BofA Merrill Lynch top high-yield bond underwriter year to date

• Junk issuance totals $68.47 billion for year to date, lagging at 78% of 2013 level

New York, March 31 - BofA Merrill Lynch grabbed the number one spot among underwriters of high-yield bonds for the first quarter, dislodging Goldman Sachs & Co., which had led for January and the year through February, according to data compiled by Prospect News.

JPMorgan, Credit Suisse and Citigroup also moved ahead of Goldman in the month, leaving February's number one bank in fifth place.

Credit Suisse had been second for the year through February.

If emerging markets deals are included, JPMorgan placed first and Citigroup second, with BofA Merrill Lynch, Credit Suisse and Goldman filling out the remainder of the top five slots.

In the global high-yield market - excluding emerging markets - Deutsche Bank was number one, moving up from second position for the year through February. Goldman slipped to fourth from first. BofA Merrill Lynch and Credit Suisse occupied the second and third positions, respectively, while JPMorgan was fifth.

Deutsche topped the tables for the European high-yield market, as it did for the year through February.

Credit Agricole was second in Europe, followed by Barclays, BNP Paribas and SG.

March saw $31.06 billion of deals come to the U.S. market, more than double February's $14.89 billion and the best total since September. But it lagged the $34.52 billion in the same period of 2012.

Year-to-date issuance is now $68.47 billion, 78% of the $88.19 billion at the same stage of 2013.

The U.S. market figures cover dollar-denominated high-yield deals issued in the United States as registered offerings or under Rule 144A. Both U.S. and global figures exclude emerging markets offerings.

