JPMorgan number one U.S. high-yield bond underwriter for January

• U.S. market high-yield issuance totals $16.55 billion in January

New York, Jan. 29 - The high-yield market started off 2010 much as it finished 2009 - with heavy issuance and JPMorgan as top underwriter, according to data compiled by Prospect News.

JPMorgan brought $2.63 billion of junk bonds to market in 17 deals putting it on top of the league tables, although Bank of America was close behind at $2.29 billion. Third placed Goldman Sachs followed with $1.86 billion.

JPMorgan had been first for 2009 as a whole while Bank of America placed second for the year. Citigroup, which ranked seventh in January, was third.

Issuance for the month totaled $16.55 billion, 3.4 times the $4.87 billion total for January a year earlier.

That also put January comfortably ahead of the $13.35 billion monthly average for the record-setting year of 2009.

In fact it was the biggest January in Prospect News' records, which go back to 2001.

The picture was similar if emerging markets bonds are excluded: JPMorgan placed first and volume of $13.54 billion was strong and way ahead of last year.

On a global basis, excluding emerging markets but including all major currencies, Bank of America finished first for the month, with JPMorgan narrowly behind.

Issuance on this basis totaled $21.17 billion.

Barclays placed first in the European market, where total issuance was $7.33 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

2009 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.634	17	15.92%	2	0.682	6	13.99%
2	Bank of America	2.289	17	13.83%	1	1.057	6	21.68%
3	Goldman Sachs	1.860	13	11.24%	3	0.587	3	12.04%
4	Morgan Stanley	1.783	11	10.78%	4	0.565	2	11.60%
5	Credit Suisse	1.312	12	7.93%	6	0.425	3	8.72%
6	Deutsche Bank	1.122	9	6.78%	5	0.499	4	10.24%
7	Citigroup	1.118	8	6.76%	9	0.224	2	4.60%
8	Barclays	0.950	8	5.74%
9	UBS	0.654	6	3.95%
10	Wells Fargo	0.582	6	3.52%
	Total	16.550	43	4.874	9
	Average size:	0.385	0.542
Year to date, U.S. market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.039	14	15.06%	2	0.682	6	13.99%
2	Bank of America	2.039	16	15.06%	1	1.057	6	21.68%
3	Morgan Stanley	1.783	11	13.17%	4	0.565	2	11.60%
4	Goldman Sachs	1.487	11	10.98%	3	0.587	3	12.04%
5	Credit Suisse	1.131	10	8.35%	6	0.425	3	8.72%
6	Citigroup	0.970	7	7.16%	9	0.224	2	4.60%
7	Deutsche Bank	0.826	7	6.10%	5	0.499	4	10.24%
8	Barclays	0.802	7	5.92%
9	UBS	0.654	6	4.83%
10	Wells Fargo	0.582	6	4.30%
	Total	13.542	35	4.874	9
	Average size:	0.387	0.542
Year to date, global market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	2.905	21	13.72%	1	1.057	6	19.95%
2	JPMorgan	2.417	17	11.41%	2	0.787	7	14.87%
3	Morgan Stanley	1.873	12	8.85%	5	0.565	2	10.68%
4	Barclays	1.778	12	8.40%
5	Deutsche Bank	1.685	14	7.96%	3	0.605	5	11.42%
6	Goldman Sachs	1.674	13	7.91%	4	0.587	3	11.08%
7	Citigroup	1.624	11	7.67%	9	0.224	2	4.24%
8	Credit Suisse	1.358	12	6.42%	6	0.530	4	10.01%
9	RBS	0.987	9	4.66%
10	UBS	0.762	7	3.60%
	Total	21.172	48	5.296	10
	Average size:	0.441	0.530
Year to date, European currencies, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	0.977	5	13.33%
2	Bank of America	0.866	5	11.82%
3	Deutsche Bank	0.859	7	11.72%	1	0.105	1	25.00%
4	RBS	0.711	6	9.71%
5	Citigroup	0.654	4	8.93%
6	BNP Paribas	0.418	3	5.71%	2	0.105	1	25.00%
7	JPMorgan	0.377	3	5.15%	4	0.105	1	25.00%
8	Commerzbank	0.285	2	3.90%
9	Unicredit	0.285	2	3.90%
10	L. Baden-Wόrttemberg	0.285	2	3.90%
	Total	7.326	11	0.422	1
	Average size:	0.666	0.422
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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