CSFB top high-yield underwriter for 2003

* High-yield issuance totals $138.66 billion for 2003

* CSFB top high-yield underwriter in fourth quarter

* High-yield issuance totals $35.47 billion in fourth quarter

* Lehman top high-yield underwriter in December

* High-yield issuance totals $12.06 billion in December

New York, Jan. 1 - The high-yield bond market finished 2003 with another month of vigorous new deal activity, bringing 2003 to a close with a total of $138.66 billion of issuance.

Meanwhile, Credit Suisse First Boston completed another year as number one underwriter, according to data compiled by Prospect News.

Although December's $12.06 billion of issuance was above the monthly average for the year of $11.56 billion, it appears to leave the market a little short of the record. Prospect News' data does not extend back to 1998, which was the previous record year. Thomson Financial had a total of $138 billion for that year but uses different criteria than Prospect News and has been running several billion lower this year. Deutsche Bank Securities analysts - whose figures have been close to Prospect News' - put the 1998 high-water mark at $143 billion.

Nonetheless, the 2003 total is still 2.3 times the size of the 2002 total of $59.65 billion and not far short of double the 2001 total of $77.37 billion, according to Prospect News data.

Among underwriters, CSFB placed first with $22.86 billion of new deals, 16.5% of the year's total.

CSFB has come in at the number one position every year since 2000 when it acquired former junk bond leader Donaldson, Lufkin & Jenrette.

CSFB was more than $5 billion ahead of number two placed Citigroup, which brought $17.17 billion to market for a 12.4% share. But Citigroup did manage to gain a place in the rankings compared to its 2002 performance.

Shooting up four places from number seven in 2002 was Goldman, Sachs & Co., which finished third with $14.36 billion or 10.4%, just ahead of JP Morgan with $14.00 billion or 10.1%. JP Morgan was also fourth in 2002.

Deutsche Bank Securities fell to fifth position from second in 2002, handling $13.60 billion of junk bonds or 9.8%.

Prospect News' data covers dollar-denominated high-yield deals issued in the United States as registered offerings or under Rule 144A. (All amounts in the tables are dollars in billions.)

2003

2002 Comparables

	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1.	CSFB	22.864	134	16.49	1	9.716	71	16.29
2.	Citigroup	17.169	99	12.38	3	6.666	46	11.18
3.	Goldman Sachs	14.360	69	10.36	7	4.680	16	7.85
4.	JPMorgan	13.966	103	10.07	4	6.561	50	11.00
5.	Deutsche Bank	13.596	101	9.80	2	7.546	51	12.65
6.	Banc of America	12.420	87	8.96	5	5.693	45	9.54
7.	Lehman	10.003	61	7.21	6	4.751	28	7.97
8.	UBS	7.787	60	5.62	9	3.252	20	5.45
9.	Morgan Stanley	7.291	37	5.26	8	3.576	19	5.99
10.	Bear Stearns	6.162	34	4.44	11	1.593	13	2.67
11.	Merrill Lynch	2.947	24	2.13	10	1.652	10	2.77
12.	Wachovia	2.488	22	1.79	12	1.077	11	1.81
13.	Jefferies	2.434	16	1.76	15	0.589	7	0.99
14.	CIBC	1.778	18	1.28	14	0.592	7	0.99
15.	Dresdner KW	0.875	1	0.63	13	0.776	7	1.30
	Total	$138.663	508	$59.648	252
	Average size	$0.273	$0.237
Fourth Quarter 2003
					2002 Comparables
	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1.	CSFB	5.367	37	15.13	3	2.046	18	14.07
2.	Deutsche Bank	3.932	31	11.08	1	2.313	19	15.91
3.	JPMorgan	3.820	29	10.77	2	2.153	17	14.81
4.	Goldman Sachs	3.552	23	10.01	7	1.044	4	7.18
5.	Banc of America	3.138	26	8.85	4	1.537	12	10.57
6.	Citigroup	2.818	20	7.94	5	1.514	11	10.41
7.	Lehman	2.794	16	7.88	6	1.106	9	7.61
8.	UBS	2.297	19	6.47	11	0.404	3	2.78
9.	Morgan Stanley	2.131	11	6.01	14	0.165	2	1.14
10.	Jefferies	1.407	8	3.97	15	0.075	1	0.52
	Total	$35.474	147	$14.537	61
	Average size	$0.241	$0.238
December
					2002 Comparables
	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1.	Lehman	1.909	7	15.83	4	0.676	6	10.50
2.	CSFB	1.682	9	13.94	2	0.917	7	14.25
3.	Goldman Sachs	1.433	9	11.88	3	0.877	2	13.63
4.	JPMorgan	1.020	7	8.45	1	1.018	5	15.82
5.	Deutsche Bank	0.924	8	7.66	5	0.675	6	10.48
6.	Jefferies	0.910	4	7.54	-	-	-	-
7.	Citigroup	0.785	5	6.51	13	0.059	1	0.91
8.	UBS	0.765	7	6.34	9	0.338	2	5.24
9.	Banc of America	0.529	5	4.39	7	0.406	4	6.31
10.	Bear Stearns	0.527	3	4.37	10	0.224	3	3.48
	Total	$12.062	51	$6.437	27
	Average size	$0.237	$0.238
Prospect News High-Yield Underwriter Rankings

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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