12 June 2008

U.S. Underwriter and Fee Information

All data in these graphs and tables is from Thomson Financial, and for offerings from the years 2005--2007. Offerings must have been domestic, and have reasonable data availability. Weighted underwriter spread is proceeds weighted. There is no adjustment for inflation.

Fees as Function of Offering Size

All Types of Offerings

Type Investment
Bank		 Total
Proceeds		 Average
Proceeds		 Unweighted
Spread		 Weighted
Spread		 N
ALL JP Morgan 297,273 194.6 1.0 0.7 1,528
ALL Citigroup 272,306 236.2 1.6 1.2 1,153
ALL Merrill Lynch 262,680 128.3 1.4 1.2 2,048
ALL Goldman Sachs 258,587 300.0 1.4 0.8 862
ALL Lehman Bros 238,619 201.4 1.3 0.9 1,185
ALL Morgan Stanley 219,566 217.0 1.5 1.0 1,012
ALL UBS 189,030 121.6 1.0 0.9 1,554
ALL Bank of America 182,409 178.3 1.0 0.7 1,023
ALL Deutsche Bank 138,132 183.2 1.1 0.6 754
ALL CSFB 120,681 151.4 1.4 1.1 797
ALL HSBC 108,708 243.2 0.2 0.3 447
ALL Wachovia 114,814 108.1 1.0 1.4 1,062
ALL Barclays 90,804 162.1 0.3 0.2 560
ALL Bear Stearns 71,077 107.4 1.0 0.9 662
ALL All Others 407,596 38.4 0.6 0.9 10,617
ALL Grand Sum 2,972,282 117.6 0.9 0.9 25,264

All Seasoned Non-Convertible Corporate Debt Offerings

Type Investment
Bank		 Total
Proceeds		 Average
Proceeds		 Unweighted
Spread		 Weighted
Spread		 N
DT JP Morgan 158,739 251.2 0.6 0.5 632
DT Citigroup 169,260 288.8 0.7 0.6 586
DT Merrill Lynch 112,651 304.5 0.7 0.6 370
DT Goldman Sachs 146,371 399.9 0.5 0.5 366
DT Lehman Bros 104,965 324.0 0.6 0.4 324
DT Morgan Stanley 120,576 334.0 0.7 0.5 361
DT UBS 29,977 161.2 0.7 0.6 186
DT Bank of America 107,853 236.5 0.6 0.5 456
DT Deutsche Bank 37,449 185.4 0.5 0.5 202
DT CSFB 61,468 288.6 0.6 0.5 213
DT HSBC 57,501 460.0 0.3 0.3 125
DT Wachovia 64,943 217.2 0.8 0.5 299
DT Barclays 33,540 171.1 0.5 0.5 196
DT Bear Stearns 18,524 378.0 0.5 0.4 49
DT All Others 88,977 180.8 0.5 0.5 492
DT Grand Sum 1,312,794 270.3 0.6 0.5 4,857

All Investment Grade Debt

(excludes government-agency debt and convertibles.)

Type Investment
Bank		 Total
Proceeds		 Average
Proceeds		 Unweighted
Spread		 Weighted
Spread		 N
DT.IG JP Morgan 147,385 251.9 0.5 0.4 585
DT.IG Citigroup 160,556 292.5 0.6 0.6 549
DT.IG Merrill Lynch 106,762 301.6 0.7 0.6 354
DT.IG Goldman Sachs 143,902 406.5 0.5 0.4 354
DT.IG Lehman Bros 100,968 335.4 0.5 0.4 301
DT.IG Morgan Stanley 116,239 336.0 0.7 0.4 346
DT.IG UBS 28,144 159.0 0.7 0.6 177
DT.IG Bank of America 103,482 241.8 0.5 0.4 428
DT.IG Deutsche Bank 33,870 187.1 0.4 0.4 181
DT.IG CSFB 58,388 307.3 0.5 0.4 190
DT.IG HSBC 57,501 460.0 0.3 0.3 125
DT.IG Wachovia 63,164 221.6 0.7 0.5 285
DT.IG Barclays 32,586 171.5 0.5 0.5 190
DT.IG Bear Stearns 17,914 407.1 0.4 0.4 44
DT.IG All Others 86,393 181.1 0.5 0.4 477
DT.IG Grand Sum 1,257,254 274.2 0.6 0.5 4,586

All Non-Investment Grade Debt

(excludes government-agency debt and convertibles. Also, excludes all unrated debt.)

