JPMorgan top U.S. high-yield underwriter year to date through August

• Junk market issuance totals $211.04 billion year to date

New York, Aug. 31 - JPMorgan remained the top underwriter of high-yield bonds but new deal activity slowed to its lowest level since the financial crisis erupted in 2008, according to data compiled by Prospect News.

With just a trickle of debt coming to market, the rankings were essentially unchanged from the month before.

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.

August saw just $1.26 billion in six new deals, the smallest monthly figure since the $0.61 billion in December 2008.

Excluding emerging markets, the month's total was $1.01 billion in four issues.

Year-to-date issuance now totals $211.04 billion, $50 billion ahead of the $161.87 billion at the same stage in the record-setting year of 2010. Total volume for the full 12 months of 2010 reached $292.60 billion.

Without emerging markets deals, activity so far this year comes to $170.97 billion, nearly $33 billion ahead of the $138.38 billion at the same stage of 2010. The issuance total for last year on that basis was $253.67 billion.

Europe saw its year-to-date total unchanged at $43.55 billion compared to $28.91 billion for the first eight months of 2010. Deutsche was again the top bank in Europe. There were no European deals during August.

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	27.057	156	12.82%	2	22.197	145	13.71%
2	Bank of America	23.338	176	11.05%	1	23.597	175	14.57%
3	Deutsche Bank	20.578	122	9.75%	6	11.593	86	7.16%
4	Credit Suisse	19.240	118	9.12%	3	17.758	93	10.97%
5	Citigroup	18.124	112	8.59%	4	13.507	90	8.34%
6	Goldman Sachs	15.153	95	7.18%	5	11.861	73	7.33%
7	Barclays	14.272	105	6.76%	8	8.602	74	5.31%
8	Morgan Stanley	14.250	93	6.75%	7	10.828	71	6.69%
9	Wells Fargo	8.332	73	3.95%	10	6.598	59	4.08%
10	UBS	6.817	50	3.23%	9	7.025	58	4.34%
	Total	211.041	470	161.867	375
	Average size:	0.449	0.432
Year to date, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	22.623	132	13.23%	2	20.037	133	14.48%
2	Bank of America	20.811	159	12.17%	1	21.193	158	15.31%
3	Credit Suisse	16.872	103	9.87%	3	15.429	77	11.15%
4	Deutsche Bank	16.799	97	9.83%	7	9.675	74	6.99%
5	Citigroup	14.318	89	8.37%	4	12.324	81	8.91%
6	Morgan Stanley	13.219	84	7.73%	6	9.841	62	7.11%
7	Goldman Sachs	12.586	79	7.36%	5	11.005	68	7.95%
8	Barclays	12.222	89	7.15%	8	8.275	71	5.98%
9	Wells Fargo	8.332	73	4.87%	9	6.598	59	4.77%
10	UBS	5.869	43	3.43%	10	6.558	53	4.74%
	Total	170.968	384	138.381	315
	Average size:	0.445	0.439
Year to date, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	25.164	148	11.35%	2	21.948	147	12.98%
2	Bank of America	22.354	171	10.08%	1	22.602	168	13.37%
3	Credit Suisse	21.704	132	9.79%	3	17.199	88	10.17%
4	Deutsche Bank	21.701	130	9.78%	5	13.587	95	8.04%
5	Citigroup	17.469	107	7.88%	4	13.977	95	8.27%
6	Goldman Sachs	17.099	102	7.71%	6	12.151	74	7.19%
7	Morgan Stanley	14.819	92	6.68%	8	10.936	69	6.47%
8	Barclays	14.650	102	6.61%	7	11.150	91	6.60%
9	Wells Fargo	8.332	73	3.76%	10	6.654	60	3.94%
10	UBS	7.253	53	3.27%	9	6.735	56	3.98%
	Total	221.794	501	169.060	378
	Average size:	0.443	0.447
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	13.53%
2	Goldman Sachs	4.513	23	10.36%	10	1.146	6	3.96%
3	Credit Suisse	4.426	25	10.16%	5	1.770	11	6.12%
4	Citigroup	3.056	17	7.02%	7	1.653	14	5.72%
5	JPMorgan	2.541	16	5.83%	6	1.767	13	6.11%
6	Barclays	2.428	13	5.58%	2	2.875	20	9.95%
7	RBS	2.303	16	5.29%	4	1.966	14	6.80%
8	Credit Agricole	2.278	17	5.23%	12	0.917	7	3.17%
9	BNP	1.884	17	4.33%	3	2.253	13	7.79%
10	Morgan Stanley	1.599	8	3.67%	11	1.096	7	3.79%
	Total	43.547	87	28.912	52
	Average size:	0.501	0.556
August, U.S. market, all issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	0.263	2	20.87%	2	2.704	18	11.49%
2	Citigroup	0.234	2	18.51%	3	2.526	17	10.73%
3	UBS	0.132	1	10.43%	11	0.357	4	1.51%
3	JPMorgan	0.132	1	10.43%	4	2.423	20	10.29%
5	Deutsche Bank	0.124	1	9.86%	5	2.361	14	10.03%
5	Citadel	0.124	1	9.86%
7	HSBC	0.100	1	7.92%	14	0.214	2	0.91%
7	RBS	0.100	1	7.92%	10	0.783	5	3.33%
	Total	1.262	6	23.542	52
	Average size:	0.210	0.453
August, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	0.263	2	26.11%	4	2.404	17	10.94%
2	Citigroup	0.234	2	23.15%	2	2.526	17	11.49%
3	UBS	0.132	1	13.04%	11	0.357	4	1.62%
3	JPMorgan	0.132	1	13.04%	3	2.423	20	11.02%
5	Deutsche Bank	0.124	1	12.33%	5	1.786	12	8.12%
5	Citadel	0.124	1	12.33%
	Total	1.009	4	21.982	48
	Average size:	0.252	0.458
August, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	0.263	2	26.11%	2	2.830	18	12.26%
2	Citigroup	0.234	2	23.15%	3	2.526	17	10.95%
3	UBS	0.132	1	13.04%	11	0.357	4	1.55%
3	JPMorgan	0.132	1	13.04%	4	2.423	20	10.50%
5	Deutsche Bank	0.124	1	12.33%	6	1.786	12	7.74%
5	Citadel	0.124	1	12.33%
	Total	1.009	4	23.075	51
	Average size:	0.252	0.452

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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