JPMorgan remains top U.S. high-yield underwriter in June

• Junk market issuance totals $191.94 billion year to date

New York, June 30 - Junk bond new issue activity slacked off dramatically in June - but still managed to beat the year-ago figure, leaving volume for the year to date within sight of $200 billion, according to data compiled by Prospect News.

A total of $16.30 billion of new high-yield bonds came to market during the month, about a third of the monthly record of $50.31 billion recorded in May and the smallest figure so far this year. But it was nonetheless double the $8.35 billion of June 2010.

The total for the year so far is now $191.94 billion, making 2011 already the second busiest year ever in high yield even though half of it still remains. The previous number two year was 2009 with $161.82 billion. Currently the record is held by 2010, which saw $292.60 billion. At this point in 2010, issuance totaled $119.43 billion

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

Deutsche Bank held in third position, Credit Suisse was fourth and Citigroup stayed at fifth, all unchanged from the month before. Notably, Deutsche has moved up from seventh please for the first half of 2010. Lower down the table, Wells Fargo at nine has gained from 11th place in the comparable period of 2010.

The top-five rankings are almost identical if emerging markets deals are excluded, the only difference being at the number five position, which is occupied by Morgan Stanley on this basis.

On a global basis, issuance has now broken the $200 billion barrier, at $201.17 billion for the year so far. JPMorgan was once more top underwriter.

