JPMorgan top U.S. market high-yield underwriter for 2008

• U.S. market high-yield issuance totals $72.45 billion in 2008

New York, Dec. 31 - J.P. Morgan was top underwriter of high-yield bonds for a fourth consecutive year in 2008, according to data compiled by Prospect News.

The bank brought to market $10.79 billion of junk bonds during the year.

It also took first place in 2007, 2006 and 2005. Citigroup, this year's number four, was first in 2004.

Issuance for 2008 was less than half 2007's level, coming in at $72.45 billion, 45% of the $159.63 billion for 2007. By comparison, 2007 saw about the same new deal volume as the $156.63 billion in 2006 and both were higher than the $104.13 billion in 2005.

The total for 2008 was the smallest since the $59.62 billion recorded in 2002.

However 2008's activity was heavily concentrated in a small number of months. May and June accounted for nearly half - 44% - of the total for the year. February, November and December each saw less than $1 billion of issuance.

Returning to the rankings of the banks, excluding emerging market deals from the totals, JPMorgan also remains on top. And it was also placed first for global high-yield issuance, counting non-emerging markets deals in all currencies.

Banc of America was second for 2008, while Credit Suisse ranked third.

The figures total Lehman Brothers and Barclays separately. Combined, they would have placed eighth with $3.60 billion of deals.

The European high-yield market remained dormant for a third straight month. Issuance for the year was $0.81 billion, down from $24.2 billion in 2007. But from August 2007 onwards, most months have seen no issuance in Europe and none has exceeded $1 billion of activity.

