JPMorgan number one U.S. high-yield bond underwriter for 2009

• U.S. market high-yield issuance totals record $160.03 billion in 2009

New York, Dec. 31 - JPMorgan was the top underwriter of high-yield bonds in the U.S. market for 2009, according to data compiled by Prospect News.

Meanwhile U.S. issuance totaled a record $160.03 billion for the year, more than double 2008's amount.

That beat - by a narrow margin of just $0.40 billion - the previous record of $159.63 billion set in 2007.

However global issuance - counting bonds issued in major currencies but excluding emerging market issues - fell short of beating the high of $177.21 billion set in 2006, coming in at $174.90 billion for 2009.

JPMorgan brought to market $25.47 billion of junk bonds in 2009, $0.69 billion ahead of Bank of America, with $24.78 billion. Both firms held the same positions in 2008, when the gap between the two was just over $1 billion.

Citigroup was in third place with $15.31 billion, rising one notch from 2008, displacing Credit Suisse, which slipped to fourth with $14.18 billion.

JPMorgan was also first on a global basis. In Europe, Deutsche Bank ranked number one.

Volume in that market was $28.74 billion for the year, up from $0.81 billion in 2008 when European junk issuance was essentially shut down by the credit crisis.

U.S. issuance for December was $17.55 billion, down slightly from $18.35 billion in November and broadly in line with the strong activity seen this year starting in May.

