Bank of America Merrill Lynch No. 1 preferred underwriter for year, month

JPMorgan wins top spot for quarter

By Stephanie N. Rotondo

Phoenix, Sept. 28 - Bank of America Merrill Lynch continued to hold on to the No. 1 preferred stock underwriter spot for the year, according to data compiled by Prospect News.

Year to date, the bank has facilitated 81 preferred stock transactions with total proceeds of $4.66 billion, or 14.3% of the total volume. Of that total amount, 17 deals bringing proceeds of $760 million occurred in September, in which the bank also reigned. Market share for the month was 24.91%.

During the third quarter, however, Bank of America Merrill Lynch was in second place, succumbing to J.P. Morgan Securities LLC. JPMorgan acted as underwriter in 15 deals raising $2.45 billion, or 19.77% of the total.

Overall issuance remained well above year-ago comparables. For the month, $3.05 billion was taken via 23 deals. That compared to $1.17 billion raised in 14 deals the year before.

In the third quarter, a total of 71 preferred offerings occurred for proceeds of $12.41 billion. In the same period of 2011, just 25 deals had been done for proceeds of $3.16 billion.

For the year thus far, issuers have undertaken 174 transactions raising a total of $32.59 billion. That compared to 89 deals by this time in 2011 for proceeds of $17.58 billion.

U.S. market, all issuers, Year to date

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	4.661	81	14.30%	2	2.100	33	11.95%
2	Wells Fargo	4.069	44	12.49%	5	1.124	27	6.40%
3	JPMorgan	3.967	26	12.17%	4	1.140	5	6.49%
4	Morgan Stanley	3.929	36	12.05%	3	1.446	19	8.23%
5	Goldman Sachs	3.452	7	10.59%	12	0.486	2	2.77%
6	UBS	2.654	32	8.14%	13	0.441	16	2.51%
7	Citigroup	2.203	27	6.76%	6	0.898	18	5.11%
8	Barclays	1.080	15	3.31%	10	0.745	4	4.24%
9	RBC	0.778	15	2.39%	17	0.045	2	0.26%
10	USBancorp	0.728	2	2.23%
	Total	32.594	174	17.576	89
	Average size:	0.187	0.197
U.S. market, all issuers, Third quarter
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.453	15	19.77%	4	0.333	1	10.56%
2	Bank of America	1.991	35	16.04%	2	0.637	6	20.17%
3	Wells Fargo	1.952	18	15.73%	5	0.271	4	8.58%
4	Morgan Stanley	1.524	16	12.29%	3	0.551	3	17.45%
5	UBS	1.355	15	10.92%	6	0.122	1	3.86%
6	Goldman Sachs	0.502	3	4.04%
7	Citigroup	0.441	8	3.56%	8	0.033	1	1.03%
8	Barclays	0.392	6	3.16%
9	RBC	0.381	9	3.07%
10	Deutsche Bank	0.238	4	1.92%
	Total	12.409	71	3.158	25
	Average size:	0.175	0.126
U.S. market, all issuers, September
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	0.760	17	24.91%	2	0.182	4	15.59%
2	Morgan Stanley	0.417	5	13.66%	4	0.096	1	8.23%
3	JPMorgan	0.394	6	12.91%
4	Wells Fargo	0.300	4	9.82%	3	0.149	3	12.80%
5	UBS	0.250	3	8.20%
6	Citigroup	0.200	2	6.56%	5	0.033	1	2.79%
7	RBC	0.130	3	4.26%
8	BNY	0.110	1	3.61%
9	Goldman Sachs	0.110	1	3.61%
10	PNC	0.090	1	2.95%
	Total	3.049	23	1.165	14
	Average size:	0.133	0.083
Prospect News Preferred Stock Underwriter Rankings

Criteria

• U.S. tables include all underwritten dollar-denominated offerings sold in the United States as public or Rule 144A deals reported to Prospect News.

• Convertibles are excluded.

• 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. For multiple leads, the total value is divided equally among joint bookrunners.

• The headquarters location of the parent company is used for the country criteria (i.e. registrations in tax havens and offshore finance subsidiaries are ignored)

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