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

• U.S. market high-yield issuance totals $108.20 billion year to date

• JPMorgan top global high-yield underwriter year to date

• Global high-yield issuance totals $116.28 billion year to date

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

• European high-yield issuance totals $22.22 billion year to date

New York, June 29 - JPMorgan added another month to its position as the top underwriter of high-yield bonds, according to data compiled by Prospect News.

The firm has now led the sector for four months.

The bank took the stop spot in the March rankings and held on for April and May and now into June.

Meanwhile, issuance continued to roar ahead, even with difficult conditions in the closing days of the month.

In total, June saw $24.59 billion of new junk bonds, pushing the total over the $100 billion mark for the year so far.

Through the end of the month, high yield has seen $108.20 billion of new deals, 57% ahead of the $68.91 billion at the same stage in the record-setting year of 2006.

June's figure was down slightly from May's $25.09 billion but still the second biggest this year and more than all but one month of 2006.

Meanwhile for the year through May, 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 was the firm's second month at the top. Deutsche Bank was once more number one in Europe.

Europe continued its recent strength with $6.45 billion of deals in June, up from $5.59 billion in May and $3.77 billion in April.

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	15.209	72	14.06%	1	11.145	63	16.17%
2	Citigroup	13.608	69	12.58%	2	11.072	53	16.07%
3	Credit Suisse	13.180	68	12.18%	3	6.773	44	9.83%
4	Merrill Lynch	9.840	41	9.09%	6	5.094	28	7.39%
5	Deutsche Bank	7.431	47	6.87%	5	5.519	39	8.01%
6	Lehman	7.217	48	6.67%	7	4.215	29	6.12%
7	Banc of America	7.040	48	6.51%	4	6.291	49	9.13%
8	Goldman Sachs	6.890	44	6.37%	9	3.100	21	4.50%
9	Morgan Stanley	5.231	30	4.84%	8	4.049	16	5.88%
10	UBS	4.863	30	4.50%	11	2.977	20	4.32%
	Total	108.196	277	68.909	201
	Average size:	0.391	0.343
Year to date, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	13.535	65	14.59%	1	10.664	59	16.99%
2	Citigroup	11.191	56	12.06%	2	9.672	46	15.41%
3	Credit Suisse	10.734	55	11.57%	3	6.423	41	10.23%
4	Merrill Lynch	8.490	36	9.15%	6	4.894	26	7.80%
5	Banc of America	6.958	47	7.50%	4	6.291	49	10.02%
6	Lehman	6.888	46	7.43%	7	4.090	28	6.52%
7	Deutsche Bank	6.594	42	7.11%	5	5.122	36	8.16%
8	Goldman Sachs	6.192	41	6.67%	10	2.775	19	4.42%
9	Wachovia	4.494	22	4.84%	12	1.502	18	2.39%
10	Morgan Stanley	3.902	24	4.21%	8	3.624	12	5.77%
	Total	92.773	227	62.773	173
	Average size:	0.409	0.363
Year to date, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	14.859	72	12.78%	2	11.486	64	14.15%
2	Credit Suisse	13.378	62	11.51%	3	9.591	49	11.82%
3	Citigroup	12.694	63	10.92%	1	11.847	53	14.60%
4	Deutsche Bank	11.221	61	9.65%	4	7.930	49	9.77%
5	Merrill Lynch	9.403	39	8.09%	6	5.894	29	7.26%
6	Goldman Sachs	7.448	49	6.41%	8	5.077	25	6.25%
7	Lehman	7.190	49	6.18%	9	4.127	29	5.08%
8	Banc of America	7.134	50	6.14%	5	6.453	51	7.95%
9	Wachovia	4.494	22	3.86%	13	1.502	18	1.85%
10	UBS	4.142	29	3.56%	11	2.428	17	2.99%
	Total	116.279	273	81.164	209
	Average size:	0.426	0.388
Year to date, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.628	19	20.83%	2	2.808	13	15.61%
2	Credit Suisse	2.644	7	11.90%	1	3.169	8	17.61%
3	BNP Paribas	2.372	10	10.67%	9	0.511	4	2.84%
4	Citigroup	1.503	7	6.76%	4	2.175	7	12.09%
5	Barclays	1.362	4	6.13%	5	1.692	5	9.40%
6	JPMorgan	1.293	6	5.82%	8	0.823	5	4.57%
7	Calyon	1.185	3	5.33%	10	0.503	4	2.80%
8	Goldman Sachs	1.156	7	5.20%	3	2.301	6	12.79%
9	ABN	0.976	5	4.39%	17	0.052	1	0.29%
10	Merrill Lynch	0.912	3	4.11%	7	1.000	3	5.56%
	Total	22.220	44	17.989	35
	Average size:	0.505	0.514
Q2, U.S. market, all issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	8.594	47	13.92%	2	5.803	33	15.31%
2	JPMorgan	7.653	45	12.40%	1	8.356	43	22.05%
3	Credit Suisse	6.606	30	10.70%	5	3.046	23	8.04%
4	Deutsche Bank	5.037	36	8.16%	4	3.353	26	8.85%
5	Banc of America	4.558	29	7.39%	6	2.739	27	7.23%
