JPMorgan number one U.S. high-yield bond underwriter for year to date

• U.S. market high-yield issuance totals $32.04 billion year to date

New York, Feb. 26 - February in high yield looked a whole lot like January, league table-wise, according to data compiled by Prospect News.

The month ended with JPMorgan the top underwriter year to date, just as it had been for January, and also for all of 2009.

The number two and three places were also occupied by the same firms, Bank of America and Goldman Sachs.

Meanwhile issuance for the month totaled $15.49 billion, very close to the $16.55 billion of the month before.

The picture was similar if emerging markets deals are excluded.

But on a global basis, JPMorgan moved up to the top spot, displacing Bank of America.

Barclays remained number one in European high yield.

U.S. junk market issuance for the year so far now totals $32.04 billion, more than three times the $8.80 billion seen at the same stage in 2009, even though 2009 went on to become a record year.

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	5.352	33	16.71%	2	1.457	12	16.56%
2	Bank of America	4.000	31	12.49%	1	2.005	13	22.80%
3	Goldman Sachs	3.974	21	12.40%	6	0.670	4	7.62%
4	Citigroup	2.803	14	8.75%	8	0.588	6	6.68%
5	Credit Suisse	2.726	20	8.51%	7	0.622	5	7.08%
6	Morgan Stanley	1.981	13	6.18%	5	0.685	3	7.78%
7	Barclays	1.771	13	5.53%	12	0.188	1	2.14%
8	Deutsche Bank	1.604	14	5.01%	3	1.024	8	11.64%
9	Wells Fargo	1.249	11	3.90%
10	UBS	1.247	11	3.89%
	Total	32.039	78	8.796	18
	Average size:	0.411	0.489
Year to date, U.S. market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.758	30	17.32%	2	1.457	12	16.56%
2	Bank of America	3.750	30	13.65%	1	2.005	13	22.80%
3	Goldman Sachs	3.452	18	12.57%	6	0.670	4	7.62%
4	Citigroup	2.654	13	9.66%	8	0.588	6	6.68%
5	Credit Suisse	2.329	16	8.48%	7	0.622	5	7.08%
6	Morgan Stanley	1.981	13	7.21%	5	0.685	3	7.78%
7	Barclays	1.506	11	5.48%	12	0.188	1	2.14%
8	Wells Fargo	1.249	11	4.55%
9	UBS	1.247	11	4.54%
10	Deutsche Bank	1.084	10	3.95%	3	1.024	8	11.64%
	Total	27.464	64	8.796	18
	Average size:	0.429	0.489
Year to date, global market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.135	33	14.49%	2	1.562	13	16.95%
2	Bank of America	4.616	35	13.03%	1	2.005	13	21.75%
3	Goldman Sachs	3.640	20	10.27%	7	0.670	4	7.27%
4	Citigroup	3.309	17	9.34%	8	0.588	6	6.37%
5	Barclays	2.654	17	7.49%	12	0.188	1	2.04%
6	Credit Suisse	2.557	18	7.22%	4	0.728	6	7.90%
7	Morgan Stanley	2.071	14	5.84%	6	0.685	3	7.43%
8	Deutsche Bank	1.942	17	5.48%	3	1.129	9	12.25%
9	UBS	1.355	12	3.82%
10	RBS	1.344	12	3.79%
	Total	35.438	78	9.218	19
	Average size:	0.454	0.485
Year to date, European currencies, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	1.148	6	14.97%
2	RBS	0.883	7	11.51%
3	Bank of America	0.866	5	11.29%
4	Deutsche Bank	0.859	7	11.20%	1	0.105	1	25.00%
5	Citigroup	0.654	4	8.53%
6	BNP Paribas	0.418	3	5.45%	2	0.105	1	25.00%
7	JPMorgan	0.377	3	4.92%	4	0.105	1	25.00%
8	Commerzbank	0.285	2	3.72%
9	Unicredit	0.285	2	3.72%
10	Landesbank BW	0.285	2	3.72%
	Total	7.669	12	0.422	1
	Average size:	0.639	0.422
February, U.S. market, all issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.718	16	17.55%	2	0.775	6	19.75%
2	Goldman Sachs	2.114	8	13.65%	11	0.083	1	2.13%
3	Bank of America	1.711	14	11.05%	1	0.948	7	24.18%
4	Citigroup	1.684	6	10.87%	5	0.363	4	9.26%
5	Credit Suisse	1.415	8	9.13%	7	0.198	2	5.04%
6	Barclays	0.821	5	5.30%	8	0.188	1	4.79%
7	Wells Fargo	0.667	5	4.31%
8	UBS	0.593	5	3.83%
9	Jefferies	0.527	3	3.40%	6	0.260	1	6.63%
10	Deutsche Bank	0.482	5	3.11%	3	0.525	4	13.38%
	Total	15.489	35	3.922	9
	Average size:	0.443	0.436
February, U.S. market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.718	16	19.52%	2	0.775	6	19.75%
2	Goldman Sachs	1.965	7	14.11%	11	0.083	1	2.13%
3	Bank of America	1.711	14	12.29%	1	0.948	7	24.18%
4	Citigroup	1.684	6	12.10%	5	0.363	4	9.26%
5	Credit Suisse	1.200	6	8.62%	7	0.198	2	5.04%
6	Barclays	0.704	4	5.06%	8	0.188	1	4.79%
7	Wells Fargo	0.667	5	4.79%
8	UBS	0.593	5	4.26%
9	Jefferies	0.527	3	3.78%	6	0.260	1	6.63%
10	RBC	0.478	3	3.44%
	Total	13.924	29	3.922	9
	Average size:	0.480	0.436
February, global market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.718	16	19.05%	2	0.775	6	19.75%
2	Goldman Sachs	1.965	7	13.78%	11	0.083	1	2.13%
3	Bank of America	1.711	14	12.00%	1	0.948	7	24.18%
4	Citigroup	1.684	6	11.81%	5	0.363	4	9.26%
5	Credit Suisse	1.200	6	8.41%	7	0.198	2	5.04%
6	Barclays	0.876	5	6.14%	8	0.188	1	4.79%
7	Wells Fargo	0.667	5	4.68%
8	UBS	0.593	5	4.16%
9	Jefferies	0.527	3	3.69%	6	0.260	1	6.63%
10	RBC	0.478	3	3.35%
	Total	14.267	30	3.922	9
	Average size:	0.476	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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