Banc of America top U.S. market high-yield underwriter year to date

* U.S. market high-yield issuance totals $78.79 billion year to date

* Banc of America top global high-yield underwriter year to date

* Global high-yield issuance totals $83.48 billion year to date

* Deutsche Bank top European high-yield underwriter year to date

* European high-yield issuance totals $15.73 billion year to date

New York, Sept. 30 - Banc of America took the number one spot among high-yield underwriters for the year to date, pushing JPMorgan Securities out of the top position after it spent just a single month in first place, according to data compiled by Prospect News.

Before JPMorgan took the lead in July, Citigroup had been the leader for 2005 through the end of July.

So far this year, Banc of America has brought $10.32 billion of junk bonds to market, ahead of Citigroup in second place with $9.96 billion and JP Morgan close behind in third with $9.70 billion.

Banc of America was also number one for the U.S. market counting only issuers from industrialized countries and the global junk market, counting all currencies but again only issuers from industrialized countries.

Deutsche Bank remained first in Europe for a second month.

While no one deal stood out as the cause of Banc of America's rise to the top, it did appear in the month's biggest deals, acting as one of four joint bookrunners for Neiman Marcus Group Inc.'s total $1.45 billion of bonds and one of three joint bookrunners for Gamestop Corp.'s $941 million of senior notes.

Total U.S. issuance for September was $11.92 billion, well up from August's $7.08 billion and higher than September 2004's $8.90 billion.

Third-quarter volume came in at $26.91 billion, just slightly behind the year-ago figure of $27.40 billion.

But year to date, 2005 is still lagging last year at $78.79 billion, 76% of 2004's $103.79 billion.

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.

Global volume was $83.48 billion for the year through the end of September, covering all currencies but only issuers from industrialized countries. That figure is 74% of the $112.92 billion at the same point in 2004.

European activity is running at $15.73 billion, 99% of the comparable $15.92 billion figure for 2004.

