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

• Junk market issuance totals $94.23 billion year to date

New York, March 31 - High-yield bond issuance roared ahead in March after taking something of a breather in February and is now 37% ahead of the total at the same point in the record-setting year of 2010, according to data compiled by Prospect News.

The year-to-date total for this year of $94.23 billion, a figure achieved in just three months, is already more than the amount of junk bonds brought to market in the entire years of 2008, 2002 and 2001.

Meanwhile JPMorgan continued as the top underwriter, with Merrill Lynch staying in second, Credit Suisse in third, Deutsche Bank in fourth and Barclays in fifth.

March saw $36.37 billion of deals, up from $23.98 billion in February and the biggest monthly total since September 2010 when $38.12 billion came to market.

On a global basis, the figures are similar, with issuance at $105.36 billion, although Credit Suisse is in second place and Merrill Lynch third.

March on this basis set a record with $47.97 billion of new deals.

Europe saw its year-to-date total rise to $19.78 billion compared to $12.22 billion for the first quarter 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	13.444	73	14.27%	1	10.335	68	15.05%
2	Merrill Lynch	11.258	90	11.95%	2	9.371	74	13.65%
3	Credit Suisse	9.300	55	9.87%	3	6.216	41	9.05%
4	Deutsche Bank	8.801	62	9.34%	6	4.624	38	6.73%
5	Barclays	7.623	56	8.09%	8	4.068	37	5.93%
6	Goldman Sachs	7.392	41	7.84%	5	5.334	35	7.77%
7	Morgan Stanley	6.153	47	6.53%	7	4.436	34	6.46%
8	Citigroup	5.878	47	6.24%	4	5.844	38	8.51%
9	Wells Fargo	3.964	36	4.21%	9	3.395	31	4.94%
10	UBS	3.623	29	3.85%	10	3.201	25	4.66%
	Total	94.227	218	68.661	157
	Average size:	0.432	0.437
Year to date, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	11.639	65	14.38%	1	9.480	63	15.21%
2	Merrill Lynch	9.651	81	11.92%	2	8.924	71	14.32%
3	Credit Suisse	8.816	50	10.89%	4	5.412	34	8.68%
4	Barclays	7.053	52	8.71%	8	3.803	35	6.10%
5	Goldman Sachs	6.932	38	8.57%	5	4.813	32	7.72%
6	Deutsche Bank	6.895	51	8.52%	7	4.059	34	6.51%
7	Morgan Stanley	5.636	42	6.96%	6	4.336	33	6.96%
8	Citigroup	4.828	40	5.97%	3	5.650	37	9.07%
9	Wells Fargo	3.964	36	4.90%	9	3.395	31	5.45%
10	UBS	3.287	26	4.06%	10	3.201	25	5.14%
	Total	80.930	185	62.316	138
	Average size:	0.437	0.452
Year to date, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	12.877	72	12.22%	1	10.047	68	13.37%
2	Credit Suisse	11.110	65	10.54%	4	5.877	39	7.82%
3	Merrill Lynch	10.578	88	10.04%	2	9.915	78	13.20%
4	Deutsche Bank	9.552	65	9.07%	7	5.220	44	6.95%
5	Barclays	8.179	58	7.76%	6	5.485	44	7.30%
6	Goldman Sachs	7.960	44	7.55%	5	5.511	36	7.34%
7	Morgan Stanley	6.128	46	5.82%	8	4.481	35	5.96%
8	Citigroup	5.707	45	5.42%	3	6.429	43	8.56%
9	Wells Fargo	3.964	36	3.76%	10	3.450	32	4.59%
10	UBS	3.630	29	3.45%	11	3.365	27	4.48%
	Total	105.361	235	75.130	162
	Average size:	0.448	0.464
Year to date, European currencies, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.658	14	13.48%	2	1.161	10	9.51%
2	Credit Suisse	2.157	13	10.94%	11	0.465	5	3.81%
3	Credit Agricole	1.477	10	7.50%	21	0.112	1	0.92%
4	JPMorgan	1.238	7	6.28%	10	0.567	5	4.64%
5	RBS	1.205	8	6.11%	4	0.883	7	7.23%
6	Barclays	1.126	6	5.71%	1	1.682	9	13.77%
7	BNP	1.083	8	5.50%	7	0.757	5	6.20%
8	Goldman Sachs	1.028	6	5.22%	8	0.698	4	5.72%
9	Merrill Lynch	0.926	7	4.70%	3	0.991	7	8.11%
10	UniCredit	0.879	5	4.46%	14	0.285	2	2.34%
	Total	19.708	33	12.216	20
	Average size:	0.597	0.611
March, U.S. market, all issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.481	28	12.32%	2	4.983	35	13.61%
2	Merrill Lynch	4.422	33	12.16%	1	5.371	43	14.67%
3	Goldman Sachs	3.688	17	10.14%	11	1.360	14	3.71%
4	Deutsche Bank	3.458	19	9.51%	5	3.020	24	8.25%
5	Barclays	2.943	22	8.09%	7	2.297	24	6.27%
6	Morgan Stanley	2.590	21	7.12%	6	2.454	21	6.70%
7	Credit Suisse	2.536	15	6.97%	3	3.491	21	9.53%
8	Citigroup	2.405	18	6.61%	4	3.041	24	8.30%
9	Wells Fargo	1.401	13	3.85%	9	2.145	20	5.86%
10	RBC	1.347	8	3.70%	15	0.420	4	1.15%
	Total	36.367	83	36.622	79
	Average size:	0.438	0.464
March, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.247	26	12.69%	2	4.573	32	13.29%
2	Merrill Lynch	3.941	30	11.78%	1	5.174	41	15.04%
3	Goldman Sachs	3.688	17	11.02%	11	1.360	14	3.95%
4	Deutsche Bank	3.358	18	10.03%	5	2.827	23	8.22%
5	Barclays	2.943	22	8.79%	7	2.297	24	6.68%
6	Morgan Stanley	2.402	20	7.18%	6	2.354	20	6.84%
7	Credit Suisse	2.388	14	7.13%	3	3.083	18	8.96%
8	Citigroup	2.092	16	6.25%	4	2.847	23	8.27%
9	Wells Fargo	1.401	13	4.18%	9	2.145	20	6.24%
10	RBC	1.347	8	4.02%	14	0.420	4	1.22%
	Total	33.474	76	34.406	73
	Average size:	0.440	0.471
March, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.141	29	10.72%	2	4.763	34	12.22%
2	Deutsche Bank	4.782	24	9.97%	4	3.129	26	8.03%
3	Merrill Lynch	4.630	34	9.65%	1	5.229	42	13.42%
4	Goldman Sachs	4.507	21	9.40%	11	1.871	16	4.80%
5	Credit Suisse	3.750	21	7.82%	3	3.251	20	8.34%
6	Barclays	3.609	25	7.52%	6	2.762	26	7.09%
7	Morgan Stanley	2.634	21	5.49%	7	2.410	21	6.18%
8	Citigroup	2.577	19	5.37%	5	2.903	24	7.45%
9	RBC	1.949	14	4.06%	18	0.420	4	1.08%
10	Credit Agricole	1.702	12	3.55%	17	0.459	5	1.18%
	Total	47.972	102	38.970	82
	Average size:	0.470	0.475
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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