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

• U.S. market high-yield issuance totals $44.58 billion year to date

New York, May 29 - Banc of America held its place at the top of the league tables of high-yield bond underwriters even as the market saw a huge surge in activity, according to data compiled by Prospect News.

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

Meanwhile May saw $24.15 billion of new deals, more than the $20.42 billion in the previous four months of 2009 combined.

The month's volume was also nearly double the $14.70 billion recorded in May 2008 and puts this year well ahead of last for new issuance, at $44.58 billion versus $33.11 billion.

May's total made it the biggest month in the high-yield market since October 2007, which saw marginally more deals, $24.45 billion.

Banc of America also placed first for the month of May, although on a percentage basis its lead in the year-to-date tables eased slightly. For the year so far, B of A's share is 20.72% through May, compared to 21.60% through the end of April.

Using the same measure, second placed JPMorgan was essentially unchanged at 16.76% of the year-to-date deals versus 16.99% a month earlier.

Citigroup moved up to third place from fourth, Deutsche Bank rose to fourth from fifth and Goldman Sachs jumped to fifth from eighth. Morgan Stanley fell back to sixth from third.

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

Meanwhile Europe had its best month since June 2007 with $1.86 billion of issuance in four tranches.

Deutsche Bank is now placed first for the year to date in Europe.

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	9.235	51	20.72%	2	4.776	26	14.42%
2	JPMorgan	7.470	48	16.76%	1	6.632	32	20.03%
3	Citigroup	5.142	28	11.54%	4	2.773	14	8.37%
4	Deutsche Bank	3.860	26	8.66%	5	2.506	13	7.57%
5	Goldman Sachs	3.748	18	8.41%	7	1.760	13	5.31%
6	Morgan Stanley	3.636	15	8.16%	8	1.122	8	3.39%
7	Credit Suisse	2.604	20	5.84%	3	3.648	15	11.02%
8	Wachovia	2.456	22	5.51%	13	0.711	8	2.15%
9	RBS	1.509	12	2.39%	19	0.360	2	1.08%
10	Barclays	1.225	11	2.75%	14	0.500	3	1.51%
	Total	44.575	89	33.112	68
	Average size:	0.501	0.487
Year to date, U.S. market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	9.046	50	21.09%	2	4.776	26	17.45%
2	JPMorgan	7.370	47	17.18%	1	6.382	31	23.32%
3	Citigroup	5.042	27	11.75%	4	2.108	10	7.70%
4	Goldman Sachs	3.748	18	8.74%	7	1.760	13	6.43%
5	Deutsche Bank	3.530	25	8.23%	6	1.905	8	6.96%
6	Morgan Stanley	3.306	14	7.71%	8	1.122	8	4.10%
7	Credit Suisse	2.504	19	5.84%	3	3.424	13	12.51%
8	Wachovia	2.456	22	5.72%	10	0.711	8	2.60%
9	RBS	1.509	12	3.51%	12	0.360	2	1.31%
10	Barclays	1.225	11	2.86%	13	0.250	1	0.91%
	Total	42.897	85	27.369	57
	Average size:	0.505	0.480
Year to date, global market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	9.046	50	20.00%	2	4.776	26	17.45%
2	JPMorgan	7.522	49	16.63%	1	6.382	31	23.32%
3	Citigroup	5.042	27	11.15%	4	2.108	10	7.70%
4	Deutsche Bank	3.954	28	8.74%	6	1.905	8	6.96%
5	Goldman Sachs	3.788	19	8.38%	7	1.760	13	6.43%
6	Morgan Stanley	3.352	15	7.41%	8	1.122	8	4.10%
7	Credit Suisse	2.656	21	5.87%	3	3.424	13	12.51%
8	Wachovia	2.456	22	5.43%	10	0.711	8	2.60%
9	RBS	1.828	14	4.04%	12	0.360	2	1.31%
10	Barclays	1.225	11	2.71%	13	0.250	1	0.91%
	Total	45.219	92	27.369	57
	Average size:	0.492	0.480
Year to date, European currencies, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	0.425	3	18.45%
2	HSBC	0.357	2	15.53%
3	RBS	0.319	2	13.87%
4	Natixis	0.279	1	12.11%
5	SG	0.279	1	12.11%
6	BNP Paribas	0.193	3	8.38%
7	Credit Suisse	0.152	2	6.62%
8	JPMorgan	0.152	2	6.62%
9	Morgan Stanley	0.047	1	2.04%
10	Goldman Sachs	0.040	1	1.76%
	Total	2.301	6	0.099	1
	Average size:	0.383	0.099
May, U.S. market, all issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	4.824	25	19.97%	2	2.629	15	17.89%
2	JPMorgan	3.999	24	16.56%	1	3.188	19	21.69%
3	Citigroup	3.037	15	12.57%	4	1.355	9	9.22%
4	Goldman Sachs	2.539	10	10.51%	5	1.033	8	7.03%
5	Deutsche Bank	1.849	11	7.66%	6	0.644	6	4.38%
6	Credit Suisse	1.280	10	5.30%	3	2.325	11	15.82%
7	Wachovia	1.244	12	5.15%	11	0.285	3	1.94%
8	Barclays	0.940	9	3.89%	14	0.250	1	1.70%
9	RBS	0.969	9	4.01%	16	0.160	1	1.09%
10	Morgan Stanley	0.821	5	3.40%	7	0.596	3	4.05%
	Total	24.151	46	14.697	35
	Average size:	0.525	0.420
May, U.S. market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	4.824	25	20.83%	2	2.629	15	20.62%
2	JPMorgan	3.999	24	17.27%	1	2.938	18	23.04%
3	Citigroup	3.037	15	13.11%	5	0.940	7	7.37%
4	Goldman Sachs	2.539	10	10.96%	4	1.033	8	8.10%
5	Deutsche Bank	1.519	10	6.56%	7	0.543	4	4.25%
6	Credit Suisse	1.280	10	5.52%	3	2.202	10	17.26%
7	Wachovia	1.244	12	5.37%	10	0.285	3	2.24%
8	RBS	0.969	9	4.19%	13	0.160	1	1.25%
9	Barclays	0.940	9	4.06%	11	0.250	1	1.96%
10	Morgan Stanley	0.491	4	2.12%	6	0.596	3	4.67%
	Total	23.160	45	12.755	29
	Average size:	0.515	0.440
May, global market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	4.824	25	19.26%	2	2.629	15	20.62%
2	JPMorgan	4.046	25	16.15%	1	2.938	18	23.04%
3	Citigroup	3.037	15	12.12%	5	0.940	7	7.37%
4	Goldman Sachs	2.579	11	10.30%	4	1.033	8	8.10%
5	Deutsche Bank	1.838	12	7.34%	7	0.543	4	4.25%
6	Credit Suisse	1.326	11	5.30%	3	2.202	10	17.26%
7	RBS	1.288	11	5.14%	13	0.160	1	1.25%
8	Wachovia	1.244	12	4.97%	10	0.285	3	2.24%
9	Barclays	0.940	9	3.75%	11	0.250	1	1.96%
10	HSBC	0.625	5	2.49%
	Total	25.047	50	12.755	29
	Average size:	0.501	0.440
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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