JPMorgan top U.S. high-yield bond underwriter for 2010

• Junk market issuance totals $292.60 billion for 2010

New York, Dec. 31 - JPMorgan staged a final-month comeback in the high-yield league tables, pushing Bank of America out of the number one position to take the title of top underwriter of junk bonds for 2010, according to data compiled by Prospect News.

Bank of America had been in the lead for four consecutive months ending in November. But JPMorgan surged ahead in December.

JPMorgan had been in the top position for the first part of the year, ranking first in the year-to-date rankings for each month through August. The bank was also first for all of 2009. It brought $41.31 billion of junk bonds to market in 2010.

Bank of America ended the year in second place, the same as in 2009, while Credit Suisse was third, up from fourth the year before, Deutsche Bank was fourth, up from fifth, and Citigroup was fifth, down from third.

Total issuance for the year blew past previous records to total $292.60 billion, up 81% from the $161.82 billion in 2009, previously the biggest year in high yield.

Issuance for December was $24.45 billion, down from November's $32.54 billion, but 38% above the $17.67 billion in December 2009.

On a global basis, the figures are similar, with issuance at $310.94 billion.

Europe has seen $51.35 billion in 2010, 79% above the $28.74 billion issued in 2009.

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	41.306	258	14.12%	1	25.825	165	15.96%
2	Bank of America	39.928	297	13.64%	2	25.025	181	15.46%
3	Credit Suisse	29.486	173	10.08%	4	14.184	81	8.77%
4	Deutsche Bank	23.237	171	7.94%	5	13.881	95	8.58%
5	Citigroup	22.683	153	7.75%	3	15.664	92	9.68%
6	Goldman Sachs	21.196	133	7.24%	6	13.453	83	8.31%
7	Barclays	19.623	148	6.71%	8	7.725	60	4.77%
8	Morgan Stanley	17.977	119	6.14%	7	11.896	69	7.35%
9	UBS	13.279	100	4.54%	10	4.244	30	2.62%
10	Wells Fargo	11.951	106	4.08%	9	5.435	47	3.36%
	Total	292.597	657	161.819	381
	Average size:	0.445	0.425
Year to date, U.S. market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	37.617	236	14.83%	1	24.065	154	16.36%
2	Bank of America	36.615	273	14.43%	2	22.867	170	15.54%
3	Credit Suisse	26.030	149	10.26%	5	13.072	72	8.89%
4	Citigroup	20.523	138	8.09%	3	14.128	82	9.60%
5	Goldman Sachs	20.007	127	7.89%	4	13.453	83	9.14%
6	Deutsche Bank	19.367	148	7.63%	6	12.790	90	8.69%
7	Barclays	18.648	141	7.35%	8	7.105	59	4.83%
8	Morgan Stanley	16.442	107	6.48%	7	10.354	61	7.04%
9	Wells Fargo	11.951	106	4.71%	9	5.435	47	3.69%
10	UBS	11.654	88	4.59%	12	3.152	26	2.14%
	Total	253.670	559	147.113	345
	Average size:	0.454	0.426
Year to date, global market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	41.325	262	13.29%	1	26.188	166	14.76%
2	Bank of America	39.056	290	12.56%	2	24.058	174	13.56%
3	Credit Suisse	29.509	170	9.49%	5	15.271	82	8.60%
4	Deutsche Bank	25.423	186	8.18%	3	17.307	110	9.75%
5	Citigroup	24.123	166	7.76%	4	15.690	89	8.84%
6	Goldman Sachs	23.136	148	7.44%	6	15.102	91	8.51%
7	Barclays	22.650	169	7.28%	8	7.876	63	4.44%
8	Morgan Stanley	18.097	120	5.82%	7	10.479	63	5.90%
9	UBS	12.727	99	4.09%	12	3.740	28	2.11%
10	Wells Fargo	12.097	108	3.89%	10	5.541	48	3.12%
	Total	310.941	676	177.473	390
	Average size:	0.460	0.455
Year to date, European currencies, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	6.055	38	11.79%	1	4.517	20	15.72%
2	BNP	4.297	25	8.37%	10	1.326	9	4.61%
3	Barclays	4.001	28	7.79%	14	0.771	4	2.68%
4	Citigroup	3.601	28	7.01%	6	1.562	7	5.44%
5	JPMorgan	3.530	24	6.88%	4	2.123	12	7.39%
6	Credit Suisse	3.479	21	6.78%	3	2.181	9	7.59%
7	RBS	3.333	24	6.49%	2	3.769	15	13.11%
8	Goldman Sachs	3.095	20	6.03%	7	1.543	7	5.37%
