* High yield issuance $10.04 billion year to date
* CSFB top high yield underwriter in February
* High yield issuance $5.16 billion in February
New York, Feb. 28 - Credit Suisse First Boston was the top underwriter of high-yield bonds in February, pushing it into the number one place for the year so far, according to data compiled by Prospect News.
Meanwhile $5.162 billion of new high yield bonds came to market during the month, marginally above January's figure of $4.878 billion, bringing the year-to-date total just over the $10 billion mark to $10.040 billion.
After placing seventh in January, Credit Suisse First Boston shot to first place, in large part due to the $800 million offering for PanAmSat Corp. for which the firm was sole bookrunner. The deal priced in January but settled the following month so is included in the Prospect News tables for February. CSFB came in first for 2001 as a whole.
With two consecutive months well below last year's issuance pace, new-issue volume is now running at only just over half the 2001 level. So far this year, $10.040 billion of new high-yield bonds have come to market compared to $19.412 billion in the same period a year earlier.
However, while January lagged at $4.878 billion, just 40% of the $12.306 billion in January 2001, February's pace of business was 73% of the year-ago rate.
Average deal size is also well down on a year ago at $278.89 million for the first two months of 2002 compared to $366.26 for the same period of 2001.
2002 Year to Date
2001 Comparables
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | CS First Boston | 1,600.00 | 7 | 5 | 1,973.45 | 11
|
| 2. | JP Morgan | 1,322.99 | 9 | 7 | 1,068.80 | 6
|
| 3. | Salomon SB | 1,254.35 | 10 | 1 | 4,883.85 | 15
|
| 4. | Banc of America | 1,286.98 | 8 | 9 | 895.48 | 5
|
| 5. | Deutsche Banc | 1,117.42 | 5 | 4 | 2,036.68 | 10
|
| 6. | Goldman Sachs | 996.85 | 2 | 3 | 2,077.05 | 5
|
| 7. | Lehman | 980.78 | 4 | 6 | 1,520.50 | 6
|
| 8. | Dresdner KW | 400.00 | 2 | - | - | -
|
| 9. | Morgan Stanley | 278.01 | 2 | 2 | 3,212.48 | 10
|
| 10. | Bear Stearns | 235.91 | 2 | - | - | -
|
| 11. | Wachovia | 145.83 | 2 | - | - | -
|
| 12. | ING | 128.01 | 1 | - | - | -
|
| 13. | CIBC | 120.05 | 1 | - | - | -
|
| 14. | Merrill Lynch | 86.88 | 1 | 8 | 1,043.85 | 4
|
| 15. | UBS Warburg | 58.33 | 1 | 10 | 424.90 | 2
|
| Total | $10,039.89 | 36 | $19,412.03 | 53
|
|
|
| Average size | $278.89 | $366.26
|
|
|
| February 2002
|
| | | | | 2001 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | CS First Boston | 1,300.00 | 5 | 4 | 648.25 | 6
|
| 2. | Lehman | 980.78 | 4 | 3 | 797.20 | 3
|
| 3. | Goldman Sachs | 496.85 | 1 | 10 | 110.05 | 1
|
| 4. | JP Morgan | 489.17 | 4 | 5 | 580.00 | 3
|
| 5. | Salomon SB | 394.17 | 4 | 1 | 2272.30 | 6
|
| 6. | Deutsche Banc | 381.92 | 3 | 2 | 1,259.88 | 6
|
| 7. | Morgan Stanley | 278.01 | 2 | 8 | 339.00 | 2
|
| 8. | Banc of America | 275.00 | 3 | 6 | 425.00 | 2
|
| 9. | ING | 128.01 | 1 | - | - | -
|
| 10. | CIBC | 120.05 | 1 | - | - | -
|
| Total | $5,161.87 | 21 | $7,105.98 | 26
|
|
|
| Average size | $245.80 | $273.31
|
|
|
|
|
| Prospect News High Yield Underwriter Rankings
|
|
|
Criteria
* The tables include all dollar-denominated offerings sold in the U.S. 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 above $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 settle.
* 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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