* High-yield issuance totals $126.60 billion year to date
* CSFB top high-yield underwriter in November
* High-yield issuance totals $12.26 billion in November
New York, Nov. 26 - The high-yield bond market continued its vigorous level of new-issue activity in November, with another $12.26 billion of deals coming to market, bringing the year-to-date total to $126.60 billion, according to data compiled by Prospect News.
Meanwhile, Credit Suisse First Boston held on to the number one spot among underwriters of junk bonds, expanding its lead over second-placed Citigroup.
November's issuance of $12.26 billion was a little higher than October's $11.15 billion and September's $11.41 billion and slightly better than the average for 2003 of $11.51 billion a month.
The year-to-date total of $126.60 billion is far ahead of the $53.21 billion at the same point last year and already more than double the $59.65 billion for all of 2002.
It also easily exceeds the $77.37 billion total in 2001 and $44.44 billion in 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 peak is unlikely to be beaten in 2003 unless there is a big surge of activity during the few weeks of December available for issuance before the holidays begin.
Among underwriters, CSFB's lead over Citigroup grew to $4.77 billion compared to $3.59 billion in October.
JPMorgan jumped to third place year to date from fifth for the year to the end of October.
CSFB was also the top underwriter for the month of November, being bookrunner or joint bookrunner on 17 deals.
Prospect News' data covers dollar-denominated high-yield deals issued in the United States as registered offerings or under Rule 144A.
Year to date 2003
2002 Comparables
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | CSFB | 21.182 | 125 | 1 | 8.799 | 64
|
| 2. | Citigroup | 16.417 | 94 | 3 | 6.608 | 45
|
| 3. | JPMorgan | 12.947 | 96 | 4 | 5.543 | 45
|
| 4. | Goldman Sachs | 12.877 | 59 | 7 | 3.803 | 14
|
| 5. | Deutsche Bank | 12.705 | 93 | 2 | 6.871 | 45
|
| 6. | Banc of America | 11.891 | 82 | 5 | 5.287 | 41
|
| 7. | Lehman | 7.932 | 54 | 6 | 4.075 | 22
|
| 8. | UBS | 7.022 | 53 | 9 | 2.914 | 18
|
| 9. | Morgan Stanley | 6.929 | 34 | 8 | 3.411 | 17
|
| 10. | Bear Stearns | 5.635 | 31 | 10 | 1.368 | 10
|
| 11. | Merrill Lynch | 2.667 | 21 | 11 | 1.086 | 8
|
| 12. | Wachovia | 2.282 | 19 | 13 | 0.734 | 9
|
| 13. | Jefferies | 1.524 | 12 | 14 | 0.589 | 7
|
| 14. | CIBC | 1.518 | 15 | 15 | 0.419 | 5
|
| 15. | Dresdner KW | 0.875 | 1 | 12 | 0.776 | 7
|
|
|
| Total | $126.601 | 457 | $53.211 | 225
|
|
|
| Average size | $0.277 | $0.236
|
|
|
|
|
| November 2003
|
| | | | | 2002 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | CSFB | 2.093 | 17 | 4 | 0.839 | 8
|
| 2. | JPMorgan | 1.749 | 14 | 3 | 0.849 | 8
|
| 3. | Morgan Stanley | 1.557 | 7 | - | - | -
|
| 4. | Banc of America | 1.256 | 11 | 5 | 0.674 | 4
|
| 5. | Deutsche Bank | 1.242 | 12 | 1 | 1.232 | 9
|
| 6. | Citigroup | 0.915 | 9 | 2 | 1.08 | 8
|
| 7. | UBS | 0.752 | 4 | 10 | 0.066 | 1
|
| 8. | Goldman Sachs | 0.688 | 5 | 7 | 0.166 | 2
|
| 9. | Lehman | 0.639 | 6 | - | - | -
|
| 10. | Merrill Lynch | 0.469 | 3 | 8 | 0.1 | 1
|
|
|
| Total | $12.262 | 53 | $5.414 | 24
|
|
|
| Average size | $0.231 | $0.226
|
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| Prospect News High-Yield Underwriter Rankings
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Criteria
* The tables include all dollar-denominated offerings sold in the United States 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 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.
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