JPMorgan top U.S. market high-yield underwriter for January

• U.S. market high-yield issuance totals $7.19 billion for January

New York, Jan. 31 - JPMorgan started 2008 where it left off in 2007 - as the top underwriter of high-yield bonds for 2007, according to data compiled by Prospect News.

But given the small number of deals during January - a mere four tranches - the rankings essentially reflected the names of the bookrunners for Harrah's Entertainment Inc.'s $6.335 billion deal. That transaction accounted for 88% of the month's new deal volume.

JPMorgan was first for all of 2007, continuing a run that also saw it in the number one position for 2005 and 2006.

Total issuance for January was $7.19 billion, generally in line with levels since the credit crisis erupted last summer. By comparison, December saw $1.91 billion, November had $11.22 billion, October saw $20.65 billion while August and September totaled $2.07 billion and $8.67 billion, respectively.

January's league tables were identical if emerging markets are excluded and also for high yield on a global basis, counting all major currencies, but again excluding emerging markets deals.

Europe saw no deals again. The region's junk market effectively shut down after July, with just one small offering in each of November and December.

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

2007 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.381	4	19.22%	2	1.778	8	14.54%
2	Banc of America	1.256	3	17.48%	10	0.339	4	2.77%
3	Deutsche Bank	1.056	2	14.69%	9	0.450	2	3.68%
3	Merrill Lynch	1.056	2	14.69%	17	0.108	1	0.89%
3	Citigroup	1.056	2	14.69%	5	0.802	4	6.56%
3	Credit Suisse	1.056	2	14.69%	1	3.054	19	24.98%
7	RBS	0.200	1	2.78%	18	0.107	1	0.88%
8	Wachovia	0.125	1	1.74%	16	0.218	2	1.79%
	Total	7.185	4	12.230	40
	Average size:	1.796	0.306
Year to date, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.381	4	19.22%	2	1.254	5	14.79%
2	Banc of America	1.256	3	17.48%	8	0.339	4	4.00%
3	Deutsche Bank	1.056	2	14.69%	7	0.450	2	5.31%
3	Merrill Lynch	1.056	2	14.69%	15	0.108	1	1.28%
3	Citigroup	1.056	2	14.69%	5	0.652	3	7.69%
3	Credit Suisse	1.056	2	14.69%	1	1.608	11	18.96%
7	RBS	0.200	1	2.78%	16	0.107	1	1.27%
8	Wachovia	0.125	1	1.74%	13	0.218	2	2.57%
	Total	7.185	4	8.481	26
	Average size:	1.796	0.326
Year to date, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.381	4	19.22%	2	1.254	5	11.30%
2	Banc of America	1.256	3	17.48%	12	0.339	4	3.05%
3	Deutsche Bank	1.056	2	14.69%	4	0.967	3	8.71%
3	Merrill Lynch	1.056	2	14.69%	17	0.108	1	0.98%
3	Citigroup	1.056	2	14.69%	7	0.652	3	5.87%
3	Credit Suisse	1.056	2	14.69%	1	2.125	12	19.14%
7	RBS	0.200	1	2.78%	9	0.540	2	4.87%
8	Wachovia	0.125	1	1.74%	15	0.218	2	1.97%
	Total	7.185	4	11.101	29
	Average size:	1.796	0.383
Year to date, European currencies, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
	Total	0.000	0	2.620	3
	Average size:	0.873
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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