JPMorgan top U.S. high-yield underwriter year to date

• Junk market issuance totals $226.39 billion year to date

New York, Oct. 31 - JPMorgan continued its long run at the top of the league table of high-yield bond underwriters, according to data compiled by Prospect News.

New deal activity continued to rebound from the low hit in August but remained far below the pace of earlier in the year - and year-to-date issuance fell behind 2010's totals for the first time this year.

JPMorgan has now placed first in the year-to-date rankings for every month so far this year and it also took the number one position for all of 2010.

As was the case the month before, Bank of America Merrill Lynch placed second, Deutsche Bank was third, Credit Suisse fourth and Citigroup fifth.

The top-five rankings are identical if emerging markets deals are excluded and also if the tables are expanded to cover the global high-yield market.

A total of $9.11 billion of deals came to the U.S. market in October. That was around 50% better than September's total of $6.13 billion and vastly improved from August's $1.26 billion but still the third smallest monthly figure this year. It compares with $35.62 billion in October 2011.

Year-to-date issuance now totals $226.39 billion, behind the $235.61 billion at the same stage of 2010. Until this month, the 2011 total had been running ahead of the 2010 figure.

Without emerging markets deals, activity so far this year comes to $185.82 billion versus $199.69 billion at the same stage of 2010.

Europe saw its year-to-date total edge up to $44.78 billion compared to $42.84 billion for the first 10 months of 2010. Deutsche was again the top bank in Europe.

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	29.563	170	13.06%	2	31.147	199	13.22%
2	Bank of America	25.598	192	11.31%	1	32.374	240	13.74%
3	Deutsche Bank	21.436	127	9.47%	5	18.341	132	7.78%
4	Credit Suisse	20.198	122	8.92%	3	25.382	138	10.77%
5	Citigroup	18.953	119	8.37%	4	18.967	126	8.05%
6	Morgan Stanley	15.943	103	7.04%	7	14.791	98	6.28%
7	Goldman Sachs	15.721	100	6.94%	6	16.389	106	6.96%
8	Barclays	15.367	116	6.79%	8	14.286	111	6.06%
9	Wells Fargo	8.835	78	3.90%	10	10.207	89	4.33%
10	RBS	6.845	54	3.02%	11	8.986	59	3.81%
	Total	226.389	499	235.605	525
	Average size:	0.454	0.449
Year to date, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	25.128	146	13.52%	2	27.799	180	13.92%
2	Bank of America	23.071	175	12.41%	1	29.161	217	14.60%
3	Credit Suisse	17.831	107	9.60%	3	22.295	117	11.16%
4	Deutsche Bank	17.657	102	9.50%	6	15.037	113	7.53%
5	Citigroup	15.023	95	8.08%	4	16.884	112	8.46%
6	Morgan Stanley	14.912	94	8.03%	8	13.406	87	6.71%
7	Barclays	13.193	99	7.10%	7	13.418	105	6.72%
8	Goldman Sachs	13.154	84	7.08%	5	15.200	100	7.61%
9	Wells Fargo	8.835	78	4.75%	9	10.207	89	5.11%
10	UBS	5.869	43	3.16%	10	9.107	68	4.56%
	Total	185.819	412	199.692	438
	Average size:	0.451	0.456
Year to date, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	27.902	164	11.70%	2	30.806	201	12.47%
2	Bank of America	24.562	187	10.30%	1	30.972	230	12.54%
3	Credit Suisse	22.981	138	9.64%	3	25.605	137	10.36%
4	Deutsche Bank	22.609	136	9.48%	4	20.190	144	8.17%
5	Citigroup	18.224	114	7.64%	5	19.833	135	8.03%
6	Goldman Sachs	17.718	108	7.43%	6	17.241	114	6.98%
7	Morgan Stanley	16.694	103	7.00%	8	14.941	98	6.05%
8	Barclays	15.621	112	6.55%	7	16.661	127	6.74%
9	Wells Fargo	8.886	79	3.73%	9	10.353	91	4.19%
10	UBS	7.253	53	3.04%	10	9.862	76	3.99%
	Total	238.412	535	247.085	529
	Average size:	0.446	0.467
Year to date, European currencies, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.857	33	10.85%	1	5.153	31	12.03%
2	Credit Suisse	4.745	27	10.60%	3	3.310	20	7.73%
3	Goldman Sachs	4.513	23	10.08%	8	2.041	14	4.76%
4	Citigroup	3.106	18	6.94%	5	2.949	23	6.88%
5	JPMorgan	2.723	17	6.08%	6	2.863	20	6.68%
6	Barclays	2.428	13	5.42%	4	3.243	22	7.57%
7	RBS	2.353	17	5.26%	7	2.599	19	6.07%
8	Credit Agricole	2.278	17	5.09%	11	1.605	11	3.75%
9	BNP	1.935	18	4.32%	2	3.812	21	8.90%
10	Morgan Stanley	1.782	9	3.98%	12	1.534	11	3.58%
	Total	44.776	91	42.843	78
	Average size:	0.492	0.549
October, U.S. market, all issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.673	5	18.37%	1	5.082	26	14.26%
2	Bank of America	1.109	6	12.17%	2	4.027	32	11.31%
3	Morgan Stanley	0.904	3	9.92%	12	1.123	9	3.15%
4	Credit Suisse	0.860	3	9.44%	3	3.642	20	10.22%
5	Deutsche Bank	0.550	2	6.04%	5	2.626	21	7.37%
6	BNP	0.523	3	5.74%	23	0.184	2	0.52%
7	Goldman Sachs	0.455	3	4.99%	9	1.957	13	5.49%
8	RBC	0.430	1	4.72%	13	0.645	5	1.81%
9	Citigroup	0.404	4	4.43%	6	2.476	19	6.95%
10	Credit Agricole	0.380	2	4.17%	14	0.500	3	1.40%
	Total	9.110	13	35.623	69
	Average size:	0.701	0.516
October, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.673	5	19.43%	1	4.428	22	15.26%
2	Bank of America	1.109	6	12.88%	2	3.903	30	13.45%
3	Morgan Stanley	0.904	3	10.49%	11	1.123	9	3.87%
4	Credit Suisse	0.860	3	9.98%	3	3.567	19	12.30%
5	Deutsche Bank	0.550	2	6.39%	5	2.206	18	7.60%
6	BNP	0.523	3	6.08%	16	0.184	2	0.63%
7	Goldman Sachs	0.455	3	5.28%	8	1.624	12	5.60%
8	RBC	0.430	1	4.99%	13	0.645	5	2.22%
9	Credit Agricole	0.380	2	4.41%	17	0.100	1	0.34%
10	RBS	0.300	1	3.48%	7	1.658	8	5.72%
	Total	8.613	12	29.012	56
	Average size:	0.718	0.518
October, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.724	6	18.15%	1	5.024	27	13.02%
2	Bank of America	1.160	7	12.21%	3	4.093	32	10.60%
3	Credit Suisse	0.996	4	10.49%	2	4.508	25	11.68%
4	Morgan Stanley	0.904	3	9.52%	12	1.461	12	3.79%
5	Deutsche Bank	0.550	2	5.79%	4	3.235	27	8.38%
6	BNP	0.523	3	5.51%	14	1.212	8	3.14%
7	Goldman Sachs	0.505	4	5.32%	6	2.281	18	5.91%
8	RBC	0.430	1	4.52%	7	2.107	6	5.46%
9	Credit Agricole	0.380	2	4.00%	16	0.475	3	1.23%
10	RBS	0.300	1	3.16%	9	2.053	11	5.32%
	Total	9.496	16	38.600	73
	Average size:	0.593	0.529

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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