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

• Junk market issuance totals $118.98 billion for year to date

New York, June 30 - JPMorgan maintained its lengthy hold on the top spot among U.S. junk market underwriters, according to data compiled by Prospect News.

Meanwhile issuance recovered a little from May's level, making the first two quarters of 2010 the busiest half-year ever recorded in the high-yield market.

JPMorgan has now been the top underwriter in the U.S. market for each month of 2010 and for all of 2009.

Other positions in the league table were mostly unchanged, Bank of America holding at second, Credit Suisse at third, Goldman Sachs moved up to fourth and Citigroup fell to fifth, with Morgan Stanley, Deutsche Bank, Barclays, UBS and Wells Fargo rounding out the top 10.

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

Bank of America was number one for June.

June saw $8.36 billion of new junk brought to market, up somewhat from May's $7.28 billion but far below the levels seen at the start of the year which reached as high as $36.62 billion in March.

With those busy months, the first half saw a total of $118.97 billion. The total has only crossed the $100 billion mark for a half year twice before, $101.23 billion for the second half of 2009 and $108.26 billion for the first half of 2007.

By comparison, the first half of 2009 only saw about half as much volume, $60.59 billion in total.

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	17.704	115	14.88%	2	10.091	65	16.66%
2	Bank of America	16.617	128	14.32%	1	11.990	76	19.79%
3	Credit Suisse	13.191	68	11.09%	7	3.967	30	6.55%
4	Goldman Sachs	9.033	57	7.59%	6	4.919	28	8.12%
5	Citigroup	9.026	62	7.59%	3	6.784	40	11.20%
6	Morgan Stanley	7.649	50	6.43%	4	5.420	25	8.95%
7	Deutsche Bank	7.466	62	6.28%	5	5.110	37	8.43%
8	Barclays	6.778	62	5.70%	9	1.731	16	2.86%
9	UBS	5.918	50	4.97%	11	1.005	8	1.66%
10	Wells Fargo	4.485	42	3.77%
	Total	118.974	284	60.586	132
	Average size:	0.419	0.459
Year to date, U.S. market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	15.989	104	15.67%	2	9.937	63	16.92%
2	Bank of America	14.879	116	14.58%	1	11.801	75	20.09%
3	Credit Suisse	11.412	55	11.19%	7	3.814	28	6.49%
4	Goldman Sachs	8.177	52	8.01%	5	4.919	28	8.37%
5	Citigroup	8.136	55	7.98%	3	6.631	38	11.29%
6	Morgan Stanley	7.048	44	6.91%	4	5.089	24	8.66%
7	Barclays	6.391	58	6.26%	9	1.731	16	2.95%
8	Deutsche Bank	6.294	53	6.17%	6	4.779	36	8.13%
9	UBS	5.392	44	5.29%	11	1.005	8	1.71%
10	Wells Fargo	4.485	42	4.40%
	Total	102.024	240	58.749	127
	Average size:	0.425	0.463
Year to date, global market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	17.453	115	13.94%	2	10.090	65	16.08%
2	Bank of America	16.113	124	12.87%	1	11.801	75	18.80%
3	Credit Suisse	12.627	63	10.09%	7	3.966	30	6.32%
4	Citigroup	9.210	63	7.36%	3	7.041	39	11.22%
5	Goldman Sachs	9.140	57	7.30%	6	4.959	29	7.90%
6	Deutsche Bank	8.845	68	7.07%	4	5.472	40	8.72%
7	Barclays	8.566	71	6.84%	9	1.731	16	2.76%
8	Morgan Stanley	7.403	48	5.91%	5	5.136	25	8.18%
9	UBS	5.556	46	4.44%	11	1.005	8	1.60%
10	RBS	5.190	38	4.15%	10	1.397	12	2.23%
	Total	125.171	283	62.753	139
	Average size:	0.442	0.451
Year to date, European currencies, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.551	15	11.67%	1	0.693	4	22.40%
2	Barclays	2.174	13	9.94%
3	BNP Paribas	1.904	9	8.71%	8	0.193	3	6.24%
4	RBS	1.603	10	7.33%	3	0.319	2	10.32%
5	JPMorgan	1.464	11	6.70%	10	0.152	2	4.93%
6	Bank of America	1.233	8	5.64%
7	Credit Suisse	1.215	8	5.56%	9	0.152	2	4.93%
8	HSBC	1.152	6	5.27%	6	0.275	2	8.89%
9	Citigroup	1.074	8	4.91%	2	0.410	1	13.26%
