CSFB top high-yield underwriter year to date

* High-yield issuance totals $58.35 billion year to date

* CSFB top high-yield underwriter in April

* High-yield issuance totals $14.73 billion in April

New York, April 30 - High-yield bond issuance continued its vigorous pace in April, totaling $14.73 billion in the month, according to data compiled by Prospect News.

Although a little lower than March's $16.68 billion, the total was marginally higher than the monthly average so far this year of $14.59 billion.

And issuance is running way above last year's level. The year-to-date $58.35 billion is 72.6% above the total for the first four months of 2003.

Measured by number of deals, the volume of activity is double the year-ago rate with 231 offerings priced so far this year against 115 in the comparable period of 2003.

The 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.

For industrialized countries only, the figures are similarly impressive.

Year-to-date the total is $53.14 billion, 76.4% above the $30.13 billion at the same point in 2003. April's business came to $13.33 billion.

Meanwhile Credit Suisse First Boston remained the top underwriter year to date and moved back into the number-one position in the industrialized countries-only tables.

CSFB also ranked first for the month of April.

And the firm extended its lead over number-two placed Citigroup for the year so far. CSFB has now brought $10.03 billion of deals to market against Citigroup's $8.63 billion.

Year to date 2004, all issuers

2003 Comparables

	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1	CSFB	10.034	63	17.20%	1	5.883	36	17.40%
2	Citigroup	8.631	50	14.79%	2	4.938	27	14.60%
3	Banc of America	5.954	47	10.20%	4	3.227	21	9.54%
4	JPMorgan	5.816	38	9.97%	6	2.648	21	7.83%
5	Deutsche Bank	5.549	38	9.51%	3	4.352	27	12.87%
6	UBS	4.535	31	7.77%	9	1.577	11	4.66%
7	Morgan Stanley	4.054	22	6.95%	8	1.584	5	4.68%
8	Lehman	3.389	26	5.81%	5	2.757	15	8.15%
9	Goldman Sachs	2.690	19	4.61%	7	2.616	13	7.74%
10	Merrill Lynch	2.524	18	4.33%	15	0.271	2	0.80%
11	Bear Stearns	1.725	14	2.96%	10	1.061	5	3.14%
12	Jefferies	0.892	10	1.53%	13	0.339	3	1.00%
13	CIBC	0.709	5	1.22%	12	0.658	5	1.95%
14	Wachovia	0.681	9	1.17%	14	0.293	3	0.87%
15	Friedman Billings	0.250	1	0.43%	-	-	-	-
	Total	58.352	231	33.816	115
	Average size:	0.253	0.294
April 2004, all issuers
					2003 Comparables
	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1	CSFB	3.579	25	24.29%	2	1.265	10	14.04%
2	Citigroup	2.495	16	16.93%	1	1.389	8	15.42%
3	Deutsche Bank	1.737	13	11.79%	3	1.138	8	12.63%
4	JPMorgan	1.634	9	11.09%	6	0.867	8	9.63%
5	Banc of America	1.300	10	8.83%	5	0.899	7	9.98%
6	Lehman	0.907	8	6.16%	4	0.993	5	11.02%
7	Merrill Lynch	0.750	6	5.09%	-	-	-	-
8	UBS	0.692	6	4.70%	9	0.300	2	3.33%
9	Goldman Sachs	0.581	6	3.94%	7	0.584	3	6.48%
10	Bear Stearns	0.282	2	1.92%	8	0.530	2	5.88%
	Total	14.734	57	9.010	35
	Average size:	0.258	0.257
Year to date 2004, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1	CSFB	8.644	57	16.26%	1	5.375	33	17.84%
2	Citigroup	8.171	47	15.37%	2	4.780	26	15.86%
3	Banc of America	5.954	47	11.20%	4	3.227	21	10.71%
4	JPMorgan	5.716	37	10.76%	5	2.648	21	8.79%
5	Deutsche Bank	4.348	34	8.18%	3	4.177	26	13.86%
6	Morgan Stanley	3.938	21	7.41%	9	0.709	4	2.35%
7	UBS	3.771	25	7.10%	8	1.240	9	4.11%
8	Lehman	3.049	24	5.74%	7	2.569	14	8.53%
9	Goldman Sachs	2.690	19	5.06%	6	2.616	13	8.68%
10	Merrill Lynch	2.030	17	3.82%	14	0.271	2	0.90%
11	Bear Stearns	1.606	13	3.02%	10	0.667	4	2.21%
12	Jefferies	0.892	10	1.68%	12	0.339	3	1.13%
13	CIBC	0.709	5	1.33%	11	0.658	5	2.18%
14	Wachovia	0.681	9	1.28%	13	0.293	3	0.97%
15	Friedman Billings	0.250	1	0.47%
	Total	53.143	212	30.130	108
	Average size:	0.251	0.279
April 2004, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1	CSFB	2.979	24	22.34%	2	1.115	9	13.34%
2	Citigroup	2.395	15	17.96%	1	1.389	8	16.62%
3	JPMorgan	1.634	9	12.26%	6	0.867	8	10.37%
4	Banc of America	1.300	10	9.75%	5	0.899	7	10.75%
5	Deutsche Bank	1.035	11	7.77%	4	0.963	7	11.52%
6	Lehman	0.907	8	6.80%	3	0.993	5	11.87%
7	Merrill Lynch	0.750	6	5.62%	-	-	-	-
8	UBS	0.692	6	5.19%	13	0.150	1	1.79%
9	Goldman Sachs	0.581	6	4.36%	7	0.584	3	6.99%
10	Bear Stearns	0.282	2	2.12%	8	0.530	2	6.34%
	Total	13.332	54	8.360	33
	Average size:	0.247	0.253
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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