Bank of America top U.S. liability management dealer and high-yield leader in December

By Lisa Kerner

Charlotte, N.C., Dec. 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 December 2012, with 84 offers totaling $42.88 billion, or a 22.3% share, according to data compiled by Prospect News.

For the 2011 period, Bank of America Merrill Lynch also ranked first, with 57 transactions totaling $38.38 billion, or a 25.9% share.

The total number of offers year to date was 305 totaling $192.47 billion. Through December 2011, there had been 264 U.S. transactions for $148.11 billion.

Credit Suisse ranked second, with 48 offers totaling $22.63 billion, or an 11.8% share. The company ranked sixth for the 2011 period, with 35 deals totaling $10.25 billion or a 6.9% share.

Citigroup took the third spot, with 55 offers totaling $18.70 billion, or a 9.7% share. The company held the second spot for the comparable period in 2011, with 30 transactions totaling $15.78 billion or a 10.7% share.

Bank of America tops 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 December, with 62 totaling $27.46 billion, or a 26.8% share. The company also held the number one spot last year, with 42 deals totaling $29.93 billion, or a 36.6% share.

Total activity year to date rose to 198 totaling $102.33 billion, from 172 deals totaling $81.75 billion in December 2011.

Credit Suisse ranked second, with 40 offers totaling $20.33 billion year to date, or a 19.9% share. The company held the number two spot for the 2011 period, with 31 deals totaling $9.60 billion, or an 11.7% share.

Goldman Sachs was third with 25 deals totaling $9.91 billion or a 9.7% share. The company ranked 12th in the prior year.

Bank of America first in U.S. high grade

Bank of America Merrill Lynch was the number one ranked U.S. dealer manager of investment-grade offers year to date through December, with 21 deals totaling $15.40 billion, or a 17.7% share.

The total number of offers year to date was 65 totaling $87.04 billion.

Morgan Stanley ranked second, with seven deals totaling $10.90 billion, or a 12.5% share.

Citigroup ranked third with 20 offers totaling $10.66 billion, or a 12.3% share.

D.F. King tops in information

In December 2012, D.F. King ranked first for U.S. information agents, with 112 offers covering $86.22 billion, or a 44.8% share. The company held the number one spot for the prior-year period with 88 deals raising $65.63 billion, or a 44.3% share.

Global Bondholder Services ranked second, with 108 transactions for $65.58 billion, or a 34.1% share. The company was second for the same period last year, with 86 deals raising $50.71 billion, or a 34.2% share.

The third spot was held by Georgeson with six deals raising $17.08 billion, or an 8.9% share.

Top dealer managers

Bank of America is ranked number one for the tables covering all issuers and all currencies year to date through December 2012, with 121 offers totaling $67.31 billion, or a 6.3% share, also according to data compiled by Prospect News.

The total number of transactions year to date was 595 deals totaling $1.07 trillion.

Credit Suisse ranked second, with 72 deals totaling $58.78 billion, or a 5.5% share.

Citigroup was third with 120 totaling $49.51 billion, or a 4.6% share.

Deutsche Bank was the number one ranked dealer manager of convertibles, all issuers, all currencies through December 2012, with six deals totaling $1.78 billion, or a 10.0% share.

The total number of offerings year to date was 62 totaling $17.78 billion.

Bank of America heads emerging markets

Bank of America placed first among dealer managers for emerging markets in all currencies through December 2012, with 12 offers totaling $14.09 billion, or an 18.0% share.

The total year to date was 70 for $78.14 billion.

Goldman Sachs ranked second with 10 totaling $12.75 billion or a 16.3% share.

Citigroup was third with 26 deals totaling $12.33 billion year to date, or a 15.8% share.

Bank of America tops in junk

Bank of America Merrill Lynch was the number one ranked dealer manager of high yield deals, all issuers, all currencies for December, with 73 totaling $31.34 billion, or a 21.7% share.

The total for the month was 295 totaling $144.6 billion.

Credit Suisse placed second, with 49 totaling $26.84 billion, or an 18.6% share.

Citigroup was third with 50 deals worth $15.44 billion, or a 10.7% share.

High grade won by Deutsche Bank

Deutsche Bank was the number one ranked dealer manager of investment-grade deals, all issuers, all currencies in December, with 32 deals totaling $33.40 billion, or a 9.9% share.

The total was 172 offers for $338.14 billion.

Morgan Stanley ranked second, with 22 deals for $32.89 billion, or a 9.7% share.

Bondholder Communications tops for information

Through December 2012, the number one ranked among information agents, all issuers, all currencies, was Bondholder Communications Group with 20 transactions covering $302.49 billion, or a 29.1% share.

Hellenic Exchanges ranked second, with one transaction for $257.53 billion, or a 24.0% share.

