• U.S. market high-yield issuance totals $111.29 billion year to date
• JPMorgan top global high-yield underwriter year to date
• Global high-yield issuance totals $120.04 billion year to date
• Deutsche Bank top European high-yield underwriter year to date
• European high-yield issuance totals $23.71 billion year to date
New York, July 31 - JPMorgan retained the title of number one underwriter of high-yield bonds for the year so far, according to data compiled by Prospect News.
But it didn't have to do much work to stay there - after roaring along for most of the year, new deal activity in July slumped to $3.05 billion, the lowest monthly total since May 2005 when $2.54 billion of junk bonds were issued.
July's figure was just one eighth of the $24.63 billion total for June, although it was not too far below the $4.93 billion recorded for July 2006.
Year-to-date issuance, however, remains strong at $111.29 billion, 51% above the $73.84 billion for 2006 through July. If activity picks up after the summer, 2007 is still well positioned to beat 2006's record total of $156.63 billion.
JPMorgan has placed first in the Prospect News rankings for five straight months.
Meanwhile for the year through July, 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 third month at the top. Deutsche Bank was once more number one in Europe.
Activity in Europe remained fairly strong with $1.49 billion of deals in July, down form $6.45 billion in June but much better than the $580 million in July 2006.
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 | 13.67% | 1 | 11.577 | 67 | 15.68%
|
2 | Citigroup | 13.708 | 70 | 12.32% | 2 | 11.149 | 54 | 15.10%
|
3 | Credit Suisse | 13.255 | 69 | 11.91% | 3 | 7.586 | 51 | 10.27%
|
4 | Merrill Lynch | 10.426 | 45 | 9.37% | 6 | 5.537 | 31 | 7.50%
|
5 | Deutsche Bank | 8.338 | 52 | 7.49% | 5 | 6.244 | 42 | 8.46%
|
6 | Lehman | 7.688 | 50 | 6.91% | 7 | 5.321 | 38 | 7.21%
|
7 | Banc of America | 7.137 | 49 | 6.41% | 4 | 6.291 | 49 | 8.52%
|
8 | Goldman Sachs | 6.890 | 44 | 6.19% | 11 | 3.238 | 22 | 4.39%
|
9 | Morgan Stanley | 5.231 | 30 | 4.70% | 8 | 4.049 | 16 | 5.48%
|
10 | UBS | 4.903 | 31 | 4.41% | 10 | 3.342 | 23 | 4.53%
|
| Total | 111.289 | 288 | 73.836 | 219 |
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| Average size: | 0.386 | 0.337 |
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Year to date, U.S. market, industrialized country issuers |
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| | | | | 2006 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 13.535 | 65 | 14.27% | 1 | 10.868 | 61 | 16.22%
|
2 | Citigroup | 11.191 | 56 | 11.80% | 2 | 9.672 | 46 | 14.44%
|
3 | Credit Suisse | 10.809 | 56 | 11.40% | 3 | 7.236 | 48 | 10.80%
|
4 | Merrill Lynch | 8.878 | 38 | 9.36% | 7 | 5.090 | 28 | 7.60%
|
5 | Lehman | 7.359 | 48 | 7.76% | 6 | 5.196 | 37 | 7.75%
|
6 | Banc of America | 7.055 | 48 | 7.44% | 4 | 6.291 | 49 | 9.39%
|
7 | Deutsche Bank | 6.981 | 44 | 7.36% | 5 | 5.847 | 39 | 8.73%
|
8 | Goldman Sachs | 6.192 | 41 | 6.53% | 10 | 2.913 | 20 | 4.35%
|
9 | Wachovia | 4.569 | 23 | 4.82% | 12 | 1.652 | 19 | 2.47%
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10 | Morgan Stanley | 3.902 | 24 | 4.11% | 8 | 3.624 | 12 | 5.41%
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| Total | 94.851 | 233 | 67.000 | 188 |
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| Average size: | 0.407 | 0.356 |
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Year to date, global market, industrialized country issuers |
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| | | | | 2006 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 14.859 | 72 | 12.38% | 2 | 11.762 | 67 | 13.68%
|
2 | Credit Suisse | 13.453 | 63 | 11.21% | 3 | 10.405 | 56 | 12.11%
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3 | Citigroup | 12.694 | 63 | 10.57% | 1 | 11.919 | 54 | 13.87%
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4 | Deutsche Bank | 11.762 | 65 | 9.80% | 4 | 8.655 | 52 | 10.07%
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5 | Merrill Lynch | 9.943 | 43 | 8.28% | 6 | 6.090 | 31 | 7.09%
|
6 | Lehman | 7.814 | 53 | 6.51% | 8 | 5.232 | 38 | 6.09%
|
7 | Goldman Sachs | 7.604 | 50 | 6.33% | 7 | 5.285 | 27 | 6.15%
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8 | Banc of America | 7.231 | 51 | 6.02% | 5 | 6.453 | 51 | 7.51%
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9 | Wachovia | 4.569 | 23 | 3.81% | 13 | 1.652 | 19 | 1.92%
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10 | UBS | 4.181 | 30 | 3.48% | 11 | 2.793 | 20 | 3.25%
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| Total | 120.042 | 284 | 85.947 | 227 |
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| Average size: | 0.423 | 0.379 |
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Year to date, European currencies, industrialized country issuers |
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| | | | | 2006 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Deutsche Bank | 4.781 | 21 | 20.16% | 2 | 2.808 | 13 | 15.12%
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2 | BNP Paribas | 2.665 | 12 | 11.24% | 11 | 0.511 | 4 | 2.75%
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3 | Credit Suisse | 2.644 | 7 | 11.15% | 1 | 3.169 | 8 | 17.06%
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4 | Barclays | 1.515 | 6 | 6.39% | 5 | 1.771 | 6 | 9.54%
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5 | Citigroup | 1.503 | 7 | 6.34% | 4 | 2.247 | 8 | 12.10%
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6 | Calyon | 1.322 | 4 | 5.58% | 10 | 0.529 | 5 | 2.85%
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7 | Goldman Sachs | 1.312 | 8 | 5.53% | 3 | 2.373 | 7 | 12.78%
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8 | JPMorgan | 1.293 | 6 | 5.45% | 8 | 0.894 | 6 | 4.81%
