JPMorgan top U.S. high-yield underwriter for 2011

• Junk market issuance totals $253.31 billion, second biggest year

New York, Dec. 30 - JPMorgan was the top underwriter of high-yield bonds in 2011, its seventh consecutive year in the number one position, according to data compiled by Prospect News.

Issuance for 2011 totaled $255.31 billion, the second biggest year ever. But expectations of a record year were dashed after a busy start lost momentum in June.

The year came in at 87.5% of 2010's $291.95 billion, falling $36.64 billion short of the record. However 2011 easily beat the previous number two year, 2009, which saw $161.82 billion.

JPMorgan led the year-to-date rankings for every month of 2011 and with $37.27 billion of transactions finished the year well ahead of second-placed Bank of America, which brought $28.14 billion to market. Bank of America was also second in 2010.

Citigroup moved up to third position from fifth in 2010, Deutsche Bank held steady at fourth and Credit Suisse slipped to fifth from third. However, less than $1 billion separated the three banks.

Barclays at sixth and Goldman Sachs in seventh place were also close together, having exchanged rankings compared to the year before.

Morgan Stanley was unchanged at eighth while Wells Fargo rose one place to ninth and RBS did the same to finish in 10th position. UBS dropped out of the top 10 to finish 11th.

The positions at the top of the league table are similar if emerging markets deals are excluded. On this basis, JPMorgan was again first and Bank of America second. Credit Suisse was third, unchanged from the year before while Deutsche Bank rose two places to fourth.

Citigroup slipped a notch to fifth and Morgan Stanley gained two spots to sixth. Barclays remained seventh while Goldman fell to eighth from fifth in 2010.

Looking at the global high-yield market, and excluding emerging markets, JPMorgan, Bank of America, Credit Suisse, Deutsche and Citi took positions one through five, all unchanged from the year before.

In Europe, Deutsche was once more the top underwriter while Credit Suisse rose to second from sixth.

