CSFB top high-yield underwriter year to date

* High-yield issuance totals $43.29 billion year to date

* Morgan Stanley top high-yield underwriter in March

* High-yield issuance totals $16.65 billion in March

New York, March 31 - High-yield bond issuance roared back in March to its highest level in nine months, according to data compiled by Prospect News.

The month saw a total of $16.65 billion come to market in 67 deals, the best total since $17.16 billion in June 2003.

Looking at industrialized countries only, the figures tell a similar story: $16.05 billion in 65 deals in March, again the best since June 2003 when there were $16.24 billion.

Issuance is now running at a pace double last year's. For the first quarter $43.29 billion of junk bonds came to market in 173 deals compared to $24.81 billion in 80 deals for the same period of 2003. (For industrialized countries only, the totals are $39.79 billion in 158 deals this year against $21.77 billion in 75 deals last year.)

Credit Suisse First Boston remains the number one underwriter for the year so far with $6.46 billion of transactions.

But Citigroup is close behind with $6.14 billion.

Excluding emerging markets, the positions are similar but reversed. Citigroup is number one with $5.78 billion while CSFB is second with $5.67 billion.

Meanwhile Morgan Stanley was the top underwriter for March with $2.19 billion of new junk bonds.

That number one spot was in large part due to the $1.70 billion in four tranches the firm handled as sole bookrunner for Calpine Generating Co. LLC (the figures only include credit for the bond portion of the transaction).

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. The industrialized countries totals exclude emerging markets.

Year to date 2004, all issuers

2003 Comparables

	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1.	CSFB	6.456	38	14.91%	1	4.618	26	18.62%
2.	Citigroup	6.136	34	14.17%	2	3.549	19	14.31%
3.	Banc of America	4.653	37	10.75%	4	2.328	14	9.39%
4.	JPMorgan	4.182	29	9.66%	6	1.781	13	7.18%
5.	Deutsche Bank	3.812	25	8.81%	3	3.214	19	12.96%
6.	Morgan Stanley	3.789	18	8.75%	8	1.333	3	5.38%
7.	UBS	3.693	24	8.53%	9	1.277	9	5.15%
8.	Lehman	2.307	17	5.33%	7	1.764	10	7.11%
9.	Goldman Sachs	2.109	13	4.87%	5	2.032	10	8.19%
10.	Merrill Lynch	1.775	12	4.10%	14	0.271	2	1.09%
11.	Bear Stearns	1.443	12	3.33%	11	0.531	3	2.14%
12.	Jefferies	0.712	7	1.64%	13	0.339	3	1.37%
13.	CIBC	0.647	4	1.49%	12	0.450	4	1.82%
14.	Wachovia	0.606	8	1.40%	16	0.218	2	0.88%
15.	Friedman Billings	0.250	1	0.58%	-	-	-	-
	Total	$43.293	173	$24.806	80
	Average size	$0.250	$0.310
March 2004, all issuers
					2003 Comparables
	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1.	Morgan Stanley	2.194	7	13.18%	9	0.458	2	5.86%
2.	Banc of America	2.062	18	12.38%	4	0.829	6	10.59%
3.	CSFB	1.816	10	10.91%	3	0.854	7	10.91%
4.	JPMorgan	1.779	12	10.68%	5	0.823	5	10.52%
5.	Citigroup	1.602	9	9.62%	7	0.792	6	10.13%
6.	UBS	1.262	5	7.58%	6	0.814	6	10.41%
7.	Lehman	1.151	7	6.91%	1	0.970	4	12.39%
8.	Goldman Sachs	1.123	8	6.75%	8	0.522	4	6.67%
9.	Deutsche Bank	1.081	8	6.49%	2	0.949	7	12.13%
10.	Jefferies	0.712	7	4.27%	11	0.219	2	2.79%
	Total	$16.653	67	$7.825	34
	Average size	$0.249	$0.230
Year to date 2004, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1.	Citigroup	5.776	32	14.52%	2	3.390	18	15.57%
2.	CSFB	5.665	33	14.24%	1	4.260	24	19.57%
3.	Banc of America	4.653	37	11.70%	4	2.328	14	10.69%
4.	JPMorgan	4.082	28	10.26%	6	1.781	13	8.18%
5.	Morgan Stanley	3.673	17	9.23%	9	0.458	2	2.11%
6.	Deutsche Bank	3.313	23	8.33%	3	3.214	19	14.76%
7.	UBS	3.079	19	7.74%	8	1.090	8	5.01%
8.	Lehman	2.117	16	5.32%	7	1.577	9	7.24%
9.	Goldman Sachs	2.109	13	5.30%	5	2.032	10	9.33%
10.	Bear Stearns	1.324	11	3.33%	15	0.136	2	0.63%
11.	Merrill Lynch	1.280	11	3.22%	12	0.271	2	1.25%
12.	Jefferies	0.712	7	1.79%	11	0.339	3	1.56%
13.	CIBC	0.647	4	1.63%	10	0.450	4	2.07%
14.	Wachovia	0.606	8	1.52%	14	0.218	2	1.00%
15.	Friedman Billings	0.250	1	0.63%	-	-	-	-
	Total	$39.786	158	$21.770	75
	Average size	$0.252	$0.290
March 2004, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1.	Morgan Stanley	2.194	7	13.67%	9	0.458	2	6.50%
2.	Banc of America	2.062	18	12.84%	3	0.829	6	11.75%
3.	CSFB	1.816	10	11.31%	2	0.854	7	12.10%
4.	JPMorgan	1.679	11	10.46%	4	0.823	5	11.66%
5.	Citigroup	1.602	9	9.98%	5	0.792	6	11.23%
6.	UBS	1.262	5	7.86%	7	0.627	5	8.89%
7.	Lehman	1.151	7	7.17%	6	0.782	3	11.09%
8.	Goldman Sachs	1.123	8	7.00%	8	0.522	4	7.40%
9.	Jefferies	0.712	7	4.43%	10	0.219	2	3.10%
10.	Merrill Lynch	0.701	5	4.37%
	Total	$16.053	65	$7.056	32
	Average size	$0.250	$0.221
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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