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

• Junk market issuance totals $209.78 billion year to date

New York, July 29 - JPMorgan remained the top underwriter of high-yield bonds as year-to-date issuance continued to push towards record levels, according to data compiled by Prospect News.

The total of new bonds for the year so far is now $209.78 billion, well ahead of the $138.33 billion recorded at the same point in the record-breaking year of 2010. Last year ended with $292.60 billion of issuance. However 2011 is already the second biggest year for junk deals, far ahead of the $161.82 billion in the next busiest year, 2009.

Excluding emerging markets debt, the total for 2011 so far is now $169.96 billion, again much higher than the $116.40 billion for the same period of 2010. On this basis, the total for all of last year was $253.67 billion. Again, 2011 is already the second biggest year ever.

Counting all high-yield deals, July saw $17.97 billion, up a little from $16.30 billion in June but well below the monthly average of $29.9 billion for the year so far.

Among the banks, JPMorgan continued as the top underwriter for the year so far, 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.

The top-five rankings are almost identical if emerging markets deals are excluded.

Europe saw its year-to-date total rise to $43.55 billion compared to $27.96 billion for the first seven months 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	26.926	155	12.84%	1	19.774	125	14.30%
2	Bank of America	23.338	176	11.12%	2	18.665	140	13.49%
3	Deutsche Bank	20.454	121	9.75%	6	9.232	72	6.67%
4	Credit Suisse	18.977	116	9.05%	3	15.053	75	10.88%
5	Citigroup	17.890	110	8.53%	4	10.982	73	7.94%
6	Goldman Sachs	15.153	95	7.22%	5	10.445	64	7.55%
7	Barclays	14.272	105	6.80%	8	6.893	62	4.98%
8	Morgan Stanley	14.250	93	6.79%	7	9.141	60	6.61%
9	Wells Fargo	8.332	73	3.97%	10	5.524	50	3.99%
10	UBS	6.686	49	3.19%	9	6.668	54	4.82%
	Total	209.779	464	138.325	323
	Average size:	0.452	0.428
Year to date, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	22.491	131	13.23%	1	17.614	113	15.13%
2	Bank of America	20.811	159	12.25%	2	16.380	125	14.07%
3	Deutsche Bank	16.675	96	9.81%	7	7.889	62	6.78%
4	Credit Suisse	16.609	101	9.77%	3	13.025	60	11.19%
5	Citigroup	14.085	87	8.29%	4	9.799	64	8.42%
6	Morgan Stanley	13.219	84	7.78%	6	8.279	52	7.11%
7	Goldman Sachs	12.586	79	7.41%	5	9.589	59	8.24%
8	Barclays	12.222	89	7.19%	8	6.566	59	5.64%
9	Wells Fargo	8.332	73	4.90%	10	5.524	50	4.75%
10	UBS	5.738	42	3.38%	9	6.201	49	5.33%
	Total	169.959	380	116.400	267
	Average size:	0.447	0.436
Year to date, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	25.032	147	11.34%	1	19.525	127	13.37%
2	Bank of America	22.354	171	10.13%	2	17.789	135	12.19%
3	Deutsche Bank	21.577	129	9.77%	4	11.802	83	8.08%
4	Credit Suisse	21.440	130	9.71%	3	14.369	70	9.84%
5	Citigroup	17.236	105	7.81%	5	11.451	78	7.84%
6	Goldman Sachs	17.099	102	7.74%	6	10.735	65	7.35%
7	Morgan Stanley	14.819	92	6.71%	8	8.949	58	6.13%
8	Barclays	14.650	102	6.64%	7	9.442	79	6.47%
9	Wells Fargo	8.332	73	3.77%	11	5.579	51	3.82%
10	UBS	7.121	52	3.23%	9	6.378	52	4.37%
	Total	220.785	497	145.985	327
	Average size:	0.444	0.446
Year to date, European currencies, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.807	32	11.04%	1	3.912	21	13.99%
2	Goldman Sachs	4.513	23	10.36%	10	1.146	6	4.10%
3	Credit Suisse	4.426	25	10.16%	9	1.344	10	4.81%
4	Citigroup	3.056	17	7.02%	6	1.653	14	5.91%
5	JPMorgan	2.541	16	5.83%	5	1.767	13	6.32%
6	Barclays	2.428	13	5.58%	2	2.875	20	10.29%
7	RBS	2.303	16	5.29%	4	1.966	14	7.03%
8	Credit Agricole	2.278	17	5.23%	11	0.917	7	3.28%
9	BNP	1.884	17	4.33%	3	2.253	13	8.06%
10	Morgan Stanley	1.599	8	3.67%	15	0.670	6	2.40%
	Total	43.547	87	27.957	50
	Average size:	0.501	0.559
July, U.S. market, all issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	2.450	12	13.63%	4	1.863	7	9.86%
2	JPMorgan	2.341	9	13.03%	1	2.070	10	10.96%
3	Citigroup	2.287	8	12.73%	2	2.015	12	10.67%
4	Barclays	1.701	8	9.47%	20	0.175	1	0.93%
5	HSBC	1.491	3	8.30%	11	0.484	4	2.56%
6	Wells Fargo	1.221	6	6.79%	8	1.039	8	5.50%
7	Bank of America	1.210	6	6.73%	3	1.949	13	10.32%
8	Deutsche Bank	0.952	3	5.30%	5	1.628	10	8.62%
9	Goldman Sachs	0.787	5	4.38%	7	1.412	7	7.48%
10	Jefferies	0.694	6	3.86%	12	0.482	1	2.55%
	Total	17.969	32	18.891	38
	Average size:	0.562	0.497
July, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	2.367	11	14.71%	1	1.613	5	11.54%
2	JPMorgan	2.257	8	14.03%	4	1.476	8	10.57%
3	Citigroup	1.652	7	10.27%	2	1.513	8	10.83%
4	HSBC	1.491	3	9.27%	16	0.038	1	0.28%
5	Barclays	1.451	7	9.02%	15	0.175	1	1.25%
6	Wells Fargo	1.221	6	7.59%	8	1.039	8	7.44%
7	Bank of America	1.127	5	7.00%	3	1.501	9	10.74%
8	Deutsche Bank	0.952	3	5.92%	5	1.447	8	10.36%
9	Jefferies	0.694	6	4.32%	10	0.482	1	3.45%
10	Goldman Sachs	0.537	4	3.34%	6	1.412	7	10.11%
	Total	16.085	29	13.969	26
	Average size:	0.555	0.537
July, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.435	10	12.36%	3	1.922	11	9.57%
2	Credit Suisse	2.367	11	12.01%	4	1.673	6	8.33%
3	Citigroup	2.013	9	10.22%	2	2.023	13	10.07%
4	Barclays	1.543	8	7.83%	10	0.807	7	4.02%
5	HSBC	1.491	3	7.57%	16	0.308	4	1.53%
6	Wells Fargo	1.221	6	6.20%	8	1.039	8	5.17%
7	Bank of America	1.162	6	5.90%	5	1.607	10	8.00%
8	Deutsche Bank	1.079	5	5.48%	1	2.808	14	13.98%
9	UBS	0.980	6	4.97%	9	0.822	5	4.09%
10	RBS	0.833	5	4.23%	12	0.628	6	3.13%
	Total	19.698	36	20.092	41
	Average size:	0.547	0.490

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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