CSFB top high-yield underwriter year to date

* High-yield issuance totals $76.87 billion year to date

* B of A top high-yield underwriter in June

* High-yield issuance totals $11.52 billion in June

New York, June 30 - High-yield bond issuance recovered to $11.52 billion in June, bouncing back from the dip to $6.93 billion in May, according to data compiled by Prospect News.

The pick up in activity brought the month's total close to the trailing 12-month average of $12.16 billion.

Meanwhile, year-to-date volume remains solidly above year-ago levels but by a smaller margin than previously. A total of $76.87 billion of junk bonds have been brought to market so far this year, 10.8% above the $69.4 billion at the same point in 2003.

Credit Suisse First Boston is still number one among underwriters of high-yield bonds with $12.05 billion in 81 deals brought to market so far this year.

Banc of America placed first for June with $2.77 billion in 18 deals. That surge of activity pushed the firm into the number three place year to date from sixth, jumping over JP Morgan and Deutsche Bank.

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 May since no emerging markets high-yield corporates were offered in the United States during the month.

Year to date the total is $71.41 billion, 10.9% above the $64.40 billion at the same point in 2003. May's business was $6.93 billion.

CSFB is the top underwriter so far this year, although just $90 million ahead of Citigroup in second position. Banc of America placed first in June.

Year to date 2004, all issuers

2003 Comparables

	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1	CSFB	12.049	81	15.68%	2	10.885	63	15.68%
2	Citigroup	11.028	68	14.35%	1	11.381	60	16.40%
3	Banc of America	8.957	68	11.65%	5	6.126	44	8.83%
4	JPMorgan	7.919	56	10.30%	3	7.535	53	10.86%
5	Deutsche Bank	7.765	52	10.10%	4	7.302	50	10.52%
6	UBS	5.733	44	7.46%	8	3.721	28	5.36%
7	Morgan Stanley	5.461	30	7.11%	9	3.414	17	4.92%
8	Lehman	4.446	35	5.78%	6	5.561	34	8.01%
9	Goldman Sachs	3.588	27	4.67%	7	4.654	27	6.71%
10	Merrill Lynch	3.042	25	3.96%	12	1.346	11	1.94%
11	Bear Stearns	2.529	20	3.29%	10	2.730	19	3.93%
12	Jefferies	1.218	15	1.59%	15	0.589	5	0.85%
13	Wachovia	0.904	13	1.18%	11	1.377	12	1.98%
14	CIBC	0.758	6	0.99%	14	0.874	8	1.26%
15	BNP Paribas	0.271	2	0.35%	17	0.195	2	0.28%
	Total	76.867	316	69.400	249
	Average size:	0.243	0.279
June 2004, all issuers
					2003 Comparables
	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1	Banc of America	2.771	18	24.05%	4	1.596	11	9.30%
2	Citigroup	2.006	11	17.41%	3	1.632	12	9.51%
3	Deutsche Bank	1.162	8	10.09%	5	1.565	13	9.12%
4	JPMorgan	1.045	9	9.07%	1	2.665	16	15.53%
5	Morgan Stanley	1.002	4	8.70%	7	1.195	7	6.96%
6	UBS	0.923	10	8.01%	9	1.096	10	6.38%
7	Lehman	0.750	6	6.51%	6	1.423	8	8.29%
8	CSFB	0.531	6	4.61%	2	2.410	11	14.04%
9	Goldman Sachs	0.447	4	3.88%	10	0.935	6	5.45%
10	Merrill Lynch	0.265	4	2.30%	12	0.382	4	2.23%
	Total	11.520	47	17.163	63
	Average size:	0.245	0.272
Year to date 2004, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1	CSFB	10.658	75	14.93%	2	10.153	58	15.77%
2	Citigroup	10.568	65	14.80%	1	11.222	59	17.43%
3	Banc of America	8.957	68	12.54%	5	6.126	44	9.51%
4	JPMorgan	7.694	54	10.77%	3	7.535	53	11.70%
5	Deutsche Bank	6.564	48	9.19%	4	6.779	47	10.53%
6	Morgan Stanley	5.345	29	7.49%	9	2.539	16	3.94%
7	UBS	4.844	37	6.78%	8	2.885	23	4.48%
8	Lehman	4.106	33	5.75%	6	5.373	33	8.34%
9	Goldman Sachs	3.588	27	5.03%	7	4.654	27	7.23%
10	Merrill Lynch	2.547	24	3.57%	12	1.346	11	2.09%
11	Bear Stearns	2.409	19	3.37%	10	2.088	17	3.24%
12	Jefferies	1.218	15	1.71%	14	0.589	5	0.91%
13	Wachovia	0.904	13	1.27%	11	1.377	12	2.14%
14	CIBC	0.758	6	1.06%	13	0.874	8	1.36%
15	BNP Paribas	0.271	2	0.38%	16	0.195	2	0.30%
	Total	71.408	296	64.396	236
	Average size:	0.241	0.273
June 2004, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1	Banc of America	2.771	18	24.58%	4	1.596	11	9.83%
2	Citigroup	2.006	11	17.80%	3	1.632	12	10.05%
3	Deutsche Bank	1.162	8	10.31%	6	1.217	11	7.50%
4	Morgan Stanley	1.002	4	8.89%	7	1.195	7	7.36%
5	JPMorgan	0.920	8	8.16%	1	2.665	16	16.41%
6	UBS	0.798	9	7.08%	10	0.871	9	5.36%
7	Lehman	0.750	6	6.65%	5	1.423	8	8.76%
8	CSFB	0.531	6	4.71%	2	2.310	10	14.22%
9	Goldman Sachs	0.447	4	3.96%	9	0.935	6	5.76%
10	Merrill Lynch	0.265	4	2.35%	12	0.382	4	2.35%
	Total	11.270	46	16.242	59
	Average size:	0.245	0.275
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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