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

• U.S. market high-yield issuance totals $103.83 billion year to date

New York, Sept. 30 - Bank of America remained top underwriter of high-yield bonds for the year so far, but JPMorgan closed in on the top spot, 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 $17.41 billion.

However JPMorgan, while still in second place, was just $0.37 billion behind with $17.04 billion.

The gap a month earlier was $1.13 billion.

Citigroup remained in third place, while Deutsche Bank stayed at number four while Credit Suisse gained to fifth and Morgan Stanley to sixth, pushing Goldman down to seventh from fourth at the end of August.

Activity in September was almost double August's level, at $20.13 billion versus $10.58 billion.

The year-to-date total for new issuance is now $103.83 billion, 50% above the $69.20 billion for the comparable period of last year and more than the $72.45 billion for all of 2008.

The league tables and issuance totals are generally similar if emerging markets deals are excluded, but on a global basis, including non-dollar junk bonds, JPMorgan takes the number one position.

Issuance also revived in Europe, which saw $3.63 billion for the month, bringing the year-to-date total to $11.01 billion.

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	17.409	124	16.77%	2	9.552	49	13.80%
2	JPMorgan	17.036	113	16.41%	1	10.199	55	14.74%
3	Citigroup	10.930	64	10.53%	4	6.662	33	9.63%
4	Deutsche Bank	9.485	64	9.14%	6	4.773	27	6.90%
5	Credit Suisse	8.847	54	8.52%	3	8.874	34	12.82%
6	Morgan Stanley	8.486	42	8.17%	5	6.094	30	8.81%
7	Goldman Sachs	7.897	48	7.61%	7	4.229	26	6.11%
8	Wells Fargo	6.543	62	6.30%
9	Barclays	3.873	34	3.73%	17	0.825	6	1.19%
10	RBS	2.863	25	2.75%	14	1.155	8	1.67%
	Total	103.832	240	69.201	128
	Average size:	0.433	0.541
Year to date, U.S. market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	16.657	119	16.88%	2	9.552	49	15.77%
2	JPMorgan	16.351	107	16.57%	1	9.699	52	16.02%
3	Citigroup	10.619	60	10.76%	5	5.330	26	8.80%
4	Deutsche Bank	9.155	63	9.28%	7	3.921	20	6.47%
5	Credit Suisse	8.454	50	8.57%	3	8.451	30	13.95%
6	Goldman Sachs	7.897	48	8.00%	6	4.229	26	6.98%
7	Morgan Stanley	7.217	36	7.32%	4	5.844	28	9.65%
8	Wells Fargo	6.543	62	6.63%
9	Barclays	3.873	34	3.93%	16	0.325	2	0.54%
10	RBS	2.806	24	2.85%	13	1.155	8	1.91%
	Total	98.663	224	60.559	112
	Average size:	0.440	0.541
Year to date, global market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	16.659	110	15.14%	1	9.699	52	15.83%
2	Bank of America	16.657	119	15.13%	2	9.626	50	15.71%
3	Citigroup	11.547	63	10.49%	5	5.330	26	8.70%
4	Deutsche Bank	10.374	69	9.43%	7	3.921	20	6.40%
5	Credit Suisse	8.865	55	8.05%	3	8.451	30	13.79%
6	Goldman Sachs	8.464	51	7.69%	6	4.303	27	7.02%
7	Morgan Stanley	7.264	37	6.60%	4	5.917	29	9.66%
8	Wells Fargo	6.543	62	5.95%
9	Barclays	4.398	36	4.00%	17	0.325	2	0.53%
10	RBS	4.244	29	3.86%	14	0.657	2	1.07%
	Total	110.063	245	61.276	116
	Average size:	0.449	0.528
Year to date, European currencies, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBS	1.437	5	13.05%	1	0.457	1	56.74%
2	Deutsche Bank	1.219	6	11.07%
3	Calyon	0.997	4	9.05%
4	BNP Paribas	0.949	5	8.61%
5	Citigroup	0.928	3	8.42%
6	SG	0.879	2	7.98%
7	Banka IMI	0.594	2	5.40%
8	SEK	0.571	1	5.18%
9	Goldman Sachs	0.567	3	5.15%	3	0.074	1	9.13%