As with the U.S. market, Europe had its second biggest year ever, finishing at a volume of $46.37 billion compared to $51.35 billion in 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	37.274	194	14.60%	1	41.256	257	14.13%
2	Bank of America	28.143	210	11.03%	2	39.978	297	13.69%
3	Citigroup	22.771	138	8.92%	5	22.683	153	7.77%
4	Deutsche Bank	22.064	132	8.64%	4	23.237	171	7.96%
5	Credit Suisse	21.891	134	8.57%	3	29.486	173	10.10%
6	Barclays	17.896	129	7.01%	7	19.623	148	6.72%
7	Goldman Sachs	17.428	112	6.83%	6	21.196	133	7.26%
8	Morgan Stanley	16.641	107	6.52%	8	17.977	119	6.16%
9	Wells Fargo	10.580	92	4.14%	10	11.951	106	4.09%
10	RBS	8.293	63	3.25%	11	10.568	72	3.62%
	Total	255.307	547	291.947	656
	Average size:	0.467	0.445
Year to date, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	32.530	168	15.29%	1	37.567	235	14.85%
2	Bank of America	25.466	192	11.97%	2	36.666	273	14.49%
3	Credit Suisse	19.523	119	9.18%	3	26.030	149	10.29%
4	Deutsche Bank	18.285	107	8.60%	6	19.367	148	7.65%
5	Citigroup	17.751	111	8.35%	4	20.523	138	8.11%
6	Morgan Stanley	15.611	98	7.34%	8	16.442	107	6.50%
7	Barclays	15.227	111	7.16%	7	18.648	141	7.37%
8	Goldman Sachs	14.860	96	6.99%	5	20.007	127	7.91%
9	Wells Fargo	10.580	92	4.97%	9	11.951	106	4.72%
10	UBS	6.991	50	3.29%	10	11.654	88	4.61%
	Total	212.691	456	253.020	558
	Average size:	0.466	0.453
Year to date, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	35.303	186	13.17%	1	41.275	261	13.30%
2	Bank of America	27.032	205	10.09%	2	39.106	290	12.60%
3	Credit Suisse	24.674	150	9.21%	3	29.509	170	9.51%
4	Deutsche Bank	23.348	143	8.71%	4	25.423	186	8.19%
5	Citigroup	20.988	131	7.83%	5	24.123	166	7.77%
6	Goldman Sachs	19.424	120	7.25%	6	23.136	148	7.46%
7	Barclays	17.655	124	6.59%	7	22.650	169	7.30%
8	Morgan Stanley	17.468	108	6.52%	8	18.097	120	5.83%
9	Wells Fargo	10.630	93	3.97%	10	12.097	108	3.90%
10	RBS	8.730	65	3.26%	11	11.710	85	3.77%
	Total	267.963	588	310.303	676
	Average size:	0.456	0.459
Year to date, European currencies, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.969	35	10.71%	1	6.055	38	11.79%
2	Credit Suisse	4.745	27	10.23%	6	3.479	21	6.78%
3	Goldman Sachs	4.513	23	9.73%	8	3.095	20	6.03%
4	Citigroup	3.143	19	6.78%	4	3.601	28	7.01%
5	JPMorgan	2.723	17	5.87%	5	3.530	24	6.88%
6	Barclays	2.428	13	5.24%	3	4.001	28	7.79%
7	Credit Agricole	2.398	18	5.17%	10	1.910	13	3.72%
8	RBS	2.389	18	5.15%	7	3.333	24	6.49%
9	BNP	2.091	20	4.51%	2	4.297	25	8.37%
10	Morgan Stanley	1.857	10	4.00%	12	1.621	12	3.16%
	Total	46.371	95	51.347	101
	Average size:	0.488	0.508
Fourth quarter, U.S. market, all issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	9.485	30	24.51%	1	15.190	84	16.52%
2	Citigroup	4.222	23	10.91%	7	6.192	46	6.73%
3	Bank of America	4.029	26	10.41%	2	11.632	89	12.65%
4	Barclays	2.969	17	7.67%	3	8.404	56	9.14%
5	Credit Suisse	2.552	15	6.59%	4	7.746	55	8.42%
6	Goldman Sachs	2.161	15	5.58%	6	6.764	40	7.35%
7	Wells Fargo	1.952	16	5.04%	11	3.718	35	4.04%
8	RBS	1.748	10	4.52%	9	3.974	24	4.32%
9	Morgan Stanley	1.602	7	4.14%	8	4.309	30	4.69%
10	Deutsche Bank	1.278	8	3.30%	5	7.523	60	8.18%
	Total	38.703	64	91.965	200
	Average size:	0.605	0.460
Fourth quarter, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	9.175	28	25.37%	1	14.196	77	17.24%
2	Bank of America	3.879	25	10.73%	2	11.407	86	13.85%
3	Citigroup	3.007	19	8.32%	7	5.215	40	6.33%
4	Credit Suisse	2.552	15	7.06%	4	7.302	51	8.87%
5	Barclays	2.349	15	6.50%	3	7.889	53	9.58%
6	Goldman Sachs	2.161	15	5.98%	6	6.431	39	7.81%
7	Wells Fargo	1.952	16	5.40%	9	3.718	35	4.52%
8	RBS	1.748	10	4.83%	11	3.175	20	3.86%
9	Morgan Stanley	1.602	7	4.43%	8	4.159	29	5.05%
10	Deutsche Bank	1.278	8	3.53%	5	6.537	53	7.94%
	Total	36.160	59	82.340	176
	Average size:	0.613	0.468
Fourth quarter, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	9.225	29	23.22%	1	15.493	87	15.22%
2	Bank of America	4.005	27	10.08%	2	12.226	92	12.01%
3	Citigroup	3.044	20	7.66%	7	6.006	48	5.90%
4	Credit Suisse	2.689	16	6.77%	5	8.411	58	8.26%
5	Barclays	2.349	15	5.91%	3	9.015	61	8.85%
6	Goldman Sachs	2.212	16	5.57%	6	8.175	52	8.03%
7	Wells Fargo	2.003	17	5.04%	11	3.808	36	3.74%
8	RBS	1.784	11	4.49%	9	4.338	29	4.26%
9	Morgan Stanley	1.677	8	4.22%	8	4.618	34	4.54%
10	Deutsche Bank	1.389	10	3.50%	4	8.467	69	8.32%
	Total	39.723	72	101.818	220
	Average size:	0.552	0.463
December, U.S. market, all issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.623	4	16.28%	1	5.189	28	21.80%
2	Citigroup	0.552	3	14.42%	6	1.618	12	6.80%
3	Barclays	0.547	3	14.28%	2	2.636	16	11.07%
4	RBS	0.503	4	13.14%	10	0.965	6	4.06%
5	Bank of America	0.369	3	9.64%	3	2.552	19	10.72%
6	Deutsche Bank	0.326	3	8.50%	4	2.014	15	8.46%
7	Goldman Sachs	0.284	3	7.41%	9	1.056	6	4.44%
8	Jefferies	0.217	1	5.67%	12	0.341	3	1.43%
9	Credit Suisse	0.172	1	4.50%	7	1.571	14	6.60%
10	RBC	0.083	1	2.18%	18	0.149	1	0.63%
	Total	3.830	11	23.803	50
	Average size:	0.348	0.476
December, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.623	4	16.28%	1	4.915	26	22.08%
2	Citigroup	0.552	3	14.42%	6	1.541	11	6.92%
3	Barclays	0.547	3	14.28%	2	2.636	16	11.84%
4	RBS	0.503	4	13.14%	10	0.900	5	4.04%
5	Bank of America	0.369	3	9.64%	3	2.552	19	11.47%
6	Deutsche Bank	0.326	3	8.50%	5	1.740	13	7.82%
7	Goldman Sachs	0.284	3	7.41%	9	1.056	6	4.74%
8	Jefferies	0.217	1	5.67%	12	0.341	3	1.53%
9	Credit Suisse	0.172	1	4.50%	7	1.344	12	6.04%
10	RBC	0.083	1	2.18%	16	0.149	1	0.67%
	Total	3.830	11	22.258	45
	Average size:	0.348	0.495
December, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.623	4	13.21%	1	5.414	29	21.52%
2	Citigroup	0.552	3	11.71%	6	1.675	13	6.66%
3	Barclays	0.547	3	11.59%	3	2.636	16	10.48%
4	RBS	0.503	4	10.67%	10	0.900	5	3.58%
5	None/Unknown	0.447	1	9.48%	14	0.281	2	1.12%
6	Bank of America	0.369	3	7.83%	2	2.982	21	11.86%
7	Deutsche Bank	0.326	3	6.90%	5	1.942	15	7.72%
8	Goldman Sachs	0.284	3	6.02%	7	1.485	9	5.90%
9	CIBC	0.246	2	5.20%
10	Jefferies	0.217	1	4.60%	13	0.341	3	1.36%
	Total	4.717	14	25.157	56
	Average size:	0.337	0.449

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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