• Junk market issuance totals $139.48 billion for year to date
New York, July 30 - JPMorgan added another month to its long run at the top of the league table of U.S. junk market underwriters, according to data compiled by Prospect News.
New deal activity rebounded strongly in July, making 2010 the fifth biggest year ever in the high-yield market - with five months still to go.
JPMorgan has 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, with Bank of America holding at second and Credit Suisse at third. Citigroup and Goldman Sachs switched places, as Citi rose to fourth, reversing a similar move in the opposite direction the month before. Morgan Stanley, Deutsche Bank, Barclays, UBS and Wells Fargo once more rounded out the top 10.
JPMorgan was also first on a global basis, but Deutsche Bank again took the top spot for European high yield.
Citigroup was number one for the month of July.
In total July saw $20.43 billion of new high-yield bonds, well over double the $8.43 billion in June and returning activity to the levels seen at the start of the year.
The year-to-date total is now $139.48 billion, approaching double the $74.34 billion at the same stage in 2009.
This year has now passed the full-year total of $138.46 billion for 2003 to become the fifth busiest year. The record-holder, 2009, saw $161.82 billion.
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 | 19.554 | 124 | 14.02% | 2 | 11.917 | 82 | 16.03%
|
2 | Bank of America | 18.512 | 141 | 13.27% | 1 | 13.789 | 91 | 18.55%
|
3 | Credit Suisse | 15.053 | 75 | 10.79% | 7 | 4.847 | 36 | 6.52%
|
4 | Citigroup | 11.207 | 75 | 8.03% | 3 | 7.841 | 47 | 10.55%
|
5 | Goldman Sachs | 10.445 | 64 | 7.49% | 5 | 6.408 | 36 | 8.62%
|
6 | Morgan Stanley | 9.466 | 59 | 6.79% | 6 | 6.105 | 28 | 8.21%
|
7 | Deutsche Bank | 9.040 | 72 | 6.48% | 4 | 6.517 | 47 | 8.77%
|
8 | Barclays | 7.028 | 64 | 5.04% | 10 | 1.966 | 19 | 2.64%
|
9 | UBS | 6.687 | 55 | 4.79% | 11 | 1.222 | 11 | 1.64%
|
10 | Wells Fargo | 5.524 | 50 | 3.96% | 15 | 0.820 | 8 | 1.10%
|
| Total | 139.482 | 324 | 74.344 | 165 |
|
|
|
| Average size: | 0.431 | 0.451 |
|
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|
Year to date, U.S. market, industrialized country issuers
|
| | | | | 2009 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 17.245 | 111 | 14.79% | 2 | 11.707 | 79 | 16.25%
|
2 | Bank of America | 16.160 | 124 | 13.86% | 1 | 13.510 | 89 | 18.75%
|
3 | Credit Suisse | 13.025 | 60 | 11.17% | 7 | 4.604 | 33 | 6.39%
|
4 | Citigroup | 9.650 | 63 | 8.28% | 3 | 7.630 | 44 | 10.59%
|
5 | Goldman Sachs | 9.589 | 59 | 8.22% | 4 | 6.408 | 36 | 8.90%
|
6 | Morgan Stanley | 8.604 | 51 | 7.38% | 6 | 5.774 | 27 | 8.02%
|
7 | Deutsche Bank | 7.521 | 60 | 6.45% | 5 | 6.187 | 46 | 8.59%
|
8 | Barclays | 6.641 | 60 | 5.70% | 9 | 1.966 | 19 | 2.73%
|
9 | UBS | 5.995 | 48 | 5.14% | 11 | 1.222 | 11 | 1.70%
|
10 | Wells Fargo | 5.524 | 50 | 4.74% | 14 | 0.820 | 8 | 1.14%
|
| Total | 116.613 | 267 | 72.042 | 158 |
|
|
|
| Average size: | 0.437 | 0.456 |
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Year to date, global market, industrialized country issuers
|
| | | | | 2009 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 19.036 | 124 | 13.13% | 2 | 12.015 | 82 | 14.97%
|
2 | Bank of America | 17.500 | 133 | 12.07% | 1 | 13.510 | 89 | 16.83%
|
3 | Credit Suisse | 14.300 | 69 | 9.86% | 7 | 4.912 | 36 | 6.12%
|
4 | Deutsche Bank | 11.117 | 81 | 7.67% | 4 | 7.406 | 52 | 9.23%
|
5 | Citigroup | 11.087 | 75 | 7.65% | 3 | 8.196 | 46 | 10.21%
|
6 | Goldman Sachs | 10.735 | 65 | 7.40% | 5 | 6.976 | 39 | 8.69%
|
7 | Barclays | 9.328 | 78 | 6.43% | 10 | 2.405 | 20 | 3.00%
|
8 | Morgan Stanley | 9.274 | 57 | 6.40% | 6 | 5.821 | 28 | 7.25%
|
9 | UBS | 6.158 | 50 | 4.25% | 12 | 1.222 | 11 | 1.52%
|
10 | RBS | 5.598 | 43 | 3.86% | 9 | 2.411 | 19 | 3.00%
|
| Total | 144.990 | 323 | 80.254 | 173 |
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|
