Goldman Sachs top high yield underwriter in October
High yield issuance $2.55 billion in October
High yield issuance $65.41 billion year to date
New York, Oct. 31 - Credit Suisse First Boston held on to its place as top underwriter of high-yield debt so far this year but Goldman, Sachs & Co. took the number one spot in October, according to data compiled by Prospect News.
Issuance recovered sharply from September's extraordinarily low figure and was almost identical to the year-ago total. But October's figure was far below levels seen earlier this year and was the second lowest monthly figure in 2001 after September.
So far this year, CSFB has brought to market $10.54 billion of high-yield bonds in 52 deals, according to the Prospect News data, putting it far ahead of number-two placed Goldman at $8.89 billion in 36 deals.
But for October, Goldman was ahead with $625 million in three deals against CSFB's $548 million in two deals.
Total issuance for the month was $2.55 billion, well up from the $363.15 million recorded in September, the result of the Sept. 11 terrorist attacks that froze high-yield new-deal activity.
While October's total is almost identical to the $2.53 billion brought to market in October 2000, it is still the second lowest figure this year. Through August, average monthly issuance of junk bonds was $7.81 billion, three times October's activity.
Details are as follows:
NOVEMBER
November 2000
| Dealer | Amount | No. Deals | Rank | Amount | Number
|
| 1. | J.P. Morgan |
|
|
|
|
|
|
|
| OCTOBER
|
| -------
|
| October 2000
|
| Dealer Amount ($ mln) No. Deals Rank Amount No.
|
| ------ -------------- --------- ---- ------ ---
|
| 1. Goldman Sachs 625.00 3 7 100.00 1
|
| 2. CS First Boston 547.68 2 3 394.80 2
|
| 3. JP Morgan 350.29 4 1 544.60 3
|
| 4. Banc of America 225.00 1 6 170.30 2
|
| 5. Wachovia 200.00 1 - - -
|
| 6. Salomon SB 198.86 1 8 87.50 1
|
| 7. Deutsche Banc AB 174.57 2 5 246.90 1
|
| 8. Bear Stearns 85.00 1 - - -
|
| 8. UBS Warburg 85.00 1 - - -
|
| 10. Lehman Brothers 61.87 1 9 82.80 1
|
|
|
| Total 2553.26 12 2534.60 9
|
|
|
| Average size 212.77 281.62
|
|
|
| YEAR TO DATE
|
| ------------
|
| | | | 2000 comparables
|
| Dealer Amount ($ mln) No. Deals Rank Amount No.
|
| ------ -------------- --------- ---- ------ ---
|
| 1. CS First Boston 10544.41 52 1 8682.00 35
|
| 2. Goldman Sachs 8893.55 36 2 5462.30 20
|
| 3. Salomon SB 8511.26 36 3 5192.60 26
|
| 4. Banc of America 6067.48 38 6 2509.88 15
|
| 5. Morgan Stanley 6028.18 23 4 5051.37 19
|
| 6. JP Morgan 5997.54 40 5 4472.38 21
|
| 7. Deutsche Banc AB 4490.72 28 7 2321.70 13
|
| 8. Merrill Lynch 4239.65 21 8 2286.90 16
|
| 9. Lehman Brothers 4015.97 21 9 1625.40 7
|
| 10. UBS Warburg 2335.65 14 10 1308.40 6
|
|
|
| Total 65406.39 236 41656.75 140
|
|
|
| Average Size 277.15 297.55
|
|
|
|
|
| Prospect News High Yield Underwriter Rankings
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Criteria
* The tables include all dollar-denominated offerings sold in the U.S. as public or Rule 144A deals reported to Prospect News.
* 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 above $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 settle.
* 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.
End
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