CSFB top high-yield underwriter year to date

* High-yield issuance totals $26.64 billion year to date

* Citigroup top high-yield underwriter in February

* High-yield issuance totals $10.96 billion in February

New York, Feb. 27 - High-yield bond issuance eased a little in February from the recent pace but still came in at a solid $10.96 billion for the month, according to data compiled by Prospect News.

That was significantly lower than January's $15.68 billion and a little smaller than the monthly average of $11.6 billion for 2003. It was also the least dollar amount of new issuance since August 2003, which saw $8.05 billion, although the number of deals was much higher at 50 compared to 31 in August 2003.

Meanwhile, Credit Suisse First Boston continued at number one in the league tables for the year to date, as it was in January and for 2003 as a whole. CSFB has handled $4.64 billion of deals so far this year.

But for the month of February, Citigroup was the top placed underwriter with $2.29 billion of bonds brought to market.

Prospect News' data covers dollar-denominated high-yield deals issued in the United States as registered offerings or under Rule 144A. (All amounts in the tables are dollars in billions.) The totals include issuers regardless of their home country.

For industrialized countries only - excluding emerging markets - Citigroup places first among underwriters for the year so far at $4.17 billion with Credit Suisse First Boston second at $3.85 billion.

Total issuance for 2004 to date is $23.73 billion for issuers with headquarters in industrialized countries while February saw $10.45 billion of new deals on this basis.

Year to date 2004, all issuers

2003 Comparables

	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1.	CSFB	4.639	28	17.41%	1	3.764	19	22.17%
2.	Citigroup	4.534	25	17.02%	2	2.757	13	16.23%
3.	Deutsche Bank	2.731	17	10.25%	3	2.265	12	13.34%
4.	Banc of America	2.592	19	9.73%	5	1.499	8	8.83%
5.	UBS	2.432	19	9.13%	10	0.463	3	2.73%
6.	JPMorgan	2.403	17	9.02%	6	0.958	8	5.64%
7.	Morgan Stanley	1.595	11	5.99%	8	0.875	1	5.15%
8.	Lehman	1.156	10	4.34%	9	0.794	6	4.68%
9.	Merrill Lynch	1.073	7	4.03%	12	0.271	2	1.60%
10.	Goldman Sachs	0.986	5	3.70%	4	1.510	6	8.89%
	Total	$26.641	106	$16.981	46
	Average size	$0.251	$0.369
February 2004, all issuers
					2003 Comparables
	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1.	Citigroup	2.292	13	20.90%	2	2.025	8	20.16%
2.	Deutsche Bank	1.832	11	16.71%	3	1.586	7	15.79%
3.	CSFB	1.438	12	13.12%	1	2.091	11	20.82%
4.	Morgan Stanley	0.770	6	7.02%	5	0.875	1	8.71%
5.	JPMorgan	0.709	7	6.46%	7	0.572	5	5.69%
6.	UBS	0.683	6	6.23%	14	0.050	1	0.49%
7.	Lehman	0.676	6	6.17%	6	0.745	5	7.42%
8.	Banc of America	0.610	7	5.57%	8	0.525	3	5.23%
9.	CIBC	0.450	2	4.10%	-	-	-	-
10.	Bear Stearns	0.407	4	3.71%	12	0.099	1	0.99%
	Total	$10.964	50	$10.046	23
	Average size	$0.219	$0.437
Year to date 2004, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1.	Citigroup	4.174	23	17.59%	2	2.598	12	17.66%
2.	CSFB	3.849	23	16.22%	1	3.406	17	23.15%
3.	Deutsche Bank	2.731	17	11.51%	3	2.265	12	15.39%
4.	Banc of America	2.592	19	10.92%	5	1.499	8	10.19%
5.	JPMorgan	2.403	17	10.13%	6	0.958	8	6.51%
6.	UBS	1.818	14	7.66%	8	0.463	3	3.15%
7.	Morgan Stanley	1.479	10	6.23%	-	-	-	-
8.	Goldman Sachs	0.986	5	4.15%	4	1.510	6	10.26%
9.	Lehman	0.966	9	4.07%	7	0.794	6	5.40%
10.	Bear Stearns	0.843	8	3.55%	13	0.099	1	0.67%
	Total	$23.733	93	$14.715	43
	Average size	$0.255	$0.342
February 2004, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1.	Citigroup	2.292	13	21.93%	1	2.025	8	25.01%
2.	Deutsche Bank	1.832	11	17.53%	3	1.586	7	19.59%
3.	CSFB	1.239	10	11.85%	2	1.892	10	23.36%
4.	Morgan Stanley	0.770	6	7.37%	-	-	-	-
5.	JPMorgan	0.709	7	6.78%	5	0.572	5	7.06%
6.	UBS	0.633	5	6.06%	12	0.050	1	0.61%
7.	Banc of America	0.610	7	5.84%	6	0.525	3	6.48%
8.	Lehman	0.486	5	4.65%	4	0.745	5	9.20%
9.	CIBC	0.450	2	4.31%	-	-	-	-
10.	Bear Stearns	0.407	4	3.89%	10	0.099	1	1.22%
	Total	$10.450	46	$8.097	21
	Average size	$0.227	$0.386
Prospect News High-Yield Underwriter Rankings

Criteria

* The tables include all dollar-denominated offerings sold in the United States 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 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.

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