10	Barclays	0.525	2	4.77%
	Total	11.014	17	0.806	4
	Average size:	0.648	0.201
Third quarter, U.S. market, all issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	6.945	48	16.06%	4	1.763	10	9.31%
2	Bank of America	5.419	48	12.53%	9	1.113	8	5.88%
3	Credit Suisse	4.880	24	11.28%	6	1.620	7	8.56%
4	Deutsche Bank	4.376	27	10.12%	3	1.795	9	9.48%
5	Citigroup	4.145	24	9.59%	1	2.686	12	14.19%
6	Morgan Stanley	3.067	17	7.09%	5	1.676	10	8.85%
7	Goldman Sachs	2.978	20	6.89%	2	1.949	10	10.30%
8	Wells Fargo	2.831	27	6.54%
9	Barclays	2.142	18	4.95%
10	RBS	1.158	10	2.68%
	Total	43.246	108	18.932	28
	Average size:	0.400	0.676
Third quarter, U.S. market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	6.413	44	16.07%	4	1.763	10	10.11%
2	Bank of America	4.857	44	12.17%	8	1.113	8	6.39%
3	Credit Suisse	4.640	22	11.63%	6	1.495	6	8.58%
4	Deutsche Bank	4.376	27	10.96%	3	1.795	9	10.30%
5	Citigroup	3.988	22	9.99%	1	2.269	11	13.02%
6	Goldman Sachs	2.978	20	7.46%	2	1.949	10	11.18%
7	Wells Fargo	2.831	27	7.09%
8	Barclays	2.142	18	5.37%
9	Morgan Stanley	2.128	12	5.33%	5	1.676	10	9.62%
10	RBS	1.101	9	2.76%
	Total	39.914	97	17.432	26
	Average size:	0.411	0.670
Third quarter, global market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	6.569	45	13.70%	4	1.763	10	9.72%
2	Deutsche Bank	4.903	29	10.23%	3	1.795	9	9.90%
3	Credit Suisse	4.899	25	10.22%	6	1.495	6	8.24%
4	Bank of America	4.857	44	10.13%	7	1.187	9	6.54%
5	Citigroup	4.506	24	9.40%	1	2.269	11	12.51%
6	Goldman Sachs	3.505	22	7.31%	2	2.023	11	11.15%
7	Barclays	2.667	20	5.56%
8	Wells Fargo	2.831	27	5.90%
9	RBS	2.219	12	4.63%	14	0.457	1	2.52%
10	Morgan Stanley	2.128	12	4.44%	5	1.750	11	9.65%
	Total	47.942	107	18.140	29
	Average size:	0.448	0.626
September, U.S. market, all issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	3.273	18	16.26%
2	Citigroup	2.676	13	13.29%	1	1.319	5	16.43%
3	Credit Suisse	2.595	12	12.89%	6	1.009	3	12.58%
4	Bank of America	2.518	20	12.51%
5	Morgan Stanley	1.775	11	8.82%
6	Deutsche Bank	1.595	10	7.92%	4	1.009	3	12.58%
7	Barclays	1.472	10	7.31%
8	Wells Fargo	1.040	10	5.16%
9	Goldman Sachs	1.005	5	4.99%	2	1.174	4	14.63%
10	UBS	0.670	4	3.33%	8	0.197	1	2.46%
	Total	20.133	44	8.026	7
	Average size:	0.458	1.147
September, U.S. market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.898	16	16.09%
2	Citigroup	2.676	13	14.86%	1	1.319	5	16.43%
3	Credit Suisse	2.445	11	13.57%	6	1.009	3	12.58%
4	Bank of America	2.145	18	11.91%
5	Deutsche Bank	1.595	10	8.86%	4	1.009	3	12.58%
6	Barclays	1.472	10	8.17%
7	Morgan Stanley	1.053	8	5.84%
8	Wells Fargo	1.040	10	5.77%
9	Goldman Sachs	1.005	5	5.58%	2	1.174	4	14.63%
10	UBS	0.670	4	3.72%	8	0.197	1	2.46%
	Total	18.012	38	8.026	7
	Average size:	0.474	1.147
September, global market, industrialized country issuers
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	3.038	14	14.04%	1	1.319	5	15.55%
2	JPMorgan	2.898	16	13.39%
3	Credit Suisse	2.531	12	11.69%	6	1.009	3	11.90%
4	Bank of America	2.145	18	9.91%
5	Deutsche Bank	1.595	10	7.37%	4	1.009	3	11.90%
6	Barclays	1.559	11	7.20%
7	RBS	1.205	5	5.57%	8	0.457	1	5.39%
8	Morgan Stanley	1.053	8	4.86%
9	Wells Fargo	1.040	10	4.80%
10	Goldman Sachs	1.005	5	4.64%	2	1.174	4	13.84%
	Total	21.644	42	8.483	8
	Average size:	0.515	1.060
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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