CSFB top high-yield underwriter year to date

* High-yield issuance totals $65.35 billion year to date

* CSFB top high-yield underwriter in May

* High-yield issuance totals $6.93 billion in May

New York, May 28 - The pace of high-yield bond issuance slowed markedly in May to $6.93 billion, the lowest level since January 2003 when it was just marginally higher at $6.94 billion, according to data compiled by Prospect News.

Despite the drop-off in new deals, year-to-date issuance is still running far ahead of the pace of 2003.

So far this year, $65.35 billion of new junk bonds have come to market, 25.1% above the $52.24 billion at the same point in 2003.

However May's total was just 37.6% of the May 2003 volume of $18.42 billion.

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 similar - and identical for April since no emerging markets high-yield corporates were offered in the United States during the month.

Year to date the total is $60.14 billion, 24.9% above the $48.15 billion at the same point in 2003. May's business was $6.93 billion.

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

CSFB also ranked first for the month of May.

The firm extended its lead over number-two placed Citigroup for the year so far. CSFB has now brought $11.52 billion of deals to market against Citigroup's $9.28 billion.

Year to date 2004, all issuers

2003 Comparables

	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1	CSFB	11.519	75	17.63%	2	8.475	52	16.22%
2	Citigroup	9.277	57	14.20%	1	9.748	48	18.66%
3	Deutsche Bank	6.691	44	10.24%	3	5.737	37	10.98%
4	JPMorgan	6.649	46	10.18%	4	4.870	37	9.32%
5	Banc of America	6.186	50	9.47%	5	4.530	33	8.67%
6	UBS	4.810	34	7.36%	8	2.626	18	5.03%
7	Morgan Stanley	4.459	26	6.82%	9	2.219	10	4.25%
8	Lehman	3.696	29	5.66%	6	4.137	26	7.92%
9	Goldman Sachs	3.142	23	4.81%	7	3.719	21	7.12%
10	Merrill Lynch	2.776	21	4.25%	11	0.964	7	1.85%
11	Bear Stearns	2.274	17	3.48%	10	1.541	11	2.95%
12	Jefferies	1.003	13	1.54%	15	0.339	3	0.65%
13	CIBC	0.758	6	1.16%	13	0.799	7	1.53%
14	Wachovia	0.729	10	1.12%	14	0.727	8	1.39%
15	Friedman Billings	0.250	1	0.38%
	Total	65.347	269	52.237	186
	Average size:	0.243	0.281
May 2004, all issuers
					2003 Comparables
	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1	CSFB	1.484	12	21.40%	2	2.592	16	14.07%
2	Deutsche Bank	1.142	6	16.46%	4	1.385	10	7.52%
3	JPMorgan	0.833	8	12.01%	3	2.222	16	12.06%
4	Citigroup	0.587	6	8.46%	1	4.810	21	26.11%
5	Bear Stearns	0.548	3	7.91%	11	0.479	6	2.60%
6	Goldman Sachs	0.451	4	6.51%	7	1.103	8	5.99%
7	Morgan Stanley	0.406	4	5.85%	10	0.635	5	3.45%
8	Lehman	0.307	3	4.43%	5	1.381	11	7.50%
9	UBS	0.275	3	3.97%	8	1.049	7	5.69%
10	Merrill Lynch	0.252	3	3.63%	9	0.693	5	3.76%
	Total	6.934	37	18.421	71
	Average size:	0.187	0.259
Year to date 2004, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1	CSFB	10.128	69	16.84%	2	7.843	48	16.29%
2	Citigroup	8.817	54	14.66%	1	9.590	47	19.92%
3	JPMorgan	6.549	45	10.89%	4	4.870	37	10.11%
4	Banc of America	6.186	50	10.29%	5	4.530	33	9.41%
5	Deutsche Bank	5.490	40	9.13%	3	5.562	36	11.55%
6	Morgan Stanley	4.343	25	7.22%	9	1.344	9	2.79%
7	UBS	4.046	28	6.73%	8	2.015	14	4.18%
8	Lehman	3.356	27	5.58%	6	3.950	25	8.20%
9	Goldman Sachs	3.142	23	5.22%	7	3.719	21	7.72%
10	Merrill Lynch	2.282	20	3.79%	11	0.964	7	2.00%
11	Bear Stearns	2.154	16	3.58%	10	1.146	10	2.38%
12	Jefferies	1.003	13	1.67%	14	0.339	3	0.70%
13	CIBC	0.758	6	1.26%	12	0.799	7	1.66%
14	Wachovia	0.729	10	1.21%	13	0.727	8	1.51%
15	Friedman Billings	0.250	1	0.42%
	Total	60.137	250	48.153	177
	Average size:	0.241	0.272
May 2004, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1	CSFB	1.484	12	21.40%	2	2.468	15	13.70%
2	Deutsche Bank	1.142	6	16.46%	4	1.385	10	7.68%
3	JPMorgan	0.833	8	12.01%	3	2.222	16	12.33%
4	Citigroup	0.587	6	8.46%	1	4.810	21	26.69%
5	Bear Stearns	0.548	3	7.91%	11	0.479	6	2.66%
6	Goldman Sachs	0.451	4	6.51%	7	1.103	8	6.12%
7	Morgan Stanley	0.406	4	5.85%	10	0.635	5	3.52%
8	Lehman	0.307	3	4.43%	5	1.381	11	7.66%
9	UBS	0.275	3	3.97%	8	0.775	5	4.30%
10	Merrill Lynch	0.252	3	3.63%	9	0.693	5	3.84%
	Total	6.934	37	18.023	69
	Average size:	0.187	0.261
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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