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Published on 10/30/2009 in the Prospect News High Yield Daily.

Bank of America top U.S. market high-yield underwriter year to date

• U.S. market high-yield issuance totals $123.78 billion year to date

New York, Oct. 30 - Bank of America was once more top underwriter of high-yield bonds for the year so far, according to data compiled by Prospect News.

B of A has been number one in the year-to-date rankings for every month of 2009 so far. Its total of deals is now $20.45 billion.

For October, Bank of America widened its lead over second-placed JPMorgan, expanding the margin to $1.10 billion from $0.37 billion the month before, although the change essentially just restores the difference to the $1.13 billion at the end of August.

Citigroup remained in third place, while Credit Suisse moved up another spot, this time to fourth. It had risen to fifth in September.

Deutsche Bank slipped one notch to fifth.

Issuance continued September's robust pace. The month saw $19.70 billion of new deals, little changed from September's $20.13 billion.

Year-to-date volume is now $123.78 billion, 73% above the $71.35 billion at the same stage of 2008.

The league tables and issuance totals are generally similar if emerging markets deals are excluded.

Issuance continued to revive in Europe, which saw $6.59 billion for the month, bringing the year-to-date total to $17.60 billion. That was up from $3.63 billion in September.

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

UnderwriterAmountNo.ShareRankAmountNo.Share
1Bank of America20.44914916.52%29.6525013.53%
2JPMorgan19.34612815.63%110.6825714.97%
3Citigroup12.315739.95%47.1463510.01%
4Credit Suisse11.468649.26%38.8743412.44%
5Deutsche Bank11.143779.00%64.872286.83%
6Morgan Stanley9.477527.66%56.677339.36%
7Goldman Sachs9.429607.62%74.229265.93%
8Wells Fargo7.046695.69%
9Barclays5.810464.69%170.82561.16%
10UBS3.060222.47%102.462173.45%
Total123.77829071.349131
Average size:0.4270.545
Year to date, U.S. market, industrialized country issuers
2008 Comparables
UnderwriterAmountNo.ShareRankAmountNo.Share
1Bank of America18.89214116.58%29.6525015.39%
2JPMorgan18.20612015.98%110.1825416.24%
3Citigroup11.8576810.41%55.814289.27%
4Credit Suisse10.794589.47%38.4513013.48%
5Deutsche Bank10.201738.95%74.021216.41%
6Goldman Sachs9.429608.27%64.229266.74%
7Morgan Stanley8.208467.20%46.4273110.25%
8Wells Fargo7.046696.18%
9Barclays5.190454.56%160.32520.52%
10RBS2.961262.60%121.25592.00%
Total113.95026662.707115
Average size:0.4280.545
Year to date, global market, industrialized country issuers
2008 Comparables
UnderwriterAmountNo.ShareRankAmountNo.Share
1Bank of America19.80314415.01%29.7255115.33%
2JPMorgan18.51412314.04%110.1825416.05%
3Deutsche Bank13.2008510.01%74.021216.34%
4Citigroup12.785719.69%55.814289.17%
5Credit Suisse11.864649.00%38.4513013.32%
6Goldman Sachs9.997637.58%64.303276.78%
7Morgan Stanley8.255476.26%46.5003210.25%
8Wells Fargo7.046695.35%
9RBS6.178374.69%101.712102.70%
10Barclays5.715474.33%170.32520.51%
Total131.89029263.425119
Average size:0.4520.533
Year to date, European currencies, industrialized country issuers
2008 Comparables
UnderwriterAmountNo.ShareRankAmountNo.Share
1RBS3.2161118.27%10.457156.74%
2Deutsche Bank2.9981217.03%
3Credit Suisse1.05355.98%
4Calyon0.99745.67%
5BNP Paribas0.94955.39%
6Citigroup0.92835.27%
7Commerzbank0.91135.18%
8Bank of America0.91135.18%30.07419.13%
9SG0.87924.99%
10Unicredit0.71424.05%
Total17.602240.8064
Average size:0.7330.201
October, U.S. market, all issuers
2008 Comparables
UnderwriterAmountNo.ShareRankAmountNo.Share
1Bank of America2.9922515.18%60.10014.64%
2Credit Suisse2.6211013.30%
3JPMorgan2.3111511.73%30.483222.50%
4Barclays1.889129.59%
5Deutsche Bank1.610138.17%50.10014.64%
6Goldman Sachs1.533127.78%
7Citigroup1.38697.03%20.483222.50%
8UBS1.16875.93%90.10014.64%
9Morgan Stanley0.943104.78%10.583327.14%
10Wells Fargo0.50372.55%
Total19.703502.1483
Average size:0.3940.716
October, U.S. market, industrialized country issuers
2008 Comparables
UnderwriterAmountNo.ShareRankAmountNo.Share
1Credit Suisse2.340815.55%
2Bank of America2.1862214.53%60.10014.64%
3JPMorgan1.8551312.33%30.483222.50%
4Goldman Sachs1.5331210.19%
5Barclays1.269118.44%
6Citigroup1.23888.23%20.483222.50%
7Deutsche Bank0.998106.63%50.10014.64%
8Morgan Stanley0.943106.27%10.583327.14%
9Wells Fargo0.50373.34%
10UBS0.35052.32%90.10014.64%
Total15.045422.1483
Average size:0.3580.716
October, global market, industrialized country issuers
2008 Comparables
UnderwriterAmountNo.ShareRankAmountNo.Share
1Bank of America3.0972514.32%60.10014.64%
2Credit Suisse2.998913.86%
3Deutsche Bank2.7771612.84%50.10014.64%
4RBS1.88688.72%
5JPMorgan1.855138.57%30.483222.50%
6Goldman Sachs1.533127.09%
7Barclays1.269115.87%
8Citigroup1.23885.72%20.483222.50%
9Morgan Stanley0.943104.36%10.583327.14%
10Commerzbank0.91134.21%
Total21.632492.1483
Average size:0.4410.716
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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