Citigroup top U.S. market high-yield underwriter year to date

* U.S. market high-yield issuance totals $81.46 billion year to date

* JPMorgan top global high-yield underwriter year to date

* Global high-yield issuance totals $87.00 billion year to date

* Deutsche Bank top European high-yield underwriter year to date

* European high-yield issuance totals $16.78 billion year to date

New York, Oct. 31 - Citigroup was back on top as number one high-yield underwriter for the year to date, according to data compiled by Prospect News.

Citigroup had been the leader for every month until July, but then in August JPMorgan Securities took the top spot, followed by Banc of America Securities for the year through August.

But very little separates the top three.

So far in 2005, Citigroup has brought to market $10.36 billion of bonds, just $130 million ahead of Banc of America and $226 million in front of JPMorgan.

Meanwhile Banc of America remained number one for the U.S. market counting only issuers from industrialized countries while JPMorgan was top for the global junk market, counting all currencies but again only issuers from industrialized countries.

Deutsche Bank remained first in Europe for a third month.

Total U.S. market issuance for the month was anemic at $3.12 billion, the smallest figure since May's $2.54 billion and way down from September's $11.47 billion.

The year-to-date total is now $81.46 billion, 73% of the $111.53 billion at the same point last year.

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.

Global volume was $87.00 billion for the year through the end of October. That figure is 72% of the $120.57 billion at the same point in 2004.

European activity is holding up, however, running at $16.78 billion, 99% of the comparable $16.89 billion figure for 2004.

