JPMorgan remains top U.S. high-yield underwriter in May as issuance sets new record

• Junk market issuance totals $175.91 billion year to date

New York, May 31 - High-yield bond issuance set a new monthly record in May as $50.58 billion of new junk came to market, according to data compiled by Prospect News.

Year-to-date issuance now totals $175.91 billion, well ahead of every previous full year except for 2010, when $292.60 billion of new high-yield bonds was sold. Excluding 2011, the next busiest full year was 2009 with $161.82 billion.

May was also a record if emerging markets bonds are excluded. On this basis, the month's total was $36.87 billion and year-to-date issuance is $140.50 billion. Except for 2010, when $253.67 billion of high-yield bonds were issued, this volume compares with the full-year total of $147.11 billion for 2009 and $141.87 billion for 2006.

Among the banks, JPMorgan continued as the top underwriter, with Bank of America Merrill Lynch staying in second.

Deutsche Bank held in third position, and Credit Suisse was fourth, both unchanged from the month. Citigroup moved up two places to fifth.

The rankings are identical if emerging markets deals are excluded.

On a global basis, the figures are similar, with issuance at $184.43 billion. JPMorgan was top underwriter.

May on this basis saw $47.64 billion of new deals.

Europe saw its year-to-date total rise to $37.41 billion almost double the $19.58 billion for the first five months of 2010. Deutsche was top bank in Europe.

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	23.374	139	13.29%	1	17.443	113	15.70%
2	Bank of America	19.860	155	11.29%	2	15.201	118	13.69%
3	Deutsche Bank	18.983	113	10.79%	7	6.804	56	6.13%
4	Credit Suisse	15.541	91	8.83%	3	11.761	62	10.59%
5	Citigroup	14.426	89	8.20%	4	8.571	57	7.72%
6	Goldman Sachs	12.403	75	7.05%	5	7.994	52	7.20%
7	Morgan Stanley	11.664	75	6.63%	6	7.431	47	6.69%
8	Barclays	11.224	89	6.38%	8	6.193	56	5.58%
9	Wells Fargo	6.764	63	3.85%	10	4.485	42	4.04%
10	UBS	5.883	43	3.34%	9	5.102	46	4.59%
	Total	175.907	395	111.083	265
	Average size:	0.445	0.419
Year to date, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	19.219	118	13.68%	1	15.877	103	16.64%
2	Bank of America	17.494	140	12.45%	2	13.575	107	14.23%
3	Deutsche Bank	15.204	88	10.82%	8	5.817	49	6.10%
4	Credit Suisse	13.220	78	9.41%	3	10.408	51	10.91%
5	Citigroup	11.498	70	8.18%	4	7.971	53	8.35%
6	Morgan Stanley	10.839	68	7.71%	6	6.912	42	7.24%
7	Goldman Sachs	10.292	62	7.33%	5	7.138	47	7.48%
8	Barclays	9.667	77	6.88%	7	5.866	53	6.15%
9	Wells Fargo	6.764	63	4.81%	10	4.485	42	4.70%
10	UBS	4.936	36	3.51%	9	4.635	41	4.86%
	Total	140.502	318	95.426	224
	Average size:	0.442	0.426
Year to date, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	21.290	131	11.54%	1	17.003	111	14.62%
2	Deutsche Bank	19.636	117	10.65%	5	8.292	63	7.13%
3	Bank of America	18.895	150	10.24%	2	14.764	115	12.69%
4	Credit Suisse	17.598	105	9.54%	3	11.567	59	9.94%
5	Goldman Sachs	14.421	82	7.82%	6	8.101	52	6.96%
6	Citigroup	14.236	85	7.72%	4	9.113	62	7.83%
7	Morgan Stanley	12.224	74	6.63%	8	7.153	45	6.15%
8	Barclays	11.833	88	6.42%	7	8.011	66	6.89%
9	Wells Fargo	6.764	63	3.67%	11	4.540	43	3.90%
10	UBS	5.535	41	3.00%	10	4.812	44	4.14%
	Total	184.425	417	116.329	263
	Average size:	0.442	0.442
Year to date, European currencies, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.337	28	11.59%	1	2.475	14	12.64%
2	Goldman Sachs	4.129	20	11.04%	10	0.963	5	4.92%
3	Credit Suisse	3.972	23	10.62%	6	1.160	8	5.92%
4	Citigroup	2.643	14	7.06%	8	1.143	9	5.84%
5	Credit Agricole	2.242	16	5.99%	17	0.301	2	1.54%
6	Barclays	2.166	11	5.79%	2	2.145	13	10.95%
7	JPMorgan	2.071	13	5.53%	9	1.127	8	5.75%
8	RBS	2.009	14	5.37%	4	1.603	10	8.19%
9	BNP	1.849	16	4.94%	3	1.806	8	9.22%
10	UniCredit	1.406	11	3.76%	18	0.285	2	1.46%
	Total	37.414	74	19.581	31
	Average size:	0.506	0.632
May, U.S. market, all issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	7.654	32	15.13%	11	0.300	2	4.15%
2	Citigroup	5.828	29	11.52%	5	0.744	6	10.28%
3	Bank of America	5.547	38	10.96%	4	0.785	7	10.84%
4	JPMorgan	5.284	33	10.45%	1	0.963	8	13.31%
5	Credit Suisse	4.756	24	9.40%	7	0.388	3	5.36%
6	Morgan Stanley	4.191	21	8.29%	10	0.320	3	4.42%
7	Goldman Sachs	2.410	16	4.77%	2	0.914	5	12.63%
8	Barclays	1.956	19	3.87%	6	0.582	6	8.04%
9	Wells Fargo	1.854	15	3.67%	13	0.100	1	1.38%
10	HSBC	1.585	8	3.13%
	Total	50.575	101	7.236	23
	Average size:	0.501	0.315
May, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	6.781	26	18.39%	10	0.103	1	1.79%
2	Bank of America	4.938	34	13.39%	6	0.474	4	8.26%
3	Citigroup	4.433	22	12.02%	4	0.705	5	12.29%
4	Morgan Stanley	3.944	20	10.70%	7	0.320	3	5.58%
5	JPMorgan	3.540	26	9.60%	2	0.889	7	15.50%
6	Credit Suisse	2.920	16	7.92%	8	0.289	2	5.03%
7	Wells Fargo	1.854	15	5.03%	12	0.100	1	1.74%
8	Goldman Sachs	1.728	12	4.69%	1	0.914	5	15.94%
9	Barclays	1.426	15	3.87%	5	0.582	6	10.14%
10	RBC	1.216	8	3.30%	14	0.062	1	1.08%
	Total	36.871	76	5.734	19
	Average size:	0.485	0.302
May, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	7.390	30	15.51%	13	0.181	2	2.51%
2	Citigroup	6.019	29	12.63%	3	0.879	7	12.17%
3	Bank of America	5.322	36	11.18%	6	0.474	4	6.56%
4	Credit Suisse	4.692	25	9.85%	8	0.387	3	5.36%
5	Morgan Stanley	4.191	21	8.80%	7	0.416	4	5.76%
6	JPMorgan	4.162	30	8.74%	1	0.985	8	13.63%
7	Goldman Sachs	2.480	17	5.21%	2	0.914	5	12.65%
8	Barclays	2.466	20	5.18%	5	0.756	8	10.47%
9	Wells Fargo	1.854	15	3.89%	16	0.100	1	1.38%
10	RBC	1.461	10	3.07%	19	0.062	1	0.85%
	Total	47.641	101	7.224	25
	Average size:	0.472	0.289
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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