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

• Junk market issuance totals $235.16 billion for year to date

New York, Oct. 29 - Bank of America remained the top underwriter of high-yield bonds in October as junk bond issuance continued its hectic pace, according to data compiled by Prospect News.

Bank of America extended its run in the leading position on the league tables to a third month, having brought to market $32.34 billion of debt so far this year.

However JPMorgan, which had held the number one spot for each month of 2010 until being dislodged in August, and also placed first for all of 2009, took first place for the month of October.

The next remaining positions in the top 10 were also unchanged: Credit Suisse third, Citigroup fourth, Deutsche Bank fifth, Goldman Sachs sixth, Morgan Stanley seventh, Barclays eighth, UBS ninth and Wells Fargo at number 10, all unchanged from the month before.

As last month, Bank of America was also number one for global high yield while Deutsche Bank continued first in the European junk market.

U.S. market issuance for October totaled $35.62 billion, bringing the year-to-date figure to $235.16 billion, 88% above the $125.36 billion at the same stage last year.

This year's activity is now far above the highest previously recorded in a full year, $161.82 billion in 2009.

October's volume was slightly lower than September's $38.12 billion and the third highest monthly level this year, behind September and March.

On a global basis, the figures are similar, with issuance at $245.76 billion.

Europe has seen $41.97 billion so far in 2010.

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	Bank of America	32.335	239	13.75%	1	20.694	149	16.51%
2	JPMorgan	31.285	199	13.30%	2	19.592	128	15.63%
3	Credit Suisse	25.382	138	10.79%	4	11.468	64	9.15%
4	Citigroup	18.967	126	8.07%	3	12.677	74	10.11%
5	Deutsche Bank	18.249	131	7.76%	5	11.143	77	8.89%
6	Goldman Sachs	16.389	106	6.97%	6	9.675	60	7.72%
7	Morgan Stanley	14.791	98	6.29%	7	9.477	52	7.56%
8	Barclays	14.286	111	6.07%	8	5.810	46	4.63%
9	UBS	10.732	80	4.56%	11	3.060	22	2.44%
10	Wells Fargo	10.207	89	4.34%	10	3.301	32	2.63%
	Total	235.158	523	125.355	291
	Average size:	0.450	0.431
Year to date, U.S. market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	29.161	217	14.67%	1	19.137	141	16.66%
2	JPMorgan	27.788	179	13.98%	2	18.451	120	16.06%
3	Credit Suisse	22.295	117	11.22%	4	10.794	58	9.40%
4	Citigroup	16.736	111	8.42%	3	12.103	68	10.53%
5	Goldman Sachs	15.200	100	7.65%	6	9.675	60	8.42%
6	Deutsche Bank	14.796	111	7.44%	5	10.201	73	8.88%
7	Barclays	13.418	105	6.75%	8	5.190	45	4.52%
8	Morgan Stanley	13.406	87	6.74%	7	8.135	45	7.08%
9	Wells Fargo	10.207	89	5.13%	10	3.301	32	2.87%
10	UBS	9.107	68	4.58%	12	2.169	19	1.89%
	Total	198.798	435	114.883	265
	Average size:	0.457	0.434
Year to date, global market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	30.903	229	12.57%	1	20.048	144	14.94%
2	JPMorgan	30.674	199	12.48%	2	18.759	123	13.98%
3	Credit Suisse	25.536	136	10.39%	5	11.864	64	8.84%
4	Deutsche Bank	20.041	143	8.15%	3	13.200	85	9.84%
5	Citigroup	19.615	133	7.98%	4	13.031	71	9.71%
6	Goldman Sachs	17.241	114	7.02%	6	10.242	63	7.63%
7	Barclays	16.472	125	6.70%	8	5.715	47	4.26%
8	Morgan Stanley	14.941	98	6.08%	7	8.182	46	6.10%
9	Wells Fargo	10.353	91	4.21%	11	3.301	32	2.46%
10	UBS	9.862	76	4.01%	13	2.169	19	1.62%
	Total	245.763	526	134.156	293
	Average size:	0.467	0.458
Year to date, European currencies, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	5.153	31	12.28%	2	2.998	12	17.03%
2	BNP	3.692	20	8.80%	5	0.949	5	5.39%
3	Credit Suisse	3.241	19	7.72%	3	1.053	5	5.98%
4	Barclays	3.054	20	7.28%	15	0.525	2	2.98%
5	Citigroup	2.880	22	6.86%	6	0.928	3	5.27%
6	JPMorgan	2.743	19	6.54%	16	0.308	3	1.75%
7	RBS	2.599	19	6.19%	1	3.216	11	18.27%
8	Goldman Sachs	2.041	14	4.86%	13	0.567	3	3.22%
9	HSBC	1.767	11	4.21%	14	0.549	3	3.12%
10	Bank of America	1.742	12	4.15%	7	0.911	3	5.18%
	Total	41.968	76	17.602	24
	Average size:	0.552	0.733
October, U.S. market, all issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.219	26	14.65%	3	2.311	15	11.52%
2	Bank of America	4.027	32	11.31%	1	2.992	25	14.92%
3	Credit Suisse	3.642	20	10.22%	2	2.621	10	13.07%
4	Barclays	3.067	19	8.61%	4	1.889	12	9.42%
5	Deutsche Bank	2.626	21	7.37%	5	1.610	13	8.03%
6	Citigroup	2.476	19	6.95%	7	1.502	10	7.49%
7	RBS	2.392	11	6.71%	23	0.107	2	0.53%
8	Wells Fargo	1.974	18	5.54%	10	0.503	7	2.51%
9	Goldman Sachs	1.957	13	5.49%	6	1.533	12	7.64%
10	HSBC	1.587	3	4.46%	12	0.352	4	1.75%
	Total	35.623	69	20.053	51
	Average size:	0.516	0.393
October, U.S. market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.566	22	15.74%	3	1.855	13	12.58%
2	Bank of America	3.903	30	13.45%	2	2.186	22	14.82%
3	Credit Suisse	3.567	19	12.30%	1	2.340	8	15.86%
4	Barclays	2.659	17	9.16%	5	1.269	11	8.61%
5	Deutsche Bank	2.206	18	7.60%	7	0.998	10	6.77%
6	Wells Fargo	1.974	18	6.80%	9	0.503	7	3.41%
7	RBS	1.658	8	5.72%	18	0.107	2	0.72%
8	Goldman Sachs	1.624	12	5.60%	4	1.533	12	10.39%
9	HSBC	1.587	3	5.47%	16	0.188	3	1.27%
10	Citigroup	1.576	14	5.43%	6	1.238	8	8.39%
	Total	29.012	56	14.750	41
	Average size:	0.518	0.360
October, global market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.162	27	13.37%	5	1.855	13	8.69%
2	Credit Suisse	4.508	25	11.68%	2	2.998	9	14.05%
3	Bank of America	4.093	32	10.60%	1	3.097	25	14.51%
4	Deutsche Bank	3.235	27	8.38%	3	2.777	16	13.01%
5	Barclays	3.026	19	7.84%	7	1.269	11	5.95%
6	Goldman Sachs	2.281	18	5.91%	6	1.533	12	7.18%
7	Wells Fargo	2.064	19	5.35%	11	0.503	7	2.36%
8	RBS	2.053	11	5.32%	4	1.886	8	8.84%
9	RBC	1.970	5	5.10%	16	0.244	3	1.15%
10	HSBC	1.720	4	4.46%	12	0.463	4	2.17%
	Total	38.600	73	21.338	48
	Average size:	0.529	0.445
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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