Type Investment
Bank		 Total
Proceeds		 Average
Proceeds		 Unweighted
Spread		 Weighted
Spread		 N
DT.JK JP Morgan 11,354 241.6 1.4 1.3 47
DT.JK Citigroup 8,705 235.3 1.4 1.5 37
DT.JK Merrill Lynch 5,889 368.1 1.4 1.6 16
DT.JK Goldman Sachs 2,468 205.7 1.4 1.4 12
DT.JK Lehman Bros 3,998 173.8 1.5 1.4 23
DT.JK Morgan Stanley 4,336 289.1 1.0 1.4 15
DT.JK UBS 1,833 203.7 0.9 0.8 9
DT.JK Bank of America 4,370 156.1 1.2 1.2 28
DT.JK Deutsche Bank 3,578 170.4 1.2 1.1 21
DT.JK CSFB 3,080 133.9 1.2 1.3 23
DT.JK Wachovia 1,779 127.1 1.2 1.0 14
DT.JK Barclays 954 159.0 0.9 0.7 6
DT.JK Bear Stearns 610 122.0 1.8 1.7 5
DT.JK All Others 2,584 172.3 1.4 1.3 15
DT.JK Grand Sum 55,540 204.9 1.3 1.3 271

All Government Agency Debt

These are Fannie Mae, Freddie Mac, and the Farm Admin.

Type Investment
Bank		 Total
Proceeds		 Average
Proceeds		 Unweighted
Spread		 Weighted
Spread		 N
G JP Morgan 108,348 165.4 0.1 0.1 655
G Citigroup 46,779 183.4 0.1 0.1 255
G Merrill Lynch 92,972 69.6 0.8 0.2 1,336
G Goldman Sachs 73,635 256.6 0.2 0.2 287
G Lehman Bros 93,557 164.7 0.2 0.2 568
G Morgan Stanley 59,407 149.3 0.2 0.1 398
G UBS 127,920 117.8 0.1 0.1 1,086
G Bank of America 55,949 133.9 0.1 0.1 418
G Deutsche Bank 84,482 203.1 0.1 0.1 416
G CSFB 35,173 88.6 0.1 0.1 397
G HSBC 49,347 156.7 0.1 0.1 315
G Wachovia 17,389 30.6 0.2 0.2 568
G Barclays 57,048 157.6 0.1 0.1 362
G Bear Stearns 41,662 82.5 0.2 0.2 505
G All Others 265,837 28.8 0.2 0.2 9,244
G Grand Sum 1,209,505 72.0 0.2 0.1 16,810

Non-Common-Stock IPOs

Type Investment
Bank		 Total
Proceeds		 Average
Proceeds		 Unweighted
Spread		 Weighted
Spread		 N
DT.IPO JP Morgan 165 164.6 5.5 5.5 1
DT.IPO Citigroup 2,791 146.9 6.0 5.4 19
DT.IPO Merrill Lynch 1,174 167.8 5.7 4.9 7
DT.IPO Goldman Sachs 761 108.7 5.8 5.8 7
DT.IPO Lehman Bros 3,229 134.5 6.1 5.7 24
DT.IPO Morgan Stanley 853 426.7 4.9 4.5 2
DT.IPO UBS 1,113 92.8 6.0 5.9 12
DT.IPO Bank of America 127 126.9 6.0 6.0 1
DT.IPO Deutsche Bank 980 326.8 5.3 4.7 3
DT.IPO CSFB 930 310.1 5.6 4.7 3
DT.IPO Wachovia 4,567 415.1 5.8 4.7 11
DT.IPO All Others 1,118 65.7 6.4 6.1 17
DT.IPO Grand Sum 17,808 166.4 6.0 5.2 107

All Convertibles

Type Investment
Bank		 Total
Proceeds		 Average
Proceeds		 Unweighted
Spread		 Weighted
Spread		 N
CVT JP Morgan 1,995 142.5 2.5 2.4 14
CVT Citigroup 3,438 312.6 2.0 1.8 11
CVT Merrill Lynch 2,030 169.2 2.3 2.0 12
CVT Goldman Sachs 5,242 476.5 2.1 1.9 11
CVT Lehman Bros 3,072 236.3 2.2 1.5 13
CVT Morgan Stanley 1,438 179.8 2.6 2.5 8
CVT UBS 1,167 129.6 2.4 2.4 9
CVT Bank of America 698 139.7 2.1 2.2 5
CVT Deutsche Bank 2,670 267.0 2.3 2.3 10
CVT CSFB 2,452 153.3 2.5 2.1 16
CVT Wachovia 1,012 202.5 2.2 1.5 5
CVT Barclays 200 200.0 2.2 2.2 1
CVT Bear Stearns 233 116.4 0.9 0.8 2
CVT All Others 1,607 200.9 2.8 3.4 8
CVT Grand Sum 27,255 218.0 2.3 2.1 125