6	UBS	3.878	21	6.28%	9	1.505	12	3.97%
7	Merrill Lynch	3.842	23	6.22%	7	2.730	13	7.21%
8	Goldman Sachs	3.678	23	5.96%	8	1.755	15	4.63%
9	Morgan Stanley	3.673	20	5.95%	12	0.593	4	1.56%
10	Lehman	3.411	23	5.53%	3	3.528	22	9.31%
	Total	61.725	150	37.891	118
	Average size:	0.411	0.321
Q2, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	7.881	40	14.53%	2	5.228	29	15.21%
2	JPMorgan	7.203	43	13.28%	1	8.057	41	23.44%
3	Credit Suisse	6.256	28	11.54%	5	2.921	22	8.50%
4	Banc of America	4.476	28	8.25%	6	2.739	27	7.97%
5	Deutsche Bank	4.449	32	8.21%	4	2.957	23	8.60%
6	Lehman	3.411	23	6.29%	3	3.403	21	9.90%
7	Morgan Stanley	3.092	18	5.70%	12	0.593	4	1.72%
8	Goldman Sachs	3.081	21	5.68%	8	1.755	15	5.11%
9	Merrill Lynch	2.892	19	5.33%	7	2.580	12	7.51%
10	Wachovia	2.776	10	5.12%	11	0.755	11	2.20%
	Total	54.222	125	34.371	101
	Average size:	0.434	0.340
Q2, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	9.078	44	12.80%	2	6.501	33	14.50%
2	JPMorgan	8.191	46	11.55%	1	8.648	44	19.28%
3	Credit Suisse	7.892	33	11.13%	3	5.487	28	12.24%
4	Deutsche Bank	6.854	44	9.67%	4	4.751	32	10.59%
5	Banc of America	4.551	29	6.42%	8	2.840	28	6.33%
6	Goldman Sachs	4.265	28	6.02%	5	3.515	20	7.84%
7	Lehman	3.611	24	5.09%	6	3.439	22	7.67%
8	Morgan Stanley	3.302	20	4.66%	11	0.799	6	1.78%
9	Merrill Lynch	3.242	20	4.57%	7	2.871	14	6.40%
10	UBS	3.156	20	4.45%	10	1.039	10	2.32%
	Total	70.898	159	44.846	122
	Average size:	0.446	0.368
Q2, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.404	12	15.20%	2	1.794	9	17.52%
2	BNP Paribas	1.807	8	11.43%	10	0.211	3	2.06%
3	Credit Suisse	1.636	5	10.34%	1	2.567	6	25.06%
4	Barclays	1.362	4	8.61%	7	0.386	2	3.77%
5	Citigroup	1.198	4	7.57%	4	1.273	4	12.43%
6	Calyon	1.185	3	7.49%	6	0.394	3	3.85%
7	Goldman Sachs	1.084	6	6.85%	3	1.760	5	17.18%
8	JPMorgan	0.988	3	6.25%	5	0.591	3	5.77%
9	ABN	0.976	5	6.17%
10	SG	0.746	4	4.72%	12	0.175	2	1.71%
	Total	15.818	33	10.243	21
	Average size:	0.479	0.488
June, U.S. market, all issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	3.395	10	13.81%	4	1.398	10	9.48%
2	Citigroup	2.637	16	10.72%	2	2.389	13	16.20%
3	UBS	2.582	9	10.50%	9	0.355	4	2.41%
4	JPMorgan	2.155	13	8.76%	1	3.574	17	24.24%
5	Morgan Stanley	2.010	10	8.17%
6	Deutsche Bank	1.988	16	8.09%	5	1.287	9	8.73%
7	Wachovia	1.969	3	8.01%	10	0.164	2	1.11%
8	Goldman Sachs	1.881	11	7.65%	8	0.854	7	5.79%
9	Merrill Lynch	1.489	10	6.06%	3	1.697	5	11.51%
10	Banc of America	1.444	9	5.87%	7	1.139	9	7.72%
	Total	24.588	55	14.745	41
	Average size:	0.447	0.360
June, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
.	Credit Suisse	3.045	8	13.95%	4	1.398	10	9.68%
2	Citigroup	2.437	14	11.16%	2	2.389	13	16.53%
3	JPMorgan	2.155	13	9.87%	1	3.475	16	24.05%
4	Morgan Stanley	2.010	10	9.21%
5	Wachovia	1.969	3	9.02%	10	0.164	2	1.13%
6	Deutsche Bank	1.888	15	8.65%	5	1.287	9	8.91%
7	Goldman Sachs	1.781	10	8.16%	8	0.854	7	5.91%
8	Banc of America	1.444	9	6.61%	7	1.139	9	7.88%
9	Merrill Lynch	1.389	9	6.36%	3	1.697	5	11.74%
10	UBS	1.344	6	6.16%	9	0.256	3	1.77%
	Total	21.831	47	14.448	39
	Average size:	0.464	0.370
June, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	4.255	10	14.94%	4	1.398	10	9.53%
2	Citigroup	3.576	17	12.56%	2	2.389	13	16.29%
3	JPMorgan	2.504	14	8.79%	1	3.475	16	23.69%
4	Deutsche Bank	2.310	17	8.11%	5	1.287	9	8.78%
5	Goldman Sachs	2.049	12	7.20%	8	0.854	7	5.83%
6	Morgan Stanley	2.010	10	7.06%
7	Wachovia	1.969	3	6.92%	11	0.164	2	1.12%
8	UBS	1.791	7	6.29%	10	0.256	3	1.74%
9	Merrill Lynch	1.739	10	6.11%	3	1.697	5	11.57%
10	Banc of America	1.444	9	5.07%	7	1.139	9	7.77%
	Total	28.474	59	14.667	40
	Average size:	0.483	0.367
June, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
.	Credit Suisse	1.209	2	18.74%
2	Citigroup	1.139	3	17.65%
3	BNP Paribas	0.837	3	12.96%
4	Barclays	0.501	1	7.76%
5	Calyon	0.447	1	6.93%	1	0.219	1	100.00%
6	UBS	0.447	1	6.93%
7	Deutsche Bank	0.421	2	6.53%
8	Merrill Lynch	0.349	1	5.41%
9	JPMorgan	0.349	1	5.41%
10	Pareto	0.217	2	3.36%
	Total	6.454	12	0.219	1
	Average size:	0.538	0.219
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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