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

• U.S. market high-yield issuance totals $59.07 billion year to date

• JPMorgan top global high-yield underwriter year to date

• Global high-yield issuance totals $49.68 billion year to date

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

• European high-yield issuance totals $10.18 billion year to date

New York, April 30 - JPMorgan held on to the number one position among underwriters of high-yield bonds, a place it had won the month before, according to data compiled by Prospect News.

Indeed, the bank widened its lead over second placed Credit Suisse to nearly $1.5 billion from just under $1 billion for the year through March.

Meanwhile issuance continued at a remarkable pace, although April was slightly slower than the comparable month a year ago at $12.60 billion versus $12.99 billion in April 2006.

Nonetheless, year-to-date volume is now $59.07 billion, 34% ahead of the $44.00 billion for the same period in the record-setting year of 2006.

Among April's notable offerings was Realogy Corp.'s $3.125 billion in three tranches via JPMorgan, Credit Suisse, Bear Stearns and Citigroup.

Returning to the banks' positions, 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. But helped in large part by Freeport-McMoRan Copper & Gold, Inc.'s $6 billion bond sale, brought to market by bookrunners JPMorgan and Merrill Lynch, JPMorgan took the top spot for the year through March.

Meanwhile for the year through April, 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.

Europe saw a notable rebound in activity to $3.77 billion in the month, much improved from March's $0.75 billion. Helping the total was Coutnrywide plc's £640 million deal in three tranches, equivalent to $1.279 billion.

Still, April was weaker in Europe than a year ago when there was $5.48 billion.

