* High yield issuance $52.24 billion year to date
* Citigroup top high yield underwriter year to date
* Citigroup top high yield underwriter for May
New York, May 30 - High-yield bond issuance soared to $18.42 billion in May, double April's total of $9.01 billion, according to data compiled by Prospect News.
The rapid pace of new deals brings the total so far in 2003 to $52.24 billion, nearly as much as the $59.65 billion in all of last year.
It also appears to make May the biggest month ever for new offerings. It is the largest total in Prospect News' records, which go back to the beginning of 1999. The previous high in this period was May 1999 with $16 billion - a figure compiled under slightly different criteria. The Wall Street Journal recently quoted Thomson Financial as saying the previous all-time record was April 1998 with $17.9 billion.
The May 2003 volume is so big it beats issuance for three out of the four quarters in 2002.
Prospect News' data covers dollar-denominated high-yield deals issued in the U.S. as registered offerings or under Rule 144A.
Citigroup was the number one underwriter in May and moves into the top position for the year so far, displacing Credit Suisse First Boston.
Strongly helping Citigroup was its position as bookrunner for AES Corp.'s offering of $1.8 billion of notes in two parts.
Year to date 2003
2002 Comparables
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Citigroup | 9,775.54 | 48 | 2 | 3,588.22 | 24
|
| 2. | CS First Boston | 8,393.85 | 51 | 1 | 5,282.26 | 37
|
| 3. | Deutsche Bank | 5,736.80 | 37 | 3 | 3,544.06 | 21
|
| 4. | JP Morgan | 4,897.06 | 37 | 4 | 2,998.47 | 22
|
| 5. | Banc of America | 4,556.88 | 33 | 6 | 2,987.92 | 23
|
| 6. | Lehman | 4,137.24 | 26 | 5 | 2,997.27 | 16
|
| 7. | Goldman Sachs | 3,718.55 | 21 | 7 | 2,896.85 | 7 |
|
| 8. | UBS Warburg | 2,625.74 | 18 | 9 | 2,162.91 | 12
|
| 9. | Morgan Stanley | 2,218.85 | 10 | 8 | 2,245.43 | 13
|
| 10. | Bear Stearns | 1,540.62 | 11 | 10 | 887.90 | 6
|
| 11. | Merrill Lynch | 963.80 | 7 | 11 | 887.78 | 6
|
| 12. | Dresdner KW | 875.00 | 1 | 12 | 519.80 | 4
|
| 13. | CIBC | 798.93 | 7 | 13 | 418.88 | 5
|
| 14. | Wachovia | 726.55 | 8 | 14 | 418.09 | 5
|
| 15. | Jefferies | 339.28 | 3 | 18 | 167.63 | 4
|
|
|
| Total | $52,236.60 | 186 | $32,879.25 | 136
|
|
|
| Average size | $280.84 | $241.76
|
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|
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| May 2003
|
| | | | | 2002 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Citigroup | 4,837.28 | 21 | 5 | 523.46 | 2
|
| 2. | CS First Boston | 2,510.85 | 15 | 2 | 940.05 | 8
|
| 3. | JP Morgan | 2,249.20 | 16 | 7 | 395.04 | 3
|
| 4. | Deutsche Bank | 1,384.86 | 10 | 8 | 327.04 | 3
|
| 5. | Lehman | 1,380.67 | 11 | 3 | 866.23 | 6
|
| 6. | Banc of America | 1,329.58 | 12 | 10 | 194.14 | 1
|
| 7. | Goldman Sachs | 1,102.51 | 8 | 1 | 1,100.00 | 2 |
|
| 8. | UBS Warburg | 1,048.76 | 7 | - | - | -
|
| 9. | Merrill Lynch | 692.59 | 5 | - | - | -
|
| 10. | Morgan Stanley | 635.09 | 5 | 4 | 842.30 | 3
|
|
|
| Total | $18,420.53 | 71 | $6,152.21 | 23
|
|
|
| Average size | $259.44 | $267.49
|
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| Prospect News High Yield Underwriter Rankings
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Criteria
* The tables include all dollar-denominated offerings sold in the U.S. as public or Rule 144A deals reported to Prospect News.
* 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 above $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.
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