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

• U.S. market high-yield issuance totals $153.92 billion year to date

• JPMorgan top global high-yield underwriter year to date

• Global high-yield issuance totals $160.04 billion year to date

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

• European high-yield issuance totals $24.10 billion year to date

New York, Nov. 30 - JPMorgan was once again the top underwriter of high-yield bonds, bringing its reign at the top of the league tables to nine consecutive months, according to data compiled by Prospect News.

Issuance continued at a healthy pace of $11.22 billion in November, although that was well below the $29.80 billion for the comparable month in 2006.

With that latest figure, the year-to-date new deal total is now $153.92 billion, just $2.71 billion short of the record $156.63 billion for all of 2006.

For the year through November, JPMorgan has brought to market $20.37 billion of junk bonds in 90 deals, but its lead over Credit Suisse slipped to $2.16 billion from $2.53 billion a month earlier.

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

Europe did see one new deal, a NOK 250 million transaction for Eitzen Maritime Services ASA. That ended a gap which saw three months with no new deals.

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	20.369	90	13.23%	1	21.183	112	15.11%
2	Credit Suisse	18.208	90	11.83%	3	14.241	79	10.16%
3	Citigroup	18.025	88	11.71%	2	19.184	88	13.68%
4	Merrill Lynch	13.520	63	8.78%	4	12.578	56	8.97%
5	Banc of America	12.724	72	8.27%	6	11.478	81	8.19%
6	Goldman Sachs	11.913	61	7.74%	10	7.013	39	5.00%
7	Lehman	10.647	65	6.92%	8	7.959	53	5.68%
8	Deutsche Bank	10.373	63	6.74%	5	12.406	75	8.85%
9	Morgan Stanley	7.996	42	5.20%	7	8.892	41	6.34%
10	UBS	5.320	34	3.46%	9	7.890	41	5.63%
	Total	153.922	369	140.196	358
	Average size:	0.417	0.392
Year to date, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	18.695	83	13.95%	1	19.976	103	15.67%
2	Credit Suisse	15.374	73	11.47%	3	13.485	73	10.57%
3	Citigroup	15.221	71	11.36%	2	16.876	74	13.23%
4	Banc of America	12.642	71	9.44%	5	11.390	80	8.93%
5	Merrill Lynch	11.229	54	8.38%	4	12.132	53	9.51%
6	Goldman Sachs	11.215	58	8.37%	9	6.688	37	5.24%
7	Lehman	10.319	63	7.70%	7	7.834	52	6.14%
8	Deutsche Bank	8.818	53	6.58%	6	11.346	68	8.90%
9	Morgan Stanley	6.616	34	4.94%	8	7.671	31	6.02%
10	Wachovia	5.019	30	3.75%	12	3.101	26	2.43%
	Total	133.981	300	127.521	304
	Average size:	0.447	0.419
Year to date, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	20.086	91	12.55%	1	23.756	121	14.93%
2	Credit Suisse	18.018	80	11.26%	3	18.880	89	11.87%
3	Citigroup	16.724	78	10.45%	2	19.715	87	12.39%
4	Deutsche Bank	13.327	74	8.33%	4	17.221	95	10.82%
5	Banc of America	12.819	74	8.01%	6	11.552	82	7.26%
6	Goldman Sachs	12.627	67	7.89%	8	9.060	44	5.69%
7	Merrill Lynch	12.295	59	7.68%	5	13.776	58	8.66%
8	Lehman	10.841	69	6.77%	9	8.091	56	5.09%
9	Morgan Stanley	6.827	36	4.27%	7	10.028	40	6.30%
10	Wachovia	5.019	30	3.14%	12	3.101	26	1.95%
	Total	160.042	355	159.100	368
	Average size:	0.451	0.432
Year to date, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.510	21	18.71%	1	5.875	27	18.95%
2	BNP Paribas	2.755	14	11.43%	9	1.460	7	4.71%
3	Credit Suisse	2.644	7	10.97%	2	5.395	16	17.40%
4	Barclays	1.515	6	6.29%	7	2.069	9	6.68%
5	Citigroup	1.503	7	6.24%	4	2.839	13	9.16%
6	Calyon	1.413	6	5.86%	11	0.529	5	1.71%
7	JPMorgan	1.361	7	5.65%	3	3.780	18	12.19%
8	Goldman Sachs	1.312	8	5.44%	5	2.373	7	7.65%
9	ABN	1.131	6	4.69%	18	0.142	3	0.46%
10	Merrill Lynch	1.066	5	4.42%	8	1.644	5	5.30%
	Total	24.098	51	30.999	62
	Average size:	0.473	0.500
November, U.S. market, all issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	2.143	7	19.10%	5	1.970	6	6.61%
2	Citigroup	1.532	7	13.65%	3	3.450	11	11.58%
3	Credit Suisse	1.340	5	11.94%	2	4.172	9	14.00%
4	Banc of America	1.177	5	10.48%	6	1.913	10	6.42%
5	Morgan Stanley	0.980	4	8.74%	9	1.656	11	5.55%
6	JPMorgan	0.966	5	8.61%	1	5.682	20	19.07%
7	Lehman	0.800	4	7.13%	11	1.190	4	3.99%
8	Merrill Lynch	0.470	3	4.19%	4	2.622	9	8.80%
9	UBS	0.354	2	3.16%	7	1.909	8	6.41%
10	Barclays	0.229	1	2.04%
10	RBS	0.229	1	2.04%	17	0.025	1	0.08%
	Total	11.222	23	29.803	48
	Average size:	0.488	0.621
November, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	2.143	7	19.78%	5	1.970	6	6.99%
2	Citigroup	1.444	6	13.33%	3	3.350	10	11.89%
3	Credit Suisse	1.340	5	12.37%	2	4.172	9	14.81%
4	Banc of America	1.177	5	10.86%	6	1.826	9	6.48%
5	Morgan Stanley	0.980	4	9.05%	11	1.143	7	4.06%
6	JPMorgan	0.966	5	8.92%	1	5.482	19	19.46%
7	Lehman	0.800	4	7.39%	10	1.190	4	4.22%
8	Merrill Lynch	0.470	3	4.34%	4	2.622	9	9.30%
9	UBS	0.267	1	2.46%	7	1.709	7	6.07%
10	Barclays	0.229	1	2.11%
10	RBS	0.229	1	2.11%	17	0.025	1	0.09%
	Total	10.834	21	28.178	40
	Average size:	0.516	0.704
November, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	2.143	7	19.78%	6	1.970	6	6.20%
2	Citigroup	1.444	6	13.33%	3	3.350	10	10.54%
3	Credit Suisse	1.340	5	12.37%	2	4.308	10	13.56%
4	Banc of America	1.177	5	10.86%	8	1.826	9	5.75%
5	Morgan Stanley	0.980	4	9.05%	11	1.143	7	3.60%
6	JPMorgan	0.966	5	8.92%	1	6.423	23	20.22%
7	Lehman	0.800	4	7.39%	10	1.190	4	3.75%
8	Merrill Lynch	0.470	3	4.34%	4	2.622	9	8.25%
9	UBS	0.267	1	2.46%	7	1.830	8	5.76%
10	Barclays	0.229	1	2.11%	16	0.136	1	0.43%
10	RBS	0.229	1	2.11%	19	0.025	1	0.08%
	Total	10.834	21	31.770	46
	Average size:	0.516	0.691
November, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Feamley Fonds	0.023	1	50.00%
1	Nordea	0.023	1	50.00%
	Total	0.047	1	3.491	5
	Average size:	0.047	0.698
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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