Goldman Sachs remains top underwriter of preferred stock year to date

• Bank of America takes top spot for quarter, month

By Stephanie N. Rotondo

Phoenix, June 29 - Goldman Sachs & Co. held on to the year's top preferred stock underwriter spot for the fourth month in a row, according to data compiled by Prospect News.

Since the beginning of 2012, Goldman has underwritten four preferred sales for total proceeds of $2.95 billion.

Bank of America Merrill Lynch came in second for the year, facilitating 46 deals for $2.68 billion in proceeds.

Bank of America did win the number one position for the second quarter and the month of June, however. During the quarter, the underwriter had 25 deals, for total proceeds of $1.41 billion.

In June alone, Bank of America brought 17 of those deals, for proceeds of $842 million.

New preferred issuance for the year continued to be well above year-ago comparables. So far this year, issuers have taken in $20.14 billion via 103 preferred sales, compared to $14.42 billion raised in 64 deals in 2011.

The second quarter was similarly outpacing 2011 levels. A total of 58 new deals came during the time period, resulting in proceeds of $10.12 billion. In the same quarter of 2011, only $8.09 billion had been raised via 39 new deals.

For June, there were 24 new deals, four times as many as there were in June 2011. Proceeds raised were $3.42 billion, versus $678 million the previous year.

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

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	2.951	4	14.65%	12	0.486	2	3.37%
2	Bank of America	2.677	46	13.29%	2	1.463	27	10.15%
3	Morgan Stanley	2.391	20	11.87%	3	0.895	16	6.21%
4	Wells Fargo	2.113	26	10.50%	5	0.853	23	5.92%
5	Citigroup	1.745	19	8.66%	4	0.865	17	6.00%
6	JPMorgan	1.514	11	7.52%	9	0.807	4	5.60%
7	UBS	1.284	17	6.38%	13	0.319	15	2.22%
8	USB	0.728	2	3.62%
9	Barclays	0.685	9	3.40%	10	0.745	4	5.17%
10	Sandler O'Neill	0.399	19	1.97%
	Total	20.135	103	14.419	64
	Average size:	0.195	0.225
Second quarter, U.S. market, all issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	1.409	25	13.91%	5	0.793	15	9.79%
2	Citigroup	1.248	10	12.33%	8	0.342	9	4.23%
3	Morgan Stanley	1.240	8	12.24%	7	0.358	9	4.42%
4	JPMorgan	0.971	5	9.59%	11	0.033	1	0.41%
5	Goldman Sachs	0.812	2	8.02%
6	Wells Fargo	0.648	9	6.40%	6	0.538	11	6.64%
7	Barclays	0.487	2	4.82%	14	0.025	1	0.31%
8	UBS	0.480	6	4.74%	9	0.278	8	3.44%
9	PNC	0.375	1	3.70%
10	USB	0.362	1	3.57%
	Total	10.124	58	8.097	39
	Average size:	0.175	0.208
June, U.S. market, all issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	0.842	17	24.63%	4	0.133	2	19.68%
2	Barclays	0.450	1	13.16%
2	Citigroup	0.450	1	13.16%	6	0.009	1	1.30%
2	Goldman Sachs	0.450	1	13.16%
2	JPMorgan	0.450	1	13.16%
6	Sandler O'Neill	0.244	14	7.12%
7	Wells Fargo	0.149	2	4.35%	2	0.133	2	19.68%
8	UBS	0.149	2	4.35%	3	0.133	2	19.68%
9	Morgan Stanley	0.149	2	4.35%	1	0.249	3	36.79%
10	MLV	0.003	1	0.09%	5	0.019	2	2.87%
	Total	3.419	24	0.678	6
	Average size:	0.142	0.113
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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