• U.S. market high-yield issuance totals $61.18 billion year to date
New York, Aug. 29 - JPMorgan moved back to first place among underwriters of high-yield bonds for the year to date, pushing off Banc of America, which had been at the top for two months, according to data compiled by Prospect News.
Up until May, JPMorgan had held the lead for every month of 2008 in the year-to-date figures and also placed first for all of 2007.
JPMorgan's move to the top in August was largely due to the $777 million Guitar Center Inc. deal, the result of bridge loans rolling into junk bonds. That transaction accounted for nearly half the month's issuance.
Total volume for the month was $1.68 billion, way down from July's $9.23 billion and the smallest amount since February's $0.92 billion.
August's activity was also below the $2.07 billion in August 2007.
Year-to-date issuance now totals $61.18 billion, 54% of the comparable $113.39 billion for the same period of 2007.
Excluding emerging market deals from the totals, JPMorgan remains on top. Total volume year to date on this basis is $52.53 billion.
There was no junk activity outside the United States in August.
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 | 10.199 | 55 | 16.67% | 1 | 15.573 | 74 | 13.73%
|
| 2 | Banc of America | 9.552 | 49 | 15.61% | 7 | 7.137 | 49 | 6.29%
|
| 3 | Credit Suisse | 7.864 | 31 | 12.86% | 3 | 13.319 | 70 | 11.75%
|
| 4 | Morgan Stanley | 6.094 | 30 | 9.96% | 9 | 5.346 | 33 | 4.71%
|
| 5 | Citigroup | 5.343 | 28 | 8.73% | 2 | 14.008 | 71 | 12.35%
|
| 6 | Deutsche Bank | 3.763 | 24 | 6.15% | 5 | 8.338 | 52 | 7.35%
|
| 7 | Goldman Sachs | 3.055 | 22 | 4.99% | 8 | 6.953 | 45 | 6.13%
|
| 8 | Merrill Lynch | 2.545 | 13 | 4.16% | 4 | 10.426 | 45 | 9.20%
|
| 9 | UBS | 2.165 | 15 | 3.54% | 10 | 4.966 | 32 | 4.38%
|
| 10 | Lehman | 1.601 | 14 | 2.62% | 6 | 7.688 | 50 | 6.78%
|
| Total | 61.175 | 121 | 113.386 | 293 |
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| Average size: | 0.506 | 0.387 |
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| Year to date, U.S. market, industrialized country issuers
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| | | | | 2007 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 9.699 | 52 | 18.46% | 1 | 13.899 | 67 | 14.34%
|
| 2 | Banc of America | 9.552 | 49 | 18.18% | 6 | 7.055 | 48 | 7.28%
|
| 3 | Credit Suisse | 7.442 | 27 | 14.17% | 3 | 10.873 | 57 | 11.22%
|
| 4 | Morgan Stanley | 5.844 | 28 | 11.12% | 10 | 3.965 | 25 | 4.09%
|
| 5 | Citigroup | 4.011 | 21 | 7.64% | 2 | 11.491 | 57 | 11.86%
|
| 6 | Goldman Sachs | 3.055 | 22 | 5.82% | 8 | 6.255 | 42 | 6.46%
|
| 7 | Deutsche Bank | 2.912 | 17 | 5.54% | 7 | 6.981 | 44 | 7.20%
|
| 8 | Merrill Lynch | 2.422 | 12 | 4.61% | 4 | 8.878 | 38 | 9.16%
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| 9 | Lehman | 1.601 | 14 | 3.05% | 5 | 7.359 | 48 | 7.59%
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| 10 | Wachovia | 1.484 | 13 | 2.83% | 9 | 4.569 | 23 | 4.72%
|
| Total | 52.533 | 105 | 96.897 | 236 |
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| Average size: | 0.500 | 0.411 |
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| Year to date, global market, industrialized country issuers
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| | | | | 2007 Comparables
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 9.699 | 52 | 18.37% | 1 | 15.290 | 75 | 12.49%
|
| 2 | Banc of America | 9.626 | 50 | 18.23% | 8 | 7.231 | 51 | 5.91%
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| 3 | Credit Suisse | 7.442 | 27 | 14.10% | 2 | 13.517 | 64 | 11.04%
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| 4 | Morgan Stanley | 5.917 | 29 | 11.21% | 11 | 4.176 | 27 | 3.41%
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| 5 | Citigroup | 4.011 | 21 | 7.60% | 3 | 12.994 | 64 | 10.61%
