By Lisa Kerner
Charlotte, N.C., April 30 - Credit Suisse was the number one ranked U.S. dealer manager of tenders, consent solicitations and exchanges year to date through April, with 13 offers totaling $8.29 billion, or a 16.7% share, according to data compiled by Prospect News.
For the 2012 period, Credit Suisse ranked third, with 19 transactions totaling $6.28 billion, or an 11.7% share.
The total number of offers year to date was 88 totaling $49.54 billion. Through April 2012, there had been 102 U.S. transactions for $53.74 billion.
Citigroup ranked second, with 18 offers totaling $7.07 billion, or a 14.3% share. The company ranked fifth for the 2012 period, with 22 totaling $5.24 billion, or a 9.8% share.
BofA Merrill Lynch took the third spot with 19 offers totaling $6.86 billion, or a 13.9% share. The company was ranked first in the prior-year period.
Credit Suisse for high yield
Credit Suisse was the number one ranked U.S. dealer manager of high-yield offers for the year through April with nine totaling $6.86 billion, or a 19.9% share. The company held the number two spot last year, with 17 deals totaling $6.05 billion, or a 20.0% share.
Total activity year to date rose to 64 totaling $34.42 billion, from 70 totaling $30.27 billion in April 2012.
Citigroup ranked second with 15 offers totaling $5.87 billion year to date, or a 17.1% share. The company held the number three spot for the 2012 period, with 17 deals totaling $3.85 billion, or a 12.7% share.
BofA Merrill Lynch was third with 16 deals totaling $4.19 billion, or a 12.2% share. The company ranked first in the prior year.
BofA first in U.S. high grade
BofA Merrill Lynch was the number one ranked U.S. dealer manager of investment-grade offers year to date through April with four deals totaling $2.80 billion, or an 18.8% share.
The total number of offers year to date was 19 totaling $14.93 billion.
Barclays ranked second, with four deals totaling $2.64 billion, or a 17.7% share.
JPMorgan ranked third with eight offers totaling $2.25 billion, or a 15.1% share.
D.F. King tops in information
In April 2013, D.F. King ranked first for U.S. information agents, with 36 offers covering $21.52 billion, or a 43.4% share. The company held the number one spot for the prior-year period with 41 deals raising $26.74 billion, or a 49.8% share.
Global Bondholder Services ranked second, with 31 transactions for $16.84 billion, or a 34.0% share. The company ranked second for the same period last year, with 37 deals raising $18.85 billion, or a 35.1% share.
The third spot was held by i-Deal with four deals raising $2.63 billion, or a 5.3% share.
Top dealer managers
Citigroup ranked number one for the tables covering all issuers and all currencies year to date through April 2013, with 35 offers totaling $26.81 billion, or a 20.5% share, also according to data compiled by Prospect News.
The total number of transactions year to date was 172 deals totaling $130.84 billion.
BofA Merrill Lynch ranked second with 25 deals totaling $13.96 billion, or a 10.7% share.
Credit Suisse was third with 19 deals totaling $13.10 billion, or a 10.0% share.
Convertibles ranking
Deutsche Bank was the number one ranked dealer manager of convertibles, all issuers, all currencies through April 2013, with two deals totaling $550 million, or a 17.0% share.
The total number of offerings year to date was 17 totaling $3.23 billion.
Citigroup heads EM
Citigroup placed first among dealer managers for emerging markets in all currencies through April 2013, with five offers totaling $9.98 billion, or a 52.9% share.
The total year to date was 30 for $18.85 billion.
Deutsche Bank ranked second with eight totaling $1.68 billion, or an 8.9% share.
BofA Merrill Lynch was third with four deals totaling $1.30 million year to date, or a 6.9% share.
Credit Suisse tops in junk
Credit Suisse was the number one ranked dealer manager of high-yield deals, all issuers, all currencies for the month of April, with 11 totaling $10.67 billion, or a 22.6% share.
The total for the month was 94 totaling $47.14 billion.
Citigroup placed second, with 20 totaling $7.45 billion, or a 15.8% share.
BofA Merrill Lynch was third with 19 deals worth $4.61 billion, or a 9.8% share.
High grade won by JPMorgan
JPMorgan was the number one ranked dealer manager of investment-grade deals, all issuers, all currencies in April, with 11 deals totaling $10.72 billion, or a 16.6% share.
The total was 39 offers for $64.60 billion.
Citigroup ranked second, with 12 deals for $9.76 billion, or a 15.1% share.
