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

• Junk market issuance totals $267.70 billion for year to date

New York, Nov. 30 - Bank of America remained the top underwriter of high-yield bonds for a further month in November as junk bond issuance recorded another exceptionally busy month, according to data compiled by Prospect News.

Bank of America extended its run in the leading position on the league tables to a fourth month, having brought to market $37.38 billion of debt so far this year.

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, remained in second.

Credit Suisse held at third while Deutsche Bank rose a place to fourth and Citigroup slipped one notch to fifth.

As was the case 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 November totaled $32.54 billion, only slightly below October's $35.62 billion and only a little less than September's record $38.12 billion.

Year-to-date volume is now $267.70 billion, 86% above the $144.15 billion for the same period of 2009 and already more than $100 billion, or 65%, above the highest full-year figure previously recorded, 2009's $161.82 billion.

On a global basis, the figures are similar, with issuance at $284.10 billion.

Europe has seen $48.56 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	37.376	278	13.96%	2	22.957	167	15.93%
2	JPMorgan	36.117	230	13.49%	1	23.399	153	16.23%
3	Credit Suisse	27.915	159	10.43%	4	12.842	72	8.91%
4	Deutsche Bank	21.131	155	7.89%	5	12.390	89	8.60%
5	Citigroup	21.065	141	7.87%	3	13.987	84	9.70%
6	Goldman Sachs	20.140	127	7.52%	6	11.303	75	7.84%
7	Barclays	16.987	132	6.35%	8	6.696	55	4.65%
8	Morgan Stanley	16.490	108	6.16%	7	10.735	62	7.45%
9	UBS	11.407	88	4.26%	11	3.697	27	2.56%
10	Wells Fargo	11.243	99	4.20%	9	4.288	41	2.97%
	Total	267.697	604	144.150	342
	Average size:	0.443	0.421
Year to date, U.S. market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	34.063	254	14.82%	2	21.254	158	16.22%
2	JPMorgan	32.553	209	14.16%	1	22.094	144	16.86%
3	Credit Suisse	24.686	137	10.74%	4	11.854	64	9.05%
4	Goldman Sachs	18.951	121	8.24%	5	11.303	75	8.63%
5	Citigroup	18.833	126	8.19%	3	12.868	75	9.82%
6	Deutsche Bank	17.386	133	7.56%	6	11.298	84	8.62%
7	Barclays	16.012	125	6.97%	8	6.076	54	4.64%
8	Morgan Stanley	15.105	97	6.57%	7	9.193	54	7.02%
9	Wells Fargo	11.243	99	4.89%	9	4.288	41	3.27%
10	UBS	9.782	76	4.26%	12	2.606	23	1.99%
	Total	229.869	510	131.017	309
	Average size:	0.451	0.424
Year to date, global market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	36.073	269	12.70%	2	22.165	161	13.90%
2	JPMorgan	35.642	231	12.55%	1	23.556	152	14.78%
3	Credit Suisse	28.165	158	9.91%	5	14.053	74	8.82%
4	Deutsche Bank	23.331	170	8.21%	3	15.731	103	9.87%
5	Citigroup	22.300	152	7.85%	4	14.351	81	9.00%
6	Goldman Sachs	21.651	139	7.62%	6	12.952	83	8.13%
7	Barclays	19.894	152	7.00%	8	6.848	58	4.30%
8	Morgan Stanley	16.760	110	5.90%	7	9.240	55	5.80%
9	Wells Fargo	11.389	101	4.01%	10	4.394	42	2.76%
10	RBS	10.810	80	3.80%	9	6.281	40	3.94%
	Total	284.100	618	159.403	349
	Average size:	0.460	0.457
Year to date, European currencies, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	5.853	36	12.05%	1	4.433	19	16.73%
2	BNP	4.177	24	8.60%	8	1.253	8	4.73%
3	Barclays	3.882	27	7.99%	13	0.771	4	2.91%
4	Credit Suisse	3.479	21	7.16%	3	2.181	9	8.23%
5	Citigroup	3.467	26	7.14%	6	1.483	6	5.60%
6	RBS	3.333	24	6.86%	2	3.489	14	13.16%
7	JPMorgan	2.912	20	6.00%	7	1.462	8	5.52%
8	Goldman Sachs	2.666	17	5.49%	5	1.543	7	5.82%
9	Bank of America	2.010	15	4.14%	11	0.911	3	3.44%
10	Credit Agricole	1.910	13	3.93%
	Total	48.558	90	26.504	35
	Average size:	0.540	0.757
November, U.S. market, all issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	5.002	38	15.37%	2	2.263	18	12.04%
2	JPMorgan	4.969	31	15.27%	1	3.807	25	20.26%
3	Goldman Sachs	3.751	21	11.53%	3	1.629	15	8.66%
4	Deutsche Bank	2.882	24	8.86%	7	1.247	12	6.63%
5	Barclays	2.701	21	8.30%	9	0.886	9	4.71%
6	Credit Suisse	2.533	21	7.78%	4	1.375	8	7.31%
7	Citigroup	2.098	15	6.45%	5	1.310	10	6.97%
8	Morgan Stanley	1.698	10	5.22%	6	1.258	10	6.69%
9	RBC	1.326	10	4.07%	13	0.451	5	2.40%
10	Wells Fargo	1.036	10	3.18%	8	0.988	9	5.26%
	Total	32.539	81	18.795	51
	Average size:	0.402	0.369
November, U.S. market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.902	30	15.78%	1	3.643	24	22.58%
2	Bank of America	4.902	37	15.78%	2	2.116	17	13.12%
3	Goldman Sachs	3.751	21	12.07%	3	1.629	15	10.09%
4	Barclays	2.594	20	8.35%	8	0.886	9	5.49%
5	Deutsche Bank	2.590	22	8.34%	4	1.097	11	6.80%
6	Credit Suisse	2.391	20	7.70%	5	1.060	6	6.57%
7	Citigroup	2.098	15	6.75%	9	0.765	7	4.74%
8	Morgan Stanley	1.698	10	5.47%	6	1.058	9	6.56%
9	RBC	1.326	10	4.27%	13	0.301	4	1.87%
10	Wells Fargo	1.036	10	3.34%	7	0.988	9	6.12%
	Total	31.070	75	16.134	44
	Average size:	0.414	0.367
November, global market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.105	32	13.41%	1	4.797	29	19.00%
2	Bank of America	5.101	39	13.40%	5	2.116	17	8.38%
3	Goldman Sachs	4.410	25	11.59%	2	2.710	20	10.73%
4	Barclays	3.353	26	8.81%	7	1.132	11	4.49%
5	Deutsche Bank	3.290	27	8.64%	3	2.531	18	10.03%
6	Citigroup	2.616	18	6.87%	6	1.321	10	5.23%
7	Credit Suisse	2.560	21	6.73%	4	2.189	10	8.67%
8	Morgan Stanley	1.819	12	4.78%	9	1.058	9	4.19%
9	RBC	1.392	11	3.66%	18	0.301	4	1.19%
10	RBS	1.386	13	3.64%	11	0.731	8	2.90%
	Total	38.061	91	25.247	56
	Average size:	0.418	0.451
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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