Merrill Lynch stays atop of senior manager list for the third quarter.

Merrill Lynch & Co. continued to dominate the underwriter rankings this year, retaining the top spot among senior managers for the third consecutive quarter, according to preliminary numbers provided by Securities Data Co.

As a senior manager, Merrill has handled 308 issues totaling $25.8 billion since Jan. 1. The firm began the year by edging out Goldman, Sachs & Co. for the lead position in the rankings during the first quarter and has since held sway over that slot.

Goldman Sachs, the leading underwriter in 1992, held on to its number two post for the third consecutive quarter. To date, the firm has served as senior manager on 265 issues, totaling $25 billion.

Holding onto the rankings they earned at the end of the second quarter were: Lehman Brothers, which finished in the third position, with 318 issues, totaling $16 billions; CS First Boston, which ranked fourth, with 154 issues totaling $15.6 billion; and Smith Barney Shearson, which ranked fifth, with 267 issues, totaling $14.8 billion.

Merrill Lynch also dominated the co-manager rankings during the first three quarters of the year, co-underwriting 866 issues totaling $76.6 billion. Goldman Sachs ranked number two, with 506 issues totaling $75.3 million. Smith Barney finished third, with 814 issues totaling $66.1 billion. Lehman Brothers landed the fourth position, with 746 issues totaling $65.5 billion; and PaineWebber Inc. finished fifth, with 720 issues totaling $62 billion.

As senior manager of negotiated offerings, Goldman Sachs landed the top post with 217 issues totaling $22.1 billion. Merrill Lynch placed second, with 167 offerings totaling $18.7 billion. Smith Barney was in third, with 187 issues totaling $14.1 billion. CS First Boston was fourth, with 117 issues totaling $12.2 billion. Lehman Brothers was fifth, with 193 issues totaling $11.5 billion.

As co-manager on negotiated offerings, Goldman Sachs also was number one, with 404 issues totaling $66.8 billion. Merrill Lynch was second, with 450 issues totaling $64 billion. Smith Barney ranked third, with 417 issues totaling $58.5 billion. Lehman Brothers landed in fourth, with 439 issues totaling $55 billion. And PaineWebber was fifth, with 414 issues totaling $54.4 billion.

In the competitive sale arena, Merrill Lynch as a senior manager was the overwhelming winner in the year so far, with 141 issues totaling $7.1 billion. Lehman Brothers was in second, with 125 issues totaling $4.6 billion. CS First Boston was third with 37 issues totaling $3.3 billion. Goldman Sachs was fourth, with 48 issues totaling $2.9 billion. Prudential ranked fifth, with 134 issues totaling $2.4 billion.

As a co-manager on competitive sales, Merrill Lynch led the way in the competitive sector, with 416 issues totaling $12.6 billion. Lehman Brothers was second, with 307 issues totaling $10.5 billion. Kemper Securities Inc. was third, with 219 issues totaling $9.7 billion. Goldman Sachs placed fourth, with 102 offerings totaling $8.6 billion. And Dean Witter Reynolds Inc. landed in fifth, with 313 issues totaling $8.5 billion.

So far this year, Smith Barney retained the honor of acting as senior manager on the largest bond offering, underwriting $1.61 billion of North Carolina Eastern Municipal Power Agency revenue and refunding bonds. Lehman Brothers earned the distinction of underwriting the largest note deal, a$3 billion California revenue anticipation note offering.

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