JPMorgan top U.S. market high-yield underwriter year to date

• U.S. market high-yield issuance totals $8.11 billion year to date

New York, Feb. 29 - JPMorgan continued its run at the top of the high-yield league tables, ranking first for the year through February, according to data compiled by Prospect News.

The bank was also top for January and for all of 2007, 2006 and 2005.

However for February Jefferies & Co. ranked number one with $0.30 billion of deals.

New deal volume plunged to just $0.92 billion in February, just 6% of the $14.86 billion in February 2007.

February's total was the smallest since the $0.36 billion in September 2001.

February'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	1.481	5	18.27%	3	3.445	16	12.71%
2	Banc of America	1.397	5	17.24%	6	1.348	10	4.98%
3	Deutsche Bank	1.056	2	13.03%	8	1.130	5	4.17%
3	Merrill Lynch	1.056	2	13.03%	5	2.123	9	7.84%
3	Citigroup	1.056	2	13.03%	2	4.025	15	14.86%
3	Credit Suisse	1.056	2	13.03%	1	5.456	28	20.14%
7	Jefferies	0.297	2	3.66%	11	0.817	4	3.02%
8	RBS	0.200	1	2.47%	18	0.257	2	0.95%
9	Wachovia	0.191	2	2.36%	10	0.862	7	3.18%
10	Morgan Stanley	0.100	1	1.23%	9	0.903	7	3.33%
	Total	8.105	9	27.093	84
	Average size:	0.901	0.323
Year to date, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.481	5	18.27%	3	2.221	11	11.09%
2	Banc of America	1.397	5	17.24%	6	1.348	10	6.73%
3	Deutsche Bank	1.056	2	13.03%	8	0.880	4	4.39%
3	Merrill Lynch	1.056	2	13.03%	4	2.123	9	10.60%
3	Citigroup	1.056	2	13.03%	2	2.577	10	12.87%
3	Credit Suisse	1.056	2	13.03%	1	3.360	17	16.78%
7	Jefferies	0.297	2	3.66%	10	0.817	4	4.08%
8	RBS	0.200	1	2.47%	16	0.257	2	1.29%
9	Wachovia	0.191	2	2.36%	9	0.862	7	4.30%
10	Morgan Stanley	0.100	1	1.23%	13	0.351	3	1.75%
	Total	8.105	9	20.023	61
	Average size:	0.901	0.328
Year to date, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.481	5	18.27%	5	2.394	13	9.23%
2	Banc of America	1.397	5	17.24%	7	1.348	10	5.20%
3	Deutsche Bank	1.056	2	13.03%	2	3.031	10	11.68%
3	Merrill Lynch	1.056	2	13.03%	4	2.615	10	10.08%
3	Citigroup	1.056	2	13.03%	3	2.750	12	10.60%
3	Credit Suisse	1.056	2	13.03%	1	4.368	19	16.83%
7	Jefferies	0.297	2	3.66%	11	0.817	4	3.15%
8	RBS	0.200	1	2.47%	14	0.690	3	2.66%
9	Wachovia	0.191	2	2.36%	10	0.862	7	3.32%
10	Morgan Stanley	0.100	1	1.23%	16	0.351	3	1.35%
	Total	8.105	9	25.951	70
	Average size:	0.901	0.371
Year to date, European currencies, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
	Total	0.000	0	5.649	9
	Average size:	0.628
February, U.S. market, all issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Jefferies	0.297	2	32.23%	12	0.319	3	2.15%
2	Banc of America	0.141	2	15.34%	5	1.009	6	6.79%
3	Morgan Stanley	0.100	1	10.87%	14	0.201	2	1.35%
3	JPMorgan	0.100	1	10.87%	4	1.666	8	11.21%
5	RBC	0.075	1	8.15%	18	0.068	1	0.45%
5	HSBC	0.075	1	8.15%
7	SunTrust	0.066	1	7.19%
7	Wachovia	0.066	1	7.19%	8	0.643	5	4.33%
	Total	0.920	5	14.863	44
	Average size:	0.184	0.338
February, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Jefferies	0.297	2	32.23%	11	0.319	3	2.77%
2	Banc of America	0.141	2	15.34%	4	1.009	6	8.74%
3	Morgan Stanley	0.100	1	10.87%	13	0.201	2	1.74%
3	JPMorgan	0.100	1	10.87%	5	0.966	6	8.37%
5	RBC	0.075	1	8.15%	16	0.068	1	0.58%
5	HSBC	0.075	1	8.15%
7	SunTrust	0.066	1	7.19%
7	Wachovia	0.066	1	7.19%	7	0.643	5	5.57%
	Total	0.920	5	11.542	35
	Average size:	0.184	0.330
February, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Jefferies	0.297	2	32.23%	12	0.319	3	2.15%
2	Banc of America	0.141	2	15.34%	6	1.009	6	6.80%
3	Morgan Stanley	0.100	1	10.87%	14	0.201	2	1.35%
4	JPMorgan	0.100	1	10.87%	5	1.140	8	7.68%
5	RBC	0.075	1	8.15%	17	0.068	1	0.45%
6	HSBC	0.075	1	8.15%
7	SunTrust	0.066	1	7.19%
8	Wachovia	0.066	1	7.19%	8	0.643	5	4.33%
	Total	0.920	5	14.849	41
	Average size:	0.184	0.362
February, European currencies, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
	Total	0.000	0	3.028	6
	Average size:	0.505
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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