Credit Suisse top U.S. market high-yield underwriter for January

• U.S. market high-yield issuance totals $12.21 billion for January

• Credit Suisse top global high-yield underwriter for January

• Global high-yield issuance totals $11.10 billion for January

• Deutsche Bank top European high-yield underwriter for January

• European high-yield issuance totals $2.62 billion for January

New York, Jan. 31 - Credit Suisse started the new year in the number one position among underwriters of high-yield bonds, according to data compiled by Prospect News.

The firm was also first for the U.S. market, excluding emerging markets issuers, for global deal, again excluding emerging markets issuers, while Deutsche Bank was top in Europe.

Meanwhile total issuance came in at $12.21 billion for the month, 80% of the $15.32 billion for January 2006.

Credit Suisse was far in front in underwriting for the U.S. market, bringing $3.05 billion or 25.0% of the total. JPMorgan, which was top for all of 2006, came in second with $1.78 billion or 14.6%.

Credit Suisse has not been on top of the Prospect News league tables since July 2005, although before that it consistently dominated the rankings, propelled to the top position by its acquisition of Donaldson, Lufkin & Jenrette.

The strong performance in January was in large part due to the sheer number of deals, 19 versus the eight from JPMorgan.

Excluding emerging markets issues, Credit Suisse was still on top, although the volume of market activity is lagging more noticeably compared to a year ago on this basis. The $8.48 billion for January in the U.S. market is 62% of the $13.62 a year earlier while the global $11.10 billion is 65% of the year earlier's $17.19 billion.

European activity also got off to a slower start with $2.62 billion of volume, 73% of the $3.58 billion in January 2006.

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.

January, U.S. market, all issuers

2006 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	3.054	19	25.03%	2	2.664	13	17.39%
2	JPMorgan	1.778	8	14.57%	6	1.301	10	8.49%
3	Lehman	1.330	8	10.90%	12	0.216	3	1.41%
4	Goldman Sachs	0.890	2	7.29%	8	0.545	3	3.56%
5	Citigroup	0.802	4	6.57%	1	3.373	11	22.02%
6	Morgan Stanley	0.677	4	5.55%	3	2.200	4	14.36%
7	ABN	0.500	3	4.10%
8	Jefferies	0.497	1	4.08%
9	Deutsche Bank	0.450	2	3.69%	5	1.301	5	8.50%
10	Banc of America	0.339	4	2.78%	7	0.956	7	6.24%
	Total	12.205	39	15.316	31
	Average size:	0.313	0.494
January, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	1.608	11	18.96%	2	2.514	12	18.46%
2	JPMorgan	1.254	5	14.79%	6	1.218	9	8.95%
3	Lehman	1.002	6	11.81%	12	0.216	3	1.58%
4	Goldman Sachs	0.890	2	10.49%	11	0.220	1	1.62%
5	Citigroup	0.652	3	7.69%	1	2.548	8	18.71%
6	Jefferies	0.497	1	5.87%
7	Deutsche Bank	0.450	2	5.31%	5	1.301	5	9.55%
8	Banc of America	0.339	4	4.00%	7	0.956	7	7.02%
9	Bear Stearns	0.330	2	3.89%	4	1.314	5	9.65%
10	BNP Paribas	0.275	1	3.24%	15	0.085	1	0.63%
	Total	8.481	26	13.618	26
	Average size:	0.326	0.524
January, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	2.125	12	19.14%	2	3.115	14	18.12%
2	JPMorgan	1.254	5	11.30%	5	1.341	10	7.80%
3	Lehman	1.002	6	9.02%	12	0.216	3	1.25%
4	Deutsche Bank	0.967	3	8.71%	4	1.424	6	8.28%
5	Goldman Sachs	0.890	2	8.02%	11	0.220	1	1.28%
6	BNP Paribas	0.708	2	6.38%	15	0.085	1	0.50%
7	Citigroup	0.652	3	5.87%	3	2.548	8	14.82%
8	Bear Stearns	0.617	3	5.56%	6	1.314	5	7.64%
9	RBS	0.540	2	4.87%
10	Jefferies	0.497	1	4.48%
	Total	11.101	29	17.194	30
	Average size:	0.383	0.573
January, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	0.517	1	19.73%	5	0.123	1	3.43%
2	Credit Suisse	0.517	1	19.73%	4	0.602	2	16.82%
3	HSBC	0.433	1	16.52%
4	RBS	0.433	1	16.52%
5	BNP Paribas	0.433	1	16.52%
6	Bear Stearns	0.287	1	10.97%
	Total	2.620	3	3.577	4
	Average size:	0.873	0.894
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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