* High yield issuance $4.88 billion in January
New York, Jan. 31 - Banc of America Securities was the top underwriter of high-yield bonds in January, according to data compiled by Prospect News.
The firm brought to market $1.012 billion of junk debt during the month, helped by its role as joint bookrunner with Goldman Sachs & Co. on the month's largest offering, $1 billion for Owens Brockway Glass Container Inc., and as joint bookrunner with JP Morgan and Salomon Smith Barney on the second biggest, $895 million in three tranches for Charter Communications Inc.
Credit Suisse First Boston, last year's number one placed firm although only fourth ranked in January 2001, came in seventh during the month. However CSFB already has a good start on next month as it was sole bookrunner for PanAmSat Corp.'s $800 million offering which priced in January but does not settle until February (Prospect News' underwriter rankings use settlement date as the test for inclusion).
Total issuance for the month was $4.878 billion, far below the $12.306 billion for the same period a year earlier. January's figure was also much smaller than the $8.019 billion seen in December 2001 although better than the $3.929 billion of November 2001.
2002
2001 Comparables
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Banc of America | 1,011.98 | 5 | 9 | 470.48 | 3
|
| 2. | Salomon SB | 860.18 | 6 | 2 | 2,611.55 | 9
|
| 3. | JP Morgan | 833.82 | 5 | 8 | 488.80 | 3
|
| 4. | Deutsche Banc | 735.50 | 2 | 6 | 776.80 | 4
|
| 5. | Goldman Sachs | 500.00 | 1 | 3 | 1,967.00 | 4
|
| 6. | Dresdner KW | 400.00 | 2 | - | -
|
| 7. | CS First Boston | 300.00 | 2 | 4 | 1,325.20 | 5
|
| 8. | Bear Stearns | 149.03 | 1 | - | -
|
| 9. | Wachovia | 87.50 | 1 | - | -
|
| Total | $4,878.02 | 15 | $12,306.05 | 27
|
|
|
| Average size | $325.20 | $455.78
|
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| Prospect News High Yield Underwriter Rankings
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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 settle.
* 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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