• U.S. market high-yield issuance totals $74.66 billion year to date
• JPMorgan top global high-yield underwriter year to date
• Global high-yield issuance totals $86.98 billion year to date
• Credit Suisse top European high-yield underwriter year to date
• European high-yield issuance totals $18.77 billion year to date
New York, July 31 - JPMorgan Securities held on to the number one position among underwriters of high-yield bonds, increasing its lead slightly over second ranked Citigroup, according to data compiled by Prospect News.
So far this year, the firm has brought to market $11.94 billion of deals, $0.79 billion more than Citigroup. The margin at the end of June was $0.33 billion.
July marks the second month JPMorgan has placed first after it dislodged Citigroup in June, boosted by its role as joint bookrunner on two of the month's biggest deals, Nortel Networks Ltd.'s $2 billion of senior notes in three parts and Windstream Corp.'s $2.5 billion of senior notes in two parts. JPMorgan was first for the year through the end of April, but Citi had been in the lead at the end of all the previous months this year.
JPMorgan also remained number one among underwriters of U.S. market junk deals from issuers based in industrialized countries - i.e. excluding emerging markets - and for the global high-yield market.
Credit Suisse, meanwhile, was number one in Europe for a third month.
U.S. issuance volume was $4.93 billion in July, a marked plunge from $14.57 billion in June, the second-biggest month of the year so far.
July's activity was actually lower than the $7.91 billion in July 2005, only the second time this year that a month has failed to outpace its counterpart a year earlier, the other laggard being February.
However year-to-date volume of $74.66 billion remains robustly ahead of the $59.91 billion figure at the same stage in 2005.
Global activity is now $86.98 billion compared to $64.62 billion for the comparable period of 2005. European issuance is $18.77 billion versus $13.10 billion.
The U.S. market figures cover dollar-denominated high-yield deals issued in the United States as registered offerings or under Rule 144A and include all issuers, regardless of their home country.
For the global high-yield market, covering all major currencies but only issuers from industrialized countries, JPMorgan also dislodged Citigroup, which had been in first place for two months.
Year to date, U.S. market, all issuers
2005 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 11.939 | 68 | 15.99% | 3 | 7.093 | 45 | 11.84%
|
2 | Citigroup | 11.149 | 54 | 14.93% | 1 | 7.288 | 52 | 12.16%
|
3 | Credit Suisse | 7.319 | 50 | 9.80% | 4 | 6.978 | 45 | 11.65%
|
4 | Banc of America | 6.387 | 49 | 8.55% | 2 | 7.259 | 52 | 12.12%
|
5 | Deutsche Bank | 6.244 | 42 | 8.36% | 5 | 6.066 | 41 | 10.12%
|
6 | Merrill Lynch | 5.537 | 31 | 7.42% | 6 | 4.721 | 27 | 7.88%
|
7 | Lehman | 5.321 | 38 | 7.13% | 9 | 3.440 | 26 | 5.74%
