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

• U.S. market high-yield issuance totals $142.70 billion year to date

• JPMorgan top global high-yield underwriter year to date

• Global high-yield issuance totals $149.21 billion year to date

• Deutsche Bank top European high-yield underwriter year to date

• European high-yield issuance totals $24.05 billion year to date

New York, Oct. 31 - JPMorgan once more took the number-one position among underwriters of high-yield bonds, extending its run at the top to eight straight months, according to data compiled by Prospect News.

Meanwhile issuance surged ahead, putting the year-to-date total in sight of the all-time record.

For the year through October, JPMorgan has brought to market $19.40 billion of junk bonds in 85 deals, $2.53 billion in front of Credit Suisse, the number-two firm. Credit Suisse pushed up from third place through the end of September and slightly narrowed JPMorgan's lead. At the end of September JPMorgan was $2.85 billion ahead of second-placed Citigroup.

No one deal stood out for Credit Suisse - most of the month's big offerings were split among multiple bookrunners - but the bank did bring $3.11 billion in 12 new issues.

Volume for October was $20.65 billion, the most since June's $24.6 billion and ahead of the $16.37 billion in October 2006.

With the latest month, year-to-date issuance for 2007 is $142.70 billion, only $13.93 billion behind the $156.63 billion in the record-setting year of 2006.

The total at the same point last year was $110.39 billion.

For the year through October, JPMorgan was also first for the U.S. market, excluding emerging markets issuers, and for global deals, again excluding emerging markets issuers. In both cases it was the firm's sixth month at the top. Deutsche Bank was once more number one in Europe.

There was no new issuance in Europe for the third straight month. Before the recent interruption, there had been new deals every month since August 2003.

