Bank of America top U.S. liability management dealer, high yield leader in October

By Lisa Kerner

Charlotte, N.C., Oct. 31 - Bank of America Merrill Lynch was the number one ranked U.S. dealer manager of tenders, consent solicitations and exchanges year to date through October 2011, with 49 offers totaling $34.20 billion, or a 26.1% share, according to data compiled by Prospect News.

For the 2010 period, Bank of America Merrill Lynch ranked second, with 70 transactions totaling $19.39 billion or a 15.6% share.

The total number of offers year to date rose to 224 totaling $130.96 billion. Through October 2010, there had been 247 U.S. transactions for $124.14 billion.

Citigroup ranked second, with 25 offers totaling $14.48 billion year to date, or an 11.06% share. The bank ranked first for the 2010 period, with 43 deals totaling $21.83 billion or a 17.6% share.

Credit Suisse took the third spot, with 34 offers totaling $12.50 billion, or a 9.5% share. The company held the fourth spot for the same period of 2010, with 35 transactions totaling $14.14 billion or an 11.4% share.

Citi top in U.S. convertibles

Citigroup was the number one ranked U.S. dealer manager of convertibles year to date through October, with two offers for $1.91 billion, or a 25.7% share.

The total number of transactions year to date fell to 26 totaling $7.44 billion compared with 39 for $16.87 billion in the same period of 2010.

Deutsche Bank is ranked second with three offers totaling $473 million or a 6.4% share.

BofA #1 in U.S. high yield

Bank of America Merrill Lynch was the number one ranked U.S. dealer manager of high yield offers for the year through October, with 37 totaling $29.05 billion, or a 36.9% share.

For the 2010 period, Bank of America Merrill Lynch was first with 44 offers totaling $11.34 billion, or a 22.3% share.

Total activity year to date rose to 153 totaling $78.68 billion, from 133 deals totaling $50.90 billion through October 2010.

Credit Suisse ranked second, with 30 offers totaling $11.84 billion year to date, or a 15.1% share. The company held the number two spot for the 2010 period, with 23 deals totaling $10.53 billion, or a 20.7% share.

Citi first in U.S. high grade

Citigroup was the number one ranked U.S. dealer manager of investment-grade offers year to date through October, with 12 deals totaling $8.84 billion, or a 23.3% share. For the 2010 period, Citigroup also held the number one spot, with 20 transactions totaling $13.32 billion or a 25.3% share.

The total number of offers year to date fell to 34 totaling $37.89 billion, from 67 totaling $52.62 billion through October 2010.

JPMorgan ranked second, with 10 deals totaling $5.26 billion year to date, or a 13.9% share. The company held the second spot for the 2010 period, with 18 totaling $6.49 billion, or a 12.3% share.

D.F. King top in information

Through October 2011, D.F. King ranked first for U.S. information agents, with 75 offers covering $55.37 billion, or a 42.3% share. The company held the number two spot for the prior-year period with 57 deals raising $27.02 billion, or a 21.8% share.

Global Bondholder Services ranked second, with 77 transactions for $44.61 billion, or a 34.1% share. The company was ranked first for the same period last year, with 118 deals raising $77.02 billion, or a 62.0% share.

The third spot was held by Bondholder Communications Group with nine deals raising $5.46 billion, or a 4.2% share.

Top dealer managers

Bank of America Merrill Lynch is ranked number one for the tables covering all issuers and all currencies year to date through October 2011, with 68 offers totaling $47.01 billion, or a 17.8% share, also according to data compiled by Prospect News.

The total number of transactions year to date was 400 deals totaling $263.99 billion.

Citigroup ranked second, with 53 deals totaling $29.55 billion, or an 11.2% share.

Credit Suisse was third with 49 totaling $26.77 billion, or a 10.1% share.

Citi leads in convertibles

Citigroup was the number one ranked dealer manager of convertibles, all issuers, all currencies through October 2011, with three deals totaling $2.25 billion, or an 18.2% share.

The total number of offerings year to date was 48 totaling $12.39 billion.

Deutsche Bank ranked second with five deals totaling $957 million or a 7.7% share.

BofA heads emerging markets

Bank of America Merrill Lynch placed first among dealer managers for emerging markets in all currencies through October, with eight offers totaling $3.24 billion, or a 17.1% share.

The total year to date was 55 for $19.01 billion.

Citigroup ranked second with 13 deals totaling $2.08 billion or a 10.9% share.

RBS was third with three deals totaling $1.37 billion year to date, or a 7.2% share.

BofA top in junk

Bank of America Merrill Lynch was the number one ranked dealer manager of high yield deals, all issuers, all currencies for the 10 months ending in October, with 46 totaling $30.75 billion, or a 26.4% share.

The total for the year so far was 226 totaling $116.35 billion.

Credit Suisse placed second, with 38 totaling $18.97 billion, or a 16.3% share.

JPMorgan came in third with 30 deals $13.11 billion, or an 11.3% share.

