JPMorgan starts 2011 as top U.S. high-yield bond underwriter

• Junk market issuance totals $33.88 billion for January

New York, Jan. 31 - The high-yield bond market started 2011 the way it ended 2010 - with vigorous new issuance and JPMorgan as the top underwriter, according to data compiled by Prospect News.

January saw $33.88 billion of new bonds come to market, more than double the $16.55 billion of January 2010, 39% more than the $24.45 billion in December and the biggest monthly total since October's $35.62 billion.

JPMorgan, which was first for December and for all of 2010, ranked number one for January with $5.97 billion of new junk bonds. Bank of America was second with $4.15 billion, followed by Credit Suisse with $3.90 billion, Deutsche Bank with $3.72 billion and Barclays with $2.94 billion.

The top four banks were unchanged from their full-year 2010 rankings while Barclays gained two positions. Citigroup slipped to sixth from fifth.

On a global basis, the figures are similar, with issuance at $33.06 billion.

Europe has seen $5.13 billion in January, below the $7.33 billion of January 2010.

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

2010 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.969	26	17.62%	1	2.634	17	15.92%
2	Bank of America	4.145	36	12.23%	2	2.289	17	13.83%
3	Credit Suisse	3.895	21	11.50%	5	1.311	12	7.92%
4	Deutsche Bank	3.723	31	10.99%	6	1.122	9	6.78%
5	Barclays	2.936	23	8.67%	8	0.950	8	5.74%
6	Citigroup	2.012	19	5.94%	7	1.118	8	6.76%
7	UBS	1.477	14	4.36%	9	0.654	6	3.95%
8	Goldman Sachs	1.421	12	4.19%	3	1.860	13	11.24%
9	Wells Fargo	1.236	14	3.65%	10	0.582	6	3.52%
10	Morgan Stanley	1.214	13	3.58%	4	1.783	11	10.78%
	Total	33.881	77	16.549	43
	Average size:	0.440	0.385
Year to date, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.978	23	18.46%	1	2.188	15	15.65%
2	Credit Suisse	3.708	18	13.75%	5	1.130	10	8.08%
3	Bank of America	3.481	33	12.91%	2	2.039	16	14.58%
4	Deutsche Bank	2.574	25	9.54%	7	0.974	8	6.97%
5	Barclays	2.429	20	9.01%	8	0.802	7	5.73%
6	Citigroup	1.473	16	5.46%	6	1.118	8	8.00%
7	Goldman Sachs	1.321	11	4.90%	4	1.487	11	10.63%
8	Wells Fargo	1.236	14	4.58%	10	0.582	6	4.16%
9	UBS	1.223	12	4.54%	9	0.654	6	4.68%
10	Morgan Stanley	1.077	11	4.00%	3	1.783	11	12.75%
	Total	26.965	60	13.987	36
	Average size:	0.449	0.389
Year to date, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.045	24	15.26%	2	2.566	18	11.87%
2	Credit Suisse	4.361	23	13.19%	8	1.358	12	6.28%
3	Deutsche Bank	3.694	32	11.17%	4	1.833	15	8.48%
4	Bank of America	3.651	35	11.04%	1	2.905	21	13.44%
5	Barclays	2.888	23	8.74%	5	1.778	12	8.23%
6	Citigroup	1.574	17	4.76%	6	1.773	12	8.20%
7	UBS	1.390	13	4.20%	10	0.762	7	3.53%
8	Morgan Stanley	1.338	14	4.05%	3	1.873	12	8.66%
9	Goldman Sachs	1.321	11	4.00%	7	1.674	13	7.74%
10	RBS	1.280	10	3.87%	9	0.987	9	4.56%
	Total	33.062	75	21.618	49
	Average size:	0.441	0.441
Year to date, European currencies, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	1.121	7	21.85%	3	0.859	7	11.72%
2	RBS	0.677	4	13.20%	4	0.711	6	9.71%
3	Credit Suisse	0.654	5	12.75%	14	0.228	2	3.11%
4	Barclays	0.460	3	8.96%	1	0.977	5	13.33%
5	BNP	0.348	4	6.79%	6	0.418	3	5.71%
6	Credit Agricole	0.271	3	5.28%
7	Morgan Stanley	0.261	3	5.08%	19	0.089	1	1.22%
8	HSBC	0.181	2	3.53%	13	0.228	2	3.11%
9	Bank of America	0.170	2	3.31%	2	0.866	5	11.82%
10	UBS	0.167	1	3.26%	18	0.108	1	1.48%
	Total	5.128	10	7.326	11
	Average size:	0.513	0.666
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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