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

• Junk market issuance totals $125.22 billion year to date

New York, April 29 - High-yield bond issuance eased back a little in April but still maintained a very vigorous pace. The month had $30.79 billion of issuance, down from $36.37 billion in March but still by historical standards a high level, according to data compiled by Prospect News.

Year-to-date new deal volume now stands at $125.22 billion, more than $20 billion ahead of the $103.85 billion at the same stage in the record-setting year of 2010.

Activity for the first four months of this year is now more than the volume of junk bonds brought to market in the entire years of 2008, 2005, 2002 and 2001.

Meanwhile JPMorgan continued as the top underwriter, with Merrill Lynch staying in second.

However Deutsche Bank moved up to third position, pushing Credit Suisse down to third. Goldman Sachs moved up to fifth position, changing places with Barclays, which slipped to sixth.

On a global basis, the figures are similar, with issuance at $136.78 billion.

April on this basis saw $31 billion of new deals.

Europe saw its year-to-date total rise to $27.56 billion compared to $18.69 for the first four 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	18.090	106	14.45%	1	16.480	105	15.87%
2	Merrill Lynch	14.313	117	11.44%	2	14.416	111	13.88%
3	Deutsche Bank	11.329	81	9.05%	7	6.504	54	6.26%
4	Credit Suisse	10.785	67	8.61%	3	11.374	59	10.95%
5	Goldman Sachs	9.964	58	7.96%	6	7.080	47	6.82%
6	Barclays	9.268	70	7.40%	8	5.612	50	5.40%
7	Citigroup	8.569	59	6.84%	4	7.826	51	7.54%
8	Morgan Stanley	7.473	54	5.97%	5	7.111	44	6.85%
9	UBS	5.000	36	3.99%	9	4.747	41	4.57%
10	Wells Fargo	4.910	48	3.92%	10	4.385	41	4.22%
	Total	125.218	293	103.847	242
	Average size:	0.427	0.429
Year to date, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	15.679	92	15.13%	1	14.988	96	16.71%
2	Merrill Lynch	12.556	106	12.11%	2	13.101	103	14.61%
3	Credit Suisse	10.301	62	9.94%	3	10.119	49	11.28%
4	Goldman Sachs	8.564	50	8.26%	6	6.224	42	6.94%
5	Deutsche Bank	8.423	62	8.13%	7	5.715	48	6.37%
6	Barclays	8.241	62	7.95%	8	5.285	47	5.89%
7	Citigroup	7.064	48	6.82%	4	7.266	48	8.10%
8	Morgan Stanley	6.896	48	6.65%	5	6.592	39	7.35%
9	Wells Fargo	4.910	48	4.74%	10	4.385	41	4.89%
10	UBS	4.329	32	4.18%	9	4.394	38	4.90%
	Total	103.631	242	89.693	205
	Average size:	0.428	0.438
Year to date, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	17.128	101	12.52%	1	16.018	103	14.68%
2	Merrill Lynch	13.573	114	9.92%	2	14.290	111	13.10%
3	Credit Suisse	12.905	80	9.43%	3	11.180	56	10.25%
4	Deutsche Bank	12.246	87	8.95%	5	8.111	61	7.43%
5	Goldman Sachs	11.941	65	8.73%	7	7.187	47	6.59%
6	Barclays	9.367	68	6.85%	6	7.255	58	6.65%
7	Citigroup	8.217	56	6.01%	4	8.234	55	7.55%
8	Morgan Stanley	7.388	52	5.40%	8	6.737	41	6.17%
9	Wells Fargo	4.910	48	3.59%	11	4.441	42	4.07%
10	UBS	4.809	36	3.52%	10	4.558	40	4.18%
	Total	136.784	316	109.105	238
	Average size:	0.433	0.458
Year to date, European currencies, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	3.728	24	13.53%	1	2.396	13	12.82%
2	Goldman Sachs	3.376	15	12.25%	10	0.963	5	5.15%
3	Credit Suisse	2.468	16	8.96%	7	1.061	7	5.68%
4	BNP	1.647	14	5.97%	3	1.806	8	9.66%
5	Credit Agricole	1.598	11	5.80%	17	0.301	2	1.61%
6	JPMorgan	1.449	9	5.26%	8	1.030	7	5.51%
7	RBS	1.419	10	5.15%	4	1.525	9	8.16%
8	UniCredit	1.322	10	4.80%	18	0.285	2	1.53%
9	Barclays	1.126	6	4.09%	2	1.971	11	10.55%
10	Citigroup	1.058	7	3.84%	9	0.968	7	5.18%
	Total	27.558	53	18.685	28
	Average size:	0.520	0.667
April, U.S. market, all issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.646	33	15.09%	1	6.145	37	17.46%
2	Merrill Lynch	3.055	27	9.92%
3	Citigroup	2.691	12	8.74%	5	1.983	13	5.64%
4	Goldman Sachs	2.572	17	8.35%	7	1.746	12	4.96%
5	Deutsche Bank	2.328	18	7.56%	6	1.880	16	5.34%
6	Barclays	1.645	14	5.34%	9	1.543	13	4.39%
7	Credit Suisse	1.484	12	4.82%	2	5.157	18	14.66%
8	UBS	1.376	7	4.47%	8	1.546	16	4.39%
9	Morgan Stanley	1.319	7	4.28%	4	2.675	10	7.60%
10	RBC	1.194	7	3.88%	19	0.276	3	0.78%
	Total	30.791	74	35.186	85
	Average size:	0.416	0.414
April, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.040	27	17.80%	1	5.508	33	20.12%
2	Merrill Lynch	2.904	25	12.79%
3	Citigroup	2.236	8	9.85%	6	1.616	11	5.90%
4	Goldman Sachs	1.633	12	7.19%	8	1.411	10	5.16%
5	Deutsche Bank	1.528	11	6.73%	5	1.656	14	6.05%
6	Credit Suisse	1.484	12	6.54%	2	4.707	15	17.19%
7	Morgan Stanley	1.260	6	5.55%	4	2.256	6	8.24%
8	RBC	1.194	7	5.26%	14	0.276	3	1.01%
9	Barclays	1.188	10	5.24%	7	1.482	12	5.41%
10	UBS	1.043	6	4.59%	9	1.193	13	4.36%
	Total	22.700	57	27.376	67
	Average size:	0.398	0.409
April, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.251	29	13.71%	1	5.971	35	17.58%
2	Goldman Sachs	3.981	21	12.84%	8	1.676	11	4.93%
3	Merrill Lynch	2.995	26	9.66%
4	Deutsche Bank	2.609	21	8.42%	4	2.891	17	8.51%
5	Citigroup	2.425	10	7.82%	6	1.805	12	5.31%
6	Credit Suisse	1.796	15	5.79%	2	5.303	17	15.61%
7	BNP	1.322	10	4.26%	11	1.152	5	3.39%
8	Morgan Stanley	1.260	6	4.06%	5	2.256	6	6.64%
9	RBC	1.194	7	3.85%	17	0.276	3	0.81%
10	Barclays	1.188	10	3.83%	7	1.770	14	5.21%
	Total	30.998	80	33.975	76
	Average size:	0.387	0.447
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).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.