Banc of America number one among U.S. market high-yield underwriters

• U.S. market high-yield issuance totals $55.72 billion year to date

New York, July 31 - Banc of America held on to first place among underwriters of high-yield bonds for the year to date after taking the position from JPMorgan the previous month, according to data compiled by Prospect News.

BofA also placed first for July, but volume was fairly low and made little difference to the rankings, with just $5.45 billion.

Still, at the one-year anniversary of the credit crunch's eruption into the high-yield market, it was the first month in 2008 to see more new deal volume than the comparable period of 2007. July 2008's total compared with $3.05 billion in July 2007.

Year-to-date issuance is now $55.72 billion, almost exactly half the $111.31 billion in the first seven months of last year.

Excluding emerging markets deals from the totals, Banc of America remains on top. Total volume year to date on this basis is $47.24 billion.

Europe did see some activity, with two deals, €141 million in a bridge loan roll from Sensata Technologies BV and a small issue from R.E.A. Holdings plc. So far this year the continent has seen $349 million in three deals.

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	9.412	48	16.89%	7	7.137	49	6.41%
2	JPMorgan	9.163	50	16.45%	1	15.209	72	13.66%
3	Credit Suisse	7.744	30	13.90%	3	13.255	69	11.91%
4	Morgan Stanley	5.373	25	9.64%	9	5.256	31	4.72%
5	Citigroup	4.623	23	8.30%	2	13.708	70	12.31%
6	Deutsche Bank	3.043	19	5.46%	5	8.338	52	7.49%
7	Goldman Sachs	2.572	18	4.62%	8	6.890	44	6.19%
8	Merrill Lynch	2.545	13	4.57%	4	10.426	45	9.37%
9	UBS	2.025	14	3.63%	10	4.903	31	4.40%
10	Lehman	1.601	14	2.87%	6	7.688	50	6.91%
	Total	55.715	111	111.314	289
	Average size:	0.502	0.385
Year to date, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	9.412	48	19.92%	6	7.055	48	7.44%
2	JPMorgan	8.663	47	18.34%	1	13.535	65	14.27%
3	Credit Suisse	7.369	26	15.60%	3	10.810	56	11.40%
4	Morgan Stanley	5.123	23	10.84%	10	3.902	24	4.11%
5	Citigroup	3.291	16	6.97%	2	11.191	56	11.80%
6	Goldman Sachs	2.572	18	5.44%	8	6.192	41	6.53%
7	Merrill Lynch	2.422	12	5.13%	4	8.878	38	9.36%
8	Deutsche Bank	2.191	12	4.64%	7	6.981	44	7.36%
9	Lehman	1.601	14	3.39%	5	7.359	48	7.76%
10	UBS	1.274	8	2.70%	11	3.517	27	3.71%
	Total	47.245	95	94.851	233
	Average size:	0.497	0.407
Year to date, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	9.486	49	19.97%	8	7.231	51	6.01%
2	JPMorgan	8.663	47	18.24%	1	14.926	73	12.40%
3	Credit Suisse	7.369	26	15.51%	2	13.454	63	11.18%
4	Morgan Stanley	5.197	24	10.94%	11	4.112	26	3.42%
5	Citigroup	3.291	16	6.93%	3	12.694	63	10.54%
6	Goldman Sachs	2.645	19	5.57%	7	7.604	50	6.32%
7	Merrill Lynch	2.422	12	5.10%	5	9.943	43	8.26%
8	Deutsche Bank	2.191	12	4.61%	4	11.491	65	9.55%
9	Lehman	1.601	14	3.37%	6	7.882	54	6.55%
10	UBS	1.274	8	2.68%	10	4.181	30	3.47%
	Total	47.505	98	120.380	286
	Average size:	0.485	0.421
Year to date, European currencies, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Pareto Securities	0.099	1	28.28%
2	Goldman Sachs	0.074	1	21.11%	8	1.312	8	5.45%
3	Morgan Stanley	0.074	1	21.11%	18	0.210	2	0.87%
4	Banc of America	0.074	1	21.11%	20	0.147	2	0.61%
5	Guy Butler Ltd.	0.029	1	8.39%
	Total	0.349	3	24.051	50
	Average size:	0.116	0.481
July, U.S. market, all issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	0.973	7	17.87%	7	0.097	1	3.18%
2	Morgan Stanley	0.956	5	17.55%
3	JPMorgan	0.728	5	13.36%
4	Citigroup	0.647	2	11.87%	6	0.100	1	3.28%
5	Credit Suisse	0.490	3	9.01%	8	0.075	1	2.46%
6	ABN	0.417	1	7.65%
7	BNP Paribas	0.417	1	7.65%
8	UBS	0.299	2	5.49%
9	Goldman Sachs	0.292	2	5.36%
10	Merrill Lynch	0.100	1	1.84%	2	0.586	4	19.19%
	Total	5.446	11	3.053	10
	Average size:	0.495	0.305
July, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	0.973	7	23.63%	5	0.097	1	4.76%
2	Morgan Stanley	0.956	5	23.21%
3	JPMorgan	0.728	5	17.67%
4	Credit Suisse	0.413	2	10.03%	6	0.075	1	3.68%
5	UBS	0.299	2	7.27%
6	Goldman Sachs	0.292	2	7.09%
7	Citigroup	0.230	1	5.58%
8	Merrill Lynch	0.100	1	2.43%	4	0.387	2	19.01%
9	Deutsche Bank	0.066	1	1.60%	3	0.387	2	19.01%
10	Wachovia	0.062	1	1.50%	7	0.075	1	3.68%
	Total	4.119	9	2.038	5
	Average size:	0.458	0.408
July, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	1.047	8	23.96%	11	0.097	1	2.60%
2	Morgan Stanley	1.029	6	23.56%
3	JPMorgan	0.728	5	16.66%
4	Credit Suisse	0.413	2	9.45%	12	0.075	1	2.01%
5	Goldman Sachs	0.365	3	8.37%	7	0.156	1	4.18%
6	UBS	0.299	2	6.85%
7	Citigroup	0.230	1	5.26%
8	Merrill Lynch	0.100	1	2.29%	4	0.541	4	14.53%
9	Deutsche Bank	0.066	1	1.51%	3	0.541	4	14.53%
10	Wachovia	0.062	1	1.42%	13	0.075	1	2.01%
	Total	4.369	11	3.724	10
	Average size:	0.397	0.372
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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