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

• U.S. market high-yield issuance totals $46.47 billion year to date

• JPMorgan top global high-yield underwriter year to date

• Global high-yield issuance totals $45.38 billion year to date

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

• European high-yield issuance totals $6.40 billion year to date

New York, March 30 - JPMorgan pushed to the top of the high-yield league tables for the year through March, elbowing aside Credit Suisse, which had been number one for the year through February, according to data compiled by Prospect News.

Meanwhile issuance roared ahead, totaling $19.40 billion in March and bringing the year-to-date total to $46.47 billion, 49.8% ahead of the amount for the first quarter of 2006.

A major contributor to JPMorgan's strong showing - and the month's substantial total - was Freeport-McMoRan Copper & Gold, Inc.'s $6 billion bond sale, brought to market by bookrunners JPMorgan and Merrill Lynch. The $3 billion of league table credit per firm was by itself enough to place JPMorgan and Merrill in the top two positions for the month of March.

JPMorgan had been number one in the rankings for all of 2006, but Credit Suisse took first position in January and for the year through February.

Meanwhile 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 dislodged Credit Suisse. Deutsche Bank was once more top in Europe.

However the European market saw a weak month, with issuance of $0.75 billion in two deals. The year-to-date total is now $6.40 billion, falling behind 2006's $7.75 billion after leading in 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	JPMorgan	7.556	27	16.26%	5	2.790	20	8.99%
2	Credit Suisse	6.574	38	14.15%	2	3.727	21	12.02%
3	Merrill Lynch	5.998	18	12.91%	6	2.364	15	7.62%
4	Citigroup	5.014	22	10.79%	1	5.269	20	16.99%
5	Lehman	3.806	25	8.19%	12	0.687	7	2.22%
6	Goldman Sachs	3.211	21	6.91%	10	1.345	6	4.34%
7	Banc of America	2.482	19	5.34%	3	3.552	22	11.45%
8	Deutsche Bank	2.394	11	5.15%	7	2.165	13	6.98%
9	Wachovia	1.718	12	3.70%	11	0.748	7	2.41%
10	Jefferies	1.700	8	3.66%	21	0.046	1	0.15%
	Total	46.472	127	31.017	83
	Average size:	0.366	0.374
Year to date, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	6.332	22	16.43%	5	2.607	18	9.18%
2	Merrill Lynch	5.598	17	14.52%	6	2.314	14	8.15%
3	Credit Suisse	4.478	27	11.62%	3	3.502	19	12.33%
4	Lehman	3.477	23	9.02%	12	0.687	7	2.42%
5	Citigroup	3.310	16	8.59%	1	4.444	17	15.65%
6	Goldman Sachs	3.111	20	8.07%	10	1.020	4	3.59%
7	Banc of America	2.482	19	6.44%	2	3.552	22	12.51%
8	Deutsche Bank	2.144	10	5.56%	7	2.165	13	7.62%
9	Wachovia	1.718	12	4.46%	11	0.748	7	2.63%
10	Jefferies	1.700	8	4.41%	16	0.046	1	0.16%
	Total	38.551	102	28.403	72
	Average size:	0.378	0.394
Year to date, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	6.667	26	14.69%	7	2.839	20	7.82%
2	Merrill Lynch	6.161	19	13.58%	6	3.023	15	8.32%
3	Credit Suisse	5.486	29	12.09%	3	4.104	21	11.30%
4	Deutsche Bank	4.367	17	9.62%	5	3.179	17	8.75%
5	Citigroup	3.615	19	7.97%	1	5.346	20	14.72%
