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

• U.S. market high-yield issuance totals $8.80 billion year to date

New York, Feb. 27 - Banc of America continued as the number one underwriter of high-yield bonds for the year so far, according to data compiled by Prospect News.

While far from robust compared to historical levels, activity continued at a better pace compared with the slump that has dragged down most of the past year.

February saw $3.92 billion of new issuance, slightly down from January's $4.87 billion, but bringing the year-to-date total to $8.80 billion, 8.5% ahead of the $8.11 billion at the same stage of 2008.

Banc of America has brought $2.01 billion of new deals so far this year, 22.8% of the total. That places it comfortably ahead of number-two ranked JPMorgan at $1.46 billion or 16.6% of the total.

Banc of America was also first in February.

The figures were similar if emerging markets deals are excluded.

B of A remains on top if non-dollar bonds are included, while the total increases to $9.22 billion.

Europe saw no new deals.

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	Banc of America	2.005	13	22.80%	2	1.397	5	17.24%
2	JPMorgan	1.457	12	16.56%	1	1.481	5	18.27%
3	Deutsche Bank	1.024	8	11.64%	3	1.056	2	13.03%
4	Wachovia	0.713	6	8.10%	9	0.191	2	2.36%
5	Morgan Stanley	0.685	3	7.78%	10	0.100	1	1.23%
6	Goldman Sachs	0.670	4	7.62%
7	Credit Suisse	0.622	5	7.08%	6	1.056	2	13.03%
8	Citigroup	0.588	6	6.68%	5	1.056	2	13.03%
9	Jefferies	0.260	1	2.96%	7	0.297	2	3.66%
10	BNP Paribas	0.226	2	2.57%
	Total	8.796	18	8.105	9
	Average size:	0.489	0.901
Year to date, U.S. market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	2.005	13	22.80%	2	1.397	5	17.24%
2	JPMorgan	1.457	12	16.56%	1	1.481	5	18.27%
3	Deutsche Bank	1.024	8	11.64%	3	1.056	2	13.03%
4	Wachovia	0.713	6	8.10%	9	0.191	2	2.36%
5	Morgan Stanley	0.685	3	7.78%	10	0.100	1	1.23%
6	Goldman Sachs	0.670	4	7.62%
7	Credit Suisse	0.622	5	7.08%	6	1.056	2	13.03%
8	Citigroup	0.588	6	6.68%	5	1.056	2	13.03%
9	Jefferies	0.260	1	2.96%	7	0.297	2	3.66%
10	BNP Paribas	0.226	2	2.57%
	Total	8.796	18	8.105	9
	Average size:	0.489	0.901
Year to date, global market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	2.005	13	21.75%	2	1.397	5	17.24%
2	JPMorgan	1.562	13	16.95%	1	1.481	5	18.27%
3	Deutsche Bank	1.129	9	12.25%	3	1.056	2	13.03%
4	Credit Suisse	0.728	6	7.90%	6	1.056	2	13.03%
5	Wachovia	0.713	6	7.73%	9	0.191	2	2.36%
6	Morgan Stanley	0.685	3	7.43%	10	0.100	1	1.23%
7	Goldman Sachs	0.670	4	7.27%
8	Citigroup	0.588	6	6.37%	5	1.056	2	13.03%
9	BNP Paribas	0.331	3	3.59%
10	Jefferies	0.260	1	2.82%	7	0.297	2	3.66%
	Total	9.218	19	8.105	9
	Average size:	0.485	0.901
Year to date, European currencies, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	0.105	1	25.00%
1	BNP Paribas	0.105	1	25.00%
1	Credit Suisse	0.105	1	25.00%
1	JPMorgan	0.105	1	25.00%
	Total	0.422	1	0.000	0
	Average size:	0.422
February, U.S. market, all issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	0.948	7	24.18%	2	0.141	2	15.34%
2	JPMorgan	0.775	6	19.75%	4	0.100	1	10.87%
3	Deutsche Bank	0.525	4	13.38%
4	Wachovia	0.377	3	9.61%	8	0.066	1	7.19%
5	Citigroup	0.363	4	9.26%
6	Jefferies	0.260	1	6.63%	1	0.297	2	32.23%
7	Credit Suisse	0.198	2	5.04%
8	Barclays	0.188	1	4.79%
9	Morgan Stanley	0.119	1	3.04%	3	0.100	1	10.87%
10	BMO	0.085	1	2.18%
	Total	3.922	9	0.920	5
	Average size:	0.436	0.184
February, U.S. market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	0.948	7	24.18%	2	0.141	2	15.34%
2	JPMorgan	0.775	6	19.75%	4	0.100	1	10.87%
3	Deutsche Bank	0.525	4	13.38%
4	Wachovia	0.377	3	9.61%	8	0.066	1	7.19%
5	Citigroup	0.363	4	9.26%
6	Jefferies	0.260	1	6.63%	1	0.297	2	32.23%
7	Credit Suisse	0.198	2	5.04%
8	Barclays	0.188	1	4.79%
9	Morgan Stanley	0.119	1	3.04%	3	0.100	1	10.87%
10	BMO	0.085	1	2.18%
	Total	3.922	9	0.920	5
	Average size:	0.436	0.184
February, global market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	0.948	7	24.18%	2	0.141	2	15.34%
2	JPMorgan	0.775	6	19.75%	4	0.100	1	10.87%
3	Deutsche Bank	0.525	4	13.38%
4	Wachovia	0.377	3	9.61%	8	0.066	1	7.19%
5	Citigroup	0.363	4	9.26%
6	Jefferies	0.260	1	6.63%	1	0.297	2	32.23%
7	Credit Suisse	0.198	2	5.04%
8	Barclays	0.188	1	4.79%
9	Morgan Stanley	0.119	1	3.04%	3	0.100	1	10.87%
10	BMO	0.085	1	2.18%
	Total	3.922	9	0.920	5
	Average size:	0.436	0.184
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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