9	Bank of America	2.144	16	4.18%	11	1.191	4	4.14%
10	Credit Agricole	1.910	13	3.72%
	Total	51.347	101	28.737	41
	Average size:	0.508	0.701
Fourth quarter, U.S. market, all issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	15.240	85	16.46%	1	8.544	52	15.12%
2	Bank of America	11.581	89	12.50%	2	7.322	57	12.96%
3	Barclays	8.404	56	9.07%	7	3.804	26	6.73%
4	Credit Suisse	7.746	55	8.36%	3	5.336	27	9.44%
5	Deutsche Bank	7.523	60	8.12%	6	4.348	31	7.69%
6	Goldman Sachs	6.764	40	7.30%	4	5.311	35	9.40%
7	Citigroup	6.192	46	6.69%	5	4.489	28	7.94%
8	Morgan Stanley	4.309	30	4.65%	8	3.361	27	5.95%
9	RBS	3.974	24	4.29%	14	0.566	7	1.00%
10	UBS	3.847	29	4.15%	10	2.351	15	4.16%
	Total	92.615	201	56.517	141
	Average size:	0.461	0.401
Fourth quarter, U.S. market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	14.246	78	17.17%	1	7.469	47	15.90%
2	Bank of America	11.357	86	13.68%	2	5.915	51	12.59%
3	Barclays	7.889	53	9.51%	7	3.184	25	6.78%
4	Credit Suisse	7.302	51	8.80%	4	4.618	22	9.83%
5	Deutsche Bank	6.537	53	7.88%	5	3.586	27	7.63%
6	Goldman Sachs	6.431	39	7.75%	3	5.311	35	11.31%
7	Citigroup	5.215	40	6.28%	6	3.263	22	6.95%
8	Morgan Stanley	4.159	29	5.01%	8	3.088	25	6.57%
9	Wells Fargo	3.718	35	4.48%	9	2.637	22	5.61%
10	UBS	3.389	26	4.08%	11	1.259	11	2.68%
	Total	82.990	177	46.980	121
	Average size:	0.469	0.388
Fourth quarter, global market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	15.544	88	15.17%	1	9.284	56	14.30%
2	Bank of America	12.176	92	11.88%	2	7.106	55	10.95%
3	Barclays	9.015	61	8.80%	7	3.430	27	5.28%
4	Deutsche Bank	8.467	69	8.26%	3	6.884	41	10.60%
5	Credit Suisse	8.411	58	8.21%	4	6.406	27	9.87%
6	Goldman Sachs	8.175	52	7.98%	5	6.393	40	9.85%
7	Citigroup	6.006	48	5.86%	6	3.897	26	6.00%
8	Morgan Stanley	4.618	34	4.51%	8	3.166	26	4.88%
9	RBS	4.338	29	4.23%	9	2.897	17	4.46%
10	RBC	4.298	19	4.20%	17	0.901	11	1.39%
	Total	102.456	220	64.915	146
	Average size:	0.466	0.445
December, U.S. market, all issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.189	28	21.22%	1	2.426	12	13.73%
2	Barclays	2.636	16	10.78%	10	1.029	5	5.82%
3	Bank of America	2.552	19	10.44%	3	2.068	14	11.70%
4	Deutsche Bank	2.014	15	8.24%	5	1.491	6	8.44%
5	UBS	1.872	12	7.66%	11	0.547	3	3.09%
6	Citigroup	1.618	12	6.62%	4	1.677	8	9.49%
7	Credit Suisse	1.571	14	6.42%	6	1.341	9	7.59%
8	Morgan Stanley	1.487	11	6.08%	7	1.161	7	6.57%
9	Goldman Sachs	1.056	6	4.32%	2	2.150	8	12.17%
10	RBS	0.965	6	3.95%
	Total	24.453	51	17.669	39
	Average size:	0.479	0.453
December, U.S. market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.915	26	21.46%	2	1.971	10	12.24%
2	Barclays	2.636	16	11.51%	10	1.029	5	6.39%
3	Bank of America	2.552	19	11.14%	3	1.613	12	10.02%
4	UBS	1.872	12	8.17%	11	0.547	3	3.40%
5	Deutsche Bank	1.740	13	7.60%	4	1.491	6	9.26%
6	Citigroup	1.541	11	6.72%	5	1.260	7	7.83%
7	Credit Suisse	1.344	12	5.87%	6	1.218	8	7.57%
8	Morgan Stanley	1.337	10	5.84%	7	1.161	7	7.21%
9	Goldman Sachs	1.056	6	4.61%	1	2.150	8	13.36%
10	RBS	0.900	5	3.93%
	Total	22.908	46	16.096	36
	Average size:	0.498	0.447
December, global market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.414	29	20.99%	1	2.632	14	14.36%
2	Bank of America	2.982	21	11.56%	3	1.893	13	10.33%
3	Barclays	2.636	16	10.22%	10	1.029	5	5.61%
4	UBS	2.006	13	7.78%	12	0.547	3	2.98%
5	Deutsche Bank	1.942	15	7.53%	4	1.576	7	8.60%
6	Citigroup	1.675	13	6.49%	5	1.339	8	7.30%
7	Goldman Sachs	1.485	9	5.76%	2	2.150	8	11.73%
8	Credit Suisse	1.344	12	5.21%	7	1.218	8	6.65%
9	Morgan Stanley	1.337	10	5.18%	6	1.239	8	6.76%
10	RBS	0.900	5	3.49%	15	0.280	1	1.53%
	Total	25.795	56	18.330	42
	Average size:	0.461	0.436
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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