High grade won by Citi

Citigroup was the number one ranked dealer manager of investment grade deals, all issuers, all currencies through October, with 26 deals totaling $21.48 billion, or an 18.1% share.

The total was 89 offers for $118.77 billion.

Bank of America Merrill Lynch ranked second, with 18 deals for $13.48 billion, or an 11.4% share.

D.F. King #1 for information

Through October 2011, the number one ranked among information agents, all issuers, all currencies, was D.F. King, with 92 transactions covering $61.89 billion, or a 23.4% share.

Global Bondholder Services ranked second, with 91 for $54.97 billion, or a 20.8% share.

Year to date, U.S. issuers, dealer managers

2010 Comparables

	Lead	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	34.198	49	26.12%	2	19.389	70	15.62%
2	Citigroup	14.478	25	11.06%	1	21.826	43	17.58%
3	Credit Suisse	12.497	34	9.54%	4	14.139	35	11.39%
4	JPMorgan	10.915	32	8.33%	3	15.284	51	12.31%
5	Barclays	7.938	18	6.06%	9	5.572	19	4.49%
6	Morgan Stanley	7.921	18	6.05%	6	9.792	23	7.89%
7	Deutsche Bank	5.532	15	4.22%	5	9.877	24	7.96%
8	Goldman Sachs	4.910	16	3.75%	8	6.796	23	5.47%
9	UBS	4.480	17	3.42%	12	2.246	9	1.81%
10	Jefferies	4.121	11	3.15%	19	0.163	4	0.13%
	Total	130.960	224	124.137	247
	Average size:	0.585	0.503
Year to date, convertibles, U.S. issuers, dealer managers
					2010 Comparables
	Lead	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	1.914	2	25.71%	2	2.761	7	16.37%
2	Deutsche Bank	0.473	3	6.36%	4	2.173	4	12.88%
3	JPMorgan	0.430	2	5.78%	6	0.795	6	4.71%
4	Bank of America	0.414	2	5.56%	3	2.520	9	14.94%
5	Morgan Stanley	0.404	4	5.43%	11	0.341	3	2.02%
6	RBS	0.333	1	4.48%	13	0.119	1	0.70%
7	Goldman Sachs	0.315	3	4.23%	5	1.903	4	11.28%
8	UBS	0.214	1	2.87%	9	0.386	2	2.29%
9	Citadel	0.135	2	1.82%
10	Credit Suisse	0.093	2	1.25%	7	0.504	4	2.99%
	Total	7.444	26	16.872	39
	Average size:	0.286	0.433
Year to date, high yield, U.S. issuers, dealer managers
					2010 Comparables
	Lead	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	29.046	37	36.92%	1	11.341	44	22.28%
2	Credit Suisse	11.841	30	15.05%	2	10.527	23	20.68%
3	JPMorgan	5.222	20	6.64%	3	7.857	28	15.44%
4	Deutsche Bank	5.059	13	6.43%	6	2.896	7	5.69%
5	Barclays	4.387	9	5.58%	7	2.222	9	4.37%
6	UBS	3.833	15	4.87%	11	0.373	3	0.73%
7	Jefferies	3.422	10	4.35%	15	0.163	3	0.32%
8	Citigroup	3.031	11	3.85%	4	5.642	16	11.08%
9	Morgan Stanley	2.240	7	2.85%	8	1.669	6	3.28%
10	Wells Fargo	2.223	7	2.82%	10	1.591	8	3.12%
	Total	78.676	153	50.904	133
	Average size:	0.514	0.383
Year to date, investment grade, U.S. issuers, dealer managers
					2010 Comparables
	Lead	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	8.843	12	23.34%	1	13.323	20	25.32%
2	JPMorgan	5.263	10	13.89%	2	6.486	18	12.33%
3	Barclays	3.552	9	9.37%	6	3.300	9	6.27%
4	Bank of America	3.397	9	8.97%	3	5.527	17	10.51%
5	Goldman Sachs	2.927	4	7.72%	12	1.026	6	1.95%
6	Morgan Stanley	2.012	4	5.31%	4	5.440	12	10.34%
7	BNP	1.544	1	4.07%	13	0.600	3	1.14%
8	Merrill Lynch	0.700	1	1.85%	19	0.000	1	0.00%
9	Jefferies	0.562	2	1.48%	7	3.107	6	5.91%
10	Credit Suisse	0.420	1	1.11%	11	1.488	5	2.83%
	Total	37.890	34	52.616	67
	Average size:	1.114	0.785
Year to date, U.S. issuers, information agents
					2010 Comparables
	Lead	Amount	No.	Share	Rank	Amount	No.	Share
1	DFK	55.368	75	42.28%	2	27.015	57	21.76%
2	GBS	44.607	77	34.06%	1	77.016	118	62.04%
3	Bondholder Communications Group	5.463	9	4.17%	9	0.506	3	0.41%
4	MacKenzie	4.635	5	3.54%	4	4.730	13	3.81%
5	i-Deal	2.304	7	1.76%	6	0.717	3	0.58%
6	Georgeson	1.493	4	1.14%	5	4.654	6	3.75%
