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

• U.S. market high-yield issuance totals $122.06 billion year to date

• JPMorgan top global high-yield underwriter year to date

• Global high-yield issuance totals $129.26 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, Sept. 28 - JPMorgan continued its run as number-one underwriter of high-yield bonds for the year so far, according to data compiled by Prospect News.

The bank has now taken the top spot for seven straight months.

For the year through September, JPMorgan has brought to market $17.07 billion of junk bonds in 77 deals, $2.85 billion ahead of Citigroup in second position with $14.23 billion in 72 deals.

Deal volume in September recovered from August's very low level but was still well below the pace of earlier in the year.

The month saw $8.67 billion of new issuance, more than four times the $2.07 billion seen in August but far short of the monthly average of $13.56 billion for 2007 so far.

September also saw slightly less activity than its counterpart a year ago, which had $9.19 billion of deals.

However, 2007 is still running far ahead of 2006, with $122.06 billion of junk issuance year to date, 30% ahead of the $94.02 billion for the same period a year ago.

Biomet Inc. made up just over a quarter of September's volume, at $2.35 billion out of the $8.67 billion total.

Meanwhile for the year through September, 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 fifth month at the top. Deutsche Bank was once more number one in Europe.

There was no new issuance in Europe for the second straight month. Before the recent interruption, there had been new deals every month 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	17.073	77	13.99%	2	14.717	86	15.65%
2	Citigroup	14.227	72	11.66%	1	14.989	72	15.94%
3	Credit Suisse	13.760	73	11.27%	3	8.636	59	9.19%
4	Merrill Lynch	11.106	48	9.10%	6	6.974	38	7.42%
5	Banc of America	9.852	55	8.07%	5	7.878	61	8.38%
6	Deutsche Bank	8.402	53	6.88%	4	7.898	55	8.40%
7	Goldman Sachs	7.953	46	6.52%	9	4.593	29	4.88%
8	Lehman	7.688	50	6.30%	7	5.804	44	6.17%
9	Morgan Stanley	5.346	33	4.38%	8	5.284	23	5.62%
10	UBS	4.966	32	4.07%	10	4.464	28	4.75%
	Total	122.055	313	94.022	274
	Average size:	0.390	0.343
Year to date, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	15.399	70	14.82%	1	13.711	78	16.05%
2	Citigroup	11.709	58	11.27%	2	13.151	61	15.39%
3	Credit Suisse	11.123	58	10.70%	3	7.964	54	9.32%
4	Banc of America	9.770	54	9.40%	4	7.878	61	9.22%
5	Merrill Lynch	9.038	40	8.70%	6	6.527	35	7.64%
6	Lehman	7.359	48	7.08%	7	5.679	43	6.65%
7	Goldman Sachs	7.255	43	6.98%	9	4.268	27	4.99%
8	Deutsche Bank	7.045	45	6.78%	5	7.502	52	8.78%
9	Wachovia	4.569	23	4.40%	12	2.151	23	2.52%
10	Morgan Stanley	3.965	25	3.82%	8	4.659	18	5.45%
	Total	103.930	251	85.443	236
	Average size:	0.414	0.362
Year to date, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	16.722	77	12.94%	1	16.049	90	14.86%
2	Credit Suisse	13.767	65	10.65%	3	11.493	66	10.64%
3	Citigroup	13.212	65	10.22%	2	15.990	74	14.81%
4	Deutsche Bank	11.555	66	8.94%	4	10.760	71	9.96%
5	Merrill Lynch	10.104	45	7.82%	6	7.526	38	6.97%
6	Banc of America	9.946	57	7.70%	5	8.041	63	7.45%
7	Goldman Sachs	8.667	52	6.71%	7	6.640	34	6.15%
8	Lehman	7.814	53	6.05%	9	5.816	46	5.39%
9	Wachovia	4.569	23	3.53%	13	2.151	23	1.99%
10	UBS	4.244	31	3.28%	10	4.016	27	3.72%
	Total	129.256	303	107.992	286
	Average size:	0.427	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	3.259	19	14.76%
2	BNP Paribas	2.755	14	11.55%	11	0.511	4	2.31%
3	Credit Suisse	2.644	7	11.09%	1	3.530	12	15.99%
4	Barclays	1.515	6	6.35%	6	1.860	7	8.43%
5	Citigroup	1.503	7	6.30%	3	2.839	13	12.86%
6	Calyon	1.413	6	5.92%	10	0.529	5	2.40%
7	Goldman Sachs	1.312	8	5.50%	4	2.373	7	10.75%
8	JPMorgan	1.293	6	5.42%	5	2.338	12	10.59%
9	ABN	1.131	6	4.74%	16	0.142	3	0.64%
10	Merrill Lynch	1.066	5	4.47%	8	1.000	3	4.53%
	Total	23.848	49	22.071	49
