Citigroup top U.S. market high-yield underwriter year to date

• U.S. market high-yield issuance totals $85.11 billion year to date

• Citigroup top global high-yield underwriter year to date

• Global high-yield issuance totals $99.16 billion year to date

• Credit Suisse top European high-yield underwriter year to date

• European high-yield issuance totals $20.67 billion year to date

New York, Aug. 31 - Citigroup jumped to first place among underwriters of high-yield bonds, largely thanks to its role as sole bookrunner of the $1.65 billion sale for Fortescue Metals Group via FMG Finance Pty. Ltd., according to data compiled by Prospect News.

Citi pushed JPMorgan Securities into second place, with the margin between the two now $1.07 billion.

JPMorgan had been on top for two months after dislodging Citigroup in June, helped by its role as joint bookrunner on two of that 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.

So far this year, Citi has brought to market $14.01 billion of junk bonds.

The top two firms now account for nearly one third of the total market - 31.7%. Third placed Credit Suisse ranks with $7.86 billion of bonds so far this year, only a little over half Citigroup's total.

August's biggest sale was the $2.265 billion for Ford Motor Credit Co.

Market activity soared to $10.98 billion in August from just $4.93 billion in July and pretty much in line with the $10.6 billion monthly average for the preceding seven months, despite the arrival of the summer vacation season. At that level, the past month saw far more new deals than the $6.68 billion for the same period of 2005.

Year-to-date issuance now totals $85.11 billion, 27% ahead of the $66.99 billion at the same stage last year.

Citigroup also jumped to the number one position 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 fourth month.

Global new deals now total $99.16 billion for the year so far compared to $71.92 billion for the same period of 2005. European issuance is $20.67 billion versus $13.71 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.

