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

• U.S. market high-yield issuance totals $33.11 billion year to date

New York, May 30 - JPMorgan was on top of the high-yield league tables for yet another month, according to data compiled by Prospect News.

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

Meanwhile new deal activity continued its strong rebound, totaling $14.70 billion for the month.

That was almost double the $8.48 billion seen in April and the largest amount since October's $20.65 billion.

However it was still below the May 2007 figure of $25.09 billion.

The May total includes emerging markets deals; without these, issuance for the month was $12.76 billion, still a notable improvement.

March saw $1.83 billion of high-yield deals and February $0.92 billion, both with no emerging markets offerings in the United States. January's figure was $7.19 billion, again with no emerging markets contribution.

Year-to-date issuance is now $33.11 billion in 68 deals ($27.37 billion in 57 deals without emerging markets), far behind the $83.63 billion in 223 deals at the same stage in 2007.

Europe saw a single deal, denominated in Norwegian krone. The region's junk market effectively shut down in July 2007, with just one small offering in each of November and December before this month.

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	6.632	32	20.03%	1	13.055	59	15.61%
2	Banc of America	4.776	26	14.42%	6	5.596	39	6.69%
3	Credit Suisse	3.648	15	11.02%	3	9.785	58	11.70%
4	Citigroup	2.773	14	8.37%	2	10.971	53	13.12%
5	Deutsche Bank	2.506	13	7.57%	7	5.443	31	6.51%
6	Merrill Lynch	2.149	11	6.49%	4	8.351	31	9.99%
7	Goldman Sachs	1.760	13	5.31%	8	5.009	33	5.99%
8	Morgan Stanley	1.122	8	3.39%	10	3.247	21	3.88%
9	Lehman	1.069	9	3.23%	5	6.070	41	7.26%
10	ABN	0.916	7	2.77%	15	0.750	4	0.90%
10	Calyon	0.916	7	2.77%
	Total	33.112	68	83.634	223
	Average size:	0.487	0.375
Year to date, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	6.382	31	23.32%	1	11.381	52	16.04%
2	Banc of America	4.776	26	17.45%	6	5.514	38	7.77%
3	Credit Suisse	3.424	13	12.51%	3	7.689	47	10.84%
4	Citigroup	2.108	10	7.70%	2	8.754	42	12.34%
5	Merrill Lynch	2.026	10	7.40%	4	7.101	27	10.01%
6	Deutsche Bank	1.905	8	6.96%	7	4.705	27	6.63%
7	Goldman Sachs	1.760	13	6.43%	8	4.411	31	6.22%
8	Morgan Stanley	1.122	8	4.10%	13	1.892	14	2.67%
9	Lehman	1.069	9	3.91%	5	5.741	39	8.09%
10	Wachovia	0.711	8	2.60%	11	2.525	19	3.56%
	Total	27.369	57	70.943	180
	Average size:	0.480	0.394
Year to date, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	6.382	31	22.76%	1	12.422	59	14.09%
2	Banc of America	4.776	26	17.04%	7	5.691	41	6.46%
3	Credit Suisse	3.424	13	12.21%	2	9.124	52	10.35%
4	Citigroup	2.108	10	7.52%	3	9.118	46	10.34%
5	Merrill Lynch	2.026	10	7.22%	5	7.664	29	8.69%
6	Deutsche Bank	1.905	8	6.79%	4	8.640	44	9.80%
7	Goldman Sachs	1.760	13	6.28%	8	5.399	37	6.13%
8	Morgan Stanley	1.122	8	4.00%	14	2.103	16	2.39%
9	Lehman	1.069	9	3.81%	6	5.911	42	6.71%
10	Wachovia	0.711	8	2.53%	11	2.525	19	2.86%
	Total	28.038	59	88.143	216
	Average size:	0.475	0.408
Year to date, European currencies, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Pareto Securities	0.099	1	100.00%
	Total	0.099	1	16.104	34
	Average size:	0.099	0.474
May, U.S. market, all issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	3.188	19	21.69%	2	3.700	22	14.74%
2	Banc of America	2.629	15	17.89%	5	1.909	13	7.61%
3	Credit Suisse	2.325	11	15.82%	4	1.921	12	7.66%
4	Citigroup	1.355	9	9.22%	1	4.776	23	19.03%
5	Goldman Sachs	1.033	8	7.03%	10	1.200	6	4.78%
6	Deutsche Bank	0.644	6	4.38%	7	1.739	11	6.93%
7	Morgan Stanley	0.596	3	4.05%	9	1.222	7	4.87%
8	Merrill Lynch	0.519	6	3.53%	8	1.723	11	6.87%
9	Lehman	0.364	4	2.48%	3	1.979	13	7.89%
10	Santander	0.296	1	2.02%
	Total	14.697	35	25.091	59
	Average size:	0.420	0.425
May, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.938	18	23.04%	2	3.450	21	15.81%
2	Banc of America	2.629	15	20.62%	5	1.826	12	8.37%
3	Credit Suisse	2.202	10	17.26%	4	1.921	12	8.80%
4	Goldman Sachs	1.033	8	8.10%	10	0.702	5	3.22%
5	Citigroup	0.940	7	7.37%	1	4.410	19	20.21%
6	Morgan Stanley	0.596	3	4.67%	12	0.641	5	2.94%
7	Deutsche Bank	0.543	4	4.25%	6	1.739	11	7.97%
8	Merrill Lynch	0.396	5	3.11%	8	1.173	9	5.38%
9	Lehman	0.364	4	2.85%	3	1.979	13	9.07%
10	Wachovia	0.285	3	2.24%	9	0.806	7	3.70%
	Total	12.755	29	21.815	48
	Average size:	0.440	0.454
May, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.938	18	21.89%	2	4.156	24	14.63%
2	Banc of America	2.629	15	19.59%	6	1.826	12	6.43%
3	Credit Suisse	2.202	10	16.40%	5	1.921	12	6.76%
4	Goldman Sachs	1.033	8	7.70%	11	1.117	6	3.93%
5	Citigroup	0.940	7	7.00%	1	4.468	20	15.73%
6	Morgan Stanley	0.596	3	4.44%	15	0.776	6	2.73%
7	Deutsche Bank	0.543	4	4.04%	3	2.473	16	8.70%
8	Nomura	0.501	2	3.74%
9	Merrill Lynch	0.396	5	2.95%	9	1.173	9	4.13%
10	Lehman	0.364	4	2.71%	4	2.046	14	7.20%
	Total	13.423	31	28.412	63
	Average size:	0.433	0.451
May, European currencies, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Pareto Securities	0.099	1	100.00%
	Total	0.099	1	5.929	14
	Average size:	0.099	0.423
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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