CSFB top high yield underwriter year to date

* High yield issuance totals $114.34 billion year to date

* Deutsche Bank top high yield underwriter in October

* High yield issuance totals $11.15 billion in October

New York, Oct. 31 - The high-yield bond market turned in another strong month of new issuance in October, bringing the year-to-date total to $114.34 billion, according to data compiled by Prospect News.

October's total volume was $11.15 billion, very close to the monthly average of $11.43 billion so far this year and September's figure of $11.41 billion.

Issuance of new junk bonds is now far more than double the total at the same point last year when the tally stood at $47.80 billion.

It also easily exceeds the $59.65 billion total for all of 2002, the $77.37 billion for all of 2001 and the $44.44 billion for all of 2000.

Prospect News' data does not go back any further but news reports have previously cited Thomson Financial as saying the all-time record was $138 billion in 1998. Based on the Prospect News figures - which use slightly different criteria - that high water mark could be in reach if the pace of activity picks up in the next few weeks to compensate for the looming holiday season.

Among underwriters, Credit Suisse First Boston remained in the number one position year to date. So far this year it has brought $19.09 billion of junk bonds to market.

Lower down the listing, Deutsche Bank moved up a place to number four at JP Morgan's expense, Bear Stearns & Co. jumped over Morgan Stanley to ninth position, Wachovia Securities passed Merrill Lynch & Co. to 11th and Jefferies & Co. moved ahead of CIBC to 13th.

For October, Deutsche Bank was the number-one underwriter thanks to its role as bookrunner or joint bookrunner on 11 deals.

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	19,088.97	108	1	7,960.26	56
2.	Citigroup	15,502.13	85	3	5,528.19	37
3.	Goldman Sachs	12,189.86	54	7	3,636.79	12
4.	Deutsche Bank	11,463.68	81	2	5,639.20	36
5.	JP Morgan	11,198.01	82	4	4,694.02	37
6.	Banc of America	10,634.95	71	5	4,612.07	37
7.	Lehman	7,292.07	48	6	4,075.50	22
8.	UBS	6,269.32	49	9	2,848.29	17
9.	Bear Stearns	5,536.59	30	10	1,060.17	8
10.	Morgan Stanley	5,372.47	27	8	3,410.58	17
11.	Wachovia	2,282.06	19	12	733.92	9
12.	Merrill Lynch	2,198.35	18	11	986.38	7
13.	Jefferies	1,523.93	12	14	589.40	7
14.	CIBC	1,321.13	14	15	418.88	5
15.	Dresdner KW	875.00	1	13	675.61	6
	Total	$114,338.85	404	$47,796.88	252
	Average size	$283.02	$189.67
October 2003
					2002 Comparables
	Underwriter	Amount	No.	Rank	Amount	No.
1.	Deutsche Bank	1,766.25	11	3	406.46	4
2.	CS First Boston	1,592.10	11	5	290.39	3
3.	Goldman Sachs	1,431.67	9	-	-	-
4.	Banc of America	1,352.63	10	1	456.15	4
5.	Citigroup	1,117.74	6	4	375.32	2
6.	JP Morgan	1,051.20	8	6	285.39	4
7.	UBS	779.17	8	-	-	-
8.	Jefferies	496.95	4	10	75.00	1
9.	Bear Stearns	350.00	1	9	85.83	1
10.	ING	300.00	2	-	-	-
	Total	$11,149.40	43	$2,686.00	10
	Average size	$259.29	$268.60
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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