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

• U.S. market high-yield issuance totals $9.93 billion year to date

New York, March 31 - JPMorgan was once again the top underwriter of high-yield bonds, although in a market where activity was barely showing a pulse, according to data compiled by Prospect News.

The bank ranked first for the year through March and for the month of March. It also came in first for the year through February, in January and for all of 2007, 2006 and 2005.

New deal volume was only $1.83 billion on four transactions for the month. While double February's $0.92 billion, it was the lowest level, apart from February, since August 2002.

Year-to-date issuance now totals $9.93 billion, 21% of the $46.50 billion at the same stage in 2007.

March'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	1.854	7	18.67%	1	7.556	27	16.25%
2	Banc of America	1.702	7	17.13%	7	2.482	19	5.34%
3	Credit Suisse	1.222	3	12.31%	2	6.574	38	14.14%
3	Deutsche Bank	1.222	3	12.31%	8	2.394	11	5.15%
5	Merrill Lynch	1.056	2	10.63%	3	5.998	18	12.90%
5	Citigroup	1.056	2	10.63%	4	5.014	22	10.78%
7	Morgan Stanley	0.405	3	4.08%	11	1.583	11	3.40%
8	Goldman Sachs	0.332	2	3.34%	6	3.211	21	6.91%
9	Jefferies	0.297	2	2.99%	10	1.700	8	3.66%
10	RBS	0.200	1	2.01%	15	0.507	3	1.09%
	Total	9.933	13	46.497	128
	Average size:	0.764	0.363
Year to date, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.854	7	18.67%	1	6.332	22	16.43%
2	Banc of America	1.702	7	17.13%	7	2.482	19	6.44%
3	Credit Suisse	1.222	3	12.31%	3	4.478	27	11.62%
3	Deutsche Bank	1.222	3	12.31%	8	2.144	10	5.56%
5	Merrill Lynch	1.056	2	10.63%	2	5.598	17	14.52%
5	Citigroup	1.056	2	10.63%	5	3.310	16	8.59%
7	Morgan Stanley	0.405	3	4.08%	12	0.810	6	2.10%
8	Goldman Sachs	0.332	2	3.34%	6	3.111	20	8.07%
9	Jefferies	0.297	2	2.99%	10	1.700	8	4.41%
10	RBS	0.200	1	2.01%	15	0.507	3	1.32%
	Total	9.933	13	38.551	102
	Average size:	0.764	0.378
Year to date, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.854	7	18.67%	1	6.667	26	14.69%
2	Banc of America	1.702	7	17.13%	8	2.583	21	5.69%
3	Credit Suisse	1.222	3	12.31%	3	5.486	29	12.09%
3	Deutsche Bank	1.222	3	12.31%	4	4.367	17	9.62%
5	Merrill Lynch	1.056	2	10.63%	2	6.161	19	13.58%
5	Citigroup	1.056	2	10.63%	5	3.615	19	7.97%
7	Morgan Stanley	0.405	3	4.08%	15	0.810	6	1.78%
8	Goldman Sachs	0.332	2	3.34%	7	3.183	21	7.01%
9	Jefferies	0.297	2	2.99%	10	1.700	8	3.75%
10	RBS	0.200	1	2.01%	14	0.940	4	2.07%
	Total	9.933	13	45.381	114
	Average size:	0.764	0.398
Year to date, European currencies, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
	Total	0.000	0	6.402	11
	Average size:	0.582
March, U.S. market, all issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.373	2	20.42%	1	4.111	11	21.19%
2	Goldman Sachs	0.332	2	18.14%	3	1.956	16	10.08%
3	Morgan Stanley	0.305	2	16.68%	11	0.680	4	3.51%
3	Banc of America	0.305	2	16.68%	6	1.134	9	5.84%
5	Lehman	0.180	1	9.84%	4	1.672	12	8.62%
6	Deutsche Bank	0.167	1	9.12%	5	1.265	6	6.52%
6	Credit Suisse	0.167	1	9.12%	7	1.118	10	5.76%
	Total	1.828	4	19.403	44
	Average size:	0.457	0.441
March, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.373	2	20.42%	1	4.111	11	22.19%
2	Goldman Sachs	0.332	2	18.14%	3	1.956	16	10.56%
3	Morgan Stanley	0.305	2	16.68%	11	0.459	3	2.48%
3	Banc of America	0.305	2	16.68%	6	1.134	9	6.12%
5	Lehman	0.180	1	9.84%	4	1.672	12	9.02%
6	Deutsche Bank	0.167	1	9.12%	5	1.265	6	6.83%
6	Credit Suisse	0.167	1	9.12%	7	1.118	10	6.04%
	Total	1.828	4	18.527	41
	Average size:	0.457	0.452
March, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.373	2	20.42%	1	4.273	13	21.99%
2	Goldman Sachs	0.332	2	18.14%	3	2.028	17	10.44%
3	Morgan Stanley	0.305	2	16.68%	11	0.459	3	2.36%
3	Banc of America	0.305	2	16.68%	6	1.235	11	6.36%
5	Lehman	0.180	1	9.84%	4	1.773	14	9.13%
6	Deutsche Bank	0.167	1	9.12%	5	1.336	7	6.88%
6	Credit Suisse	0.167	1	9.12%	7	1.118	10	5.75%
	Total	1.828	4	19.430	44
	Average size:	0.457	0.442
March, European currencies, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
	Total	0.000	0	0.753	2
	Average size:	0.377
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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