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

• U.S. market high-yield issuance totals $83.70 billion year to date

New York, Aug. 31 - Bank of America added another month to its lengthy run at the top of the league tables of high-yield bond underwriters, according to data compiled by Prospect News.

B of A has been number one in the year-to-date rankings for every month of 2009 so far. Its total of deals is now $14.89 billion.

JPMorgan remained in second place, and the gap between the two firms was essentially unchanged at $1.13 billion.

Citigroup held in third place, Deutsche Bank remained in fourth and Goldman Sachs gained a notch to fifth, pushing Morgan Stanley down to sixth.

Activity remained robust in August, slipping to $10.58 billion from July's $12.53 billion of new deals but far above the comparable $1.68 billion in August 2008. The month's total was only marginally below the $11.00 billion seen in August 2006.

Year-to-date issuance is now $83.70 billion, up 37% from the $61.18 billion for the same period of 2008 and 16% more than the $72.45 billion total for all of last year.

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

There was little activity in Europe during the month.

Year-to-date volume in Europe now totals $7.38 billion in 13 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	Bank of America	14.891	104	17.79%	2	9.552	49	15.61%
2	JPMorgan	13.762	95	16.44%	1	10.199	55	16.67%
3	Citigroup	8.254	51	9.86%	5	5.343	28	8.73%
4	Deutsche Bank	7.890	54	9.43%	6	3.763	24	6.15%
5	Goldman Sachs	6.891	43	8.23%	7	3.055	22	4.99%
6	Morgan Stanley	6.711	31	8.02%	4	6.094	30	9.96%
7	Credit Suisse	6.252	42	7.47%	3	7.864	31	12.86%
8	Wells Fargo	5.504	52	6.58%
9	RBS	2.622	22	3.13%	22	0.200	1	0.33%
10	Barclays	2.400	24	2.87%	16	0.825	6	1.35%
	Total	83.699	196	61.175	121
	Average size:	0.427	0.506
Year to date, U.S. market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	14.513	101	17.99%	2	9.552	49	18.18%
2	JPMorgan	13.453	91	16.68%	1	9.699	52	18.46%
3	Citigroup	7.943	47	9.85%	5	4.011	21	7.64%
4	Deutsche Bank	7.560	53	9.37%	7	2.912	17	5.54%
5	Goldman Sachs	6.891	43	8.54%	6	3.055	22	5.82%
6	Morgan Stanley	6.165	28	7.64%	4	5.844	28	11.12%
7	Credit Suisse	6.009	39	7.45%	3	7.442	27	14.17%
8	Wells Fargo	5.504	52	6.83%
9	RBS	2.565	21	3.18%	17	0.200	1	0.38%
10	Barclays	2.400	24	2.98%	15	0.325	2	0.62%
	Total	80.651	186	52.533	105
	Average size:	0.434	0.500
Year to date, global market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	14.513	101	16.41%	2	9.626	50	18.23%
2	JPMorgan	13.761	94	15.56%	1	9.699	52	18.37%
3	Deutsche Bank	8.779	59	9.93%	7	2.912	17	5.52%
4	Citigroup	8.509	49	9.62%	5	4.011	21	7.60%
5	Goldman Sachs	7.459	46	8.44%	6	3.129	23	5.93%
6	Credit Suisse	6.334	43	7.16%	3	7.442	27	14.10%
7	Morgan Stanley	6.211	29	7.02%	4	5.917	29	11.21%
8	Wells Fargo	5.504	52	6.22%
9	Barclays	2.839	25	3.21%	15	0.325	2	0.62%
10	RBS	3.039	24	3.44%	17	0.200	1	0.38%
	Total	88.419	203	52.793	108
	Average size:	0.436	0.489
Year to date, European currencies, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	1.219	6	16.52%
2	Calyon	0.635	3	8.60%
3	Banca IMI	0.594	2	8.05%
4	Goldman Sachs	0.567	3	7.68%	2	0.074	1	21.11%
5	Citigroup	0.566	2	7.66%
6	RBS	0.475	3	6.43%
7	Barclays	0.439	1	5.95%
7	Unicredit	0.439	1	5.95%
9	BNP Paribas	0.348	4	4.72%
10	Credit Suisse	0.308	3	4.17%
	Total	7.383	13	0.349	3
	Average size:	0.568	0.116
August, U.S. market, all issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.090	13	19.75%	1	0.777	2	46.31%
2	Credit Suisse	1.405	6	13.28%	3	0.198	2	11.80%
3	Deutsche Bank	1.373	7	12.97%
4	Bank of America	1.347	13	12.73%	4	0.140	1	8.34%
5	Wells Fargo	0.938	7	8.86%
6	Goldman Sachs	0.728	7	6.88%	2	0.225	1	13.41%
7	Citigroup	0.658	4	6.22%
8	Morgan Stanley	0.606	3	5.73%
9	Jefferies	0.453	5	4.28%	7	0.073	1	4.35%
10	Barclays	0.434	5	4.10%
	Total	10.583	31	1.678	6
	Average size:	0.341	0.280
August, U.S. market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.991	12	20.25%	1	0.777	2	54.42%
2	Credit Suisse	1.405	6	14.28%	5	0.073	1	5.11%
3	Deutsche Bank	1.373	7	13.96%
4	Bank of America	1.248	12	12.69%	3	0.140	1	9.80%
5	Wells Fargo	0.938	7	9.54%
6	Goldman Sachs	0.728	7	7.40%	2	0.225	1	15.76%
7	Citigroup	0.558	3	5.68%
8	Jefferies	0.453	5	4.60%	6	0.073	1	5.11%
9	Barclays	0.434	5	4.41%
10	Morgan Stanley	0.390	1	3.97%
	Total	9.836	28	1.428	5
	Average size:	0.351	0.286
August, global market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.991	12	19.87%	1	0.777	2	54.42%
2	Credit Suisse	1.422	7	14.19%	5	0.073	1	5.11%
3	Deutsche Bank	1.373	7	13.70%
4	Banc of America	1.248	12	12.45%	3	0.140	1	9.80%
5	Wells Fargo	0.938	7	9.36%
6	Goldman Sachs	0.728	7	7.27%	2	0.225	1	15.76%
7	Citigroup	0.558	3	5.57%
8	Jefferies	0.453	5	4.52%	6	0.073	1	5.11%
9	Barclays	0.434	5	4.33%
10	Morgan Stanley	0.390	1	3.89%
	Total	10.024	31	1.428	5
	Average size:	0.323	0.286
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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