* High yield issuance $40.19 billion year to date
* CSFB top high yield underwriter in second quarter
* High yield issuance $21.86 billion in second quarter
* CSFB top high yield underwriter in June
* High yield issuance $7.31 billion in June
New York, June 28 - Credit Suisse First Boston made a clean sweep of the Prospect News rankings of high-yield underwriters, taking the number one position for the first half, the second quarter and the month of June. (Note that effective this month Prospect News data is compiled using the pricing date as the criteria for inclusion, replacing the settlement date as used previously. Comparable figures from previous years have also been adjusted.)
Meanwhile issuance was fairly strong in June, although still behind last year's levels. Total volume for the month was $7.31 billion, just $120 million behind the $7.43 billion in March, the second busiest month so far in 2002. This year's highest issuance month so far was April with $8.40 billion. (The June data includes deals priced and reported to Prospect News by 4.00 p.m. ET on Friday.)
Total issuance so far this year is $40.19 billion, 73% of the total for the first half of 2001 when $54.76 billion of deals came to market. The number of deals has declined less, at 168 so far this year, 91% of the 184 at the same point last year.
Away from the top underwriting spot, Deutsche Bank Securities Inc. moved up significantly to the number-three position for the first half of 2002 from seventh for the same period of 2001.
2002 Year To Date
2001 Comparables
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | CS First Boston | 7,103.69 | 48 | 1 | 8,310.98 | 39
|
| 2. | Salomon SB | 4,556.31 | 31 | 2 | 8,164.49 | 33
|
| 3. | Deutsche Bank | 4,352.03 | 28 | 7 | 3,689.85 | 22
|
| 4. | Banc of America | 3,867.25 | 29 | 5 | 4,952.68 | 29
|
| 5. | JP Morgan | 3,858.24 | 29 | 6 | 4,549.01 | 28
|
| 6. | Lehman | 3,521.90 | 18 | 8 | 3,643.48 | 17
|
| 7. | Goldman Sachs | 3,157.28 | 9 | 3 | 7,265.42 | 26
|
| 8. | Morgan Stanley | 2,710.58 | 16 | 4 | 5,429.38 | 19
|
| 9. | UBS Warburg | 2,400.67 | 14 | 10 | 2,052.55 | 12
|
| 10. | Merrill Lynch | 986.38 | 7 | 9 | 3,285.47 | 14
|
| 11. | Bear Stearns | 974.33 | 7 | 11 | 1,774.20 | 10
|
| 12. | Dresdner KW | 519.80 | 4 | 17 | 123.65 | 1
|
| 13. | Wachovia | 503.64 | 6 | 18 | 37.30 | 1
|
| 14. | CIBC | 418.88 | 5 | 15 | 245.05 | 2
|
| 15. | Jefferies | 379.41 | 5 | 12 | 497.20 | 5
|
| 16. | TD Securities | 265.54 | 2 | 14 | 275.00 | 2
|
| 17. | BMO | 215.54 | 2 | - | - | -
|
| 18. | ABN Amro | 198.67 | 1 | - | - | -
|
| 19. | ING | 128.01 | 1 | - | - | -
|
| 20. | Scotia | 40.54 | 1 | - | - | -
|
|
|
| Total | $40,186.17 | 168 | $54,760.71 | 184
|
|
|
| Average size | $239.20 | $297.61
|
|
|
|
|
| 2002 Second Quarter
|
| | | | | 2001 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | CS First Boston | 4,060.18 | 30 | 2 | 5,367.73 | 24
|
| 2. | Salomon SB | 2,404.88 | 15 | 4 | 3,030.64 | 16
|
| 3. | Lehman | 2,340.86 | 12 | 9 | 1,424.63 | 7
|
| 4. | JP Morgan | 2,285.25 | 18 | 5 | 2,980.21 | 21
|
| 5. | Deutsche Bank | 2,022.11 | 15 | 12 | 1,172.17 | 10
|
| 6. | Banc of America | 1,796.91 | 13 | 6 | 2,947.98 | 18
|
| 7. | Goldman Sachs | 1,660.44 | 5 | 3 | 4,892.97 | 20
|
| 8. | Morgan Stanley | 1,551.11 | 9 | 7 | 2,216.90 | 9
|
| 9. | UBS Warburg | 1,395.26 | 9 | 11 | 1,240.45 | 8
|
| 10. | Bear Stearns | 738.43 | 5 | 10 | 1,354.43 | 8
|
| 11. | Merrill Lynch | 298.60 | 3 | 8 | 1,509.35 | 7
|
| 12. | TD Securities | 265.54 | 2 | - | - | -
|
| 13. | Jefferies | 230.33 | 3 | 13 | 497.20 | 5
|
| 14. | BMO | 215.54 | 2 | - | - | -
|
| 15. | Wachovia | 204.17 | 2 | 17 | 37.30 | 1
|
|
|
| Total | $21,857.61 | 94 | 1 | $29,207.08 | 111
|
|
|
| Average size | $232.53 | $263.13
|
|
|
|
|
| June 2002
|
| | | | | 2001 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | CS First Boston | 1,821.44 | 11 | 4 | 1,401.23 | 9
|
| 2. | Salomon SB | 968.09 | 7 | 2 | 1,523.53 | 8
|
| 3. | Banc of America | 879.34 | 6 | 3 | 1,456.10 | 8
|
| 4. | JP Morgan | 859.77 | 7 | 5 | 1,119.18 | 10
|
| 5. | Deutsche Bank | 807.97 | 7 | 9 | 557.42 | 6
|
| 6. | Lehman | 524.63 | 2 | 8 | 595.30 | 2
|
| 7. | Morgan Stanley | 465.15 | 3 | 6 | 773.60 | 3
|
| 8. | Goldman Sachs | 260.44 | 2 | 1 | 1,975.87 | 7
|
| 9. | UBS Warburg | 237.76 | 2 | 7 | 697.15 | 5
|
| 10. | Jefferies | 211.78 | 1 | 12 | 255.80 | 2
|
|
|
| Total | $7,308.88 | 32 | $11,088.88 | 47
|
|
|
| Average size | $228.40 | $235.93
|
|
|
|
|
| Prospect News High Yield Underwriter Rankings
|
|
|
Criteria
* The tables include all dollar-denominated offerings sold in the U.S. as public or Rule 144A deals reported to Prospect News.
* 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 above $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.
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