GBS tops for information
Through April 2013, the number one ranked among information agents, all issuers, all currencies, was Global Bondholder Services with 38 transactions covering $25.90 billion, or a 19.8% share.
D.F. King ranked second, with 46 transactions for $25.40 billion, or a 19.4% share.
Dealer managers for U.S. issuers, dollar denominated, year to date
2012 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Credit Suisse | 8.289 | 13 | 16.73% | 3 | 6.284 | 19 | 11.69%
|
2 | Citigroup | 7.066 | 18 | 14.26% | 5 | 5.244 | 22 | 9.76%
|
3 | Bank of America | 6.861 | 19 | 13.85% | 1 | 13.624 | 26 | 25.35%
|
4 | Barclays | 5.502 | 15 | 11.11% | 6 | 2.968 | 11 | 5.52%
|
5 | JPMorgan | 3.572 | 18 | 7.21% | 2 | 6.894 | 15 | 12.83%
|
6 | Goldman Sachs | 2.901 | 13 | 5.86% | 4 | 5.306 | 12 | 9.87%
|
7 | Wells Fargo | 2.594 | 10 | 5.24% | 11 | 0.871 | 5 | 1.62%
|
8 | Morgan Stanley | 2.552 | 8 | 5.15% | 9 | 2.129 | 13 | 3.96%
|
9 | Deutsche Bank | 2.337 | 8 | 4.72% | 7 | 2.176 | 10 | 4.05%
|
10 | Jefferies | 0.667 | 3 | 1.35% | 13 | 0.785 | 2 | 1.46%
|
| Total | 49.542 | 88 | 53.741 | 102 |
|
| Average size: | 0.563 | 0.527 |
|
|
|
Convertibles, dealer managers for U.S. issuers, dollar denominated, year to date |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Deutsche Bank | 0.250 | 1 | 28.58% |
|
2 | Goldman Sachs | 0.093 | 1 | 10.63% |
|
| Total | 0.875 | 4 | 0.357 | 4 |
|
| Average size: | 0.219 | 0.089 |
|
|
|
High yield, dealer managers for U.S. issuers, dollar denominated, year to date |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Credit Suisse | 6.856 | 9 | 19.92% | 2 | 6.053 | 17 | 20.00%
|
2 | Citigroup | 5.871 | 15 | 17.05% | 3 | 3.845 | 17 | 12.70%
|
3 | Bank of America | 4.187 | 16 | 12.16% | 1 | 6.577 | 22 | 21.73%
|
4 | Barclays | 2.987 | 12 | 8.68% | 6 | 1.818 | 9 | 6.00%
|
5 | Wells Fargo | 2.594 | 10 | 7.54% | 10 | 0.602 | 4 | 1.99%
|
6 | Morgan Stanley | 1.889 | 5 | 5.49% | 12 | 0.489 | 4 | 1.61%
|
7 | Goldman Sachs | 1.860 | 7 | 5.40% | 5 | 2.274 | 8 | 7.51%
|
8 | JPMorgan | 1.445 | 11 | 4.20% | 4 | 2.751 | 10 | 9.09%
|
9 | Deutsche Bank | 1.337 | 6 | 3.88% | 7 | 1.473 | 7 | 4.87%
|
10 | Jefferies | 0.667 | 3 | 1.94% | 8 | 0.785 | 2 | 2.59%
|
| Total | 34.423 | 64 | 30.273 | 70 |
|
| Average size: | 0.538 | 0.432 |
|
|
|
Investment grade, dealer managers for U.S. issuers, dollar denominated, year to date |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Bank of America | 2.799 | 4 | 18.75% | 1 | 7.047 | 4 | 32.47%
|
2 | Barclays | 2.640 | 4 | 17.68% | 6 | 1.025 | 1 | 4.72%
|
3 | JPMorgan | 2.251 | 8 | 15.08% | 2 | 4.143 | 5 | 19.09%
|
4 | Credit Suisse | 1.433 | 4 | 9.59% | 11 | 0.200 | 1 | 0.92%
|
5 | Citigroup | 1.195 | 3 | 8.00% | 5 | 1.463 | 5 | 6.74%
|
6 | Goldman Sachs | 0.948 | 5 | 6.35% | 3 | 2.677 | 3 | 12.33%
|
7 | Deutsche Bank | 0.750 | 1 | 5.02% | 7 | 0.796 | 4 | 3.67%
