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

* U.S. market high-yield issuance totals $91.54 billion year to date

* JPMorgan top global high-yield underwriter year to date

* Global high-yield issuance totals $96.24 billion year to date

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

* European high-yield issuance totals $17.91 billion year to date

New York, Nov. 30 - JPMorgan Securities moved back up to the number one position among high-yield underwriters for the year to date - but the top three firms remain very close and the fourth is not far behind, according to data compiled by Prospect News.

JPMorgan, with a total of $11.598 billion so far this year, is just $0.405 billion ahead of Banc of America Securities in second place and $0.480 billion above third-ranked Citigroup. JPMorgan's margin over Credit Suisse First Boston at number four is $1.032 billion.

Citigroup had been first for the year through October, displacing Banc of America which had been top in September and JPMorgan in August. Citigroup had been the leader for every month until July.

Activity for November totaled $9.96 billion bringing the year-to-date total to $91.54 billion.

November was much improved from October's $3.12 billion and above the $8.16 billion average for the first 10 months of the year.

But issuance continues to run well below year-ago levels. November 2004 saw $16.19 billion while the total for 2004 through November was $127.71 billion.

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, counting all currencies but only issuers from industrialized countries is $96.24 billion versus $137.68 billion at the comparable stage of 2004. November saw $9.11 billion of issuance on this basis.

JPMorgan is also the top underwriter for the global chart.

Deutsche Bank remained first in Europe for a fourth month.

European issuance is now $17.91 billion for 2005 so far, 96% of the comparable $18.65 billion figure for 2004.

