Banc of America jumps to top spot among U.S. market high-yield underwriters

• U.S. market high-yield issuance totals $49.91 billion year to date

New York, June 30 - Banc of America wrested the number one spot among high yield bond underwriters from JPMorgan for the year through June, according to data compiled by Prospect News.

Banc of America, helped by its role as one of three bookrunners for a total of $8 billion of bonds brought to market for various issuers that are part of the Intelsat group, has now handled $8.44 billion of high yield debt so far this year, $0.21 billion ahead of JPMorgan, with $8.23 billion.

JPMorgan ranked first in the year-to-date ranking for every month so far this year and also took the number one spot for 2007 as a whole, 2006 as a whole and 2005 as a whole.

The other two bookrunners on the Intelsat financings, Credit Suisse and Morgan Stanley, took the number three and number four positions.

Intelsat has accounted for one sixth of this year's junk bond volume.

Aided by that deal, June also recorded a strong level of activity, with $15.79 billion of deals.

That was slightly higher than May's $14.70 billion and the biggest number so far this year. It is also the best level of issuance since October 2007, when $20.65 billion came to market.

However it is well below the $24.63 billion of June 2007, the final month before the credit crisis erupted.

Year-to-date volume is $48.91 billion, less than half the $108.26 billion at the same stage of 2007.

Excluding emerging markets deals from the totals, JPMorgan remains on top. Total volume year-to-date on this basis is $34.81 billion.

Meanwhile Europe had yet another month with no primary market activity. So far this year the continent has seen just a single deal, a small offering denominated in Norwegian krone.

