Citigroup top U.S. market high-yield underwriter year to date

* U.S. market high-yield issuance totals $127.71 billion year to date

* CSFB top European high-yield underwriter year to date

* European high-yield issuance totals $18.76 billion year to date

* Citigroup top global high-yield underwriter year to date

* Global high-yield issuance totals $137.78 billion

New York, Nov. 30 - Citigroup knocked Credit Suisse First Boston off the top spot to become number one underwriter of high-yield bonds in the U.S. market for the year so far, according to data compiled by Prospect News.

The last time a firm other than CSFB topped the rankings was more than a year ago in August 2003.

Citigroup was also the number one underwriter of high-yield bonds in the U.S. market excluding emerging markets - a position it held at the end of last month - and number one on a global basis. As well as the number one spots year to date, it also held the same position for November.

CSFB, however, placed number one in the European market, covering junk offerings in European currencies and excluding emerging market deals.

Citigroup's strong showing was largely due to its role as sole bookrunner on the $1.97 billion and C$460 million of bonds from Rogers Wireless Inc., by far the month's biggest deal - and the largest so far this year.

New deal volume was also notably strong in the month, surging to $16.18 billion, its second highest monthly total this year (figures are for the U.S. market) and more than double October's $7.74 billion. In 2004, only March has been busier at $16.68 billion.

Year-to-date volume now totals $127.71 billion, just over $1 billion ahead of the $126.60 billion at the same point in 2003.

That leaves the junk market poised to match 2003's $138.66 billion total but makes setting a new record unlikely. Prospect News' data does not extend back to 1998, considered to be the all-time high. Deutsche Bank Securities analysts - whose figures have generally been close to Prospect News' - put that year's total at $143 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.

European high-yield activity is also much stronger than last year at $18.76 billion so far in 2004 compared to $8.59 billion at the same point in 2003.

