JPMorgan top U.S. market high-yield underwriter for 2006

• U.S. market high-yield issuance totals $157.26 billion for 2006

• JPMorgan top global high-yield underwriter for 2006

• Global high-yield issuance totals $177.84 billion for 2006

• Deutsche Bank top European high-yield underwriter for 2006

• European high-yield issuance totals $34.67 billion for 2006

New York, Dec. 29 - JPMorgan won the top spot in a record year for high-yield bonds, finishing first among underwriters for 2006, according to data compiled by Prospect News.

The firm was $1.2 billion ahead of number two underwriter Citigroup.

U.S. market issuance for the year was $157.26 billion, 51% higher than the $104.13 billion for 2005.

JPMorgan and Citigroup had been contending for first place for most of the year. JPMorgan had been top for the year through November, helped by its participation in most of that month's big deals, including the $5.7 billion for HCA, Inc., where it was joint bookrunner with Citigroup, Banc of America, Merrill Lynch, Deutsche Bank and Wachovia, the $5.95 billion for Firestone Acquisition Corp. (Freescale Semiconductor Inc.), which was brought to market by bookrunners Credit Suisse, Citigroup, JPMorgan, UBS and Lehman Brothers, and the $1.34 billion for Momentive Performance Management, handled by JPMorgan, General Electric Capital Corp. and UBS.

Before that, Citigroup had been number one from August onwards, largely due to its role as sole bookrunner of the $1.65 billion sale for Fortescue Metals Group via FMG Finance Pty. Ltd.

JPMorgan was also number one for the year counting only issuers from industrialized countries in the U.S. market and also for industrialized country issuers in the global market, including all major currencies.

Deutsche Bank was the top underwriter in the European market.

The U.S. market total for 2006 beat the previous record of $142.38 billion set in 2004.

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.