6	Lehman	3.579	25	7.89%	13	0.687	7	1.89%
7	Goldman Sachs	3.183	21	7.01%	9	1.561	5	4.30%
8	Banc of America	2.583	21	5.69%	4	3.613	23	9.95%
9	Wachovia	1.718	12	3.79%	12	0.748	7	2.06%
10	Jefferies	1.700	8	3.75%	20	0.104	2	0.29%
	Total	45.381	114	36.319	87
	Average size:	0.398	0.417
Year to date, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.223	7	34.73%	3	1.013	4	13.08%
2	Credit Suisse	1.008	2	15.75%	6	0.602	2	7.77%
3	BNP Paribas	0.564	2	8.82%	8	0.299	1	3.86%
4	Merrill Lynch	0.563	2	8.79%	5	0.709	1	9.15%
5	HSBC	0.433	1	6.76%
6	RBS	0.433	1	6.76%	12	0.109	1	1.41%
7	JPMorgan	0.305	3	4.77%	10	0.232	2	2.99%
8	Citigroup	0.305	3	4.77%	4	0.902	3	11.65%
9	Bear Stearns	0.287	1	4.49%
10	Lehman	0.072	1	1.12%
10	Goldman Sachs	0.072	1	1.12%	7	0.541	1	6.99%
10	Banc of America	0.072	1	1.12%	13	0.062	1	0.79%
	Total	6.402	11	7.747	14
	Average size:	0.582	0.553
March, U.S. market, all issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.111	11	21.19%	3	1.323	9	13.22%
2	Merrill Lynch	3.874	9	19.97%	4	1.254	8	12.53%
3	Goldman Sachs	1.956	16	10.08%	7	0.748	2	7.47%
4	Lehman	1.672	12	8.62%	9	0.472	4	4.71%
5	Deutsche Bank	1.265	6	6.52%	8	0.555	5	5.54%
6	Banc of America	1.134	9	5.84%	1	1.996	9	19.95%
7	Credit Suisse	1.118	10	5.76%	6	0.825	5	8.25%
8	Citigroup	0.988	7	5.09%	2	1.405	5	14.04%
9	Jefferies	0.883	4	4.55%	12	0.046	1	0.46%
10	Wachovia	0.856	5	4.41%	11	0.125	1	1.25%
	Total	19.403	44	10.008	31
	Average size:	0.441	0.323
March, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.111	11	22.19%	4	1.223	8	12.60%
2	Merrill Lynch	3.474	8	18.75%	3	1.254	8	12.92%
3	Goldman Sachs	1.956	16	10.56%	7	0.748	2	7.70%
4	Lehman	1.672	12	9.02%	9	0.472	4	4.86%
5	Deutsche Bank	1.265	6	6.83%	8	0.555	5	5.71%
6	Banc of America	1.134	9	6.12%	1	1.996	9	20.56%
7	Credit Suisse	1.118	10	6.04%	6	0.825	5	8.50%
8	Jefferies	0.883	4	4.77%	12	0.046	1	0.47%
9	Wachovia	0.856	5	4.62%	11	0.125	1	1.29%
10	Citigroup	0.733	6	3.96%	2	1.405	5	14.47%
	Total	18.527	41	9.708	29
	Average size:	0.452	0.335
March, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.273	13	21.99%	6	1.223	8	10.04%
2	Merrill Lynch	3.546	9	18.25%	5	1.254	8	10.29%
3	Goldman Sachs	2.028	17	10.44%	4	1.289	3	10.58%
4	Lehman	1.773	14	9.13%	9	0.472	4	3.87%
5	Deutsche Bank	1.336	7	6.88%	3	1.393	7	11.43%
6	Banc of America	1.235	11	6.36%	1	2.058	10	16.89%
7	Credit Suisse	1.118	10	5.75%	8	0.825	5	6.77%
8	Jefferies	0.883	4	4.54%	15	0.046	1	0.37%
9	Citigroup	0.865	7	4.45%	2	2.008	7	16.48%
10	Wachovia	0.856	5	4.41%	12	0.125	1	1.02%
	Total	19.430	44	12.184	34
	Average size:	0.442	0.358
March, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	0.131	1	17.46%	2	0.603	2	25.43%
1	JPMorgan	0.131	1	17.46%
1	BNP Paribas	0.131	1	17.46%
4	Banc of America	0.072	1	9.53%	5	0.062	1	2.59%
4	Lehman	0.072	1	9.53%
4	Deutsche Bank	0.072	1	9.53%	1	0.838	2	35.35%
4	Goldman Sachs	0.072	1	9.53%	3	0.541	1	22.83%
8	Merrill Lynch	0.072	1	9.53%
	Total	0.753	2	2.371	4
	Average size:	0.377	0.593
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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