Year to date, U.S. market, all issuers

2004 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	10.323	80	13.10%	3	12.561	94	12.10%
2	Citigroup	9.962	70	12.64%	1	15.810	100	15.23%
3	JPMorgan	9.701	67	12.31%	4	11.205	82	10.80%
4	CSFB	8.457	57	10.73%	2	15.475	100	14.91%
5	Deutsche Bank	7.075	50	8.98%	5	10.418	69	10.04%
6	Merrill Lynch	6.334	36	8.04%	10	4.421	28	4.26%
7	Lehman	4.706	39	5.97%	8	5.367	43	5.17%
8	Goldman Sachs	4.620	31	5.86%	9	5.258	40	5.07%
9	UBS	4.135	35	5.25%	7	6.854	53	6.60%
10	Morgan Stanley	4.117	24	5.23%	6	7.048	39	6.79%
	Total	78.786	306	103.788	415
	Average size:	0.257	0.250
Year to date, U.S. market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	10.323	80	15.27%	3	12.561	94	12.98%
2	Citigroup	8.334	59	12.32%	1	14.871	94	15.37%
3	JPMorgan	8.224	61	12.16%	4	10.542	77	10.90%
4	CSFB	6.606	46	9.77%	2	14.313	95	14.79%
5	Deutsche Bank	6.603	45	9.76%	5	9.217	65	9.53%
6	Lehman	4.706	39	6.96%	9	5.027	41	5.20%
7	Merrill Lynch	4.637	29	6.86%	10	3.926	27	4.06%
8	Goldman Sachs	4.538	30	6.71%	8	5.258	40	5.43%
9	UBS	3.514	31	5.20%	7	5.756	44	5.95%
10	Wachovia	3.151	20	4.66%	12	1.582	20	1.63%
	Total	67.626	266	96.759	388
	Average size:	0.254	0.249
Year to date, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	10.555	82	12.64%	3	12.958	100	11.48%
2	JPMorgan	10.247	72	12.27%	5	11.963	86	10.59%
3	Citigroup	9.938	70	11.90%	2	16.465	104	14.58%
4	Deutsche Bank	9.910	61	11.87%	4	12.580	89	11.14%
5	CSFB	9.035	57	10.82%	1	17.143	110	15.18%
6	Goldman Sachs	5.746	36	6.88%	7	6.194	48	5.49%
7	Lehman	5.232	44	6.27%	9	5.218	44	4.62%
8	Merrill Lynch	5.131	32	6.15%	10	4.600	31	4.07%
9	UBS	3.840	32	4.60%	8	5.756	44	5.10%
10	Morgan Stanley	3.350	23	4.01%	6	7.616	48	6.74%
	Total	83.483	311	112.918	446
	Average size:	0.268
Year to date, European currencies, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	3.307	16	21.02%	1	3.134	22	19.69%
2	CSFB	2.429	11	15.44%	2	2.831	15	17.78%
3	JPMorgan	2.022	11	12.86%	4	1.421	9	8.92%
4	Citigroup	1.541	10	9.80%	3	1.594	10	10.01%
5	Goldman Sachs	1.208	6	7.68%	7	0.936	8	5.88%
6	BNP Paribas	0.802	3	5.10%	8	0.718	6	4.51%
7	ING	0.742	4	4.72%	17	0.093	1	0.58%
8	Lehman	0.526	5	3.34%	16	0.191	3	1.20%
9	Merrill Lynch	0.494	3	3.14%	9	0.674	4	4.24%
10	Morgan Stanley	0.438	3	2.78%	6	0.979	11	6.15%
	Total	15.731	44	15.921	55
	Average size:	0.358	0.289
Q3, U.S. market, all issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.063	30	15.10%	4	3.286	26	12.00%
2	Banc of America	4.001	33	14.87%	3	3.604	26	13.16%
3	Citigroup	3.824	26	14.21%	1	4.782	32	17.46%
4	Merrill Lynch	2.513	13	9.34%	8	1.379	3	5.03%
5	Goldman Sachs	2.287	14	8.50%	6	1.670	13	6.10%
6	Deutsche Bank	2.113	18	7.85%	5	2.653	17	9.68%
7	Lehman	1.762	14	6.55%	11	0.921	8	3.36%
8	CSFB	1.604	14	5.96%	2	3.838	21	14.01%
9	Morgan Stanley	1.308	9	4.86%	7	1.587	9	5.79%
10	Bear Stearns	0.662	7	2.46%	9	1.233	9	4.50%
	Total	26.908	97	27.395	101
	Average size:	0.277	0.271
Q3, U.S. market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	4.001	33	17.56%	3	3.604	26	14.29%
2	JPMorgan	3.713	28	16.30%	4	2.849	23	11.29%
3	Citigroup	3.104	23	13.62%	1	4.203	28	16.66%
4	Goldman Sachs	2.287	14	10.04%	6	1.670	13	6.62%
5	Deutsche Bank	1.838	16	8.07%	5	2.653	17	10.52%
6	Merrill Lynch	1.763	11	7.74%	7	1.379	3	5.47%
7	Lehman	1.762	14	7.73%	10	0.921	8	3.65%
8	CSFB	1.280	12	5.62%	2	3.642	20	14.44%
9	Morgan Stanley	1.158	8	5.08%	8	1.291	8	5.12%
10	Wachovia	0.570	5	2.50%	12	0.678	7	2.69%
	Total	22.789	84	25.226	91
	Average size:	0.271	0.277
Q3, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.882	32	17.60%	5	2.941	24	10.35%
2	Banc of America	4.001	33	14.43%	3	3.680	27	12.94%
3	Deutsche Bank	3.340	21	12.04%	4	3.092	21	10.88%
4	Citigroup	3.199	24	11.53%	1	5.191	34	18.26%
5	Goldman Sachs	2.287	14	8.25%	6	1.670	13	5.87%
6	Merrill Lynch	2.073	12	7.47%	8	1.379	3	4.85%
7	CSFB	1.951	15	7.04%	2	4.628	24	16.28%
8	Lehman	1.822	15	6.57%	10	0.921	8	3.24%
9	Morgan Stanley	1.158	8	4.18%	7	1.429	10	5.03%
10	Wachovia	0.570	5	2.05%	12	0.678	7	2.38%
	Total	27.734	94	28.431	106
	Average size:	0.295	0.268
September, U.S. market, all issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	1.965	15	16.49%	1	1.758	9	19.74%
2	Citigroup	1.848	10	15.51%	2	1.286	8	14.44%
3	JPMorgan	1.315	11	11.03%	11	0.244	2	2.75%
4	Goldman Sachs	1.216	8	10.20%	7	0.562	6	6.31%
5	Merrill Lynch	1.135	6	9.53%	5	0.779	1	8.75%
6	Lehman	0.868	9	7.28%
7	Deutsche Bank	0.763	6	6.40%	3	1.063	7	11.94%
8	CSFB	0.698	5	5.85%	4	1.046	3	11.74%
9	HSBC	0.550	2	4.62%
10	Wachovia	0.420	4	3.52%	9	0.454	4	5.10%
	Total	11.917	44	8.904	33
	Average size:	0.271	0.270
September, U.S. market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	1.965	15	20.33%	1	1.758	9	22.08%
2	Citigroup	1.548	9	16.02%	4	0.936	6	11.75%
3	Goldman Sachs	1.216	8	12.57%	6	0.562	6	7.05%
4	JPMorgan	1.115	10	11.53%	10	0.244	2	3.07%
5	Lehman	0.868	9	8.97%
6	Merrill Lynch	0.635	5	6.57%	5	0.779	1	9.78%
7	Deutsche Bank	0.563	5	5.82%	2	1.063	7	13.35%
8	CSFB	0.449	4	4.64%	3	1.046	3	13.13%
9	Wachovia	0.420	4	4.34%	7	0.454	4	5.70%
10	Morgan Stanley	0.362	4	3.74%	8	0.364	2	4.57%
	Total	9.668	39	7.962	30
	Average size:	0.248	0.265
September, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	1.965	15	16.27%	2	1.833	10	18.16%
2	JPMorgan	1.886	12	15.62%	10	0.244	2	2.42%
3	Citigroup	1.548	9	12.82%	4	1.347	10	13.34%
4	Deutsche Bank	1.334	7	11.05%	3	1.503	11	14.88%
5	Goldman Sachs	1.216	8	10.06%	6	0.562	6	5.56%
6	Lehman	0.928	10	7.68%
7	Merrill Lynch	0.635	5	5.26%	5	0.779	1	7.71%
8	CSFB	0.509	5	4.21%	1	1.985	6	19.66%
9	Wachovia	0.420	4	3.47%	8	0.454	4	4.50%
10	Morgan Stanley	0.362	4	2.99%	7	0.456	3	4.52%
	Total	12.080	43	10.098	40
	Average size:	0.281	0.252
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.

* 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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