2006, U.S. market, all issuers

2005 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	21.981	118	13.98%	1	13.572	93	13.03%
2	Citigroup	20.821	97	13.24%	3	11.452	82	11.00%
3	Credit Suisse	16.357	86	10.40%	4	11.324	75	10.87%
4	Merrill Lynch	15.000	65	9.54%	6	8.169	51	7.85%
5	Deutsche Bank	14.432	84	9.18%	5	9.185	65	8.82%
6	Banc of America	12.326	85	7.84%	2	11.788	98	11.32%
7	Morgan Stanley	10.102	48	6.42%	10	5.561	34	5.34%
8	Lehman	9.115	59	5.80%	7	7.198	58	6.91%
9	Goldman Sachs	8.640	48	5.49%	8	6.875	45	6.60%
10	UBS	8.336	44	5.30%	9	5.754	45	5.53%
	Total	157.259	396	104.133	401
	Average size:	0.397	0.260
2006, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	20.775	109	14.57%	2	11.659	85	13.27%
2	Citigroup	18.123	81	12.71%	3	9.491	68	10.80%
3	Credit Suisse	15.526	79	10.89%	4	8.665	59	9.86%
4	Merrill Lynch	14.228	60	9.98%	8	6.060	41	6.90%
5	Deutsche Bank	12.923	75	9.06%	5	8.391	58	9.55%
6	Banc of America	12.238	84	8.58%	1	11.788	98	13.42%
7	Lehman	8.990	58	6.30%	6	6.865	55	7.81%
8	Morgan Stanley	8.731	37	6.12%	11	3.526	25	4.01%
9	Goldman Sachs	8.315	46	5.83%	7	6.594	43	7.51%
10	UBS	6.520	37	4.57%	9	4.764	40	5.42%
	Total	142.595	333	87.857	344
	Average size:	0.428	0.255
2006, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	24.967	130	14.04%	1	13.926	99	12.81%
2	Credit Suisse	21.363	98	12.01%	5	11.214	71	10.31%
3	Citigroup	20.962	94	11.79%	4	11.639	83	10.70%
4	Deutsche Bank	19.545	107	10.99%	2	12.902	82	11.86%
5	Merrill Lynch	15.873	65	8.93%	8	6.806	46	6.26%
6	Banc of America	12.401	86	6.97%	3	12.020	100	11.05%
7	Morgan Stanley	11.499	49	6.47%	10	3.964	28	3.64%
8	Goldman Sachs	11.130	56	6.26%	6	7.856	50	7.22%
9	Lehman	9.660	65	5.43%	7	7.445	61	6.85%
10	UBS	6.741	40	3.79%	9	5.091	41	4.68%
	Total	177.840	405	108.752	404
	Average size:	0.439	0.269
2006, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	6.623	32	19.10%	1	4.511	24	22.37%
2	Credit Suisse	5.837	19	16.84%	2	2.550	12	12.64%
3	JPMorgan	4.192	21	12.09%	3	2.267	14	11.24%
4	Citigroup	2.839	13	8.19%	4	2.086	14	10.34%
5	Goldman Sachs	2.815	10	8.12%	5	1.262	7	6.26%
6	Morgan Stanley	2.768	12	7.99%	12	0.438	3	2.17%
7	Barclays	2.269	10	6.55%	21	0.168	1	0.83%
8	Merrill Lynch	1.644	5	4.74%	8	0.746	5	3.70%
9	BNP Paribas	1.460	7	4.21%	6	1.179	5	5.85%
10	Lehman	0.669	7	1.93%	10	0.580	6	2.87%
	Total	34.665	70	20.168	56
	Average size:	0.495	0.360
Q4, U.S. market, all issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Merrill Lynch	8.026	27	12.82%	6	1.836	15	7.15%
2	Credit Suisse	7.721	27	12.33%	2	2.867	18	11.17%
3	JPMorgan	7.264	32	11.60%	1	3.988	27	15.53%
4	Deutsche Bank	6.534	29	10.44%	4	2.227	16	8.67%
5	Citigroup	5.832	25	9.32%	9	1.490	12	5.80%
6	Morgan Stanley	4.818	25	7.70%	10	1.443	10	5.62%
7	Banc of America	4.447	24	7.10%	7	1.582	19	6.16%
8	Goldman Sachs	4.047	19	6.46%	5	2.192	13	8.54%
9	UBS	3.872	16	6.18%	8	1.556	9	6.06%
10	Lehman	3.312	15	5.29%	3	2.492	19	9.71%
	Total	62.607	122	25.672	96
	Average size:	0.513	0.267
Q4, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Merrill Lynch	7.701	25	13.63%	7	1.423	12	6.92%
2	Credit Suisse	7.562	25	13.38%	3	2.059	13	10.01%
3	JPMorgan	7.064	31	12.50%	1	3.551	25	17.27%
4	Deutsche Bank	5.421	23	9.59%	5	1.905	14	9.27%
5	Citigroup	4.972	20	8.80%	9	1.157	9	5.63%
6	Banc of America	4.360	23	7.71%	6	1.582	19	7.69%
7	Morgan Stanley	4.072	19	7.20%	11	0.613	5	2.98%
8	Goldman Sachs	4.047	19	7.16%	4	1.994	12	9.70%