Dealer managers for U.S. issuers, dollar denominated, year to date

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	42.879	84	22.28%	1	38.376	57	25.91%
2	Credit Suisse	22.634	48	11.76%	6	10.251	35	6.92%
3	Citigroup	18.702	55	9.72%	2	15.780	30	10.65%
4	JPMorgan	18.387	49	9.55%	4	13.574	38	9.16%
5	Morgan Stanley	15.946	31	8.28%	7	8.203	19	5.54%
6	Goldman Sachs	15.703	36	8.16%	8	7.797	19	5.26%
7	Barclays	13.117	38	6.82%	5	11.958	25	8.07%
8	Wells Fargo	10.143	24	5.27%	11	4.542	11	3.07%
9	Deutsche Bank	8.267	27	4.30%	9	6.841	18	4.62%
10	RBS	6.265	9	3.25%	15	1.261	6	0.85%
	Total	192.468	305	148.110	264
	Average size:	0.631	0.561
Convertibles, dealer managers for U.S. issuers, dollar denominated, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	0.300	2	22.40%
2	Bank of America	0.206	2	15.41%	5	0.414	2	5.43%
3	Citigroup	0.205	3	15.32%	2	1.914	2	25.09%
4	Houlihan Lokey	0.076	1	5.67%
5	Wells Fargo	0.045	2	3.36%
6	JPMorgan	0.045	1	3.36%	4	0.430	2	5.64%
7	Credit Suisse	0.030	1	2.26%	11	0.093	2	1.22%
	Total	1.339	15	7.630	29
	Average size:	0.089	0.263
High yield, dealer managers for U.S. issuers, dollar denominated, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	27.454	62	26.83%	1	29.934	42	36.61%
2	Credit Suisse	20.331	40	19.87%	2	9.596	31	11.74%
3	Goldman Sachs	9.914	25	9.69%	12	1.755	9	2.15%
4	Citigroup	7.924	33	7.74%	8	3.506	14	4.29%
5	JPMorgan	7.620	30	7.45%	3	7.283	24	8.91%
6	Deutsche Bank	5.828	19	5.70%	4	5.059	13	6.19%
7	Barclays	5.698	26	5.57%	5	4.906	13	6.00%
8	Morgan Stanley	3.717	17	3.63%	10	2.522	8	3.08%
9	Wells Fargo	2.653	14	2.59%	11	2.373	9	2.90%
10	RBS	2.083	4	2.04%	14	0.878	4	1.07%
	Total	102.328	198	81.753	172
	Average size:	0.517	0.475
Investment grade, dealer managers for U.S. issuers, dollar denominated, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	15.394	21	17.69%	2	6.627	11	14.66%
2	Morgan Stanley	10.899	7	12.52%	7	2.012	4	4.45%
3	Citigroup	10.666	20	12.25%	1	9.670	14	21.39%
4	JPMorgan	10.497	17	12.06%	4	5.762	11	12.74%
5	Wells Fargo	7.619	8	8.75%	15	0.146	1	0.32%
6	Barclays	7.522	11	8.64%	6	4.052	10	8.96%
7	Goldman Sachs	5.837	11	6.71%	5	5.427	5	12.00%
8	RBS	4.276	6	4.91%	18	0.050	2	0.11%
9	Deutsche Bank	2.533	9	2.91%	9	0.750	1	1.66%
10	Credit Suisse	2.273	7	2.61%	11	0.562	2	1.24%
	Total	87.042	65	45.215	41
	Average size:	1.339	1.103
Information agents for U.S. issuers, dollar denominated, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	DFK	86.218	112	44.80%	1	65.630	88	44.31%
2	GBS	65.577	108	34.07%	2	50.713	86	34.24%
3	Georgeson	17.078	6	8.87%	7	1.673	5	1.13%
4	i-Deal	3.682	9	1.91%	6	2.304	7	1.56%
5	MacKenzie	2.703	7	1.40%	4	7.168	9	4.84%
6	Bondholder Communications Group	2.330	7	1.21%	5	5.463	9	3.69%
7	Lucid	1.600	2	0.83%	9	1.250	1	0.84%
8	Deutsche Bank	0.925	5	0.48%	20	0.000	2	0.00%
9	Okapi	0.432	3	0.22%	21	$0.00	1	0.00%
10	AST Fund Solutions	0.200	1	0.10%
	Total	192.468	305	148.110	264
	Average size:	0.631	0.561
Dealer managers for all issuers, all currencies, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	67.313	121	6.28%	1	53.444	79	16.51%
2	Credit Suisse	58.783	72	5.48%	5	25.582	53	7.90%
3	Citigroup	49.510	120	4.62%	4	29.491	61	9.11%
4	Deutsche Bank	45.309	74	4.22%	9	17.213	44	5.32%
5	Morgan Stanley	40.778	55	3.80%	7	19.456	30	6.01%
6	JPMorgan	33.192	89	3.10%	3	31.106	60	9.61%