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	Banc of America	8.439	41	17.26%	7	7.040	48	6.50%
2	JPMorgan	8.225	45	16.82%	1	15.209	72	14.05%
3	Credit Suisse	7.253	27	14.83%	3	13.180	68	12.17%
4	Morgan Stanley	4.207	20	8.60%	9	5.256	31	4.86%
5	Citigroup	3.766	21	7.70%	2	13.608	69	12.57%
6	Deutsche Bank	2.767	18	5.66%	5	7.431	47	6.86%
7	Merrill Lynch	2.445	12	5.00%	4	9.840	41	9.09%
8	Goldman Sachs	1.968	16	4.02%	8	6.890	44	6.36%
9	UBS	1.726	12	3.53%	10	4.903	31	4.53%
10	Lehman	1.601	14	3.27%	6	7.217	48	6.67%
	Total	48.905	100	108.261	279
	Average size:	0.489	0.388
Year to date, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	7.935	42	22.79%	1	13.535	65	14.58%
2	Banc of America	5.772	34	16.58%	5	6.958	47	7.50%
3	Credit Suisse	4.288	17	12.32%	3	10.735	55	11.57%
4	Citigroup	3.061	15	8.79%	2	11.191	56	12.06%
5	Merrill Lynch	2.322	11	6.67%	4	8.490	36	9.15%
6	Deutsche Bank	2.126	11	6.11%	7	6.594	42	7.10%
7	Goldman Sachs	1.968	16	5.65%	8	6.192	41	6.67%
8	Lehman	1.601	14	4.60%	6	6.888	46	7.42%
9	Morgan Stanley	1.500	11	4.31%	10	3.902	24	4.20%
10	UBS	0.975	6	2.80%	11	3.517	27	3.79%
	Total	34.813	79	92.812	228
	Average size:	0.441	0.407
Year to date, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	7.935	42	22.79%	1	14.926	73	12.80%
2	Banc of America	5.772	34	16.57%	8	7.134	50	6.12%
3	Credit Suisse	4.288	17	12.32%	2	13.379	62	11.47%
4	Citigroup	3.061	15	8.79%	3	12.694	63	10.88%
5	Merrill Lynch	2.322	11	6.67%	5	9.403	39	8.06%
6	Deutsche Bank	2.126	11	6.10%	4	10.950	61	9.39%
7	Goldman Sachs	1.968	16	5.65%	6	7.448	49	6.38%
8	Lehman	1.601	14	4.60%	7	7.258	50	6.22%
9	Morgan Stanley	1.500	11	4.31%	11	4.112	26	3.53%
10	UBS	0.975	6	2.80%	10	4.181	30	3.58%
	Total	34.823	80	116.657	276
	Average size:	0.435	0.423
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	22.558	46
	Average size:	0.099	0.490
Second quarter, U.S. market, all issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	6.737	34	17.29%	5	4.558	29	7.38%
2	JPMorgan	6.371	38	16.35%	2	7.653	45	12.39%
3	Credit Suisse	6.031	24	15.47%	3	6.607	30	10.70%
4	Morgan Stanley	3.802	17	9.76%	9	3.673	20	5.95%
5	Citigroup	2.710	19	6.95%	1	8.594	47	13.91%
6	UBS	1.726	12	4.43%	6	3.917	22	6.34%
7	Goldman Sachs	1.636	14	4.20%	8	3.678	23	5.96%
8	Deutsche Bank	1.544	15	3.96%	4	5.037	36	8.16%
9	Lehman	1.421	13	3.65%	10	3.411	23	5.52%
10	Merrill Lynch	1.389	10	3.56%	7	3.842	23	6.22%
	Total	38.972	87	61.764	151
	Average size:	0.448	0.409
Second quarter, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	6.081	35	24.44%	2	7.203	43	13.28%
2	Banc of America	4.070	27	16.36%	4	4.476	28	8.25%
3	Credit Suisse	3.066	14	12.32%	3	6.257	28	11.53%
4	Citigroup	2.005	13	8.06%	1	7.881	40	14.52%
5	Goldman Sachs	1.636	14	6.58%	8	3.081	21	5.68%
6	Lehman	1.421	13	5.71%	6	3.411	23	6.29%
7	Merrill Lynch	1.266	9	5.09%	9	2.892	19	5.33%
8	Morgan Stanley	1.095	8	4.40%	7	3.092	18	5.70%
9	UBS	0.975	6	3.92%	12	2.531	18	4.66%
10	Deutsche Bank	0.903	8	3.63%	5	4.449	32	8.20%
	Total	24.880	66	54.262	126
	Average size:	0.377	0.431
Second quarter, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	6.081	35	24.43%	2	8.259	47	11.59%
2	Banc of America	4.070	27	16.35%	5	4.551	29	6.39%
3	Credit Suisse	3.066	14	12.32%	3	7.892	33	11.07%
4	Citigroup	2.005	13	8.06%	1	9.078	44	12.74%
5	Goldman Sachs	1.636	14	6.57%	6	4.265	28	5.98%
6	Lehman	1.421	13	5.71%	7	3.679	25	5.16%
7	Merrill Lynch	1.266	9	5.09%	9	3.242	20	4.55%
8	Morgan Stanley	1.095	8	4.40%	8	3.302	20	4.63%
9	UBS	0.975	6	3.92%	10	3.195	21	4.48%
10	Deutsche Bank	0.903	8	3.63%	4	6.583	44	9.24%
	Total	24.890	67	71.276	162
	Average size:	0.371	0.440
June, U.S. market, all issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	3.663	15	23.19%	10	1.444	9	5.86%
2	Credit Suisse	3.606	12	22.83%	1	3.396	10	13.79%
3	Morgan Stanley	3.085	12	19.54%	5	2.010	10	8.16%
4	JPMorgan	1.593	13	10.09%	4	2.155	13	8.75%
5	Citigroup	0.993	7	6.29%	2	2.637	16	10.71%
6	UBS	0.917	5	5.80%	3	2.621	10	10.64%
7	Lehman	0.532	5	3.37%	11	1.147	7	4.66%
8	Merrill Lynch	0.296	1	1.88%	9	1.489	10	6.05%
9	Deutsche Bank	0.261	5	1.65%	6	1.988	16	8.07%
10	Wachovia	0.250	2	1.58%	7	1.969	3	8.00%
	Total	15.793	32	24.627	56
	Average size:	0.494	0.440
June, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.553	11	20.86%	3	2.155	13	9.85%
2	Banc of America	0.995	8	13.37%	8	1.444	9	6.60%
3	Citigroup	0.953	5	12.81%	2	2.437	14	11.14%
4	UBS	0.917	5	12.32%	10	1.383	7	6.32%
5	Credit Suisse	0.864	4	11.61%	1	3.046	8	13.93%
6	Lehman	0.532	5	7.15%	11	1.147	7	5.25%
7	Morgan Stanley	0.378	3	5.08%	4	2.010	10	9.19%
8	Merrill Lynch	0.296	1	3.98%	9	1.389	9	6.35%
9	Wachovia	0.250	2	3.36%	5	1.969	3	9.00%
10	Deutsche Bank	0.221	3	2.97%	6	1.888	15	8.63%
	Total	7.444	22	21.870	48
	Average size:	0.338	0.456
June, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.553	11	20.83%	3	2.504	14	8.78%
2	Banc of America	0.995	8	13.35%	10	1.444	9	5.06%
3	Citigroup	0.953	5	12.79%	2	3.576	17	12.54%
4	UBS	0.917	5	12.30%	8	1.830	8	6.42%
5	Credit Suisse	0.864	4	11.60%	1	4.255	10	14.92%
6	Lehman	0.532	5	7.14%	11	1.347	8	4.72%
7	Morgan Stanley	0.378	3	5.08%	6	2.010	10	7.05%
8	Merrill Lynch	0.296	1	3.97%	9	1.739	10	6.10%
9	Wachovia	0.250	2	3.35%	7	1.969	3	6.91%
10	Deutsche Bank	0.221	3	2.96%	4	2.310	17	8.10%
	Total	7.454	23	28.513	60
	Average size:	0.324	0.475
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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