Bank of America takes over as number one U.S. high-yield bond underwriter for year to date

• Junk market issuance totals $161.41 billion for year to date

New York, Aug. 31 - Bank of America pushed ahead of JPMorgan to take first place among underwriters of junk bonds in the U.S. market for the year to date, according to data compiled by Prospect News.

Thanks to a strong August in which Bank of America brought to market 34 deals for $4.89 billion, Bank of America now has a $400 million lead.

The move ends a long run at the top for JPMorgan. Until August, JPMorgan had been the top underwriter in the U.S. market for each month of 2010 and for all of 2009.

Looking down the table, the banks in the next three places are unchanged, with Credit Suisse still at third, Citi at fourth and Goldman Sachs at fifth.

Deutsche Bank moved up a spot to sixth, pushing Morgan Stanley down to seventh. Barclays, UBS and Wells Fargo continued in eighth, ninth and 10th positions.

Meanwhile August issuance was notably strong, pushing 2010 almost to a record - even though four months remain.

Year-to-date volume now totals $161.41 billion, just $0.41 billion behind the record for a full year of $161.82 billion set in 2009.

August's issuance was $23.54 billion, up from $18.89 billion in July and more than double the $10.58 billion of August 2009.

Bank of America also moved to the top position for global high yield, again dislodging JPMorgan.

On this basis, counting deals in major currencies, year-to-date issuance is now $167.45 billion.

However Deutsche Bank remained top underwriter for European high yield.

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	Bank of America	23.597	175	14.62%	1	15.136	104	17.82%
2	JPMorgan	22.197	145	13.75%	2	14.008	95	16.49%
3	Credit Suisse	17.758	93	11.00%	7	6.252	42	7.36%
4	Citigroup	13.507	90	8.37%	3	8.499	51	10.01%
5	Goldman Sachs	11.861	73	7.35%	5	7.137	43	8.40%
6	Deutsche Bank	11.593	86	7.18%	4	7.890	54	9.29%
7	Morgan Stanley	10.828	71	6.71%	6	6.711	31	7.90%
8	Barclays	8.602	74	5.33%	9	2.400	24	2.83%
9	UBS	7.038	58	4.36%	13	1.222	11	1.44%
10	Wells Fargo	6.598	59	4.09%	11	1.758	15	2.07%
	Total	161.407	374	84.926	196
	Average size:	0.432	0.433
Year to date, U.S. market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	21.193	158	15.36%	1	14.758	101	18.02%
2	JPMorgan	19.889	132	14.41%	2	13.698	91	16.73%
3	Credit Suisse	15.429	77	11.18%	7	6.009	39	7.34%
4	Citigroup	12.176	80	8.82%	3	8.189	47	10.00%
5	Goldman Sachs	11.005	68	7.98%	5	7.137	43	8.72%
6	Morgan Stanley	9.841	62	7.13%	6	6.165	28	7.53%
7	Deutsche Bank	9.526	73	6.90%	4	7.560	53	9.23%
8	Barclays	8.275	71	6.00%	9	2.400	24	2.93%
9	Wells Fargo	6.598	59	4.78%	11	1.758	15	2.15%
10	UBS	6.571	53	4.76%	13	1.222	11	1.49%
	Total	137.975	314	81.878	186
	Average size:	0.439	0.440
Year to date, global market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	22.533	167	13.46%	1	14.758	101	16.36%
2	JPMorgan	21.679	145	12.95%	2	14.006	94	15.52%
3	Credit Suisse	17.130	87	10.23%	6	6.334	43	7.02%
4	Citigroup	13.612	92	8.13%	4	8.754	49	9.70%
5	Deutsche Bank	13.439	94	8.03%	3	8.779	59	9.73%
6	Goldman Sachs	12.151	74	7.26%	5	7.704	46	8.54%
7	Barclays	10.961	89	6.55%	9	2.839	25	3.15%
8	Morgan Stanley	10.936	69	6.53%	7	6.211	29	6.88%
9	UBS	6.735	55	4.02%	14	1.222	11	1.35%
10	Wells Fargo	6.654	60	3.97%	11	1.758	15	1.95%
	Total	167.445	373	90.230	202
	Average size:	0.449	0.447
Year to date, European currencies, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	3.912	21	14.10%	1	1.219	6	16.52%
2	Barclays	2.686	18	9.68%	8	0.439	1	5.95%
3	BNP Paribas	2.133	12	7.69%	9	0.348	4	4.72%
4	RBS	1.966	14	7.09%	6	0.475	3	6.43%
5	Credit Suisse	1.701	10	6.13%	10	0.308	3	4.17%
6	JPMorgan	1.647	12	5.94%	11	0.308	3	4.17%
7	Citigroup	1.437	12	5.18%	5	0.566	2	7.66%
8	Bank of America	1.340	9	4.83%
9	HSBC	1.275	8	4.60%	14	0.275	2	3.72%
10	Goldman Sachs	1.146	6	4.13%	4	0.567	3	7.68%
	Total	27.742	49	7.383	13
	Average size:	0.566	0.568
August, U.S. market, all issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	4.893	34	20.78%	4	1.347	13	12.73%
2	Credit Suisse	2.704	18	11.49%	2	1.405	6	13.28%
3	Citigroup	2.526	17	10.73%	7	0.658	4	6.22%
4	JPMorgan	2.423	20	10.29%	1	2.090	13	19.75%
5	Deutsche Bank	2.361	14	10.03%	3	1.373	7	12.97%
6	Barclays	1.709	12	7.26%	10	0.434	5	4.10%
7	Morgan Stanley	1.687	11	7.17%	8	0.606	3	5.73%
8	Goldman Sachs	1.416	9	6.02%	6	0.728	7	6.88%
9	Wells Fargo	1.074	9	4.56%	5	0.938	7	8.86%
10	RBS	0.783	5	3.33%
	Total	23.542	52	10.583	31
	Average size:	0.453	0.341
August, U.S. market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	4.813	33	21.89%	4	1.248	12	12.69%
2	Citigroup	2.526	17	11.49%	7	0.558	3	5.68%
3	JPMorgan	2.423	20	11.02%	1	1.991	12	20.25%
4	Credit Suisse	2.404	17	10.94%	2	1.405	6	14.28%
5	Deutsche Bank	1.786	12	8.12%	3	1.373	7	13.96%
6	Barclays	1.709	12	7.77%	9	0.434	5	4.41%
7	Morgan Stanley	1.562	10	7.11%	10	0.390	1	3.97%
8	Goldman Sachs	1.416	9	6.44%	6	0.728	7	7.40%
9	Wells Fargo	1.074	9	4.89%	5	0.938	7	9.54%
10	RBS	0.783	5	3.56%
	Total	21.982	48	9.836	28
	Average size:	0.458	0.351
August, global market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	4.813	33	20.86%	4	1.248	12	12.51%
2	Credit Suisse	2.830	18	12.26%	2	1.422	7	14.26%
3	Citigroup	2.526	17	10.95%	7	0.558	3	5.60%
4	JPMorgan	2.423	20	10.50%	1	1.991	12	19.96%
5	Morgan Stanley	1.987	11	8.61%	10	0.390	1	3.91%
6	Deutsche Bank	1.786	12	7.74%	3	1.373	7	13.76%
7	Barclays	1.709	12	7.40%	9	0.434	5	4.35%
8	Goldman Sachs	1.416	9	6.14%	6	0.728	7	7.30%
9	Wells Fargo	1.074	9	4.66%	5	0.938	7	9.40%
10	RBS	0.783	5	3.39%
	Total	23.075	51	9.976	29
	Average size:	0.452	0.344
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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