* CSFB top high yield underwriter for Q4, December
* High yield issuance totals $77.37 billion in 2001
* High yield issuance totals $14.50 billion in Q4
* High yield issuance totals $8.02 billion in December
New York, Dec. 31 - Credit Suisse First Boston was the top underwriter of high-yield bonds in 2001, according to data compiled by Prospect News. The firm was also top for the fourth quarter and for December.
Total issuance for the year was $77.37 billion in 288 deals. Of that, $14.50 billion came to market during the fourth quarter in 64 offering and $8.02 billion in December in 35 deals.
CSFB's number-one placing repeats last year's performance when its acquisition of junk bond leader Donaldson, Lufkin & Jenrette propelled it to the top of the league tables.
However the firm's advantage over the second placed underwriter was not as big as 2000. In 2001, CSFB led by $3.21 billion, smaller than its $4.01 billion margin in 2000 amid much smaller overall volume.
Elsewhere in the rankings, Salomon Smith Barney moved up to the number two position, pushing Goldman Sachs & Co. into third. J.P. Morgan and Banc of America Securities each moved up one place to fourth and fifth respectively from 2000 as Morgan Stanley fell from fourth to sixth.
Total volume for the year was up 74% from 2000's $44.44 billion. However it was still significantly lower than 1999's $92.56 billion of issuance.
Both the third and fourth quarters were markedly slower than earlier in the year, with activity coming to a halt in the third quarter after the terrorist attacks on Sept. 11 and then the usual holiday effect slowing fourth-quarter business.
During the fourth quarter, $14.50 billion of high yield deals came to market in 64 offerings compared to $11.01 billion in the third quarter, $26.30 billion in the second quarter and $25.55 billion in the first quarter.
Despite losing a week to the holidays, December's total of $8.02 billion was still the fourth biggest of the year.
2001
2000 Comparables
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | CS First Boston | 12886.91 | 64 | 1 | 9785.70 | 39
|
| 2. | Salomon SB | 9679.65 | 41 | 3 | 5577.60 | 28
|
| 3. | Goldman Sachs | 9290.85 | 40 | 2 | 5808.90 | 22
|
| 4. | JP Morgan | 8223.28 | 53 | 5 | 4664.18 | 23
|
| 5. | Banc of America | 7193.35 | 47 | 6 | 2509.88 | 15
|
| 6. | Morgan Stanley | 6108.41 | 24 | 4 | 5248.67 | 20
|
| 7. | Deutsche Banc AB | 5705.00 | 36 | 7 | 2321.70 | 13
|
| 8. | Lehman | 5097.60 | 26 | 9 | 1824.20 | 8
|
| 9. | Merrill Lynch | 4926.29 | 26 | 8 | 2286.90 | 16
|
| 10. | UBS Warburg | 2947.53 | 20 | 10 | 1308.40 | 6
|
| 11. | Bear Stearns | 2654.09 | 18 | 11 | 709.10 | 3
|
| 12. | Jefferies | 933.07 | 9 | 12 | 339.70 | 3
|
| Total | 77365.10 | 288 | 44442.85 | 152
|
| Average size | 268.63 | 292.39
|
|
|
| Fourth Quarter
|
| | | | | 2000 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | CS First Boston | 2890.16 | 14 | 1 | 1498.50 | 6
|
| 2. | JP Morgan | 2575.90 | 17 | 2 | 736.40 | 5
|
| 3. | Deutsche Banc AB | 1379.05 | 10 | 8 | 246.90 | 1
|
| 4. | Salomon SB | 1367.16 | 6 | 4 | 472.50 | 3
|
| 5. | Banc of America | 1350.90 | 10 | 10 | 170.30 | 2
|
| 6. | Lehman | 1143.42 | 6 | 7 | 281.60 | 2
|
| 7. | Goldman Sachs | 1022.28 | 7 | 5 | 446.60 | 3
|
| 8. | UBS Warburg | 696.88 | 7 | -
|
| 9. | Merrill Lynch | 686.67 | 5 | 6 | 299.90 | 2
|
| 10. | Bear Stearns | 559.84 | 4 | -
|
| Total | 14501.74 | 64 | 5315.80 | 21
|
| Average size | 226.59 | 253.13
|
|
|
| December
|
| | | | | 2000 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | CS First Boston | 1817.64 | 9 | 1 | 366.00 | 1
|
| 2. | Deutsche Banc AB | 1128.16 | 7 | -
|
| 3. | JP Morgan | 876.65 | 7 | -
|
| 4. | Banc of America | 861.89 | 6 | -
|
| 5. | Lehman | 791.55 | 3 | 4 | 198.90 | 1
|
| 6. | Merrill Lynch | 448.98 | 3 | -
|
| 7. | Salomon SB | 442.75 | 3 | 1 | 300.00 | 1
|
| 8. | UBS Warburg | 435.38 | 4 | -
|
| 9. | Bear Stearns | 350.00 | 2 | -
|
| 10. | Goldman Sachs | 346.78 | 3 | -
|
| Total | 8019.03 | 35 | 3078.05 | 12
|
| Average size | 229.12 | 256.50
|
|
|
|
|
| Prospect News high yield underwriter rankings are compiled as follows:
|
|
|
| * The tables include all dollar-denominated offerings sold in the U.S. 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 above $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 settle.
|
| * 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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| End
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