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

• U.S. market high-yield issuance totals $113.39 billion year to date

• JPMorgan top global high-yield underwriter year to date

• Global high-yield issuance totals $122.22 billion year to date

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

• European high-yield issuance totals $23.85 billion year to date

New York, Aug. 31 - JPMorgan held the number one spot among underwriters of high-yield bonds for the year so far as monthly activity plummeted to its lowest level in five years, according to data compiled by Prospect News.

August saw just $2.07 billion of new junk bond issuance, the smallest monthly total since the $1.18 billion in August 2002.

And nearly all of August's activity came in a single transaction, Sabic Innovative Plastics Holding BV's $1.5 billion sale of bonds.

Nonetheless, year-to-date volume is $113.39 billion, 34% ahead of the $84.83 billion for the first eight months of the record-setting year of 2006. August 2006 saw $11.00 billion of new deals.

JPMorgan has now placed first in the Prospect News rankings for six consecutive 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 fourth month at the top. Deutsche Bank was once more number one in Europe.

There was no new issuance in Europe, the first time that has happened since August 2003.

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	15.573	74	13.73%	2	12.596	73	14.85%
2	Citigroup	14.008	71	12.35%	1	14.010	65	16.51%
3	Credit Suisse	13.319	70	11.75%	3	8.126	55	9.58%
4	Merrill Lynch	10.426	45	9.20%	6	6.492	34	7.65%
5	Deutsche Bank	8.338	52	7.35%	4	7.283	50	8.59%
6	Lehman	7.688	50	6.78%	7	5.521	41	6.51%
7	Banc of America	7.137	49	6.29%	5	6.708	53	7.91%
8	Goldman Sachs	6.953	45	6.13%	11	3.561	24	4.20%
9	Morgan Stanley	5.346	33	4.71%	9	4.142	17	4.88%
10	UBS	4.966	32	4.38%	8	4.464	28	5.26%
	Total	113.385	293	84.831	246
	Average size:	0.387	0.345
Year to date, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	13.899	67	14.34%	2	11.762	66	15.13%
2	Citigroup	11.491	57	11.86%	1	12.408	56	15.96%
3	Credit Suisse	10.873	57	11.22%	3	7.776	52	10.00%
4	Merrill Lynch	8.878	38	9.16%	6	6.045	31	7.78%
5	Lehman	7.359	48	7.60%	7	5.396	40	6.94%
6	Banc of America	7.055	48	7.28%	5	6.708	53	8.63%
7	Deutsche Bank	6.981	44	7.20%	4	6.887	47	8.86%
8	Goldman Sachs	6.255	42	6.46%	11	3.236	22	4.16%
9	Wachovia	4.569	23	4.71%	12	2.151	23	2.77%
10	Morgan Stanley	3.965	25	4.09%	9	3.717	13	4.78%
	Total	96.896	236	77.745	214
	Average size:	0.411	0.363
Year to date, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	15.222	74	12.45%	2	12.835	75	13.01%
2	Credit Suisse	13.517	64	11.06%	3	11.135	63	11.28%
3	Citigroup	12.994	64	10.63%	1	15.247	69	15.45%
4	Deutsche Bank	11.491	65	9.40%	4	9.974	65	10.11%
5	Merrill Lynch	9.943	43	8.14%	5	7.045	34	7.14%
6	Lehman	7.814	53	6.39%	8	5.532	43	5.61%
7	Goldman Sachs	7.667	51	6.27%	7	5.609	29	5.68%
8	Banc of America	7.231	51	5.92%	6	6.870	55	6.96%
9	Wachovia	4.569	23	3.74%	13	2.151	23	2.18%
10	UBS	4.244	31	3.47%	10	4.016	27	4.07%
	Total	122.222	288	98.686	261
	Average size:	0.424	0.378
Year to date, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.510	21	18.91%	2	3.087	18	15.09%
2	BNP Paribas	2.755	14	11.55%	11	0.511	4	2.50%
3	Credit Suisse	2.644	7	11.09%	1	3.359	11	16.41%
4	Barclays	1.515	6	6.35%	5	1.860	7	9.09%
5	Citigroup	1.503	7	6.30%	3	2.839	13	13.87%
6	Calyon	1.413	6	5.92%	10	0.529	5	2.59%
7	Goldman Sachs	1.312	8	5.50%	4	2.373	7	11.59%
8	JPMorgan	1.293	6	5.42%	7	1.073	9	5.24%
9	ABN	1.131	6	4.74%	16	0.142	3	0.69%
10	Merrill Lynch	1.066	5	4.47%	8	1.000	3	4.88%
	Total	23.848	49	20.463	46
	Average size:	0.487	0.445
August, U.S. market, all issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.363	2	17.55%	4	1.019	6	9.27%
2	Citigroup	0.300	1	14.48%	1	2.861	11	26.02%
2	ABN	0.300	1	14.48%	12	0.247	2	2.25%
2	HSBC	0.300	1	14.48%
2	GECC	0.300	1	14.48%
6	Jefferies	0.165	1	7.97%	14	0.210	1	1.91%
7	Morgan Stanley	0.089	2	4.31%	17	0.093	1	0.84%
8	Goldman Sachs	0.063	1	3.06%	10	0.323	2	2.94%
8	Credit Suisse	0.063	1	3.06%	7	0.540	4	4.91%
8	Bear Stearns	0.063	1	3.06%	11	0.323	2	2.94%
	Total	2.071	4	10.995	27
	Average size:	0.518	0.407
August, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.363	2	17.77%	5	0.894	5	8.32%
2	Citigroup	0.300	1	14.67%	1	2.736	10	25.46%
2	ABN	0.300	1	14.67%	12	0.247	2	2.30%
2	HSBC	0.300	1	14.67%
2	GECC	0.300	1	14.67%
6	Jefferies	0.165	1	8.07%	14	0.210	1	1.95%
7	Goldman Sachs	0.063	1	3.10%	10	0.323	2	3.01%
7	Morgan Stanley	0.063	1	3.10%	17	0.093	1	0.86%
7	Credit Suisse	0.063	1	3.10%	7	0.540	4	5.03%
7	Bear Stearns	0.063	1	3.10%	11	0.323	2	3.01%
	Total	2.046	3	10.745	26
	Average size:	0.682	0.413
August, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.363	2	17.77%	4	1.073	8	8.42%
2	Citigroup	0.300	1	14.67%	1	3.328	15	26.12%
2	ABN	0.300	1	14.67%	10	0.336	4	2.64%
2	HSBC	0.300	1	14.67%
2	GECC	0.300	1	14.67%
6	Jefferies	0.165	1	8.07%	15	0.210	1	1.65%
7	Goldman Sachs	0.063	1	3.10%	12	0.323	2	2.54%
7	Morgan Stanley	0.063	1	3.10%	19	0.093	1	0.73%
7	Credit Suisse	0.063	1	3.10%	7	0.730	7	5.73%
7	Bear Stearns	0.063	1	3.10%	13	0.323	2	2.54%
	Total	2.046	3	12.739	34
	Average size:	0.682	0.375
August, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
	Total	0.000	0	1.894	7
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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