Junk market breaks $100 billion year to date with $103.35 billion through April

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

New York, April 30 - New issue volume in the U.S. junk market broke through the $100 billion mark for 2010 so far after another strong month of issuance, according to data compiled by Prospect News.

April's volume was $34.69 billion, dipping only slightly from the record $36.62 billion brought to market in March.

The year-to-date total is now $103.35 billion, more than five times the $20.42 billion at the same point in 2009 and already more than the $72.45 billion seen in all of 2008 and the $59.62 billion for all of 2002.

The totals are for the U.S. market and include emerging markets bonds; excluding emerging markets but adding in European deals, April's total comes to $27.38 billion and the year-to-date tally to $108.38 billion.

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 March, through February, for January and for all of 2009.

Bank of America remained in second position and Credit Suisse held at third. Citigroup was still in fourth place but Morgan Stanley moved to fifth, pushing Goldman Sachs down to sixth position.

JPMorgan was also first on a global basis, but Deutsche Bank took the top spot for European high yield, pushing aside Barclays.

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	16.480	105	15.95%	2	3.470	24	16.99%
2	Bank of America	14.416	111	13.95%	1	4.411	26	21.60%
3	Credit Suisse	11.374	59	11.01%	6	1.325	10	6.49%
4	Citigroup	7.826	51	7.57%	4	2.106	13	10.31%
5	Morgan Stanley	7.111	44	6.88%	3	2.815	10	13.78%
6	Goldman Sachs	7.080	47	6.85%	8	1.209	8	5.92%
7	Deutsche Bank	6.504	54	6.29%	5	2.010	15	9.84%
8	Barclays	5.611	50	5.43%	10	0.285	2	1.40%
9	UBS	4.747	41	4.59%
10	Wells Fargo	4.385	41	4.24%
	Total	103.347	241	20.424	43
	Average size:	0.429	0.475
Year to date, U.S. market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	14.839	95	16.63%	2	3.370	23	17.08%
2	Bank of America	13.101	103	14.68%	1	4.222	25	21.39%
3	Credit Suisse	10.119	49	11.34%	6	1.225	9	6.20%
4	Citigroup	7.117	47	7.97%	5	2.006	12	10.16%
5	Morgan Stanley	6.592	39	7.39%	3	2.815	10	14.26%
6	Goldman Sachs	6.224	42	6.97%	8	1.209	8	6.12%
7	Deutsche Bank	5.566	47	6.24%	4	2.010	15	10.19%
8	Barclays	5.284	47	5.93%	10	0.285	2	1.45%
9	UBS	4.394	38	4.92%
10	Wells Fargo	4.385	41	4.91%
	Total	89.246	204	19.737	40
	Average size:	0.437	0.493
Year to date, global market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	15.870	102	14.64%	2	3.476	24	17.23%
2	Bank of America	14.221	110	13.12%	1	4.222	25	20.93%
3	Credit Suisse	11.111	55	10.25%	6	1.330	10	6.59%
4	Citigroup	8.016	53	7.40%	5	2.006	12	9.94%
5	Deutsche Bank	7.962	60	7.35%	4	2.116	16	10.49%
6	Goldman Sachs	7.187	47	6.63%	8	1.209	8	5.99%
7	Barclays	7.186	57	6.63%	11	0.285	2	1.41%
8	Morgan Stanley	6.737	41	6.22%	3	2.815	10	13.95%
9	RBS	4.873	34	4.50%	13	0.242	1	1.20%
10	UBS	4.558	40	4.21%
	Total	108.383	236	20.172	42
	Average size:	0.459	0.480
Year to date, European currencies, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.396	13	13.02%	1	0.105	1	24.00%
2	Barclays	1.902	10	10.33%
3	BNP Paribas	1.806	8	9.81%	2	0.105	1	24.00%
4	RBS	1.525	9	8.28%
5	HSBC	1.152	6	6.26%
6	Bank of America	1.120	7	6.08%
7	JPMorgan	1.030	7	5.60%	4	0.105	1	24.00%
8	Credit Suisse	0.992	6	5.39%	3	0.105	1	24.00%
9	Goldman Sachs	0.963	5	5.23%
10	Citigroup	0.899	6	4.88%
	Total	18.409	27	0.439	2
	Average size:	0.682	0.220
April, U.S. market, all issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	6.145	37	17.71%	3	1.397	7	14.75%
2	Credit Suisse	5.157	18	14.87%	6	0.518	3	5.47%
3	Bank of America	5.045	37	14.54%	2	1.853	8	19.56%
4	Morgan Stanley	2.675	10	7.71%	1	1.990	5	21.01%
5	Citigroup	1.983	13	5.72%	4	1.334	5	14.08%
6	Deutsche Bank	1.880	16	5.42%	5	0.740	5	7.81%
7	Goldman Sachs	1.746	12	5.03%	7	0.482	3	5.09%
8	UBS	1.546	16	4.46%
9	Barclays	1.543	13	4.45%	13	0.097	1	1.03%
10	Wells Fargo	0.990	10	2.85%
	Total	34.686	84	9.473	18
	Average size:	0.413	0.526
April, U.S. market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.508	33	20.12%	3	1.397	7	15.06%
2	Credit Suisse	4.707	15	17.19%	6	0.518	3	5.59%
3	Bank of America	4.177	32	15.26%	2	1.853	8	19.97%
4	Morgan Stanley	2.256	6	8.24%	1	1.990	5	21.45%
5	Deutsche Bank	1.656	14	6.05%	5	0.740	5	7.98%
6	Citigroup	1.616	11	5.90%	4	1.334	5	14.38%
7	Barclays	1.481	12	5.41%	11	0.097	1	1.05%
8	Goldman Sachs	1.411	10	5.16%	7	0.482	3	5.20%
9	UBS	1.193	13	4.36%
10	Wells Fargo	0.990	10	3.62%
	Total	27.376	67	9.276	17
	Average size:	0.409	0.546
April, global market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.971	35	17.58%	3	1.397	7	15.06%
2	Credit Suisse	5.303	17	15.61%	6	0.518	3	5.59%
3	Bank of America	4.376	33	12.88%	2	1.853	8	19.97%
4	Deutsche Bank	2.891	17	8.51%	5	0.740	5	7.98%
5	Morgan Stanley	2.256	6	6.64%	1	1.990	5	21.45%
6	Citigroup	1.805	12	5.31%	4	1.334	5	14.38%
7	Barclays	1.770	14	5.21%	11	0.097	1	1.05%
8	Goldman Sachs	1.676	11	4.93%	7	0.482	3	5.20%
9	RBS	1.233	5	3.63%	9	0.242	1	2.61%
10	UBS	1.193	13	3.51%
	Total	33.975	76	9.276	17
	Average size:	0.447	0.546
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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