9	Lehman	3.312	15	5.86%	2	2.159	16	10.50%
10	UBS	2.605	12	4.61%	8	1.188	8	5.78%
	Total	56.522	97	20.556	79
	Average size:	0.583	0.260
Q4, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	9.870	32	14.26%	4	2.179	14	8.65%
2	JPMorgan	8.918	40	12.88%	1	3.796	28	15.06%
3	Deutsche Bank	8.785	36	12.69%	2	3.109	22	12.34%
4	Merrill Lynch	8.346	27	12.06%	8	1.477	13	5.86%
5	Morgan Stanley	5.322	26	7.69%	11	0.613	5	2.43%
6	Citigroup	4.972	20	7.18%	6	1.701	13	6.75%
7	Goldman Sachs	4.490	22	6.49%	5	2.048	13	8.13%
8	Banc of America	4.360	23	6.30%	7	1.582	19	6.28%
9	Lehman	3.844	19	5.55%	3	2.213	17	8.78%
10	UBS	2.726	13	3.94%	9	1.188	8	4.71%
	Total	69.218	119	25.199	93
	Average size:	0.582	0.271
Q4, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	3.364	13	26.71%	1	1.205	8	29.81%
2	Credit Suisse	2.307	7	18.32%	9	0.121	1	2.98%
3	JPMorgan	1.854	9	14.72%	7	0.245	3	6.07%
4	Morgan Stanley	1.251	7	9.93%
5	BNP Paribas	0.950	3	7.54%	8	0.180	1	4.45%
6	Merrill Lynch	0.645	2	5.12%	10	0.054	1	1.33%
7	Lehman	0.533	4	4.23%	12	0.054	1	1.33%
8	Goldman Sachs	0.443	3	3.52%	11	0.054	1	1.33%
9	Barclays	0.409	3	3.25%
10	ABN	0.355	3	2.82%	5	0.323	1	7.99%
	Total	12.594	21	4.041	11
	Average size:	0.600	0.367
December, U.S. market, all issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Merrill Lynch	2.422	9	14.74%	4	1.040	7	8.26%
2	Credit Suisse	2.116	7	12.87%	9	0.759	4	6.03%
3	Deutsche Bank	2.026	9	12.33%	5	1.019	6	8.09%
4	Citigroup	1.637	9	9.96%	11	0.335	4	2.66%
5	Goldman Sachs	1.627	9	9.90%	2	1.534	8	12.19%
6	Morgan Stanley	1.210	7	7.36%	6	0.934	6	7.42%
7	Lehman	1.157	6	7.04%	7	0.934	6	7.42%
8	Banc of America	0.848	4	5.16%	10	0.595	8	4.73%
9	JPMorgan	0.799	6	4.86%	1	1.971	12	15.65%
10	RBC	0.776	4	4.72%
	Total	16.434	38	12.589	45
	Average size:	0.432	0.280
December, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Merrill Lynch	2.097	7	14.51%	8	0.627	4	6.16%
2	Credit Suisse	2.041	6	14.13%	7	0.759	4	7.45%
3	Goldman Sachs	1.627	9	11.26%	2	1.336	7	13.12%
4	Deutsche Bank	1.577	7	10.92%	5	0.896	5	8.80%
5	Citigroup	1.247	7	8.64%	10	0.335	4	3.29%
6	Lehman	1.157	6	8.01%	4	0.934	6	9.18%
7	Morgan Stanley	1.060	6	7.34%	15	0.104	1	1.03%
8	Banc of America	0.848	4	5.87%	9	0.595	8	5.84%
9	JPMorgan	0.799	6	5.53%	1	1.534	10	15.07%
10	RBC	0.776	4	5.37%
	Total	14.444	29	10.181	36
	Average size:	0.498	0.283
December, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	2.483	9	13.71%	7	0.759	4	6.26%
2	Deutsche Bank	2.324	12	12.83%	3	1.329	9	10.97%
3	Merrill Lynch	2.097	7	11.58%	9	0.681	5	5.62%
4	Goldman Sachs	2.070	12	11.43%	2	1.390	8	11.47%
5	Lehman	1.568	9	8.66%	5	0.988	7	8.16%
6	Morgan Stanley	1.472	9	8.13%	17	0.104	1	0.86%
7	Citigroup	1.247	7	6.89%	8	0.715	7	5.90%
8	JPMorgan	1.210	9	6.68%	1	1.658	12	13.69%
9	Banc of America	0.848	4	4.68%	10	0.595	8	4.91%
10	RBC	0.776	4	4.28%
	Total	18.110	37	12.116	42
	Average size:	0.489	0.288
December, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	0.748	5	20.39%	1	0.434	4	23.33%
2	Credit Suisse	0.443	3	12.08%
3	Goldman Sachs	0.443	3	12.08%	8	0.054	1	2.89%
4	Morgan Stanley	0.412	3	11.23%
5	Lehman	0.412	3	11.23%	6	0.054	1	2.89%
6	JPMorgan	0.412	3	11.23%	5	0.125	2	6.70%
7	ABN	0.355	3	9.67%
8	Bear Stearns	0.243	2	6.63%
9	Barclays	0.200	1	5.45%
	Total	3.666	8	1.860	5
	Average size:	0.458	0.372
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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