CSFB top U.S. market high-yield underwriter year to date

* U.S. market high-yield issuance totals $104.29 billion year to date

* U.S. market high-yield issuance totals $27.40 billion in third quarter

* U.S. market high-yield issuance totals $8.90 billion in September

* CSFB top European high-yield underwriter year to date

* European high-yield issuance totals $15.57 billion year to date

* CSFB top global high-yield underwriter year to date

* Global high-yield issuance totals $112.42 billion

New York, Sept. 30 - Credit Suisse First Boston swept the Prospect News high-yield league tables in September, ranking number one in the U.S. market, the European market and globally.

Meanwhile issuance volume slacked off a little further but still managed $8.90 billion in the latest month, enough to keep the year-to-date total ahead of the tally at the same point last year.

CSFB was again the top underwriter of junk bonds in the U.S. market for the year so far with a total of $15.90 billion.

Yet again Citigroup, the number two firm, narrowed the margin, cutting it to $90 million from $130 million for the year through August.

Citigroup placed first for the third quarter with CSFB number two while Banc of America took the number one position for September with Citigroup at number two.

The 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.

For industrialized countries only - excluding emerging market issuers - Citigroup placed first year to date with $14.87 billion while CSFB was number two at $14.31 billion.

In Europe, CSFB was also number one with $2.81 billion equivalent of deals so far this year. The figures cover deals from industrialized countries denominated in the currency of a European industrialized country.

Deutsche Bank, which had been number one for the year through August, dropped to number two with $2.65 billion of deals.

For the global high-yield market, counting all currencies but excluding emerging market issuers, CSFB was yet again number one at $17.13 billion.

Citigroup was number two with $16.45 billion.

Looking at issuance volume, September for the U.S. market came in at $8.90 billion, down from $9.10 billion in August and the second lowest level this year after May's $6.96 billion.

However the year-to-date total is still running ahead of 2003 at $104.29 billion compared to $103.19 billion at the same point last year. The full-year figure for 2003 is widely considered to be close to - but not quite enough to beat - the all-time high although Prospect News' data does not go back far enough to verify the levels.

In Europe, the junk market continued to power ahead, reaching $15.57 billion equivalent year to date compared to $6.67 billion at the same point last year.

The global total for industrialized countries is now $112.42 billion year to date, comfortably above the $103.24 billion at the equivalent stage in 2003.