	Average size:	0.487	0.450
Third quarter, U.S. market, all issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	2.812	7	20.39%	7	1.588	12	6.32%
2	JPMorgan	1.863	5	13.51%	2	3.572	23	14.22%
3	Merrill Lynch	1.266	7	9.18%	4	1.879	10	7.48%
4	Goldman Sachs	1.063	2	7.71%	8	1.492	8	5.94%
5	ABN	1.050	2	7.61%	14	0.508	4	2.02%
6	Deutsche Bank	0.971	6	7.04%	3	2.380	16	9.48%
7	Jefferies	0.947	5	6.87%	16	0.330	2	1.31%
8	Citigroup	0.619	3	4.49%	1	3.917	19	15.60%
9	Credit Suisse	0.579	5	4.20%	5	1.864	15	7.42%
10	Barclays	0.471	2	3.41%
	Total	13.794	34	25.114	73
	Average size:	0.406	0.344
Third quarter, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	2.812	7	25.29%	6	1.588	12	7.00%
2	JPMorgan	1.863	5	16.76%	2	3.047	19	13.44%
3	Goldman Sachs	1.063	2	9.57%	8	1.492	8	6.58%
4	Jefferies	0.947	5	8.52%	14	0.330	2	1.46%
5	Merrill Lynch	0.548	4	4.93%	4	1.632	9	7.20%
6	Citigroup	0.519	2	4.67%	1	3.479	15	15.35%
7	Barclays	0.471	2	4.23%
8	Lehman	0.471	2	4.23%	5	1.588	15	7.01%
9	Deutsche Bank	0.452	3	4.06%	3	2.380	16	10.50%
10	Credit Suisse	0.388	3	3.49%	7	1.541	13	6.80%
	Total	11.117	23	22.670	63
	Average size:	0.483	0.360
Third quarter, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	2.812	7	21.96%	7	1.588	12	5.92%
2	JPMorgan	1.863	5	14.56%	1	4.563	26	17.01%
3	Goldman Sachs	1.219	3	9.52%	9	1.564	9	5.83%
4	Jefferies	0.947	5	7.40%	16	0.330	2	1.23%
5	Merrill Lynch	0.701	6	5.48%	6	1.632	9	6.08%
6	Barclays	0.624	4	4.88%	19	0.168	2	0.63%
7	Lehman	0.624	4	4.88%	5	1.689	17	6.30%
8	Deutsche Bank	0.605	5	4.73%	3	2.830	22	10.55%
9	Citigroup	0.519	2	4.05%	2	4.142	21	15.44%
10	ABN	0.456	2	3.56%	14	0.336	4	1.25%
	Total	12.803	28	26.827	77
	Average size:	0.457	0.348
Third quarter, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	BNP Paribas	0.293	2	19.63%
2	Goldman Sachs	0.156	1	10.42%	13	0.071	1	1.75%
3	ABN	0.156	1	10.42%	10	0.089	2	2.19%
4	Deutsche Bank	0.153	2	10.28%	3	0.451	6	11.04%
5	Barclays	0.153	2	10.28%	6	0.168	2	4.12%
6	Merrill Lynch	0.153	2	10.28%
7	Lehman	0.153	2	10.28%	8	0.101	2	2.47%
8	SG	0.138	1	9.21%	12	0.079	1	1.94%
9	Calyon	0.138	1	9.21%	14	0.026	1	0.64%
	Total	1.493	4	4.082	14
	Average size:	0.373	0.292
September, U.S. market, all issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	2.715	6	31.32%	2	1.171	8	12.74%
2	JPMorgan	1.500	3	17.30%	1	2.122	13	23.08%
3	Goldman Sachs	1.000	1	11.54%	4	1.031	5	11.22%
4	ABN	0.750	1	8.65%	10	0.261	2	2.84%
5	Jefferies	0.707	3	8.16%	13	0.120	1	1.31%
6	Merrill Lynch	0.680	3	7.85%	8	0.481	4	5.23%
7	Credit Suisse	0.441	3	5.09%	7	0.510	4	5.55%
8	Citigroup	0.219	1	2.52%	5	0.979	7	10.66%
9	TD	0.219	1	2.52%
10	Bear Stearns	0.199	1	2.29%	12	0.175	1	1.90%
	Total	8.669	20	9.191	28
	Average size:	0.433	0.328
September, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	2.715	6	38.60%	2	1.171	8	15.21%
2	JPMorgan	1.500	3	21.33%	1	1.949	12	25.32%
3	Goldman Sachs	1.000	1	14.22%	3	1.031	5	13.40%
4	Jefferies	0.707	3	10.06%	11	0.120	1	1.56%
5	Credit Suisse	0.250	1	3.55%	9	0.188	2	2.44%
6	Citigroup	0.219	1	3.11%	5	0.743	5	9.65%
7	TD	0.219	1	3.11%
8	Bear Stearns	0.199	1	2.83%	10	0.175	1	2.27%
9	Merrill Lynch	0.160	2	2.28%	7	0.481	4	6.25%
10	Deutsche Bank	0.064	1	0.91%	6	0.615	5	7.99%
	Total	7.033	15	7.698	22
	Average size:	0.469	0.350
September, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	2.715	6	38.60%	2	1.171	8	12.58%
2	JPMorgan	1.500	3	21.33%	1	3.214	15	34.54%
3	Goldman Sachs	1.000	1	14.22%	3	1.031	5	11.08%
4	Jefferies	0.707	3	10.06%	11	0.120	1	1.29%
5	Credit Suisse	0.250	1	3.55%	8	0.359	3	3.85%
6	Citigroup	0.219	1	3.11%	6	0.743	5	7.98%
7	TD	0.219	1	3.11%
8	Bear Stearns	0.199	1	2.83%	10	0.175	1	1.88%
9	Merrill Lynch	0.160	2	2.28%	7	0.481	4	5.17%
10	Deutsche Bank	0.064	1	0.91%	5	0.786	6	8.45%
	Total	7.033	15	9.306	25
	Average size:	0.469	0.372
September, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
	Total	0.000	0	1.608	3
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)

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.