Europe saw its year-to-date total rise to $40.17 billion, a little less than double the $22.14 billion for the first half of 2010. Deutsche was again 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	24.585	146	12.81%	1	17.704	115	14.82%
2	Bank of America	22.128	170	11.52%	2	16.755	128	14.03%
3	Deutsche Bank	19.502	118	10.16%	7	7.604	62	6.37%
4	Credit Suisse	16.509	104	8.60%	3	13.191	68	11.04%
5	Citigroup	15.603	102	8.13%	5	8.967	61	7.51%
6	Goldman Sachs	14.348	90	7.48%	4	9.033	57	7.56%
7	Morgan Stanley	13.912	90	7.25%	6	7.649	50	6.40%
8	Barclays	12.571	97	6.55%	8	6.718	61	5.63%
9	Wells Fargo	7.094	67	3.70%	11	4.485	42	3.75%
10	UBS	6.158	46	3.21%	9	5.846	49	4.89%
	Total	191.936	433	119.434	285
	Average size:	0.443	0.419
Year to date, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	20.234	123	13.14%	1	16.138	105	15.75%
2	Bank of America	19.684	154	12.79%	2	14.879	116	14.53%
3	Deutsche Bank	15.723	93	10.21%	7	6.442	54	6.29%
4	Credit Suisse	14.225	90	9.24%	3	11.412	55	11.14%
5	Morgan Stanley	12.882	81	8.36%	6	7.048	44	6.88%
6	Citigroup	12.432	80	8.07%	4	8.285	56	8.09%
7	Goldman Sachs	12.031	75	7.81%	5	8.177	52	7.98%
8	Barclays	10.771	82	6.99%	8	6.391	58	6.24%
9	Wells Fargo	7.094	67	4.61%	10	4.485	42	4.38%
10	UBS	5.211	39	3.38%	9	5.379	44	5.25%
	Total	154.000	352	102.431	241
	Average size:	0.438	0.425
Year to date, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	22.597	137	11.23%	1	17.602	116	13.98%
2	Bank of America	21.192	165	10.53%	2	16.182	125	12.85%
3	Deutsche Bank	20.497	124	10.19%	6	8.993	69	7.14%
4	Credit Suisse	19.056	119	9.47%	3	12.696	64	10.08%
5	Goldman Sachs	16.508	97	8.21%	5	9.140	57	7.26%
6	Citigroup	15.223	96	7.57%	4	9.428	65	7.49%
7	Morgan Stanley	14.446	88	7.18%	8	7.403	48	5.88%
8	Barclays	13.107	94	6.52%	7	8.635	72	6.86%
9	Wells Fargo	7.094	67	3.53%	11	4.540	43	3.61%
10	UBS	6.141	46	3.05%	9	5.556	47	4.41%
	Total	201.170	461	125.893	286
	Average size:	0.436	0.440
Year to date, European currencies, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.679	30	11.65%	1	2.551	15	11.52%
2	Goldman Sachs	4.477	22	11.15%	10	0.963	5	4.35%
3	Credit Suisse	4.426	25	11.02%	7	1.284	9	5.80%
4	Citigroup	2.696	15	6.71%	9	1.143	9	5.16%
5	JPMorgan	2.362	14	5.88%	5	1.464	11	6.61%
6	Barclays	2.335	12	5.81%	2	2.243	14	10.13%
7	Credit Agricole	2.242	16	5.58%	13	0.600	5	2.71%
8	BNP	1.849	16	4.60%	3	1.904	9	8.60%
9	RBS	1.800	13	4.48%	4	1.603	10	7.24%
10	Morgan Stanley	1.564	7	3.89%	18	0.354	4	1.60%
	Total	40.169	81	22.141	37
	Average size:	0.496	0.598
Second quarter, U.S. market, all issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	11.142	73	11.43%	2	7.369	47	14.51%
2	Bank of America	10.869	80	11.15%	1	7.384	54	14.55%
3	Deutsche Bank	10.501	55	10.77%	7	2.980	24	5.87%
4	Citigroup	9.725	55	9.97%	6	3.123	23	6.15%
5	Morgan Stanley	7.759	43	7.96%	5	3.214	16	6.33%
6	Credit Suisse	7.209	49	7.39%	3	6.974	27	13.74%
7	Goldman Sachs	6.956	49	7.13%	4	3.699	22	7.29%
8	Barclays	4.948	41	5.07%	8	2.650	24	5.22%
9	Wells Fargo	3.129	31	3.21%	12	1.090	11	2.15%
10	HSBC	2.621	16	2.69%	17	0.463	4	0.91%
	Total	97.509	214	50.773	128
	Average size:	0.456	0.397
Second quarter, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	10.033	73	13.73%	3	5.956	45	14.85%
2	Deutsche Bank	8.829	42	12.08%	8	2.383	20	5.94%
3	JPMorgan	8.595	58	11.76%	1	6.658	42	16.60%
4	Citigroup	7.604	40	10.41%	6	2.635	19	6.57%
5	Morgan Stanley	7.246	39	9.92%	5	2.712	11	6.76%
6	Credit Suisse	5.409	40	7.40%	2	6.000	21	14.96%
7	Goldman Sachs	5.099	37	6.98%	4	3.364	20	8.39%
8	Barclays	3.718	30	5.09%	7	2.589	23	6.45%
9	Wells Fargo	3.129	31	4.28%	11	1.090	11	2.72%
10	RBC	2.603	17	3.56%	13	0.660	6	1.64%
	Total	73.070	167	40.114	103
	Average size:	0.438	0.389
Second quarter, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	10.860	58	11.39%	4	3.773	25	7.43%
2	Bank of America	10.613	77	11.13%	3	6.267	47	12.35%
3	JPMorgan	9.720	65	10.19%	1	7.555	48	14.88%
4	Citigroup	9.431	50	9.89%	7	2.999	22	5.91%
5	Goldman Sachs	8.549	53	8.96%	5	3.629	21	7.15%
6	Morgan Stanley	8.318	42	8.72%	8	2.922	13	5.76%
7	Credit Suisse	7.947	54	8.33%	2	6.819	25	13.43%
8	Barclays	4.928	36	5.17%	6	3.150	28	6.21%
9	Wells Fargo	3.129	31	3.28%	13	1.090	11	2.15%
10	RBC	3.000	20	3.15%	14	0.660	6	1.30%
	Total	95.384	225	50.764	124
	Average size:	0.424	0.409
June, U.S. market, all issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	2.328	16	14.28%	1	1.554	10	18.61%
2	Morgan Stanley	2.042	13	12.53%	12	0.218	3	2.61%
3	Goldman Sachs	1.739	13	10.67%	3	1.039	5	12.44%
4	Barclays	1.521	9	9.33%	6	0.525	5	6.29%
5	Citigroup	1.351	14	8.29%	8	0.396	4	4.75%
6	Credit Suisse	1.092	13	6.70%	2	1.429	6	17.12%
7	JPMorgan	1.065	6	6.53%	11	0.261	2	3.13%
8	RBS	0.926	7	5.68%	7	0.434	3	5.20%
9	Jefferies	0.611	5	3.75%	9	0.396	2	4.75%
10	Deutsche Bank	0.569	6	3.49%	4	0.800	6	9.58%
	Total	16.298	39	8.351	20
	Average size:	0.418	0.418
June, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	2.240	15	16.30%	1	1.304	9	18.62%
2	Morgan Stanley	2.042	13	14.85%	12	0.136	2	1.94%
3	Goldman Sachs	1.739	13	12.65%	2	1.039	5	14.83%
4	Barclays	1.154	6	8.40%	6	0.525	5	7.50%
5	JPMorgan	1.065	6	7.75%	10	0.261	2	3.73%
6	Credit Suisse	1.004	12	7.31%	3	1.004	4	14.34%
7	Citigroup	0.985	11	7.16%	9	0.314	3	4.49%
8	Jefferies	0.611	5	4.44%	7	0.396	2	5.66%
9	Deutsche Bank	0.569	6	4.14%	5	0.625	5	8.92%
10	RBS	0.559	4	4.07%	11	0.184	2	2.63%
	Total	13.748	35	7.005	17
	Average size:	0.393	0.412
June, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	2.347	16	13.84%	1	1.418	10	14.82%
2	Morgan Stanley	2.222	14	13.10%	12	0.249	3	2.61%
3	Goldman Sachs	2.087	15	12.31%	3	1.039	5	10.86%
4	Credit Suisse	1.459	14	8.60%	2	1.129	5	11.80%
5	JPMorgan	1.357	7	8.00%	7	0.599	5	6.26%
6	Barclays	1.324	7	7.80%	6	0.623	6	6.52%
7	Citigroup	1.037	12	6.12%	11	0.314	3	3.29%
8	Deutsche Bank	0.911	8	5.37%	5	0.701	6	7.33%
9	Jefferies	0.611	5	3.60%	8	0.396	2	4.14%
10	UBS	0.607	5	3.58%	4	0.744	3	7.78%
	Total	16.958	44	9.564	23
	Average size:	0.385

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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