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

• Junk market issuance totals $110.62 billion for year through May

New York, May 28 - JPMorgan remained the number one underwriter for the U.S. junk market after the recent torrid pace of issuance came to a sudden halt, according to data compiled by Prospect News.

May saw just $7.28 billion of new high-yield debt in 23 deals, the lowest monthly total in more than a year. The last time that primary market volume was lower was March 2009 with $2.16 billion in seven deals.

However the year-to-date total is now $110.62 billion, 2.5 times the $44.58 billion total for the first five months of 2009.

Underwriters' standings in the league tables were largely unchanged from the month before. Goldman Sachs and Morgan Stanley, in fifth and sixth positions, exchanged places compared to the year through April.

But otherwise the rankings were similar.

JPMorgan has now been the top underwriter in the U.S. market for the year to date, the year through April, through March, through February, for January and for all of 2009.

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

JPMorgan also placed first for the month of May in the U.S. market.

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	17.443	113	15.77%	2	7.470	48	16.76%
2	Bank of America	15.063	118	13.62%	1	9.235	51	20.72%
3	Credit Suisse	11.761	62	10.63%	7	2.604	20	5.84%
4	Citigroup	8.630	58	7.80%	3	5.142	28	11.54%
5	Goldman Sachs	7.994	52	7.23%	5	3.748	18	8.41%
6	Morgan Stanley	7.431	47	6.72%	6	3.636	15	8.16%
7	Deutsche Bank	6.666	56	6.03%	4	3.860	26	8.66%
8	Barclays	6.253	57	5.65%	9	1.225	11	2.75%
9	UBS	5.174	47	4.68%	14	0.434	4	0.97%
10	Wells Fargo	4.485	42	4.05%
	Total	110.623	264	44.575	89
	Average size:	0.419	0.501
Year to date, U.S. market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	15.728	102	16.55%	2	7.370	47	17.18%
2	Bank of America	13.575	107	14.29%	1	9.046	50	21.09%
3	Credit Suisse	10.408	51	10.95%	7	2.504	19	5.84%
4	Citigroup	7.822	52	8.23%	3	5.042	27	11.75%
5	Goldman Sachs	7.138	47	7.51%	4	3.748	18	8.74%
6	Morgan Stanley	6.912	42	7.27%	6	3.306	14	7.71%
7	Barclays	5.866	53	6.17%	9	1.225	11	2.86%
8	Deutsche Bank	5.669	48	5.97%	5	3.530	25	8.23%
9	UBS	4.648	41	4.89%	13	0.434	4	1.01%
10	Wells Fargo	4.485	42	4.72%
	Total	95.020	223	42.897	85
	Average size:	0.426	0.505
Year to date, global market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	16.854	110	14.58%	2	7.522	49	16.43%
2	Bank of America	14.695	114	12.71%	1	9.046	50	19.76%
3	Credit Suisse	11.498	58	9.95%	7	2.656	21	5.80%
4	Citigroup	8.896	60	7.69%	3	5.042	27	11.02%
5	Deutsche Bank	8.143	62	7.04%	4	3.954	28	8.64%
6	Goldman Sachs	8.101	52	7.01%	5	3.788	19	8.28%
7	Barclays	7.942	65	6.87%	9	1.225	11	2.68%
8	Morgan Stanley	7.153	45	6.19%	6	3.352	15	7.32%
9	RBS	5.005	36	4.33%	10	1.200	9	2.62%
10	UBS	4.812	43	4.16%	14	0.434	4	0.95%
	Total	115.607	260	45.768	93
	Average size:	0.445	0.492
Year to date, European currencies, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.475	14	12.82%	1	0.425	3	19.14%
2	Barclays	2.076	12	10.75%
3	BNP Paribas	1.806	8	9.35%	6	0.193	3	8.69%
4	RBS	1.603	10	8.30%	2	0.319	2	14.38%
5	HSBC	1.152	6	5.97%	5	0.275	2	12.39%
6	JPMorgan	1.127	8	5.84%	8	0.152	2	6.87%
7	Bank of America	1.120	7	5.80%
8	Credit Suisse	1.091	7	5.65%	7	0.152	2	6.87%
9	Citigroup	1.074	8	5.56%
10	Goldman Sachs	0.963	5	4.99%	10	0.040	1	1.83%
	Total	19.305	30	2.218	6
	Average size:	0.644	0.370
May, U.S. market, all issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.963	8	13.24%	2	3.999	24	16.56%
2	Goldman Sachs	0.914	5	12.56%	4	2.539	10	10.51%
3	Jefferies	0.835	5	11.48%	18	0.130	1	0.54%
4	Citigroup	0.803	7	11.04%	3	3.037	15	12.57%
5	Bank of America	0.646	7	8.89%	1	4.824	25	19.97%
6	Barclays	0.641	7	8.81%	8	0.940	9	3.89%
7	UBS	0.427	6	5.87%	12	0.434	4	1.80%
8	Credit Suisse	0.388	3	5.33%	6	1.279	10	5.30%
9	Morgan Stanley	0.320	3	4.40%	9	0.821	5	3.40%
10	RBS	0.212	3	2.91%	10	0.638	6	2.64%
	Total	7.276	23	24.151	46
	Average size:	0.316	0.525
May, U.S. market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	0.914	5	15.83%	4	2.539	10	10.96%
2	JPMorgan	0.889	7	15.39%	2	3.999	24	17.27%
3	Jefferies	0.835	5	14.46%	18	0.130	1	0.56%
4	Citigroup	0.705	5	12.21%	3	3.037	15	13.11%
5	Barclays	0.582	6	10.07%	8	0.940	9	4.06%
6	Bank of America	0.474	4	8.21%	1	4.824	25	20.83%
7	Morgan Stanley	0.320	3	5.55%	10	0.491	4	2.12%
8	Credit Suisse	0.289	2	5.00%	6	1.279	10	5.52%
9	UBS	0.254	3	4.40%	11	0.434	4	1.87%
10	Deutsche Bank	0.103	1	1.78%	5	1.519	10	6.56%
	Total	5.773	19	23.160	45
	Average size:	0.304	0.515
May, global market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.985	8	13.63%	2	4.046	25	15.81%
2	Goldman Sachs	0.914	5	12.65%	4	2.579	11	10.08%
3	Citigroup	0.879	7	12.17%	3	3.037	15	11.86%
4	Jefferies	0.835	5	11.56%	23	0.130	1	0.51%
5	Barclays	0.756	8	10.47%	9	0.940	9	3.67%
6	Bank of America	0.474	4	6.56%	1	4.824	25	18.85%
7	Morgan Stanley	0.416	4	5.76%	11	0.538	5	2.10%
8	Credit Suisse	0.387	3	5.36%	6	1.326	11	5.18%
9	UBS	0.254	3	3.52%	12	0.434	4	1.70%
10	Nomura	0.185	2	2.56%
10	Mizuho	0.185	2	2.56%	22	0.211	1	0.82%
10	Nikko Cordial	0.185	2	2.56%
	Total	7.224	24	25.596	51
	Average size:	0.301	0.502
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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