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

• Junk market issuance totals $217.18 billion year to date

New York, Sept. 30 - JPMorgan held on to the number one spot among underwriters of high-yield bonds, but deal activity remained depressed, according to data compiled by Prospect News.

As was the case for the year through August, JPMorgan was 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. Those rankings were also unchanged from July.

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

A total of $6.02 billion of deals came to market in September. While that was substantially better than August's $1.26 billion, it was still the second smallest monthly figure since March 2009.

There were no emerging markets counted in the latest month's total.

Year-to-date issuance is now $217.18 billion, 9% ahead of the $199.98 billion at the same stage last year. The current year had been way ahead of 2010 levels, but the past two months of minimal issuance have narrowed the gap.

Total volume for the full 12 months of 2010 reached the record level of $292.60 billion.

Without emerging markets deals, activity so far this year comes to $177.10 billion versus $170.68 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 edge up to $44.50 billion compared to $34.72 billion for the first nine months of 2010. Deutsche was again the 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	27.889	165	12.84%	2	26.066	173	13.03%
2	Bank of America	24.387	185	11.23%	1	28.347	208	14.18%
3	Deutsche Bank	20.886	125	9.62%	5	15.715	111	7.86%
4	Credit Suisse	19.339	119	8.90%	3	21.740	118	10.87%
5	Citigroup	18.549	115	8.54%	4	16.491	107	8.25%
6	Goldman Sachs	15.266	97	7.03%	6	14.432	93	7.22%
7	Morgan Stanley	15.039	100	6.92%	7	13.668	89	6.83%
8	Barclays	15.027	113	6.92%	8	11.219	92	5.61%
9	Wells Fargo	8.627	76	3.97%	10	8.233	71	4.12%
10	UBS	6.817	50	3.14%	9	9.431	71	4.72%
	Total	217.177	485	199.982	456
	Average size:	0.448	0.439
Year to date, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	23.455	141	13.24%	2	23.371	158	13.69%
2	Bank of America	21.859	168	12.35%	1	25.259	187	14.80%
3	Deutsche Bank	17.107	100	9.66%	6	12.830	95	7.52%
4	Credit Suisse	16.971	104	9.58%	3	18.728	98	10.97%
5	Citigroup	14.743	92	8.32%	4	15.308	98	8.97%
6	Morgan Stanley	14.009	91	7.91%	7	12.283	78	7.20%
7	Barclays	12.978	97	7.33%	8	10.760	88	6.30%
8	Goldman Sachs	12.699	81	7.17%	5	13.576	88	7.95%
9	Wells Fargo	8.627	76	4.87%	10	8.233	71	4.82%
10	UBS	5.869	43	3.31%	9	8.265	62	4.84%
	Total	177.104	399	170.680	382
	Average size:	0.444	0.447
Year to date, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	26.178	158	11.44%	2	25.781	174	12.37%
2	Bank of America	23.402	180	10.23%	1	26.880	198	12.89%
3	Deutsche Bank	22.059	134	9.64%	5	16.955	117	8.13%
4	Credit Suisse	21.985	134	9.60%	3	21.098	112	10.12%
5	Citigroup	17.945	111	7.84%	4	18.117	118	8.69%
5	Goldman Sachs	17.212	104	7.52%	6	14.960	96	7.18%
7	Morgan Stanley	15.791	100	6.90%	8	13.479	86	6.47%
8	Barclays	15.406	110	6.73%	7	13.635	108	6.54%
9	Wells Fargo	8.627	76	3.77%	10	8.289	72	3.98%
10	UBS	7.253	53	3.17%	9	8.442	65	4.05%
	Total	228.916	519	208.485	456
	Average size:	0.441	0.457
Year to date, European currencies, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.857	33	10.92%	1	4.125	22	11.88%
2	Credit Suisse	4.609	26	10.36%	5	2.370	14	6.83%
3	Goldman Sachs	4.513	23	10.14%	10	1.384	8	3.99%
4	Citigroup	3.106	18	6.98%	3	2.809	20	8.09%
5	JPMorgan	2.723	17	6.12%	6	2.267	15	6.53%
6	Barclays	2.428	13	5.46%	2	2.875	20	8.28%
7	RBS	2.353	17	5.29%	7	2.204	16	6.35%
8	Credit Agricole	2.278	17	5.12%	11	1.230	9	3.54%
9	BNP	1.935	18	4.35%	4	2.784	15	8.02%
