Credit Suisse top high-yield underwriter for January

• Junk market issuance totals $23.32 billion for month

New York, Jan. 31 - Credit Suisse was the No. 1 underwriter of high-yield bonds in January, according to data compiled by Prospect News.

The bank brought to market $2.85 billion of junk debt, giving it a 12.22% share and a lead of $180 million over JPMorgan, which finished second for the month with $2.67 billion and an 11.44% share.

JPMorgan was the top underwriter of high-yield bonds in 2011, its seventh consecutive year in the top position. Credit Suisse placed fifth for all of 2011.

January saw a total of $23.32 billion of high-yield deals come to market, 68% of the total for January a year earlier. However that was still a strong performance compared to recent months, hugely improved from the $3.83 billion in December. While it was below November's $25.76 billion, it was better than any other month since May 2011 when $49.73 billion came to market.

Excluding emerging markets issuers, JPMorgan placed first for January, with Credit Suisse coming second.

JPMorgan was also top on a global basis, counting all currencies but excluding emerging markets.

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

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	2.851	21	12.22%	4	3.895	21	11.43%
2	JPMorgan	2.668	20	11.44%	1	5.969	26	17.52%
3	Citigroup	2.562	20	10.99%	6	2.012	19	5.90%
4	Bank of America	2.304	17	9.88%	2	4.145	36	12.16%
5	Wells Fargo	2.023	14	8.68%	9	1.236	14	3.63%
6	Barclays	1.994	17	8.55%	5	2.936	23	8.62%
7	Deutsche Bank	1.841	17	7.89%	3	3.923	32	11.51%
8	Goldman Sachs	1.182	10	5.07%	8	1.421	12	4.17%
9	RBC	0.817	6	3.50%	13	0.446	4	1.31%
10	Morgan Stanley	0.811	8	3.48%	10	1.214	13	3.56%
	Total	23.319	50	34.081	78
	Average size:	0.466	0.437
Year to date, U.S. market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.566	19	12.45%	1	4.978	23	18.46%
2	Credit Suisse	2.417	18	11.73%	2	3.708	18	13.75%
3	Bank of America	2.304	17	11.18%	3	3.481	33	12.91%
4	Citigroup	2.239	18	10.86%	6	1.473	16	5.46%
5	Wells Fargo	2.023	14	9.82%	8	1.236	14	4.58%
6	Barclays	1.994	17	9.67%	5	2.429	20	9.01%
7	Deutsche Bank	1.470	15	7.13%	4	2.574	25	9.54%
8	Goldman Sachs	1.182	10	5.73%	7	1.321	11	4.90%
9	RBC	0.817	6	3.96%	13	0.446	4	1.65%
10	Morgan Stanley	0.811	8	3.94%	10	1.077	11	4.00%
	Total	20.613	44	26.965	60
	Average size:	0.468	0.449
Year to date, global market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.647	20	11.90%	1	5.045	24	15.22%
2	Bank of America	2.466	19	11.08%	4	3.651	35	11.01%
3	Credit Suisse	2.417	18	10.86%	2	4.361	23	13.16%
4	Citigroup	2.239	18	10.06%	6	1.574	17	4.75%
5	Wells Fargo	2.023	14	9.09%	11	1.236	14	3.73%
6	Barclays	1.994	17	8.96%	5	2.888	23	8.71%
7	Deutsche Bank	1.631	17	7.33%	3	3.694	32	11.14%
8	Goldman Sachs	1.263	11	5.67%	10	1.321	11	3.99%
9	RBC	0.989	7	4.45%	13	0.594	6	1.79%
10	Morgan Stanley	0.892	9	4.01%	9	1.338	14	4.04%
	Total	22.252	49	33.150	76
	Average size:	0.454	0.436
Year to date, European currencies, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	0.080	1	19.05%	9	0.170	2	3.31%
1	Credit Agricole	0.080	1	19.05%	6	0.271	3	5.28%
1	Deutsche Bank	0.080	1	19.05%	1	1.121	7	21.85%
1	UniCredit	0.080	1	19.05%	15	0.100	1	1.96%
5	DnB	0.050	1	11.90%
5	Nordea	0.050	1	11.90%
	Total	0.422	2	5.128	10
	Average size:	0.211	0.513

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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