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

• U.S. market high-yield issuance totals $63.68 billion year to date

New York, June 30 - Banc of America stayed on top of the league tables of high-yield bond underwriters, according to data compiled by Prospect News.

The bank has been top of the year-to-date rankings for every month of 2009 so far.

However its lead over JPMorgan narrowed to $1.15 billion in June from $1.77 billion at the end of May.

Activity remained strong in June, with $16.01 billion of deals in the U.S. market, taking the year-to-date total to $63.68 billion.

This year is now within sight of the $72.45 billion total for all of 2008, and issuance for the six months is strongly ahead of the $50.27 billion for the same period of last year.

June's total was down from $24.45 billion in May, but that was the biggest month in the high-yield market since October 2007.

JPMorgan placed second in the league tables for a second month, followed by Citigroup, also unchanged from the month before.

Morgan Stanley moved up two places to fourth position, while Deutsche Bank and Goldman Sachs each slipped one notch to fifth and sixth, respectively.

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 remained in first place for the year to date in Europe after a month which saw $0.87 billion of deals, down from $1.78 billion in May but still much healthier than for several years.

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	11.990	76	18.83%	1	8.439	41	16.79%
2	JPMorgan	10.838	66	17.02%	2	8.435	45	16.78%
3	Citigroup	6.784	40	10.65%	5	3.976	21	7.91%
4	Morgan Stanley	6.267	27	9.84%	4	4.418	20	8.79%
5	Deutsche Bank	5.857	38	9.20%	6	2.977	18	5.92%
6	Goldman Sachs	4.919	28	7.72%	8	2.280	16	4.54%
7	Credit Suisse	3.967	30	6.23%	3	7.253	27	14.43%
8	Wachovia	3.712	35	5.83%	11	0.961	10	1.91%
9	Barclays	1.731	16	2.72%	14	0.825	6	1.64%
10	RBS	1.706	15	2.68%	17	0.435	3	0.87%
	Total	63.676	134	50.269	100
	Average size:	0.475	0.503
Year to date, U.S. market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	11.801	75	20.05%	1	8.439	41	19.57%
2	JPMorgan	9.937	63	16.89%	2	7.935	42	18.40%
3	Citigroup	6.631	38	11.27%	5	3.061	15	7.10%
4	Morgan Stanley	5.189	25	8.82%	4	4.168	18	9.66%
5	Goldman Sachs	4.919	28	8.36%	7	2.280	16	5.29%
6	Deutsche Bank	4.779	36	8.12%	8	2.126	11	4.93%
7	Credit Suisse	3.814	28	6.48%	3	6.956	24	16.13%
8	Wachovia	3.712	35	6.31%	11	0.961	10	2.23%
9	Barclays	1.731	16	2.94%	14	0.325	2	0.75%
10	RBS	1.706	15	2.90%	13	0.435	3	1.00%
	Total	58.849	128	43.126	86
	Average size:	0.460	0.501
Year to date, global market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	11.801	75	19.00%	1	8.439	41	19.56%
2	JPMorgan	10.090	65	16.24%	2	7.935	42	18.40%
3	Citigroup	7.041	39	11.33%	5	3.061	15	7.10%
4	Deutsche Bank	5.472	40	8.81%	8	2.126	11	4.93%
5	Morgan Stanley	5.136	25	8.27%	4	4.168	18	9.66%
6	Goldman Sachs	4.959	29	7.98%	7	2.280	16	5.29%
7	Credit Suisse	3.966	30	6.38%	3	6.956	24	16.12%
8	Wachovia	3.712	35	5.97%	11	0.961	10	2.23%
9	RBS	2.025	17	3.26%	13	0.435	3	1.00%
10	Barclays	1.731	16	2.79%	14	0.325	2	0.75%
	Total	62.121	138	43.136	87
	Average size:	0.450	0.496
Year to date, European currencies, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	0.693	4	22.40%
2	Citigroup	0.410	1	13.26%
3	RBS	0.319	2	10.32%
4	Natixis	0.279	1	9.01%
4	SG	0.279	1	9.01%
6	HSBC	0.275	2	8.89%
7	BNP Paribas	0.193	3	6.24%
8	Credit Suisse	0.152	2	4.93%
8	JPMorgan	0.152	2	4.93%
10	Morgan Stanley	0.047	1	1.52%
	Total	3.092	9	0.099	1
	Average size:	0.344	0.099
