JPMorgan remains top U.S. high-yield bond underwriter in February

• Junk market issuance totals $57.29 billion year to date

New York, Feb. 28 - High-yield bond issuance slowed somewhat in February but still maintained a rapid pace and continued to outstrip the record-setting year of 2010, according to data compiled by Prospect News.

JPMorgan continued as the top underwriter.

February saw $23.41 billion of new deals, down 31% from January's $33.88 billion.

But that was still 51% above the $15.49 billion in February 2010.

Year-to-date issuance now totals $57.29 billion, 79% above the $32.04 billion at the same stage of last year.

JPMorgan, which was first for January and for all of 2010, ranked number one in February with $2.99 billion of new junk bonds. Credit Suisse was close behind with $2.89 billion while Bank of America was third with $2.69 billion.

On a year-to-date basis, JPMorgan has a bigger lead at $8.96 billion, followed by Bank of America at $6.85 billion, Credit Suisse at $6.76 billion, Deutsche Bank at $5.20 billion and Barclays at $4.68 billion.

On a global basis, the figures are similar, with issuance at $57.26 billion, although Credit Suisse is in second place.

Europe saw its year-to-date total rise to $7.01 billion compared to $7.95 billion for the same two months of 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	8.963	45	15.65%	1	5.352	33	16.71%
2	Bank of America	6.836	57	11.93%	2	4.000	31	12.49%
3	Credit Suisse	6.764	40	11.81%	5	2.726	20	8.51%
4	Deutsche Bank	5.195	42	9.07%	8	1.604	14	5.01%
5	Barclays	4.680	34	8.17%	7	1.771	13	5.53%
6	Goldman Sachs	3.703	24	6.46%	3	3.974	21	12.40%
7	Morgan Stanley	3.437	25	6.00%	6	1.981	13	6.18%
8	Citigroup	3.325	28	5.80%	4	2.803	14	8.75%
9	UBS	2.666	21	4.65%	10	1.247	11	3.89%
10	Wells Fargo	2.564	23	4.48%	9	1.249	11	3.90%
	Total	57.287	133	32.039	78
	Average size:	0.431	0.411
Year to date, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	7.392	39	15.62%	1	4.906	31	17.58%
2	Credit Suisse	6.429	36	13.58%	5	2.329	16	8.35%
3	Bank of America	5.710	51	12.06%	2	3.750	30	13.44%
4	Barclays	4.110	30	8.68%	7	1.506	11	5.40%
5	Deutsche Bank	3.537	33	7.47%	10	1.232	11	4.42%
6	Goldman Sachs	3.243	21	6.85%	3	3.452	18	12.37%
7	Morgan Stanley	3.107	21	6.56%	6	1.981	13	7.10%
8	Citigroup	2.736	24	5.78%	4	2.803	14	10.04%
9	Wells Fargo	2.564	23	5.42%	8	1.249	11	4.48%
10	UBS	2.411	19	5.09%	9	1.247	11	4.47%
	Total	47.329	108	27.910	65
	Average size:	0.438	0.429
Year to date, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	7.736	43	13.51%	1	5.284	34	14.61%
2	Credit Suisse	7.360	44	12.85%	6	2.626	19	7.26%
3	Bank of America	5.948	54	10.39%	2	4.685	36	12.96%
4	Deutsche Bank	4.770	41	8.33%	7	2.091	18	5.78%
5	Barclays	4.570	33	7.98%	5	2.723	18	7.53%
6	Goldman Sachs	3.452	23	6.03%	3	3.640	20	10.07%
7	Morgan Stanley	3.368	24	5.88%	8	2.071	14	5.73%
8	Citigroup	3.130	26	5.47%	4	3.526	19	9.75%
9	UBS	2.578	20	4.50%	9	1.355	12	3.75%
10	Wells Fargo	2.564	23	4.48%	11	1.249	11	3.45%
	Total	57.262	132	36.160	80
	Average size:	0.434	0.452
Year to date, European currencies, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	1.233	8	17.60%	4	0.859	7	10.81%
2	Credit Suisse	0.931	8	13.29%	8	0.297	3	3.74%
3	RBS	0.746	5	10.64%	3	0.883	7	11.11%
4	Barclays	0.460	3	6.56%	1	1.217	7	15.32%
5	BNP	0.417	5	5.95%	6	0.418	3	5.26%
6	Citigroup	0.394	2	5.62%	5	0.723	5	9.11%
7	JPMorgan	0.345	4	4.92%	7	0.377	3	4.75%
8	Credit Agricole	0.271	3	3.86%
9	Morgan Stanley	0.261	3	3.72%	19	0.089	1	1.13%
10	Bank of America	0.238	3	3.40%	2	0.935	6	11.77%
	Total	7.007	15	7.945	13
	Average size:	0.467	0.611
February, U.S. market, all issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.994	19	12.79%	1	2.718	16	17.55%
2	Credit Suisse	2.869	19	12.26%	5	1.415	8	9.13%
3	Bank of America	2.691	21	11.50%	3	1.711	14	11.05%
4	Goldman Sachs	2.283	12	9.75%	2	2.114	8	13.65%
5	Morgan Stanley	2.223	12	9.50%	15	0.198	2	1.28%
6	Barclays	1.744	11	7.45%	6	0.821	5	5.30%
7	Deutsche Bank	1.472	11	6.29%	10	0.482	5	3.11%
8	RBS	1.353	6	5.78%	17	0.186	2	1.20%
9	Wells Fargo	1.328	9	5.67%	7	0.667	5	4.31%
10	Citigroup	1.313	9	5.61%	4	1.684	6	10.87%
	Total	23.406	56	15.489	35
	Average size:	0.418	0.443
February, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	2.721	18	13.36%	5	1.200	6	8.62%
2	JPMorgan	2.413	16	11.85%	1	2.718	16	19.52%
3	Bank of America	2.229	18	10.94%	3	1.711	14	12.29%
4	Morgan Stanley	2.029	10	9.97%	15	0.198	2	1.42%
5	Goldman Sachs	1.922	10	9.44%	2	1.965	7	14.11%
6	Barclays	1.681	10	8.26%	6	0.704	4	5.06%
7	Wells Fargo	1.328	9	6.52%	7	0.667	5	4.79%
8	Citigroup	1.263	8	6.20%	4	1.684	6	12.10%
9	RBS	1.205	5	5.92%	16	0.186	2	1.34%
10	UBS	1.188	7	5.83%	8	0.593	5	4.26%
	Total	20.364	48	13.924	29
	Average size:	0.424	0.480
February, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	2.998	21	12.44%	5	1.268	7	8.72%
2	JPMorgan	2.691	19	11.16%	1	2.718	16	18.69%
3	Bank of America	2.297	19	9.53%	3	1.780	15	12.24%
4	Goldman Sachs	2.131	12	8.84%	2	1.965	7	13.51%
5	Morgan Stanley	2.029	10	8.42%	16	0.198	2	1.36%
6	Barclays	1.681	10	6.97%	6	0.945	6	6.50%
7	Scotia	1.635	2	6.78%
8	Citigroup	1.555	9	6.45%	4	1.753	7	12.06%
9	Wells Fargo	1.328	9	5.51%	7	0.667	5	4.59%
10	RBS	1.274	6	5.28%	11	0.358	3	2.46%
	Total	24.112	56	14.542	31
	Average size:	0.431	0.469
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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