10	Goldman Sachs	0.963	5	4.40%	12	0.040	1	1.31%
	Total	21.865	36	3.092	9
	Average size:	0.607	0.344
Second quarter, U.S. market, all issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	7.369	47	14.65%	2	8.017	48	16.15%
2	Bank of America	7.246	54	14.40%	1	9.431	58	19.00%
3	Credit Suisse	6.974	27	13.86%	7	3.161	23	6.37%
4	Goldman Sachs	3.699	22	7.35%	5	4.192	23	8.45%
5	Morgan Stanley	3.214	16	6.39%	4	4.595	20	9.26%
6	Citigroup	3.183	24	6.33%	3	6.013	32	12.11%
7	Deutsche Bank	2.842	24	5.65%	6	3.839	27	7.74%
8	UBS	2.717	25	5.40%	11	1.005	8	2.02%
9	Barclays	2.709	25	5.39%	9	1.543	15	3.11%
10	Jefferies	2.179	16	4.33%	16	0.413	3	0.83%
	Total	50.313	127	49.635	107
	Average size:	0.396	0.464
Second quarter, U.S. market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	6.658	42	16.58%	2	7.964	47	16.49%
2	Credit Suisse	6.000	21	14.94%	7	3.108	22	6.44%
3	Bank of America	5.956	45	14.83%	1	9.431	58	19.53%
4	Goldman Sachs	3.364	20	8.38%	5	4.192	23	8.68%
5	Morgan Stanley	2.712	11	6.76%	4	4.264	19	8.83%
6	Citigroup	2.635	19	6.56%	3	5.960	31	12.34%
7	Barclays	2.589	23	6.45%	9	1.543	15	3.20%
8	Deutsche Bank	2.383	20	5.94%	6	3.509	26	7.27%
9	UBS	2.191	19	5.46%	11	1.005	8	2.08%
10	Jefferies	2.179	16	5.43%	15	0.413	3	0.86%
	Total	40.154	103	48.288	104
	Average size:	0.390	0.464
Second quarter, global market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	7.555	48	14.88%	2	8.011	48	15.45%
2	Credit Suisse	6.819	25	13.43%	7	3.155	23	6.08%
3	Bank of America	6.267	47	12.35%	1	9.431	58	18.19%
4	Deutsche Bank	3.773	25	7.43%	6	4.096	29	7.90%
5	Goldman Sachs	3.629	21	7.15%	5	4.233	24	8.16%
6	Barclays	3.150	28	6.21%	9	1.543	15	2.98%
7	Citigroup	2.999	22	5.91%	3	6.370	32	12.28%
8	Morgan Stanley	2.922	13	5.76%	4	4.311	20	8.31%
9	UBS	2.191	19	4.32%	11	1.005	8	1.94%
10	Jefferies	2.179	16	4.29%	16	0.413	3	0.80%
	Total	50.764	123	51.857	114
	Average size:	0.413	0.455
June, U.S. market, all issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	1.554	10	18.61%	1	2.755	25	17.21%
2	Credit Suisse	1.429	6	17.12%	5	1.363	10	8.51%
3	Goldman Sachs	1.039	5	12.44%	8	1.171	10	7.31%
4	Deutsche Bank	0.800	6	9.58%	7	1.250	11	7.80%
5	UBS	0.744	3	8.91%	9	0.571	4	3.57%
6	Barclays	0.525	5	6.29%	10	0.506	5	3.16%
7	RBS	0.434	3	5.20%	12	0.197	3	1.23%
8	Citigroup	0.396	4	4.75%	4	1.642	12	10.26%
9	Jefferies	0.396	2	4.75%	11	0.283	2	1.77%
10	RBC	0.322	2	3.86%	15	0.133	1	0.83%
	Total	8.351	20	16.011	43
	Average size:	0.418	0.372
June, U.S. market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	1.304	9	18.62%	1	2.755	25	17.38%
2	Goldman Sachs	1.039	5	14.83%	8	1.171	10	7.39%
3	Credit Suisse	1.004	4	14.34%	5	1.310	9	8.26%
4	UBS	0.744	3	10.63%	9	0.571	4	3.60%
5	Deutsche Bank	0.625	5	8.92%	7	1.250	11	7.88%
6	Barclays	0.525	5	7.50%	10	0.506	5	3.19%
7	Jefferies	0.396	2	5.66%	11	0.283	2	1.79%
8	RBC	0.322	2	4.60%	15	0.133	1	0.84%
9	Citigroup	0.314	3	4.49%	4	1.589	11	10.02%
10	JPMorgan	0.261	2	3.73%	2	2.568	16	16.20%
	Total	7.005	17	15.852	42
	Average size:	0.412	0.377
June, global market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
.	Bank of America	1.418	10	14.82%	1	2.755	25	16.22%
2	Credit Suisse	1.129	5	11.80%	6	1.310	9	7.71%
3	Goldman Sachs	1.039	5	10.86%	8	1.171	10	6.90%
4	UBS	0.744	3	7.78%	9	0.571	4	3.36%
5	Deutsche Bank	0.701	6	7.33%	5	1.518	12	8.94%
6	Barclays	0.623	6	6.52%	10	0.506	5	2.98%
7	JPMorgan	0.599	5	6.26%	2	2.568	16	15.12%
8	Jefferies	0.396	2	4.14%	11	0.283	2	1.67%
9	Credit Agricole	0.372	4	3.89%
10	RBC	0.322	2	3.37%	17	0.133	1	0.78%
	Total	9.564	23	16.984	46
	Average size:	0.416	0.360
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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