|
8 | Morgan Stanley | 0.663 | 3 | 4.44% | 9 | 0.310 | 2 | 1.43%
|
9 | RBC | 0.333 | 1 | 2.23% | 12 | 0.075 | 1 | 0.35%
|
10 | BNP | 0.305 | 2 | 2.04% |
|
| Total | 14.931 | 19 | 21.707 | 18 |
|
| Average size: | 0.786 | 1.206 |
|
|
|
Information agents for U.S. issuers, dollar denominated, year to date |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | DFK | 21.519 | 36 | 43.44% | 1 | 26.736 | 41 | 49.75%
|
2 | GBS | 16.835 | 31 | 33.98% | 2 | 18.845 | 37 | 35.07%
|
3 | i-Deal | 2.625 | 4 | 5.30% | 4 | 1.485 | 2 | 2.76%
|
4 | Lucid | 2.007 | 2 | 4.05% | 7 | 0.500 | 1 | 0.93%
|
5 | Georgeson | 1.597 | 2 | 3.22% |
|
6 | MacKenzie | 1.551 | 2 | 3.13% | 5 | 0.995 | 2 | 1.85%
|
7 | Bondholder Communications | 1.080 | 2 | 2.18% | 3 | 2.105 | 6 | 3.92%
|
8 | Epiq Systems | 0.978 | 1 | 1.97% |
|
9 | USB | 0.330 | 1 | 0.67% |
|
| Total | 49.542 | 88 | 53.741 | 102 |
|
| Average size: | 0.563 | 0.527 |
|
|
|
Dealer managers for all issuers, all currencies, year to date |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Citigroup | 26.808 | 35 | 20.49% | 3 | 18.688 | 43 | 2.80%
|
2 | Bank of America | 13.958 | 25 | 10.67% | 2 | 21.115 | 40 | 3.16%
|
3 | Credit Suisse | 13.090 | 19 | 10.00% | 1 | 22.965 | 29 | 3.44%
|
4 | JPMorgan | 12.486 | 24 | 9.54% | 4 | 15.030 | 30 | 2.25%
|
5 | Barclays | 10.170 | 24 | 7.77% | 8 | 5.595 | 20 | 0.84%
|
6 | RBS | 8.677 | 5 | 6.63% | 12 | 3.388 | 8 | 0.51%
|
7 | Santander | 6.498 | 4 | 4.97% | 37 | 0.123 | 2 | 0.02%
|
8 | UBS | 6.011 | 3 | 4.59% | 9 | 5.281 | 10 | 0.79%
|
9 | Deutsche Bank | 4.386 | 18 | 3.35% | 5 | 8.434 | 24 | 1.26%
|
10 | Goldman Sachs | 3.581 | 15 | 2.74% | 6 | 7.325 | 16 | 1.10%
|
| Total | 130.842 | 172 | 668.117 | 198 |
|
| Average size: | 0.761 | 3.374 |
|
|
|
Convertibles, dealer managers for all issuers, all currencies, year to date |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Deutsche Bank | 0.550 | 2 | 17.03% | 4 | 0.106 | 2 | 1.68%
|
2 | Standard Chartered | 0.300 | 1 | 9.29% |
|
3 | Barclays | 0.297 | 1 | 9.20% | 2 | 0.325 | 3 | 5.13%
|
4 | Pareto | 0.200 | 1 | 6.19% |
|
5 | Natixis | 0.198 | 1 | 6.12% |
|
6 | Citigroup | 0.198 | 1 | 6.12% | 7 | 0.030 | 1 | 0.48%
|
7 | Goldman Sachs | 0.093 | 1 | 2.88% |
|
| Total | 3.230 | 17 | 6.338 | 16 |
|
| Average size: | 0.190 | 0.396 |
|
|
|
Emerging markets, dealer managers for all issuers, all currencies, year to date |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Citigroup | 9.981 | 5 | 52.94% | 1 | 5.425 | 7 | 33.73%
|
2 | Deutsche Bank | 1.684 | 8 | 8.93% |
|
3 | Bank of America | 1.302 | 4 | 6.91% | 3 | 2.027 | 3 | 12.60%
|
4 | Credit Suisse | 0.853 | 4 | 4.53% | 7 | 0.525 | 2 | 3.26%
|
5 | HSBC | 0.692 | 4 | 3.67% | 4 | 1.505 | 2 | 9.36%
|
6 | Goldman Sachs | 0.680 | 2 | 3.61% | 5 | 1.341 | 2 | 8.34%
|
7 | Banco BTG Pactual | 0.453 | 2 | 2.40% |
|
8 | JPMorgan | 0.442 | 3 | 2.34% | 2 | 2.507 | 5 | 15.59%
