JPMorgan top U.S. market high-yield underwriter for 2007

• U.S. market high-yield issuance totals $155.83 billion for 2007

• JPMorgan top global high-yield underwriter for 2007

• Global high-yield issuance totals $162.01 billion for 2007

• Deutsche Bank top European high-yield underwriter for 2007

• European high-yield issuance totals $24.16 billion for 2007

New York, Dec. 31 - JPMorgan was the top underwriter of high-yield bonds for 2007, its third straight year in the number one position, according to data compiled by Prospect News.

Despite the summer's crisis in the credit markets that severely crimped activity in July, August and, to a lesser extent September, total new deal volume was $155.83 billion for the year, just $0.8 billion short of the $156.63 billion record amount for all of 2006.

JPMorgan had been leading the league tables for most of the year, taking the year-to-date number one position at the end of every month except January and February. The bank was also in the top position for all of 2006 and all of 2005.

Credit Suisse moved up to second place, although it was only marginally ahead of Citigroup, which slipped to third.

JPMorgan was also first for the global market, counting all major currencies, but excluding emerging markets deals.

On this basis, total new deal volume was $162.01 billion, below 2006's $171.21 billion by a 5% margin.

In Europe, Deutsche Bank placed number one for 2007.

The year's deals in Europe totaled $24.16 billion, just 70% of the $34.67 billion the previous year. 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.