Year to date 2004, U.S. market, all issuers

2003 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CSFB	15.900	102	15.25%	1	17.497	97	16.96%
2	Citigroup	15.810	100	15.16%	2	14.351	79	13.91%
3	Banc of America	12.561	94	12.04%	6	9.282	61	9.00%
4	JPMorgan	11.205	82	10.74%	4	10.147	74	9.83%
5	Deutsche Bank	10.418	69	9.99%	5	9.664	70	9.37%
6	Morgan Stanley	7.048	39	6.76%	10	5.160	26	5.00%
7	UBS	6.854	53	6.57%	8	5.490	41	5.32%
8	Lehman	5.367	43	5.15%	7	7.209	45	6.99%
9	Goldman Sachs	5.258	40	5.04%	3	10.808	46	10.47%
10	Merrill Lynch	4.421	28	4.24%	11	2.099	17	2.03%
11	Bear Stearns	3.761	29	3.61%	9	5.187	29	5.03%
12	Wachovia	1.582	20	1.52%	12	2.032	17	1.97%
13	Jefferies	1.407	19	1.35%	14	1.027	8	1.00%
14	CIBC	0.758	6	0.73%	13	1.204	13	1.17%
15	BNP Paribas	0.358	3	0.34%	16	0.270	3	0.26%
	Total	104.286	417	103.189	361
	Average size:	0.250	0.286
Third quarter 2004, U.S. market, all issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	4.782	32	17.46%	4	2.971	19	8.79%
2	CSFB	3.838	21	14.01%	1	6.612	34	19.57%
3	Banc of America	3.604	26	13.16%	3	3.157	17	9.34%
4	JPMorgan	3.286	26	12.00%	5	2.612	21	7.73%
5	Deutsche Bank	2.653	17	9.68%	7	2.362	20	6.99%
6	Goldman Sachs	1.670	13	6.10%	2	6.155	19	18.21%
7	Morgan Stanley	1.587	9	5.79%	9	1.746	9	5.17%
8	Merrill Lynch	1.379	3	5.03%	11	0.753	6	2.23%
9	Bear Stearns	1.233	9	4.50%	6	2.456	10	7.27%
10	UBS	1.109	9	4.05%	8	1.769	13	5.23%
	Total	27.395	101	33.790	112
	Average size:	0.271	0.302
September 2004, U.S. market, all issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	1.758	9	19.74%	2	1.750	5	15.34%
2	Citigroup	1.286	8	14.44%	3	1.463	7	12.82%
3	Deutsche Bank	1.063	7	11.94%	8	0.388	3	3.40%
4	CSFB	1.046	3	11.74%	1	3.009	14	26.37%
5	Merrill Lynch	0.779	1	8.75%	13	0.075	1	0.66%
6	Morgan Stanley	0.660	3	7.41%	6	0.855	3	7.49%
7	Goldman Sachs	0.562	6	6.31%	9	0.325	3	2.85%
8	Bear Stearns	0.524	3	5.88%	4	1.182	5	10.36%
9	Wachovia	0.454	4	5.10%	14	0.075	1	0.66%
10	UBS	0.306	2	3.44%	7	0.806	6	7.07%
	Total	8.904	33	11.409	38
	Average size:	0.270	0.300
Year to date 2004, U.S. market, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	14.871	94	15.37%	2	14.042	77	14.55%
2	CSFB	14.313	95	14.79%	1	16.632	91	17.23%
3	Banc of America	12.561	94	12.98%	5	9.282	61	9.62%
4	JPMorgan	10.542	77	10.90%	4	9.589	70	9.93%
5	Deutsche Bank	9.217	65	9.53%	6	8.994	66	9.32%
6	Morgan Stanley	6.636	37	6.86%	10	4.005	23	4.15%
7	UBS	5.756	44	5.95%	8	4.654	36	4.82%
8	Goldman Sachs	5.258	40	5.43%	3	10.808	46	11.20%
9	Lehman	5.027	41	5.20%	7	7.022	44	7.27%
10	Merrill Lynch	3.926	27	4.06%	11	2.099	17	2.17%
11	Bear Stearns	3.346	27	3.46%	9	4.152	25	4.30%
12	Wachovia	1.582	20	1.63%	12	2.032	17	2.11%
13	Jefferies	1.407	19	1.45%	14	1.027	8	1.06%
14	CIBC	0.758	6	0.78%	13	1.204	13	1.25%
15	BNP Paribas	0.271	2	0.28%	15	0.270	3	0.28%
	Total	96.759	388	96.524	341
	Average size:	0.249	0.283
Third quarter 2004, U.S. market, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	4.203	28	16.66%	4	2.821	18	8.78%
2	CSFB	3.642	20	14.44%	1	6.479	33	20.17%
3	Banc of America	3.604	26	14.29%	3	3.157	17	9.83%
4	JPMorgan	2.849	23	11.29%	7	2.054	17	6.39%
5	Deutsche Bank	2.653	17	10.52%	5	2.214	19	6.89%
6	Goldman Sachs	1.670	13	6.62%	2	6.155	19	19.16%
7	Merrill Lynch	1.379	3	5.47%	11	0.753	6	2.34%
8	Morgan Stanley	1.291	8	5.12%	10	1.466	7	4.56%
9	Bear Stearns	0.937	8	3.71%	6	2.064	8	6.42%
10	Lehman	0.921	8	3.65%	9	1.648	11	5.13%
	Total	25.226	91	32.129	105
