JPMorgan top high-yield underwriter year to date

• Junk market issuance totals $63.40 billion year to date

New York, Jan. 31 - JPMorgan was the top underwriter of high-yield bonds for the year to date, according to data compiled by Prospect News.

The bank brought to market $7.45 billion of junk debt in 54 deals for an 11.8% share of the market.

Credit Suisse, which placed first for January, was close behind with $7.42 billion in 47 deals, or 11.7% of the market.

Total issuance for the year so far is now $63.40 billion, ahead of the $57.93 billion at the same stage in 2011.

February saw $39.33 billion of junk bonds, more than 50% above the $24.07 billion in January. That made it the biggest month since May 2011, which saw $49.73 billion.

Excluding emerging markets issuers, JPMorgan was also first for January, with Bank of America second and Credit Suisse third.

JPMorgan was also top on a global basis, counting all currencies but excluding emerging markets. Again Bank of America was second and Credit Suisse third.

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	JPMorgan	7.452	54	11.75%	1	8.963	45	15.47%
2	Credit Suisse	7.417	47	11.70%	3	6.764	40	11.67%
3	Bank of America	6.989	43	11.02%	2	6.836	57	11.80%
4	Citigroup	6.517	46	10.28%	7	3.473	29	6.00%
5	Barclays	5.252	34	8.28%	5	4.680	34	8.08%
6	Deutsche Bank	4.692	41	7.40%	4	5.544	44	9.57%
7	Wells Fargo	4.666	29	7.36%	10	2.564	23	4.43%
8	Goldman Sachs	4.366	28	6.89%	6	3.703	24	6.39%
9	Morgan Stanley	3.799	25	5.99%	8	3.437	25	5.93%
10	RBC	1.826	13	2.88%	13	0.707	8	1.22%
	Total	63.398	120	57.933	135
	Average size:	0.528	0.429
Year to date, U.S. market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	7.034	50	12.19%	1	7.392	39	15.62%
2	Bank of America	6.989	43	12.11%	3	5.710	51	12.06%
3	Credit Suisse	6.288	39	10.89%	2	6.429	36	13.58%
4	Citigroup	5.947	42	10.30%	8	2.736	24	5.78%
5	Barclays	4.952	32	8.58%	4	4.110	30	8.68%
6	Wells Fargo	4.666	29	8.08%	9	2.564	23	5.42%
7	Goldman Sachs	4.252	27	7.37%	6	3.243	21	6.85%
8	Deutsche Bank	4.027	36	6.98%	5	3.537	33	7.47%
9	Morgan Stanley	3.799	25	6.58%	7	3.107	21	6.56%
10	RBC	1.826	13	3.16%	13	0.707	8	1.49%
	Total	57.727	105	47.329	108
	Average size:	0.550	0.438
Year to date, global market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	7.859	58	11.50%	1	7.736	43	13.51%
2	Bank of America	7.390	49	10.82%	3	5.948	54	10.39%
3	Credit Suisse	6.410	42	9.38%	2	7.360	44	12.85%
4	Citigroup	6.135	46	8.98%	8	3.130	26	5.47%
5	Barclays	5.129	34	7.51%	5	4.570	33	7.98%
6	Deutsche Bank	5.016	45	7.34%	4	4.770	41	8.33%
7	Wells Fargo	4.666	29	6.83%	11	2.564	23	4.48%
8	Goldman Sachs	4.663	33	6.83%	6	3.452	23	6.03%
9	Morgan Stanley	4.241	33	6.21%	7	3.368	24	5.88%
10	RBS	2.169	16	3.18%	9	2.655	17	4.64%
	Total	68.313	126	57.262	132
	Average size:	0.542	0.434
Year to date, European currencies, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	1.156	10	11.77%	1	1.233	8	16.72%
2	HSBC	0.906	8	9.22%	15	0.181	2	2.45%
3	JPMorgan	0.825	8	8.40%	7	0.345	4	4.67%
4	UBS	0.732	6	7.45%	16	0.167	1	2.26%
5	BNP	0.608	4	6.19%	5	0.509	6	6.90%
6	RBS	0.576	3	5.87%	3	0.847	6	11.48%
7	UniCredit	0.546	3	5.56%	12	0.213	2	2.89%
8	Goldman Sachs	0.496	6	5.05%	13	0.209	2	2.83%
9	Landesbank	0.465	2	4.74%
9	Commerzbank	0.465	2	4.74%	11	0.215	2	2.92%
	Total	9.822	18	7.377	16
	Average size:	0.546	0.461
February, U.S. market, all issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.723	33	12.01%	1	2.994	19	12.55%
2	Bank of America	4.718	26	12.00%	3	2.691	21	11.28%
3	Credit Suisse	4.566	26	11.61%	2	2.869	19	12.03%
4	Citigroup	3.861	25	9.82%	8	1.461	10	6.13%
5	Barclays	3.258	17	8.28%	6	1.744	11	7.31%
6	Goldman Sachs	3.185	18	8.10%	4	2.283	12	9.57%
7	Morgan Stanley	2.894	16	7.36%	5	2.223	12	9.32%
8	Deutsche Bank	2.708	22	6.88%	7	1.621	12	6.80%
9	Wells Fargo	2.676	15	6.80%	10	1.328	9	5.57%
10	RBS	1.105	9	2.81%	9	1.353	6	5.67%
	Total	39.329	69	23.852	57
	Average size:	0.570	0.418
February, U.S. market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	4.718	26	12.97%	3	2.229	18	10.94%
2	JPMorgan	4.408	30	12.12%	2	2.413	16	11.85%
3	Credit Suisse	3.871	21	10.64%	1	2.721	18	13.36%
4	Citigroup	3.614	23	9.94%	8	1.263	8	6.20%
5	Goldman Sachs	3.070	17	8.44%	5	1.922	10	9.44%
6	Barclays	2.958	15	8.13%	6	1.681	10	8.26%
7	Morgan Stanley	2.894	16	7.96%	4	2.029	10	9.97%
8	Wells Fargo	2.676	15	7.36%	7	1.328	9	6.52%
9	Deutsche Bank	2.413	19	6.63%	11	0.963	8	4.73%
10	RBS	1.057	8	2.91%	9	1.205	5	5.92%
	Total	36.364	60	20.364	48
	Average size:	0.606	0.424
February, global market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.151	37	11.37%	2	2.691	19	11.16%
2	Bank of America	4.957	30	10.94%	3	2.297	19	9.53%
3	Credit Suisse	3.992	24	8.81%	1	2.998	21	12.44%
4	Citigroup	3.802	27	8.39%	8	1.555	9	6.45%
5	Goldman Sachs	3.400	22	7.50%	4	2.131	12	8.84%
6	Morgan Stanley	3.255	23	7.18%	5	2.029	10	8.42%
7	Deutsche Bank	3.241	26	7.15%	12	1.076	9	4.46%
8	Barclays	3.134	17	6.92%	6	1.681	10	6.97%
9	Wells Fargo	2.676	15	5.91%	9	1.328	9	5.51%
10	RBS	1.633	11	3.60%	10	1.274	6	5.28%
	Total	45.311	76	24.112	56
	Average size:	0.596	0.431

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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