U.S. market, year to date

2013 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	7.321	56	10.69%	3	8.250	81	9.36%
2	JPMorgan	6.725	58	9.82%	1	12.884	82	14.61%
3	Credit Suisse	6.511	52	9.51%	9	6.275	47	7.12%
4	Citigroup	6.403	51	9.35%	2	8.562	59	9.71%
5	Goldman Sachs	6.086	42	8.89%	6	6.861	47	7.78%
6	Morgan Stanley	5.048	38	7.37%	8	6.315	45	7.16%
7	Deutsche Bank	5.000	46	7.30%	4	7.266	61	8.24%
8	Barclays	4.879	40	7.13%	7	6.780	53	7.69%
9	Wells Fargo	3.732	40	5.45%	5	7.075	60	8.02%
10	UBS	3.549	30	5.18%	12	2.196	27	2.49%
	Total	68.467	144	88.190	190
	Average size:	0.475	0.464
U.S. market, March
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	3.716	25	11.97%	5	2.646	30	7.67%
2	JPMorgan	3.012	29	9.70%	1	5.312	31	15.39%
3	Citigroup	2.934	27	9.45%	6	2.637	18	7.64%
4	Credit Suisse	2.580	25	8.31%	4	3.157	21	9.15%
5	Deutsche Bank	2.570	25	8.28%	9	2.373	17	6.87%
6	Barclays	2.502	22	8.06%	7	2.487	18	7.21%
7	Goldman Sachs	2.014	22	6.49%	3	3.279	21	9.50%
8	UBS	1.910	15	6.15%	13	0.526	6	1.52%
9	Wells Fargo	1.578	18	5.08%	8	2.479	20	7.18%
10	RBC	1.495	17	4.81%	12	0.601	8	1.74%
	Total	31.056	68	34.517	70
	Average size:	0.457	0.493
U.S. market, including emerging markets, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	8.202	63	10.23%	1	15.162	97	13.55%
2	Citigroup	8.188	60	10.21%	2	11.189	78	10.00%
3	Bank of America	7.771	61	9.69%	3	10.213	93	9.13%
4	Credit Suisse	7.225	56	9.01%	7	7.556	55	6.75%
5	Goldman Sachs	6.576	45	8.20%	5	8.585	50	7.67%
6	Morgan Stanley	5.993	44	7.47%	9	7.072	51	6.32%
7	Deutsche Bank	5.529	49	6.90%	4	8.890	74	7.94%
8	Barclays	5.331	43	6.65%	6	8.231	62	7.35%
9	Wells Fargo	3.732	40	4.66%	8	7.075	60	6.32%
10	UBS	3.686	33	4.60%	10	2.858	34	2.55%
	Total	80.169	164	111.916	235
	Average size:	0.489	0.476
U.S. market, including emerging markets, March
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	4.050	29	10.77%	6	3.210	33	7.38%
2	Citigroup	3.953	31	10.51%	4	3.587	26	8.24%
3	JPMorgan	3.940	32	10.48%	1	6.253	37	14.37%
4	Credit Suisse	3.032	28	8.06%	5	3.345	23	7.69%
5	Barclays	2.955	25	7.86%	8	2.961	22	6.80%
6	Deutsche Bank	2.950	27	7.85%	7	3.156	24	7.25%
7	Goldman Sachs	2.039	23	5.42%	2	4.778	23	10.98%
8	UBS	1.935	16	5.15%	12	0.756	9	1.74%
9	RBC	1.912	18	5.08%	14	0.601	8	1.38%
10	Morgan Stanley	1.600	19	4.26%	3	4.174	26	9.59%
	Total	37.603	79	43.512	88
	Average size:	0.476	0.494
Global market, industrialized country issuers, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	8.639	66	8.96%	2	10.063	80	8.87%
2	Bank of America	7.895	61	8.19%	4	9.601	95	8.46%
3	Credit Suisse	7.808	63	8.10%	7	8.014	61	7.06%
4	Goldman Sachs	7.730	51	8.02%	5	8.350	63	7.36%
5	JPMorgan	7.695	66	7.98%	1	14.249	96	12.56%
6	Barclays	6.814	53	7.07%	6	8.019	64	7.07%
7	Citigroup	6.605	53	6.85%	3	9.699	68	8.55%
8	Morgan Stanley	5.428	41	5.63%	9	6.736	49	5.94%
9	UBS	4.467	37	4.63%	11	2.838	32	2.50%
10	Wells Fargo	3.732	40	3.87%	8	7.172	61	6.32%
	Total	96.434	200	113.475	247
	Average size:	0.482	0.459
Global market, industrialized country issuers, March
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	3.882	27	8.51%	7	3.005	35	7.13%
2	Deutsche Bank	3.811	35	8.36%	9	2.542	19	6.03%
3	Credit Suisse	3.564	33	7.82%	4	3.324	22	7.88%
4	Barclays	3.346	28	7.34%	5	3.045	23	7.22%
5	JPMorgan	3.240	32	7.10%	1	5.636	35	13.37%
6	Citigroup	2.934	27	6.43%	6	3.040	21	7.21%
7	Goldman Sachs	2.637	27	5.78%	3	3.532	24	8.38%
8	UBS	2.624	21	5.75%	11	0.925	8	2.19%
9	Morgan Stanley	1.665	19	3.65%	2	3.809	23	9.03%
10	Wells Fargo	1.578	18	3.46%	8	2.577	21	6.11%
	Total	45.605	97	42.161	87
	Average size:	0.470	0.485
European currencies, industrialized country issuers, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	3.639	20	13.38%	1	2.747	18	11.72%
2	Credit Agricole	2.007	13	7.38%	5	1.254	11	5.35%
3	Barclays	1.935	13	7.12%	6	1.239	11	5.29%
4	BNP	1.918	14	7.05%	2	2.295	18	9.79%
5	SG	1.748	11	6.43%	12	0.953	12	4.06%
6	Goldman Sachs	1.645	9	6.05%	9	1.139	13	4.86%
7	HSBC	1.304	11	4.80%	4	1.287	13	5.49%
8	Credit Suisse	1.297	11	4.77%	3	1.506	12	6.42%
9	JPMorgan	0.970	8	3.57%	7	1.198	13	5.11%
10	UBS	0.918	7	3.38%	17	0.642	5	2.74%
	Total	27.190	53	23.446	52
	Average size:	0.513	0.451
Prospect News High Yield 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.

• Emerging market deals are excluded unless noted otherwise.

• European tables cover deals denominated in currency of a European industrialized country.

• Global tables cover deals denominated in currency of an industrialized country.

• Amounts converted to dollars (if necessary) at rate shown in Federal Reserve's H.10 release on day of pricing.

• Issues maturing in 397 days or less are excluded.

• Convertibles, trust preferreds, capital securities and preferred stock are excluded.

• Deals rated investment grade by either Standard & Poor's or Moody's Investors Service are excluded, but deals not rated by both are included.

• 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.

• Units made up of a bond and a warrant are included; other units are excluded.

• Sovereign issues are excluded.

• Each tranche is counted as a separate deal.

• Passthroughs, collateral trust and equipment trust certificates are included.

• Best efforts and non-underwritten deals are excluded as are remarketings.

• 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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