JPMorgan notches another month as top underwriter of high-yield bonds

• Junk market issuance hits year-to-date total of $303.03 billion

New York, Nov. 30 - High-yield bond issuance broke through the $300 billion barrier in the final week of November, having set a new annual record the previous month, according to data compiled by Prospect News.

Year-to-date volume is now $303.03 billion, almost 50% more than the $207.28 billion at the same stage in 2011. The biggest previous total for a full year was $252.77 billion, reached in 2010.

November saw $30.18 billion of new deals, down from $38.53 billion in October and $44.36 billion in September.

Among the banks, JPMorgan continued as the number one underwriter, 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. It has held that position in the months since.

Bank of America placed second, with Credit Suisse third. Goldman Sachs moved up one place to fourth, after slipping to sixth the previous month. Deutsche Bank and Citigroup each fell one position, to fifth and sixth, respectively.

The headline figures exclude emerging markets deals. Including these offerings, U.S. volume was $339.08 billion, having passed the $300 billion mark in October. JPMorgan continued as number one on this basis as well.

For global issuance, excluding emerging markets, activity totaled $356.06 billion for the first 10 months of the year. JPMorgan also led this table.

European activity, however, is slower than last year. So far this year there has been $44.92 billion of deals compared to $46.46 billion for the first 11 months of 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.

U.S. market, year to date

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	36.436	278	12.02%	1	31.611	162	15.25%
2	Bank of America	34.095	275	11.25%	2	24.995	188	12.06%
3	Credit Suisse	27.468	194	9.06%	3	19.351	118	9.34%
4	Goldman Sachs	26.214	173	8.65%	8	14.281	91	6.89%
5	Deutsche Bank	25.659	198	8.47%	4	17.959	104	8.66%
6	Citigroup	25.640	199	8.46%	5	16.903	106	8.15%
7	Barclays	22.491	177	7.42%	7	14.385	106	6.94%
8	Wells Fargo	21.079	195	6.96%	9	10.563	91	5.10%
9	Morgan Stanley	19.916	151	6.57%	6	15.611	98	7.53%
10	RBC	10.895	101	3.60%	11	6.136	42	2.96%
	Total	303.031	626	207.284	442
	Average size:	0.484	0.469
U.S. market, including emerging markets, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	39.995	301	11.80%	1	36.356	188	14.55%
2	Bank of America	36.671	293	10.81%	2	27.672	206	11.07%
3	Citigroup	31.944	229	9.42%	3	21.923	133	8.77%
4	Credit Suisse	30.282	213	8.93%	5	21.719	133	8.69%
5	Deutsche Bank	28.617	217	8.44%	4	21.738	129	8.70%
6	Goldman Sachs	27.018	179	7.97%	7	16.849	107	6.74%
7	Barclays	23.976	184	7.07%	6	17.055	124	6.82%
8	Wells Fargo	21.079	195	6.22%	9	10.563	91	4.23%
9	Morgan Stanley	20.328	154	6.00%	8	16.641	107	6.66%
10	UBS	11.799	105	3.48%	10	7.939	57	3.18%
	Total	339.077	699	249.900	533
	Average size:	0.485	0.469
Global market, industrialized country issuers, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	39.475	308	11.09%	1	34.385	180	13.11%
2	Bank of America	35.608	293	10.00%	2	26.663	202	10.16%
3	Credit Suisse	29.662	220	8.33%	3	24.501	149	9.34%
4	Deutsche Bank	29.571	239	8.31%	4	23.189	141	8.84%
5	Goldman Sachs	29.104	201	8.17%	6	18.845	115	7.18%
6	Citigroup	28.510	228	8.01%	5	20.234	127	7.71%
7	Barclays	25.700	199	7.22%	8	16.906	120	6.45%
8	Morgan Stanley	22.141	178	6.22%	7	17.468	108	6.66%
9	Wells Fargo	21.114	196	5.93%	9	10.614	92	4.05%
10	RBC	11.909	111	3.34%	12	7.375	54	2.81%
	Total	356.055	749	262.308	574
	Average size:	0.475	0.457
European currencies, industrialized country issuers, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	3.706	39	8.25%	1	5.134	36	11.05%
2	Barclays	3.209	22	7.14%	6	2.520	14	5.42%
3	Citigroup	2.769	28	6.16%	4	3.235	20	6.96%
4	JPMorgan	2.733	27	6.08%	5	2.723	17	5.86%
5	BNP	2.568	25	5.72%	9	2.184	21	4.70%
6	Goldman Sachs	2.515	23	5.60%	3	4.513	23	9.71%
7	Credit Suisse	1.972	23	4.39%	2	4.745	27	10.21%
8	Morgan Stanley	1.893	24	4.21%	10	1.857	10	4.00%
9	RBS	1.879	17	4.18%	8	2.389	18	5.14%
10	HSBC	1.876	20	4.18%	17	0.913	8	1.97%
	Total	44.918	99	46.460	96
	Average size:	0.454	0.484
U.S. market, November
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	4.101	25	13.59%	7	1.127	7	5.07%
2	Morgan Stanley	3.143	21	10.42%	10	0.698	4	3.14%
3	Bank of America	3.074	25	10.19%	2	2.401	16	10.79%
4	Citigroup	3.056	23	10.13%	3	1.881	11	8.45%
5	JPMorgan	2.924	24	9.69%	1	6.583	17	29.60%
6	Deutsche Bank	2.543	16	8.43%	14	0.402	3	1.81%
7	Barclays	2.146	15	7.11%	6	1.293	8	5.81%
8	Credit Suisse	2.031	15	6.73%	5	1.520	11	6.84%
9	RBS	1.499	9	4.97%	9	0.945	5	4.25%
10	Wells Fargo	1.396	16	4.62%	4	1.728	13	7.77%
	Total	30.177	62	22.243	34
	Average size:	0.487	0.654
Global market, industrialized country issuers, November
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	4.736	31	12.89%	8	1.127	7	4.69%
2	Morgan Stanley	3.460	24	9.42%	10	0.773	5	3.22%
3	JPMorgan	3.353	27	9.13%	1	6.583	17	27.39%
4	Barclays	3.293	18	8.96%	6	1.293	8	5.38%
5	Citigroup	3.283	26	8.94%	3	1.917	12	7.98%
6	Bank of America	3.209	27	8.74%	2	2.476	17	10.30%
7	Deutsche Bank	2.756	18	7.50%	13	0.514	5	2.14%
8	Credit Suisse	2.376	18	6.47%	5	1.520	11	6.33%
9	RBS	1.608	10	4.38%	9	0.981	6	4.08%
10	Wells Fargo	1.396	16	3.80%	4	1.728	13	7.19%
	Total	36.732	80	24.035	40
	Average size:	0.459	0.601

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.

• Emerging market deals are excluded unless noted otherwise.

• 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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