	Average size:	0.277	0.306
September 2004, U.S. market, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	1.758	9	22.08%	2	1.750	5	17.19%
2	Deutsche Bank	1.063	7	13.35%	7	0.388	3	3.81%
3	CSFB	1.046	3	13.13%	1	2.876	13	28.26%
4	Citigroup	0.936	6	11.75%	3	1.313	6	12.90%
5	Merrill Lynch	0.779	1	9.78%	13	0.075	1	0.74%
6	Goldman Sachs	0.562	6	7.05%	8	0.325	3	3.19%
7	Wachovia	0.454	4	5.70%	14	0.075	1	0.74%
8	Morgan Stanley	0.364	2	4.57%	6	0.722	2	7.09%
9	UBS	0.306	2	3.85%	5	0.806	6	7.92%
10	JPMorgan	0.244	2	3.07%	9	0.302	3	2.97%
	Total	7.962	30	10.178	33
	Average size:	0.265	0.308
Year to date 2004, European currencies, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CSFB	2.813	15	18.07%	2	1.190	9	17.84%
2	Deutsche Bank	2.651	21	17.03%	1	1.793	9	26.88%
3	Citigroup	1.577	10	10.13%	4	0.851	7	12.75%
4	JPMorgan	1.493	9	9.59%	7	0.252	5	3.78%
5	RBS	1.049	4	6.74%	6	0.339	2	5.08%
6	Morgan Stanley	0.979	11	6.29%	14	0.057	1	0.86%
7	Goldman Sachs	0.936	8	6.01%	3	0.897	5	13.45%
8	BNP Paribas	0.718	6	4.61%	5	0.396	4	5.94%
9	Merrill Lynch	0.674	4	4.33%	12	0.061	1	0.92%
10	WestLB	0.599	3	3.85%	-	-	-	-
	Total	15.566	55	6.669	25
	Average size:	0.283	0.267
Year to date 2004, global market, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CSFB	17.126	110	15.23%	1	17.822	100	17.26%
2	Citigroup	16.448	104	14.63%	2	14.893	84	14.43%
3	Banc of America	12.958	100	11.53%	6	9.524	65	9.23%
4	JPMorgan	12.035	86	10.71%	5	9.841	75	9.53%
5	Deutsche Bank	11.965	87	10.64%	4	10.786	75	10.45%
6	Morgan Stanley	7.616	48	6.77%	10	4.062	24	3.93%
7	Goldman Sachs	6.194	48	5.51%	3	11.705	51	11.34%
8	UBS	5.756	44	5.12%	8	4.654	36	4.51%
9	Lehman	5.218	44	4.64%	7	7.242	47	7.01%
10	Merrill Lynch	4.600	31	4.09%	11	2.208	19	2.14%
11	Bear Stearns	3.738	29	3.33%	9	4.346	27	4.21%
12	Wachovia	1.582	20	1.41%	12	2.032	17	1.97%
13	Jefferies	1.407	19	1.25%	14	1.027	8	0.99%
14	RBS	1.174	5	1.04%	16	0.526	3	0.51%
15	BNP Paribas	0.990	8	0.88%	15	0.666	7	0.65%
	Total	112.423	444	103.242	367
	Average size:	0.253	0.281
Third quarter 2004, global market, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	5.173	34	18.25%	3	3.247	21	9.36%
2	CSFB	4.610	24	16.26%	2	6.479	33	18.68%
3	Banc of America	3.680	27	12.98%	5	3.157	17	9.10%
4	Deutsche Bank	2.961	20	10.44%	4	3.172	22	9.15%
5	JPMorgan	2.941	24	10.38%	7	2.054	17	5.92%
6	Goldman Sachs	1.670	13	5.89%	1	6.788	21	19.57%
7	Morgan Stanley	1.429	10	5.04%	10	1.523	8	4.39%
8	Merrill Lynch	1.379	3	4.86%	11	0.801	7	2.31%
9	Bear Stearns	0.937	8	3.31%	6	2.064	8	5.95%
10	Lehman	0.921	8	3.25%	9	1.648	11	4.75%
	Total	28.346	105	34.679	111
	Average size:	0.270	0.312
September 2004, global market, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CSFB	1.968	6	19.65%	1	2.876	13	28.12%
2	Banc of America	1.833	10	18.31%	2	1.750	5	17.11%
3	Deutsche Bank	1.371	10	13.70%	7	0.388	3	3.79%
4	Citigroup	1.330	10	13.28%	3	1.313	6	12.83%
5	Merrill Lynch	0.779	1	7.78%	13	0.123	2	1.20%
6	Goldman Sachs	0.562	6	5.61%	8	0.325	3	3.18%
7	Morgan Stanley	0.456	3	4.56%	6	0.722	2	7.06%
8	Wachovia	0.454	4	4.54%	14	0.075	1	0.73%
9	UBS	0.306	2	3.06%	5	0.806	6	7.88%
10	JPMorgan	0.244	2	2.44%	9	0.302	3	2.96%
	Total	10.013	39	10.226	34
	Average size:	0.257	0.301
Prospect News High-Yield Underwriter Rankings

Criteria

* U.S. tables include all 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.

* 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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