JPMorgan remains number one U.S. market high-yield underwriter

• U.S. market high-yield issuance totals $71.35 billion year to date

New York, Oct. 31 - JPMorgan once more held the number one spot among underwriters of high-yield bonds for the year to date, keeping the position it regained in August, according to data compiled by Prospect News.

October's new deal activity came to $2.15 billion in three tranches: MGM Mirage's $750 million sale and Avaya Inc.'s roll of a bridge loan into senior notes and senior PIK toggle notes.

That represented a sharp drop from September's $8.03 billion, although it was a little better than August's $1.68 billion.

Year-to-date issuance volume now stands at $71.35 billion, less than half, or 49%, of the $146.50 billion of activity at the same point last year.

October's issuance was less than one tenth of the $24.45 billion in the same month a year ago.

Among the underwriters, JPMorgan and Banc of America Securities were unchanged at the number one and number two positions, respectively.

JPMorgan regained first place in August after Banc of America took it for the year through June and July. Up until May, JPMorgan had held the lead for every month of 2008 in the year-to-date figures and also placed first for all of 2007.

Barclays and Lehman Brothers are ranked separately. Barclays by itself had $0.83 billion of deals year to date, placing it 17th. Combined, the two banks would have brought to market $3.60 billion of junk bonds, putting them in eighth place, ahead of Merrill Lynch.

Excluding emerging market deals from the totals, JPMorgan also remains on top. Total volume year to date on this basis is $62.71 billion.

After one junk offering in September, the European market had yet another month without deals.

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	10.682	57	14.97%	1	23.202	87	15.84%
2	Banc of America	9.652	50	13.53%	5	11.548	67	7.88%
3	Credit Suisse	8.874	34	12.44%	2	16.868	85	11.51%
4	Citigroup	7.146	35	10.01%	3	16.493	81	11.26%
5	Morgan Stanley	6.677	33	9.36%	9	7.016	38	4.79%
6	Deutsche Bank	4.872	28	6.83%	6	10.235	62	6.99%
7	Goldman Sachs	4.229	26	5.93%	8	9.770	54	6.67%
8	Merrill Lynch	3.554	16	4.98%	4	13.050	60	8.91%
9	Lehman	2.775	18	3.89%	7	9.847	61	6.72%
10	UBS	2.462	17	3.45%	11	4.966	32	3.39%
	Total	71.349	131	146.499	348
	Average size:	0.545	0.421
Year to date, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	10.182	54	16.24%	1	21.528	80	16.96%
2	Banc of America	9.652	50	15.39%	4	11.465	66	9.03%
3	Credit Suisse	8.451	30	13.48%	2	14.034	68	11.06%
4	Morgan Stanley	6.427	31	10.25%	9	5.636	30	4.44%
5	Citigroup	5.814	28	9.27%	3	13.777	65	10.85%
6	Goldman Sachs	4.229	26	6.74%	7	9.072	51	7.15%
7	Deutsche Bank	4.021	21	6.41%	8	8.680	52	6.84%
8	Merrill Lynch	3.431	15	5.47%	5	10.758	51	8.47%
9	Lehman	2.775	18	4.43%	6	9.518	59	7.50%
10	UBS	1.711	11	2.73%	13	3.580	28	2.82%
	Total	62.707	115	126.947	281
	Average size:	0.545	0.452
Year to date, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	10.182	54	16.05%	1	22.919	88	14.98%
2	Banc of America	9.725	51	15.33%	6	11.642	69	7.61%
3	Credit Suisse	8.451	30	13.32%	2	16.678	75	10.90%
4	Morgan Stanley	6.500	32	10.25%	9	5.846	32	3.82%
5	Citigroup	5.814	28	9.17%	3	15.280	72	9.99%
6	Goldman Sachs	4.303	27	6.78%	7	10.484	60	6.85%
7	Deutsche Bank	4.021	21	6.34%	4	13.190	73	8.62%
8	Merrill Lynch	3.431	15	5.41%	5	11.824	56	7.73%
9	Lehman	2.775	18	4.38%	8	10.041	65	6.56%
10	UBS	1.711	11	2.70%	12	4.244	31	2.77%
	Total	63.425	119	153.007	336
	Average size:	0.533	0.455
Year to date, European currencies, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBS	0.457	1	56.74%	12	0.882	2	3.67%
2	Pareto Securities	0.099	1	12.23%
3	Goldman Sachs	0.074	1	9.13%	8	1.312	8	5.45%
4	Morgan Stanley	0.074	1	9.13%	18	0.210	2	0.87%
5	Banc of America	0.074	1	9.13%	20	0.147	2	0.61%
6	Guy Butler Ltd.	0.029	1	3.63%
	Total	0.806	4	24.051	50
	Average size:	0.201	0.481
October, U.S. market, all issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	0.583	3	27.14%	9	1.670	5	6.83%
2	Citigroup	0.483	2	22.50%	3	2.267	9	9.27%
3	JPMorgan	0.483	2	22.50%	1	6.130	10	25.08%
4	Scotia	0.100	1	4.64%
5	Deutsche Bank	0.100	1	4.64%	6	1.833	9	7.50%
6	BNP Paribas	0.100	1	4.64%
7	Banc of America	0.100	1	4.64%	8	1.695	12	6.94%
8	Greenwich	0.100	1	4.64%
9	UBS	0.100	1	4.64%
	Total	2.148	3	24.445	35
	Average size:	0.716	0.698
October, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	0.583	3	27.14%	8	1.670	5	7.26%
2	Citigroup	0.483	2	22.50%	4	2.068	7	8.98%
3	JPMorgan	0.483	2	22.50%	1	6.130	10	26.63%
4	Scotia	0.100	1	4.64%
5	Deutsche Bank	0.100	1	4.64%	9	1.635	7	7.10%
6	BNP Paribas	0.100	1	4.64%
7	Banc of America	0.100	1	4.64%	7	1.695	12	7.37%
8	Greenwich	0.100	1	4.64%
9	UBS	0.100	1	4.64%
	Total	2.148	3	23.017	30
	Average size:	0.716	0.767
October, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	0.583	3	27.14%	8	1.670	5	7.09%
2	Citigroup	0.483	2	22.50%	4	2.068	7	8.78%
3	JPMorgan	0.483	2	22.50%	1	6.130	10	26.03%
4	Scotia	0.100	1	4.64%
5	Deutsche Bank	0.100	1	4.64%	9	1.635	7	6.94%
6	BNP Paribas	0.100	1	4.64%
7	Banc of America	0.100	1	4.64%	7	1.695	12	7.20%
8	Greenwich	0.100	1	4.64%
9	UBS	0.100	1	4.64%
	Total	2.148	3	23.548	32
	Average size:	0.716	0.736
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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