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

2004 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	11.598	81	12.67%	3	14.842	105	11.62%
2	Banc of America	11.193	90	12.23%	4	14.113	108	11.05%
3	Citigroup	11.118	78	12.15%	1	19.460	118	15.24%
4	CSFB	10.566	71	11.54%	2	17.736	118	13.89%
5	Deutsche Bank	8.166	59	8.92%	5	12.102	84	9.48%
6	Merrill Lynch	7.129	44	7.79%	10	5.629	36	4.41%
7	Lehman	6.264	52	6.84%	7	7.806	61	6.11%
8	Goldman Sachs	5.341	37	5.83%	9	6.232	51	4.88%
9	Morgan Stanley	4.626	28	5.05%	6	9.816	52	7.69%
10	UBS	4.583	38	5.01%	8	7.754	63	6.07%
	Total	91.541	356	127.713	513
	Average size:	$0.26	$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	11.193	90	14.41%	4	14.028	107	11.86%
2	JPMorgan	10.121	75	13.03%	3	14.031	99	11.86%
3	Citigroup	9.156	64	11.79%	1	18.521	112	15.66%
4	CSFB	7.906	55	10.18%	2	16.045	110	13.57%
5	Deutsche Bank	7.495	53	9.65%	5	10.360	76	8.76%
6	Lehman	5.930	49	7.64%	7	7.359	58	6.22%
7	Merrill Lynch	5.432	37	6.99%	10	4.934	34	4.17%
8	Goldman Sachs	5.258	36	6.77%	9	6.232	51	5.27%
9	UBS	3.593	33	4.63%	8	6.355	53	5.37%
10	Morgan Stanley	3.421	24	4.40%	6	9.305	49	7.87%
	Total	77.672	308	118.263	476
	Average size:	0.252	0.248
Year-to-date, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	12.264	87	12.74%	3	15.699	110	11.40%
2	Deutsche Bank	11.573	73	12.03%	5	14.010	102	10.18%
3	Banc of America	11.425	92	11.87%	4	14.425	113	10.48%
4	Citigroup	10.924	76	11.35%	1	20.892	126	15.17%
5	CSFB	10.456	67	10.86%	2	19.534	129	14.19%
6	Goldman Sachs	6.466	42	6.72%	7	7.814	63	5.68%
7	Lehman	6.456	54	6.71%	8	7.613	62	5.53%
8	Merrill Lynch	5.927	40	6.16%	10	5.791	39	4.21%
9	UBS	3.920	34	4.07%	9	6.517	54	4.73%
10	Morgan Stanley	3.859	27	4.01%	6	10.285	60	7.47%
	Total	96.238	361	137.680	545
	Average size:	0.267	0.253
Year-to-date, European currencies, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.077	20	22.76%	2	3.421	24	18.35%
2	CSFB	2.550	12	14.23%	1	3.489	19	18.71%
3	JPMorgan	2.143	12	11.96%	4	1.595	10	8.56%
4	Citigroup	1.706	11	9.52%	3	1.912	12	10.25%
5	Goldman Sachs	1.208	6	6.74%	5	1.581	12	8.48%
6	BNP Paribas	0.982	4	5.48%	9	0.781	7	4.19%
7	ING	0.742	4	4.14%	14	0.263	2	1.41%
8	Lehman	0.526	5	2.94%	15	0.254	4	1.36%
9	Merrill Lynch	0.494	3	2.76%	8	0.857	5	4.60%
10	RBS	0.451	3	2.52%	6	1.049	4	5.63%
	Total	17.913	50	18.646	64
	Average size:	0.358	0.291
November, U.S. market, all issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CSFB	1.692	11	16.99%	3	1.721	12	10.63%
2	JPMorgan	1.462	9	14.68%	2	2.614	14	16.15%
3	Lehman	1.340	11	13.46%	5	1.205	9	7.45%
4	Banc of America	0.961	10	9.65%	7	0.981	6	6.06%
5	Citigroup	0.755	6	7.58%	1	3.112	14	19.22%
6	Deutsche Bank	0.608	5	6.11%	6	1.174	9	7.25%
7	Goldman Sachs	0.500	3	5.02%	8	0.895	9	5.53%
8	UBS	0.385	2	3.87%	12	0.343	5	2.12%
9	Morgan Stanley	0.385	3	3.87%	4	1.718	5	10.61%
10	ING	0.369	1	3.70%	15	0.149	1	0.92%
	Total	9.960	34	16.186	58
	Average size:	0.293	0.279
November, U.S. market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.462	9	19.62%	2	2.465	13	16.63%
2	Lehman	1.007	8	13.52%	5	1.098	8	7.41%
3	Banc of America	0.961	10	12.90%	6	0.896	5	6.05%
4	CSFB	0.883	6	11.86%	4	1.291	10	8.71%
5	Deutsche Bank	0.608	5	8.17%	9	0.732	6	4.94%
6	Goldman Sachs	0.500	3	6.71%	7	0.895	9	6.04%
7	Citigroup	0.422	3	5.67%	1	3.112	14	20.99%
8	Morgan Stanley	0.385	3	5.17%	3	1.718	5	11.59%
9	Merrill Lynch	0.327	4	4.39%	8	0.758	4	5.11%
10	Bear Stearns	0.184	3	2.47%	10	0.388	3	2.61%
	Total	7.450	27	14.823	53
	Average size:	0.276	0.280
November, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.462	9	16.05%	2	2.713	15	15.86%
2	Lehman	1.007	8	11.05%	6	1.098	8	6.42%
3	Banc of America	0.961	10	10.55%	8	0.896	5	5.24%
4	Deutsche Bank	0.931	6	10.22%	7	1.019	8	5.96%
5	CSFB	0.883	6	9.70%	4	1.627	12	9.51%
6	Citigroup	0.586	4	6.44%	1	3.718	17	21.73%
7	Goldman Sachs	0.500	3	5.49%	5	1.540	13	9.00%
8	ABN	0.489	2	5.37%
9	Banca IMI	0.489	2	5.37%
10	Morgan Stanley	0.385	3	4.23%	3	1.718	5	10.04%
	Total	9.110	31	17.108	60
	Average size:	0.294	0.285
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.

• 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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