7	Wells Fargo	1.342	1	1.03%	11	0.000	2	0.00%
8	Lucid	1.250	1	0.95%	13	0.000	1	0.00%
9	Global Restructuring Services	0.700	1	0.53%
10	BOKF	0.288	2	0.22%
	Total	130.960	224	124.137	247
	Average size:	0.585	0.503
Year to date, all issuers, all currencies, dealer managers
	Lead	Amount	No.	Share
1	Bank of America	47.011	68	17.80%
2	Citigroup	29.551	53	11.19%
3	Credit Suisse	26.770	49	10.14%
4	JPMorgan	25.516	50	9.67%
5	UBS	17.700	38	6.70%
6	Morgan Stanley	14.246	27	5.40%
7	Deutsche Bank	12.509	35	4.74%
8	RBS	11.208	21	4.25%
9	Goldman Sachs	9.744	24	3.69%
10	Barclays	8.780	24	3.33%
	Total	263.988	400
	Average size:	0.660
Year to date, convertibles, all issuers, all currencies, dealer managers
	Lead	Amount	No.	Share
1	Citigroup	2.253	3	18.18%
2	Deutsche Bank	0.957	5	7.72%
3	Morgan Stanley	0.867	5	7.00%
4	Bank of America	0.753	3	6.07%
5	JPMorgan	0.572	3	4.61%
6	Nomura	0.500	1	4.04%
7	Credit Suisse	0.435	3	3.51%
8	UniCredit	0.342	1	2.76%
9	RBS	0.333	2	2.69%
10	Goldman Sachs	0.315	3	2.54%
	Total	12.390	48
	Average size:	0.258
Year to date,emerging markets, all issuers, all currencies, dealer managers
	Lead	Amount	No.	Share
1	Bank of America	3.240	8	17.05%
2	Citigroup	2.081	13	10.94%
3	RBS	1.365	3	7.18%
4	Deutsche Bank	1.286	6	6.77%
5	UBS	1.039	5	5.47%
6	Morgan Stanley	1.010	3	5.31%
7	HSBC	1.007	3	5.30%
8	Credit Suisse	0.923	3	4.85%
9	Goldman Sachs	0.876	4	4.61%
10	JPMorgan	0.625	4	3.29%
	Total	19.011	55
	Average size:	0.346
Year to date, high yield, all issuers, all currencies, dealer managers
	Lead	Amount	No.	Share
1	Bank of America	30.745	46	26.43%
2	Credit Suisse	18.965	38	16.30%
3	JPMorgan	13.111	30	11.27%
4	Deutsche Bank	8.106	23	6.97%
5	Morgan Stanley	7.293	12	6.27%
6	UBS	5.260	19	4.52%
7	Citigroup	4.548	19	3.91%
8	Barclays	4.518	9	3.88%
9	Jefferies	3.651	11	3.14%
10	RBS	2.834	10	2.44%
	Total	116.354	226
	Average size:	0.515
Year to date, investment grade, all issuers, all currencies, dealer managers
	Lead	Amount	No.	Share
1	Citigroup	21.480	26	18.09%
2	Bank of America	13.480	18	11.35%
3	JPMorgan	11.476	18	9.66%
4	UBS	11.198	14	9.43%
5	RBS	7.825	9	6.59%
6	Credit Suisse	6.744	7	5.68%
7	Goldman Sachs	6.623	6	5.58%
8	Barclays	4.065	12	3.42%
9	HSBC	3.749	4	3.16%
10	Deutsche Bank	3.107	7	2.62%
	Total	118.765	89
	Average size:	1.334
Year to date, all issuers, all currencies, information agents
	Lead	Amount	No.	Share
1	DFK	61.886	92	23.44%
2	GBS	54.968	91	20.82%
3	Lucid	44.454	38	16.84%
4	Bondholder Communications Group	7.514	15	2.84%
5	MacKenzie	4.635	5	1.76%
6	i-Deal	2.304	7	0.87%
7	Georgeson	1.493	5	0.57%
8	U.S. Bank	1.400	1	0.53%
9	Wells Fargo	1.342	1	0.51%
10	Deceval	1.030	1	0.39%
	Total	263.988	400
	Average size:	0.660
Prospect News Liability Management Rankings

Criteria

• The tables include all dollar-denominated offers by U.S. issuers (top section) or all offers and all currencies (bottom section) reported to Prospect News.

• Transactions are included in the time period in which they were announced.

• The full amount is credited to the lead dealer manager or information agent. For multiple firms, the total is divided equally among all leads.

• Amounts are based on the maximum size of the offer.

• Excludes offers that were terminated but includes tender offers that did not reach the required threshold.

• Simultaneous offers for the same securities are counted as a single offer.

• Stand-alone consent solicitations (no tender offer) are included only if the offer is successful.

• Includes all debt and preferred securities.

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