CSFB top high-yield underwriter year to date

* High-yield issuance totals $86.08 billion year to date

* Citigroup top high-yield underwriter in July

* High-yield issuance totals $9.21 billion in July

New York, July 30 - High-yield bond issuance eased in July although it still managed a respectable $9.21 billion, according to data compiled by Prospect News.

The level was only 80% of the $11.52 billion seen in June and the third smallest month out of the past 12 - but still high historically, beating, for example, every single month in 2002.

The year-to-date total now stands at $86.08 billion, only a little ahead of the $83.73 billion at the same point in 2003. Earlier in the year, 2004's lead had been far greater, with activity running as high as double the year-ago volume in the opening months of this year.

July's total was $9.21 billion, only 64% of July 2003's $14.33 billion.

Credit Suisse First Boston remains the top junk bond underwriter on a year-to-date basis with $13.39 billion of deals.

But Citigroup is not far behind at $13.05 billion after narrowing the gap in July. For the month just completed, Citigroup was bookrunner on $2.02 billion compared to CSFB's $1.34 billion. JPMorgan placed second for the month at $1.39 billion.

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.

On this basis, year-to-date issuance is now $79.39 billion compared to $78.59 billion for the same period of 2003. July's total is $7.98 billion compared to $14.20 billion for July 2003.

However for industrialized countries only, Citigroup is the number one underwriter at $12.36 billion compared to CSFB's $11.80 billion.

Year to date 2004, all issuers

2003 Comparables

	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1.	CSFB	13.385	88	15.55%	2	12.367	74	14.77%
2.	Citigroup	13.049	81	15.16%	1	12.488	67	14.91%
3.	Banc of America	9.813	76	11.40%	6	6.837	50	8.17%
4.	JPMorgan	9.307	65	10.81%	4	8.638	60	10.32%
5.	Deutsche Bank	8.838	57	10.27%	5	8.316	59	9.93%
6.	UBS	6.002	47	6.97%	8	4.496	33	5.37%
7.	Morgan Stanley	5.588	32	6.49%	9	4.016	20	4.80%
8.	Lehman	4.728	38	5.49%	7	6.290	38	7.51%
9.	Goldman Sachs	4.347	32	5.05%	3	9.611	38	11.48%
10.	Merrill Lynch	3.642	27	4.23%	11	1.609	14	1.92%
11.	Bear Stearns	2.767	22	3.21%	10	3.864	23	4.62%
12.	Jefferies	1.218	15	1.42%	15	0.663	6	0.79%
13.	Wachovia	0.936	14	1.09%	12	1.577	13	1.88%
14.	CIBC	0.758	6	0.88%	13	0.924	9	1.10%
15.	BNP Paribas	0.358	3	0.42%	16	0.270	3	0.32%
	Total	86.077	348	83.730	292
	Average size:	0.247	0.287
July 2004, all issuers
					2003 Comparables
	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1.	Citigroup	2.021	13	21.94%	4	1.108	7	7.73%
2.	JPMorgan	1.388	9	15.07%	5	1.103	7	7.70%
3.	CSFB	1.336	7	14.51%	2	1.481	11	10.34%
4.	Deutsche Bank	1.072	5	11.64%	6	1.014	9	7.08%
5.	Banc of America	0.856	8	9.30%	9	0.712	6	4.97%
6.	Goldman Sachs	0.759	5	8.24%	1	4.958	11	34.60%
7.	Merrill Lynch	0.600	2	6.51%	11	0.263	3	1.83%
8.	Lehman	0.282	3	3.06%	8	0.730	4	5.09%
9.	UBS	0.270	3	2.93%	7	0.775	5	5.41%
10.	Bear Stearns	0.238	2	2.58%	3	1.134	4	7.91%
	Total	9.210	32	14.330	43
	Average size:	0.288	0.333
Year to date 2004, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1.	Citigroup	12.359	76	15.57%	1	12.330	66	15.69%
2.	CSFB	11.798	81	14.86%	2	11.635	69	14.80%
3.	Banc of America	9.813	76	12.36%	6	6.837	50	8.70%
4.	JPMorgan	8.644	60	10.89%	4	8.638	60	10.99%
5.	Deutsche Bank	7.637	53	9.62%	5	7.793	56	9.92%
6.	Morgan Stanley	5.472	31	6.89%	9	3.141	19	4.00%
7.	UBS	4.904	38	6.18%	8	3.660	28	4.66%
8.	Lehman	4.388	36	5.53%	7	6.103	37	7.77%
9.	Goldman Sachs	4.347	32	5.48%	3	9.611	38	12.23%
10.	Merrill Lynch	3.147	26	3.96%	11	1.609	14	2.05%
11.	Bear Stearns	2.647	21	3.33%	10	3.087	20	3.93%
12.	Jefferies	1.218	15	1.53%	14	0.663	6	0.84%
13.	Wachovia	0.936	14	1.18%	12	1.577	13	2.01%
14.	CIBC	0.758	6	0.95%	13	0.924	9	1.18%
15.	BNP Paribas	0.271	2	0.34%	15	0.270	3	0.34%
	Total	79.391	321	78.591	278
	Average size:	0.247	0.283
July 2004, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	%	Rank	Amount	No.	%
1.	Citigroup	1.791	11	22.44%	3	1.108	7	7.80%
2.	CSFB	1.140	6	14.28%	2	1.481	11	10.44%
3.	Deutsche Bank	1.072	5	13.43%	5	1.014	9	7.14%
4.	JPMorgan	0.951	6	11.91%	4	1.103	7	7.77%
5.	Banc of America	0.856	8	10.73%	9	0.712	6	5.01%
6.	Goldman Sachs	0.759	5	9.51%	1	4.958	11	34.93%
7.	Merrill Lynch	0.600	2	7.52%	11	0.263	3	1.85%
8.	Lehman	0.282	3	3.53%	8	0.730	4	5.14%
9.	Bear Stearns	0.238	2	2.98%	6	0.999	3	7.04%
10.	Morgan Stanley	0.127	2	1.59%	10	0.603	3	4.24%
	Total	7.983	25	14.195	42
	Average size:	0.319	0.338
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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