Year to date 2004, U.S. market, all issuers

2003 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	19.457	118	15.24%	2	16.383	94	12.94%
2	CSFB	17.736	118	13.99%	1	21.182	125	16.73%
3	JPMorgan	14.840	105	11.62%	3	12.947	96	10.23%
4	Banc of America	14.113	108	11.05%	6	11.891	82	9.39%
5	Deutsche Bank	12.102	84	9.48%	5	12.672	93	10.01%
6	Morgan Stanley	9.816	52	7.69%	9	6.817	34	5.38%
7	Lehman	7.807	61	6.11%	7	8.094	54	6.39%
8	UBS	7.754	63	6.07%	8	7.022	53	5.55%
9	Goldman Sachs	6.232	51	4.88%	4	12.927	60	10.21%
10	Merrill Lynch	5.629	36	4.41%	11	2.667	21	2.11%
11	Bear Stearns	4.457	36	3.49%	10	5.635	31	4.45%
12	Jefferies	2.033	27	1.59%	13	1.524	12	1.20%
13	Wachovia	1.757	23	1.38%	12	2.282	19	1.80%
14	CIBC	0.857	8	0.67%	14	1.518	15	1.20%
15	BNP Paribas	0.508	4	0.40%	17	0.370	4	0.29%
	Total	127.708	513	126.601	457
	Average size:	0.249	0.277
November 2004, U.S. market, all issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	3.109	14	19.21%	6	0.915	9	7.46%
2	JPMorgan	2.612	14	16.14%	2	1.749	14	14.26%
3	CSFB	1.721	12	10.64%	1	2.093	17	17.07%
4	Morgan Stanley	1.718	5	10.62%	3	1.557	7	12.70%
5	Lehman	1.205	9	7.45%	9	0.639	6	5.22%
6	Deutsche Bank	1.174	9	7.26%	5	1.242	12	10.13%
7	Banc of America	0.981	6	6.06%	4	1.256	11	10.24%
8	Goldman Sachs	0.895	9	5.53%	8	0.688	5	5.61%
9	Merrill Lynch	0.758	4	4.68%	10	0.469	3	3.82%
10	Bear Stearns	0.388	3	2.39%	17	0.098	1	0.80%
	Total	16.181	58	12.262	53
	Average size:	0.279	0.231
Year to date 2004, U.S. market, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	18.518	112	15.66%	2	15.578	91	13.19%
2	CSFB	16.045	110	13.57%	1	20.119	118	17.04%
3	Banc of America	14.028	107	11.86%	5	11.891	82	10.07%
4	JPMorgan	14.028	99	11.86%	4	12.389	92	10.49%
5	Deutsche Bank	10.360	76	8.76%	6	11.786	87	9.98%
6	Morgan Stanley	9.305	49	7.87%	9	5.562	30	4.71%
7	Lehman	7.359	58	6.22%	7	7.907	53	6.70%
8	UBS	6.355	53	5.37%	8	6.186	48	5.24%
9	Goldman Sachs	6.232	51	5.27%	3	12.827	59	10.86%
10	Merrill Lynch	4.934	34	4.17%	11	2.568	20	2.17%
11	Bear Stearns	4.042	34	3.42%	10	4.600	27	3.90%
12	Jefferies	2.033	27	1.72%	13	1.524	12	1.29%
13	Wachovia	1.757	23	1.49%	12	2.282	19	1.93%
14	CIBC	0.857	8	0.72%	14	1.518	15	1.29%
15	BNP Paribas	0.421	3	0.36%	15	0.370	4	0.31%
	Total	118.258	476	118.095	431
	Average size:	0.248	0.274
November 2004, U.S. market, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	3.109	14	20.98%	6	0.915	9	7.86%
2	JPMorgan	2.463	13	16.62%	2	1.749	14	15.02%
3	Morgan Stanley	1.718	5	11.59%	3	1.458	6	12.52%
4	CSFB	1.291	10	8.71%	1	2.017	16	17.33%
5	Lehman	1.098	8	7.41%	9	0.639	6	5.49%
6	Banc of America	0.896	5	6.05%	4	1.256	11	10.79%
7	Goldman Sachs	0.895	9	6.04%	8	0.688	5	5.91%
8	Merrill Lynch	0.758	4	5.12%	10	0.469	3	4.03%
9	Deutsche Bank	0.732	6	4.94%	5	1.026	10	8.82%
10	Bear Stearns	0.388	3	2.62%	15	0.098	1	0.85%
	Total	14.818	53	11.640	50
	Average size:	0.280	0.233
Year to date 2004, European currencies, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CSFB	3.489	19	18.60%	2	1.190	9	13.85%
2	Deutsche Bank	3.421	24	18.24%	1	2.351	14	27.36%
3	Citigroup	1.912	12	10.19%	4	0.929	9	10.81%
4	JPMorgan	1.595	10	8.50%	9	0.330	7	3.84%
5	Goldman Sachs	1.581	12	8.43%	3	1.060	8	12.33%
6	RBS	1.049	4	5.59%	8	0.339	2	3.95%
7	Morgan Stanley	0.979	11	5.22%	16	0.057	1	0.67%
8	Merrill Lynch	0.857	5	4.57%	14	0.061	1	0.71%
9	BNP Paribas	0.781	7	4.17%	6	0.396	4	4.61%
10	WestLB	0.599	3	3.19%
	Total	18.759	66	8.593	32
	Average size:	0.284	0.269
Year to date 2004, global market, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	20.889	126	15.16%	2	16.507	100	13.00%
2	CSFB	19.534	129	14.18%	1	21.309	127	16.78%
3	JPMorgan	15.697	110	11.39%	5	12.719	99	10.01%
4	Banc of America	14.425	113	10.47%	6	12.211	88	9.61%
5	Deutsche Bank	14.010	102	10.17%	3	14.138	101	11.13%
6	Morgan Stanley	10.285	60	7.46%	9	5.620	31	4.42%
7	Goldman Sachs	7.814	63	5.67%	4	13.887	67	10.93%
8	Lehman	7.613	62	5.53%	7	8.127	56	6.40%
9	UBS	6.517	54	4.73%	8	6.358	51	5.01%
10	Merrill Lynch	5.791	39	4.20%	11	2.677	22	2.11%
11	Bear Stearns	4.434	36	3.22%	10	4.795	29	3.78%
12	Jefferies	2.033	27	1.48%	13	1.524	12	1.20%
13	Wachovia	1.757	23	1.28%	12	2.282	19	1.80%
14	BNP Paribas	1.203	10	0.87%	15	0.766	8	0.60%
15	RBS	1.174	5	0.85%	17	0.526	3	0.41%
	Total	137.779	546	127.005	465
	Average size:	0.252	0.273
November 2004, global market, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	3.715	17	21.72%	6	0.915	9	6.91%
2	JPMorgan	2.710	15	15.85%	2	1.749	14	13.21%
3	Morgan Stanley	1.718	5	10.04%	3	1.458	6	11.01%
4	CSFB	1.627	12	9.51%	1	2.017	16	15.24%
5	Goldman Sachs	1.540	13	9.01%	8	0.772	6	5.83%
6	Lehman	1.098	8	6.42%	9	0.639	6	4.83%
7	Deutsche Bank	1.019	8	5.96%	4	1.378	12	10.41%
8	Banc of America	0.896	5	5.24%	5	1.256	11	9.49%
9	Merrill Lynch	0.758	4	4.43%	10	0.469	3	3.54%
10	UBS	0.505	6	2.95%	7	0.846	5	6.40%
	Total	17.103	60	13.236	55
	Average size:	0.285	0.241
Prospect News High-Yield Underwriter Rankings

Criteria

* U.S. tables include all 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.

* 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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