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9 | ABN | 1.131 | 6 | 4.77% | 18 | 0.052 | 1 | 0.28%
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10 | Merrill Lynch | 1.066 | 5 | 4.49% | 7 | 1.000 | 3 | 5.38%
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| Total | 23.713 | 48 | 18.569 | 39 |
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| Average size: | 0.494 | 0.476 |
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July, U.S. market, all issuers |
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| | | | | 2006 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
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1 | Deutsche Bank | 0.907 | 5 | 29.70% | 3 | 0.725 | 3 | 14.71%
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2 | Merrill Lynch | 0.586 | 4 | 19.19% | 4 | 0.443 | 3 | 9.00%
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3 | Barclays | 0.471 | 2 | 15.42% |
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4 | Lehman | 0.471 | 2 | 15.42% | 1 | 1.105 | 9 | 22.43%
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5 | Bank of China International | 0.197 | 1 | 6.45% |
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6 | Citigroup | 0.100 | 1 | 3.28% | 13 | 0.077 | 1 | 1.56%
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7 | Banc of America | 0.097 | 1 | 3.18% |
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8 | Credit Suisse | 0.075 | 1 | 2.46% | 2 | 0.813 | 7 | 16.51%
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9 | Wachovia | 0.075 | 1 | 2.46% | 9 | 0.150 | 1 | 3.04%
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10 | Jefferies | 0.075 | 1 | 2.46% |
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| Total | 3.053 | 10 | 4.927 | 18 |
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| Average size: | 0.305 | 0.274 |
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July, U.S. market, industrialized country issuers |
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| | | | | 2006 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Barclays | 0.471 | 2 | 23.10% |
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2 | Lehman | 0.471 | 2 | 23.10% | 1 | 1.105 | 9 | 26.15%
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3 | Deutsche Bank | 0.387 | 2 | 19.01% | 3 | 0.725 | 3 | 17.15%
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4 | Merrill Lynch | 0.387 | 2 | 19.01% | 7 | 0.196 | 2 | 4.64%
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5 | Banc of America | 0.097 | 1 | 4.76% |
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6 | Credit Suisse | 0.075 | 1 | 3.68% | 2 | 0.813 | 7 | 19.25%
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7 | Wachovia | 0.075 | 1 | 3.68% | 8 | 0.150 | 1 | 3.55%
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8 | Jefferies | 0.075 | 1 | 3.68% |
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| Total | 2.038 | 5 | 4.226 | 15 |
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| Average size: | 0.408 | 0.282 |
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July, global market, industrialized country issuers |
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| | | | | 2006 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Barclays | 0.624 | 4 | 16.77% | 13 | 0.079 | 1 | 1.65%
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2 | Lehman | 0.624 | 4 | 16.77% | 1 | 1.105 | 9 | 23.11%
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3 | Deutsche Bank | 0.541 | 4 | 14.53% | 3 | 0.725 | 3 | 15.16%
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4 | Merrill Lynch | 0.541 | 4 | 14.53% | 9 | 0.196 | 2 | 4.10%
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5 | BNP Paribas | 0.293 | 2 | 7.87% | 16 | 0.042 | 1 | 0.88%
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6 | TD | 0.192 | 1 | 5.15% |
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7 | Goldman Sachs | 0.156 | 1 | 4.18% | 8 | 0.209 | 2 | 4.37%
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8 | ABN | 0.156 | 1 | 4.18% |
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9 | SG | 0.138 | 1 | 3.69% | 14 | 0.079 | 1 | 1.65%
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10 | Calyon | 0.138 | 1 | 3.69% | 17 | 0.026 | 1 | 0.55%
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| Total | 3.724 | 10 | 4.782 | 18 |
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| Average size: | 0.372 | 0.266 |
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July, European currencies, industrialized country issuers |
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| | | | | 2006 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | BNP Paribas | 0.293 | 2 | 19.63% |
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2 | Goldman Sachs | 0.156 | 1 | 10.42% | 5 | 0.071 | 1 | 12.29%
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3 | ABN | 0.156 | 1 | 10.42% |
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4 | Deutsche Bank | 0.153 | 2 | 10.28% |
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5 | Barclays | 0.153 | 2 | 10.28% | 1 | 0.079 | 1 | 13.62%
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6 | Merrill Lynch | 0.153 | 2 | 10.28% |
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7 | Lehman | 0.153 | 2 | 10.28% |
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8 | SG | 0.138 | 1 | 9.21% | 4 | 0.079 | 1 | 13.62%
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9 | Calyon | 0.138 | 1 | 9.21% | 8 | 0.026 | 1 | 4.51%
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| Total | 1.493 | 4 | 0.580 | 4 |
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| Average size: | 0.373 | 0.145 |
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Prospect News High-Yield Underwriter Rankings
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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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