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Published on 3/31/2010 in the Prospect News High Yield Daily.

Junk market sees record month with $36.20 billion of issuance

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

• U.S. market high-yield issuance totals $68.24 billion year to date

New York, March 31 - The high-yield market saw its biggest ever month of issuance in March, with $36.20 billion of new bonds, according to data compiled by Prospect News.

That was well ahead of the next highest total, $29.80 billion seen in November 2006.

It was also more than double the $15.49 billion recorded in February and almost 17 times the $2.16 billion brought to market in March of last year.

The totals are for the U.S. market and include emerging markets bonds; excluding emerging markets but adding in European deals, the total comes to $38.54 billion.

Year-to-date issuance now totals $68.24 billion, more than six times the $10.95 billion at the same stage of 2009.

Meanwhile, JPMorgan continued as the top underwriter in the U.S. market for the year so far. The bank had also taken first place for the year through February, for January and for all of 2009.

Bank of America remained in second position, but Credit Suisse moved up to third, dislodging Goldman Sachs, which fell to fifth, behind Citigroup in fourth place.

JPMorgan was also first on a global basis, while Barclays remained number one in European high yield.

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

UnderwriterAmountNo.ShareRankAmountNo.Share
1JPMorgan10.1106614.82%22.0731718.93%
2Bank of America9.1477213.40%12.5581823.36%
3Credit Suisse6.216419.11%60.80677.36%
4Citigroup5.844388.56%70.77187.05%
5Goldman Sachs5.334357.82%80.72656.63%
6Barclays4.672376.85%120.18811.72%
7Deutsche Bank4.575376.70%31.2701011.60%
8Morgan Stanley4.436346.50%50.82557.53%
9UBS3.201254.69%
10Wells Fargo3.170294.65%
Total68.23515410.95025
Average size:0.4430.438
Year to date, U.S. market, industrialized country issuers
2009 Comparables
UnderwriterAmountNo.ShareRankAmountNo.Share
1JPMorgan9.1066014.82%21.9731618.86%
2Bank of America8.6996914.16%12.3691722.65%
3Citigroup5.501368.95%80.67176.42%
4Credit Suisse5.412348.81%70.70666.75%
5Goldman Sachs4.813327.83%60.72656.94%
6Barclays4.407357.17%120.18811.80%
7Morgan Stanley4.336337.06%50.82557.88%
8Deutsche Bank3.861326.28%31.2701012.14%
9UBS3.201255.21%
10Wells Fargo3.170295.16%
Total61.44513410.46123
Average size:0.4590.455
Year to date, global market, industrialized country issuers
2009 Comparables
UnderwriterAmountNo.ShareRankAmountNo.Share
1JPMorgan9.6746513.08%22.0791719.08%
2Bank of America9.6217513.00%12.3691721.75%
3Citigroup6.211418.40%80.67176.16%
4Barclays6.019438.14%120.18811.72%
5Credit Suisse5.808387.85%60.81277.45%
6Goldman Sachs5.511367.45%70.72656.67%
7Deutsche Bank5.022426.79%31.3761112.63%
8Morgan Stanley4.481356.06%50.82557.57%
9RBS3.640294.92%
10UBS3.365274.55%
Total73.98215710.89625
Average size:0.4710.436
Year to date, European currencies, industrialized country issuers
2009 Comparables
UnderwriterAmountNo.ShareRankAmountNo.Share
1Barclays1.613813.51%
2Deutsche Bank1.161109.73%10.105124.00%
3Bank of America0.92267.72%
4RBS0.88377.39%
5HSBC0.86447.23%
6BNP Paribas0.75756.34%20.105124.00%
7Citigroup0.71055.95%
8Goldman Sachs0.69845.85%
9Natixis0.63625.32%
10JPMorgan0.56754.75%40.105124.00%
Total11.940190.4392
Average size:0.6280.220
March, U.S. market, all issuers
2009 Comparables
UnderwriterAmountNo.ShareRankAmountNo.Share
1Bank of America5.1464114.22%20.553525.68%
2JPMorgan4.7583313.15%10.617528.63%
3Credit Suisse3.491219.64%50.18428.54%
4Citigroup3.041248.40%40.18428.54%
5Deutsche Bank2.971238.21%30.246211.43%
6Barclays2.901248.01%
7Morgan Stanley2.454216.78%60.14026.50%
8RBS2.296176.34%
9UBS1.954145.40%
10Wells Fargo1.921185.31%
Total36.197762.1557
Average size:0.4760.308
March, U.S. market, industrialized country issuers
2009 Comparables
UnderwriterAmountNo.ShareRankAmountNo.Share
1Bank of America4.9493914.56%20.364421.87%
2JPMorgan4.3493012.80%10.517431.03%
3Credit Suisse3.083189.07%70.08415.03%
4Barclays2.901248.54%
5Citigroup2.847238.38%60.08415.03%
6Deutsche Bank2.777228.17%30.246214.79%
7Morgan Stanley2.354206.93%40.14028.41%
8RBS2.296176.76%
9UBS1.954145.75%
10Wells Fargo1.921185.65%
Total33.980701.6655
Average size:0.4850.333
March, global market, industrialized country issuers
2009 Comparables
UnderwriterAmountNo.ShareRankAmountNo.Share
1Bank of America5.0054012.98%20.364421.71%
2JPMorgan4.5393211.78%10.517430.79%
3Barclays3.366268.73%
4Credit Suisse3.251208.43%70.08414.99%
5Deutsche Bank3.080257.99%30.246214.68%
6Citigroup2.903247.53%60.08414.99%
7Morgan Stanley2.410216.25%40.14028.34%
8RBS2.296175.96%
9UBS2.010155.21%
10Wells Fargo1.976195.13%
Total38.544791.6786
Average size:0.4880.280
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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