2007, U.S. market, all issuers

2006 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	20.619	91	13.23%	1	21.981	118	14.03%
2	Credit Suisse	18.255	91	11.71%	3	16.357	86	10.44%
3	Citigroup	18.094	89	11.61%	2	20.821	97	13.29%
4	Banc of America	13.593	75	8.72%	6	12.326	85	7.87%
5	Merrill Lynch	13.520	63	8.68%	4	15.000	65	9.58%
6	Goldman Sachs	12.369	62	7.94%	9	8.640	48	5.52%
7	Lehman	10.647	65	6.83%	8	9.115	59	5.82%
8	Deutsche Bank	10.373	63	6.66%	5	14.432	84	9.21%
9	Morgan Stanley	7.996	42	5.13%	7	10.102	48	6.45%
10	UBS	5.320	34	3.41%	10	8.336	44	5.32%
	Total	155.830	375	156.629	396
	Average size:	0.416	0.396
2007, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	18.945	84	13.94%	1	20.775	109	14.63%
2	Credit Suisse	15.421	74	11.35%	3	15.526	79	10.94%
3	Citigroup	15.290	72	11.25%	2	18.123	81	12.77%
4	Banc of America	13.511	74	9.94%	6	12.238	84	8.62%
5	Goldman Sachs	11.671	59	8.59%	9	8.315	46	5.86%
6	Merrill Lynch	11.229	54	8.26%	4	14.228	60	10.02%
7	Lehman	10.319	63	7.59%	7	8.990	58	6.33%
8	Deutsche Bank	8.818	53	6.49%	5	12.923	75	9.10%
9	Morgan Stanley	6.616	34	4.87%	8	8.731	37	6.15%
10	Wachovia	5.168	31	3.80%	12	3.471	28	2.45%
	Total	135.889	306	141.965	333
	Average size:	0.444	0.426
2007, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	20.336	92	12.55%	1	24.967	130	14.09%
2	Credit Suisse	18.065	81	11.15%	2	21.363	98	12.06%
3	Citigroup	16.793	79	10.37%	3	20.962	94	11.83%
4	Banc of America	13.688	77	8.45%	6	12.401	86	7.00%
5	Deutsche Bank	13.327	74	8.23%	4	19.545	107	11.03%
6	Goldman Sachs	13.083	68	8.08%	8	11.130	56	6.28%
7	Merrill Lynch	12.295	59	7.59%	5	15.873	65	8.96%
8	Lehman	10.841	69	6.69%	9	9.660	65	5.45%
9	Morgan Stanley	6.827	36	4.21%	7	11.499	49	6.49%
10	Wachovia	5.168	31	3.19%	12	3.471	28	1.96%
	Total	162.008	362	177.210	405
	Average size:	0.448	0.438
2007, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.510	21	18.67%	1	6.623	32	19.10%
2	BNP Paribas	2.755	14	11.41%	9	1.460	7	4.21%
3	Credit Suisse	2.644	7	10.95%	2	5.837	19	16.84%
4	Barclays	1.515	6	6.27%	7	2.269	10	6.55%
5	Citigroup	1.503	7	6.22%	4	2.839	13	8.19%
6	Calyon	1.413	6	5.85%	12	0.529	5	1.53%
7	JPMorgan	1.361	7	5.63%	3	4.192	21	12.09%
8	Goldman Sachs	1.312	8	5.43%	5	2.815	10	8.12%
9	ABN	1.131	6	4.68%	13	0.497	6	1.43%
10	Merrill Lynch	1.066	5	4.41%	8	1.644	5	4.74%
	Total	24.157	52	34.665	70
	Average size:	0.465	0.495
Fourth quarter, U.S. market, all issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	4.495	18	13.31%	2	7.721	27	12.33%
2	Goldman Sachs	4.416	16	13.07%	8	4.047	19	6.46%
3	Citigroup	3.867	17	11.45%	5	5.832	25	9.32%
4	Banc of America	3.741	20	11.08%	7	4.447	24	7.10%
5	JPMorgan	3.546	14	10.50%	3	7.264	32	11.60%
6	Lehman	2.959	15	8.76%	10	3.312	15	5.29%
7	Morgan Stanley	2.651	9	7.85%	6	4.818	25	7.70%
8	Merrill Lynch	2.414	15	7.15%	1	8.026	27	12.82%
9	Deutsche Bank	1.971	10	5.83%	4	6.534	29	10.44%
10	ABN	0.610	1	1.81%	14	0.557	4	0.89%
	Total	33.776	62	62.607	122
	Average size:	0.545	0.513
Fourth quarter, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	4.416	16	13.82%	8	4.047	19	7.16%
2	Credit Suisse	4.298	16	13.45%	2	7.562	25	13.38%
3	Banc of America	3.741	20	11.71%	6	4.360	23	7.71%
4	Citigroup	3.581	14	11.20%	5	4.972	20	8.80%
5	JPMorgan	3.546	14	11.09%	3	7.064	31	12.50%
6	Lehman	2.959	15	9.26%	9	3.312	15	5.86%
7	Morgan Stanley	2.651	9	8.29%	7	4.072	19	7.20%
8	Merrill Lynch	2.191	14	6.85%	1	7.701	25	13.63%
9	Deutsche Bank	1.772	8	5.55%	4	5.421	23	9.59%
10	Wachovia	0.599	8	1.87%	12	1.321	5	2.34%
	Total	31.960	55	56.522	97
	Average size:	0.581	0.583
Fourth quarter, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	4.416	16	13.57%	7	4.490	22	6.49%
2	Credit Suisse	4.298	16	13.20%	1	9.870	32	14.26%
3	Banc of America	3.741	20	11.49%	8	4.360	23	6.30%
4	Citigroup	3.581	14	11.00%	6	4.972	20	7.18%
5	JPMorgan	3.546	14	10.89%	2	8.918	40	12.88%
6	Lehman	2.959	15	9.09%	9	3.844	19	5.55%
7	Morgan Stanley	2.651	9	8.14%	5	5.322	26	7.69%
8	Merrill Lynch	2.191	14	6.73%	4	8.346	27	12.06%
9	Deutsche Bank	1.772	8	5.44%	3	8.785	36	12.69%
10	Wachovia	0.599	8	1.84%	12	1.321	5	1.91%
	Total	32.549	58	69.218	119
	Average size:	0.561	0.582
Fourth quarter, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	MM Warburg	0.029	1	27.83%
2	HSBC	0.029	1	27.83%
3	Nordea	0.023	1	22.17%
4	Feamley Fonds	0.023	1	22.17%
	Total	0.105	2	12.594	21
	Average size:	0.053	0.600
December, U.S. market, all issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	0.869	3	45.54%	8	0.848	4	5.16%
2	Goldman Sachs	0.456	1	23.90%	5	1.627	9	9.90%
3	JPMorgan	0.250	1	13.10%	9	0.799	6	4.86%
4	Wachovia	0.148	1	7.78%	12	0.371	2	2.26%
5	Citigroup	0.069	1	3.62%	4	1.637	9	9.96%
6	Bear Stearns	0.069	1	3.62%
7	Credit Suisse	0.046	1	2.44%	2	2.116	7	12.87%
	Total	1.908	6	16.434	38
	Average size:	0.318	0.432
December, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	0.869	3	45.54%	8	0.848	4	5.87%
2	Goldman Sachs	0.456	1	23.90%	3	1.627	9	11.26%
3	JPMorgan	0.250	1	13.10%	9	0.799	6	5.53%
4	Wachovia	0.148	1	7.78%	11	0.371	2	2.57%
5	Citigroup	0.069	1	3.62%	5	1.247	7	8.64%
5	Bear Stearns	0.069	1	3.62%
7	Credit Suisse	0.046	1	2.44%	2	2.041	6	14.13%
	Total	1.908	6	14.444	29
	Average size:	0.318	0.498
December, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	0.869	3	44.18%	9	0.848	4	4.68%
2	Goldman Sachs	0.456	1	23.18%	4	2.070	12	11.43%
3	JPMorgan	0.250	1	12.71%	8	1.210	9	6.68%
4	Wachovia	0.148	1	7.55%	12	0.371	2	2.05%
5	Citigroup	0.069	1	3.51%	7	1.247	7	6.89%
5	Bear Stearns	0.069	1	3.51%	15	0.243	2	1.34%
7	Credit Suisse	0.046	1	2.36%	1	2.483	9	13.71%
8	MM Warburg	0.029	1	1.49%
8	HSBC	0.029	1	1.49%
	Total	1.967	7	18.110	37
	Average size:	0.281	0.489
December, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	MM Warburg	0.029	1	50.00%
2	HSBC	0.029	1	50.00%
	Total	0.059	1	3.666	8
	Average size:	0.059	0.458
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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