JPMorgan top high-yield bond underwriter year to date

• Junk market issuance totals $98.02 billion year to date

New York, March 30 - JPMorgan took the title of top underwriter of high-yield bonds for the year to date, according to data compiled by Prospect News.

Meanwhile issuance volume continued to be strong. Although March was slightly slower than February, the year-to-date total is outpacing the comparable figures for 2011.

JPMorgan's first place for the year through March made it two months in a row on top for the bank. Credit Suisse placed number one in January.

Bank of America moved up to second position while Credit Suisse slipped a notch to third. However the banks are all bunched closely together - less than 2% of the year-to-date issuance volume separates the three.

New deals for the year so far total $98.02 billion, a little under $4 billion ahead of the $94.31 billion for the first quarter of 2011.

March's total of $34.61 billion was down from February's $39.34 billion but ahead of January's $24.07 billion.

Excluding emerging markets issuers, JPMorgan was also first for the year to date through March, 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.

Deutsche placed first in Europe.

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	12.746	92	13.00%	1	13.444	73	14.25%
2	Bank of America	11.767	85	12.01%	2	11.258	90	11.94%
3	Credit Suisse	10.846	76	11.07%	3	9.300	55	9.86%
4	Citigroup	9.061	69	9.24%	8	5.878	47	6.23%
5	Deutsche Bank	7.942	69	8.10%	4	9.001	63	9.54%
6	Barclays	7.405	58	7.55%	5	7.523	55	7.98%
7	Wells Fargo	7.245	53	7.39%	9	3.964	36	4.20%
8	Goldman Sachs	6.242	47	6.37%	6	7.392	41	7.84%
9	Morgan Stanley	5.580	44	5.69%	7	6.027	46	6.39%
10	UBS	3.063	30	3.12%	10	3.623	29	3.84%
	Total	98.020	199	94.313	218
	Average size:	0.493	0.433
Year to date, U.S. market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	12.162	87	13.33%	1	11.639	65	14.40%
2	Bank of America	11.601	84	12.71%	2	9.651	81	11.94%
3	Credit Suisse	9.418	66	10.32%	3	8.816	50	10.91%
4	Citigroup	8.491	65	9.30%	8	4.828	40	5.97%
5	Deutsche Bank	7.276	64	7.97%	6	6.895	51	8.53%
6	Wells Fargo	7.245	53	7.94%	9	3.964	36	4.91%
7	Barclays	7.105	56	7.78%	4	6.953	51	8.60%
8	Goldman Sachs	5.995	45	6.57%	5	6.932	38	8.58%
9	Morgan Stanley	5.505	43	6.03%	7	5.509	41	6.82%
10	UBS	2.888	28	3.16%	10	3.287	26	4.07%
	Total	91.266	180	80.816	184
	Average size:	0.507	0.439
Year to date, global market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	13.208	98	12.11%	1	12.877	72	12.14%
2	Bank of America	12.111	92	11.11%	3	10.578	88	9.98%
3	Credit Suisse	10.158	75	9.32%	2	11.110	65	10.48%
4	Citigroup	9.464	76	8.68%	8	5.884	47	5.55%
5	Deutsche Bank	9.011	80	8.26%	4	9.637	66	9.09%
6	Barclays	7.622	61	6.99%	5	8.171	58	7.71%
7	Wells Fargo	7.245	53	6.64%	9	3.964	36	3.74%
8	Goldman Sachs	6.948	55	6.37%	6	7.960	44	7.51%
9	Morgan Stanley	6.380	55	5.85%	7	6.002	45	5.66%
10	UBS	3.576	36	3.28%	11	3.630	29	3.42%
	Total	109.035	216	106.043	236
	Average size:	0.505	0.449
Year to date, European currencies, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	1.654	15	10.73%	1	2.743	15	13.38%
2	JPMorgan	1.115	10	7.23%	6	1.238	7	6.04%
3	HSBC	0.906	8	5.88%	17	0.331	4	1.61%
4	Commerzbank	0.883	6	5.73%	18	0.300	3	1.47%
5	Citigroup	0.873	10	5.66%	8.000	1.056	7	5.15%
6	RBS	0.854	6	5.54%	3.000	1.480	10	7.22%
7	UBS	0.812	7	5.27%	16	0.343	3	1.67%
8	Goldman Sachs	0.772	8	5.01%	9	1.028	6	5.01%
9	BNP	0.732	5	4.75%	5.000	1.261	10	6.15%
10	Morgan Stanley	0.644	10	4.18%	15.000	0.492	4	2.40%
	Total	15.414	30	20.504	35
	Average size:	0.514	0.586
March, U.S. market, all issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.295	38	15.30%	1	4.481	28	12.32%
2	Bank of America	4.778	42	13.80%	2	4.423	33	12.16%
3	Credit Suisse	3.429	29	9.91%	7	2.536	15	6.97%
4	Deutsche Bank	3.250	28	9.39%	4	3.458	19	9.50%
5	Wells Fargo	2.579	24	7.45%	9	1.401	13	3.85%
6	Citigroup	2.544	23	7.35%	8	2.405	18	6.61%
7	Barclays	2.152	24	6.22%	5	2.843	21	7.81%
8	UBS	1.954	17	5.65%	12	0.958	8	2.63%
9	Goldman Sachs	1.875	19	5.42%	3	3.688	17	10.14%
10	Morgan Stanley	1.781	19	5.15%	6	2.590	21	7.12%
	Total	34.613	79	36.380	83
	Average size:	0.438	0.438
March, U.S. market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.128	37	15.29%	1	4.247	26	12.68%
2	Bank of America	4.612	41	13.75%	2	3.941	30	11.77%
3	Deutsche Bank	3.250	28	9.69%	4	3.358	18	10.03%
4	Credit Suisse	3.130	27	9.33%	7	2.388	14	7.13%
5	Wells Fargo	2.579	24	7.69%	9	1.401	13	4.18%
6	Citigroup	2.544	23	7.59%	8	2.092	16	6.25%
7	Barclays	2.152	24	6.42%	5	2.843	21	8.49%
8	UBS	1.879	16	5.60%	12	0.875	7	2.61%
9	Goldman Sachs	1.743	18	5.20%	3	3.688	17	11.01%
10	Morgan Stanley	1.706	18	5.09%	6	2.402	20	7.17%
	Total	33.529	75	33.487	76
	Average size:	0.447	0.441
March, global market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.268	39	13.27%	1	5.141	29	10.62%
2	Bank of America	4.721	43	11.89%	3	4.630	34	9.56%
3	Deutsche Bank	3.747	33	9.44%	2	4.867	25	10.05%
4	Credit Suisse	3.667	32	9.23%	5	3.750	21	7.75%
5	Citigroup	3.081	28	7.76%	7	2.662	20	5.50%
6	Wells Fargo	2.579	24	6.50%	12	1.401	13	2.89%
7	Barclays	2.493	27	6.28%	6	3.509	24	7.25%
8	Goldman Sachs	2.119	21	5.34%	4	4.507	21	9.31%
9	Morgan Stanley	2.057	21	5.18%	8	2.634	21	5.44%
10	UBS	1.810	17	4.56%	15	1.051	9	2.17%
	Total	39.711	88	48.410	103
	Average size:	0.451	0.470

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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