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	25.468	164	15.91%	1	10.793	58	14.90%
2	Bank of America	24.779	181	15.48%	2	9.736	51	13.44%
3	Citigroup	15.307	91	9.57%	4	7.257	36	10.02%
4	Credit Suisse	14.184	81	8.86%	3	8.874	34	12.25%
5	Deutsche Bank	13.770	94	8.60%	6	4.872	28	6.73%
6	Goldman Sachs	13.208	83	8.25%	7	4.504	29	6.22%
7	Morgan Stanley	11.896	69	7.43%	5	7.035	37	9.71%
8	Wells Fargo	9.181	84	5.73%
9	Barclays	7.614	59	4.76%	17	0.825	6	1.14%
10	UBS	4.244	30	2.65%	10	2.462	17	3.40%
	Total	160.028	379	72.452	135
	Average size:	0.422	0.537
Year to date, U.S. market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	23.708	153	16.28%	1	10.293	55	16.13%
2	Bank of America	22.621	170	15.53%	2	9.736	51	15.26%
3	Citigroup	13.771	81	9.46%	5	5.925	29	9.29%
4	Goldman Sachs	13.208	83	9.07%	6	4.504	29	7.06%
5	Credit Suisse	13.072	72	8.98%	3	8.451	30	13.24%
6	Deutsche Bank	12.678	89	8.71%	7	4.021	21	6.30%
7	Morgan Stanley	10.427	62	7.16%	4	6.785	35	10.63%
8	Barclays	6.994	58	4.80%	16	0.325	2	0.51%
9	Wells Fargo	9.181	84	6.30%
10	Jefferies	3.688	28	2.53%	14	0.494	4	0.77%
	Total	145.616	344	63.810	119
	Average size:	0.423	0.536
Year to date, global market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	25.832	165	14.77%	1	10.293	55	15.95%
2	Bank of America	23.812	174	13.61%	2	9.809	52	15.20%
3	Deutsche Bank	17.196	109	9.83%	7	4.021	21	6.23%
4	Citigroup	15.333	88	8.77%	5	5.925	29	9.18%
5	Credit Suisse	15.271	82	8.73%	3	8.451	30	13.10%
6	Goldman Sachs	14.857	91	8.49%	6	4.577	30	7.09%
7	Morgan Stanley	10.553	64	6.03%	4	6.859	36	10.63%
8	Wells Fargo	9.287	85	5.31%
9	Barclays	7.765	62	4.44%	17	0.325	2	0.50%
10	RBS	7.189	46	4.11%	14	0.657	2	1.02%
	Total	174.902	388	64.527	123
	Average size:	0.451	0.525
Year to date, European currencies, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.517	20	15.72%
2	RBS	3.769	15	13.11%	1	0.457	1	56.74%
3	Credit Suisse	2.181	9	7.59%
4	JPMorgan	2.123	12	7.39%
5	Calyon	1.943	8	6.76%
6	Citigroup	1.562	7	5.44%
7	Goldman Sachs	1.543	7	5.37%	4	0.074	1	9.13%
8	Banca IMI	1.344	5	4.68%
9	BNP Paribas	1.326	9	4.61%
10	Bank of America	1.191	4	4.14%	3	0.074	1	9.13%
	Total	28.737	41	0.806	4
	Average size:	0.701	0.201
Fourth quarter, U.S. market, all issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	8.433	51	15.07%	3	0.594	3	18.29%
2	Bank of America	7.322	57	13.09%	5	0.184	2	5.65%
3	Credit Suisse	5.336	27	9.54%
4	Goldman Sachs	5.311	35	9.49%	4	0.274	3	8.44%
5	Citigroup	4.377	27	7.82%	2	0.594	3	18.29%
6	Deutsche Bank	4.236	30	7.57%	8	0.100	1	3.07%
7	Barclays	3.692	25	6.60%
8	Morgan Stanley	3.361	27	6.01%	1	0.942	7	28.96%
9	Wells Fargo	2.637	22	4.71%
10	UBS	2.351	15	4.20%	11	0.100	1	3.07%
	Total	55.953	139	3.251	7
	Average size:	0.403	0.464
Fourth quarter, U.S. market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	7.357	46	15.75%	3	0.594	3	18.29%
2	Bank of America	5.915	51	12.66%	5	0.184	2	5.65%
3	Goldman Sachs	5.311	35	11.37%	4	0.274	3	8.44%
4	Credit Suisse	4.618	22	9.89%
5	Deutsche Bank	3.475	26	7.44%	8	0.100	1	3.07%
6	Morgan Stanley	3.161	26	6.77%	1	0.942	7	28.96%
7	Citigroup	3.152	21	6.75%	2	0.594	3	18.29%
8	Barclays	3.073	24	6.58%
9	Wells Fargo	2.637	22	5.65%
10	Jefferies	2.074	14	4.44%
	Total	46.710	120	3.251	7
	Average size:	0.389	0.464
Fourth quarter, global market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	9.173	55	14.19%	3	0.594	3	18.29%
2	Bank of America	7.106	55	10.99%	5	0.184	2	5.65%
3	Deutsche Bank	6.773	40	10.48%	8	0.100	1	3.07%
4	Credit Suisse	6.406	27	9.91%
5	Goldman Sachs	6.393	40	9.89%	4	0.274	3	8.44%
6	Citigroup	3.786	25	5.86%	2	0.594	3	18.29%
7	Barclays	3.319	26	5.13%
8	Morgan Stanley	3.240	27	5.01%	1	0.942	7	28.96%
9	RBS	2.897	17	4.48%
10	Wells Fargo	2.743	23	4.24%
	Total	64.645	145	3.251	7
	Average size:	0.446	0.464
December, U.S. market, all issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.426	12	13.82%	4	0.111	1	18.14%
2	Goldman Sachs	2.150	8	12.25%	2	0.111	1	18.14%
3	Bank of America	2.068	14	11.78%	5	0.084	1	13.71%
4	Citigroup	1.677	8	9.55%	3	0.111	1	18.14%
5	Deutsche Bank	1.491	6	8.50%
6	Credit Suisse	1.341	9	7.64%
7	Morgan Stanley	1.161	7	6.62%	1	0.195	2	31.86%
8	Wells Fargo	1.147	6	6.53%
9	Jefferies	1.108	9	6.31%
10	Barclays	1.029	5	5.86%
	Total	17.549	38	0.613	2
	Average size:	0.462	0.306
December, U.S. market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	2.150	8	13.46%	2	0.111	1	18.14%
2	JPMorgan	1.971	10	12.34%	4	0.111	1	18.14%
3	Bank of America	1.613	12	10.10%	5	0.084	1	13.71%
4	Deutsche Bank	1.491	6	9.33%
5	Citigroup	1.260	7	7.89%	3	0.111	1	18.14%
6	Credit Suisse	1.218	8	7.63%
7	Morgan Stanley	1.161	7	7.27%	1	0.195	2	31.86%
8	Wells Fargo	1.147	6	7.18%
9	Jefferies	1.108	9	6.93%
10	Barclays	1.029	5	6.44%
	Total	15.976	35	0.613	2
	Average size:	0.456	0.306
December, global market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.632	14	14.45%	4	0.111	1	18.14%
2	Goldman Sachs	2.150	8	11.81%	2	0.111	1	18.14%
3	Bank of America	1.893	13	10.40%	5	0.084	1	13.71%
4	Deutsche Bank	1.576	7	8.65%
5	Citigroup	1.339	8	7.35%	3	0.111	1	18.14%
6	Morgan Stanley	1.239	8	6.81%	1	0.195	2	31.86%
7	Credit Suisse	1.218	8	6.69%
8	Wells Fargo	1.147	6	6.30%
9	Jefferies	1.108	9	6.08%
10	Barclays	1.029	5	5.65%
	Total	18.210	41	0.613	2
	Average size:	0.444	0.306
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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