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	10.793	58	14.90%	1	24.419	93	15.30%
2	Banc of America	9.736	51	13.44%	4	13.593	75	8.52%
3	Credit Suisse	8.874	34	12.25%	2	18.255	91	11.44%
4	Citigroup	7.257	36	10.02%	3	18.094	89	11.33%
5	Morgan Stanley	7.035	37	9.71%	9	7.996	42	5.01%
6	Deutsche Bank	4.872	28	6.73%	8	10.373	63	6.50%
7	Goldman Sachs	4.504	29	6.22%	6	12.369	62	7.75%
8	Merrill Lynch	3.554	16	4.91%	5	13.520	63	8.47%
9	Lehman	2.775	18	3.83%	7	10.647	65	6.67%
10	UBS	2.462	17	3.40%	10	5.320	34	3.33%
	Total	72.452	135	159.630	377
	Average size:	0.537	0.423
Year to date, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	10.293	55	16.13%	1	22.745	86	16.28%
2	Banc of America	9.736	51	15.26%	4	13.511	74	9.67%
3	Credit Suisse	8.451	30	13.24%	2	15.421	74	11.04%
4	Morgan Stanley	6.785	35	10.63%	9	6.616	34	4.74%
5	Citigroup	5.925	29	9.29%	3	15.290	72	10.95%
6	Goldman Sachs	4.504	29	7.06%	5	11.671	59	8.36%
7	Deutsche Bank	4.021	21	6.30%	8	8.818	53	6.31%
8	Merrill Lynch	3.431	15	5.38%	6	11.229	54	8.04%
9	Lehman	2.775	18	4.35%	7	10.319	63	7.39%
10	UBS	1.711	11	2.68%	12	3.847	29	2.75%
	Total	63.810	119	139.689	308
	Average size:	0.536	0.454
Year to date, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	10.293	55	15.95%	1	24.136	94	14.55%
2	Banc of America	9.809	52	15.20%	4	13.688	77	8.25%
3	Credit Suisse	8.451	30	13.10%	2	18.065	81	10.89%
4	Morgan Stanley	6.859	36	10.63%	9	6.827	36	4.12%
5	Citigroup	5.925	29	9.18%	3	16.793	79	10.13%
6	Goldman Sachs	4.577	30	7.09%	6	13.083	68	7.89%
7	Deutsche Bank	4.021	21	6.23%	5	13.327	74	8.04%
8	Merrill Lynch	3.431	15	5.32%	7	12.295	59	7.41%
9	Lehman	2.775	18	4.30%	8	10.841	69	6.54%
10	UBS	1.711	11	2.65%	11	4.511	32	2.72%
	Total	64.527	123	165.839	365
	Average size:	0.525	0.454
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	3.65%
2	Pareto Securities	0.099	1	12.23%
3	Goldman Sachs	0.074	1	9.13%	8	1.312	8	5.42%
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%	26	0.030	1	0.13%
	Total	0.806	4	24.187	53
	Average size:	0.201	0.456
Fourth quarter, U.S. market, all issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	0.942	7	28.96%	7	2.651	9	7.05%
2	Citigroup	0.594	3	18.29%	4	3.867	17	10.29%
3	JPMorgan	0.757	5	23.31%	1	7.346	16	19.55%
4	Goldman Sachs	0.274	3	8.44%	3	4.416	16	11.75%
5	Banc of America	0.184	2	5.65%	5	3.741	20	9.96%
6	Scotia	0.100	1	3.07%
6	Deutsche Bank	0.100	1	3.07%	9	1.971	10	5.24%
6	BNP Paribas	0.100	1	3.07%	18	0.197	1	0.53%
6	Greenwich	0.100	1	3.07%
6	UBS	0.100	1	3.07%	13	0.354	2	0.94%
	Total	3.251	7	37.576	64
	Average size:	0.464	0.587
Fourth quarter, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	0.942	7	28.96%	7	2.651	9	7.41%
2	Citigroup	0.594	3	18.29%	5	3.581	14	10.01%
3	JPMorgan	0.757	5	23.31%	1	7.346	16	20.54%
4	Goldman Sachs	0.274	3	8.44%	2	4.416	16	12.35%
5	Banc of America	0.184	2	5.65%	4	3.741	20	10.46%
6	Scotia	0.100	1	3.07%
6	Deutsche Bank	0.100	1	3.07%	9	1.772	8	4.96%
6	BNP Paribas	0.100	1	3.07%	16	0.197	1	0.55%
6	Greenwich	0.100	1	3.07%
6	UBS	0.100	1	3.07%	13	0.267	1	0.75%
	Total	3.251	7	35.760	57
	Average size:	0.464	0.627
Fourth quarter, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	0.942	7	28.96%	7	2.651	9	7.29%
2	Citigroup	0.594	3	18.29%	5	3.581	14	9.84%
3	JPMorgan	0.757	5	23.31%	1	7.346	16	20.19%
4	Goldman Sachs	0.274	3	8.44%	2	4.416	16	12.14%
5	Banc of America	0.184	2	5.65%	4	3.741	20	10.28%
6	Scotia	0.100	1	3.07%
6	Deutsche Bank	0.100	1	3.07%	9	1.772	8	4.87%
6	BNP Paribas	0.100	1	3.07%	16	0.197	1	0.54%
6	Greenwich	0.100	1	3.07%
6	UBS	0.100	1	3.07%	13	0.267	1	0.73%
	Total	3.251	7	36.380	61
	Average size:	0.464	0.596
December, U.S. market, all issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	0.195	2	31.86%
2	Goldman Sachs	0.111	1	18.14%	2	0.456	1	23.90%
2	Citigroup	0.111	1	18.14%	5	0.069	1	3.62%
2	JPMorgan	0.111	1	18.14%	3	0.250	1	13.10%
5	Banc of America	0.084	1	13.71%	1	0.869	3	45.54%
	Total	0.613	2	1.908	6
	Average size:	0.306	0.318
December, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	0.195	2	31.86%
2	Goldman Sachs	0.111	1	18.14%	2	0.456	1	23.90%
2	Citigroup	0.111	1	18.14%	5	0.069	1	3.62%
2	JPMorgan	0.111	1	18.14%	3	0.250	1	13.10%
5	Banc of America	0.084	1	13.71%	1	0.869	3	45.54%
	Total	0.613	2	1.908	6
	Average size:	0.306	0.318
December, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	0.195	2	31.86%
2	Goldman Sachs	0.111	1	18.14%	2	0.456	1	23.18%
2	Citigroup	0.111	1	18.14%	5	0.069	1	3.51%
2	JPMorgan	0.111	1	18.14%	3	0.250	1	12.71%
5	Banc of America	0.084	1	13.71%	1	0.869	3	44.18%
	Total	0.613	2	1.967	7
	Average size:	0.306	0.281
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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