10	Morgan Stanley	1.782	9	4.00%	12	1.196	8	3.44%
	Total	44.498	89	34.717	62
	Average size:	0.500	0.560
Third quarter, U.S. market, all issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	3.304	19	13.08%	3	8.362	58	10.38%
2	Citigroup	2.946	13	11.66%	5	7.524	46	9.34%
3	Credit Suisse	2.812	15	11.13%	2	8.549	50	10.61%
4	Barclays	2.457	16	9.73%	8	4.500	31	5.59%
5	Bank of America	2.259	15	8.94%	1	11.591	80	14.39%
6	HSBC	1.648	5	6.53%	12	1.765	12	2.19%
7	Wells Fargo	1.516	9	6.00%	9	3.749	29	4.65%
8	Deutsche Bank	1.384	7	5.48%	4	8.111	49	10.07%
9	Morgan Stanley	1.253	11	4.96%	6	6.019	39	7.47%
10	Goldman Sachs	0.901	7	3.57%	7	5.399	36	6.70%
	Total	25.255	52	80.548	171
	Average size:	0.486	0.471
Third quarter, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	3.221	18	13.93%	3	7.233	53	10.60%
2	Credit Suisse	2.729	14	11.80%	2	7.316	43	10.72%
3	Citigroup	2.311	12	10.00%	4	7.023	42	10.29%
4	Barclays	2.207	15	9.54%	8	4.368	30	6.40%
5	Bank of America	2.175	14	9.41%	1	10.379	71	15.21%
6	HSBC	1.548	4	6.70%	14	1.070	7	1.57%
7	Wells Fargo	1.516	9	6.56%	9	3.749	29	5.49%
8	Deutsche Bank	1.384	7	5.98%	5	6.388	41	9.36%
9	Morgan Stanley	1.253	11	5.42%	7	5.235	34	7.67%
10	Jefferies	0.694	6	3.00%	11	1.588	10	2.33%
	Total	23.117	47	68.249	141
	Average size:	0.492	0.484
Third quarter, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	3.581	21	12.92%	4	8.179	58	9.90%
2	Credit Suisse	2.911	15	10.50%	3	8.402	48	10.17%
3	Citigroup	2.722	15	9.82%	2	8.689	53	10.52%
4	Barclays	2.299	16	8.29%	8	5.000	36	6.05%
5	Bank of America	2.211	15	7.98%	1	10.698	73	12.95%
6	Deutsche Bank	1.562	10	5.63%	5	7.962	48	9.64%
7	HSBC	1.548	4	5.59%	11	2.520	12	3.05%
8	Wells Fargo	1.516	9	5.47%	9	3.749	29	4.54%
9	Morgan Stanley	1.471	13	5.31%	6	6.076	38	7.36%
10	RBS	1.178	9	4.25%	12	2.182	17	2.64%
	Total	27.716	57	82.592	170
	Average size:	0.486	0.486
September, U.S. market, all issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	1.049	9	17.41%	1	4.750	33	12.46%
2	JPMorgan	0.832	9	13.81%	4	3.869	28	10.15%
3	Morgan Stanley	0.789	7	13.10%	6	2.840	18	7.45%
4	Barclays	0.756	8	12.55%	7	2.617	18	6.87%
5	Citigroup	0.425	3	7.06%	5	2.984	17	7.83%
6	BNP	0.312	2	5.17%	17	0.288	2	0.76%
7	Deutsche Bank	0.308	3	5.11%	2	4.122	25	10.81%
8	Wells Fargo	0.295	3	4.90%	10	1.635	12	4.29%
9	RBS	0.295	3	4.89%	14	0.780	6	2.05%
10	Credit Agricole	0.237	2	3.94%	15	0.340	2	0.89%
	Total	6.023	14	38.115	81
	Average size:	0.430	0.471
September, U.S. market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	1.049	9	17.41%	1	4.066	29	12.59%
2	JPMorgan	0.832	9	13.81%	2	3.334	25	10.32%
3	Morgan Stanley	0.789	7	13.10%	8	2.442	16	7.56%
4	Barclays	0.756	8	12.55%	7	2.485	17	7.69%
5	Citigroup	0.425	3	7.06%	5	2.984	17	9.24%
6	BNP	0.312	2	5.17%	16	0.288	2	0.89%
7	Deutsche Bank	0.308	3	5.11%	4	3.155	21	9.77%
8	Wells Fargo	0.295	3	4.90%	10	1.635	12	5.06%
9	RBS	0.295	3	4.89%	14	0.532	4	1.65%
10	Credit Agricole	0.237	2	3.94%	15	0.340	2	1.05%
	Total	6.023	14	32.299	67
	Average size:	0.430	0.482
September, global market, industrialized country issuers
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	1.049	9	14.96%	1	4.278	30	10.85%
2	JPMorgan	1.015	10	14.48%	4	3.833	27	9.72%
3	Morgan Stanley	0.972	8	13.86%	7	2.543	17	6.45%
4	Barclays	0.756	8	10.78%	8	2.485	17	6.30%
5	Citigroup	0.475	4	6.78%	2	4.140	23	10.50%
6	BNP	0.362	3	5.17%	14	0.819	4	2.08%
7	Deutsche Bank	0.358	4	5.11%	5	3.368	22	8.54%
8	RBS	0.345	4	4.92%	15	0.770	6	1.95%
9	Wells Fargo	0.295	3	4.21%	11	1.635	12	4.15%
10	Credit Suisse	0.281	2	4.01%	3	3.898	24	9.89%
	Total	7.009	17	39.425	78
	Average size:	0.412	0.505

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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