UBS Warburg	500.00	3	6	1,787.00	4
6.	Banc of America	461.67	1	9	345.30	1
7.	Deutsche Bank	300.00	1	-	-	-
8.	CS First Boston	175.00	1	4	3,050.00	8
9.	Morgan Stanley	39.00	1	3	3,616.45	12
10.	ABN Amro	20.00	2	-	-	-
	Total	$5,056.55	21	$22,298.43	48
	Average size	$240.79	$464.55
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 settle.

* 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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