Year to date, U.S. market, all issuers

2005 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	14.010	65	16.46%	3	8.114	60	12.11%
2	JPMorgan	12.944	74	15.21%	1	8.387	56	12.52%
3	Credit Suisse	7.859	54	9.24%	4	7.760	52	11.58%
4	Deutsche Bank	7.283	50	8.56%	5	6.312	44	9.42%
5	Banc of America	6.804	53	7.99%	2	8.358	65	12.48%
6	Merrill Lynch	6.492	34	7.63%	6	5.198	30	7.76%
7	Lehman	5.521	41	6.49%	8	3.838	30	5.73%
8	UBS	4.464	28	5.25%	7	4.098	34	6.12%
9	Morgan Stanley	4.142	17	4.87%	9	3.756	20	5.61%
10	Bear Stearns	3.670	22	4.31%	12	2.277	16	3.40%
	Total	85.105	246	66.994	263
	Average size:	0.346	0.255
Year to date, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	12.408	56	15.90%	3	6.786	50	11.68%
2	JPMorgan	12.110	67	15.52%	2	7.110	51	12.24%
3	Credit Suisse	7.509	51	9.63%	4	6.157	42	10.60%
4	Deutsche Bank	6.887	47	8.83%	5	6.040	40	10.40%
5	Banc of America	6.804	53	8.72%	1	8.358	65	14.39%
6	Merrill Lynch	6.045	31	7.75%	6	4.001	24	6.89%
7	Lehman	5.396	40	6.92%	7	3.838	30	6.61%
8	UBS	3.915	25	5.02%	8	3.477	30	5.99%
9	Morgan Stanley	3.717	13	4.76%	11	2.551	16	4.39%
10	Bear Stearns	3.670	22	4.70%	12	1.677	13	2.89%
	Total	78.018	214	58.084	228
	Average size:	0.365	0.255
Year to date, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	15.247	69	15.38%	4	8.390	61	11.66%
2	JPMorgan	13.183	76	13.29%	5	8.360	60	11.62%
3	Credit Suisse	10.868	62	10.96%	3	8.526	52	11.85%
4	Deutsche Bank	9.974	65	10.06%	2	8.575	54	11.92%
5	Merrill Lynch	7.045	34	7.10%	6	4.693	28	6.53%
6	Banc of America	6.966	55	7.03%	1	8.590	67	11.94%
7	Goldman Sachs	5.609	29	5.66%	7	4.593	29	6.39%
8	Lehman	5.532	43	5.58%	8	4.304	34	5.98%
9	Morgan Stanley	5.234	18	5.28%	10	2.988	19	4.16%
10	UBS	4.016	27	4.05%	9	3.803	31	5.29%
	Total	99.162	261	71.923	270
	Average size:	0.380	0.266
Year to date, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	3.359	11	16.25%	2	2.369	10	17.27%
2	Deutsche Bank	3.087	18	14.94%	1	2.535	14	18.48%
3	Citigroup	2.839	13	13.74%	3	1.541	10	11.24%
4	Goldman Sachs	2.373	7	11.48%	5	1.208	6	8.81%
5	Barclays	1.860	7	9.00%	14	0.168	1	1.23%
6	Morgan Stanley	1.518	5	7.34%	10	0.438	3	3.19%
7	JPMorgan	1.073	9	5.19%	4	1.251	9	9.12%
8	Merrill Lynch	1.000	3	4.84%	8	0.692	4	5.05%
9	Calyon	0.732	5	3.54%
10	RBS	0.669	5	3.24%	12	0.271	2	1.98%
	Total	20.666	46	13.714	41
	Average size:	0.449	0.334
August, U.S. market, all issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	2.861	11	26.05%	3	0.826	8	11.66%
2	UBS	1.122	5	10.22%	14	0.149	2	2.10%
3	Deutsche Bank	1.040	8	9.47%	10	0.247	3	3.49%
4	JPMorgan	1.004	6	9.15%	1	1.293	11	18.27%
5	Merrill Lynch	0.955	3	8.70%	6	0.478	3	6.74%
6	BNP Paribas	0.755	2	6.88%
7	Credit Suisse	0.540	4	4.92%	4	0.781	7	11.03%
8	Wachovia	0.498	4	4.54%	13	0.150	1	2.12%
9	Banc of America	0.417	4	3.80%	2	1.098	13	15.51%
10	Bear Stearns	0.323	2	2.95%	5	0.549	4	7.75%
	Total	10.980	27	7.081	31
	Average size:	0.407	0.228
August, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	2.736	10	25.50%	3	0.826	8	12.36%
2	UBS	1.122	5	10.45%	13	0.149	2	2.22%
3	Deutsche Bank	1.040	8	9.69%	9	0.247	3	3.70%
4	Merrill Lynch	0.955	3	8.90%	5	0.478	3	7.15%
5	JPMorgan	0.879	5	8.19%	1	1.293	11	19.36%
6	BNP Paribas	0.755	2	7.04%
7	Credit Suisse	0.540	4	5.03%	4	0.781	7	11.69%
8	Wachovia	0.498	4	4.64%	12	0.150	1	2.25%
9	Banc of America	0.417	4	3.89%	2	1.098	13	16.44%
10	Bear Stearns	0.323	2	3.01%	14	0.149	2	2.22%
	Total	10.730	26	6.681	29
	Average size:	0.413	0.230
August, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	3.328	15	26.15%	4	0.826	8	11.31%
2	Deutsche Bank	1.319	13	10.37%	9	0.247	3	3.38%
3	UBS	1.222	7	9.61%	13	0.149	2	2.04%
4	JPMorgan	1.058	8	8.32%	1	1.293	11	17.72%
5	Merrill Lynch	0.955	3	7.51%	5	0.787	4	10.78%
6	BNP Paribas	0.755	2	5.93%
7	Credit Suisse	0.730	7	5.74%	3	1.091	8	14.94%
8	Wachovia	0.498	4	3.92%	12	0.150	1	2.05%
9	Banc of America	0.417	4	3.28%	2	1.098	13	15.05%
10	ING	0.336	4	2.64%
	Total	12.724	34	7.300	30
	Average size:	0.374	0.243
August, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	0.592	5	31.26%
2	Deutsche Bank	0.280	5	14.76%
3	Credit Suisse	0.190	3	10.04%	1	0.310	1	50.00%
4	JPMorgan	0.179	3	9.44%
5	UBS	0.101	2	5.32%
6	Lehman	0.101	2	5.32%
7	RBS	0.094	1	4.98%
8	ING	0.089	2	4.72%
9	ABN	0.089	2	4.72%
10	Barclays	0.089	1	4.72%
11	Dresdner KW	0.089	1	4.72%
	Total	1.894	7	0.619	1
	Average size:	0.271	0.619
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.

• 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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