|
9 | Morgan Stanley | 0.438 | 3 | 2.32% |
|
10 | Credit Agricole | 0.290 | 2 | 1.54% | 6 | 0.802 | 1 | 4.99%
|
| Total | 18.853 | 30 | 16.083 | 19 |
|
| Average size: | 0.628 | 0.846 |
|
|
|
High yield, dealer managers for all issuers, all currencies, year to date |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Credit Suisse | 10.669 | 11 | 22.63% | 1 | 9.891 | 22 | 19.30%
|
2 | Citigroup | 7.445 | 20 | 15.79% | 3 | 7.700 | 23 | 15.03%
|
3 | Bank of America | 4.613 | 19 | 9.79% | 2 | 8.234 | 26 | 16.07%
|
4 | Barclays | 3.414 | 15 | 7.24% | 7 | 2.328 | 12 | 4.54%
|
5 | Wells Fargo | 2.594 | 10 | 5.50% | 11 | 0.602 | 4 | 1.18%
|
6 | Deutsche Bank | 2.076 | 10 | 4.40% | 5 | 3.031 | 11 | 5.92%
|
7 | Morgan Stanley | 2.009 | 7 | 4.26% | 9 | 0.720 | 5 | 1.40%
|
8 | Goldman Sachs | 1.860 | 7 | 3.95% | 6 | 2.524 | 9 | 4.93%
|
9 | JPMorgan | 1.595 | 12 | 3.38% | 4 | 5.976 | 16 | 11.66%
|
10 | Jefferies | 0.667 | 3 | 1.42% | 8 | 0.785 | 2 | 1.53%
|
| Total | 47.137 | 94 | 51.238 | 106 |
|
| Average size: | 0.501 | 0.483 |
|
|
|
Investment grade, dealer managers for all issuers, all currencies, year to date |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 10.724 | 11 | 16.60% | 4 | 8.924 | 14 | 10.03%
|
2 | Citigroup | 9.759 | 12 | 15.11% | 3 | 9.838 | 17 | 11.05%
|
3 | Bank of America | 8.883 | 5 | 13.75% | 2 | 12.721 | 13 | 14.29%
|
4 | RBS | 8.358 | 2 | 12.94% | 10 | 3.348 | 7 | 3.76%
|
5 | Santander | 6.264 | 2 | 9.70% |
|
6 | UBS | 5.881 | 2 | 9.10% | 6 | 4.830 | 7 | 5.43%
|
7 | Barclays | 5.224 | 7 | 8.09% | 12 | 2.941 | 5 | 3.30%
|
8 | Credit Suisse | 1.867 | 5 | 2.89% | 1 | 13.044 | 6 | 14.65%
|
9 | Banco Bilbao Vizcaya | 1.734 | 2 | 2.68% |
|
10 | Morgan Stanley | 0.959 | 3 | 1.49% | 8 | 3.746 | 6 | 4.21%
|
| Total | 64.596 | 39 | 89.020 | 55 |
|
| Average size: | 1.656 | 1.619 |
|
|
|
Information agents for all issuers, all currencies, year to date |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | GBS | 25.904 | 38 | 19.80% | 5 | 21.412 | 44 | 3.20%
|
2 | DFK | 25.396 | 46 | 19.41% | 3 | 42.857 | 51 | 6.41%
|
3 | Lucid | 24.855 | 10 | 19.00% | 4 | 32.959 | 21 | 4.93%
|
4 | i-Deal | 2.823 | 4 | 2.16% | 6 | 2.178 | 3 | 0.33%
|
5 | Bondholder Communications | 2.564 | 7 | 1.96% | 1 | 262.127 | 9 | 39.23%
|
6 | Georgeson | 1.597 | 3 | 1.22% | 10 | 0.111 | 1 | 0.02%
|
7 | MacKenzie | 1.551 | 2 | 1.19% | 7 | 0.995 | 2 | 0.15%
|
8 | Epiq Systems | 0.978 | 1 | 0.75% |
|
9 | BNP | 0.389 | 2 | 0.30% | 9 | 0.510 | 1 | 0.08%
|
10 | USB | 0.330 | 1 | 0.25% |
|
| Total | 130.842 | 172 | 668.117 | 198 |
|
| Average size: | 0.761 | 3.374 |
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Prospect News Liability Management Rankings
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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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