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

• Junk market issuance totals $253.15 billion year to date

New York, Nov. 30 - JPMorgan was once more at the top of the league table of high-yield bond underwriters, according to data compiled by Prospect News.

Meanwhile, despite a busy month in junk bonds, the prospects of a record year now look slim.

November saw $26.76 billion of high-yield debt come to market, approaching three times October's $9.11 billion but still behind the $52.34 billion of November 2010.

The year had started very strongly, far outpacing 2010's rate of issuance. But activity dropped off in the summer and remained depressed into the fall. Year-to-date issuance now stands at $253.15 billion, lagging last year's comparable figure of $268.14 billion. To set a new record, December will need to have $40 billion of deals.

Among the banks, 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, but Citigroup moved up to third from fifth, pushing Deutsche Bank down to fourth and Credit Suisse to fifth.

The top-five rankings are similar if emerging markets deals are excluded, except that Credit Suisse is third and Citi fifth. The pattern is repeated if the tables are expanded to cover the global high-yield market.

Without emerging markets deals, activity so far this year comes to $210.54 billion versus $230.76 billion at the same stage of 2010.

Europe saw its year-to-date total creep up to $45.92 billion compared to $49.26 billion at the same stage in 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	36.813	192	14.54%	2	36.066	229	13.45%
2	Bank of America	28.062	209	11.09%	1	37.426	278	13.95%
3	Citigroup	22.131	135	8.74%	5	21.065	141	7.86%
4	Deutsche Bank	21.751	130	8.59%	4	21.223	156	7.91%
5	Credit Suisse	21.631	133	8.54%	3	27.915	159	10.41%
6	Barclays	17.449	127	6.89%	7	16.987	132	6.33%
7	Goldman Sachs	17.206	110	6.80%	6	20.140	127	7.51%
8	Morgan Stanley	16.704	108	6.60%	8	16.490	108	6.15%
9	Wells Fargo	10.563	91	4.17%	10	11.243	99	4.19%
10	UBS	7.852	57	3.10%	9	11.407	88	4.25%
	Total	253.152	541	268.144	606
	Average size:	0.468	0.442
Year to date, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	32.069	166	15.23%	2	32.652	209	14.15%
2	Bank of America	25.384	191	12.06%	1	34.113	254	14.78%
3	Credit Suisse	19.263	118	9.15%	3	24.686	137	10.70%
4	Deutsche Bank	17.972	105	8.54%	6	17.627	135	7.64%
5	Citigroup	17.111	108	8.13%	4	18.982	127	8.23%
6	Morgan Stanley	15.673	99	7.44%	8	15.105	97	6.55%
7	Barclays	14.780	109	7.02%	7	16.012	125	6.94%
8	Goldman Sachs	14.639	94	6.95%	5	18.951	121	8.21%
9	Wells Fargo	10.563	91	5.02%	9	11.243	99	4.87%
10	UBS	6.904	50	3.28%	10	9.782	76	4.24%
	Total	210.536	450	230.762	513
	Average size:	0.468	0.450
Year to date, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	34.842	184	13.15%	2	35.861	232	12.58%
2	Bank of America	26.950	204	10.17%	1	36.124	269	12.67%
3	Credit Suisse	24.414	149	9.22%	3	28.165	158	9.88%
4	Deutsche Bank	23.035	141	8.70%	4	23.480	171	8.23%
5	Citigroup	20.349	128	7.68%	5	22.449	153	7.87%
6	Goldman Sachs	19.202	118	7.25%	6	21.651	139	7.59%
7	Morgan Stanley	17.530	109	6.62%	8	16.760	110	5.88%
8	Barclays	17.208	122	6.50%	7	20.014	153	7.02%
9	Wells Fargo	10.614	92	4.01%	9	11.389	101	3.99%
10	UBS	8.362	61	3.16%	11	10.721	86	3.76%
	Total	264.921	579	285.146	620
	Average size:	0.458	0.460
Year to date, European currencies, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.969	35	10.82%	1	5.853	36	11.88%
2	Credit Suisse	4.745	27	10.33%	4	3.479	21	7.06%
3	Goldman Sachs	4.513	23	9.83%	8	2.666	17	5.41%
4	Citigroup	3.143	19	6.84%	5	3.467	26	7.04%
5	JPMorgan	2.723	17	5.93%	7	3.032	21	6.15%
6	Barclays	2.428	13	5.29%	3	4.001	28	8.12%
7	Credit Agricole	2.398	18	5.22%	10	1.910	13	3.88%
8	RBS	2.389	18	5.20%	6	3.333	24	6.77%
9	BNP	2.091	20	4.55%	2	4.297	25	8.72%
10	Morgan Stanley	1.857	10	4.04%	12	1.621	12	3.29%
	Total	45.924	94	49.258	92
	Average size:	0.489	0.535
November, U.S. market, all issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	7.250	22	27.09%	2	4.919	30	15.12%
2	Citigroup	3.178	16	11.87%	7	2.098	15	6.45%
3	Bank of America	2.463	17	9.20%	1	5.052	38	15.53%
4	Barclays	2.083	11	7.78%	5	2.701	21	8.30%
5	Wells Fargo	1.728	13	6.46%	10	1.036	10	3.18%
6	Goldman Sachs	1.485	10	5.55%	3	3.751	21	11.53%
7	Credit Suisse	1.433	11	5.35%	6	2.533	21	7.78%
8	UBS	1.034	7	3.87%	12	0.675	8	2.07%
9	RBS	0.945	5	3.53%	13	0.617	7	1.90%
10	HSBC	0.812	4	3.03%	15	0.389	3	1.20%
	Total	26.763	42	32.539	81
	Average size:	0.637	0.402
November, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	6.940	20	28.08%	2	4.852	29	15.62%
2	Bank of America	2.313	16	9.36%	1	4.952	37	15.94%
3	Citigroup	2.088	13	8.45%	7	2.098	15	6.75%
4	Wells Fargo	1.728	13	6.99%	10	1.036	10	3.34%
5	Barclays	1.587	10	6.42%	4	2.594	20	8.35%
6	Goldman Sachs	1.485	10	6.01%	3	3.751	21	12.07%
7	Credit Suisse	1.433	11	5.80%	6	2.391	20	7.70%
8	UBS	1.034	7	4.18%	12	0.675	8	2.17%
9	RBS	0.945	5	3.82%	13	0.617	7	1.99%
10	HSBC	0.812	4	3.28%	15	0.200	1	0.64%
	Total	24.717	38	31.070	75
	Average size:	0.650	0.414
November, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	6.940	20	26.18%	2	5.055	31	13.28%
2	Bank of America	2.389	17	9.01%	1	5.151	39	13.53%
3	Citigroup	2.124	14	8.01%	6	2.616	18	6.87%
4	Wells Fargo	1.728	13	6.52%	11	1.036	10	2.72%
5	Barclays	1.587	10	5.99%	4	3.353	26	8.81%
6	Goldman Sachs	1.485	10	5.60%	3	4.410	25	11.59%
7	Credit Suisse	1.433	11	5.41%	7	2.560	21	6.73%
8	UBS	1.109	8	4.19%	14	0.860	10	2.26%
9	RBS	0.981	6	3.70%	10	1.386	13	3.64%
10	Morgan Stanley	0.836	6	3.15%	8	1.819	12	4.78%
	Total	26.509	44	38.061	91
	Average size:	0.602	0.418

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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