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

2006 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	19.402	85	13.60%	2	15.501	92	14.04%
2	Credit Suisse	16.868	85	11.82%	4	10.069	70	9.12%
3	Citigroup	16.493	81	11.56%	1	15.734	77	14.25%
4	Merrill Lynch	13.050	60	9.14%	5	9.957	47	9.02%
5	Banc of America	11.548	67	8.09%	6	9.565	71	8.66%
6	Deutsche Bank	10.235	62	7.17%	3	10.743	68	9.73%
7	Lehman	9.847	61	6.90%	8	6.769	49	6.13%
8	Goldman Sachs	9.770	54	6.85%	10	5.042	33	4.57%
9	Morgan Stanley	7.016	38	4.92%	7	7.236	30	6.56%
10	Wachovia	5.019	30	3.52%	12	2.151	23	1.95%
	Total	142.699	346	110.393	310
	Average size:	0.412	0.356
Year to date, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	17.728	78	14.40%	1	14.494	84	14.59%
2	Credit Suisse	14.034	68	11.40%	6	9.313	64	9.37%
3	Citigroup	13.777	65	11.19%	2	13.526	64	13.62%
4	Banc of America	11.465	66	9.31%	4	9.565	71	9.63%
5	Merrill Lynch	10.758	51	8.74%	5	9.510	44	9.57%
6	Lehman	9.518	59	7.73%	7	6.644	48	6.69%
7	Goldman Sachs	9.072	51	7.37%	9	4.717	31	4.75%
8	Deutsche Bank	8.680	52	7.05%	3	9.958	63	10.02%
9	Morgan Stanley	5.636	30	4.58%	8	6.528	24	6.57%
10	Wachovia	5.019	30	4.08%	12	2.151	23	2.16%
	Total	123.147	279	99.343	264
	Average size:	0.441	0.376
Year to date, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	19.119	86	12.81%	1	17.333	98	13.61%
2	Credit Suisse	16.678	75	11.18%	4	14.572	79	11.44%
3	Citigroup	15.280	72	10.24%	2	16.365	77	12.85%
4	Deutsche Bank	13.190	73	8.84%	3	14.747	86	11.58%
5	Merrill Lynch	11.824	56	7.92%	5	11.154	49	8.76%
6	Banc of America	11.642	69	7.80%	6	9.727	73	7.64%
7	Goldman Sachs	10.484	60	7.03%	8	7.090	38	5.57%
8	Lehman	10.041	65	6.73%	9	6.901	52	5.42%
9	Morgan Stanley	5.846	32	3.92%	7	8.885	33	6.98%
10	Wachovia	5.019	30	3.36%	13	2.151	23	1.69%
	Total	149.207	334	127.329	322
	Average size:	0.447	0.395
Year to date, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.510	21	18.75%	2	4.789	23	17.41%
2	BNP Paribas	2.755	14	11.46%	11	0.511	4	1.86%
3	Credit Suisse	2.644	7	10.99%	1	5.258	15	19.12%
4	Barclays	1.515	6	6.30%	7	1.933	8	7.03%
5	Citigroup	1.503	7	6.25%	4	2.839	13	10.32%
6	Calyon	1.413	6	5.87%	10	0.529	5	1.92%
7	JPMorgan	1.361	7	5.66%	3	2.839	14	10.32%
8	Goldman Sachs	1.312	8	5.45%	5	2.373	7	8.62%
9	ABN	1.131	6	4.70%	17	0.142	3	0.52%
10	Merrill Lynch	1.066	5	4.43%	8	1.644	5	5.98%
	Total	24.051	50	27.509	57
	Average size:	0.481	0.483
October, U.S. market, all issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	3.108	12	15.06%	6	1.433	11	8.75%
2	JPMorgan	2.330	8	11.28%	8	0.783	6	4.78%
3	Citigroup	2.267	9	10.98%	9	0.745	5	4.55%
4	Lehman	2.159	11	10.46%	7	0.965	5	5.89%
5	Merrill Lynch	1.943	12	9.41%	1	2.983	9	18.22%
6	Deutsche Bank	1.833	9	8.88%	2	2.845	13	17.38%
7	Goldman Sachs	1.817	8	8.80%	11	0.450	4	2.75%
8	Banc of America	1.695	12	8.21%	4	1.686	10	10.30%
9	Morgan Stanley	1.670	5	8.09%	3	1.952	7	11.92%
10	ABN	0.610	1	2.95%	12	0.220	1	1.34%
	Total	20.645	33	16.370	36
	Average size:	0.626	0.455
October, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	2.911	10	15.15%	5	1.350	10	9.71%
2	JPMorgan	2.330	8	12.12%	7	0.783	6	5.64%
3	Lehman	2.159	11	11.23%	6	0.965	5	6.94%
4	Citigroup	2.068	7	10.76%	10	0.375	3	2.70%
5	Goldman Sachs	1.817	8	9.45%	9	0.450	4	3.24%
6	Merrill Lynch	1.721	11	8.95%	1	2.983	9	21.46%
7	Banc of America	1.695	12	8.82%	4	1.686	10	12.13%
8	Morgan Stanley	1.670	5	8.69%	3	1.869	6	13.44%
9	Deutsche Bank	1.635	7	8.51%	2	2.456	11	17.67%
10	Wachovia	0.451	7	2.34%
	Total	19.217	28	13.900	28
	Average size:	0.686	0.496
October, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	2.911	10	14.74%	3	3.078	13	15.92%
2	JPMorgan	2.330	8	11.80%	6	1.284	8	6.64%
3	Lehman	2.159	11	10.93%	7	1.086	6	5.61%
4	Citigroup	2.068	7	10.47%	10	0.375	3	1.94%
5	Goldman Sachs	1.817	8	9.20%	9	0.450	4	2.33%
6	Merrill Lynch	1.721	11	8.71%	2	3.628	11	18.76%
7	Banc of America	1.695	12	8.59%	5	1.686	10	8.72%
8	Morgan Stanley	1.670	5	8.46%	4	2.708	10	14.00%
9	Deutsche Bank	1.635	7	8.28%	1	3.986	15	20.61%
10	Wachovia	0.451	7	2.28%
	Total	19.748	30	19.338	36
	Average size:	0.658	0.537
October, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
	Total	0.000	0	5.437	8
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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