JPMorgan still on top among underwriters of high-yield bonds

• Junk market issuance sets yearly record of $272.85 billion

New York, Oct. 31 - High-yield bond issuance hit a new annual record in October - with two months still to go in 2012.

Year-to-date issuance is now $272.85 billion, more than ever previously recorded for a full 12 months, according to data compiled by Prospect News.

The old annual record was $252.77 billion, set in 2010.

Meanwhile JPMorgan held on to the number one position among underwriters, the Prospect News data shows.

JPMorgan had been on top of the year-to-date tables for six straight months to start the year, but Bank of America moved ahead in July.

In August, however, JPMorgan returned to first place, although its lead was slim at just $310 million. By October the firm's lead had widened to $2.5 billion.

Bank of America placed second, with Credit Suisse third and Deutsche Bank in fourth, all three unchanged from the month before. Citigroup moved up to fifth, swapping places with Goldman Sachs, which slipped to sixth. The two firms had reverse places the previous month too.

Issuance in October was $38.53 billion, down substantially from September's $44.36 billion, a monthly record, but still the second busiest month of the year.

The headline figures excluding emerging markets deals. Including these offerings, U.S. volume passed the $300 billion mark to $303.23 billion year to date. JPMorgan was number one on this basis as well.

For global issuance, excluding emerging markets, activity totaled $319.32 billion for the first 10 months of the year. JPMorgan led this table too.

Volume in Europe, by contrast, continues to trail behind last year, at $39.76 billion compared to $45.31 billion for the comparable period of 2011.

The U.S. market figures cover dollar-denominated high-yield deals issued in the United States as registered offerings or under Rule 144A.

U.S. market, year to date

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	33.513	254	12.28%	1	25.028	145	13.53%
2	Bank of America	31.021	250	11.37%	2	22.594	172	12.21%
3	Credit Suisse	25.437	179	9.32%	3	17.831	107	9.64%
4	Deutsche Bank	23.116	182	8.47%	4	17.557	101	9.49%
5	Citigroup	22.584	176	8.28%	5	15.023	95	8.12%
6	Goldman Sachs	22.113	148	8.10%	7	13.154	84	7.11%
7	Barclays	20.339	162	7.45%	8	13.093	98	7.08%
8	Wells Fargo	19.683	179	7.21%	9	8.835	78	4.77%
9	Morgan Stanley	16.773	130	6.15%	6	14.912	94	8.06%
10	RBC	10.356	93	3.80%	11	5.691	38	3.08%
	Total	272.854	564	185.042	408
	Average size:	0.484	0.454
U.S. market, including emerging markets, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	36.192	273	11.94%	1	29.463	169	13.06%
2	Bank of America	32.498	261	10.72%	2	25.121	189	11.13%
3	Credit Suisse	28.052	196	9.25%	4	20.198	122	8.95%
4	Citigroup	28.036	200	9.25%	5	18.953	119	8.40%
5	Deutsche Bank	25.764	198	8.50%	3	21.336	126	9.46%
6	Goldman Sachs	22.917	154	7.56%	7	15.721	100	6.97%
7	Barclays	21.824	169	7.20%	8	15.267	115	6.77%
8	Wells Fargo	19.683	179	6.49%	9	8.835	78	3.92%
9	Morgan Stanley	16.935	132	5.58%	6	15.943	103	7.07%
10	UBS	11.159	100	3.68%	11	6.817	50	3.02%
	Total	303.230	625	225.612	495
	Average size:	0.485	0.456
Global market, industrialized country issuers, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	36.122	281	11.31%	1	27.802	163	11.67%
2	Bank of America	32.399	266	10.15%	2	24.187	185	10.15%
3	Credit Suisse	27.286	202	8.55%	3	22.981	138	9.64%
4	Deutsche Bank	26.815	221	8.40%	4	22.675	136	9.52%
5	Citigroup	25.226	202	7.90%	5	18.317	115	7.69%
6	Goldman Sachs	24.367	170	7.63%	6	17.718	108	7.44%
7	Barclays	22.401	181	7.02%	8	15.613	112	6.55%
8	Wells Fargo	19.719	180	6.18%	9	8.886	79	3.73%
9	Morgan Stanley	18.681	154	5.85%	7	16.694	103	7.01%
10	RBC	11.168	101	3.50%	12	6.931	50	2.91%
	Total	319.323	669	238.273	534
	Average size:	0.477	0.446
European currencies, industrialized country issuers, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	3.493	37	8.79%	1	5.023	34	11.09%
2	Citigroup	2.542	25	6.39%	4	3.199	19	7.06%
3	BNP	2.481	24	6.24%	9	2.027	19	4.47%
4	JPMorgan	2.304	24	5.79%	5	2.723	17	6.01%
5	Barclays	2.063	19	5.19%	6	2.520	14	5.56%
6	Goldman Sachs	2.052	19	5.16%	3	4.513	23	9.96%
7	RBS	1.771	16	4.45%	7	2.353	17	5.19%
8	Credit Suisse	1.728	21	4.35%	2	4.745	27	10.47%
9	Morgan Stanley	1.701	22	4.28%	10	1.782	9	3.93%
10	HSBC	1.550	16	3.90%	16	0.913	8	2.01%
	Total	39.760	86	45.312	93
	Average size:	0.462	0.487
U.S. market, October
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	4.340	33	11.26%	14	0.215	2	2.50%
2	JPMorgan	3.975	29	10.32%	1	1.673	5	19.43%
3	Bank of America	3.822	35	9.92%	2	1.109	6	12.88%
4	Citigroup	3.237	22	8.40%	11	0.279	3	3.25%
5	Wells Fargo	3.104	28	8.06%	15	0.208	2	2.41%
6	Deutsche Bank	2.959	27	7.68%	5	0.550	2	6.39%
7	Credit Suisse	2.951	26	7.66%	4	0.860	3	9.98%
8	Goldman Sachs	2.743	26	7.12%	7	0.455	3	5.28%
9	Morgan Stanley	2.031	21	5.27%	3	0.904	3	10.49%
10	UBS	1.618	17	4.20%
	Total	38.532	80	8.613	12
	Average size:	0.482	0.718
Global market, industrialized country issuers, October
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	4.520	36	10.33%	15	0.215	2	2.23%
2	JPMorgan	4.324	34	9.88%	1	1.724	6	17.84%
3	Bank of America	4.136	39	9.45%	2	1.160	7	12.00%
4	Deutsche Bank	3.426	33	7.83%	5	0.716	3	7.41%
5	Citigroup	3.345	25	7.65%	11	0.279	3	2.89%
6	Credit Suisse	3.250	30	7.43%	3	0.996	4	10.31%
7	Wells Fargo	3.140	29	7.18%	12	0.258	3	2.67%
8	Goldman Sachs	2.916	30	6.67%	7	0.505	4	5.23%
9	Morgan Stanley	2.140	24	4.89%	4	0.904	3	9.35%
10	UBS	1.774	20	4.06%
	Total	43.744	94	9.662	17
	Average size:	0.465	0.568

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.

• 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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