• U.S. market high-yield issuance totals $4.87 billion in January
New York, Jan. 30 - Banc of America started the new year as top underwriter of high-yield bonds in a somewhat revived market, according to data compiled by Prospect News.
Banc of America brought $1.06 billion of new deals, putting it clearly ahead of JPMorgan in the number two position at $0.68 billion. JPMorgan had led for 2008 as a whole.
Issuance volume for the month was $4.87 billion, nearly eight times December's $0.61 billion and the best total since September's $8.03 billion.
Activity lagged the year-ago level by dollar value, however, although not by number of transactions. January 2008 saw $7.19 billion in four new deals, compared to the nine sales in the month just completed.
The figures were similar if emerging markets deals are excluded.
B of A remained on top if non-dollar bonds are included, while the total increases to $5.30 billion.
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
2008 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Banc of America | 1.057 | 6 | 21.68% | 2 | 1.256 | 3 | 17.48%
|
| 2 | JPMorgan | 0.682 | 6 | 13.99% | 1 | 1.381 | 4 | 19.22%
|
| 3 | Goldman Sachs | 0.587 | 3 | 12.04% |
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| 4 | Morgan Stanley | 0.565 | 2 | 11.60% |
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| 5 | Deutsche Bank | 0.499 | 4 | 10.24% | 3 | 1.056 | 2 | 14.69%
|
| 6 | Credit Suisse | 0.425 | 3 | 8.72% | 6 | 1.056 | 2 | 14.69%
|
| 7 | Wachovia | 0.336 | 3 | 6.89% | 8 | 0.125 | 1 | 1.74%
|
| 8 | BNP Paribas | 0.226 | 2 | 4.63% |
|
| 9 | Citigroup | 0.224 | 2 | 4.60% | 5 | 1.056 | 2 | 14.69%
|
| 10 | HSBC | 0.164 | 1 | 3.37% |
|
| Total | 4.874 | 9 | 7.185 | 4 |
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| Average size: | 0.542 | 1.796 |
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| Year to date, U.S. market, industrialized country issuers
|
| | | | | 2008 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Banc of America | 1.057 | 6 | 21.68% | 2 | 1.256 | 3 | 17.48%
|
| 2 | JPMorgan | 0.682 | 6 | 13.99% | 1 | 1.381 | 4 | 19.22%
|
| 3 | Goldman Sachs | 0.587 | 3 | 12.04% |
|
| 4 | Morgan Stanley | 0.565 | 2 | 11.60% |
|
| 5 | Deutsche Bank | 0.499 | 4 | 10.24% | 3 | 1.056 | 2 | 14.69%
|
| 6 | Credit Suisse | 0.425 | 3 | 8.72% | 6 | 1.056 | 2 | 14.69%
|
| 7 | Wachovia | 0.336 | 3 | 6.89% | 8 | 0.125 | 1 | 1.74%
|
| 8 | BNP Paribas | 0.226 | 2 | 4.63% |
|
| 9 | Citigroup | 0.224 | 2 | 4.60% | 5 | 1.056 | 2 | 14.69%
|
| 10 | HSBC | 0.164 | 1 | 3.37% |
|
| Total | 4.874 | 9 | 7.185 | 4 |
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| Average size: | 0.542 | 1.796 |
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| Year to date, global market, industrialized country issuers
|
| | | | | 2008 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Banc of America | 1.057 | 6 | 19.95% | 2 | 1.256 | 3 | 17.48%
|
| 2 | JPMorgan | 0.787 | 7 | 14.87% | 1 | 1.381 | 4 | 19.22%
|
| 3 | Deutsche Bank | 0.605 | 5 | 11.42% | 3 | 1.056 | 2 | 14.69%
|
| 4 | Goldman Sachs | 0.587 | 3 | 11.08% |
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| 5 | Morgan Stanley | 0.565 | 2 | 10.68% |
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| 6 | Credit Suisse | 0.530 | 4 | 10.01% | 6 | 1.056 | 2 | 14.69%
|
| 7 | Wachovia | 0.336 | 3 | 6.34% | 8 | 0.125 | 1 | 1.74%
|
| 8 | BNP Paribas | 0.331 | 3 | 6.26% |
|
| 9 | Citigroup | 0.224 | 2 | 4.24% | 5 | 1.056 | 2 | 14.69%
|
| 10 | HSBC | 0.164 | 1 | 3.10% |
|
| Total | 5.296 | 10 | 7.185 | 4 |
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| Average size: | 0.530 | 1.796 |
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| Year to date, European currencies, industrialized country issuers
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| | | | | 2008 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Deutsche Bank | 0.105 | 1 | 25.00% |
|
| 1 | BNP Paribas | 0.105 | 1 | 25.00% |
|
| 1 | Credit Suisse | 0.105 | 1 | 25.00% |
|
| 1 | JPMorgan | 0.105 | 1 | 25.00% |
|
| Total | 0.422 | 1 | 0.000 | 0 |
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| Average size: | 0.422 |
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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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