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

• U.S. market high-yield issuance totals $27.07 billion year to date

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

• Global high-yield issuance totals $25.95 billion year to date

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

• European high-yield issuance totals $5.65 billion year to date

New York, Feb. 28 - Credit Suisse stayed on top of the high-yield league tables for the year through February, although its lead narrowed, according to data compiled by Prospect News.

The firm was bookrunner on $5.46 billion of junk bonds in the U.S. market for a 20.2% share. Citigroup, in second place, brought $4.03 billion to market, giving it a 14.9% share.

Credit Suisse was also first in January with $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%.

Previously Credit Suisse had not been on top of the Prospect News league tables since July 2005, although before that it was regularly first after its acquisition of Donaldson, Lufkin & Jenrette.

Helping boost Credit Suisse's total in February was the $600 million deal for Compagnie Generale de Geophysique-Veritas, for which it was sole bookrunner, and the $1 billion offering for Level 3 Communications Inc., shared with Merrill Lynch & Co.

Citigroup placed first for February. It benefited from being the lone bookrunner on Rite Aid Corp.'s $1 billion deal and joint books with JPMorgan Securities on Digicel Group Ltd.'s $1.4 billion transaction.

Total issuance for February was $14.86 billion, up from January's $12.21 billion and putting the year-to-date total at $27.07 billion, 29% more than the $21.01 billion for the first two months of the record-setting year of 2006.

Meanwhile Credit Suisse was also first for the U.S. market, excluding emerging markets issuers, for global deals, again excluding emerging markets issuers, while Deutsche Bank was once more top in Europe.

Excluding emerging markets issues, Credit Suisse was still on top, although the volume of market activity was so convincingly ahead of the 2006 figures at $20.02 billion against $18.70 billion.

The European market also saw a strong month with issuance of $3.03 billion raising the year-to-date total to $5.65 billion, pushing ahead of 2006's $5.38 billion for the first two months.