|
8 | Morgan Stanley | 4.049 | 16 | 5.42% | 8 | 3.506 | 19 | 5.85%
|
9 | Bear Stearns | 3.347 | 20 | 4.48% | 12 | 1.728 | 12 | 2.88%
|
10 | UBS | 3.342 | 23 | 4.48% | 7 | 3.949 | 32 | 6.59%
|
| Total | 74.664 | 219 | 59.913 | 232 |
|
|
|
| Average size: | 0.341 | 0.258 |
|
|
|
Year to date, U.S. market, industrialized country issuers
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 11.231 | 62 | 16.56% | 3 | 5.816 | 40 | 11.32%
|
2 | Citigroup | 9.672 | 46 | 14.26% | 2 | 5.960 | 42 | 11.59%
|
3 | Credit Suisse | 6.969 | 47 | 10.28% | 5 | 5.376 | 35 | 10.46%
|
4 | Banc of America | 6.387 | 49 | 9.42% | 1 | 7.259 | 52 | 14.12%
|
5 | Deutsche Bank | 5.847 | 39 | 8.62% | 4 | 5.794 | 37 | 11.27%
|
6 | Lehman | 5.196 | 37 | 7.66% | 7 | 3.440 | 26 | 6.69%
|
7 | Merrill Lynch | 5.090 | 28 | 7.51% | 6 | 3.524 | 21 | 6.86%
|
8 | Morgan Stanley | 3.624 | 12 | 5.34% | 11 | 2.301 | 15 | 4.48%
|
9 | Bear Stearns | 3.347 | 20 | 4.93% | 12 | 1.528 | 11 | 2.97%
|
10 | Goldman Sachs | 2.913 | 20 | 4.29% | 9 | 2.960 | 21 | 5.76%
|
| Total | 67.827 | 188 | 51.403 | 199 |
|
|
|
| Average size: | 0.361 | 0.258 |
|
|
|
Year to date, global market, industrialized country issuers
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 12.124 | 68 | 13.94% | 5 | 7.067 | 49 | 10.94%
|
2 | Citigroup | 11.919 | 54 | 13.70% | 2 | 7.564 | 53 | 11.70%
|
3 | Credit Suisse | 10.138 | 55 | 11.66% | 4 | 7.436 | 44 | 11.51%
|
4 | Deutsche Bank | 8.655 | 52 | 9.95% | 1 | 8.328 | 51 | 12.89%
|
5 | Banc of America | 6.549 | 51 | 7.53% | 3 | 7.491 | 54 | 11.59%
|
6 | Merrill Lynch | 6.090 | 31 | 7.00% | 7 | 3.906 | 24 | 6.04%
|
7 | Goldman Sachs | 5.285 | 27 | 6.08% | 6 | 4.168 | 27 | 6.45%
|
8 | Lehman | 5.232 | 38 | 6.01% | 8 | 3.906 | 30 | 6.04%
|
9 | Morgan Stanley | 5.142 | 17 | 5.91% | 10 | 2.738 | 18 | 4.24%
|
10 | Bear Stearns | 3.347 | 20 | 3.85% | 12 | 1.528 | 11 | 2.36%
|
| Total | 86.977 | 227 | 64.623 | 240 |
|
|
|
| Average size: | 0.383 | 0.269 |
|
|
|
Year to date, European currencies, industrialized country issuers
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Credit Suisse | 3.169 | 8 | 16.88% | 2 | 2.059 | 9 | 15.73%
|
2 | Deutsche Bank | 2.808 | 13 | 14.96% | 1 | 2.535 | 14 | 19.36%
|
3 | Goldman Sachs | 2.373 | 7 | 12.64% | 5 | 1.208 | 6 | 9.22%
|
4 | Citigroup | 2.247 | 8 | 11.97% | 3 | 1.541 | 10 | 11.77%
|
5 | Barclays | 1.771 | 6 | 9.43% | 14 | 0.168 | 1 | 1.28%
|
6 | Morgan Stanley | 1.518 | 5 | 8.09% | 9 | 0.438 | 3 | 3.34%
|
7 | Merrill Lynch | 1.000 | 3 | 5.32% | 10 | 0.382 | 3 | 2.92%
|
8 | JPMorgan | 0.894 | 6 | 4.76% | 4 | 1.251 | 9 | 9.55%
|
9 | Calyon | 0.732 | 5 | 3.90% |
|
10 | RBS | 0.574 | 4 | 3.06% | 12 | 0.271 | 2 | 2.07%
|
| Total | 18.772 | 39 | 13.095 | 40 |
|
|
|
| Average size: | 0.481 | 0.327 |
|
|
|
July, U.S. market, all issuers
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Lehman | 1.105 | 9 | 22.43% | 8 | 0.495 | 1 | 6.26%
|
