* High yield issuance totals $103.19 billion year to date
* CSFB top high yield underwriter in third quarter
* High yield issuance totals $33.79 billion in third quarter
* CSFB top high yield underwriter in September
* High yield issuance totals $11.41 billion in September
New York, Sept. 30 - Credit Suisse First Boston swept the board among underwriters of high-yield bonds for the most recent data compiled by Prospect News: the firm ranked first for the year so far, first for the third quarter and first for September.
Thanks in part to its position as joint bookrunner on Echostar DBS Corp.'s $2.5 billion deal and in part to its role as bookrunner or joint bookrunner on far more deals than any other firm, CSFB stretched its lead over number-two placed Citigroup to $3.11 billion from $1.57 billion at the end of August.
So far this year, CSFB has now brought $17.50 billion of junk bonds to market.
Meanwhile, the level of activity accelerated in September from August to a total of $11.41 billion of issuance, up from $8.05 billion the previous month. That was around the average for the year, down from May's $18.42 billion, June's $17.16 billion and July's $14.33 billion but better than April's $9.01 billion, March's $7.82 billion and February's $10.05 billion.
At $33.79 billion, the third quarter was also around the average, ahead of $24.81 billion in the first quarter but lagging the second quarter's $44.59 billion.
The year-to-date total passed the $100 billion mark during September and is now at $103.19 billion in 361 deals.
That is well over double the $45.11 billion at the same point last year and substantially ahead of the $59.65 billion for all of 2002. It also easily beats the $77.37 billion for all of 2001 and the $44.44 billion for all of 2000.
Prospect News' data covers dollar-denominated high-yield deals issued in the U.S. as registered offerings or under Rule 144A.
Year to date 2003
2002 Comparables
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | CS First Boston | 17,496.87 | 97 | 1 | 7,669.87 | 53
|
| 2. | Citigroup | 14,384.40 | 79 | 3 | 5,152.87 | 35
|
| 3. | Goldman Sachs | 10,758.19 | 45 | 7 | 3,636.79 | 12
|
| 4. | JP Morgan | 10,146.80 | 74 | 4 | 4,408.63 | 33
|
| 5. | Deutsche Bank | 9,697.43 | 70 | 2 | 5,232.74 | 32
|
| 6. | Banc of America | 9,282.32 | 61 | 5 | 4,155.91 | 33
|
| 7. | Lehman | 7,046.24 | 45 | 6 | 3,644.88 | 19
|
| 8. | UBS | 5,490.16 | 41 | 9 | 2,848.29 | 17
|
| 9. | Morgan Stanley | 5,272.47 | 26 | 8 | 3,410.58 | 17
|
| 10. | Bear Stearns | 5,186.59 | 29 | 11 | 974.33 | 7
|
| 11. | Merrill Lynch | 2,099.14 | 17 | 10 | 986.38 | 7
|
| 12. | Wachovia | 2,032.06 | 17 | 13 | 538.92 | 7
|
| 13. | CIBC | 1,204.47 | 13 | 15 | 418.88 | 5
|
| 14. | Jefferies | 1,026.98 | 8 | 14 | 514.40 | 6
|
| 15. | Dresdner KW | 875.00 | 1 | 12 | 589.77 | 5
|
|
|
| Total | $103,189.44 | 361 | $45,110.88 | 191
|
|
|
| Average size | $285.84 | $236.18
|
|
|
| Third quarter 2003
|
| | | | | 2002 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | CS First Boston | 6,611.76 | 34 | 5 | 491.18 | 4
|
| 2. | Goldman Sachs | 6,104.64 | 18 | 6 | 479.50 | 3
|
| 3. | Banc of America | 3,156.80 | 17 | 8 | 288.65 | 4
|
| 4. | Citigroup | 3,003.87 | 19 | 3 | 596.56 | 4
|
| 5. | JP Morgan | 2,612.06 | 21 | 4 | 550.39 | 4
|
| 6. | Bear Stearns | 2,456.24 | 10 | - | - | -
|
| 7. | Deutsche Bank | 2,395.22 | 20 | 1 | 955.59 | 5
|
| 8. | Morgan Stanley | 1,858.76 | 9 | 2 | 700.00 | 1
|
| 9. | UBS | 1,768.70 | 13 | 7 | 447.50 | 3
|
| 10. | Lehman | 1,485.67 | 11 | 10 | 122.99 | 1
|
|
|
| Total | $33,789.61 | 112 | $4,922.52 | 23
|
|
|
| Average size | $301.69 | $214.02
|
|
|
|
|
| September 2003
|
| | | | | 2002 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | CS First Boston | 3,008.89 | 14 | 7 | 85.00 | 1
|
| 2. | Banc of America | 1,750.00 | 5 | 4 | 188.31 | 3
|
| 3. | Citigroup | 1,462.52 | 7 | 5 | 125.26 | 1
|
| 4. | Bear Stearns | 1,182.22 | 5 | - | - | -
|
| 5. | JP Morgan | 860.10 | 7 | 6 | 125.26 | 1
|
| 6. | Morgan Stanley | 854.51 | 3 | 2 | 700.00 | 1
|
| 7. | UBS | 806.25 | 6 | 3 | 199.60 | 1
|
| 8. | Deutsche Bank | 388.06 | 3 | 1 | 868.09 | 4
|
| 9. | Goldman Sachs | 324.81 | 3 | 9 | 53.25 | 1 |
|
| 10. | Jefferies | 260.00 | 1 | - | - | -
|
|
|
| Total | $11,409.35 | 38 | $2,448.09 | 10
|
|
|
| Average size | $300.25 | $244.81
|
|
|
|
|
| Prospect News High Yield Underwriter Rankings
|
|
|
Criteria
* The tables include all dollar-denominated offerings sold in the U.S. as public or Rule 144A deals reported to Prospect News.
* 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 above $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.
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