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	Credit Suisse	5.456	28	20.15%	2	2.902	16	13.81%
2	Citigroup	4.025	15	14.87%	1	3.864	15	18.39%
3	JPMorgan	3.445	16	12.73%	7	1.467	11	6.98%
4	Lehman	2.134	13	7.88%	15	0.216	3	1.03%
5	Merrill Lynch	2.123	9	7.84%	9	1.110	7	5.28%
6	Banc of America	1.348	10	4.98%	6	1.556	13	7.40%
7	Goldman Sachs	1.255	5	4.64%	11	0.597	4	2.84%
8	Deutsche Bank	1.130	5	4.17%	5	1.611	8	7.67%
9	Morgan Stanley	0.878	6	3.24%	3	2.413	7	11.49%
10	Wachovia	0.862	7	3.18%	10	0.623	6	2.96%
	Total	27.068	83	21.010	52
	Average size:	0.326	0.404
Year to date, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	3.360	17	16.78%	2	2.677	14	14.32%
2	Citigroup	2.577	10	12.87%	1	3.039	12	16.26%
3	JPMorgan	2.221	11	11.09%	7	1.384	10	7.40%
4	Merrill Lynch	2.123	9	10.60%	9	1.060	6	5.67%
5	Lehman	1.806	11	9.02%	15	0.216	3	1.15%
6	Banc of America	1.348	10	6.73%	6	1.556	13	8.32%
7	Goldman Sachs	1.155	4	5.77%	12	0.272	2	1.45%
8	Deutsche Bank	0.880	4	4.39%	5	1.611	8	8.61%
9	Wachovia	0.862	7	4.30%	10	0.623	6	3.33%
10	Jefferies	0.817	4	4.08%
	Total	20.023	61	18.695	43
	Average size:	0.328	0.435
Year to date, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	4.368	19	16.83%	3	3.279	16	13.58%
2	Deutsche Bank	3.031	10	11.68%	5	1.786	10	7.40%
3	Citigroup	2.750	12	10.60%	2	3.339	13	13.83%
4	Merrill Lynch	2.615	10	10.08%	6	1.769	7	7.33%
5	JPMorgan	2.394	13	9.23%	7	1.616	12	6.69%
6	Lehman	1.806	11	6.96%	16	0.216	3	0.89%
7	Banc of America	1.348	10	5.20%	8	1.556	13	6.45%
8	Goldman Sachs	1.155	4	4.45%	14	0.272	2	1.13%
9	Bear Stearns	1.025	5	3.95%	4	1.939	8	8.03%
10	Wachovia	0.862	7	3.32%	12	0.623	6	2.58%
	Total	25.951	70	24.135	53
	Average size:	0.371	0.455
Year to date, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.151	6	38.09%	9	0.175	2	3.26%
2	Credit Suisse	1.008	2	17.85%	4	0.602	2	11.19%
3	Merrill Lynch	0.491	1	8.70%	3	0.709	1	13.19%
4	RBS	0.433	1	7.66%	10	0.109	1	2.03%
5	HSBC	0.433	1	7.66%
6	BNP Paribas	0.433	1	7.66%	7	0.299	1	5.57%
7	Bear Stearns	0.287	1	5.09%
8	JPMorgan	0.174	2	3.08%	8	0.232	2	4.31%
9	Citigroup	0.174	2	3.08%	5	0.299	1	5.57%
	Total	5.649	9	5.376	10
	Average size:	0.628	0.538
February, U.S. market, all issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	3.223	11	21.69%	5	0.491	4	8.62%
2	Credit Suisse	2.401	9	16.15%	9	0.238	3	4.19%
3	Merrill Lynch	2.015	8	13.56%	2	0.706	4	12.40%
4	JPMorgan	1.666	8	11.21%	11	0.166	1	2.91%
5	Banc of America	1.009	6	6.79%	4	0.599	6	10.52%
6	Lehman	0.804	5	5.41%
7	Deutsche Bank	0.680	3	4.57%	7	0.309	3	5.43%
8	Wachovia	0.643	5	4.33%	6	0.340	3	5.98%
9	UBS	0.438	3	2.94%	1	1.074	4	18.86%
10	Bear Stearns	0.407	2	2.74%	3	0.625	3	10.98%
	Total	14.863	44	5.694	21
	Average size:	0.338	0.271
February, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Merrill Lynch	2.015	8	17.46%	2	0.656	3	12.92%
2	Citigroup	1.925	7	16.67%	5	0.491	4	9.67%
3	Credit Suisse	1.752	6	15.18%	10	0.163	2	3.22%
4	Banc of America	1.009	6	8.74%	4	0.599	6	11.80%
5	JPMorgan	0.966	6	8.37%	9	0.166	1	3.27%
6	Lehman	0.804	5	6.97%
7	Wachovia	0.643	5	5.57%	6	0.340	3	6.71%
8	UBS	0.438	3	3.79%	1	1.074	4	21.15%
9	Deutsche Bank	0.430	2	3.72%	7	0.309	3	6.09%
10	Bear Stearns	0.407	2	3.53%	3	0.625	3	12.31%
	Total	11.542	35	5.077	17
	Average size:	0.330	0.299
February, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Merrill Lynch	2.506	9	16.88%	3	0.656	3	9.45%
2	Credit Suisse	2.243	7	15.11%	12	0.163	2	2.35%
3	Citigroup	2.098	9	14.13%	2	0.790	5	11.39%
4	Deutsche Bank	2.064	7	13.90%	7	0.362	4	5.21%
5	JPMorgan	1.140	8	7.68%	11	0.275	2	3.96%
6	Banc of America	1.009	6	6.80%	6	0.599	6	8.63%
7	Lehman	0.804	5	5.42%
8	Wachovia	0.643	5	4.33%	8	0.340	3	4.91%
9	UBS	0.438	3	2.95%	1	1.074	4	15.47%
10	Bear Stearns	0.407	2	2.74%	4	0.625	3	9.01%
	Total	14.849	41	6.940	23
	Average size:	0.362	0.302
February, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	1.634	5	53.97%	10	0.052	1	2.92%
2	Credit Suisse	0.491	1	16.22%
3	Merrill Lynch	0.491	1	16.22%
4	Citigroup	0.174	2	5.74%	4	0.299	1	16.64%
5	JPMorgan	0.174	2	5.74%	5	0.109	1	6.05%
	Total	3.028	6	1.799	6
	Average size:	0.505	0.300
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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