|
| Average size: | 0.449 | 0.464 |
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Year to date, European currencies, industrialized country issuers
|
| | | | | 2009 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Deutsche Bank | 3.596 | 21 | 13.43% | 1 | 1.219 | 6 | 16.70%
|
2 | Barclays | 2.686 | 18 | 10.03% | 8 | 0.439 | 1 | 6.01%
|
3 | BNP Paribas | 2.133 | 12 | 7.96% | 9 | 0.348 | 4 | 4.77%
|
4 | RBS | 1.966 | 14 | 7.34% | 6 | 0.475 | 3 | 6.50%
|
5 | JPMorgan | 1.647 | 12 | 6.15% | 11 | 0.308 | 3 | 4.22%
|
6 | Citigroup | 1.437 | 12 | 5.36% | 5 | 0.566 | 2 | 7.75%
|
7 | Bank of America | 1.340 | 9 | 5.00% |
|
8 | Credit Suisse | 1.275 | 9 | 4.76% | 10 | 0.308 | 3 | 4.22%
|
9 | HSBC | 1.275 | 8 | 4.76% | 14 | 0.275 | 2 | 3.77%
|
10 | Goldman Sachs | 1.146 | 6 | 4.28% | 4 | 0.567 | 3 | 7.77%
|
| Total | 26.788 | 47 | 7.300 | 12 |
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| Average size: | 0.570 | 0.608 |
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July, U.S. market, all issuers
|
| | | | | 2009 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Citigroup | 2.181 | 13 | 10.67% | 5 | 1.056 | 7 | 7.68%
|
2 | Bank of America | 1.895 | 13 | 9.28% | 2 | 1.799 | 15 | 13.08%
|
3 | Credit Suisse | 1.863 | 7 | 9.12% | 7 | 0.880 | 6 | 6.40%
|
4 | JPMorgan | 1.850 | 9 | 9.05% | 1 | 1.827 | 17 | 13.28%
|
5 | Morgan Stanley | 1.816 | 9 | 8.89% | 9 | 0.685 | 3 | 4.98%
|
6 | Deutsche Bank | 1.574 | 10 | 7.70% | 4 | 1.408 | 10 | 10.23%
|
7 | Goldman Sachs | 1.412 | 7 | 6.91% | 3 | 1.490 | 8 | 10.83%
|
8 | None/Unknown | 1.320 | 1 | 6.46% |
|
9 | Wells Fargo | 1.039 | 8 | 5.08% | 8 | 0.820 | 8 | 5.96%
|
10 | Santander | 0.898 | 7 | 4.39% |
|
| Total | 20.433 | 39 | 13.758 | 33 |
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|
| Average size: | 0.524 | 0.417 |
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July, U.S. market, industrialized country issuers
|
| | | | | 2009 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Credit Suisse | 1.613 | 5 | 11.11% | 8 | 0.790 | 5 | 5.95%
|
2 | Morgan Stanley | 1.556 | 7 | 10.72% | 9 | 0.685 | 3 | 5.15%
|
3 | Citigroup | 1.513 | 8 | 10.43% | 5 | 0.999 | 6 | 7.52%
|
4 | Goldman Sachs | 1.412 | 7 | 9.73% | 3 | 1.490 | 8 | 11.21%
|
5 | None/Unknown | 1.320 | 1 | 9.09% |
|
6 | Bank of America | 1.281 | 8 | 8.82% | 2 | 1.709 | 14 | 12.86%
|
7 | JPMorgan | 1.256 | 7 | 8.65% | 1 | 1.770 | 16 | 13.31%
|
8 | Deutsche Bank | 1.227 | 7 | 8.45% | 4 | 1.408 | 10 | 10.59%
|
9 | Wells Fargo | 1.039 | 8 | 7.16% | 7 | 0.820 | 8 | 6.17%
|
10 | UBS | 0.602 | 4 | 4.15% | 15 | 0.217 | 3 | 1.63%
|
| Total | 14.514 | 26 | 13.293 | 31 |
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| Average size: | 0.558 | 0.429 |
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July, global market, industrialized country issuers
|
| | | | | 2009 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Deutsche Bank | 2.272 | 13 | 11.51% | 2 | 1.935 | 12 | 11.05%
|
2 | Citigroup | 1.877 | 12 | 9.51% | 5 | 1.155 | 7 | 6.60%
|
3 | Morgan Stanley | 1.871 | 9 | 9.48% | 11 | 0.685 | 3 | 3.91%
|
4 | Credit Suisse | 1.673 | 6 | 8.48% | 7 | 0.946 | 6 | 5.40%
|
5 | Goldman Sachs | 1.595 | 8 | 8.08% | 1 | 2.017 | 10 | 11.52%
|
6 | JPMorgan | 1.582 | 9 | 8.02% | 3 | 1.925 | 17 | 11.00%
|
7 | Bank of America | 1.387 | 9 | 7.03% | 4 | 1.709 | 14 | 9.77%
|
8 | None/Unknown | 1.320 | 1 | 6.69% |
|
9 | Wells Fargo | 1.039 | 8 | 5.26% | 9 | 0.820 | 8 | 4.69%
|
10 | Barclays | 0.687 | 6 | 3.48% | 12 | 0.674 | 4 | 3.85%
|
| Total | 19.743 | 39 | 17.502 | 34 |
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| Average size: | 0.506 | 0.515 |
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Prospect News High-Yield Underwriter Rankings
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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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