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| 6 | Goldman Sachs | 3.129 | 23 | 5.93% | 7 | 7.667 | 51 | 6.26%
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| 7 | Deutsche Bank | 2.912 | 17 | 5.52% | 4 | 11.491 | 65 | 9.39%
|
| 8 | Merrill Lynch | 2.422 | 12 | 4.59% | 5 | 9.943 | 43 | 8.12%
|
| 9 | Lehman | 1.601 | 14 | 3.03% | 6 | 7.882 | 54 | 6.44%
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| 10 | Wachovia | 1.484 | 13 | 2.81% | 9 | 4.569 | 23 | 3.73%
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| Total | 52.793 | 108 | 122.426 | 289 |
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| Average size: | 0.489 | 0.424 |
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| Year to date, European currencies, industrialized country issuers
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| | | | | 2007 Comparables
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Pareto Securities | 0.099 | 1 | 28.28% |
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| 2 | Goldman Sachs | 0.074 | 1 | 21.11% | 8 | 1.312 | 8 | 5.45%
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| 3 | Morgan Stanley | 0.074 | 1 | 21.11% | 18 | 0.210 | 2 | 0.87%
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| 4 | Banc of America | 0.074 | 1 | 21.11% | 20 | 0.147 | 2 | 0.61%
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| 5 | Guy Butler Ltd. | 0.029 | 1 | 8.39% |
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| Total | 0.349 | 3 | 24.051 | 50 |
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| Average size: | 0.116 | 0.481 |
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| August, U.S. market, all issuers
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| | | | | 2007 Comparables
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 0.777 | 2 | 46.31% | 1 | 0.363 | 2 | 17.55%
|
| 2 | Goldman Sachs | 0.225 | 1 | 13.41% | 8 | 0.063 | 1 | 3.06%
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| 3 | Credit Suisse | 0.198 | 2 | 11.80% | 9 | 0.063 | 1 | 3.06%
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| 4 | Banc of America | 0.140 | 1 | 8.34% |
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| 5 | UBS | 0.140 | 1 | 8.34% | 11 | 0.063 | 1 | 3.06%
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| 6 | HSBC | 0.125 | 1 | 7.45% | 4 | 0.300 | 1 | 14.48%
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| 7 | Jefferies | 0.073 | 1 | 4.35% | 6 | 0.165 | 1 | 7.97%
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| Total | 1.678 | 6 | 2.071 | 4 |
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| Average size: | 0.280 | 0.518 |
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| August, U.S. market, industrialized country issuers
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| | | | | 2007 Comparables
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 0.777 | 2 | 54.42% | 1 | 0.363 | 2 | 17.77%
|
| 2 | Goldman Sachs | 0.225 | 1 | 15.76% | 7 | 0.063 | 1 | 3.10%
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| 3 | Banc of America | 0.140 | 1 | 9.80% |
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| 4 | UBS | 0.140 | 1 | 9.80% | 11 | 0.063 | 1 | 3.10%
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| 5 | Credit Suisse | 0.073 | 1 | 5.11% | 9 | 0.063 | 1 | 3.10%
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| 6 | Jefferies | 0.073 | 1 | 5.11% | 6 | 0.165 | 1 | 8.07%
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| Total | 1.428 | 5 | 2.046 | 3 |
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| Average size: | 0.286 | 0.682 |
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| Prospect News High-Yield Underwriter Rankings
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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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