2 | Credit Suisse | 0.813 | 7 | 16.51% | 10 | 0.125 | 2 | 1.58%
|
3 | Deutsche Bank | 0.725 | 3 | 14.71% | 3 | 1.104 | 9 | 13.95%
|
4 | Merrill Lynch | 0.443 | 3 | 9.00% | 5 | 0.900 | 4 | 11.38%
|
5 | JPMorgan | 0.431 | 4 | 8.75% | 1 | 1.455 | 8 | 18.40%
|
6 | UBS | 0.365 | 3 | 7.41% | 9 | 0.300 | 2 | 3.79%
|
7 | Bear Stearns | 0.263 | 3 | 5.34% |
|
8 | Wachovia | 0.150 | 1 | 3.04% |
|
9 | ING | 0.150 | 1 | 3.04% |
|
10 | RBS | 0.138 | 1 | 2.79% |
|
| Total | 4.927 | 18 | 7.910 | 22 |
|
|
|
| Average size: | 0.274 | 0.360 |
|
|
|
July, U.S. market, industrialized country issuers
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Lehman | 1.105 | 9 | 26.15% | 8 | 0.495 | 1 | 7.69%
|
2 | Credit Suisse | 0.813 | 7 | 19.25% | 9 | 0.050 | 1 | 0.78%
|
3 | Deutsche Bank | 0.725 | 3 | 17.15% | 2 | 1.029 | 8 | 15.97%
|
4 | UBS | 0.365 | 3 | 8.64% | 10 | 0.050 | 1 | 0.78%
|
5 | Bear Stearns | 0.263 | 3 | 6.22% |
|
6 | JPMorgan | 0.204 | 2 | 4.83% | 1 | 1.305 | 7 | 20.27%
|
7 | Merrill Lynch | 0.196 | 2 | 4.64% | 5 | 0.650 | 3 | 10.09%
|
8 | Wachovia | 0.150 | 1 | 3.55% |
|
9 | RBS | 0.138 | 1 | 3.25% |
|
10 | Goldman Sachs | 0.138 | 1 | 3.25% | 6 | 0.647 | 4 | 10.04%
|
| Total | 4.226 | 15 | 6.440 | 16 |
|
|
|
| Average size: | 0.282 | 0.403 |
|
|
|
July, global market, industrialized country issuers
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Lehman | 1.105 | 9 | 22.17% | 8 | 0.495 | 1 | 5.93%
|
2 | Credit Suisse | 0.813 | 7 | 16.32% | 10 | 0.352 | 2 | 4.21%
|
3 | Deutsche Bank | 0.725 | 3 | 14.54% | 1 | 1.759 | 11 | 21.05%
|
4 | UBS | 0.365 | 3 | 7.32% | 11 | 0.050 | 1 | 0.60%
|
5 | JPMorgan | 0.275 | 3 | 5.53% | 2 | 1.702 | 9 | 20.37%
|
6 | Bear Stearns | 0.263 | 3 | 5.27% |
|
7 | Calyon | 0.229 | 1 | 4.59% |
|
8 | RBS | 0.217 | 2 | 4.34% |
|
9 | Goldman Sachs | 0.209 | 2 | 4.19% | 6 | 0.647 | 4 | 7.74%
|
10 | Merrill Lynch | 0.196 | 2 | 3.94% | 5 | 0.650 | 3 | 7.78%
|
| Total | 4.985 | 18 | 8.354 | 21 |
|
|
|
| Average size: | 0.277 | 0.398 |
|
|
|
July, European currencies, industrialized country issuers
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Calyon | 0.229 | 1 | 29.24% |
|
2 | SG | 0.079 | 1 | 10.09% |
|
3 | Dresdner KW | 0.079 | 1 | 10.09% |
|
4 | RBS | 0.079 | 1 | 10.09% |
|
5 | Barclays | 0.079 | 1 | 10.09% |
|
6 | Citigroup | 0.071 | 1 | 9.11% | 5 | 0.095 | 1 | 4.94%
|
7 | JPMorgan | 0.071 | 1 | 9.11% | 2 | 0.396 | 2 | 20.72%
|
8 | Goldman Sachs | 0.071 | 1 | 9.11% |
|
9 | None/Unknown | 0.024 | 1 | 3.06% |
|
| Total | 0.783 | 4 | 1.914 | 5 |
|
|
|
| Average size: | 0.196 | 0.383 |
|
|
|
Prospect News High-Yield Underwriter Rankings
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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.
• 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.
• Fixed-rate medium-term notes with a face value more than $100 million are included. All other MTNs 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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