SECURITIES
From Times Staff and Wire Reports
Merrill Lynch Is Year’s Top Underwriter: Merrill Lynch & Co. raised $174 billion overall for financings that accounted for a 16.4% market share, Securities Data Corp. said. Goldman, Sachs & Co. finished second, raising $127 billion for a 12% market share, and Lehman Bros. was third, booking $116 billion for a 10.9% share of U.S. financings. Underwriting fees in 1993 increased 34% over the $6.8 billion collected in 1992’s record-breaking period. Domestic debt issuance set an all-time high of $433 billion in 1993, sparked by historically low interest rates. Investment-grade corporate debt totaled $378 billion, 37% higher than in 1992.
