JPMorgan now number one U.S. high-yield bond underwriter year to date

• U.S. market high-yield issuance totals $142.69 billion year to date

New York, Nov. 30 - JPMorgan rose to become the top underwriter of high-yield bonds in the U.S. market for the year so far, according to data compiled by Prospect News.

JPMorgan dislodged Bank of America, which had placed first in the year-to-date rankings for every month of 2009 through October.

The lead is narrow, however, with just $0.33 billion separating the firms. So far this year JPMorgan has brought $23.04 billion of junk bonds to market while Bank of America's total is $22.71 billion.

Citigroup remained in third, while Credit Suisse and Deutsche Bank were also unchanged in the fourth and fifth positions.

Issuance for the month remained strong, totaling $18.56 billion, a little below the $20.05 billion for October but still the fourth biggest month so far this year. November 2008 saw a mere $0.49 billion.

Issuance so far this year totals $142.69 billion, close to double the $71.84 billion at the same point in 2008.

That compares to recent record volumes of $159.63 billion for all of 2007 and $156.63 billion for all of 2006.

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

Meanwhile the steady comeback continued in Europe, with $8.90 billion for the month, up from $6.59 billion in October. The year-to-date total in this market is now $26.50 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	JPMorgan	23.042	152	16.15%	1	10.682	57	14.87%
2	Bank of America	22.711	167	15.92%	2	9.652	50	13.44%
3	Citigroup	13.630	83	9.55%	4	7.146	35	9.95%
4	Credit Suisse	12.842	72	9.00%	3	8.874	34	12.35%
5	Deutsche Bank	12.279	88	8.61%	6	4.872	28	6.78%
6	Goldman Sachs	11.164	76	7.82%	7	4.393	28	6.11%
7	Morgan Stanley	10.735	62	7.52%	5	6.840	35	9.52%
8	Wells Fargo	8.140	79	5.71%
9	Barclays	6.585	54	4.61%	17	0.825	6	1.15%
10	UBS	3.697	27	2.59%	10	2.462	17	3.43%
	Total	142.690	342	71.839	133
	Average size:	0.417	0.540
Year to date, U.S. market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	21.737	143	16.74%	1	10.182	54	16.11%
2	Bank of America	21.008	158	16.18%	2	9.652	50	15.27%
3	Citigroup	12.511	74	9.64%	5	5.814	28	9.20%
4	Credit Suisse	11.854	64	9.13%	3	8.451	30	13.37%
5	Deutsche Bank	11.187	83	8.62%	7	4.021	21	6.36%
6	Goldman Sachs	11.164	76	8.60%	6	4.393	28	6.95%
7	Morgan Stanley	9.266	55	7.14%	4	6.590	33	10.43%
8	Wells Fargo	8.140	79	6.27%
9	Barclays	5.965	53	4.59%	16	0.325	2	0.51%
10	RBS	3.420	31	2.63%	19	0.200	1	0.32%
	Total	129.851	310	63.197	117
	Average size:	0.419	0.540
Year to date, global market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	23.200	151	14.81%	1	10.182	54	15.93%
2	Bank of America	21.919	161	13.99%	2	9.725	51	15.22%
3	Deutsche Bank	15.620	102	9.97%	7	4.021	21	6.29%
4	Credit Suisse	14.053	74	8.97%	3	8.451	30	13.22%
5	Citigroup	13.995	80	8.93%	5	5.814	28	9.10%
6	Goldman Sachs	12.707	83	8.11%	6	4.466	29	6.99%
7	Morgan Stanley	9.313	56	5.94%	4	6.664	34	10.43%
8	Wells Fargo	8.140	79	5.20%
9	RBS	6.909	45	4.41%	14	0.657	2	1.03%
10	Barclays	6.737	57	4.30%	17	0.325	2	0.51%
	Total	156.692	347	63.915	121
	Average size:	0.452	0.528
Year to date, European currencies, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.433	19	16.73%
2	RBS	3.489	14	13.16%	1	0.457	1	56.74%
3	Credit Suisse	2.181	9	8.23%
4	Calyon	1.585	6	5.98%
5	Goldman Sachs	1.543	7	5.82%	4	0.074	1	9.13%
6	Citigroup	1.483	6	5.60%
7	JPMorgan	1.462	8	5.52%
8	UniCredit	1.431	4	4.40%
9	BNP Paribas	1.253	8	4.73%
10	Banca IMI	1.156	3	4.36%
	Total	26.504	35	0.806	4
	Average size:	0.757	0.201
November, U.S. market, all issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	3.696	24	19.91%
2	Bank of America	2.263	18	12.19%
3	Goldman Sachs	1.734	16	9.34%	1	0.163	2	33.33%
4	Credit Suisse	1.375	8	7.41%
5	Morgan Stanley	1.258	10	6.78%	3	0.163	2	33.33%
6	Citigroup	1.198	9	6.46%
7	Deutsche Bank	1.136	11	6.12%
8	Wells Fargo	1.094	10	5.89%
9	Barclays	0.775	8	4.17%
10	Jefferies	0.661	3	3.56%
	Total	18.562	51	0.490	2
	Average size:	0.364	0.245
November, U.S. market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	3.532	23	22.21%
2	Bank of America	2.116	17	13.31%
3	Goldman Sachs	1.734	16	10.91%	1	0.163	2	33.33%
4	Wells Fargo	1.094	10	6.88%
5	Credit Suisse	1.060	6	6.67%
6	Morgan Stanley	1.058	9	6.65%	3	0.163	2	33.33%
7	Deutsche Bank	0.986	10	6.20%
8	Barclays	0.775	8	4.87%
9	Jefferies	0.661	3	4.16%
10	Citigroup	0.654	6	4.11%
	Total	15.901	44	0.490	2
	Average size:	0.361	0.245
November, global market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.686	28	18.89%
2	Goldman Sachs	2.710	20	10.93%	1	0.163	2	33.33%
3	Deutsche Bank	2.420	17	9.76%
4	Credit Suisse	2.189	10	8.83%
5	Bank of America	2.116	17	8.53%
6	Citigroup	1.210	9	4.88%
7	Wells Fargo	1.094	10	4.41%
8	Morgan Stanley	1.058	9	4.27%	3	0.163	2	33.33%
9	UBS	1.024	6	4.13%
10	Barclays	1.021	10	4.12%
	Total	24.803	55	0.490	2
	Average size:	0.451	0.245
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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