Year to date, U.S. market, all issuers

2004 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	10.362	72	12.72%	1	16.348	104	14.66%
2	Banc of America	10.232	80	12.56%	3	13.132	102	11.77%
3	JPMorgan	10.136	72	12.44%	4	12.228	91	10.96%
4	CSFB	8.874	60	10.89%	2	16.015	106	14.36%
5	Deutsche Bank	7.558	54	9.28%	5	10.928	75	9.80%
6	Merrill Lynch	6.802	40	8.35%	10	4.871	32	4.37%
7	Lehman	4.924	41	6.04%	8	6.601	52	5.92%
8	Goldman Sachs	4.779	33	5.87%	9	5.338	42	4.79%
9	Morgan Stanley	4.241	25	5.21%	6	8.098	47	7.26%
10	UBS	4.135	35	5.08%	7	7.411	58	6.64%
	Total	81.456	321	111.526	455
	Average size:	$0.25	$0.25
Year to date, U.S. market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	10.232	80	14.60%	3	13.132	102	12.70%
2	Citigroup	8.734	61	12.46%	1	15.409	98	14.90%
3	JPMorgan	8.659	66	12.35%	4	11.565	86	11.18%
4	CSFB	7.023	49	10.02%	2	14.754	100	14.26%
5	Deutsche Bank	6.887	48	9.82%	5	9.627	70	9.31%
6	Merrill Lynch	5.105	33	7.28%	10	4.176	30	4.04%
7	Lehman	4.924	41	7.02%	7	6.261	50	6.05%
8	Goldman Sachs	4.696	32	6.70%	9	5.338	42	5.16%
9	UBS	3.514	31	5.01%	8	6.012	48	5.81%
10	Wachovia	3.151	20	4.49%	12	1.682	21	1.63%
	Total	70.097	280	103.440	423
	Average size:	0.250	0.245
Year to date, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	10.802	78	12.42%	5	12.986	95	10.77%
2	Deutsche Bank	10.642	67	12.23%	4	12.990	94	10.77%
3	Banc of America	10.464	82	12.03%	3	13.529	108	11.22%
4	Citigroup	10.338	72	11.88%	2	17.174	109	14.24%
5	CSFB	9.572	61	11.00%	1	17.906	117	14.85%
6	Goldman Sachs	5.904	38	6.79%	8	6.273	50	5.20%
7	Merrill Lynch	5.600	36	6.44%	10	5.033	35	4.17%
8	Lehman	5.449	46	6.26%	7	6.515	54	5.40%
9	UBS	3.840	32	4.41%	9	6.012	48	4.99%
10	Morgan Stanley	3.474	24	3.99%	6	8.567	55	7.10%
	Total	87.003	329	120.571	485
	Average size:	0.264	0.249
Year to date, European currencies, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	3.755	19	22.37%	2	3.134	22	18.55%
2	CSFB	2.550	12	15.19%	1	3.153	17	18.66%
3	JPMorgan	2.143	12	12.77%	4	1.421	9	8.41%
4	Citigroup	1.541	10	9.19%	3	1.765	11	10.45%
5	Goldman Sachs	1.208	6	7.20%	7	0.936	8	5.54%
6	BNP Paribas	0.982	4	5.85%	9	0.781	7	4.63%
7	ING	0.742	4	4.42%	14	0.263	2	1.56%
8	Lehman	0.526	5	3.13%	15	0.254	4	1.51%
9	Merrill Lynch	0.494	3	2.95%	8	0.857	5	5.07%
10	RBS	0.451	3	2.69%	5	1.049	4	6.21%
	Total	16.780	48	16.893	59
	Average size:	0.350	0.286
October, U.S. market, all issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	0.600	5	19.22%	8	0.510	6	6.59%
2	JPMorgan	0.551	6	17.67%	3	1.023	9	13.22%
3	Merrill Lynch	0.468	4	15.01%	9	0.450	4	5.82%
4	CSFB	0.416	3	13.35%	6	0.540	6	6.98%
5	Citigroup	0.400	2	12.82%	7	0.538	4	6.95%
6	Lehman	0.218	2	6.98%	1	1.234	9	15.95%
7	Bear Stearns	0.159	2	5.11%	10	0.308	4	3.99%
8	Goldman Sachs	0.158	2	5.07%	16	0.079	2	1.02%
9	Morgan Stanley	0.124	1	3.97%	2	1.050	8	0.1356
10	Banc of America	0.025	1	0.82%	4	0.571	8	7.38%
	Total	3.120	17	7.739	40
	Average size:	0.184	0.193
October, U.S. market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.551	6	18.87%	2	1.023	9	15.31%
2	Merrill Lynch	0.468	4	16.03%	10	0.250	3	3.74%
3	CSFB	0.416	3	14.26%	6	0.441	5	6.60%
4	Deutsche Bank	0.401	4	13.72%	7	0.410	5	6.14%
5	Citigroup	0.400	2	13.69%	5	0.538	4	0.0805
6	Lehman	0.218	2	7.45%	1	1.234	9	18.47%
7	Bear Stearns	0.159	2	5.45%	8	0.308	4	4.62%
8	Goldman Sachs	0.158	2	5.42%	15	0.079	2	1.19%
9	Morgan Stanley	0.124	1	4.24%	3	0.951	7	14.23%
10	Banc of America	0.025	1	0.87%	4	0.571	8	8.55%
	Total	2.921	16	6.681	35
	Average size:	0.183	0.191
October, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	0.849	7	21.38%	8	0.410	5	5.36%
2	JPMorgan	0.672	7	16.93%	2	1.023	9	13.37%
3	CSFB	0.537	4	13.53%	4	0.763	7	9.97%
4	Merrill Lynch	0.468	4	11.80%	7	0.433	4	5.66%
5	Citigroup	0.400	2	10.07%	5	0.709	5	9.26%
6	Lehman	0.218	2	5.48%	1	1.297	10	16.95%
7	RBS	0.180	1	4.53%	-	-	-	-
8	BNP Paribas	0.180	1	4.53%	17	0.063	1	0.82%
9	Bear Stearns	0.159	2	4.01%	9	0.308	4	4.03%
10	Goldman Sachs	0.158	2	3.99%	16	0.079	2	1.04%
	Total	3.970	20	7.653	39
	Average size:	0.198	0.196
Prospect News High-Yield Underwriter Rankings

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.

* 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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