All Preferred Equity

Type Investment
Bank		 Total
Proceeds		 Average
Proceeds		 Unweighted
Spread		 Weighted
Spread		 N
PFD JP Morgan 2,778 146.2 2.7 2.6 19
PFD Citigroup 8,404 233.4 2.6 2.6 36
PFD Merrill Lynch 7,888 187.8 2.8 2.9 42
PFD Goldman Sachs 5,202 289.0 2.5 2.7 18
PFD Lehman Bros 4,237 156.9 2.1 2.1 27
PFD Morgan Stanley 3,863 117.1 2.9 2.9 33
PFD UBS 1,749 76.1 2.9 2.9 23
PFD Bank of America 2,897 193.1 2.3 2.0 15
PFD Deutsche Bank 697 77.4 2.6 2.7 9
PFD CSFB 1,745 193.9 2.8 2.6 9
PFD HSBC 825 275.0 3.1 3.1 3
PFD Wachovia 6,989 148.7 2.9 3.1 47
PFD Barclays 15 15.0 2.0 2.0 1
PFD Bear Stearns 1,237 68.7 3.1 2.9 18
PFD All Others 3,989 90.7 3.0 2.4 44
PFD Grand Sum 52,515 152.7 2.7 2.7 344

All Equity Offerings

Type Investment
Bank		 Total
Proceeds		 Average
Proceeds		 Unweighted
Spread		 Weighted
Spread		 N
EQ JP Morgan 17,129 137.0 4.1 3.2 125
EQ Citigroup 18,057 142.2 3.9 3.3 127
EQ Merrill Lynch 20,810 137.8 4.1 3.7 151
EQ Goldman Sachs 16,675 183.2 4.0 3.2 91
EQ Lehman Bros 19,645 148.8 3.7 2.8 132
EQ Morgan Stanley 18,365 168.5 4.0 3.2 109
EQ UBS 15,900 101.9 4.4 3.7 156
EQ Bank of America 7,253 90.7 4.1 3.7 80
EQ Deutsche Bank 8,067 109.0 4.2 3.3 74
EQ CSFB 10,957 128.9 4.3 3.6 85
EQ HSBC 110 55.2 4.9 4.9 2
EQ Wachovia 6,211 78.6 3.6 3.4 79
EQ Bear Stearns 6,333 103.8 4.5 3.9 61
EQ All Others 23,260 49.9 5.2 4.8 466
EQ Grand Sum 188,771 108.6 4.4 3.5 1,738

All Equity IPOs

Type Investment
Bank		 Total
Proceeds		 Average
Proceeds		 Unweighted
Spread		 Weighted
Spread		 N
EQ.IPO JP Morgan 8,086 99.8 6.6 6.1 81
EQ.IPO Citigroup 21,234 230.8 6.1 5.3 92
EQ.IPO Merrill Lynch 24,149 206.4 5.7 4.9 117
EQ.IPO Goldman Sachs 8,781 123.7 6.5 6.1 71
EQ.IPO Lehman Bros 6,972 102.5 6.5 6.1 68
EQ.IPO Morgan Stanley 13,853 159.2 6.4 5.6 87
EQ.IPO UBS 9,180 150.5 6.2 5.6 61
EQ.IPO Bank of America 4,449 101.1 6.5 6.3 44
EQ.IPO Deutsche Bank 3,719 95.4 6.6 6.3 39
EQ.IPO CSFB 7,743 109.1 6.5 6.2 71
EQ.IPO HSBC 600 599.8 4.7 4.7 1
EQ.IPO Wachovia 12,657 351.6 6.0 4.8 36
EQ.IPO Bear Stearns 3,088 114.4 6.3 5.5 27
EQ.IPO All Others 21,478 66.5 6.6 6.1 323
EQ.IPO Grand Sum 145,989 130.6 6.4 5.6 1,118