Goldman, Sachs & Co. ended the first half of 1994 as the leading senior manager of long-term municipal bonds, by dint of strong second-place finishes in negotiated and competitive underwriting, according to figures provided by Securities Data Co.
Goldman was senior manager for 148 issues totaling $9.54 billion in the first half of 1994, accounting for 10.6% of the $89.98 billion of new-issue volume reported by Securities Data. The firm thus lengthened the lead it took in the first quarter of 1994, following its second-place finish in 1993.
Goldman was senior manager for the second-and third-largest issues of 1994 -- a $778 million San Antonio utility offering on Jan. 27 and a $714 million New York State Environmental Facilities Corp. sale on March 30.
The year's largest sale to date, a $1.07 billion New York City offering on March 24, was managed by J.P. Morgan Securities Inc., which finished the first half in eighth place.
Goldman also led all joint managers in the first half of 1994, participating in 277 issues totaling $27.07 billion. Securities Data ranks joint managers by crediting every manager in a sale with the full par value of the issue.
Following Goldman in the overall senior manager rankings were Merrill Lynch & Co., with $9.3 billion; Lehman Brothers, with $7.98 billion; Smith Barney Inc., with $6.87 billion; and CS First Boston, with $5.83 billion.
Smith Barney was the top senior manager for negotiated issues in the first half, with 155 sales totaling $6.01 billion. Goldman was not far behind with $5.63 billion, followed by PaineWebber Inc. with $5.06 billion, Merrill Lynch with $5.03 billion, and Lehman Brothers with $4.75 billion.
Smith Barney achieved the top ranking in negotiated issues even though its biggest single sale, a $434 million New York City Industrial Development Agency offering on June 24, was only the 12th-largest issue of the year.
Merrill Lynch led all senior managers of competitive sales with 138 issues totaling $4.27 billion. Goldman was close on its heels with $3.91 billion, followed by Lehman Brothers with $3.24 billion (including the year's largest competitive deal, $700 million of California bonds, on March 9), Prudential Securities Inc. with $1.91 billion, and CS First Boston with $1.33 billion. Smith Barney was a distant eighth in competitive underwriting with only $860 million.
Two investment banking firms moved into the ranks of the top 15 senior managers during the first half of 1994. Dean Witter Reynolds Inc. was 13th in the first half, with $1.08 billion, after ending 1993 in 30th place with $1.45 billion. Bank of America finished the first half in 14th place, with $1.06 billion, up from 24th place with $1.96 billion for all of 1993.
Dean Witter and Bank of America replaced Donaldson, Lufkin & Jenrette Securities Corp., which fell to $457 million and 25th in the first half of 1994 from $4.37 billion and 11th place in all of 1993, and Rauscher Pierce Refsnes Inc., which dropped to 20th place in the first half with $663 million from 15th place in 1993 with $3.25 billion.
In the co-manager rankings, Goldman was followed by Smith Barney with $25.78 billion, Merrill Lynch with $25.43 billion, Lehman Brothers with $20.67 billion, and Paine-Webber with $19.37 billion.
Securities Data's rankings are based on long-term bonds maturing in 13 months or longer. Short-term notes, private placements, and taxable issues from private nonprofit organizations are excluded, but municipal forward sales are included. The rankings are subject to revision.