7	Goldman Sachs	29.978	51	2.80%	11	12.631	27	3.90%
8	Barclays	27.381	56	2.55%	8	17.337	35	5.36%
9	RBS	15.615	23	1.46%	10	13.420	26	4.15%
10	UBS	15.219	24	1.42%	6	22.155	43	6.84%
	Total	1072.439	595	323.735	493
	Average size:	1.802	0.657
Convertibles, dealer managers for all issuers, all currencies, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	1.783	6	10.03%	3	0.957	5	7.49%
2	Barclays	1.510	7	8.49%
3	Citigroup	1.063	6	5.98%	2	2.253	3	17.63%
4	ABG Sundal Collier	0.972	2	5.47%
5	Morgan Stanley	0.885	1	4.98%	4	0.867	5	6.78%
6	Banca IMI	0.885	1	4.98%
7	CASA	0.885	1	4.98%
8	BNP	0.242	2	1.36%
9	Bank of America	0.206	2	1.16%	5	0.753	3	5.89%
10	Arctic	0.201	1	1.13%
	Total	17.780	62	12.779	56
	Average size:	0.287	0.228
Emerging markets, dealer managers for all issuers, all currencies, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	14.089	12	18.03%	3	3.965	10	14.46%
2	Goldman Sachs	12.751	10	16.32%	11	0.876	4	3.19%
3	Citigroup	12.332	26	15.78%	2	4.600	16	16.77%
4	Credit Suisse	12.016	11	15.38%	10	0.923	3	3.36%
5	JPMorgan	5.584	19	7.15%	12	0.625	4	2.28%
6	HSBC	3.908	11	5.00%	4	2.154	5	7.85%
7	Deutsche Bank	2.634	12	3.37%	6	1.286	6	4.69%
8	Morgan Stanley	2.502	8	3.20%	8	1.010	3	3.68%
9	Standard Chartered	1.491	5	1.91%	13	0.420	2	1.53%
10	BNP	1.364	2	1.75%
	Total	78.143	70	27.432	74
	Average size:	1.116	0.371
High yield, dealer managers for all issuers, all currencies, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	31.341	73	21.68%	1	32.357	53	26.14%
2	Credit Suisse	26.844	49	18.57%	2	16.743	40	13.53%
3	Citigroup	15.443	50	10.68%	8	5.798	23	4.68%
4	JPMorgan	12.346	42	8.54%	3	15.173	34	12.26%
5	Goldman Sachs	10.330	27	7.15%	13	2.151	11	1.74%
6	Deutsche Bank	8.353	29	5.78%	5	8.367	25	6.76%
7	Barclays	6.251	30	4.32%	7	5.812	14	4.70%
8	Morgan Stanley	4.660	20	3.22%	6	7.574	13	6.12%
9	RBS	3.673	9	2.54%	11	3.315	12	2.68%
10	Wells Fargo	2.653	14	1.84%	12	2.373	9	1.92%
	Total	144.554	295	123.774	261
	Average size:	0.490	0.474
Investment grade, dealer managers for all issuers, all currencies, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	33.399	32	9.88%	11	6.992	12	4.31%
2	Morgan Stanley	32.893	22	9.73%	10	7.251	8	4.47%
3	Citigroup	27.633	50	8.17%	1	19.175	29	11.82%
4	Bank of America	24.990	41	7.39%	3	18.241	21	11.24%
5	Credit Suisse	21.179	15	6.26%	9	7.778	9	4.79%
6	Barclays	20.023	20	5.92%	6	10.827	17	6.67%
7	JPMorgan	18.046	35	5.34%	5	14.907	23	9.19%
8	UBS	13.592	15	4.02%	4	15.403	17	9.49%
9	Lloyds	12.841	5	3.80%	17	1.676	2	1.03%
10	RBS	12.036	15	3.56%	7	9.556	12	5.89%
	Total	338.136	172	162.269	118
	Average size:	1.966	1.375
Information agents for all issuers, all currencies, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bondholder Communications Group	302.493	20	28.21%	5	13.917	23	4.30%
2	Hellenic Exchanges	257.529	1	24.01%
3	Lucid	118.646	51	11.06%	4	64.189	50	19.83%
4	DFK	116.282	141	10.84%	2	72.386	106	22.36%
5	GBS	93.294	133	8.70%	3	66.611	104	20.58%
6	Georgeson	17.189	7	1.60%	9	1.673	6	0.52%
7	i-Deal	4.374	10	0.41%	8	2.304	7	0.71%
8	MacKenzie	2.703	7	0.25%	6	7.618	10	2.35%
9	BNY	2.150	3	0.20%	19	$0.14	5	0.04%
10	Citigroup	1.228	3	0.11%	7	$3.83	1	1.18%
	Total	1072.439	595	323.735	493
	Average size:	1.802	0.657
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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