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	9.355	37	15.84%	2	6.178	37	14.04%
2	Credit Suisse	7.864	46	13.31%	3	5.060	31	11.50%
3	Merrill Lynch	6.628	20	11.22%	7	2.907	18	6.61%
4	Citigroup	6.195	30	10.49%	1	6.410	29	14.57%
5	Lehman	4.091	28	6.93%	11	1.360	13	3.09%
6	Deutsche Bank	3.979	21	6.74%	5	3.861	27	8.77%
7	Banc of America	3.963	27	6.71%	4	4.627	35	10.51%
8	Goldman Sachs	3.809	27	6.45%	10	1.607	8	3.65%
9	UBS	2.037	19	3.45%	9	1.907	12	4.33%
10	Bear Stearns	2.028	14	3.43%	8	2.699	14	6.13%
	Total	59.068	164	44.003	129
	Average size:	0.360	0.341
Year to date, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	7.931	31	15.97%	1	5.796	34	14.46%
2	Merrill Lynch	5.928	18	11.93%	7	2.707	16	6.76%
3	Credit Suisse	5.768	35	11.61%	3	4.835	29	12.07%
4	Citigroup	4.344	23	8.74%	2	5.303	24	13.23%
5	Banc of America	3.963	27	7.98%	4	4.627	35	11.55%
6	Lehman	3.762	26	7.57%	12	1.235	12	3.08%
7	Goldman Sachs	3.709	26	7.47%	11	1.282	6	3.20%
8	Deutsche Bank	3.241	17	6.52%	5	3.637	25	9.08%
9	Bear Stearns	2.028	14	4.08%	8	2.699	14	6.74%
10	Jefferies	2.011	11	4.05%	17	0.121	2	0.30%
	Total	49.678	133	40.072	110
	Average size:	0.374	0.364
Year to date, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	8.266	35	13.71%	2	6.618	39	12.38%
2	Credit Suisse	7.203	40	11.95%	3	5.929	34	11.09%
3	Merrill Lynch	6.491	20	10.77%	7	3.417	17	6.39%
4	Deutsche Bank	6.443	29	10.69%	4	5.855	34	10.95%
5	Citigroup	4.649	26	7.71%	1	7.185	30	13.44%
6	Goldman Sachs	4.282	31	7.10%	8	2.950	11	5.52%
7	Banc of America	4.139	30	6.87%	6	4.789	37	8.96%
8	Lehman	3.864	28	6.41%	13	1.235	12	2.31%
9	Bear Stearns	2.345	16	3.89%	9	2.699	14	5.05%
10	UBS	2.047	19	3.40%	11	1.824	11	3.41%
	Total	60.281	154	53.463	135
	Average size:	0.391	0.396
Year to date, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	3.201	12	31.46%	1	2.218	9	16.78%
2	Credit Suisse	1.435	5	14.10%	6	1.094	5	8.28%
3	BNP Paribas	0.722	3	7.10%	11	0.299	1	2.26%
4	Calyon	0.668	1	6.57%	13	0.109	1	0.82%
5	Goldman Sachs	0.573	5	5.63%	4	1.667	5	12.61%
6	Merrill Lynch	0.563	2	5.53%	8	0.709	1	5.36%
7	RBS	0.433	1	4.25%	9	0.495	3	3.75%
8	HSBC	0.433	1	4.25%
9	ABN	0.387	2	3.81%	16	0.052	1	0.40%
10	JPMorgan	0.305	3	3.00%	7	0.823	5	6.22%
10	Citigroup	0.305	3	3.00%	2	1.882	6	14.24%
	Total	10.175	20	13.222	24
	Average size:	0.509	0.551
April, U.S. market, all issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.799	10	14.28%	1	3.389	17	26.10%
2	Deutsche Bank	1.585	10	12.58%	2	1.695	14	13.06%
3	Banc of America	1.481	8	11.76%	5	1.075	13	8.28%
4	Bear Stearns	1.290	10	10.24%	6	0.760	6	5.85%
5	Credit Suisse	1.290	8	10.24%	3	1.333	10	10.26%
6	Citigroup	1.182	8	9.38%	4	1.141	9	8.79%
7	UBS	1.051	10	8.35%	10	0.435	4	3.35%
8	Merrill Lynch	0.630	2	5.00%	9	0.543	3	4.19%
9	Goldman Sachs	0.598	6	4.74%	12	0.263	2	2.02%
10	Morgan Stanley	0.441	3	3.50%	11	0.375	2	2.89%
	Total	12.596	37	12.986	46
	Average size:	0.340	0.282
April, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.599	9	14.37%	1	3.189	16	27.33%
2	Banc of America	1.481	8	13.31%	4	1.075	13	9.21%
3	Bear Stearns	1.290	10	11.60%	6	0.760	6	6.51%
4	Credit Suisse	1.290	8	11.59%	3	1.333	10	11.42%
5	Deutsche Bank	1.097	7	9.86%	2	1.471	12	12.61%
6	Citigroup	1.034	7	9.29%	5	0.859	7	7.36%
7	UBS	0.904	9	8.12%	9	0.435	4	3.73%
8	Goldman Sachs	0.598	6	5.37%	12	0.263	2	2.25%
9	Morgan Stanley	0.441	3	3.97%	11	0.375	2	3.21%
10	Merrill Lynch	0.330	1	2.97%	10	0.394	2	3.37%
	Total	11.127	31	11.669	38
	Average size:	0.359	0.307
April, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.075	12	13.93%	2	2.676	17	15.61%
2	Credit Suisse	1.716	11	11.52%	4	1.825	13	10.65%
3	JPMorgan	1.599	9	10.73%	1	3.780	19	22.05%
4	Banc of America	1.556	9	10.44%	6	1.175	14	6.86%
5	Bear Stearns	1.290	10	8.66%	7	0.760	6	4.43%
6	Goldman Sachs	1.099	10	7.38%	5	1.389	6	8.10%
7	UBS	1.062	10	7.13%	13	0.435	4	2.54%
8	Citigroup	1.034	7	6.94%	3	1.839	10	10.73%
9	Calyon	0.668	1	4.48%
10	Morgan Stanley	0.516	4	3.47%	9	0.582	4	3.39%
	Total	14.900	40	17.145	48
	Average size:	0.373	0.357
April, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	0.978	5	25.92%	1	1.205	5	22.01%
2	Calyon	0.668	1	17.71%
3	Goldman Sachs	0.502	4	13.29%	2	1.126	4	20.57%
4	Credit Suisse	0.426	3	11.30%	5	0.493	3	9.00%
5	ABN	0.387	2	10.27%
6	Barclays	0.187	1	4.96%	6	0.386	2	7.06%
7	UBS	0.158	1	4.19%
8	SG	0.158	1	4.19%
9	BNP Paribas	0.158	1	4.19%
10	Banc of America	0.075	1	1.99%	9	0.101	1	1.84%
10	Morgan Stanley	0.075	1	1.99%	8	0.207	2	3.78%
	Total	3.773	9	5.475	10
	Average size:	0.419	0.548
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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