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

• U.S. market high-yield issuance totals $20.42 billion year to date

New York, April 30 - Banc of America continued its run at the top of the league tables of high-yield bond underwriters, according to data compiled by Prospect News.

The bank has now led the year-to-date rankings for all four months of the year so far.

For the month of April, Morgan Stanley was first, with Banc of America just behind and JPMorgan third.

Year to date, JPMorgan is second and Morgan Stanley third.

New deal activity for the month rebounded sharply, totaling $9.47 billion. That was the biggest monthly total since June 2008 saw $17.16 billion and more than four times the $2.16 billion recorded in March.

It also virtually doubled the year-to-date total, which is now $20.42 billion.

With April's strong performance, year-to-date issuance continues to run ahead of 2008 levels. The first four months of last year saw $18.42 billion of new deals.

The league tables and issuance totals are generally similar if emerging markets deals are excluded and also for non-dollar junk bonds.

After one new deal for $18 million equivalent in March, Europe went back to yet another month of no 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	4.411	26	21.60%	2	2.147	11	11.66%
2	JPMorgan	3.470	24	16.99%	1	3.444	13	18.70%
3	Morgan Stanley	2.815	10	13.78%	12	0.526	5	2.86%
4	Citigroup	2.106	13	10.31%	5	1.418	5	7.70%
5	Deutsche Bank	2.010	15	9.84%	3	1.863	7	10.11%
6	Credit Suisse	1.325	10	6.49%	6	1.323	4	7.18%
7	Wachovia	1.212	10	5.93%	14	0.425	5	2.31%
8	Goldman Sachs	1.209	8	5.92%	7	0.727	5	3.95%
9	RBS	0.539	3	2.64%	20	0.200	1	1.09%
10	Barclays	0.285	2	1.40%	17	0.250	2	1.36%
	Total	20.424	43	18.415	33
	Average size:	0.475	0.558
Year to date, U.S. market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	4.222	25	21.39%	2	2.147	11	14.69%
2	JPMorgan	3.370	23	17.08%	1	3.444	13	23.57%
3	Morgan Stanley	2.815	10	14.26%	9	0.526	5	3.60%
4	Deutsche Bank	2.010	15	10.19%	4	1.362	4	9.32%
5	Citigroup	2.006	12	10.16%	6	1.168	3	7.99%
6	Credit Suisse	1.225	9	6.20%	5	1.222	3	8.37%
7	Wachovia	1.212	10	6.14%	11	0.425	5	2.91%
8	Goldman Sachs	1.209	8	6.12%	7	0.727	5	4.97%
9	RBS	0.539	3	2.64%	20	0.200	1	1.09%
10	Barclays	0.285	2	1.45%
	Total	19.737	40	14.614	28
	Average size:	0.493	0.522
Year to date, global market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	4.222	25	20.93%	2	2.147	11	14.69%
2	JPMorgan	3.476	24	17.23%	1	3.444	13	23.57%
3	Morgan Stanley	2.815	10	13.95%	9	0.526	5	3.60%
4	Deutsche Bank	2.116	16	10.49%	4	1.362	4	9.32%
5	Citigroup	2.006	12	9.94%	6	1.168	3	7.99%
6	Credit Suisse	1.330	10	6.59%	5	1.222	3	8.37%
7	Wachovia	1.212	10	6.01%	11	0.425	5	2.91%
8	Goldman Sachs	1.209	8	5.99%	7	0.727	5	4.97%
9	RBS	0.539	3	2.64%	20	0.200	1	1.09%
10	BNP Paribas	0.331	3	1.64%
	Total	20.172	42	14.614	28
	Average size:	0.480	0.522
Year to date, European currencies, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	BNP Paribas	0.105	1	24.00%
1	Credit Suisse	0.105	1	24.00%
1	Deutsche Bank	0.105	1	24.00%
1	JPMorgan	0.105	1	24.00%
5	Fearnley Fonds	0.018	1	3.99%
	Total	0.439	2	0.000	0
	Average size:	0.220
April, U.S. market, all issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	1.990	5	21.01%	17	0.121	2	1.43%
2	Banc of America	1.853	8	19.56%	8	0.445	4	5.25%
3	JPMorgan	1.397	7	14.75%	1	1.590	6	18.75%
4	Citigroup	1.334	5	14.08%	10	0.362	3	4.27%
5	Deutsche Bank	0.740	5	7.81%	5	0.640	4	7.55%
6	Credit Suisse	0.518	3	5.47%	19	0.101	1	1.18%
7	Goldman Sachs	0.482	3	5.09%	9	0.395	3	4.66%
8	Wachovia	0.381	2	4.03%	16	0.234	3	2.76%
9	RBS	0.482	2	5.20%
10	Banco Itau	0.099	1	1.04%
	Total	9.473	18	8.482	20
	Average size:	0.526	0.424
April, U.S. market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	1.990	5	21.45%	9	0.121	2	2.59%
2	Banc of America	1.853	8	19.97%	4	0.445	4	9.50%
3	JPMorgan	1.397	7	15.06%	1	1.590	6	33.97%
4	Citigroup	1.334	5	14.38%	11	0.112	1	2.39%
5	Deutsche Bank	0.740	5	7.98%	8	0.140	1	2.98%
6	Credit Suisse	0.518	3	5.59%
7	Goldman Sachs	0.482	3	5.20%	5	0.395	3	8.44%
8	Wachovia	0.381	2	4.11%	7	0.234	3	5.00%
9	RBS	0.482	2	5.20%
10	Barclays	0.097	1	1.05%
	Total	9.276	17	4.681	15
	Average size:	0.546	0.312
April, global market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	1.990	5	21.45%	9	0.121	2	2.59%
2	Banc of America	1.853	8	19.97%	4	0.445	4	9.50%
3	JPMorgan	1.397	7	15.06%	1	1.590	6	33.97%
4	Citigroup	1.334	5	14.38%	11	0.112	1	2.39%
5	Deutsche Bank	0.740	5	7.98%	8	0.140	1	2.98%
6	Credit Suisse	0.518	3	5.59%
7	Goldman Sachs	0.482	3	5.20%	5	0.395	3	8.44%
8	Wachovia	0.381	2	4.11%	7	0.234	3	5.00%
9	RBS	0.482	2	5.20%
10	Barclays	0.097	1	1.05%
	Total	9.276	17	4.681	15
	Average size:	0.546	0.312
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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