Second quarter, U.S. market, all issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	9.431	58	17.89%	1	6.737	34	16.70%
2	JPMorgan	8.765	49	16.62%	2	6.581	38	16.32%
3	Citigroup	6.013	32	11.40%	5	2.920	19	7.24%
4	Morgan Stanley	5.442	22	10.32%	4	4.013	17	9.95%
5	Deutsche Bank	4.587	28	8.70%	7	1.755	15	4.35%
6	Goldman Sachs	4.192	23	7.95%	6	1.948	14	4.83%
7	Credit Suisse	3.161	23	5.99%	3	6.031	24	14.95%
8	Wachovia	2.881	27	5.46%	14	0.769	8	1.91%
9	RBS	1.650	14	3.12%	20	0.235	2	0.58%
10	Barclays	1.543	15	2.93%	13	0.825	6	2.05%
	Total	52.725	109	40.335	87
	Average size:	0.484	0.464
Second quarter, U.S. market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	9.431	58	19.49%	1	6.737	34	20.30%
2	JPMorgan	7.964	47	16.46%	2	6.081	35	18.32%
3	Citigroup	5.960	31	12.32%	5	2.005	13	6.04%
4	Morgan Stanley	4.364	20	9.02%	4	3.763	15	11.34%
5	Goldman Sachs	4.192	23	8.66%	6	1.948	14	5.87%
6	Deutsche Bank	3.509	26	7.25%	10	0.903	8	2.72%
7	Credit Suisse	3.108	22	6.42%	3	5.733	21	17.27%
8	Wachovia	2.881	27	5.95%	11	0.769	8	2.32%
9	RBS	1.650	14	3.41%	14	0.235	2	0.71%
10	Barclays	1.543	15	3.19%	13	0.325	2	0.98%
	Total	48.388	105	33.193	73
	Average size:	0.461	0.455
Second quarter, global market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	9.431	58	18.41%	1	6.737	34	20.29%
2	JPMorgan	8.011	48	15.64%	2	6.081	35	18.32%
3	Citigroup	6.370	32	12.43%	5	2.005	13	6.04%
4	Morgan Stanley	4.311	20	8.42%	4	3.763	15	11.33%
5	Goldman Sachs	4.233	24	8.26%	6	1.948	14	5.87%
6	Deutsche Bank	4.096	29	8.00%	10	0.903	8	2.72%
7	Credit Suisse	3.155	23	6.16%	3	5.733	21	17.27%
8	Wachovia	2.881	27	5.62%	11	0.769	8	2.32%
10	RBS	1.969	16	3.85%	14	0.235	2	0.71%
9	Barclays	1.543	15	3.01%	13	0.325	2	0.98%
	Total	51.225	113	33.203	74
	Average size:	0.453	0.449
June, U.S. market, all issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	2.755	25	17.21%	1	3.663	15	21.35%
2	JPMorgan	2.621	17	16.37%	4	1.803	13	10.51%
3	Morgan Stanley	1.784	10	11.14%	3	3.296	12	19.21%
4	Citigroup	1.642	12	10.26%	5	1.203	7	7.01%
5	Credit Suisse	1.363	10	8.51%	2	3.606	12	21.02%
6	Wachovia	1.256	13	7.84%	12	0.250	2	1.46%
7	Deutsche Bank	1.250	11	7.80%	9	0.471	5	2.74%
8	Goldman Sachs	1.171	10	7.31%	8	0.520	3	3.03%
9	UBS	0.571	4	3.57%	6	0.917	5	5.34%
10	Barclays	0.506	5	3.16%	10	0.325	3	1.89%
	Total	16.011	43	17.156	32
	Average size:	0.372	0.536
June, U.S. market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	2.755	25	17.38%	1	3.663	15	23.24%
2	JPMorgan	2.568	16	16.20%	4	1.553	11	9.86%
3	Morgan Stanley	1.784	10	11.25%	3	3.046	10	19.33%
4	Citigroup	1.589	11	10.02%	5	0.953	5	6.05%
5	Credit Suisse	1.310	9	8.26%	2	3.532	11	22.41%
6	Wachovia	1.256	13	7.92%	10	0.250	2	1.59%
7	Deutsche Bank	1.250	11	7.88%	11	0.221	3	1.40%
8	Goldman Sachs	1.171	10	7.39%	8	0.520	3	3.30%
9	UBS	0.571	4	3.60%	6	0.917	5	5.82%
10	Barclays	0.506	5	3.19%	12	0.075	1	0.48%
	Total	15.852	42	15.758	29
	Average size:	0.377	0.543
June, global market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	2.755	25	16.22%	1	3.663	15	23.23%
2	JPMorgan	2.568	16	15.12%	4	1.553	11	9.85%
3	Citigroup	1.999	12	11.77%	5	0.953	5	6.05%
4	Morgan Stanley	1.784	10	10.50%	3	3.046	10	19.32%
5	Deutsche Bank	1.518	12	8.94%	11	0.221	3	1.40%
6	Credit Suisse	1.310	9	7.71%	2	3.532	11	22.40%
7	Wachovia	1.256	13	7.40%	10	0.250	2	1.59%
8	Goldman Sachs	1.171	10	6.90%	8	0.520	3	3.30%
9	UBS	0.571	4	3.36%	6	0.917	5	5.81%
10	Barclays	0.506	5	2.98%	12	0.075	1	0.48%
	Total	16.984	46	15.768	30
	Average size:	0.369	0.526
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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